Document:

Exhibit
10.19

 

LICENSE
AGREEMENT

 

This
LICENSE AGREEMENT (the “Agreement”), made and effective as of July 18, 2022 (the “Effective Date”),
is by and between ProPhase BioPharma, Inc. (“ProPhase”), a corporation organized and existing under the
laws of the State of Delaware, having its principal office at 711 Stewart Ave, Suite 200, Garden City, NY, 11530 and Global BioLife,
Inc. (“Global BioLife” or “Licensor”), a corporation organized and existing under the laws of the State
of Nevada, having its principal office at 1400 Broadfield Blvd., Suite 100, Houston, Texas 77084. Each of ProPhase and Licensor are referred
to herein as a “Party” and collectively as the “Parties.”

 

RECITALS

 

WHEREAS,
Licensor owns certain intellectual property rights directed to the Licensed Compound (as defined below); and

 

WHEREAS,
ProPhase wishes to obtain, and Licensor wishes to grant, a license to these certain intellectual property rights of Licensor for the
purpose of Exploiting (as defined below) the Licensed Compound and Licensed Products (as defined below).

 

NOW,
THEREFORE, in consideration of the mutual promises and agreements contained herein, the Parties hereby agree as follows:

 

1.
DEFINITIONS.

 

Whenever
used in this Agreement, the following terms shall have the following meanings:

 

1.01
“Action” has the meaning set forth in Section 8.02.

 

1.02
“Affiliate” means any company or other legal entity in which a Party holds at least fifty percent (50%) of (i) the
capital or (ii) the voting rights.

 

1.03
“Agreement” has the meaning set forth in the introductory paragraph.

 

1.04
“Calendar Year” means any consecutive period of twelve months commencing on the first day of January of any year.

 

1.05
“Clinical Trial” means a Phase 1 Study, a Phase 2 Study, a Phase 3 Study, a Phase 4 Study, or a combination of two
(2) or more of any of the foregoing studies.

 

1.06
“Combination Product” means a Licensed Product that is comprised of or contains Licensed Compound as an active ingredient
together with one (1) or more different active ingredients, whether in the same or different formulations and is sold either (i) as a
fixed dose unit at a single price, or (ii) sold in separate doses as one (1) product.

 

    	 

     

    

 

1.07
“Commercially Reasonable Efforts” means, with respect to ProPhase’s obligations under Section 5.01. the
carrying out of such obligations by ProPhase using efforts and resources comparable to the efforts and resources that ProPhase would
typically devote to a product of similar market potential at a similar stage of in development or product life, taking into consideration
all relevant scientific, commercial, and other factors that ProPhase would take into account, including, without limitation, issues of
safety and efficacy, expected and actual product labelling, expected and actual time to develop, the nature and extent of expected and
actual market exclusivity (including Patent coverage), expected and actual profitability (including royalties and other payments required
hereunder), expected and actual competitiveness of alternative products, and the expected and actual amounts of marketing and promotional
expenditures required.

 

1.08
“Infringing Product” has the meaning set forth in Section 8.02.

 

1.09
“Confidential Information” means (a) all confidential or proprietary information relating to the Licensed Compound
and Licensed Products, and (b) all other confidential or proprietary documents, technology, Know-How, or other information (whether or
not patentable) actually disclosed by or on behalf of one Party to the other or its representatives pursuant to this Agreement.

 

1.10
“Control” or “Controlled” means, with respect to any (a) material, document, item of information,
method, data, or other Know-How, or (b) Patent Rights or other Intellectual Property Rights, the possession by a Party or its Affiliates,
whether by ownership or license (other than by licenses granted under this Agreement), of the ability to grant to the other Party access,
a license and/or a sublicense as provided herein without requiring the consent of a Third Party or violating the terms of any
agreement or other arrangement with any Third Party, in each case as of the Effective Date, or if any of the same are acquired or created
after the Effective Date, at the date it is acquired or created by the relevant Party or its Affiliate.

 

1.11
“Commercialization” or “Commercialize” means any activities directed to obtaining Pricing and Reimbursement
Approval, marketing, promoting, distributing, importing, exporting, Detailing, offering to sell, and/or selling a Licensed Product (including
establishing the price for such product).

 

1.12
“Cover”, “Covering”, or “Covered” means, with respect to a Licensed Product,
the Exploitation of or manufacturing of the Licensed Product, is encompassed within a valid claim of one or more Licensed Patents (or,
in the case of an application that that has not yet issued, would infringe a claim of the application if it were to issue as a patent.

 

1.13
“Date of First Commercial Sale” means the date on which a Licensed Product is first sold for monetary value for use
or consumption by the end user of such Licensed Product by ProPhase, its Affiliate or its Sublicensee.

 

1.14
“Development” or “Develop” means, with respect to the Licensed Compound and Licensed Product, those
activities necessary or useful for research and development, including: preclinical and clinical drug development activities, the conduct
of Clinical Trials, test method development and stability testing, toxicology, formulation, and delivery system development, process
development, pre-clinical and clinical Licensed Compound and Licensed Product supply, manufacturing scale-up, development-stage manufacturing,
quality assurance/quality control procedure development, and performance with respect to clinical materials, statistical analysis, and
report writing, and clinical studies, and regulatory affairs. When used as a verb, “Develop” means to engage in Development.

 

    	 

     

    

 

1.15
“Disclosing Party” means, with respect to Confidential Information, Patent Rights, or Know-How, the Party that owns
or Controls such Confidential Information, Patent Rights, or Know-How.

 

1.16
“Effective Date” has the meaning set forth in the introductory paragraph.

 

1.17
“Exploit” “Exploiting”, or “Exploitation” would mean to make, have made,
import, use, sell, or offer for sale, including to research, develop, Commercialize, register, modify, enhance, improve, manufacture,
have manufactured, hold or keep (whether for disposal or otherwise), formulate, optimize, have used, export, transport, distribute, promote,
market, have sold or otherwise dispose of.

 

1.18
“FDA” means the United States Food and Drug Administration and any successor agency(ies) or authority having substantially
the same function.

 

1.19
“Field” means all uses limited to modified phenolic compounds relating to the treatment of cancer, inflammatory diseases
or symptoms, memory-related syndromes, diseases or symptoms, including dementia and Alzheimer’s Disease.

 

1.20
“GRDG” means GRDG Sciences, LLC, a company organized in the state of Florida with a principal business office address of
234 W. Central Ave., Winter Haven, Florida 33880

 

1.21
“IND” means an Investigational New Drug Application filed with the FDA under 21 C.F.R. Part 312 or similar non-United
States application or submission in any country or group of countries for permission to conduct human clinical investigations, including
all supplements, amendments, variations, extensions, and renewals thereof that may be filed with respect to the foregoing.

 

1.22
“Indemnitees” has the meaning set forth in Section 9.02.

 

1.23
“Indemnitor” has the meaning set forth in Section 9.03.

 

1.24
“Intellectual Property Rights” means: (a) Know-How; (b) Patent Rights; (c) original works, copyrights, moral rights,
and mask-works; (d) trademarks, trade dress, and similar rights based on designation; (e) utility models, designs, and other industrial
property rights; and (f) any other forms of proprietary or industrial rights.

 

1.25
“Inventions” means all Intellectual Property Rights that are discovered, made, or conceived by either Party (or both
Parties) or any of its Affiliates, GRDG or Sublicensees, or any of the foregoing Person’s employees, independent contractors, or
consultants in the course of conducting activities under this Agreement.

 

    	 

     

    

 

1.26
“Know-How” means any information, ideas, data, works of authorship, trade secrets, practices, techniques, procedures,
knowledge, skill, experience, or materials, including formulations, molecules, assays, reagents, compounds, biologic molecules, compositions,
methods of treatment, and/or use thereof, human or animal tissue, samples, or specimens, and combinations or components thereof, whether
or not proprietary or patentable, or public or confidential, and whether stored or transmitted in oral, documentary, electronic, or other
form, including all Regulatory Documentation, but excluding any such information or materials publicly disclosed in Patent
Rights.

 

1.27
“Knowledge” means a particular fact or other matter that is actually known to a Party.

 

1.28
“Law” means any law, statute, rule, regulation, ordinance, or other pronouncement having the effect of law, of any
federal, national, multinational, state, provincial, county, city, or other political subdivision, including (a) good clinical practices
and adverse event reporting requirements, guidance from the International Conference on Harmonization or other generally accepted conventions,
and all other rules, regulations and requirements of the FDA and other applicable Regulatory Authorities, (b) the Foreign Corrupt Practices
Act of 1977, as amended, or any comparable laws in any country, and (c) all export control laws.

 

1.29
“Licensed Compound” means any compound covered by one or more claims in the Licensed Patents.

 

1.30
“Licensed IP” means the Licensed Patents and the Licensed Know-How.

 

1.31
“Licensed Know-How” means all Know-How owned or Controlled by Licensor, Licensor’s Affiliates, and GRDG as of
the Effective Date and learned during the Term that is necessary or useful for the Exploitation of the Licensed Compound and/or any Licensed
Product in the Field in the Territory.

 

1.32
“Licensed Patent(s)” means any Patents (including without limitation any Patents that cover Global BioLife’s
interest in any Joint Inventions) owned or Controlled by, or otherwise comes into the Control of, Global BioLife or any of its Affiliates
at any time during the Term that Cover or otherwise claim the Licensed Compound or Licensed Product or necessary for the Exploitation
of the Licensed Product. The Global BioLife Patents that exist as of the Effective Date shall be set forth on an Appendix 1 and Appendix
II but the patent application of Appendix II is limited to patent claims covering monochlorinated myricetin and dechlorinated
myricetin.

 

1.33
“Licensed Product(s)’  means any product comprising or containing a Licensed Compound, alone or in combination
with one or more other active ingredients in any and all forms, in current and future formulations, dosage forms and strengths, and delivery
modes. For clarity, a Licensed Product that contains the same Licensed Compound, but is in a different form, dosage, formulation, strength,
presentation or delivery mode would be considered the same Licensed Product.

 

1.34
“Licensor” has the meaning set forth in the introductory paragraph.

 

1.35
“Licensor Indemnitees” has the meaning set forth in Section 9.01.

 

1.36
“NDA” means (a) (i) a New Drug Application submitted to the FDA, or any successor application or procedure, as more
fully defined in 21 C.F.R. § 314.50 et seq., or (ii) any non-United States counterpart of such a New Drug Application, and (b) all
supplements and amendments, including supplemental New Drug Applications (and any non-United States counterparts) that may be filed with
respect to the foregoing.

 

    	 

     

    

 

1.37
“Net Revenue” means the gross revenue invoiced in connection with sales of the Licensed Products to any person or
entity that is not an Affiliate or a Sublicensee of ProPhase under the License, after deduction of all the following:

 

(a)
expenses directed to shipping, such as :freight, insurance, import/export fees and other transportation charges to the extent added to
the sale price and set forth separately as such in the total amount invoiced;

 

(b)
taxes on sales and customs and excise duties and other taxes or duties, to the extent added to the sale price and set forth separately
as such in the total amount invoiced;

 

(c)
typical credits, discounts, or refunds on returns, including amounts repaid or credited by reason of rejection, defects, return good
allowance, recalls or returns;

 

(d)
seven percent (7%) of marketing expenses specifically directed to Licensed Products or portion thereof;

 

(e)
the portion of administrative fees paid to group purchasing organizations, pharmaceutical benefit managers or Medicare Prescription Drug
Plans directed to such Licensed Product or portion thereof and

 

(f)
any royalty payments actually paid to Third Parties that are necessary and required to market Licensed Product in a particular territory.

 

Net
Revenue shall be determined on a Licensed Product-by-Licensed Product basis. If ProPhase, its Affiliates or Sublicensees separately sells
in such country, a Combination Product, the Net Revenue attributable to such Combination Product shall include a deduction in the amount
of the lesser of the actual or fair market value of the different active ingredient provided that said amount does not reduce the Net
Revenue received by Global for Licensed Product not sold as a combination.

 

1.38
“Person” means any natural person, general or limited partnership, corporation, limited liability company, limited
liability partnership, firm, association, or organization or other legal entity.

 

1.39
“Phase 1 Study” means a study in humans which provides for the first introduction into humans of a product, conducted
in healthy volunteers or patients to obtain information on product safety, tolerability, pharmacological activity or pharmacokinetics,
as further defined in 21 C.F.R. § 312.2l(a) (or the non-United States equivalent thereof).

 

1.40
“Phase 2B Study” means a controlled dose ranging Phase 2 Study with a sufficient number of patients to generate sufficient
safety and efficacy data to, if successful, commence a Phase 3 Study.

 

    	 

     

    

 

1.41
“Phase 3 Study” means a controlled study in humans of the efficacy and safety of a product, which is prospectively-designed
to demonstrate statistically whether such product is effective and safe for use in a particular Indication in a manner sufficient to
file an NDA to obtain Regulatory Approval to market the product, as further defined in 21 C.F.R. § 312.2l(c) (or the non-United
States equivalent thereof).

 

1.42
“Pricing and Reimbursement Approval” means the approval, agreement, determination or decision from a Regulatory Authority
establishing the price and/or reimbursement for Licensed Product for sale in a given country or regulatory jurisdiction of the Territory,
as required by Law in such country or other regulatory jurisdiction prior to or subsequent to the marketing and sale of Licensed Product
in such country or regulatory jurisdiction of the Territory.

 

1.43
“ProPhase” has the meaning set forth in the introductory paragraph.

 

1.44
“Quarter-Year Report” has the meaning set forth in Section 4.03(e).

 

1.45
“Regulatory Approval” means all approvals, licenses, registrations, and authorizations of any federal, national, multinational,
state, provincial, or local Regulatory Authority, department, bureau, and other governmental entity that are necessary and sufficient
for the marketing and sale of a product in a country or group of countries.

 

1.46
“Regulatory Authority” means any applicable supra-national, federal, national, regional, state, provincial, or local
governmental or regulatory authority, agency, department, bureau, commission, council, or other entities (e.g., the United States Food
& Drug Administration) regulating or otherwise exercising authority with respect to activities contemplated in this Agreement, including
the Exploitation of the Licensed Products.

 

1.47 “Regulatory
Documentation” means, with respect to the Licensed Compound and Licensed Products, all INDs, NDAs, and other regulatory
applications submitted to any Regulatory Authority, Regulatory Approvals, pre-clinical and clinical data and information, regulatory
materials, drug dossiers, master files (including Drug Master Files, as defined in 21 C.F.R. § 314.420 and any non-United
States equivalents), and any other reports, records, regulatory correspondence, and other materials relating to Development or
Regulatory Approval of the Licensed Compound or a Licensed Product, or required to manufacture, distribute, or sell the Licensed
Products, including any information that relates to pharmacology, toxicology, chemistry, manufacturing, and controls data, batch
records, safety and efficacy, and any safety database.

 

1.48 “Right
of Reference” means a “Right of Reference or Use” as that term is defined in 21 C.F.R. § 314.3(b), and
any non-United States equivalents.

 

1.49
“Sublicense” has the meaning set forth in Section 2.02.

 

1.50
“Sublicensee” and “Sublicensees” have the meanings set forth in Section 2.02.

 

1.51
“Term” has the meaning set forth in Section 10.

 

1.52
“Territory” means worldwide.

 

    	 

     

    

 

1.53
“Third Party” means any Person other than a Party or any of its Affiliates.

 

1.54
“United States” or “U.S.” means the United States of America and its territories and possessions.

 

1.55
Construction. In construing this Agreement, unless expressly specified otherwise:

 

(a)
references to Sections and Exhibits are to sections of, and exhibits to, this Agreement;

 

(b)
except where the context otherwise requires, use of either gender includes the other gender, and use of the singular includes the plural
and vice versa;

 

(c)
headings and titles are for convenience only and do not affect the interpretation of this Agreement;

 

(d)
any list, an example or examples following the word “including” or “includes” shall be interpreted without limitation
to the generality of the preceding words;

 

(e)
except where the context otherwise requires, the word “or” is used in the inclusive sense (i.e., “A or B”
means: A alone, B alone, or A and B);

 

(f)
all references to “dollars” or”$” herein shall mean United States Dollars; and

 

(g)
each Party represents that it has been represented by legal counsel in connection with this Agreement and acknowledges that it has participated
in the drafting hereof. In interpreting and applying the terms and provisions of this Agreement, the Parties agree that no presumption
will apply against the Party which drafted such terms and provisions.

 

2.
GRANT OF LICENSE.

 

2.01
Subject to the reservation of rights set forth in Section 2.02, and other terms and conditions herein set forth, Global BioLife hereby
grants to ProPhase an exclusive right and license, with the right to sublicense (in accordance with Section 2.03) under the Licensed
IP to Exploit the Licensed Compound and Licensed Products in the Field in the Territory, and ProPhase hereby accepts the License.

 

2.02
Global BioLife reserves the right, solely for itself and for GRDG to use the Licensed Compound and Licensed IP solely for research purposes
in the Field and for any purpose outside the Field.

 

2.03
Prophase may grant sublicenses (including the right to grant further sublicenses) under the License it receives under Section 2.01 to
any of its Affiliates or any Third Party with the prior written consent of Global BioLife, which consent shall not be unreasonably withheld;
provided that: (i) each sublicense is in writing and its terms are consistent with the terms and conditions of this Agreement; (ii) Prophase
shall be responsible to Global BioLife for the performance of its sublicensees; and (iii) any act or omission by a sublicensee that would
be a breach of this Agreement had it been performed (or not performed) by Prophase shall be treated as a breach of this Agreement by
Prophase. Prophase shall remain primarily responsible to Global BioLife for its obligations, including payment obligations pursuant to
this Agreement.

 

    	 

     

    

 

3.
INFORMATION TRANSFER

 

3.01
Initial Information Transfer to Prophase. All information owned by Global BioLife relating to the Licensed Compound in connection
with the Field has been made available to Prophase prior to the Effective Date or is publicly available from the USPTO web site
(www.uspto.gov). Further information related to the Licensed Compounds is believed to be available from GRDG and Global BioLife has requested
that GRDG share all such information with Prophase.

 

4.
FINANCIAL PROVISIONS.

 

4.01
License Fee. In partial consideration of the licenses and rights granted to Prophase hereunder, within ten (10) days after the Effective
Date, Prophase shall pay to Global BioLife a one-time upfront license fee of fifty thousand dollars ($50,000).

 

4.02
Milestone Payment.

 

(a)
Development and Regulatory Milestones.

 

(i)
In partial consideration of the rights granted by Global BioLife to Prophase hereunder and subject to the terms and conditions set forth
in this Agreement, Prophase shall pay to Global BioLife a milestone payment according to Section 4.02(b) after the achievement of each
of the following regulatory milestones:

 

A.
successful completion of a first Phase 3 Study which may be required by FDA for the first Licensed Product, nine-hundred thousand dollars
($900,000); and

 

B.
Regulatory Approval of an NDA for the first Licensed Product, one million dollars ($1,000,000).

 

(b)
Milestone Payment Procedures. Prophase shall provide Global BioLife with written notice of the achievement of each milestone event
within ten (10) days after achievement of the milestone event set forth in Section 4.02(a). Prophase shall pay to Global BioLife, by
wire transfer to an account designated by Global BioLife, the applicable milestone payment listed above within thirty (30) days after
the applicable notice deadline in this Section 4.02(b).

 

4.03
Royalties.

 

(a)
Royalty. Prophase shall pay to Global BioLife 3% royalties on Net Revenue of each Licensed Product in the Territory.

 

(b)
Royalty Term. Royalties payable under this Section 4.03 shall be paid by Prophase from the date of First Commercial Sale of each
Licensed Product and for the Term of this Agreement. Any payments due under this Section 4.03 shall be subject to any applicable credits or offsets provided for in
this Agreement.

 

    	 

     

    

 

(c)
Minimum Royalty. Notwithstanding Section4.03 (a) above, with respect to sales of Licensed Products made in countries, Prophase
shall pay to Global BioLife no less than two hundred fifty thousand dollars ($250,000) of Net Revenue per year minus any possible royalty
payments actually paid per year to Third Parties that are necessary and required to market Licensed Product in a particular territory
as per Section 1.34 , commencing the first full calendar year after receiving Regulatory Approval by a Regulatory Authority to Exploit
the first Licensed Product.

 

(d) Royalty
Reports. For the purpose of computing the royalties due to Licensor hereunder, the year shall be divided into four parts ending
on March 31, June 30, September 30, and December 31. Not later than sixty (60) days after the end of each December, March, June, and
September in each Calendar Year, after the Date of First Commercial Sale and during the Term, ProPhase shall submit to Licensor a
report of royalties due Licensor under the terms of this Section 1 for the preceding quarter year (hereinafter, the
“Quarter-Year Report”), setting forth the Net Revenue upon which such royalties are computed. If no royalties are due,
no statement shall be sent to Licensor. Payment of the full amount of any royalties due for the preceding quarter year shall
accompany each Quarter-Year Report on royalties. Prophase shall keep for a period of at least seven (7) years after the date of
entry, accurate and compete books and records relating to Net Revenue consistent with sound business and accounting practices and in
such form and in such detail as to enable the determination of the amounts due to Licensor pursuant to the terms of this
Agreement.

 

(e)
Royalty Payments. Royalties due to Licensor, if any, shall be paid in United States dollars in conjunction with the submission
of each Quarter-Year-Report and with no deductions for banking, currency conversion charges, wire or other transaction fees.

 

5.
DEVELOPMENT AND COMMERCIALIZATION.

 

5.01
General. Subject to the terms and conditions of this Agreement, Prophase has the sole right to Commercialize Licensed Compound
and Licensed Products in the Field in the Territory; Prophase shall use Commercially Reasonable Efforts to conduct Development activities
as set forth in the Development Plan, as may be amended from time to time by mutual written agreement of the Parties. Prophase shall
have the right to subcontract any Development activities relating to the Licensed Compound and Licensed Products in the Field in the
Territory, as deemed appropriate in Prophase’s reasonable discretion. Prophase has the right, but not the obligation, to directly
consult or contract with Daryl L. Thompson and/or GRDG, at Prophase’s expense, in connection with Development of Licensed Compound
and/or Licensed Product. For the avoidance of doubt, it is understood by the Parties that intellectual property related to Licensed Compound
that may be created, made, developed, or otherwise invented by GRDG and which is funded by Global BioLife shall be owned by Global BioLife,
and that all such new intellectual property shall be Licensed IP under this Agreement.

 

5.02
Development Plan. The Development of Licensed Compound and the first Licensed Product for the United States shall be governed
by a clinical Development plan (“Preliminary Development Plan”), a draft of which is provided in Section 5.03.

 

    	 

     

    

 

5.03
Development Plan. The Parties have prepared a Development Plan, including anticipated timeline goals in connection with the Clinical
Trials for the first Licensed Product. This Development Plan may be amended by mutual written agreement based upon results of preclinical
studies or other Clinical Trial, including safety and effectiveness, guidance by the FDA, or upon agreement of the Parties:

 

(a)
Initiate preclinical studies with respect to Development of a first Licensed Product within one year of the Effective Date;

 

(b)
Initiate a Phase 1 Study in connection with Development of a first Licensed Product within 18 months of initiation of the preclinical
studies; provided that an IND for first Licensed Product is approved by FDA;

 

(c)
Initiate a Phase 2 Study in connection with Development of a first Licensed Product within 24 months of initiation of a first Phase 1
Study; provided that the Phase 1 Study successfully established safety of the first Licensed Product;

 

(d)
Initiate a Phase 3 Study in connection with Development of a first Licensed Product within 48 months of initiation of a first Phase 2
Study; provided that the Phase 2 Study successfully established safety and effectiveness of the first Licensed Product;

 

(e)
Submit NDA to FDA by January 4, 2027 or as soon as practicable thereafter, using Commercially Reasonable Efforts; provided that Phase
3 Study is successfully completed; and

 

(f)
Market first Licensed Product in the United States not later than 30 days after Regulatory Approval by FDA.

 

5.04
Joint Meetings. The Parties shall establish semi-annual joint meetings to discuss in good faith and in reasonable detail Prophase’s
and its Sublicensees’ activities and progress related to the Development of Licensed Compound and Licensed Products in the
Territory in accordance with the Development Plan.

 

6.
INTELLECTUAL PROPERTY.

 

6.01
Inventions; Ownership.

 

(a)
Inventor Assignment Obligation. Each Party shall cause all employees, independent contractors, contract research organizations,
consultants, and others who perform activities for such Party under this Agreement to be under an obligation to assign (or, if such Party
is unable to cause such person or entity to agree to such assignment obligation despite such Party using Commercially Reasonable Efforts
to negotiate such assignment obligation, provide a license under) their rights in any Inventions and Intellectual Property Rights to
such Party, except where applicable Law requires otherwise and except in the case of governmental, not-for-profit, and public institutions
which have standard policies against such an assignment (in which case a suitable license, or right to obtain such a license, shall be
obtained).

 

    	 

     

    

 

(b)
Ownership and Disclosure Obligations.

 

(i)
Subject to the rights and licenses expressly granted under this Agreement, each Party shall retain all rights, title, and interests in,
to and under any and all Intellectual Property Rights that are owned by such Party prior to the Effective Date or independent of this
Agreement.

 

(ii)
Inventions that directly relate to Licensed Compound or Licensed Product in the Field, whether patentable or not, that are made in the
course of performing activities under this Agreement, (a): by either Party, (b). jointly by both Parties, by GRDG, (d) by a Prophase
sublicensee, or &jointly by any combination of the preceding (a)  - (d) shall be the joint property of Prophase
and Global BioLife (“Joint Inventions”). The Parties agree to keep each other informed of such Joint Inventions.

 

(iii)
Prophase and Global BioLife each agree to obtain the cooperation of their respective employees or obligated Third Parties that are inventors
in the preparation, filing, and prosecution of patent applications directed to any Inventions that may arise hereunder.

 

6.02
Prosecution and Maintenance of Patent Rights.

 

(a)
At the initiative of ProPhase or Licensor, the Parties shall consult in good faith with each other regarding the filing, prosecution,
and maintenance of all Licensed Patents. The Licensed Patents shall be diligently filed, prosecuted and maintained by Licensor using
reputable counsel. Licensor shall keep ProPhase reasonably informed with regard to the preparation, filing, prosecution, and maintenance
of the Licensed Patents, including by providing ProPhase (or its designee) copies of office actions issued from patent offices, proposed
responses to such office actions, and any other patent related filings, to be made to such patent authority in the Territory sufficiently
in advance of submitting such filings or responses so as to allow for a reasonable opportunity for ProPhase to review and comment thereon.
Licensor shall consider in good faith any such comments for incorporation into such draft. Licensor represents that during the Term that
(a) all Licensed Patents will be diligently prosecuted in the respective patent offices in the Territory in accordance with applicable
laws, rules and regulations, (b) all Licensed Patents will be filed and maintained properly and correctly, (c) Licensor will pay all
applicable fees on or before the due date for payment, and (d) all Licensed Patents will identify each and every inventor of the claims
thereof as determined in accordance with the laws of the jurisdiction in which such Patent is filed. Prophase shall reimburse Global
BioLife for reasonable attorney fees and patent office costs associated with the prosecution and maintenance of the Licensed Patents
on a quarterly basis commencing on September 30, 2022.

 

(b)
If, at any time during the Term, the Parties may mutually agree that it is undesirable, as to one or more countries, to file, prosecute
or maintain any Licensed Patent, then Global BioLife shall have discretion to refrain from filing, prosecuting and/or maintaining any
Licensed Patent or permitting the Licensed Patent to lapse.

 

(c)
The Parties shall cooperate with each other and discuss, in good faith, the Patent Rights within the Licensed Patents Covering the Licensed
Compound and Licensed Products to enable Prophase to make filings with Regulatory Authorities, as required or allowed in connection with
(A) in the United States, the FDA’s Orange Book and (B) outside the United States, under the national implementations of Article
10.l(a)(iii) of Directive 2001/EC/83 or other international equivalents thereof. Global BioLife shall cooperate with Prophase’s
reasonable requests in connection therewith, including meeting any submission deadlines, in each case, to the extent required or permitted
by applicable law.

 

    	 

     

    

 

(d)
The Parties shall cooperate in obtaining Patent Term Extensions pursuant to 35 U.S.C. § 156 and foreign counterparts and equivalents
thereof, including supplementary protection certificates, to the extent such extensions are available with respect to the applicable
Patent Rights (“Extension Activities”).

 

7.
CONFIDENTIAL INFORMATION.

 

7.01
Confidential Information. All Confidential Information of a Disclosing Party shall not be used by the other Party (the “Receiving
Party”), except in performing its obligations or exercising rights explicitly granted under this Agreement and shall be maintained
in confidence by the Receiving Party and shall not otherwise be disclosed by the Receiving Party to any Third Party, without the prior
written consent of the Disclosing Party with respect to such Confidential Information.

 

7.02
The obligation of confidentiality and non-use set forth in Section 7.01 shall not apply to any Confidential Information which: (a) was
part of the public domain prior to the Effective Date or which becomes a part of the public domain not due to some unauthorized act by
or omission of receiving Party after the Effective Date, (b) which is disclosed to Receiving Party by a third party who has the right
to make such disclosure, (c) was known by Receiving Party prior to the disclosure of such Confidential Information by Disclosing Party
to Receiving Party, as evidenced by the competent written records of Receiving Party maintained in the ordinary course of business, and
(d) was independently developed by Receiving Party without reliance on such Confidential Information, as evidenced by the competent written
records of Receiving Party maintained in the ordinary course of business.

 

7.03
The Parties agree that the financial terms as set forth in this Agreement and the Memorandum of Understanding dated July 1, 2022, shall
constitute Confidential Information of each Party, and shall be disclosed only to on a need-to-know basis, each Party’s
employees, directors, officers, Affiliates, representatives, and agents subject to any disclosure obligation pursuant to SEC and FDA
rules and regulations, and any rules and regulations of similar authorities around the world. It is further understood by the Parties
that the existence of this Agreement and the Memorandum of Understanding is to be disclosed in a Press Release.

 

7.04
It is further agreed that each Party may disclose Confidential Information of the Disclosing Party to the extent that such disclosure
is:

 

(a)
in the reasonable opinion of the Receiving Party’s legal counsel, required to be disclosed pursuant to law, regulation or a valid
order of a court of competent jurisdiction or other supra-national, federal, national, regional, state, provincial and local governmental
body of competent jurisdiction (other than a securities regulatory authority, which is addressed in Section 7.05); provided, that the
Receiving Party shall first have given prompt written notice (and to the extent possible, at least five (5) business days’ notice),
to the Disclosing Party and given the Disclosing Party a reasonable opportunity to take whatever action it deems necessary to protect
its Confidential Information. In the event that no protective order or other remedy is obtained, or the Disclosing Party waives compliance
with the terms of this Agreement, the Receiving Party shall furnish only that portion of Confidential Information which the Receiving
Party is advised by counsel is legally required to be disclosed;

 

    	 

     

    

 

(b)
made by or on behalf of the receiving Party to the Regulatory Authorities as required by applicable laws, rules or regulations; provided,
that reasonable measures shall be taken to assure confidential treatment of such Confidential Information to the extent practicable and
consistent with applicable laws, rules and regulations;

 

(c)
 made by or on behalf of the Receiving Party to a patent authority, as may be reasonably necessary or useful for purposes of obtaining,
defending or enforcing a Patent in accordance with the terms of this Agreement; provided, that reasonable measures shall be taken to
assure confidential treatment of such Confidential Information, to the extent such protection is available;

 

(d)
made to its or its Affiliates’ financial and legal advisors who have a need to know such Disclosing Party’s Confidential
Information and are either under professional codes of conduct giving rise to expectations of confidentiality and non-use or under written
agreements of confidentiality and non-use, in each case, at least as restrictive as those set forth in this Agreement; provided that
the receiving Party shall remain responsible for any failure by such financial and legal advisors, to treat such Confidential
Information as required under this Section 7;

 

(e)
made by a Party, its Affiliates or its Sublicensees to potential or actual investors or acquirers as may be necessary in connection with
their evaluation of such potential or actual investment or acquisition; provided, that such persons shall be subject to obligations of
confidentiality and non-use with respect to such Confidential Information substantially similar to the obligations of confidentiality
and non-use pursuant to this Section 7; or

 

(f)
made by a Party, its Affiliates or Sublicensees to its or their advisors, consultants, clinicians, vendors, service providers, contractors,
existing or prospective collaboration partners, licensees, sublicensees, or other third parties as may be necessary or useful in connection
with the Exploitation of the Licensed Products, or otherwise in connection with the performance of its obligations or exercise of its
rights as contemplated by this Agreement; provided, that such persons shall be subject to obligations of confidentiality and non-use
with respect to such Confidential Information substantially similar to the obligations of confidentiality and non-use of the receiving
Party pursuant to this Section 7.

 

7.05
The Parties each acknowledge that the other Party (or its Affiliate) is a publicly traded company. Notwithstanding anything in this Agreement
to the contrary, each Party may (a) make such disclosures with respect to this Agreement as it determines are reasonably necessary to
comply with applicable legal requirements, laws, rules and regulations imposed by a securities regulatory authority; provided that the
disclosing Party shall seek confidential treatment of any disclosure of this Agreement, which such disclosure shall be reviewed by the
non-disclosing Party reasonably in advance of such disclosure to allow the non-disclosing Party to provide comments, which shall be considered
for redaction in good faith by the disclosing Party, and (b) disclose the terms and conditions of this Agreement to any person or entity
conducting due diligence into such Party and its businesses; provided that such person or entity is bound by obligations of confidentiality
and non-use no less restrictive than this Agreement.

 

    	 

     

    

 

7.06
Prophase has the right, but not the obligation, to work with GRDG in the Development and Exploitation of Licensed Compound and Licensed
Product. Accordingly, it is accepted and agreed by the Parties that Confidential Information may be disclosed to GRDG without violation
of this Agreement. Global BioLife represents that Global BioLife and GRDG have executed a confidentiality agreement substantially
similar to that set forth herein.

 

8.
INFRINGEMENT OF LICENSED PATENT.

 

8.01
In the event a Party becomes aware that a third party is infringing on one or more of the Licensed Patents, the Party that becomes aware
of such infringement shall promptly notify the other Party to the Agreement in writing of such infringement.

 

8.02
With respect to any infringing activity that involves the manufacture, use or sale by a Third Party of any product that is believed to
and/or infringe a Licensed Patent (“Infringing Product”), ProPhase shall have the sole right, but not obligation,
to bring suit to enforce any Licensed Patent against the infringer and/or to defend any declaratory judgment action with respect thereto
(either of which shall be considered as an “Action”) and, upon initiating any Action, shall keep Licensor reasonably
informed with regard to the status of such suit and related activities.

 

8.03
Each Party shall always have the right to be represented by counsel of its own selection at its own cost in any suit for infringement
of the Licensed Patent(s).

 

8.04
Licensor agrees to cooperate in the litigation with ProPhase at the reasonable request and at the sole expense of ProPhase, including,
by giving testimony and producing documents lawfully requested in the prosecution of any suit by ProPhase for infringement of the Licensed
Patent(s).

 

8.05
Any recovery from such infringement suit shall be distributed to the Parties as follows: (a) first, reimbursement ·of the costs
and expenses incurred by or on behalf of ProPhase and then Global BioLife’s expenses, if any, in connection with such Action; and
(b) second, any remaining recovery shall, to the extent the same pertains to an infringing activity that involves the manufacture, use
or sale by a third party of any Infringing Product, be treated as Net Revenue.

 

8.06
In the event Prophase elects not to initiate an Action with respect to any commercially significant infringing activity that involves
the manufacture, use or sale by a Third Party of any Infringing Product, Global BioLife may initiate such Action at its sole expense.
Prophase shall have the right to participate in any such Action with coW1sel of its own choice at its own expense. All recoveries received
by Global BioLife from an Action shall be first applied to reimburse Global BioLife’s and then Prophase’s unreimbursed expenses,
including, without limitation, reasonable attorney’s fees and court costs. Global BioLife is entitled to any remainder of the recovery.

 

8.07
Neither Party shall settle an Action with an infringer without the consent of the other Party, such consent shall not be unreasonably
withheld.

 

    	 

     

    

 

9.
LIABILITY AND INDEMNIFICATION.

 

9.01
ProPhase shall indemnify, defend and hold Licensor and its directors, officers, and employees and their respective successors, heirs
and assigns (the “Licensor Indemnitees”), against any liability, damage, loss or expense (including reasonable attorneys’
fees and expenses) incurred by or imposed upon the Licensor Indemnitees or any one of them in connection with any third party claims,
suits, actions, demands or judgments arising out of (a) the Exploitation of a Licensed Compound or Licensed Product by or on behalf of
ProPhase, (b) a willful breach by Licensee of this Agreement, or (c) the gross negligence or willful misconduct of a ProPhase
Indemnitee in connection with this Agreement.

 

9.02
The indemnitees shall provide Prophase (“indemnitor”) with prompt written notice of any claim, suit or action
for which indemnification is sought; provided that the failure of an Indemnitee so to notify Indemnitor will not relieve Indemnitor from
liability for indemnification only if and to the extent such failure materially compromises Indemnitor’s defense of such claim,
suit or action. lndemnitor agrees, at its own expense, to provide attorneys reasonably acceptable to Licensor on behalf of the Licensor
Indemnitees to defend against any such claim, suit or action. The lndemnitees shall cooperate fully with Indemnitor in such defense,
at Indemnitor’s expense, and will permit Indemnitor to conduct and control such defense and the disposition of any such claim,
suit, or action; provided that (a) Indemnitor shall not settle any such claim, suit or action that (i) admits any liability or wrongdoing
on behalf of an Indemnitee, or (ii) obligates an Indemnitee to take, or restricts an Indemnitee from taking, any action, in either case
((i) or (ii)), without the prior written consent of Licensor on behalf of the Licensor Indemnitees, which consent shall not be unreasonably
denied, and (b) any Indemnitee shall have the right to retain its own counsel, at the expense of indemnitor, if representation
of such indemnitee by the counsel retained by lndemnitor would be inappropriate because of actual differences in the interests
of such Indemnitee and any other Party represented by such counsel. Indemnitor agrees to keep Licensor reasonably informed of the progress
in the defense and disposition of such claim, suit or action and to consult with Licensor with regard to any proposed settlement.

 

9.03
NEITHER PARTY NOR ANY OF ITS AFFILIATES OR SUBLICENSEES SHALL BE LIABLE FOR INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL
DAMAGES, INCLUDING LOSS OF PROFITS OR BUSINESS INTERRUPTION, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, TORT,
NEGLIGENCE, BREACH OF STATUTORY DUTY OR OTHERWISE IN CONNECTION WITH OR ARISING IN ANY WAY OUT OF THE TERMS OF THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THE USE OF THE COMPOUND OR PRODUCT, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.

 

10.
TERMANDTERMINATION

 

10.01
Term. Unless earlier terminated pursuant to this Section 10, this Agreement shall commence on the Effective Date and expire
automatically on a country-by-country basis upon the last to occur of the expiration of the last-to-expire Licensed Patents (“Term”).
Following the expiration of the Term, and on a country-by-country basis, the License shall become non-exclusive, perpetual, fully-paid,
unrestricted, royalty-free and irrevocable.

 

    	 

     

    

 

10.02
Termination.

 

(a)
Termination by Prophase for Convenience. Prophase shall have the right to terminate this Agreement for any reason or for convenience
in its sole discretion: (i) on a Licensed Product-by-Licensed Product or a country-by-country basis or (ii) in its entirety, in either
case ((i) or (ii)) for convenience upon one hundred eighty (180) days prior written notice to Global BioLife. Prophase shall perform
any obligations owed to Global BioLife as of the date of said termination notice.

 

(b)
Termination by Global BioLife. Global BioLife shall have the right to terminate this Agreement only for uncured material breach
by Prophase as follows: if Global BioLife believes that the Prophase is in material breach of its obligations under this Agreement, then
Global BioLife may provide written notice to the Prophase setting forth a description of the asserted material breach. Prophase shall
then have the option to cure such asserted material breach within sixty (60) days after actual receipt of such written notice (or such
longer period as may be agreed by the Parties). If Prophase does not cure such breach by the end of the sixty (60) days period to the
satisfaction of Global BioLife after the other Party provides notice of such breach as above, then Global BioLife may then terminate
the Agreement immediately on written notice to Prophase.

 

(c)
Challenging Validity. During the term of this Agreement, Prophase and its Affiliates (“Challenging Party”) shall not
challenge the validity or ownership of Licensed Patents (“Patent Challenge”) or knowingly assist a Third Party in a Patent
Challenge. Global BioLife at its sole and absolute option may terminate this Agreement upon written notice to Prophase, upon the commencement
by Challenging Party of a Patent Challenge.

 

10.03
Effects of Termination. If this Agreement is terminated in its entirety by either Party, or on Licensed Product-by-Licensed Product
or a country-by-country basis, then with respect only to such Licensed Product or such country, as the case may be (it being understood
that, if this Agreement is terminated in its entirety, then all references below to “terminated Licensed Product” shall instead
be references to all Licensed Products, and “the terminated countries” shall instead be references to ‘‘the Territory”):

 

(a)
Any Termination. In the event of any termination of this Agreement and regardless of the terminating Party:

 

(i)
all rights and licenses granted by Global BioLife hereunder shall immediately terminate and be of no force or effect with respect to
the terminated Licensed Product in the terminated countries;

 

(ii)
promptly after the notice date of any such termination or otherwise after effective date of such termination, Prophase, at its sole cost,
shall commence winding down its Exploitation activities for the terminated Licensed Products in the terminated countries, and shall use
good faith efforts to complete any and all such wind-down Development and Commercialization activities within three (3) months after
the notice date or effective date of such termination, as applicable;

 

    	 

     

    

 

(iii)
Prophase may sell off its existing inventory of terminated Licensed Products for a period of six (6) months subject to, if applicable,
the milestones and royalty provisions of this Agreement; and

 

(iv)
if such termination is a termination of this Agreement in its entirety, each Party shall promptly return all Confidential Information
of the other Party that are not subject to a continuing license hereunder.

 

(b)
Termination by Prophase. In the event of a termination by Prophase

 

(i)
upon written request by Global BioLife within thirty (30) days following such termination, unless prohibited by Regulatory Authority,
Prophase shall transition the conduct of any on-going Clinical Trials to Global BioLife;

 

(ii)
if this Agreement is terminated in its entirety or as to a terminated Licensed Product on a country-by country or worldwide basis,
Prophase shall, at no cost to Global BioLife: (A) assign to Global BioLife or Global BioLife’s designee all Regulatory
Documentation that is requested by Global BioLife and/or necessary for Global BioLife to Exploit such terminated Licensed Product in
the terminated country and (B) provide to Global BioLife or Global BioLife’s designee a Right of Reference and right to use in
the terminated country all Regulatory Documentation that is necessary to Exploit, but not solely related to, such terminated
Licensed Product in the terminated country; and

 

(iii)
if termination is with respect to one or more Licensed Products other than on a worldwide basis, Prophase shall provide to Global BioLife
or Global BioLife’s designee, at no expenses, a Right of Reference and right to use in the terminated country all Regulatory Documentation
necessary to Exploit the terminated Licensed Product in the terminated country.

 

11.
REPRESENTATIONS AND WARRANTIES BY PROPHASE.

 

ProPhase
hereby represents and warrants to Licensor as follows:

 

11.01
ProPhase is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. ProPhase has
been granted all requisite power and authority to carry on its business and to own and operate its properties and assets. The execution,
delivery and performance of this Agreement have been duly authorized by ProPhase.

 

11.02
There is no pending or, to ProPhase’s Knowledge, threatened litigation involving ProPhase which would have any effect on this Agreement
or on ProPhase’s ability to perform its obligations hereunder; and

 

11.03
There is no indenture, contract, or agreement to which ProPhase is a party or by which ProPhase is bound which prohibits or would prohibit
the execution and delivery by ProPhase of this Agreement or the performance or observance by ProPhase of any term or condition of this
Agreement.

 

    	 

     

    

 

12.
REPRESENTATIONS AND WARRANTIES BY LICENSOR.

 

Licensor
hereby represents and warrants to ProPhase as follows:

 

12.01
Licensor is a corporation duly organized, validly existing and in good standing under the laws of Nevada. Licensor has been granted
all requisite power and authority to carry on its business and to own and operate its properties and assets. The execution, delivery
and performance of this Agreement have been duly authorized by Licensor.

 

12.02
There is no pending or, to Licensor’s knowledge, threatened litigation involving Licensor which would have any effect on this Agreement
or on Licensor’s ability to perform its obligations hereunder.

 

12.03
To Licensor’s knowledge, there is no indenture, contract, or agreement to which Licensor is a party or by which Licensor is bound
which prohibits or would prohibit the execution and delivery by Licensor of this Agreement or the performance or observance by Licensor
of any term or condition of this Agreement.

 

12.04
All Licensed IP existing as of the Effective Date is solely and exclusively owned by Licensor.

 

12.05
To Licensor’s Knowledge, all Licensed Patents existing as of the Effective Date are subsisting and are not invalid or unenforceable,
in whole or in part.

 

12.06
To Licensor’s Knowledge, the Licensed Patents existing as of the Effective Date (a) are being diligently prosecuted in the respective
patent offices in the Territory in accordance with applicable laws, rules and regulations, (b) have been filed and maintained properly
and correctly and all applicable fees have been paid on or before the due date for payment, and (c) identifies each and every inventor
of the claims thereof as determined in accordance with the laws of the jurisdiction in which such Patent is issued or such application
is pending.

 

12.07
To Licensor’s Knowledge, there are no claims, judgments, or settlements against, or amounts with respect thereto, owed by Licensor
or any of its Affiliates relating to the Licensed IP.

 

12.08
No claim or litigation has been brought or, to Licensor’s Knowledge, threatened by any person or entity alleging, that (a) the
Licensed Patents existing as of the Effective Date are invalid or unenforceable, or (b) the Licensed IP, or the disclosing, copying,
making, assigning, or licensing of the Licensed IP, or the Exploitation of the Licensed Compounds or Licensed Products as contemplated
herein, does or will violate, infringe, misappropriate or otherwise conflict or interfere with, any Patent or other intellectual property
or proprietary right of any person or entity.

 

12.09
To Licensor’s Knowledge, the Exploitation of the Licensed Compound or Licensed IP does not violate, infringe, misappropriate, or
otherwise conflict or interfere with any Patent or other intellectual property or proprietary right of any person or entity.

 

    	 

     

    

 

12.10
To Licensor’s Knowledge, no person or entity is infringing or threatening to infringe or misappropriating or threatening to misappropriate
the Licensed IP.

 

12.11
To Licensor’s Knowledge, with respect to the pending patent applications included in the Licensed Patents existing as of the Effective
Date, Licensor and its Affiliates have presented all relevant references, documents, or information of which it and the inventors
are aware to the relevant patent examiner at the relevant patent office.

 

12.12
To Licensor’s Knowledge, no funding from any governmental entity of any kind was used in connection with development of any of
the intellectual property rights included in the scope of the License.

 

12.13
To Licensor’s Knowledge the Licensed Compound has not been used in humans in any form on behalf of Licensor or its Affiliates prior
to the Effective Date.

 

13.
COMPLIANCE.

 

Each
Party and its Affiliates (a) have complied and shall comply with all applicable laws, rules and regulations governing bribery, money
laundering, and other corrupt practices and behavior (including, as applicable, the U.S. Foreign Corrupt Practices Act and UK Bribery
Act) and (b) shall not, directly or indirectly, offer, give, pay, promise to pay, or authorize the payment of any bribes, kickbacks,
influence payments, or other unlawful or improper inducements to any person or entity in whatever form (including gifts, travel, entertainment,
contributions, or anything else of value).

 

14.
NO ASSIGNMENT.

 

Neither
party shall assign this Agreement or any part thereof without the prior written consent of the other party, which consent shall not be
unreasonably withheld or delayed. Each party may, however, without such consent, assign or sell its rights under this Agreement (a) in
connection with the sale or transfer of all or substantially all of its assets to a Third Party; (b) in the event of a merger or consolidation
with a Third Party; or (c) to an Affiliate. No assignment shall relieve any party of responsibility for the performance of any accrued
obligation which such party has under this Agreement. Any assignment shall be contingent upon the assignee assuming in writing all of
the obligations of its assignor under this Agreement.

 

15.
USE OF NAME; PUBLIC ANNOUNCEMENTS.

 

Without
the prior written consent of the other Party, neither ProPhase nor Licensor shall use the name of the other Party or any adaptation thereof
or of any employee of the other Party, unless such use is otherwise required by law, rule or regulation. Except as provided herein, Licensor
will not issue any public announcements about this Agreement without prior written approval of ProPhase. Notwithstanding the preceding,
it is agreed by the Parties that one or more Press Release may be published relating to this Agreement and that each Party shall provide
the other with an opportunity to review and revise such Press Releases.

 

    	 

     

    

 

16.
MISCELLANEOUS.

 

16.01
Neither Party shall be held liable or responsible to the other Party or be deemed to have defaulted under or breached this Agreement
for failure or delay in fulfilling or performing any term of this Agreement when such failure or delay is caused by or results from events
beyond the reasonable control of the non-performing Party, including fires, floods, earthquakes, hurricanes, embargoes, shortages, epidemics,
quarantines, war, acts of war (whether war be declared or not), terrorist acts, insurrections, riots, civil commotion, strikes, lockouts,
or other labor disturbances (whether involving the workforce of the non-performing Party or of any other person), acts of God or acts,
omissions or delays in acting by any governmental authority (except to the extent such delay results from the breach by the non-performing
Party or any of its Affiliates of any term or condition of this Agreement). The non-performing Party shall notify the other Party of
such force majeure event within thirty (30) days after such occurrence by giving written notice to the other Party stating the nature
of the event, its anticipated duration, and any action being taken to avoid or minimize its effect. The suspension of performance shall
be of no greater scope and no longer duration than is necessary and the non-performing Party shall use commercially reasonable efforts
to remedy its inability to perform.

 

16.02
If any provision of this Agreement is determined to be invalid or void, the remaining provisions shall remain in effect.

 

16.03
Both Parties irrevocably consent to first present any dispute related to this Agreement in writing to the other Party. Within two (2)
months of receipt of such notice, the Parties agree to attend a face-to-face meeting which shall include at least one individual from
each Party who is authorized to make decisions for and settle the dispute. Such a meeting shall be held at a location agreed upon by
the Parties. In the event that good faith negotiations are unsuccessful, the Parties shall present the dispute to non-binding mediation
before a single mediator in a location agreed upon by the Parties. The Party first initiating the dispute shall present a list of no
less than five potential mediators to the other Party and that Party shall promptly select one mediator therefrom. Should nonbinding
mediation be unsuccessful, as determined by the chosen mediator or either Party, the dispute may be presented to litigation in the federal
or state courts of the State of Texas.

 

16.04
This Agreement is governed by the internal laws of the State of Texas, without regard and to the exclusion of Texas’ conflict of
laws rules. The United Nations Convention for the International Sale of Goods is excluded and shall not apply. The Parties hereby submit
to the sole and exclusive jurisdiction of, and waive any venue objections against, the state and federal courts located in the State
of Texas.

 

16.05
All payments or notices required or permitted to be given under this Agreement shall be given in writing and shall be effective when
either personally delivered or deposited, postage prepaid, in the United States registered or certified mail, or sent via a recognized
national overnight delivery service (e.g., Federal Express or DHL), addressed as follows:

 

	 	To Licensor:	Global
    BioLife, Inc.
	 	 	1400 Broadfield Blvd., Suite 100
	 	 	Houston, TX 77084 
	 	 	Attention: Frank D. Heuszel
	 	 	Email: frank.heuszel@dssworld.com and 
	 	 	fheuszel@impactbiomedinc.com
	 	 	 
	 	 	With copy to, which shall not constitute notice: 
	 	 	 
	 	 	Remenick PLLC
	 	 	1025 Thomas Jefferson Street, NW; Suite 175
	 	 	Washington, DC 20007 
	 	 	Attention: James Remenick
	 	 	E-mail: jremenick@remenicklaw.com

 

    	 

     

    

 

	 	To ProPhase:	ProPhase Labs, Inc.
	 	 	711 Stewart Ave, Suite 200 
	 	 	Garden City, NY 11530 
	 	 	Attention:
    Ted Karkus 
	 	 	E-mail: karkus@prophaselabs.com
	 	 	 
	 	 	With copy to, which shall not constitute notice: 
	 	 	 
	 	 	Reed Smith LLP
	 	 	599 Lexington Avenue, 22nd Floor 
	 	 	New York, NY 10022
	 	 	Attention: Herbert Kozlov
	 	 	E-mail: hkozlov@reedsmith.com

 

or
such other address or addresses as either Party may hereafter specify by written notice to the other. Such notices and communications
shall be deemed effective on the date of delivery or fourteen (14) days after having been sent by registered or certified mail, whichever
is earlier.

 

16.06
This Agreement (and the annexed appendices) constitute the entire Agreement between the Parties relating to the subject matter hereof,
and no variation, modification or waiver of any of the terms or conditions hereof shall be deemed valid unless made in writing and signed
by both Parties. This Agreement supersedes any and all prior agreements or understandings, whether oral or written, between the Parties
relating to the subject matter hereof.

 

16.07
No waiver by either Party of any non-performance or violation by the other Party of any of the covenants, obligations or agreements of
such other Party hereunder shall be deemed to be a waiver of any subsequent violation or non-performance of the same or any other covenant,
agreement or obligation, nor shall forbearance by either Party be deemed to be a waiver by such Party of its rights or remedies with
respect to such violation or non-performance.

 

16.08
The descriptive headings contained in this Agreement are included for convenience and reference only and shall not be held to expand,
modify or aid in the interpretation, construction or meaning of this Agreement

 

16.09
It is not the intent of the Parties to create a partnership or joint venture or to assume partnership responsibility or liability.
The obligations of the Parties shall be limited to those set out herein and such obligations shall be several and not joint.

 

16.10
This Agreement may be executed in one or more counterparts, each of which will be deemed an original, and all of which will constitute
one and the same instrument. Each Party may execute this Agreement by facsimile transmission or in Portable Document Format sent by electronic
means. Signatures of authorized signatories of the Parties transmitted by facsimile or sent by electronic means in Portable Document
Format shall be deemed to be original signatures, shall be valid and binding, and, upon delivery, shall constitute due execution of this
Agreement.

 

[Remainder
of Page Intentionally Left Blank]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement effective as of the date and year first above written.

 

	ProPhase Labs, Inc.	 
	 	 	 
	By: 	 	 
	Name: 	Ted Karkus	 
	Title:	CEO	 
	Date:	7/19/2022	 
	 	 	 
	Global
    BioLife, Inc.	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	Date:
    	July
    18, 2022	 

 

 

    	 

     

    

 

APPENDIX
I

Licensed
Patents existing as of the Effective Date

 

	 	 	Patent
    appln. no.	 	Patent
    no.	 	Title	 	Filing
    Date	 	Issue
    Date	 	Country
	1	 	2017268240	 	[pending]	 	Electrophilically
    Enhanced Phenolic Compounds for Treating Inflammatory Related

    Diseases
    and Disorders
	 	

    16-Nov-2018
	 	 	 	AU
	2	 	BRI12018073634.1	 	[pending]	 	Electrophilically
    Enhanced Phenolic Compounds for Treating Inflammatory Related

    Diseases
    and Disorders
	 	

    16-Nov-2018
	 	 	 	BR
	3	 	3,024,728	 	[pending]	 	Electrophilically
    Enhanced Phenolic Compounds for Treating Inflammatory Related Diseases and Disorders	 	

    16-Nov-2018
	 	 	 	CA
	4	 	201780043667.1	 	[pending]	 	Electrophilically
    Enhanced Phenolic Compounds for Treating Inflammatory Related

    Diseases
    and Disorders
	 	

    14-Jan-2019
	 	 	 	CN
	5	 	17800008.9	 	[pending]	 	Electrophilically
    Enhanced Phenolic Compounds for Treating Inflammatory Related

    Diseases
    and Disorders
	 	

    10-Dec-2018
	 	 	 	EP
	6	 	19129214.3	 	[pending]	 	Electrophilically
    Enhanced Phenolic Compounds for Treating

    Inflammatory
    Related Diseases and Disorders
	 	

    05-Sep-2019
	 	 	 	HK
	7	 	201817043242	 	[pending]	 	Electrophilically
    Enhanced Phenolic Compounds for Treating Inflammatory Related

    Diseases
    and Disorders
	 	

    16-Nov-2018
	 	 	 	IN
	8	 	2018-560998	 	[pending]	 	Electrophilically
    Enhanced Phenolic Compounds for Treating Inflammatory Related

    Diseases
    and Disorders
	 	

    15-Nov-2018
	 	 	 	JP

 

    	 

     

    

 

	9	 	2022-012056	 	[pending]	 	Electrophilically
    Enhanced Phenolic Compounds for Treating Inflammatory Related

    Diseases
    and Disorders
	 	

    28-Jan-2022
	 	 	 	JP
	10	 	10-2018-7036052	 	[pending]	 	Electrophilically
    Enhanced Phenolic Compounds for Treating Inflammatory Related

    Diseases
    and Disorders
	 	

    12-Dec-2018
	 	 	 	KR
	11	 	2018141590	 	[pending]	 	Electrophilically
    Enhanced Phenolic Compounds for Treating Inflammatory Related

    Diseases
    and Disorders
	 	

    27-Nov-2018
	 	 	 	RU
	12	 	15/156,021	 	10,123,991	 	Electrophilically
    Enhanced Phenolic Compounds for Treating

    Inflammatory
    Related Diseases and Disorders
	 	

    16-Mav-2016
	 	

    13-Nov-18
	 	us
	13	 	16/302,292	 	10,966,954	 	Electrophilically
    Enhanced Phenolic Compounds for Treating Inflammatory Related

    Diseases
    and Disorders
	 	

    16-Nov
    - 2018
	 	

    6-Apr-21
	 	us
	14	 	PCT/US21/22538	 	 	 	Electrophilically
    Enhanced Phenolic Compounds for Treating Inflammatory Related

    Diseases
    and Disorders
	 	

    16-May-2017
	 	 	 	WO

 

**END-

 

    	 

     

    

 

APPENDIX
II

Licensed
Patent Application existing as of the Effective Date

 

	Patent
    appln. no.	 	Patent
    no.	 	Title	 	Filing
    Date	 	Country
	

    17/530,956
	 	

    [pending]
	 	Method
    And Composition for Rendering Cancer Cells Susceptible to Treatment by Targeted

     Oncogenic
     Drivers
	 	

    19-Nov-2021
	 	usExhibit
10.20

 

CONFIDENTIAL

 

LICENSING
PROCEEDS DISTRIBUTION AGREEMENT

 

This
Agreement (the “Agreement”), entered into this 15th day of February, 2022 (‘‘the “Effective Date”),
by and between GRDG Sciences, LLC, a Florida company with a business address at 234 W. Central Ave., Winter Haven, Florida 33880 (hereinafter
“GRDG”), and collectively, Global BioLife, Inc. (hereinafter “Global”), Impact BioLife Sciences, Inc. to include
Impact Biomedical Inc. (hereinafter “Impact”), each a Nevada corporation with a business address at 701 S Carson Street,
Suite 200, Carson City, Nevada 89701, collectively referred to as the “Parties” or individually as a ‘‘Party’’.

 

WHEREAS,
GRDG believes that as part of its consideration to invent and develop Improvements for and on behalf of Global and/or Impact, that
it was intended that GRDG would receive 20% of the gross licensing or sale proceeds from any of its developed Improvements, and
that it was never intended that GDRG be a shareholder of any company of Impact BioMedical, Inc., including being a shareholder of Global
and Impact.

 

WHEREAS,
Impact wishes to continue to provide periodic payments to GRDG for the purpose of paying or reimbursing certain salaries, overhead,
office rent reimbursement, and other operating costs (the “Consulting Payments”), to fund the cost of certain 3rd
party research and development studies, and/or to pay 3rd party professionals (e.g. attorneys) to help document and
patent discoveries, technology, and advancements made under the terms of this Agreement by GRDG.

 

WHEREAS,
GRDG, in partial consideration for the receipt of Consulting Payments, wishes to continue to invent and develop Improvements and
Discoveries for and on behalf Impact and agree to assign any such Discoveries/Improvements/advances to Impact generated by its efforts
and through the resource funded by Impact, directly or indirectly. Any such Discoveries assigned to Impact would be considered Intellectual
Property under this Agreement such that GRDG would receive 20% of the gross licensing or sale proceeds received by Impact from
the licensing of such discoveries.

 

WHEREAS,
IMPACT BIOMEDICAL (“Impact Bio”) is willing to recognize and retroactively advance and apply that contractual position
that GDRG (1) is not, nor has it been, a shareholder in any company or subsidiary of Impact Bio including Global and Impact, and (2)
that GDRG’s full consideration for the Improvement developments which it has or will develop for Impact Bio is/was is (a) the monthly
operating cash flow payments and (b) 20% of the gross proceeds from any licensing or sale of all such Improvements and Discoveries.

 

WHEREAS,
recited below are various agreements or contracts entered into between IMPACT, Global and GDRG which are listed below for the purpose
of identifying them and the need to address any erroneous provisions contained in them, as part of this agreement. Accordingly;

 

    	 

     

    

 

	 	●	it
    appears that GRDG entered into an agreement with Global dated April 26, 2017, which was amendment on May 22, 2018 and again on August_
    2020 (together the “Global Agreement”), and an agreement with Impact dated December_, 2020 (the “Impact Agreement”);
	 	●	it
    appears that GRDG entered into an agreement with Global dated April 26, 2017, which was amendment on May 22, 2018 and again on August_
    2020 (together the “Global Agreement’’), and an agreement with Impact dated December _, 2020 (the “Impact
    Agreement”);
	 	●	it
    appears that pursuant to the Global Agreement, GRDG received 200 shares of Global stock and other consideration, and pursuant to
    Impact Agreement GRDG received 100 shares of Impact stock and other consideration, each of which was in exchange for certain intellectual
    property developed by or form GRDG listed in attached Exhibit A and Exhibit B;

 

WHEREAS,
GRDG wishes to transfer all of its right, title, and interest that GRDG has, if any. in Global as set forth in the Global
Agreement back to Global, and all right, title and interest that GRDG has, if any, in Impact back to Impact, and hereinafter having no
further ownership, control, or interest in either Global or Impact; and

 

WHEREAS,
in consideration for the termination of all of GRDG’s rights, titles, and interests in both Global and Impact, Global wishes
to provide GRDG a financial interest in revenue received directed to the licensing of the Global Intellectual Property, and Impact wishes
to provide GRDG an interest in revenue received directed to the licensing of the Impact Intellectual Property.

 

NOW,
THEREFORE, in consideration of the mutual promises contained herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby mutually acknowledged, the Parties, intending to be legally bound, agree as follows.

 

1.
Definitions of Terms. The following terms have the meanings indicated.

 

1.1
“Confidential Information” means any and all confidential or proprietary information or materials of: or relating directly
or indirectly to a Party, including but not limited to this Agreement, business interests, technology, financial information, information
related to new discoveries, inventions, ·whether or not patentable, information related to clinical and non-clinical studies,
information related to devices, equipment, or machines, or their construction, information related to methodologies or processes; information
related to computations, algorithms, systems information, statistics, formulae, software, interfaces, computer code, source code, object
code, interface code, or mask works, whether or not copyrightable or otherwise protectable, information related to instructions, methods
of operation, specifications, materials, plans, hardware, designs, schematics, reports, studies, notes, analyses, summaries, business,
marketing, and development plans, confidential information related to or received from a Third Party, information related to opportunities
and contacts, and other related information and materials that contain or reflect in whole or in part any of the aforesaid information
or materials.

 

    	 

     

    

 

1.2
‘‘Discoveries” means all research and technology developed, made, owned, conceived, constructively or actually
reduced to practice, made or otherwise authorized to be made by GRDG, regardless of whether the technology has been filed for patent
or other intellectual property protection, generated by GRDG’s efforts and through the resources funded by Impact, directly or
indirectly.

 

1.3
“Global Intellectual Property” means the intellectual property set forth on Exhibit A.

 

1.4
“Global Revenue” means the gross amounts of monies received by Global from the continued licensing or one time sale
of Global Intellectual Property by Global less: (i) expenses already incurred by Global under the Global Agreement; and (ii) expenses
incurred by Global related to any licensing or sale of the Global Intellectual Property.

 

1.5
“Impact Intellectual Property” means the intellectual property set forth on Exhibit B.

 

1.6
‘‘Impact Revenue” means the gross amounts of monies received by Impact from the continued licensing or one time
sale of Impact Intellectual Property by Impact less: (i) expenses already incurred by Impact under the Impact Agreement; and (ii) expenses
incurred by Impact related to any licensing or sale of the Impact Intellectual Property.

 

1.7
‘‘Improvements” with respect to patents and patent applications shall mean any and all continuation applications,
divisional applications, continuation-in-part application, and applications of extension, in whole or in part, related to the Intellectual
Property, and with respect to trademarks shall mean all confusingly similar marks. Improvements that result in the submission of a patent
or a trademark application shall be included on Exhibit A or Exhibit B, as appropriate.

 

1.8
“Intellectual Property” means Global Intellectual Property, Impact Intellectual Property, and Discoveries.

 

    	 

     

    

 

1.9
“Term” means the period of time that commences on the Effective Date and continues to the later of (I) the date of the
last to expire of a valid Patent of the Intellectual Property, or (2) the date of the last license or fee income generated from the Improvements.

 

1.10
“Third Party” means an entity that is not a Party to this Agreement, which may be a person, a company, a corporation,
or otherwise an entity.

 

2
Transfer of Rights.

 

2.1
Global GRDG hereby transfers all of its right, title, and interest in Global including but not limited to all stock and other holdings,
if any. to Global, and represents and warrants to all Parties that GRDG shall have no further ownership interest, rights in, or
control over Global. Further, GRDG including its officers and employees hereby resign from any appointment as an officer, employee, or
board member of Global. In accordance herewith, the Global Agreement is hereby terminated in all respects with regard to GRDG.

 

2.2
Impact. GRDG hereby transfers all of its right, title, and interest in Impact including but not limited to all stock and other holdings,
if any, to Impact, and represents and warrants to all Parties that GRDG shall have no further ownership interest, rights in, or control
over Impact. Further, GRDG including its officers and employees hereby resign from any appointment as an officer, employee, or board
member of Impact. In accordance herewith, the Impact Agreement is hereby terminated in all respects with regard to GRDG.

 

2.3
Further Actions. In the event that any additional actions are required of GRDG to effectively end its relationship with Global and/or
Impact, GRDG agrees, at no cost, to execute any and all documents requested or required by Global and/or Impact, to take any actions
requested by Global and/or Impact, again at no cost, to effectively terminate each respective relationship with GRDG, and at all times
to cooperate with all Parties in good faith.

 

2.4
Termination of Obligations. The Parties agree that, as of the Effective Date, any and all obligations of Global under the Global
Agreement and Impact under the Impact Agreement, with respect to GRDG are terminated.

 

3.
Consideration.,_

 

3.1
Grant of Global Revenue. Global hereby grants to GRDG twenty percent (20%) interest of Global Revenue received from the exclusive
or non-exclusive licensing of and/or the sale of Global Intellectual Property to a Third Party.

 

    	 

     

    

 

3.2
Grant of Impact Revenue. Impact hereby grants to GRDG twenty percent (20%) interest of Impact Revenue received from the exclusive
or non-exclusive licensing of the Impact Intellectual Property to a Third Party.

 

3.3
Consulting Payments and Reports. Impact hereby agrees to provide funding to GRDG for GRDG’s research and technology development
activities (“Consulting Payments”). Consulting Payments shall be made approximately monthly and in amounts to be mutually
agreed by the Parties. As of the effective date of this Agreement, Impact and GRDG have agreed to the amounts set forth on Exhibit
C as the agreed upon Consulting Payment amount and allocation. GRDG shall provide periodic written reports (“Reports”)
to Impact detailing GRDG research, developments, and marketing efforts. For the avoidance of doubt, the amount and continuance of Consulting
Payments that are made to GRDG are at the sole and unfettered discretion of Impact.

 

3.4
Form of Payments to GRDG. Payments of revenue received by Global and/or Impact as continuing licensing royalties shall be paid to
GDRG in U.S. dollars within thirty-one (31) days of such actual receipt by Global and/or Impact. In addition, payments of revenue received
by Global and/or Impact for one-time sales shall be paid to GDRG in U.S. dollars within thirty- one (31) days of the actual receipt of
monies attributable to such sales. Monies received in non- U.S. dollars shall be converted to U.S. dollars by an independent financial
institute prior to any payments to GDRG. It is understood by the Parties that this Agreement does not guarantee that there will be any
revenue received by either Global or Impact, or, accordingly, any payments to GDRG.

 

3.4
Right To Audit and Accounting. During the term of this Agreement, GDRG shall have the right to inspect and audit such accounting
reports, receipts, books or records which relate to the payments of any revenue received by Global and/or Impact as continuing licensing
royalties and/or other payments made to Impact relative to the Intellectual Properties, Discoveries, or Improvements. Inspection shall
take place during normal business hours at Impact’s Offices or as the parties may otherwise arrange. Further, GDRG shall have the
right to request an annual accounting of all proceeds received by Impact relative to the Intellectual Properties, Discoveries, or Improvements.

 

4.
Confidentiality.

 

4.1
Confidential Treatment. The Parties agree to hold Confidential Information in strict confidence and shall not disclose such information
to any Third Party, except as permitted by Sections 4.3 and 4.4, for a period of time not less than seven (7) years
from the date of receipt of that Confidential information (with the exception of any trade secrets, whereby confidentiality shall be
maintained in perpetuity).

 

    	 

     

    

 

4.2
Use of Confidential Information. Confidential Information may only be used for purposes related to this Agreement (the “Permitted
Purpose”) and only by those persons who need to review the Confidential Information in connection with the Permitted Purpose.

 

4.3
Exceptions to Definition of Confidential Information. The obligations of confidentiality under Section 4.1 shall not apply
to any information, as shown with written documents, that:

	 	 	 
	 	(i)	is
    in the public domain as of the Effective Date;
	 	(ii)	enters
    the public domain after the Effective Date intentionally by the Party for which the information was considered confidential;
	 	(iii)	enters
    the public domain after the Effective Date through no fault of a Party;
	 	(iv)	enters
    the public domain with the advance written permission of the Party holding the confidentiality; or
	 	(v)	is
    provided to a Party after the Effective Date by a Third Party which is not under any confidentiality obligation with respect to the
    Confidential Information.

 

4.4
Disclosure by Court Order. A Party may disclose Confidential Information without the prior written consent of the other Party to
the extent that such disclosure is required by law, court order, or government authority, provided that the Disclosing Party: (a) promptly
notifies the other Party of the disclosure that is required by law, court order, or government authority; (b) disclosure is limited to
only those Third Parties and only to such Confidential Information as needed to comply with a law, rule, or authority; (c) Confidential
Information disclosed pursuant to law, court order, or government authority is marked as confidential; and (d) the other Party is provided
an opportunity to seek a protective order or otherwise prevent or restrict such disclosure. The Parties agree to work together and in
good faith to address any disclosure of Confidential Information.

 

4.5
Notification of Unauthorized Disclosure. In the event that a Party becomes aware of an unauthorized disclosure or use of Confidential
Information by a Third Party, that Party shall promptly notify the other Party of the unauthorized use or disclosure of Confidential
Information.

 

5.
Infringement

 

5.1
Notice of Infringement. In the event any of the Parties becomes aware of an infringement or possible infringement of one or more
of the Intellectual Property rights, the Party becoming aware of such infringement shall promptly notify all other Parties.

 

5.2
Actions on Infringement In the event of an infringement of any rights attributable to the Intellectual Property, the Parties agree
to fully cooperate with each other and in good faith in enforcing any and all such the Intellectual Property to include providing supporting
documents and affidavits requested or required by a Party, attending depositions, and any actions in preparation for or attendance at
trial or any settlements associated therewith.

 

    	 

     

    

 

6.
Compliance with Federal and State Laws. The Parties represents and warrants to each other that each shall comply with all
laws, rules, and regulations applicable to activities contemplated or undertaken under this Agreement, including complying with any U.S.
government rights.

 

7.
Claims and Warranties.

 

7.1
General Claim Procedures. Each party shall notify the other of any claims, lawsuit, or other proceeding related to this Agreement
and/or the Intellectual Property. The Parties further agree to keep each other fully apprised of any claims.

 

7.2
Warranties. GROG represents and warrants that all Intellectual Property is in good standing, has been prosecuted and maintained in
accordance with all appropriate rules and regulations, and that all Intellectual Property has been properly assigned by all inventors
to either Global or Impact.

 

8.
Intellectual Property.

 

8.1
Ownership. The Parties agrees that: (i) all rights to the Global Intellectual Property set forth on Exhibit A is the exclusive
property of Global, (ii) all rights to the Impact Intellectual Property set forth on Exhibit B is the exclusive property of Impact;
and (iii) all rights to Discoveries are the exclusive property of Impact GRDG represents and warrants to Global and to Impact that
all officers, employees, and members of GRDG, and those authorized by GRDG, have executed agreements to assign their intellectual property
to Impact.

 

8.2
Improvements by GRDG. It is agreed by the Parties that Improvements to Global Intellectual Property by GRDG during the Term of this
Agreement shall be owned by Global, and Improvements by GRDG during the Term of this Agreement to Impact Intellectual Property shall
be owned by Impact. Further, it is agreed that all new Discoveries made or created by GRDG during the term of this agreement, for and
on behalf of Impact Bio, shall be owned by Impact, unless the parties agree in writing to the contrary. The Parties represent and warrant
to each other that each will execute any assignments or other documents necessary to establish ownership as set forth herein and at no
cost.

 

8.3
New Intellectual Property. All new intellectual property of any kind conceived, created, discovered, owned, made, reduced to practice,
or otherwise developed by GRDG including but not limited to Improvements and Discoveries, that is disclosed in, described in, or relates
to information in a Report, whether or not the subject of a patent application, shall be considered Intellectual Property under this
Agreement and owned by Impact.

 

    	 

     

    

 

8.4
Assignments. GRDG hereby agrees to assign and does hereby assign all Improvements of Global Intellectual Property to Global, all
Improvements of Impact Intellectual Property to Impact, and all new Discoveries to Impact. Further, GRDG agrees to execute any documents
and take any actions requested by Global or Impact, at no cost, to establish ownership.

 

8.5
Prosecution. Impact shall be responsible for the filing, prosecution and maintenance of applications directed to the Intellectual
Property including but not limited to patent and trademark applications. GRDH hereby agrees to provide promptly all information needed
or requested by Global or Impact to support prosecution, including providing and/or executing any documents and other materials, and
to cooperate in good faith in all respects. All expenses attributable to the prosecution on Intellectual Property including professional
fees shall be borne by Impact.

 

9.
Term and Termination. The term of this Agreement shall commence on the Effective Date and shall expire as of the end of the
Term.

 

9.1
Termination. Notwithstanding the foregoing, any Party may elect to terminate this Agreement for cause in accordance with:

 

(i)
Termination for Disclosure of Confidential Information. Except for termination provided for under Section 9.4, if a Party
fails to meet an obligation hereunder, including but not limited to failure to make a payment when due, the unauthorized disclosure of
Confidential Information, the unauthorized assignment of this Agreement, or the unauthorized violation of the scope of the grant, any
other Party shall have the right to terminate this Agreement by providing the other Parties with sixty (60) days advance written Notice,
which shall state in sufficient detail the reason for such termination.

 

9.2
Termination by GRDG. Provided that all prior terms and conditions have been met, and excluding termination under Section 9.1,
GRDG may terminate this Agreement with or without cause by providing the other Parties with at least two months advance written of a
Notice of intention of termination. During this two-month period, Impact may cure the cause as detailed in the Notice. Upon cure of the
cause for termination, as determined by Impact, the Agreement shall continue. Upon failure to cure the cause for the termination, the
Agreement with respect to the other Party or Parties listed in the Notice shall terminate.

 

9.3
Termination by Global or Impact. Provided that all prior terms and conditions have been met, and excluding termination under Section
9.1, either Impact may terminate this Agreement with or without cause by providing GRDG with at least two months advance written
Notice of termination. During this two-month period, GRDG may cure the cause as detailed in the Notice. Upon cure of the cause for termination,
as determined by Impact, the Agreement shall continue. Upon failure to cure the cause for the termination, the Agreement with respect
to the other Party or Parties listed in the Notice shall terminate, including the payment of any further Consulting Payments or other.

 

    	 

     

    

 

9.4
Termination for Bankruptcy. If a Party (1) becomes insolvent; (2) is subject to any proceeding, voluntary or involuntary, with a
view to postponing or rescheduling its debts generally or of distributing its assets among its creditors under the provisions of any
applicable law for the benefit of creditors; (3) is liquidated; (4) is wound up either voluntarily or under an order of a court of competent
jurisdiction; (5) makes a general assignment for the benefit of its creditors; or (6) otherwise takes any action that acknowledges its
inability to pay its debts as they become due, this Agreement and all rights and obligations hereunder shall be subject to termination.
Without limiting the generality of the foregoing, if there is named a receiver or trustee of all or any part of the Agreement, this Agreement
and all rights and obligations hereunder shall automatically terminate unless expressly deemed to survive under the terms of this Agreement.

 

9.5
Actions Following Termination. In the event of termination by a Party, GRDG shall promptly provide to and assign to Global or Impact,
respectively, any and all Improvements and all other Intellectual Property, and all Confidential Information related to the Agreement
and to the Intellectual Property not previously provided or assigned.

 

9.6
Remedies upon Termination. Any election to terminate this Agreement shall be in

addition
to, and not in limitation of, other remedies that may be available at law or in equity.

 

10.
Surviving Sections. Sections 2.3 and 2.4, and Articles 4, 6, 7, 8, 11. 12, 13, and 14, and all enforcement and interpretative
provisions of this Agreement, shall survive any expiration or termination of this Agreement.

 

11.
Governing Law. Except for alternative dispute resolution procedures, as set for in Section 13, this Agreement shall
be considered to have been made in and construed and interpreted in accordance with the substantive laws of the State of Texas, without
regard to its conflict of laws principles. The Parties hereby submit to the sole and exclusive jurisdiction of and waive any venue
objections against, the state and federal courts located in the State of Texas.

 

12.
Exclusive Jurisdiction. Except for alternative dispute resolution procedures, as set for in Section 13, the Parties
consent to the exclusive personal jurisdiction of the federal and state courts of the State of Texas for any and all disputes regarding,
arising under, and/or related to this Agreement.

 

    	 

     

    

 

13.
Mediation. Both Parties irrevocably consent to first present any dispute related to this Agreement in writing to the other
Party. Within two (2) months of receipt of the written Notice, the Parties shall attend a fac to-face meeting which shall include at
least one individual from each Party who is authorized to make decisions for and settle the dispute. Such a meeting would be held in
the geographical region of Texas. In the event that good faith negotiations are unsuccessful, the Parties shall be free to pursue all
legal rights that may be available in law, including the right to file suit.

 

14.
Excluded Damages. No Party may request or receive special, incidental, or consequential damages pursuant to any dispute or
action regarding, arising under, or related to this Agreement.

 

15.
Notices. All Notices and other communications given to any Party hereto pursuant to this Agreement shall be in writing and
shall be sent either by (i) certified mail, postage prepaid, return receipt requested;.(ii) an overnight express courier service that
provides written confirmation of delivery; or (iii) facsimile transmission with written confirmation by the sending machine or with telephone
confirmation of receipt, addressed as follows:

 

If
to GRDG:

 

ATTN:
Daryl Thompson or current Managing Member GRDG Sciences, LLC

234
W. Central Ave.

Winter
Haven, Florida 33880

Tel:
863.307.6118

Email:
d.thompson@globalrdg.com

 

If
to Global:

 

ATTN:
Frank D. Heuszel or current President Global BioLife, Inc

1400
Broadfield Blvd., Suite 100

Houston,
Texas 77084

Tel:
713.501.5045

Email:
fheuszel@impactbiomedinc.com

 

If
to Impact:

 

ATTN:
Frank D. Heuszel or current President

Impact
BioLife Sciences, Inc. and Impact Biomedical, Inc

1400
Broadfield Blvd., Suite 100

Houston,
Texas 77084

Tel:
713.501.5045

Email:
fheuszel@impactbiomedinc.com

 

    	 

     

    

 

Any
communication given in conformity with this Section 15 shall be deemed to be delivered upon receipt or refusal. Any Party may
change its address for receiving communications pursuant to this Section 15 by giving written Notice of a new address in the manner
provided herein.

 

16.
Entire Agreement, Amendments, and Waivers.

 

16.1
Amendments. Any prior agreements between the Parties covering the subject matter hereof are hereby superseded and replaced by this
Agreement, which contains the entire agreement of the Parties with respect to the subject matter hereof. This Agreement is the product
of arms-length negotiations, and each Party has had the benefit of advice of counsel. Any ambiguity in construction or interpretation
shall not be construed against any drafter. Any provision of this Agreement may be amended or waived if such amendment or waiver is in
writing and signed by each Party, or in the case of a waiver, by the Party against whom the waiver is to be effective.

 

16.2
Waivers. No failure or delay by either Party in exercising any right, power, or privilege hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise thereof preclude any other or :further exercise thereof, or the exercise of any other right,
power, or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided
by law.

 

17.
Force Majeure. The Parties shall be relieved of their obligations hereunder (except for the payment of money), if and to the
extent that any of the following events hinder, limit, or make commercially impracticable the performance by either party of any of its
obligations hereunder: act of God, war, civil commotion, riot, acts of public enemies, blockade or embargo, fire, explosion, lightning,
casualty, accident, flood, sabotage, national defense requirements, labor trouble, strike, lockout or injunction, governmental requests,
laws, regulations, orders or actions, breakage or failure of machinery or apparatus, or any other event, whether or not of the class
or kind enumerated herein, beyond the control of either Party such as cannot be circumvented by reasonable diligence and without unusual
expense. The Party claiming relief hereunder shall notify the other party in writing of the events causing delay or default in performance.
The Party failing to fulfill its obligations shall, however, take reasonable steps to remove or otherwise mitigate the impediment to
action.

 

18.
Headings. The headings used in this Agreement are for reference only, and do not define, limit, or otherwise affect the meaning
of any provisions hereof.

 

19.
Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the Parties hereto
and their respective successors and assigns.

 

20.
No Third-Party Beneficiaries. The rights granted hereunder are rights personal to the Parties to this Agreement. No
provision of this Agreement is intended, nor shall it be interpreted, to provide or create any Third-Party beneficiary rights or any
other rights of any kind except as expressly set forth in this Agreement in any person other than a Party to this Agreement.

 

    	 

     

    

 

21.
Use of Terms. Whenever the context may require, any pronoun includes the corresponding masculine, feminine, and neuter forms.
Words in the singular or the plural include the plural or the singular, as the case may be. The use of the word “or’’
is not exclusive. All references herein to Articles and Sections shall be deemed to be references to Articles and Sections of this Agreement
unless the context otherwise requires. The words “include”, “includes” and “including” shall be deemed
to be followed by the phrase “without limitation.” The words ‘‘hereof,” ‘‘herein,” and
‘‘hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and not to
any particular provision of this Agreement. Unless otherwise expressly provided herein, any agreement, statute, or law defined or referred
to herein means such agreement, statute, or law as from time to time amended, modified, or supplemented, including by succession of comparable
successor agreements or statutes.

 

22.
Entire Agreement. This Agreement constitutes the entire agreement between the Parties concerning the subject matter hereof
and supersedes all written and oral prior agreements and understandings with respect thereto.

 

23.
Assignment of Agreement. This Agreement may be assigned by a Party in whole or in part, upon the sale by that Party of substantially
all that Party’s assets having to do with this Agreement. Any assignment by a Party must include advance written Notice to the
other Parties. In the event of acquisition, merger, change of corporate name, or change of make-up, organization, or identity or a Party,
that Party shall notify the other Parties in writing within thirty (30) days of such event.

 

24.
Signature Authority. Each person signing this Agreement represents that they are duly authorized, with full authority to bind
the Parties, and that no signature of any other person or entity is necessary to bind the Parties.

 

25.
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.

 

    	 

     

    

 

26.
Electronic Transmission. Each of the Parties hereto agrees that (a) any Notice, consent, or signed document transmitted by
electronic transmission (meaning a facsimile, e-mail, or e-mail attachment) to a Party at the e-mail address stated herein shall be treated
as an original, written document, with the same binding effect; (b) at the request of either Party, any such document shall be re-executed
and redelivered in hard-copy form to the address stated herein; and (c) a Party will not raise the transmission of a Notice, consent,
or document by electronic transmission as a defense in any proceeding or action in which the validity of such consent or document is
at issue, and hereby forever waives such defense.

 

27.
Further Assurances. At any time, and from time to time from and after the date hereof, each Party shall, at the reasonable
request of the other Party, execute, acknowledge, and deliver such instruments and other documents and perform such acts and make available
such information, as may reasonably be required to evidence or effectuate the performance of the responsibilities of the Parties under
this Agreement.

 

28.
Severability. If any provision hereof is or becomes illegal, invalid, or unenforceable under the laws of a particular jurisdiction,
such provision shall be fully severable with respect to such laws; this Agreement shall be construed and enforced in such jurisdiction
as if such provision had never comprised a part hereof; the remaining provisions hereof shall remain in full force and effect in such
jurisdiction and shall not be affected by such provision or by its severance here from; and all of the provisions hereof shall remain
in full force and effect in all other jurisdictions and shall not be affected by the severance of such provision under the laws of such
jurisdiction. Furthermore, in lieu of such provision there shall be added automatically for purposes of such jurisdiction as part of
this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible, and be legal,
valid, and enforceable in such jurisdiction.

 

[Signatures
on the following page]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the duly authorized officers of the Parties to this Agreement have executed and delivered this Agreement effective
on the date first above written.

 

	FOR:
    GRDG SCIENCES, LLC	FOR:
    GLOBAL BIOLIFE, INC.
	 	 
	Name:	Daryl
    Thompson 	Name:
    	Frank
    D. Heuszel 
	Title:	Managing
    Member 	Title:
    	President
	Date:	February
    J 2022	Date:	March
    1, 2022

 

	FOR:
    IMPACT BIOLIFE SCIENCES, INC. 	FOR:
    IMPACT BIOMEDICAL INC.
	 	 
	Name:	Frank
    D. Heuszel	Name:
    	Frank
    D. Heuszel 
	Title:	President	Title:	President
	Date:	March
    1, 2022	Date:
    	March
    1, 2022

 

    	 

     

    

 

CONFIDENTIAL

 

EXHIBIT
A

 

3
Pages

 

EXHIBIT
A

 

	 	Project
    Name	 	Patent
    appln no.	 	Patent
    no.	 	Country	 	Sites
    ref. no.
	1	Linebacker	 	2017268240	 	[pending]	 	AU	 	P11233AU00
	2	Linebacker	 	BR112018073634.1	 	[pending]	 	BR	 	P11233BR00
	3	Linebacker	 	3,014,728	 	[pending]	 	CA	 	P11233CA00
	4	Linebacker	 	201780043667.1	 	[pending]	 	CN	 	P11233CN00
	5	Linebacker	 	17800008.9	 	[pending]	 	EP	 	P11233EP00
	6	Linebacker	 	19129214.3	 	[pending]	 	HK	 	P11233HK00
	7	Linebacker	 	201817043242	 	[pending]	 	IN	 	P11233IN00
	8	Linebacker	 	2018-560998	 	[pending]	 	JP	 	P11233JP00
	9	Linebacker	 	10-2018-7036052	 	[pending]	 	KR	 	P11233KR00
	10	Linebacker	 	2018141590	 	[pending]	 	RU	 	P11233RU00
	11	Linebacker	 	15/156,021	 	10,123,991	 	US	 	P11233US01
	12	Linebacker	 	16/302,292	 	19,966,954	 	US	 	P11233US02
	13	Linebacker	 	PCT/US21/22538	 	[pending]	 	WO	 	P12268WO00
	14	Equivir/Nemovir	 	15/043,472	 	10,383,842	 	US	 	P11480US00
	15	Equivir/Nemovir	 	16/544,308	 	11,033,528	 	US	 	P1148US01
	16	Equivir/Nemovir	 	17/346,569	 	[pending]	 	US	 	P11480US02
	17	3F
    Mosquito	 	2020219341	 	[pending]	 	AU	 	P11823AU00
	18	3F
    Mosquito	 	112021015621-6	 	[pending]	 	BR	 	P11823BR00
	19	3F
    Mosquito	 	3129410	 	[pending]	 	CA	 	P11823CA00
	20	3F
    Mosquito	 	202080026713.9	 	[pending]	 	CN	 	P11823CN00
	21	3F
    Mosquito	 	20752979.3	 	[pending]	 	EP	 	P11823EP00
	22	3F
    Mosquito	 	202117035955	 	[pending]	 	IN	 	P11823IN00
	23	3F
    Mosquito	 	2121-646805	 	[pending]	 	JP	 	P11823JP00
	23	3F
    Mosquito	 	10-2021-7028469	 	[pending]	 	KR	 	P11823KR00
	24	3F
    Mosquito	 	2121125782	 	[pending]	 	RU	 	P11823RU00
	26	3F
    Mosquito	 	16/270,857	 	[pending]	 	US	 	P11823US00
	27	3F
    Mosquito	 	[to
    be filled]	 	[to
    be filled]	 	US	 	P11823US01
	28	3F
    DB	 	[to
    be filled]	 	[to
    be filled]	 	AU	 	P1264AU00

 

    	 

     

    

 

CONFIDENTIAL

IMPACT
BIOMEDICAL INC.

 

	29	3F
    DB	 	[to
    be filed]	 	[to
    be filed]	 	BR	 	P12164BR00
	30	3F
    DB	 	[to
    be filed]	 	[to
    be filed]	 	CA	 	P12164CA00
	31	3F
    DB	 	[to
    be filed]	 	[to
    be filed]	 	CN	 	P12164CN00
	32	3F
    DB	 	[to
    be filed]	 	[to
    be filed]	 	EP	 	P12164EP00
	33	3F
    DB	 	[to
    be filed]	 	[to
    be filed]	 	IN	 	P12164IN00
	34	3F
    DB	 	[to
    be filed]	 	[to
    be filed]	 	JP	 	P12164JP00
	35	3F
    DB	 	[to
    be filed]	 	[to
    be filed]	 	KR	 	P12164KR00
	36	3F
    DB	 	[to
    be filed]	 	[to
    be filed]	 	RU	 	P12164RU00
	37	3F
    DB	 	16/593,693	 	10,966,424	 	US	 	P12164US00
	38	3F
    DB	 	PCT/US20/54042	 	[pending]	 	WO	 	P12164WO00
	39	3F
    Antiviral	 	2019393789	 	2019393789	 	AU	 	P11911AU00
	40	3F
    Antiviral	 	112021010949
    8	 	[pending]	 	BR	 	P11911BR00
	41	3F
    Antiviral	 	3,122,360	 	[pending]	 	CA	 	P11911CA00
	42	3F
    Antiviral	 	201980087881.6	 	[pending]	 	CN	 	P11911CN00
	43	3F
    Antiviral	 	19893270.9	 	[pending]	 	EP	 	P11911EP00
	44	3F
    Antiviral	 	202117025392	 	[pending]	 	IN	 	P11911IN00
	45	3F
    Antiviral	 	2021-532322	 	[pending]	 	JP	 	P11911JP00
	46	3F
    Antiviral	 	10-2021-7020941	 	[pending]	 	KR	 	P11911KR00
	47	3F
    Antiviral	 	2021118231	 	[pending]	 	RU	 	P11911RU00
	48	3F
    Antiviral	 	16/212,966	 	[pending]	 	US	 	P11911US00
	49	Equivir-G	 	2017429594	 	[pending]	 	AU	 	P11772AU00
	50	Equivir-G	 	11
    2020 1138946 	 	[pending]	 	BR	 	P11772BR00
	51	Equivir-G	 	3,073,815	 	[pending]	 	CA	 	P11772CA00
	52	Equivir-G	 	2017800094290.2	 	[pending]	 	CN	 	P11772CN00
	53	Equivir-G	 	17923222.8	 	[pending]	 	EP	 	P11772EP00
	54	Equivir-G	 	2020017007140	 	[pending]	 	IN	 	P11772IN00
	55	Equivir-G	 	2020-511973	 	[pending]	 	JP	 	P11772JP00
	56	Equivir-G	 	10-2020-700749	 	[pending]	 	KR	 	P11772KR00
	57	Equivir-G	 	2020110885	 	[pending]	 	RU	 	P11772RU00
	58	Equivir-G	 	16/642,976	 	[pending]	 	US	 	P11772US00
	59	Equivir-G	 	17346602	 	[pending]	 	US	 	P12401US00
	60	LAETOSE

    Composition
	 	2018327329	 	[pending]	 	AU	 	P11768AU00
	61	LAETOSE

    Composition
	 	11
    2020 004494 6	 	[pending]	 	BR	 	P117768BR00
	62	LAETOSE

    Composition
	 	3,066,119	 	[pending]	 	CA	 	P11768CA00

 

    	 

     

    

 

CONFIDENTIAL

 

IMPACT
BIOMEDICAL INC.

 

	 	Composition	 	 	 	 	 	 	 	 
	63	LAETOSE

    Composition
	 	201880042368.0	 	[pending]	 	CN	 	P11768CN00
	64	LAETOSE

    Composition
	 	18855104.8	 	[pending]	 	EP	 	P11768EP00
	65	LAETOSE

    Composition
	 	62020004768.1	 	[pending]	 	HK	 	P11768HK00
	66	LAETOSE

    Composition
	 	201917054510	 	[pending]	 	IN	 	P11768IN00
	67	LAETOSE

    Composition
	 	2020-513300	 	[pending]	 	JP	 	P11768JP00
	68	LAETOSE

    Composition
	 	10-2019-7033936	 	[pending]	 	KR	 	P11768KR00
	69	LAETOSE

    Composition
	 	[to
    be registered upon CN granting]	 	[pending]	 	MO	 	P11768MO00
	70	LAETOSE

    Composition
	 	2020106615	 	[pending]	 	RU	 	P11768RU00
	71	LAETOSE

    Composition
	 	15/698,159	 	[pending]	 	US	 	P11768US00
	72	LAETOSE

    (manufacturing)
	 	16/698,159	 	[pending]	 	US	 	P12211US00
	73	Sucrose-Allulose	 	[on
    hold]	 	[on
    hold]	 	US	 	PS12213US00
	74	KetoSweet
    or KetoCar	 	[on
    hold]	 	[on
    hold]	 	US	 	P12214US00
	75	Steviya
    or Steviyeah	 	[on
    hold]	 	[on
    hold]	 	US	 	P12215US00

 

    	 

     

    

 

EXHIBITB

 

	 	Project
    Name	 	Patent
    appln no.	 	Patent
    no.	 	Country	 	Sites
    ref. no.
	1	Bioplastics	 	[being
    prepared]	 	 	 	US	 	P12352US00
	2	CRST-1	 	17/530,956	 	 	 	US	 	P12473US00
	3	VanExn	 	PCT/US22/11984	 	 	 	WO	 	P12481WO00
	4	Quantum	 	——————-	 	——————	 	—————-	 	——————
	5	Procombin	 	——————-	 	——————	 	——————	 	——————
	6	Squaline	 	——————-	 	——————	 	——————	 	——————

 

    	 

     

    

 

IMPACT
BIOMEDICAL INC.

 

CONFIDENTIAL

 

EXBIBITC

 

Subject
to the terms of the Agreement the monthly Consulting Payments are:

 

	 	1.	Payment
    or reimbursement of certain salaries, overhead, office rent reimbursement, and other operating costs, including salaries for the
    office staff, office rent for office, other monthly operating office expenses, and overhead, of:  	$35,000.00 / month.
	 	2.	Payment
    or reimbursement of a business development manager to handle the marketing of the technologies for licensing purposes, of:  	$6,666.65 / month.
	 	3.	Payment
    or reimbursement monthly rent increase, of:	$1.659.03 / month

 

	 	 	Total
    Consulting Payment:	$43.325.68
    I month,

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}]]