Document:

EXHIBIT 10.5

 

CONFIDENTIAL TREATMENT REQUESTED

 

The confidential portions of this exhibit have been delivered
separately to the Securities and Exchange Commission pursuant to a confidential application for confidential treatment in accordance
with Rule 406 of the Securities Act of 1933, as amended. 

 

REDACTED PORTIONS OF THIS EXHIBIT ARE MARKED BY AN [***].

 

Amended and Restated License Agreement

 

This Amended and Restated
License Agreement (this “Agreement”) is entered into and made effective the 16th day of December 2005 (the
“Effective Date”) between UNIVERSITY OF MIAMI and its School of Medicine, whose principal place of business is at 1600
N.W. 10th Avenue, Miami, Florida 33 136 (hereinafter referred to as “LICENSOR”) and EYEGATE PHARMA SA, a French corporation
whose principal place of business is at Tour de l’Horloge 4, place Louis Armand, 75012 PARIS, France and formerly known as
Optis France SA (hereinafter referred to as “LICENSEE”).

 

WITNESSETH

 

WHEREAS, LICENSOR entered
into a License Agreement, effective as of December 23, 1997 (the “Original License Agreement”), with OPTISINVEST NV.
(“OPTISINVEST”) pursuant to which, among other things, LICENSOR granted to OPTISINVEST an exclusive license to all
of LICENSOR’s right, title and interest in and to (i) the technology and product identified as a non-invasive device for
transfer of pharmaceutical agents drugs, biomolecules and dyes in the eyes, orbital tissues, and tissues surrounding the eye, (ii)
the Scientific Results (as defined in Section 1.9 of the Original License Agreement) and (iii) the Know-How (as defined in Section
1.11 of the Original License Agreement).

 

WHEREAS, OPTISINVEST filed
a priority patent application in France on January 5, 1998 claiming, among other things, certain of the technology and inventions
licensed exclusively by OPTISINVEST from LICENSOR pursuant to the Original License Agreement (such priority patent application
being hereinafter referred to as the “Original Patent Application”).

 

WHEREAS, OPTISINVEST assigned
and transferred all of its right, title and interest in and to the Original License Agreement to OPTIS B.V., an affiliate of OPTISINVEST,
and LICENSOR consented to such transfer pursuant to a Transfer Agreement, dated August 1, 1998, executed and delivered by LICENSOR
and OPTISINVEST.

 

WHEREAS, effective as
of February 15, 1999, OPTISINVEST and OPTIS B.V. entered into an Assignment of Business Assets pursuant to which, among other things,
OPTISINVEST assigned and transferred to OPTIS B.V. all right, title and interest of OPTISINVEST in and to the Original Patent Application
and certain other patent applications that were previously filed by OPTISINVEST in Brazil, Canada, Israel, Japan, Mexico, South
Korea, the United States and the European Union and that were foreign counterparts of the Original Patent Application.

 

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WHEREAS, on March 8, 1999,
entered into and made effective june 22, 1998, OPTIS B.V. and LICENSEE, at the time an affiliate of OPTIS B.V., entered into a
License Agreement pursuant to which, among other things, OPTIS B.V. granted to LICENSEE a worldwide, exclusive license to make,
have made, use and sell any product which is covered under (i) the Original Patent Application, (ii) certain other related patent
applications listed in such License Agreement, (iii) all foreign counterparts of the Original Patent Application and such other
related patent applications and (iv) all patents issuing from the Original Patent Application, such other related patent applications
and such foreign counterparts.

 

WHEREAS, on December 13,
2002, OPTIS B.V. and LICENSEE entered into an Assignment Deed pursuant to which, among other things, OPTIS B.V. assigned and transferred
to LICENSEE all right, title and interest of OPTIS B.V. in and to all patent rights pertaining to, and all inventions and discoveries
disclosed or claimed in, (i) the Original Patent Application, (ii) certain other related patent applications listed in such Assignment
Deed, (iii) all foreign counterparts of the Original Patent Application and such other related patent applications and (iv) all
patents issuing from the Original Patent Application, such other related patent applications and such foreign counterparts.

 

WHEREAS, LICENSOR entered
into an Agreement, effective as of December 18, 2002 (the “Modification Agreement”), with OPTIS B.V. pursuant to which,
among other things, the terms of the Original License Agreement were modified as set forth in the Modification Agreement.

 

WHEREAS, simultaneously
with the execution and delivery of this Agreement, LICENSOR, LICENSEE and OPTIS B.V. are entering into an Assignment, Consent and
Termination Agreement for purposes of, among other things, (i) providing for the assignment and transfer by OPTIS B.V. of all of
OPTIS B.V.’s right, title and interest in and to the Original License Agreement and the Modification Agreement to LICENSEE,
(ii) acknowledging LICENSOR’s consent to the assignment referred to in the foregoing clause (i), and (iii) terminating the
Modification Agreement.

 

WHEREAS, LICENSOR and
LICENSEE desire to enter into this Agreement for purposes of amending and restating the terms of the Original License Agreement
to read in their entirety as set forth in this Agreement.

 

NOW THEREFORE, for these
and other valuable considerations, the receipt of which is hereby acknowledged, the parties hereby amend and restate the Original
License Agreement to read in its entirety as follows:

 

1.          Definitions:

1.1.        “Affiliate”
shall mean any corporation or other business entity controlled by, controlling or under common control with, LICENSOR or LICENSEE.
For this purpose, “control” shall mean direct or indirect beneficial ownership of at least a fifty percent (50%) of
the voting stock of, or at least a fifty percent (50%) interest in the income of such corporation or other business entity, or
such other relationship as, in fact, constitutes actual control.

 

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1.2.        “Sublicensee”
as used in this Agreement shall mean any third party to whom LICENSEE has granted a license to make, have made, use and sell the
Product under the Patent Rights, provided said third party has agreed in writing with LICENSEE to accept the conditions and restrictions
agreed to by LICENSEE in this Agreement.

 

1.3.        “Patent
Rights” shall mean LICENSEE’s rights in the patents and patent applications listed in Appendix A attached
hereto, or any new claim, re-examination, reissue or improvement or extension thereof, and the foreign counterpart patents, patent
applications and patents issuing therefrom.

 

1.4.        “Product”
shall mean any machine, equipment, or device that has been reduced to practice in the Report of Invention Disclosure and that:

 

		(a)	is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Patent
Rights in the country in which such machine, equipment or device is made, used or sold; or

 

		(b)	is manufactured by using a process which is covered in whole or in part by an issued, unexpired claim
or a pending claim contained in the Patent Rights in the country in which such process is used or in which such machine, equipment
or device is used or sold; or

 

		(c)	is covered in whole or in part by the Know How defined in Section 1.10 below.

 

1.5.        “Net Sales” shall mean (I) the amount invoiced on account of sale of Products by LICENSEE to third party purchasers
or users of Products that are not Sublicensees or Affiliates of LICENSEE, less, if and to the extent appropriately documented,
(a) cash discounts to purchasers allowed in amounts customary in the trade, (b) amounts for transportation, insurance or shipping
charges to purchasers, (c) credits for returns, allowances or trades, (d) taxes and duties levied on the sale of Products, whether
absorbed by Licensee or paid by the purchaser and (e) allowances or reserves for bad debt taken or established in accordance with
generally accepted accounting principles, and (II) all royalties received by LICENSEE from Sublicensees in connection with sales
of Products by such Sublicensees. In the event that a Product is sold as a component of a Bundled Product, then Net Sales shall
be determined by multiplying the Net Sales of the Bundled Product by the fraction A/(A+B) where A equals the average selling price
of such Product sold separately in finished form and B equals the aggregate average selling price of the relevant other product(s)
included in such Bundled Product sold separately in finished form, in each case in the relevant country in which sales of such
Bundled Product were made. In the event that no separate sale of such Product is made in the relevant country in which the sale
of such Bundled Product was made and that there are separate sales of the relevant other product(s) included in such Bundled Product
in the relevant country in which the sale of such Bundled Product was made, then Net Sales shall be determined by multiplying the
Net Sales of the Bundled Product by the fraction (E – B)/E, where E equals the average selling price of the Bundled Product
for the country in which sales were made. In the event that no separate sale of either such Product or the relevant other product(s)
is made in the relevant country in which the sale of such Bundled Product was made, then Net Sales shall be determined by multiplying
the Net Sales of the Bundled Product by the fraction C/(C+D), where C equals the fully absorbed cost of manufacturing such Product
and D equals the full absorbed cost of manufacturing the relevant other product(s).

 

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1.6.        “Territory”
shall mean the world.

 

1.7.        “Field
of Use” shall mean medical treatment for eyes by iontophoresis.

 

1.8.        “Scientific
Results” shall mean all the results already obtained by LICENSOR and disclosed in the Report of Invention Disclosure.

 

1.9.        “Report
of Invention Disclosure” shall mean the report describing (i) a certain invention or inventions and its or their related
Know-How, (ii) certain scientific results, (iii) the potential applications of such invention or inventions, and (iv) the work
needed to be performed to convert such invention or inventions into a marketable product, which report is dated 6/25/97 and owned
by University.

 

1.10.      “Know-How”
shall mean technical and other information, including information comprising or relating to concepts, discoveries, data, designs,
formulae, methods, models, research plans, procedures, designs for experiments and tests and results of experimentation and testing,
formulations and processes (including manufacturing processes, specifications and techniques) that is or are disclosed in the Report
of Invention Disclosure.

 

1.11.      “Bundled
Product” shall mean Product sold to a third party in combination with one or more other products or services and where the
price of the Product is not shown separately on the invoice.

 

2.          Grant

2.1.        In
consideration for payment of royalties, LICENSOR hereby grants to LICENSEE an exclusive license in the Territory for the Field
of Use, with the right to sublicense, under the Scientific Results and Know-How, (i) to research, develop, make, have made, use
and sell Products and (ii) to practice the Scientific Results, the Know-How and all of the inventions disclosed in the Report of
Invention Disclosure.

 

2.2.        LICENSOR
grants to the LICENSEE the authority to make any application for patents, including patent applications related to Scientific Results,
in the name of LICENSEE; all expenses of obtaining and maintaining said patents shall be paid by LICENSEE.

 

2.3.        LICENSOR
retains the right to practice the Scientific Results, Know-How and inventions licensed pursuant to Section 2.1 hereof for its own
internal educational and research purposes but not for Commercial Purposes (as defined below). For purposes of this Section 2.3,
the term “Commercial Purposes” means the use of the Scientific Results, Know-How or such inventions in a product which
is sold or otherwise commercially distributed for use in the Field, or for the purpose of developing, producing, manufacturing,
making, having made, using, distributing for sale, promoting, marketing, offering for sale, selling, having sold, importing or
exporting any product for use in the Field.

 

2.4.        For
the filing of patents applications within the Patent Rights by LICENSEE, any Affiliate of LICENSEE or any Sublicensee, LICENSOR
undertakes:

 

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2.4.1.     to
communicate to LICENSEE all technical information necessary in order to file such patent applications,

 

2.4.2.     to
do such acts and execute such documents as shall be necessary or desirable to enable LICENSEE to file such patent applications
and prosecute said applications up to delivery of a granted patent.

 

2.5.        A
copy of filed patent application(s) within the Patent Rights and a copy of any related search report shall be given to LICENSOR.

 

2.6.        Inventors
shall be mentioned as such on the patents within Patent Rights. In this respect, LICENSOR undertakes to cause such inventors to
do such acts and execute such documents as shall be necessary or desirable to enable LICENSEE to file any and all patent applications
within the Patent Rights and prosecute said patent applications up to delivery of a granted patent at LICENSEE’s expense.

 

2.7.        If
LICENSEE decides not to file, prosecute or maintain any Patent Rights, it must notify in due time LICENSOR so that LICENSOR can,
if it wants, substitute themselves in the procedure of filing, prosecuting or maintaining said Patent Rights.

 

3.          Term

The term of this Agreement
shall commence on the Effective Date of this Amended and Restated License Agreement and shall remain in effect for the later of
twelve (12) years after the date of the first commercial sale or the date of the last to expire patent under the Patent Rights
unless this Agreement is terminated earlier in accordance with the provisions of Section 15. Upon expiration of this Agreement
LICENSEE retains a fully paid up and perpetual license to the Product and Know-How, the Scientific Results and all of the inventions
disclosed in the Report of Invention Disclosure unless this Agreement is terminated earlier in accordance with the provisions of
Section 15.

 

4.          United
States Laws: 

4.1.       This
Agreement is subject to all of the terms and conditions of Public Law 96-517 as amended, and LICENSEE agrees to take all action
necessary on its part as LICENSEE to enable LICENSOR to satisfy its obligation thereunder, relating to invention(s)It is understood
that LICENSOR is subject to United States laws and regulations controlling the export of technical data, computer software, laboratory
prototypes and other commodities (including the Arms Export Control Act, as amended and the Export Administration Act of 1979),
and that its obligation hereunder are contingent on compliance with applicable United States export laws and regulations. The transfer
of certain technical data and commodities may require a license from the cognizant agency of the United States Government and/or
written assurances by LICENSEE that LICENSEE shall not export data or commodities to certain foreign countries without prior approval
of such agency. LICENSOR neither represents that a license shall not be required nor that, if required, it shall be issued.

 

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5.          Patent
Protection and Infringement 

5.1.      
LICENSEE during the term of this Agreement is responsible for the filing and prosecution of all patents and applications included
within the Patent Rights and for the payment of all maintenance fees in connection with such patents.

 

5.2.      
LICENSEE shall promptly notify LICENSOR in writing of any third party claim of Patent Rights infringement which may be asserted
against LICENSEE or LICENSOR, its Affiliates and any Sublicensees because of the manufacture, use, promotion and sale of Products.

 

5.3.      
LICENSEE will defend, indemnify and hold harmless LICENSOR, its trustees, officers, directors, employees and its Affiliates against
any and all judgments and damages arising from any third party claims of Patent Rights infringement which may be asserted against
LICENSOR, and Affiliates because of the manufacture, use promotion and sale of Products. LICENSEE will bear all costs and expenses
incurred in connection with the defense of any such claims by LICENSEE or as a result of any settlement made or judgment rendered
on the basis of such claims. LICENSOR shall have no further liability to LICENSEE for any loss or damages LICENSEE may incur as
a result of invalidity of the Patent Rights, LICENSOR will have the right, but not the obligation, to retain counsel at LICENSOR’s
expense in connection with any such claim. Notwithstanding the foregoing provisions of this Section 5.3, in the event that any
claim is made against LICENSEE or LICENSOR during the term of this Agreement alleging that the production, use or sale of Products
infringes any patent of a third party, LICENSEE, instead of defending against such claim in accordance with the foregoing provisions
of this Section 5.3, shall have the right to negotiate directly with such third party to obtain a license agreement under such
third party’s patent rights on such terms as LICENSEE in its reasonable discretion shall deem appropriate. In such case,
LICENSEE shall have the right to reduce royalty payments otherwise due to LICENSOR pursuant to Section 10 hereof with respect to
Products by the amount by which LICENSEE is obligated to pay such third party for such license; provided, however,
that such reduction does not reduce the amount of royalties due to LICENSOR pursuant to Section 10 hereof to an amount less than
one half of the amount which otherwise would be due to LICENSOR pursuant to the provisions of Section 10 hereof.

 

5.4.      
Upon learning of any infringement of Patent Rights by third parties in any country LICENSEE and LICENSOR will promptly inform each
other, as the case may be, in writing of that fact and will supply the other with any available evidence pertaining to the infringement.
LICENSEE at its own expense shall have the right, but not the obligation, to take whatever steps are necessary to stop the infringement
at its expense and recover damages therefore, and will be entitled to retain all damages so recovered.

 

5.5.     
LICENSOR shall have no responsibility with respect to LICENSEE’s own trademarks and tradename, and LICENSEE in respect to
the use thereof will defend, indemnify and hold harmless LICENSOR against any and all third party claims.

 

6.          Indemnification: 

6.1.        LICENSEE
agrees to release, indemnify and hold harmless the LICENSOR, its Trustees, officers, faculty, employees and students against any
and all losses, expenses, claims, actions, lawsuits and judgments thereon (including reasonable attorney’s fees through the
appellate levels) which may be brought against LICENSOR, its Trustees, officers, faculty, employees or students as a result of
or arising out of any negligent act or omission of LICENSEE, its agents, or employees, or arising out of use, production, manufacture,
sale, lease, consumption or advertisement by LICENSEE or any third party of any Products.

 

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This Agreement to reimburse
and indemnify under the circumstances set forth above shall continue after termination or expiration of this Agreement. .

 

		7.	Warranties

LICENSOR MAKES NO WARRANTIES,
EXPRESS OR IMPLIED, AND HEREBY DISCLAIMS ALL SUCH WARRANTIES, AS TO ANY MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION, THE CONDITION
OF ANY INVENTION(S) OR PRODUCT, WHETHER TANGIBLE OR INTANGIBLE, LICENSED UNDER THIS AGREEMENT; OR THE MERCHANTABILITY, OR FITNESS
FOR A PARTICULAR PURPOSE OF THE INVENTION OR PRODUCT; OR THAT THE USE OF A PRODUCT WILL NOT INFRIGE ANY PATENT, COPYRIGHTS, TRADEMARKS,
OR OTHER RIGHTS. NEITHER PARTY SHALL BE LIABLE FOR ANY DIRECT, CONSEQUENTAL, OR OTHER DAMAGES SUFFERED BY THE OTHER PARTY OR ANY
THIRD PARTIES RESULTING FROM THE USE, PRODUCTION, MANUFACTURE, SALE, LEASE, CONSUMPTION, OR ADVERTISEMENT OF ANY PRODUCT.

 

The provisions of this section shall continue
beyond the termination of this Agreement.

 

		8.	License Fees.

LICENSEE shall pay to
LICENSOR a license fee in the amount of twelve thousand five hundred dollars ($12,500) within thirty (30)
days of the Effective Date and shall also pay to LICENSOR an annual license fee in the amount of twelve thousand five hundred dollars
($12,500) on each anniversary date of the Effective Date during the term of this Agreement. The license fee paid or payable by
LICENSEE pursuant to this Section 8 in respect of any year after the first commercial sale of a PRODUCT shall be creditable against
royalties otherwise owed by LICENSEE to LICENSOR for the year in which the annual license fee is due..

 

		9.	Milestone Payments and Royalties.

LICENSEE shall pay LICENSOR
milestone payments as follows:

 

		(a)	[***] within sixty (60) days of successful completion of the first proof of principle clinical
study in human subjects any where in the Territory with respect to any of the Products; and

 

		(b)	[***] within sixty (60) days of successful completion of the first FDA approved (IDE or
IND) Phase II proof of principle clinical study in human subjects with respect to the Product; and

 

		(c)	[***] within sixty (60) days of filing the first U.S. PMAA or NDA with respect to the Product;
and

 

		(d)	[***] within sixty (60) days of the first commercial sale of any of the Products.

 

*** CONFIDENTIAL TREATMENT REQUESTED

 

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For purposes of clarification,
it is hereby understood and agreed that LICENSEE shall be required to make each of the milestone payments contemplated above in
this Section 9 only once, regardless of the number of PRODUCTS or indications for any given PRODUCT for which each milestone described
above in this Section 9 is achieved. Royalties

 

9.1.        In
consideration of the license herein granted, LICENSEE shall pay royalties to LICENSOR as follows:

 

(a) “Running
Royalty” on each Product with the applicable royalty rate determined on a Product-by-Product and country-by-country basis
as follows:

 

(i)          in
the case of sales of any Product in any country in which the sale or manufacture of such Product in such country would, absent
a license, infringe a valid claim of an issued patent within Patent Rights in such country, a royalty amount equal to [***]
of the Net Sales of such Product in such country; and

 

(ii)         in
the case of sales of any Product in any country in which Licensee is not required to pay a royalty to University pursuant to, and
in accordance with, the foregoing clause (i), a royalty amount equal to [***] of the Net Sales of such Product in such country.

 

9.2.        All
payments shall be made in U.S. dollars; provided however, that if the proceeds of the sales upon which such royalty payments are
based by LICENSEE in a foreign currency or other form that is not convertible or exportable in dollars, and the LICENSEE does not
have ongoing business operations or bank account in the country in which such sales were made or exportable, the LICENSEE shall
pay such royalties in the currency of the country in which such sales were made by depositing such royalties in LICENSOR’s
name in a bank designated by LICENSOR in such country. Royalties in dollars shall be computed by converting the royalty currency
of the country in which the sales were made at the exchange rate for dollars prevailing at the close of the business day of the
LICENSEE’s quarter for which royalties are being calculated as published the following day in the Wall Street Journal (or,
if it ceases to be published, a comparable publication to be agreed upon from time to time by the parties), and with respect to
those countries for which rates are not published in the Wall Street Journal, the exchange rate fixed for such date by appropriate
United States governmental agency.

 

9.3.        In
the event the royalties set forth herein are higher than the maximum permitted by the law or regulations in a particular country,
the royalty payable for sales Products in such country shall be equal to the maximum permitted royalty under such law or regulation.

 

*** CONFIDENTIAL TREATMENT
REQUESTED

 

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9.4.          In
the event that any taxes, withholding or otherwise, are levied by any taxing authority in connection with accrual or payment of
any royalties payable to LICENSOR under this Agreement, the LICENSEE shall have the right to pay such taxes to the local tax authorities
on behalf of the LICENSOR and the payment to LICENSOR of net amount due after reduction by the amount of such taxes, shall fully
satisfy the LICENSEE’s royalty obligations under this Agreement.

 

10.        Diligence
Efforts 

10.1.   
LICENSEE shall use commercially reasonable efforts to manufacture, market and sell Products in those countries within the Territory
where it is commercially reasonable to do so, and will exert commercially reasonable efforts to create a demand for Products in
such countries.

 

10.2.   
LICENSEE agrees to submit reports, upon LICENSOR's request, as to its commercially reasonable efforts to develop markets for Products.

 

10.3.   
Unless LICENSEE has a Product approved and available for commercial sale in the United States prior to January 1, 2012, LICENSEE
agrees to pay LICENSOR an annual minimum royalty of one hundred thousand dollars ($100,000) within thirty (30) days of such date
and each January 1 thereafter until LICENSEE has a PRODUCT approved and available for commercial sale in the United States or this
Agreement has expired or been terminated; provided that the annual minimum royalty shall increase by 15% on each January 1 thereafter
until a Product is available for commercial sale or the license subject to this Agreement has expired or been terminated. In the
event that an uncontrollable delay related to the FDA regulatory process and in the event LICENSEE has exercised diligence consistent
with industry standards which can be demonstrated in writing
by LICENSEE, LICENSEE may request a one year extension from LICENSOR to pay the first annual minimum royalty of one hundred thousand
dollars ($100,000) and such extension shall not be unreasonably withheld.

 

In the event LICENSEE
discontinues sales and marketing of the Product for more than twelve (12) months, LICENSOR may terminate this Agreement; provided,
however, that the foregoing right to terminate shall not apply in the event that such discontinuation is primarily the result of
(i) any Force Majeure Event, (ii) any undue delays caused by the FDA or any other regulatory body or (iii) patent infringement
or product failure which can be demonstrated in writing by LICENSEE.

 

In the event that this
Agreement is terminated, for any reason, or LICENSEE abandons exploitation of the results for any reason, all rights licensed by
LICENSOR to LICENSEE pursuant to this Agreement shall revert to the LICENSOR and LICENSEE shall promptly execute any and all documents
reasonably required by counsel for LICENSEE to transfer back such licensed rights to LICENSOR.

 

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11.   
  Reports and Records 

11.1.   
Commencing one (1) year after the first commercial sale of a Product, the LICENSEE shall furnish to LICENSOR a report in writing
specifying during the preceding calendar quarter (a) the number or amount of units of such Product sold hereunder by LICENSEE,
(b) the total amount invoiced for all units of such Product sold, (c) all of the deductions applicable in computing the amount
of Net Sales with respect to such Product, (d) the total amount of royalties received by LICENSEE from Sublicensees in connection
with sales of Products by such Sublicensee, (e) total royalties due, and (f) names and addresses of all Sublicensees. Such reports
shall be due within sixty (60) days following the last day of each calendar quarter in each year during the term of this Agreement.
Each such report shall be accompanied by payment in full of the amount due to the LICENSOR in United States dollars calculated
in accordance with section 10.1 hereof.

 

11.2.   
For a period of three (3) years from the date of each report pursuant to Section 12.1, LICENSEE shall keep records adequate to
verify each such report and accompanying payment made to LICENSOR under this Agreement, and an independent Certified Public Accountant
or Accounting Firm selected by LICENSOR and acceptable to LICENSEE may have access, on reasonable business hours, not to exceed
once per year, to such records to verify such reports and payments. Such Accountant or Accounting Firm shall not disclose to LICENSOR
any information other than that information relating solely to the accuracy of, or necessity for, the reports and payments made
hereunder. The fees and expenses of such Certified Public Accountant or Accounting Firm performing such verification shall be borne
by LICENSOR unless any such audit reveals an underpayment of royalty by more than ten (10%) percent, in which case the cost of
such audit shall be paid by LICENSEE.

 

12.   
   Marking and Standards: 

12.1.   Prior
to the issuance of any patents included with the Patent Rights, LICENSEE agrees to mark and have Sublicensees mark Products (or
their containers or labels) with a proper patent notice as specified under the patent laws of the United States.

 

12.2.   LICENSEE
further agrees to maintain satisfactory standards in respect to the nature of any Product manufactured and/or sold by LICENSEE.
LICENSEE agrees that all Products manufactured and/or sold by it shall be of a quality that is appropriate to products of the type
here involved. LICENSEE agrees that similar provisions shall be included in any and all sublicenses at all tiers.

 

 

13.  
    Assignment: 

13.1.   This
Agreement is assignable by LICENSEE to (i) any Affiliate of LICENSEE, (ii) any successor or purchaser in accordance with the provisions
of Section 14.2 below or (iii) any third party that has over fifty million dollars ($50,000,000) in annual sales, provided
that such Affiliate or third party undertakes to perform the same obligations as LICENSEE is required to perform under this Agreement,
including LICENSEE’s payment obligation under Section 10 hereof. In the case of any assignment of this Agreement other than
as permitted under the foregoing clauses (i), (ii) or (iii) of this Section 14.1, such assignment shall require the prior written
consent of LICENSOR, which consent shall not be unreasonably withheld or delayed. LICENSOR shall have a period of no more than
thirty (30) days after receiving written notice of any proposed assignment of this Agreement that requires LICENSOR’s consent,
to provide or withhold such written consent in accordance with the provisions of this Section 14.1. Any determination made by LICENSOR
to withhold any such written consent shall be set forth in writing detailing the justifications for LICENSOR’s determination.
Any failure of LICENSOR to grant or withhold in writing any such consent within such thirty (30) day period in accordance with
the foregoing provisions of this Section 14.1 shall be deemed and treated, for purposes of this Agreement, as if LICENSOR had granted
such consent.

 

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13.2.   This
Agreement is assignable by LICENSEE to a successor of LICENSEE’s business to which this Agreement pertains or to a purchaser
of all or substantially all of LICENSEE’s assets to which this Agreement pertains. Any assignment of this Agreement pursuant
to this Section 14.2 shall not require the consent of LICENSOR.

 

13.3.   This
Agreement shall extend to and be binding upon the successors and legal representatives and permitted assigns of LICENSOR and LICENSEE.

 

 

		14.	Notice:

Any notice, payment,
report or other correspondence (hereinafter collectively referred to as “correspondence”) required or permitted to
be given hereunder shall be mailed by certified mail or delivered by hand to the party to whom such correspondence is required
or permitted to be given hereunder. If mailed, any such notice shall be deemed to have been given when mailed as evidence by postmark
at point of mailing. If delivered by hand, any such correspondence shall be deemed to have been given when received by the party
to whom such correspondence is given, as evidenced by written and dated receipt of the receiving party.

 

All correspondence
to LICENSEE shall be addressed as follows:

 

EYEGATE PHARMA SA

Tour de l’Horloge 4, place Louis Armand

75012 PARIS, France

Attention: Mr. Pierre Roy

 

All correspondence
to LICENSOR shall be addressed, in duplicate, as follows:

 

FOR NOTICE

 

University of Miami

School of Medicine

Research and Graduate Studies

P.O. Box 016960 (R64)

1600 N.W. 10th Avenue

Miami, FL 33101

Attention: Dr. Norman Altman

 

Assistant Vice President

Business Affairs

327 Max Orovitz Building

1507 Levante Avenue

Coral Gables, Florida 33124-1432

Attention, Mr. Alan J. Fish

 

FOR NOTICE AND PAYMENT

 

Director

Office of Technology Transfer

P.O. Box 016960 (M811)

Miami, FL 33101

Attention: Dr. Gary S. Margules

 

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Either party may change the address to
which correspondence to it is to be addressed by notification provided herein.

 

		15.	Termination

15.1.   
LICENSOR and LICENSEE shall have the right to terminate this Agreement if the other party commits a material breach of an obligation
under this Agreement or provides a false report and continues in default for more than two (2) months after receiving written
notice of such default or false report. Such termination shall be effective upon further written notice to the breaching party
after failure by the breaching party to cure such default. If LICENSOR commits a material breach or defaults, then LICENSEE has
no duty to continue the payment of royalties as set forth in Section 10 of this Agreement.

 

15.2.   
The license and rights granted in this Agreement have been granted on the basis of the special capability of LICENSEE to perform
research and development work leading to manufacture and marketing of Products. Accordingly, LICENSEE covenants and agrees that
in the event any proceedings under Bankruptcy Act, as amended and in effect from time to time, be commenced by or against LICENSEE,
and, if against LICENSEE, said proceedings shall not be dismissed with prejudice before either an adjudication in bankruptcy or
the confirmation of a composition, arrangement, or plan of reorganization, or in the event the LICENSEE shall be adjudged insolvent
or make an assignment for the benefits of its creditors, or if a writ of attachment or execution be levied upon the license hereby
created and not be released or satisfied within sixty (60) days thereafter, or if a receiver be appointed in any proceeding or
action to which LICENSEE is a party with authority to exercise any of the rights or privileges granted hereunder and such receiver
shall not be so discharged within a period of sixty (60) days after his appointment, any such event shall be deemed to constitute
a breach of this Agreement by LICENSEE, and LICENSOR, at the election of LICENSOR, but not otherwise, ipso facto, and without notice
or other action by LICENSOR, shall terminate this Agreement and all rights of LICENSEE hereunder and all rights of any and all
persons claiming under LICENSEE.

 

15.3.   
LICENSEE shall have the right to terminate this Agreement upon ninety (90) days notice.

 

15.4.   
Any termination of this agreement shall be without prejudice to LICENSOR’s right to recover all amounts accruing to LICENSOR
prior to such termination and cancellation. Except as otherwise provided, should this Agreement be terminated for any reason, LICENSEE
shall have no rights, express or implied, under any intellectual property to which LICENSEE has been granted rights pursuant to
this Agreement, nor have the right to recover any royalties paid LICENSOR hereunder. Upon termination, LICENSEE, any Affiliate
of LICENSEE and any Sublicensee shall have the right to dispose of Products then in their possession and to complete existing contracts
for such Products, so long as contracts are completed within twelve (12) months from the date of termination, subject to the payment
of royalties to LICENSOR as provided in Section 10 hereof.

 

    	12

    	 

    

 

16.       Certificate
of Insurance 

16.1.   
Prior to commencement of human subject testing, LICENSEE shall maintain liability insurance coverage for the Product in the amount
of five million dollars ($5,000,000) and, at no expense to LICENSOR, LICENSEE shall name LICENSOR as additional insured. Prior
to commencement of human testing, LICENSEE undertakes to provide a certificate of insurance to LICENSOR.

 

16.2.   
LICENSEE agrees to carry and keep in force, at its expense, general liability insurance with limits not less than $1,000,000 per
incident and $3,000,000 aggregate to cover liability for damages on account of bodily or personal injury or death to any person,
or damage to property of any person. Such insurance shall contain an endorsement naming University as an additional insured with
respect to this agreement. Insurance Certificates should be sent to the University of Miami, attention Ms. Andrea Orange, 33 Max
Orovitz Building, 1507 Levante Avenue, Coral Gables, Florida 33124-1437.

 

The provisions of this section shall continue
beyond the termination or expiration of this Agreement.

 

17.       Use
of Name

LICENSEE shall not
use the name of the University of Miami, or any of its employees, or any adaptation thereof, in any publication, including advertising,
promotional or sales literature without the prior written consent of Mr. Alan J. Fish, Assistant Vice President, 33 Max Orovitz
Building, 1507 Levante Avenue, Coral Gables, Florida 33124-1432.

 

17.1.   
The parties to this Agreement shall endeavor to settle amicably any and all disputes that may arise as to interpretation of or
performance under this Agreement. If such endeavors fail, then either party shall be free to pursue its remedies in law or in equity.

 

18.  
   Captions:

The captions and paragraph
heading of this Agreement are solely for the convenience of reference and shall not affect its interpretation.

 

19.       Severability

Should any part or
provision of this Agreement be held unenforceable or in conflict with the applicable laws or regulations of any jurisdiction, the
invalid or unenforceable part or provision shall be replaced with a provision which accomplishes, to the extent possible, the original
business purpose of such part or provision in valid and enforceable manner, and the remainder of the Agreement shall remain binding
upon the parties hereto.

 

20.       Survival:

20.1.     The
provisions of Sections 5, 6, 7 and 14 shall survive the termination or expiration of this Agreement and shall remain in full force
and effect.

 

    	13

    	 

    

 

20.2.    The
provisions of this Agreement which do not survive termination or expiration hereof (as the case may be) shall, nonetheless, be
controlling on, and shall be used in construing and interpreting, the rights and obligations of the parties hereto with regard
to dispute, controversy or claim which may arise under, out of, in connection with, or relating to this Agreement.

 

21.       Amendment:

No amendment or modification
of the terms of this Agreement shall be binding on either party unless reduced to writing and signed by an authorized officer of
the party to be bound.

 

22.       Waiver:

No failure or delay
on the part of a party in exercising any right hereunder will operate as a waiver of, or impair, any such right. No single or partial
exercise of any such right will preclude any other or further exercise thereof or exercise of any other right. No waiver of any
such right will be deemed a waiver of any other right hereunder.

 

23.       Entire
Agreement

This Agreement constitutes
the entire agreement between the parties hereto respecting the subject matter hereof, supercedes and terminates all prior agreements
respecting the subject matter hereof, whether written or oral, and may amended only by an instrument in writing executed by both
parties hereto.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized to be effective
as of Effective Date.

 

	 	EYEGATE PHARMA SA
	 	 
	Date: December 16, 2005	 
	 	 
	 	By:	/s/ Pierre Roy
	 	Name: Pierre Roy
	 	Title: President
	 	 
	 	UNIVERSITY OF MIAMI
	 	 
	Date:  December 20, 2005	 
	 	 
	 	By	/s/ Gary Margules
	 	 
	 	Name: Gary Margules

 

    	14

    	 

    

 

Appendix A

 

PATENT RIGHTS

 

French patent application N°9800009
(now granted, same number)

 

-European patent application N°98 403189.8
(now granted, N°0927560)

 

-Canadian patent application N°2 257
749

 

-Japanese patent application N°10-373
848

 

-US patent application N°09/225,206
(now granted, N° 6,154,671)

 

-Mexican patent application N°9900311

 

-Korean patent application N°98-59369

 

-Brazilian patent application N°PI
99 00009-1

 

-Israeli patent application N° 127
711 (now granted, same number)

 

    	15Exhibit
10.6

 

INDEMNIFICATION
AGREEMENT

 

This
Indemnification Agreement (“Agreement”) is made and entered into this ____ day of ______ 2014, by and between
Eyegate Pharmaceuticals, Inc., a Delaware corporation (the “Company,” which term shall include, where appropriate,
any Entity (as hereinafter defined) controlled directly or indirectly by the Company) and ____________ (“Indemnitee”):

 

WHEREAS,
the Board of Directors of the Company has determined that it is essential to the Company that it be able to retain and attract
as directors and officers the most capable persons available and that, therefore, the Company should endeavor to assure such persons
that indemnification and insurance coverage is available;

 

WHEREAS,
increased corporate litigation has subjected directors and officers of public companies to litigation risks and expenses, and
the limitations on the availability of directors and officers liability insurance have made it increasingly difficult for the
Company to attract and retain such persons; and

 

WHEREAS,
in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee’s
[continued] service as a [director] [officer] of the Company and to enhance Indemnitee’s ability to serve the Company in
an effective manner, and in order to provide such protection pursuant to express contract rights (intended to be enforceable irrespective
of, among other things, any amendment to the Company’s Certificate of Incorporation (as amended and/or restated from time
to time, the “Certificate of Incorporation”) or Bylaws (as amended and/or restated from time to time, the “Bylaws”)),
any change in the composition of the Board or any change in control or business combination transaction relating to the Company),
the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined below)
to, Indemnitee as set forth in this Agreement and for the continued coverage of Indemnitee under the Company’s directors’
and officers’ liability insurance policies.

 

NOW,
THEREFORE, in consideration of the promises and the covenants contained herein, the Company and Indemnitee do hereby covenant
and agree as follows:

 

1.            DEFINITIONS.

 

(a)          “Corporate
Status” describes the status of a person who is serving or has served (i) as a director or officer of the Company, (ii)
in any capacity with respect to any employee benefit plan of the Company, or (iii) as a director, partner, trustee, officer, employee,
or agent of any other Entity at the request of the Company. For purposes of subsection (iii) of this Section 1(a), if Indemnitee
is serving or has served as a director, partner, trustee, officer, employee or agent of a Subsidiary, Indemnitee shall be deemed
to be serving at the request of the Company.

 

(b)          “Entity”
shall mean any corporation, partnership, limited liability company, joint venture, trust, foundation, association, organization
or other legal entity.

 

(c)          “Expenses”
shall mean all fees, costs and expenses incurred by Indemnitee in connection with any Proceeding (as defined below), including,
without limitation, attorneys’ fees, disbursements and retainers (including, without limitation, any such fees, disbursements
and retainers incurred by Indemnitee pursuant to Sections 10 and 11(c) of this Agreement), fees and disbursements of expert witnesses,
private investigators and professional advisors (including, without limitation, accountants and investment bankers), court costs,
transcript costs, fees of experts, travel expenses, duplicating, printing and binding costs, telephone and fax transmission charges,
postage, delivery services, secretarial services, and other disbursements and expenses.

 

(d)         “Indemnifiable
Expenses,” “Indemnifiable Liabilities” and “Indemnifiable Amounts” shall have
the meanings ascribed to those terms in Section 3(a) below.

 

(e)         “Liabilities”
shall mean judgments, damages, liabilities, losses, penalties, excise taxes, fines and amounts paid in settlement.

 

    	 

    	 

    

  

(f)          “Proceeding”
shall mean any threatened, pending or completed claim, action, suit, arbitration, alternate dispute resolution process, investigation,
administrative hearing, appeal, or any other proceeding, whether civil, criminal, administrative, arbitrative or investigative,
whether formal or informal, including a proceeding initiated by Indemnitee pursuant to Section 10 of this Agreement to enforce
Indemnitee’s rights hereunder.

 

(g)         “Subsidiary”
shall mean any corporation, partnership, limited liability company, joint venture, trust or other Entity of which the Company
owns (either directly or through or together with another Subsidiary of the Company) either (i) a general partner, managing member
or other similar interest or (ii) (A) 50% or more of the voting power of the voting capital equity interests of such corporation,
partnership, limited liability company, joint venture or other Entity, or (B) 50% or more of the outstanding voting capital stock
or other voting equity interests of such corporation, partnership, limited liability company, joint venture or other Entity.

 

2.            SERVICES
OF INDEMNITEE. In consideration of the Company’s covenants and commitments hereunder, Indemnitee agrees to serve or continue
to serve as a [director] [officer] of the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders
[his] [her] resignation or is no longer serving in such capacity. However, this Agreement shall not impose any obligation on Indemnitee
or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements
or commitments of the parties, if any.

 

3.            AGREEMENT
TO INDEMNIFY. The Company agrees to indemnify Indemnitee as follows:

 

(a)
      Subject to the exceptions contained in Section 4(a) and 4(c) below, if Indemnitee was or is
a party or is threatened to be made a party to any Proceeding (other than an action by or in the right of the Company) by reason
of Indemnitee’s Corporate Status, Indemnitee shall be indemnified by the Company against all Expenses and Liabilities incurred
or paid by Indemnitee in connection with such Proceeding (referred to herein as “Indemnifiable Expenses” and
“Indemnifiable Liabilities,” respectively, and collectively as “Indemnifiable Amounts”).

 

(b)     
Subject to the exceptions contained in Section 4(b) below, if Indemnitee was or is a party or is threatened to be made a party
to any Proceeding by or in the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate
Status, Indemnitee shall be indemnified by the Company against all Indemnifiable Expenses.

 

4.            EXCEPTIONS
TO INDEMNIFICATION. Indemnitee shall be entitled to indemnification under Sections 3(a) and 3(b) above in all circumstances, other
than the following:

 

(a)
     If indemnification is requested under Section 3(a) and it has been adjudicated finally by a court
of competent jurisdiction that, in connection with the subject of the Proceeding out of which the claim for indemnification has
arisen, Indemnitee failed to act (i) in good faith and (ii) in a manner Indemnitee reasonably believed to be in or not opposed
to the best interests of the Company, or, with respect to any criminal action or proceeding, Indemnitee had reasonable cause to
believe that Indemnitee’s conduct was unlawful, Indemnitee shall not be entitled to payment of Indemnifiable Amounts hereunder.

 

(b)      If
indemnification is requested under Section 3(b) and:

 

(i)
it has been adjudicated finally by a court of competent jurisdiction that, in connection with the subject of the Proceeding out
of which the claim for indemnification has arisen, Indemnitee failed to act (A) in good faith and (B) in a manner Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company, Indemnitee shall not be entitled to payment of Indemnifiable
Expenses hereunder; or

 

(ii)
it has been adjudicated finally by a court of competent jurisdiction that Indemnitee is liable to the Company with respect to
any claim, issue or matter involved in the Proceeding out of which the claim for indemnification has arisen, including, without
limitation, a claim that Indemnitee received an improper personal benefit, no Indemnifiable Expenses shall be paid with respect
to such claim, issue or matter unless the Court of Chancery or another court in which such Proceeding was brought shall determine
upon application that, despite the adjudication of liability, but in view of all the circumstances of the case, Indemnitee is
fairly and reasonably entitled to indemnity for such Indemnifiable Expenses which such court shall deem proper.

 

    	 

    	 

    

  

(c)      If
indemnification is requested under Section 3(a) in connection with any claim against the Indemnitee for an accounting of profits
arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Securities and
Exchange Act of 1934, as amended, or any similar successor statute or similar provisions of state statutory law or common law.

 

5.            PROCEDURE
FOR APPLICATION AND PAYMENT OF INDEMNIFIABLE AMOUNTS. Indemnitee shall submit to the Company a written request specifying the
Indemnifiable Amounts for which Indemnitee seeks payment under Section 3 of this Agreement and the basis for the claim. The Company
shall pay such Indemnifiable Amounts to Indemnitee within sixty (60) calendar days of receipt of the request. At the request of
the Company, Indemnitee shall furnish such documentation and information as are reasonably available to Indemnitee and necessary
to establish that Indemnitee is entitled to indemnification hereunder

 

6.            INDEMNIFICATION
FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provision of this Agreement, and without
limiting any such provision, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to and
is successful, on the merits or otherwise, in any Proceeding, Indemnitee shall be indemnified against all Expenses reasonably
incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such
Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such
Proceeding, the Company shall indemnify Indemnitee against all Expenses reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Agreement, the termination of
any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result
as to such claim, issue or matter.

 

7.            EFFECT
OF CERTAIN RESOLUTIONS. Neither the settlement nor termination of any Proceeding nor the failure of the Company to award indemnification
or to determine that indemnification is payable shall create an adverse presumption that Indemnitee is not entitled to indemnification
hereunder. In addition, the termination of any proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere
or its equivalent shall not create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company or, with respect to any criminal action or proceeding, had
reasonable cause to believe that Indemnitee’s action was unlawful.

 

8.            AGREEMENT
TO ADVANCE EXPENSES; UNDERTAKING. The Company shall advance all Expenses incurred by or on behalf Indemnitee in connection with
any Proceeding, including a Proceeding by or in the right of the Company, in which Indemnitee is involved by reason of such Indemnitee’s
Corporate Status within thirty (30) days after the receipt by the Company of a written statement from Indemnitee requesting such
advance or advances from time to time, whether prior to or after final disposition of such Proceeding. All advances shall be unsecured
and interest free. To the extent required by Delaware law, Indemnitee hereby undertakes to repay the amount of Indemnifiable Expenses
paid to Indemnitee if it is finally determined by a court of competent jurisdiction that Indemnitee is not entitled under this
Agreement, the Bylaws, the Certificate of Incorporation, applicable law or otherwise, to indemnification with respect to such
Expenses. This undertaking is an unlimited general obligation of Indemnitee. This Section 8 shall not apply to any claim made
by Indemnitee which is excluded pursuant to Section 4.

 

9.            PROCEDURE
FOR ADVANCE PAYMENT OF EXPENSES. Indemnitee shall submit to the Company a written request specifying the Indemnifiable Expenses
for which Indemnitee seeks an advancement under Section 8 of this Agreement, together with documentation evidencing that Indemnitee
has incurred such Indemnifiable Expenses. Payment of Indemnifiable Expenses under Section 8 shall be made no later than thirty
(30) calendar days after the Company’s receipt of such request.

 

    	 

    	 

    

  

10.          REMEDIES
OF INDEMNITEE.

 

(a)
     RIGHT TO PETITION COURT. In the event that Indemnitee makes a request for payment of Indemnifiable
Amounts under Sections 3 and 5 above or a request for an advancement of Indemnifiable Expenses under Sections 8 and 9 above and
the Company fails to make such payment or advancement in a timely manner pursuant to the terms of this Agreement, Indemnitee may
petition the Court of Chancery to enforce the Company’s obligations under this Agreement.

 

(b)
     BURDEN OF PROOF. In any judicial proceeding brought under Section 10(a) above, the Company shall
have the burden of proving that Indemnitee is not entitled to payment of Indemnifiable Amounts hereunder.

 

(c)
     EXPENSES. If Indemnitee is successful in whole or in part in connection with any action brought
by Indemnitee under Section 10(a) above, the Company agrees to reimburse Indemnitee in full for any Expenses incurred by Indemnitee
in connection with investigating, preparing for, litigating, defending or settling any such action, or in connection with any
claim or counterclaim brought by the Company in connection therewith.

 

(d)
    VALIDITY OF AGREEMENT. The Company shall be precluded from asserting in any Proceeding, including, without
limitation, an action under Section 10(a) above, that the provisions of this Agreement are not valid, binding and enforceable
or that there is insufficient consideration for this Agreement and shall stipulate in court that the Company is bound by all the
provisions of this Agreement.

 

(e)
    FAILURE TO ACT NOT A DEFENSE. The failure of the Company (including its Board of Directors or any committee
thereof, independent legal counsel, or stockholders) to make a determination concerning the permissibility of the payment of Indemnifiable
Amounts or the advancement of Indemnifiable Expenses under this Agreement shall not be a defense in any action brought under Section
10(a) above, and shall not create a presumption that such payment or advancement is not permissible.

 

11.          DEFENSE
OF THE UNDERLYING PROCEEDING.

 

(a)
     NOTICE BY INDEMNITEE. Indemnitee agrees to notify the Company promptly upon being served with any
summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding which may result
in the payment of Indemnifiable Amounts or the advancement of Indemnifiable Expenses hereunder; provided, however, that the failure
to give any such notice shall not disqualify Indemnitee from the right to receive payments of Indemnifiable Amounts or advancements
of Indemnifiable Expenses unless the Company’s ability to defend in such Proceeding is materially and adversely prejudiced
thereby.

 

(b)
     DEFENSE BY COMPANY. Subject to the provisions of the last sentence of this Section 11(b) and of
Section 11(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to the payment
of Indemnifiable Amounts hereunder; provided, however that the Company shall notify Indemnitee of any such decision to defend
within ten (10) days of receipt of notice of any such Proceeding under Section 11(a) above. The Company shall not, without the
prior written consent of Indemnitee, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise
which (i) includes an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release
of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory
to Indemnitee. This Section 11(b) shall not apply to a Proceeding brought by Indemnitee under Section 10(a), above, or pursuant
to Section 20, below.

 

(c)      
INDEMNITEE’S RIGHT TO COUNSEL. Notwithstanding the provisions of Section 11(b) above, if in a Proceeding to which Indemnitee
is a party by reason of Indemnitee’s Corporate Status, Indemnitee reasonably concludes that it may have separate defenses
or counterclaims to assert with respect to any issue which may not be consistent with the position of other defendants in such
Proceeding, or if the Company fails to assume the defense of such proceeding in a timely manner, Indemnitee shall be entitled
to be represented by separate legal counsel of Indemnitee’s choice at the expense of the Company. In addition, if the Company
fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any
action to declare this Agreement void or unenforceable, or institutes any action, suit or proceeding to deny or to recover from
Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of
Indemnitee’s choice, at the expense of the Company, to represent Indemnitee in connection with any such matter.

 

    	 

    	 

    

  

12.          REPRESENTATIONS
AND WARRANTIES OF THE COMPANY. The Company hereby represents and warrants to Indemnitee as follows:

 

(a)       AUTHORITY.
The Company has all necessary power and authority to enter into, and be bound by the terms of, this Agreement, and the execution,
delivery and performance of the undertakings contemplated by this Agreement have been duly authorized by the Company.

 

(b)
     ENFORCEABILITY. This Agreement, when executed and delivered by the Company in accordance with the
provisions hereof, shall be a legal, valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, moratorium, reorganization
or similar laws affecting the enforcement of creditors’ rights generally.

 

13.          INSURANCE.
The Company shall, from time to time, make the good faith determination whether or not it is practicable for the Company to obtain
and maintain a policy or policies of insurance with a reputable insurance company providing the Indemnitee with coverage for losses
from wrongful acts, and to ensure the Company’s performance of its indemnification obligations under this Agreement. Among
other considerations, the Company will weigh the costs of obtaining such insurance coverage against the protection afforded by
such coverage. In all policies of director and officer liability insurance, Indemnitee shall be named as an insured in such a
manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s
officers and directors. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain such insurance
if the Company determines in good faith that such insurance is not reasonably available, if the premium costs for such insurance
are disproportionate to the amount of coverage provided, or if the coverage provided by such insurance is limited by exclusions
so as to provide an insufficient benefit. The Company shall promptly notify Indemnitee of any good faith determination not to
provide such coverage.

 

14.          NO
DUPLICATION OF PAYMENTS. The Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of
any Indemnifiable Liabilities to the extent Indemnitee has otherwise received payment under any insurance policy, the Company’s
By-laws or Certificate of Incorporation, under Delaware law, any other contract or otherwise, of the amounts otherwise indemnifiable
by the Company hereunder.

 

15.          CONTRACT
RIGHTS NOT EXCLUSIVE. The rights to payment of Indemnifiable Amounts and advancement of Indemnifiable Expenses provided by this
Agreement shall be in addition to, but not exclusive of, any other rights which Indemnitee may have at any time under applicable
law, the Company’s By-laws or Certificate of Incorporation, or any other agreement, vote of stockholders or directors (or
a committee of directors), or otherwise, both as to action in Indemnitee’s official capacity and as to action in any other
capacity as a result of Indemnitee’s serving as a [director] [officer] of the Company.

 

16.          SUCCESSORS.
This Agreement shall be (a) binding upon all successors and assigns of the Company (including any transferee of all or a substantial
portion of the business, stock and/or assets of the Company and any direct or indirect successor by merger or consolidation or
otherwise by operation of law) and (b) binding on and shall inure to the benefit of the heirs, personal representatives, executors
and administrators of Indemnitee. This Agreement shall continue for the benefit of Indemnitee and such heirs, personal representatives,
executors and administrators after Indemnitee has ceased to have Corporate Status.

 

17.          SUBROGATION.
In the event of any payment of Indemnifiable Amounts under this Agreement, the Company shall be subrogated to the extent of such
payment to all of the rights of contribution or recovery of Indemnitee against other persons, and Indemnitee shall take, at the
request of the Company, all reasonable action necessary to secure such rights, including the execution of such documents as are
necessary to enable the Company to bring suit to enforce such rights.

 

18.          CHANGE
IN LAW. To the extent that a change in Delaware law (whether by statute or judicial decision) shall permit broader indemnification
or advancement of expenses than is provided under the terms of the by-laws of the Company and this Agreement, Indemnitee shall
be entitled to such broader indemnification and advancements, and this Agreement shall be deemed to be amended to such extent.

 

    	 

    	 

    

  

19.          SEVERABILITY.
Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Agreement, or any clause thereof, shall be determined by a court of competent jurisdiction to
be illegal, invalid or unenforceable, in whole or in part, such provision or clause shall be limited or modified in its application
to the minimum extent necessary to make such provision or clause valid, legal and enforceable, and the remaining provisions and
clauses of this Agreement shall remain fully enforceable and binding on the parties.

 

20.          INDEMNITEE
AS PLAINTIFF. Except as provided in Section 10(c) of this Agreement and in the next sentence, Indemnitee shall not be entitled
to payment of Indemnifiable Amounts or advancement of Indemnifiable Expenses with respect to any Proceeding brought by Indemnitee
against the Company, any Entity which it controls, any director or officer thereof, or any third party, unless the Board of Directors
of the Company has consented to the initiation of such Proceeding. This Section shall not apply to counterclaims or affirmative
defenses asserted by Indemnitee in an action brought against Indemnitee.

 

21.          MODIFICATIONS
AND WAIVER. Except as provided in Section 18 above with respect to changes in Delaware law which broaden the right of Indemnitee
to be indemnified by the Company, no supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by each of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute
a waiver of any other provisions of this Agreement (whether or not similar), nor shall such waiver constitute a continuing waiver.

 

22.          GENERAL
NOTICES. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been
duly given (a) when delivered by hand, (b) when transmitted by facsimile and receipt is acknowledged, or (c) if mailed by certified
or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

 

(i)     
If to Indemnitee, to:

 

[Name]

[Address]

Facsimile:
[———-]

 

(ii)
   If to the Company, to:

 

Eyegate
Pharmaceuticals, Inc.

271
Waverley Oaks Road

Suite
108

Waltham,
MA 02452

Attention:
Chief Executive Officer

 

With
a copy to:

 

Burns
& Levinson LLP

125
Summer Street

Boston,
MA 02110

Facsimile:
(617) 345-3299

Attention:
Josef B. Volman, Esq.

 

or
to such other address as may have been furnished in the same manner by any party to the others.

 

    	 

    	 

    

  

23.          GOVERNING
LAW; CONSENT TO JURISDICTION; SERVICE OF PROCESS. This Agreement shall be governed by and construed in accordance with the laws
of the State of Delaware without regard to its rules of conflict of laws. Each of the Company and the Indemnitee hereby irrevocably
and unconditionally consents to submit to the exclusive jurisdiction of the Court of Chancery of the State of Delaware and the
courts of the United States of America located in the State of Delaware (the “Delaware Courts”) for any litigation
arising out of or relating to this Agreement and the transactions contemplated hereby (and agrees not to commence any litigation
relating thereto except in such courts), waives any objection to the laying of venue of any such litigation in the Delaware Courts
and agrees not to plead or claim in any Delaware Court that such litigation brought therein has been brought in an inconvenient
forum. Each of the parties hereto agrees, (a) to the extent such party is not otherwise subject to service of process in the State
of Delaware, to appoint and maintain an agent in the State of Delaware as such party’s agent for acceptance of legal process,
and (b) that service of process may also be made on such party by prepaid certified mail with a proof of mailing receipt validated
by the United States Postal Service constituting evidence of valid service. Service made pursuant to (a) or (b) above shall have
the same legal force and effect as if served upon such party personally within the State of Delaware. For purposes of implementing
the parties’ agreement to appoint and maintain an agent for service of process in the State of Delaware, each such party
does hereby appoint [__________________________], as such agent and each such party hereby agrees to complete all actions necessary
for such appointment.

 

24.          COUNTERPARTS.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed an original, but all
of which together shall constitute one and the same document.

 

[Remainder
of page intentionally left blank.]

 

    	 

    	 

    

   

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

	 	Eyegate
    Pharmaceuticals, Inc.

 

	 	By:	 

 

	 	Name:
	 	 
	 	Title:
	 	 
	 	

        INDEMNITEE

	 	 
	 	 

 

	 	Name:

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