Document:

REVENUE PARTICIPATION AGREEMENT

 

EXHIBIT 10.1

“MAX STEEL” 

REVENUE PARTICIPATION AGREEMENT

This Revenue Participation Agreement (this “Agreement”), dated effective as of August 23, 2019 (the “Effective Date”), is entered into by and between Dolphin Max Steel Holdings LLC, a Florida limited liability company (“Dolphin”), on the one hand, and ORF MS, LLC, a Delaware limited liability company (“ORFMS”), on the other hand, with respect to that certain feature-length motion picture known as “Max Steel” (the “Picture”).  Dolphin and ORFMS are each referred to herein individually as a “Party” and collectively as the “Parties”. 

Whereas, Dolphin and Comerica Bank, a Texas banking association (“Comerica”) entered into that certain Loan and Security Agreement (with that agreement, as modified, amended and supplemented from time to time, being hereafter referred to as the “Comerica Loan Agreement”), dated as of August 12, 2016; 

Whereas, Dolphin and Open Road Films, LLC, a California limited liability company (the “Domestic Distributor”) entered into that certain Distribution Rights Acquisition Agreement, dated as of August 12, 2016 (the “Domestic Distribution Agreement”); 

Whereas, ORFMS was previously assigned all rights and obligations of Comerica under and pursuant to the Comerica Loan Agreement and all related loan and security documents;

Whereas, OR Acquisition Co, LLC was previously assigned the Domestic Distribution Agreement, and OR Acquisition Co, LLC is now the Domestic Distributor under the Domestic Distribution Agreement; 

Whereas, as of the Effective Date, the outstanding balance of the Obligations (as defined in the Comerica Loan Agreement), including all accrued and unpaid interest, was Seven Hundred, Twelve Thousand, Nine Hundred Fifty Three Dollars and twenty-nine cents ($712,953.29) (the “Outstanding Loan Amount”); and

Whereas, in consideration for (i) the Outstanding Loan Amount being deemed fully repaid and discharged and (ii) the Comerica Loan Agreement being terminated, Dolphin now desires to grant ORFMS an ongoing revenue participation in the Picture pursuant to the terms and conditions contained herein. 

Now, therefore, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt, adequacy and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows: 

1.

CONTINGENT COMPENSATION; COMERICA LOAN AGREEMENT TERMINATION.

(a)

Revenue Participation.  From and after the Effective Date, Dolphin shall direct the Domestic Distributor (or its successor in interest) to pay one hundred percent (100%) of all payments owed to Dolphin pursuant to the Domestic Distribution Agreement to ORFMS directly 

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until such time as ORFMS has received Nine Hundred Thousand Dollars ($900,000) (the “Revenue Participation”).  If, notwithstanding Dolphin’s direction to pay all Revenue Participation amounts directly to ORFMS, Revenue Participation amounts are paid to Dolphin, any of its affiliates or any other third party, then Dolphin shall and shall direct such affiliate or such other third party to (i) segregate and hold in trust all of such receipts that it receives; and (ii) remit such receipts in the form received directly to ORFMS not later than five (5) business days following the day of its receipt thereof.  For the avoidance of doubt, any rights to the return of any prints and advertising monies on deposit in an account maintained by or for the benefit of a debtor in the Bankruptcy Cases (as defined below) shall be the property of OR Acquisition Co, LLC and shall not be deemed to constitute part of Revenue Participation. 

(b)

Comerica Loan Agreement Termination.  The Parties hereby agree that the grant of the Revenue Participation pursuant to Paragraph 1(a) above shall constitute payment and satisfaction in full of all amounts owing to ORFMS by Dolphin pursuant to the Comerica Loan Agreement, including, without limitation, the Outstanding Loan Amount.  In furtherance of the foregoing, the Parties hereby agree that the Comerica Loan Agreement is hereby terminated and shall have no further force or effect (other than any indemnification provision therein that by its terms survives the repayment of the Outstanding Loan Amount and/or termination of the Comerica Loan Agreement) and shall execute a termination letter substantially in the form attached hereto as Exhibit A evidencing the same.  The Parties further hereby: (i) acknowledge that they have no outstanding (whether actual, contingent, deferred or otherwise) claims, costs, damages, interest, expenses or rights against each other whatsoever under the Comerica Loan Agreement; (ii) agree and covenant not to bring any claim or action or exercise such other right, arising out of the Comerica Loan Agreement or the termination thereof, against each other in the future (other than the exercise of any indemnification right thereunder that by its terms survives termination of the Comerica Loan Agreement); and (iii) agree that the Lender Repayment Date (as defined in the Comerica Loan Agreement) shall be deemed to be the Effective Date for all purposes of the Comerica Loan Agreement, including, without limitation, Section 10.1 thereof.

(c)

General.  Dolphin makes no representation or warranty that the Picture will generate any Revenue Participation.  Nothing contained herein shall be construed to obligate Dolphin to take any action to maximize revenues or the Revenue Participation or to give ORFMS any right, title or interest of any kind in or to the revenues, gross receipts or net proceeds derived from the Picture other than as specifically set forth herein.  Nothing contained in this Agreement shall be construed as creating a fiduciary relationship between Dolphin and ORFMS.  

2.

WITHDRAWAL OF DOLPHIN’S CLAIMS.  On the Effective Date, Dolphin shall withdraw with prejudice each proof of claim and request for payment of administrative expense that it filed in the bankruptcy cases pending in the U.S. Bankruptcy Court for the District of Delaware styled In re Open Road Films, LLC, et al., Case No. 18-12012 (Bankr. D. Del.) (the “Bankruptcy Cases”), including, without limitation, the claims, copies of which are attached hereto. On the Effective Date, Dolphin shall have no claim, nor seek to assert a claim, against the debtors in the Bankruptcy Cases for an administrative expense or any cure claim on account of Open Road Films, LLC’s assumption and assignment of the Domestic Distribution Agreement to OR Acquisition Co, LLC.  Dolphin hereby agrees that the court-appointed claims agent may rely on this Agreement as a withdrawal of the proofs of claim filed by Dolphin, and Dolphin further agrees that ORFMS may provide a copy of this Agreement to the court-appointed claims agent 

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for purposes of withdrawal of the proofs of claim filed by Dolphin.  For the avoidance of doubt, Dolphin hereby waives as to OR Acquisition Co, LLC any cure claim it may have had on account of Open Road Films, LLC’s assumption and assignment of the Domestic Distribution Agreement to OR Acquisition Co, LLC, and waives as to ORFMS any claim it may have against ORFMS under the Comerica Loan Agreement.

3.

GOVERNING LAW; DISPUTE RESOLUTION.  All controversies, claims or disputes between the Parties to this Agreement arising out of or related to this Agreement, the Comerica Loan Agreement, or the interpretation, performance or breach thereof, including, but not limited to, alleged violations of state or federal statutory or common law rights or duties, and the determination of the scope or applicability of this Agreement to arbitrate (“Dispute”), except as set forth in Paragraphs 3 (c) and (d) below, shall be resolved according to the procedures set forth in Paragraph 3(a) which shall constitute the sole dispute resolution mechanism hereunder:

(a)

Arbitration.  Any Dispute arising out of or relating to this Agreement or the Comerica Loan Agreement shall be subject to binding arbitration before a single neutral arbitrator with experience in entertainment law pursuant to the then effective commercial arbitration rules of the JAMS.  The arbitrator shall not have the authority to award equitable or injunctive relief and shall not be authorized to award punitive damages.  The award issued by any such arbitrator may be entered and confirmed as a judgment in any court of competent jurisdiction.

(b)

Other Matters.  Any Dispute or part thereof, or any claim for a particular form of relief (not otherwise precluded by any other provision of this Agreement), that may not be arbitrated pursuant to applicable law may be heard only in a court of competent jurisdiction in Los Angeles County. 

(c)

Governing Law; Jurisdiction and Venue.  This Agreement shall be governed and construed in accordance with the laws of the [State of California] applicable to contracts entered into and fully performed therein.  The Parties hereby submit to the exclusive jurisdiction and venue of the local, state and federal courts located in [Los Angeles County]. 

4.

MISCELLANEOUS.

(a)

Further Acts.  All Parties agree to execute any other documents, agreements, instruments or certificates and take any other action reasonably necessary in order to implement the terms and intent of this Agreement. 

(b)

Entire Agreement.  This Agreement and the Exhibits hereto sets forth the complete understanding between the Parties hereto with respect to the subject matter hereof, and all prior agreements have been merged herein, whether written or oral, and may not be modified except by a written instrument signed by all Parties hereto.  Each of Dolphin and ORFMS acknowledges that no representation or promise not expressly contained in this Agreement has been made by the other party or any of its agents, employees or representatives.

(c)

Severability.  If there is any conflict between any provision of this Agreement and any present or future statute, law, ordinance or regulation the latter shall prevail; provided, that the provision hereof so affected shall be limited only to the extent necessary and no other provision shall be affected.  

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(d)

Relationship of Parties; Counterparts.  This Agreement is not a partnership between or joint venture of the Parties hereto and neither Party is the agent of the other.  This Agreement is not for the benefit of any third party, not otherwise referred to herein.  This Agreement may be signed in counterpart, each of which shall be deemed an original, but all of which together shall constitute the Agreement.

 (Signature Page Follows)

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IN WITNESS WHEREOF, the Parties hereto have signed this Agreement as of the date first set forth above.

		
	ORF MS, LLC

	Dolphin Max Steel Holdings LLC  

	 
	 

	 
	 

	By:

/s/Josh Green

	By:

/s/William O’Dowd

	Name:

Josh Green

	Name:

William O’Dowd

	Its:

Authorized Signatory

	Its:

Authorized Signatory

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

[Signature Page to Revenue Participation Agreement]

 

Exhibit A 

Termination Letter 

[See attached.]

August 23, 2019

Dolphin Max Steel Holdings LLC

2151 Le Jeune Road, Suite 150

Coral Gables, Florida 33134

Attention: Bill O’Dowd

Re: Termination Letter

Dear Mr. O’Dowd:

Reference is made to that certain Loan and Security Agreement (with that agreement, as modified, amended and supplemented from time to time, being hereafter referred to as the “Comerica Loan Agreement”), dated as of August 12, 2016, by and between Dolphin Max Steel Holdings LLC, a Florida limited liability company (“Dolphin”) and ORF MS, LLC, a Delaware limited liability company (as successor in interest to Comerica Bank, a Texas banking association) (“ORFMS”).  Dolphin and ORFMS are each referred to herein individually as a “Party” and collectively as the “Parties”.  Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Comerica Loan Agreement.

On August 23, 2019 (the “Payoff Date”), Dolphin and ORFMS  entered into that certain Revenue Participation Agreement (the “RPA”), pursuant to which (i) Dolphin was deemed to have paid and satisfied in full all amounts owing to ORFMS  by Dolphin pursuant to the Comerica Loan Agreement, including, without limitation, the outstanding balance of the Obligations as of the Payoff Date; and (ii) the Parties agreed to terminate the Comerica Loan Agreement with no further force or effect.  In furtherance of the foregoing, the Parties agreed to enter into this termination letter to evidence the same. 

The Parties hereby acknowledge, in each case, as of the Payoff Date:

(a)

all Obligations and outstanding indebtedness due and owing under the Comerica Loan Agreement (including interest, principal and fees) have been deemed automatically fully paid and discharged, all without any further action being required to effectuate the foregoing; 

(b)

the Comerica Loan Agreement has been automatically terminated and has no further force and effect;

(c)

all existing liens, security interests and mortgages granted by Dolphin under or in connection with the Comerica Loan Agreement have been automatically released, satisfied, discharged and terminated and are of no further force and effect; and 

Exhibit A to Revenue Participation Agreement

 

(d)

ORFMS has assigned, delivered and released unto, and caused to re-vest in, Dolphin any and all rights and interests that it had or may have in any property of Dolphin under the Comerica Loan Agreement.  

ORFMS hereby agrees that Dolphin and/or its designees are authorized to file such Uniform Commercial Code termination statements, and any mortgage discharges, satisfactions, releases or terminations, and such other termination statements, discharge of security interests or other similar discharge documents in recordable form as is necessary or appropriate to release, of record, all other notices of liens previously filed by ORFMS in connection with the Comerica Loan Agreement.  ORFMS further agrees to (A) execute and deliver to Dolphin, or its counsels or other designees, such additional documents to effectuate the foregoing, (B) provide additional information to effectuate the foregoing, and (C) deliver to Dolphin or its designee any stock certificates, transfer instruments, promissory notes or other Collateral in ORFMS’ possession belonging to Dolphin, in each case as Dolphin may reasonably request from time to time and in each case at Dolphin’s sole expense. 

Each Party hereto agrees, upon the reasonable request of any other Party hereto, at any time and from time to time, promptly to execute and deliver all such further documents and to promptly take all such action as may be reasonably necessary or appropriate in order more effectively to confirm or carry out the provisions of this termination letter.

Notwithstanding the foregoing, all provisions in the Comerica Loan Agreement that are expressly stated to survive termination, shall survive the termination thereof. 

This termination letter shall be governed by the laws of the State of [California].  This termination letter may be executed in any number of separate counterparts by facsimile or email transmission, each of which shall, collectively and separately, constitute one agreement.  The undersigned Parties have signed below to indicate their consent to be bound by the terms and conditions of this termination letter.

[signature page follows]

 

	
	Very truly yours,

	 

	ORF MS, LLC, as Lender

	 

	 

	By:

/s/Josh Green

	Name: 

Josh Green

	Title:

Authorized Signatory

[Signature Page to Termination Letter]

 

ACKNOWLEDGED AND AGREED:

DOLPHIN MAX STEEL HOLDINGS LLC, as Borrower

By:

/s/William O’Dowd

Name:

William O’Dowd

Title:

Authorized Signatory

[Signature Page to Termination Letter]Exhibit 10.1

 

MASTER SERVICES AGREEMENT

  

This MASTER
SERVICES AGREEMENT (this “Agreement”) is made as of July 1, 2019 (the “Effective Date”),
by and amongst Rezolute, Inc., a corporation incorporated in Delaware (“Rezolute” or “Service
Provider”), Genexine, Inc., a corporation incorporated under the laws of the Republic of Korea (“Genexine”)
and Handok, Inc., a corporation incorporated under the laws of the Republic of Korea (“Handok”). Genexine
and Handok shall be referred to collectively as the “Program Owner”. For purposes of this Agreement,
Genexine and Handok are equally responsible for all matters herein as the Program Owner, including without limitation, the payment
of monies that may be owed to Rezolute in performance of the services set forth below. Genexine, Handok and Rezolute may be referred
to individually as a “Party” or collectively, as the “Parties”). 

 

RECITALS

 

WHEREAS, Genexine
and Handok have collaborated on developing a long acting growth hormone program known as GX-H9 (the “Program”)
and now desire to obtain the assistance of Rezolute in (among other matters) further advancing the Program into global clinical
studies including making the Program ready for Phase 3 studies in the US and Europe.

 

WHEREAS, Rezolute
desires to assist Genexine and Handok on the terms and subject to the conditions set forth herein.

 

AGREEMENT

 

NOW, THEREFORE,
in consideration of the premises and covenants set forth herein and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

 

1.         Services.

 

(a)    Scope
of the Services.  During the Term (as defined below), Rezolute shall provide to Program Owner, and Program Owner agrees
to purchase from Rezolute, the services set forth on Exhibit A attached hereto (as may be amended by the Parties in writing
from time to time, “Exhibit A”) (the “Initial Services”),
in each case, on the terms set forth therein.  During the Term, Program Owner may from time to time request that Rezolute
provide to Program Owner additional services (the “Additional Services”,
and with the Initial Services, the “Services”).  In the
event that Program Owner requests that Rezolute provide Additional Services, and Rezolute agrees to provide such Additional Services
to Program Owner, the Parties shall amend Exhibit A to include a description of such Additional Services and the relevant
terms related thereto.  Rezolute shall provide Program Owner any related services, functions or responsibilities not specifically
described in this Agreement as forming part of the Services that are an inherent, necessary or customary part of the Services
or are required or reasonably necessary for the proper performance or provision of the Services in accordance with this Agreement.

 

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(b)   
Access to Information and Personnel.  During the Term, Program Owner shall provide Rezolute access to facilities, personnel
and other information as may reasonably be requested by Rezolute to enable Rezolute to timely perform its obligations hereunder,
except as otherwise expressly set forth in Exhibit A.

 

(c)    Standard
of Care.  

 

(i)        Subject to the terms of this Agreement, Rezolute shall provide the Services in a professional and workman-like manner and at no
less than the level of quality and commitment employed by Program Owner in connection with providing the Services (or services
of like nature and scope) to Program Owner own business, and in compliance with the laws and regulations of any and all countries
which may be applicable to the performance of the Services.

 

(ii)       In the performance of this Agreement and in connection with the Services, no expenditures for other than for lawful purposes
will be made, and Rezolute has not and will not in the future directly or indirectly offer, pay, promise to pay or authorize the
giving of anything of value to: (A) any government official, any political party or official thereof, or any candidate for political
office; (B) any other person while knowing or having reason to know that all or a portion of such money or thing of value will
be offered, given or promised, directly or indirectly, to any such official, to any such political party or official thereof, or
to any candidate for political office; for the purpose of (x) influencing any action or decision of such official party or official
thereof, or candidate in his or its capacity, including a decision to fail to perform his or its official functions; or (y) influencing
such official party or official thereof, or candidate to use his or its influence with any government or instrumentality thereof
to effect or influence any act or decision of such government or instrumentality.

 

(iii)      With
respect to any particular Service(s) to be provided under this Agreement, Rezolute shall, unless otherwise specified in Exhibit
A, determine the means and resources used to provide such Service(s) in accordance with its prudent and reasonable business
judgment.  Rezolute shall regularly inform Program Owner of the resources that it is utilizing.

 

(iv)      Rezolute
shall select, employ, pay, supervise, direct and discharge the personnel providing Services under this Agreement.  Program
Owner shall, unless otherwise specified in Exhibit A, be solely responsible for the payment of all benefits and any other
direct and indirect compensation for personnel of Rezolute assigned to perform Services under this Agreement. Rezolute shall be
an independent contractor in connection with the performance of Services under this Agreement and the employees performing Services
in connection herewith shall not be deemed to be employees of Program Owner.

 

(v)       In
providing the Services hereunder, Rezolute may utilize the services of any affiliate or any independent contractor to provide
Services (“Independent Party”); provided, however,
that Rezolute shall remain responsible for the performance of its obligations under this Agreement.  

 

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(vi)      Rezolute
will provide, upon reasonable written notice, such periodic reports with respect to the Services it provides hereunder as are reasonably
requested by Program Owner.

 

Pursuant
to this Section 1, Rezolute covenants and agrees that it shall regularly inform Program Owner of the scope of resources and means
that it deems necessary to perform the Services and agrees that it shall seek the approval of Program Owner with respect to any
potential engagement by a third party to assist in performing the Services. Further, Rezolute agrees that it will be regularly
available by telephone and email during reasonable business hours to discuss the Services with Program Owner. Upon five (5) business
days notice, Program Owner shall have the right to audit the Services being provided by Rezolute including meeting with Rezolute
at Rezolute’s corporate headquarters. Rezolute covenants and agrees to furnish all relevant information to facilitate any
such audit, including without limitation, Rezolute’ books and records relating to the Services. The Parties agree that email
approvals by any Party shall suffice for matters set forth in this Agreement.

 

(d)    Compensation
for Services. 

 

(i)        Service
Fees.  The Services shall be provided by Rezolute to Program Owner at the costs set forth on Exhibit A (collectively,
the “Service Fees”).  

 

(ii)       Service
Expenses.  The Services shall be provided by Rezolute to Program Owner and out-of-pocket expenses that can be reimbursed
as set forth on Exhibit A (collectively, the “Service Expenses”)
shall be reimbursed by Program Owner to Rezolute. 

 

(iii)      Billing
and Payment Terms.  Unless otherwise specified on Exhibit A, statements of amounts due will be invoiced monthly
and such invoices shall be payable within thirty (30) days.  All amounts invoiced will be equally divided between Genexine
and Handok.

 

(iv)     
Payment Instructions.  Invoices shall be paid by wire transfer of immediately available funds to a bank account designated
by Rezolute, or such other method as may be designated by Rezolute.  

 

2.         Proprietary
Rights.  

 

(a)    No
Transfer.  The performance of the Services hereunder will not affect the ownership of any properties, assets or intellectual
property rights owned or controlled by any Party or any Party’s affiliates.  No Party will gain, by virtue of the Services
provided hereunder, any rights of ownership of any properties, assets or intellectual property rights owned or controlled by the
other Party.

 

(b)    Necessary Rights.  To the extent that the Services include the provision of written marketing materials, video or audio
production services, or any other services or materials which will be displayed or performed in respect of the general public,
Program Owner represents and warrants that it owns or has obtained all necessary intellectual property rights required in respect
of any such display or performance, and does hereby grant to Rezolute non-exclusive, non-transferable license in such materials
and services to the extent required for such display or performance.

 

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3.         Term
of Agreement; Termination.  

 

(a)    The term of this Agreement (the “Term”) shall commence on the Effective Date and shall continue (unless earlier
terminated pursuant to this Section 3) through the third anniversary of the Effective Date, and thereafter shall be automatically
renewed for successive one (1) year terms, unless a Program Owner delivers written notice to Rezolute (or vice versa) not less
than thirty (30) days prior to the expiration of the then-current term of such Party’s intent to not extend the term of this
Agreement. 

 

(b)    Program
Owner shall have the right to immediately terminate this Agreement upon not less than 60 days (60) days written notice to the other
Party.

 

4.         Confidentiality.

 

For
purposes of this Agreement, “Confidential Information” means any information disclosed by a Party (“Providing
Party”) to the other Party (“Receiving Party”) pursuant to this Agreement relating to any proprietary
or confidential information of Providing Party, including business, finances, scientific matters, research and development, technology
or operations of Providing Party; provided, however, that Confidential Information excludes information that (a)
was in the public domain at the time it was disclosed or has become in the public domain through no fault of Receiving Party; (b)
becomes known to Receiving Party through lawful means, at the time of disclosure; or (c) was independently developed by Receiving
Party without any use of the Confidential Information.  In the event that Receiving Party, or any of its representatives,
becomes legally compelled by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar
judicial or administrative process to disclose any Providing Party’s Confidential Information, Receiving Party shall provide
notice of such requirement and cooperate with Providing Party to obtain a protective order or similar remedy to cause Providing
Party’s Confidential Information not to be disclosed.  In the event that such protective order or other similar remedy
is not obtained, Receiving Party will exercise commercially reasonable efforts to obtain assurance that “highly confidential”
or other similar protective treatment will be accorded such Confidential Information.  Receiving Party will (i) treat as confidential
all Confidential Information of Providing Party; (ii) not use such Confidential Information except to exercise its rights and perform
its obligations under this Agreement; and (iii) not disclose such Confidential Information to any third party, in each case, except
as reasonably necessary to fulfill its obligations hereunder or as required by law.  Each Party will use at least the same
degree of care (and not less than a reasonable degree of care) it uses to prevent the disclosure of its own confidential information
of like importance, to prevent the disclosure of Providing Party’s Confidential Information.  Each Receiving Party will
promptly notify Providing Party of any actual or suspected misuse or unauthorized disclosure of Providing Party’s Confidential
Information.

 

5.         Disclaimer;
Limitation of Liability.  

 

(a)  
EXCEPT AS SET FORTH IN SECTION 1, NO PARTY HERETO MAKES ANY REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, WITH
RESPECT TO THE SERVICES TO BE PROVIDED UNDER THIS AGREEMENT.

 

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(b)   NO
PARTY SHALL UNDER ANY CIRCUMSTANCES BE LIABLE TO ANY OTHER PARTY FOR ANY SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL
DAMAGES (INCLUDING LOSS OF PROFITS OR REVENUE) RESULTING OR ARISING FROM THIS AGREEMENT, ANY PERFORMANCE OR NONPERFORMANCE UNDER
THIS AGREEMENT OR TERMINATION OF THIS AGREEMENT.  THIS LIMITATION APPLIES REGARDLESS OF WHETHER SUCH DAMAGES OR OTHER RELIEF
ARE SOUG\HT BASED ON BREACH OF WARRANTY, BREACH OF CONTRACT, NEGLIGENCE, STRICT LIABILITY IN TORT, OR ANY OTHER LEGAL OR EQUITABLE
THEORY.

 

6.         Notice. 
Any notice, request, demand or other communication required or permitted hereunder shall be in writing and shall be deemed to have
been given (i) if delivered or sent by facsimile or electronic mail transmission, upon acknowledgment of receipt by the recipient,
or (ii) if sent by a nationally recognized overnight courier, properly addressed with postage prepaid, on the next business day
(or Saturday if sent for Saturday delivery). All notices will be sent to the most current address, electronic mail address or facsimile
number provided by a Party.  

 

7.         Governing
Law; Dispute Resolution.  This Agreement shall be governed, construed and interpreted in accordance with the laws of
the State of California, without giving effect to principles of conflicts of law. If any dispute or claim arises from or related
to this Agreement or the relationship of the Parties, the Parties shall attempt to settle that dispute or claim through good faith
negotiation by authorized representatives of the Parties. Any party may initiate this informal dispute process by sending notice
of the dispute to another Party. If the Parties are unable to resolve the dispute at the end of forty-five (45) days following
receipt of that notice, a Party may then file a claim for arbitration.

 

If a Party files a claim for
arbitration, any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity,
or termination, is to be referred to and finally resolved under the rules of the International Chamber of Commerce. Those rules
are incorporated by reference into this clause. If the amount in dispute is less than or equal to USD $250,000, the number of arbitrators
will be one. If the amount in dispute is greater than USD $250,000, the number of arbitrators will be three. The seat, or legal
place, of the arbitration will be San Francisco, California, United States. The arbitral proceedings will be conducted in English.

 

8.         Assignment.  No Party may assign or transfer this Agreement without the prior written consent of the other Parties. 
Subject to the foregoing, this Agreement and the obligations of the Parties hereunder shall be binding upon and enforceable by,
and shall inure to the benefit of, the Parties and their respective successors, executors, administrators, estates, heirs and permitted
assigns.

 

9.         Severability.  If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force
and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to any Party.  Upon such determination that any term or other provision is invalid, illegal or incapable of being
enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the
fullest extent possible.

 

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10.       Relationship
Between Parties.  The relationship between the Parties created under this Agreement is that of independent contractors. 
With respect to the relationship created under this Agreement and the pre-existing Program relationship between Genexine and Handok,
the Parties are not joint ventures, partners, principal and agent, master and servant or employer and employee, and have no relationship
other than as independent contracting parties.

 

11.       Undertaking
in the Ordinary Course.  This Agreement is entered into by the Parties in furtherance of the ordinary and customary conduct
of the authorized business of each such Party.

 

12.       Entire Agreement.  This Agreement, including Exhibit A, and the documents referred to herein contain the entire
agreement between the Parties and supersede any prior understandings, agreements or representations by or between the Parties,
written or oral, which may have related to the subject matter hereof in any way.

 

13.       Amendments and Waiver.  This Agreement may not be amended or modified, nor may compliance with any condition or covenant
set forth in this Agreement be waived, except by a writing within thirty (30) days, duly and validly executed by each of the Parties,
or in the case of a waiver, the Party waiving compliance.  No delay on the part of any Party in exercising any right, power
or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any Party of any such right, power
or privilege, or any single or partial exercise of any such right, power or privilege, preclude any further exercise thereof or
the exercise of any other such right, power or privilege.

 

14.       Construction. 
As used in this Agreement, the words “include” and “including” and variations thereof, shall not be deemed
to be terms of limitation.  The captions in this Agreement are for convenience only and shall not affect the construction
or interpretation of any term or provision hereof.

 

15.       Counterparts. 
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same document.  The delivery of a counterpart hereto by facsimile or other electronic transmission
shall be deemed an original.

 

[Remainder of Page Intentionally Blank]

 

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the date first written above.

 

 

	GENEXINE, INC.	 
	 	 
	700 Daewangpangyo-ro	 
	Korea Bio-Park, Building B	 
	Bundang-gu, 	 
	Seongnam-si, Gyeonggi-do 13488	 
	Republic of Korea	 
	 	 
	 	 	 
	By:	/s/
    You Suk Suh                  	 
	Name: You Suk Suh	 
	Title: Chief Executive Officer	 

 

 

	HANDOK, INC. 	 
	 	 
	132 Teheran-ro 	 
	Gangnam-gu	 
	Seoul 06235	 
	Republic of Korea	 
	 	 	 
	 	 	 
	By:	/s/
    Young Jin Kim  	 
	Name: Young Jin Kim	 
	Title: Chief Executive Officer	 

 

 

  

	 	REZOLUTE, INC.	 
	 	 	 
	 	201 Redwood Shores Parkway	 
	 	Redwood City, CA 94065 US	 
	 	 	 
	 	 	 
	 	By:	/s/
    Nevan Elam	 
	 	Name: Nevan Elam 	 
	 	Title:  Chief Executive Officer	 

  

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EXHIBIT A 

 

Services, Service Fee, and Service Expenses

 

Services

 

Rezolute shall, during the Term,
perform the following Services:

 

		·	Establish Overall development strategy and
plans for US and EU regulatory approval and market entrance and specific plans for each regulatory milestone (FDA Phase I IND,
Type C Meeting, End of Phase II MT)

		·	CMC Quality and Technical investigation and
remediation

		·	Prepare, file and maintain US IND with supporting
materials

		·	Provide input and oversight of Phase 1 trial
design and protocol development

		·	Phase 1 site selection, study start-up, and
study execution

		·	CMC formulation, process and product optimization
for Phase 3

		·	Prepare, file, conduct and respond to Type
C and End of Phase 2 meetings 

		·	Immunogenicity assessment

		·	Device consideration

		·	Any and all other Additional Services related
to the Program requested by Program Owner

 

Fees

 

		·	Rezolute employees shall keep track of
the hours that they work on the Program and any invoice submitted by Rezolute shall specify the description of work performed,
who performed the work, and the hours spent for each work. 

		·	Rezolute Employee Hourly Fee: $200 USD.

		·	Rezolute shall seek prior approval of
Program Owner before engaging in any work related to the Services that would exceed $25,000 on an annualized basis. 

		·	Rezolute shall only bill for work performed
by non-general and administrative employees

		·	The fees and expenses of an Independent
Party shall be submitted via invoice for reimbursement. Rezolute shall obtain the pre-approval of Program Owner for fees of expenses
of any Independent Party that would exceed $25,000 on an annualized basis.

 

Reimbursable Service Expenses

 

Direct, actual and necessary out-of-pocket
expenses reasonably incurred, sufficiently described and documented with itemized backups by Rezolute including, without limitation,
travel.

 

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