Document:

Exhibit 10.8

  

Execution Version

 

ESCROW AGREEMENT

 

This
Escrow Agreement (“Agreement”) is made and entered into as of ____, 2020, by and between: Chelsea Worldwide
Inc., a Delaware corporation (the “Purchaser”); and Fortis Advisors LLC, a Delaware limited liability company (the
“Shareholders’ Representative”), as the representative of the Shareholders; and Continental Stock Transfer &
Trust Company, a New York corporation (the “Escrow Agent”).

 

Recitals

 

WHEREAS, Tottenham Acquisition
I Ltd., a British Virgin Islands company (the “Parent”), the Purchaser, Clene Nanomedicine, Inc., a Delaware corporation
(the “Company”), the Shareholders’ Representative and Creative Worldwide Inc., a Delaware corporation (“Merger
Sub”), have entered into that certain Merger Agreement, dated as of September 1, 2020, (as amended or supplemented
from time to time, the “Merger Agreement”), pursuant to which, among
other things and subject to the terms and conditions thereof, (i) Merger Sub is merging with and into the Company, and (ii) certain
stock issuances are to be made to the Company Stockholders (as defined below). A copy of the Merger Agreement is attached hereto
as Exhibit A;

 

WHEREAS, the Merger Agreement
contemplates the establishment of an escrow fund to secure certain rights of Purchaser to indemnification, compensation and reimbursement
as provided in the Merger Agreement; and

 

WHEREAS, pursuant to
Section 14.15 of the Merger Agreement, Fortis Advisors LLC has been irrevocably appointed by the Company Stockholders to serve
as the Shareholders’ Representative in connection with all matters under this Agreement and the resolution of all indemnification
claims under the Merger Agreement.

 

Agreement

 

The parties, intending
to be legally bound, agree as follows:

 

Section 1. Defined
Terms.

 

1.1 Capitalized
terms used and not defined in this Agreement shall have the meanings given to them in the Merger Agreement.

 

1.2 As
used in this Agreement, the term “Company Stockholders” refers to the Persons who were stockholders of the Company
immediately prior to the Effective Time or their respective Affiliates to which the rights under this Agreement have been assigned
as set forth herein. 

 

Section 2. Escrow
and Indemnification.

 

2.1 Shares
and Stock Powers Placed in Escrow. At or following the Effective Time, in accordance with
the Merger Agreement, the Purchaser shall issue the Escrow Shares registered in the names of each of the Company Stockholders evidencing
the shares of Purchaser Common Stock in book-entry form to be held in escrow under this Agreement, and shall cause such Escrow
Shares to be delivered to the Escrow Agent pursuant to the terms of the Merger Agreement. 

 

     

     

    

 

2.2 Escrow
Funds. The Escrow Shares being held in escrow pursuant to this Agreement, together with
any cash received in respect of fractional shares and other distributions on the Escrow Shares, shall collectively constitute an
escrow fund (the “Escrow Fund”) securing the indemnification, compensation and reimbursement rights of Purchaser under
the Merger Agreement. The Escrow Agent agrees to accept delivery of the Escrow Fund and to hold the Escrow Fund in a separate escrow
account (such account, the “Escrow Account”), subject to the terms and conditions of this Agreement and the Merger
Agreement.

 

2.3 Voting
of Escrow Shares. The record owner of the Escrow Shares shall be entitled to exercise
all voting rights with respect to such Escrow Shares. The Escrow Agent is not obligated to distribute to the Company Stockholders
or to the Shareholders’ Representative any proxy materials and other documents relating to the Escrow Shares received by
the Escrow Agent from Purchaser.

 

2.4 Investments.
The Escrow Agent shall invest and reinvest the cash (if any) held in the Escrow Accounts
from time to time in (a) short-term securities issued or guaranteed by the United States Government, its agencies or instrumentalities;
and/or (b) repurchase agreements relating to such securities. Upon the request of either Purchaser or the Shareholders’ Representative,
the Escrow Agent shall provide a statement to the requesting party that describes any deposit, distribution or investment activity
or deductions with respect to any funds held in the Escrow Account in addition to quarterly account statements from the Escrow
Agent.

 

2.5 Interest,
Etc. Purchaser and the Shareholders’ Representative, on behalf of each of the Company
Stockholders, agree that any interest accruing on or income otherwise earned (including any ordinary cash dividends paid in respect
to the Escrow Shares) on any investment of any funds in the Escrow Account shall be held by the Escrow Agent in the Escrow Account.
The aggregate amount of all interest and other income earned on any investment of any funds in the Escrow Account shall be distributed
by the Escrow Agent as set forth in Section 3.

 

2.6 Dividends,
Etc. Purchaser and the Shareholders’ Representative, on behalf of each of the Company
Stockholders, agree that any shares of Purchaser Common Stock or other property (including ordinary cash dividends) distributable
or issuable (whether by way of dividend, stock split or otherwise) in respect of or in exchange for any Escrow Shares (including
pursuant to or as a part of a merger, consolidation, acquisition of property or stock, reorganization or liquidation involving
Purchaser) shall not be distributed or issued to the beneficial owners of such Escrow Shares or Purchaser, as the case may be,
but rather shall be distributed or issued to and held by the Escrow Agent in the Escrow Account as part of the Escrow Fund. Any
securities or other property received by the Escrow Agent in respect of any Escrow Shares held in escrow as a result of any stock
split or combination of shares of Purchaser Common Stock, payment of a stock dividend or other stock distribution in or on shares
of Purchaser Common Stock, or change of Purchaser Common Stock into any other securities pursuant to or as a part of a merger,
consolidation, acquisition of property or stock, reorganization or liquidation involving Purchaser, or otherwise, shall be held
by the Escrow Agent as part of the Escrow Fund.

 

2.7 Transferability.
Except as provided for herein or by operation of law, the interests of the Company Stockholders in the Escrow Fund and in the Escrowed
Shares shall not be pledged, sold, assigned or transferred.

 

2.8 Trust
Fund. The Escrow Fund shall be held as trust funds and shall not be subject to any lien,
attachment, trustee process or any other judicial process of any creditor of any Company Stockholder or Purchaser, respectively,
or of any party hereto. The Escrow Agent shall hold and safeguard the Escrow Fund until the Termination Date (as defined in Section
6) or earlier distribution in accordance with this Agreement.

 

    2

     

    

 

Section 3. Release
of Escrow Shares. 

 

3.1 General.
Within 5 Business Days after receiving either (a) joint written instructions from Purchaser
and the Shareholders’ Representative (“Joint Instructions”), (b) a decision and/or award from the Arbitrator
(an “Arbitration Award”) or (c) an order issued by a court of competent jurisdiction (a “Court Order”)
relating to the release of any Escrow Shares from the Escrow Fund, the Escrow Agent shall release or cause to be released any such
Escrow Shares and any other amounts from the Escrow Fund, as the case may be, in the amounts, to the Persons and in the manner
set forth in such Joint Instructions, Arbitration Award or Court Order. 

 

3.2 Distributions.
Whenever a distribution of a number of shares of Purchaser Common Stock is to be made
pursuant to the terms of this Agreement, the Escrow Agent shall requisition the appropriate number of shares from Purchaser’s
stock transfer agent, delivering to the transfer agent the appropriate Escrow Shares, together with the specific instructions,
as appropriate. Any distributions of Purchaser Common Stock shall be subject to Section 4.2 of the Merger Agreement. Within 5 Business
Days prior to the date the Escrow Agent is required to make a distribution of shares of Purchaser Common Stock or other property
(including ordinary cash dividends) to the Company Stockholders pursuant to the terms of this Agreement, the Escrow Agent shall
provide the Shareholders’ Representative with a notice specifying that a distribution will be made and requesting that the
Shareholders’ Representative update the then current Schedule 1 to this Agreement. The Escrow Agent shall make the corresponding
distributions to the Persons listed on such updated Schedule 1 in accordance with the terms hereof, to their respective addresses
as set forth therein. Notwithstanding anything to the contrary set forth herein, the Escrow Agent shall not be obligated to make
any distribution under this Agreement to the Company Stockholders unless it has received from the Company Stockholders Representatives
an updated Schedule 1 to this Agreement as provided herein. Any distributions to Purchaser pursuant to the terms of this Agreement
shall be made to the address set forth in Schedule 2 hereto.

 

3.3 Disputes.
All disputes, claims, or controversies arising out of or relating to Section 3 of this
Agreement that are not resolved by mutual agreement between Purchaser and the Shareholders’ Representative shall be resolved
solely and exclusively as set forth in Article XII of the Merger Agreement.

 

Section 4. Fees
and Expenses.

 

The Escrow Agent shall
be entitled to receive, from time to time, fees in accordance with Schedule 3. In accordance with Schedule 3, the Escrow Agent
will also be entitled to reimbursement for reasonable and documented out-of-pocket expenses incurred by the Escrow Agent in the
performance of its duties hereunder and the execution and delivery of this Agreement. All such fees and expenses shall be paid
by Purchaser.

 

Section 5. Limitation
of Escrow Agent’s Liability.

 

5.1 The
Escrow Agent undertakes to perform such duties as are specifically set forth in this Agreement only and shall have no duty under
any other agreement or document, and no implied covenants or obligations shall be read into this Agreement against the Escrow Agent.
The Escrow Agent shall incur no liability with respect to any action taken by it or for any inaction on its part in reliance upon
any notice, direction, instruction, consent, statement or other document believed by it in good faith to be genuine and duly authorized,
nor for any other action or inaction except for its own negligence or willful misconduct. In all questions arising under this Agreement,
the Escrow Agent may rely on the advice of counsel, and for anything done, omitted or suffered in good faith by the Escrow Agent
based upon such advice the Escrow Agent shall not be liable to anyone. In no event shall the Escrow Agent be liable for incidental,
punitive or consequential damages.

 

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5.2 Purchaser
and the Shareholders’ Representative, acting on behalf of the Company Stockholders and in its capacity as the Shareholders’
Representative, not in its individual capacity, hereby agree to indemnify the Escrow Agent and its officers, directors, employees
and agents for, and hold it and them harmless against, any loss, liability or expense incurred without negligence or willful misconduct
on the part of Escrow Agent, arising out of or in connection with the Escrow Agent’s carrying out its duties hereunder. This
right of indemnification shall survive the termination of this Agreement and the resignation of the Escrow Agent.

 

Section 6. Termination.

 

This Agreement shall
terminate upon the release by the Escrow Agent of the final amounts held in the Escrow Fund in accordance with Section 3 (the date
of such release being referred to as the “Termination Date”).

 

Section 7. Successor
Escrow Agent.

 

In the event the Escrow
Agent becomes unavailable or unwilling to continue as escrow agent under this Agreement, the Escrow Agent may resign and be discharged
from its duties and obligations hereunder by giving its written resignation to the parties to this Agreement. Such resignation
shall take effect not less than 30 days after it is given to all the other parties hereto. In such event, Purchaser may appoint
a successor Escrow Agent (acceptable to the Shareholders’ Representative, acting reasonably). If Purchaser fails to appoint
a successor Escrow Agent within 15 days after receiving the Escrow Agent’s written resignation, the Escrow Agent shall have
the right to apply to a court of competent jurisdiction for the appointment of a successor Escrow Agent. The successor Escrow Agent
shall execute and deliver to the Escrow Agent an instrument accepting such appointment, and the successor Escrow Agent shall, without
further acts, be vested with all the estates, property rights, powers and duties of the predecessor Escrow Agent as if originally
named as Escrow Agent herein. The Escrow Agent shall act in accordance with written instructions from Purchaser and the Shareholders’
Representative as to the transfer of the Escrow Funds to a successor Escrow Agent.

 

Section 8. Shareholders’
Representative. 

 

8.1 Unless
and until Purchaser and the Escrow Agent shall have received written notice of the appointment of a successor Shareholders’
Representative in accordance with the terms of the Merger Agreement, Purchaser and the Escrow Agent shall be entitled to rely on,
and shall be fully protected in relying on, the power and authority of the Shareholders’ Representative to act on behalf
of the Company Stockholders.

 

Section 9. Miscellaneous.

 

9.1 Attorneys’
Fees. In any action at law or suit in equity to enforce or interpret this Agreement
or the rights of any of the parties hereunder, the prevailing party in such action or suit shall be entitled to receive a reasonable
sum for its attorneys’ fees and all other reasonable costs and expenses incurred in such action or suit.

 

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9.2 Notices.
Any notice or other communication required or permitted to be delivered to any party under this Agreement shall be in writing and
shall be deemed properly delivered, given and received when delivered (by hand, by registered mail, by courier or express delivery
service or by facsimile) to the address or facsimile telephone number set forth beneath the name of such party below (or to such
other address or facsimile telephone number as such party shall have specified in a written notice given to the other parties hereto),
provided that notices deliverable to the Shareholders’ Representative shall be delivered solely via email or facsimile:

 

if to Purchaser:

  

Clene Nanomedicine, Inc.

6550 South Millrock Drive, Suite G50

Salt Lake City, Utah 84121

Attn: Rob Etherington

Facsimile No.: +1 (615) 676-9696

Telephone No.:+1 (801) 676-9695

Email: Rob@clene.com

 

with a copy, which shall not constitute notice, to:

  

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Attn: James Hu

Facsimile No.: +1 (212) 446-6460

Telephone No.: +1 (212) 909-3341

Email: james.hu@kirkland.com

 

if to the Shareholders’ Representative:

 

Fortis Advisors LLC

Attn: Notices Department (Project Midas)

Facsimile No.: (858) 408-1843

Email: notices@fortisrep.com

 

if to the Escrow Agent:

 

Continental
Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, NY 10004

Attention: ____________

Facsimile: ______________ 

 

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Notwithstanding the foregoing, notices addressed to the Escrow
Agent shall be effective only upon receipt. If any notice or other document is required to be delivered to the Escrow Agent and
any other Person, the Escrow Agent may assume without inquiry that notice or other document was received by such other Person on
the date on which it was received by the Escrow Agent.

 

9.3 Headings.
The bold-faced headings contained in this Agreement are for convenience of reference only, shall not be deemed to be a part of
this Agreement and shall not be referred to in connection with the construction or interpretation of this Agreement.

 

9.4 Counterparts
and Exchanges by Facsimile or Other Electronic Transmission.  This Agreement may be executed
in several counterparts, each of which shall constitute an original and all of which, when taken together, shall constitute one
agreement. The exchange of a fully executed Agreement (in counterparts or otherwise) by facsimile or other means of electronic
transmission shall be sufficient to bind the parties to the terms and conditions of this Agreement.

 

9.5 Applicable
Law; Jurisdiction. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York, regardless of the laws that might otherwise govern under applicable principles of conflicts
of laws thereof. Subject to Section 3.5 of this Agreement, in any action between the parties arising out of or relating to this
Agreement or any of the transactions contemplated by this Agreement: (a) each of the parties irrevocably and unconditionally
consents and submits to the non-exclusive jurisdiction and venue of the state and federal courts located in the State of New York;
(b) if any such action is commenced in a state court, then, subject to applicable law, no party shall object to the removal of
such action to any federal court located in the State of New York; and (c) each of the parties irrevocably waives the right to
trial by jury.

 

9.6 Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit
of each of the parties hereto and each of their respective permitted successors and assigns, if any. The rights of a Company Stockholder
under this Agreement may be assigned, delegated or transferred, in whole or in part, by each of the Company Stockholders to any
Affiliate (as defined in Rule 12b-2 under the Exchange Act) of such Company Stockholder, or any other Person, managed fund or managed
client account over which such Company Stockholder or any of its Affiliates exercises investment authority, including, without
limitation, with respect to voting and dispositive rights.

 

9.7 Waiver.
No failure on the part of any Person to exercise any power, right, privilege or remedy under this Agreement, and no delay on the
part of any Person in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver of such
power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy shall preclude
any other or further exercise thereof or of any other power, right, privilege or remedy. No Person shall be deemed to have waived
any claim arising out of this Agreement, or any power, right, privilege or remedy under this Agreement, unless the waiver of such
claim, power, right, privilege or remedy is expressly set forth in a written instrument duly executed and delivered on behalf of
such Person; and any such waiver shall not be applicable or have any effect except in the specific instance in which it is given.

 

9.8 Amendment.
This Agreement may not be amended, modified, altered or supplemented other than by
means of a written instrument duly executed and delivered on behalf of Purchaser, the Shareholders’ Representative and the
Escrow Agent; provided, however, that any amendment executed and delivered by the Shareholders’ Representative shall
be deemed to have been approved by and duly executed and delivered by all of the Company Stockholders.

 

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9.9 Severability.
Any term or provision of this Agreement that is invalid or unenforceable in any situation
in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity
or enforceability of the offending term or provision in any other situation or in any other jurisdiction. If the final judgment
of a court of competent jurisdiction declares that any term or provision hereof is invalid or unenforceable, the parties hereto
agree that the court making such determination shall have the power to limit the term or provision, to delete specific words or
phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and
that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable
as so modified. In the event such court does not exercise the power granted to it in the prior sentence, the parties hereto agree
to replace such invalid or unenforceable term or provision with a valid and enforceable term or provision that will achieve, to
the extent possible, the economic, business and other purposes of such invalid or unenforceable term.

 

9.10 Parties
in Interest.  Except as expressly provided herein, none of the provisions of this
Agreement, express or implied, is intended to provide any rights or remedies to any Person other than the parties hereto and their
respective successors and assigns, if any.

 

9.11 Entire
Agreement. This Agreement and the Merger Agreement set forth the entire understanding
of the parties hereto relating to the subject matter hereof and supersede all prior agreements and understandings among or between
any of the parties relating to the subject matter hereof.

 

9.12 Waiver
of Jury Trial. Each of the parties hereto hereby irrevocably waives any and all right
to trial by jury in any action arising out of or related to this Agreement or the transactions contemplated hereby.

 

9.13 Tax
Reporting Information. The Escrow Agent shall be responsible for incoming reporting to
the Internal Revenue Service with respect to income earned on the Escrow Fund and shall perform any other reporting required by
applicable law. Purchaser agrees to provide the Escrow Agent with a certified tax identification number for Purchaser and the Shareholders’
Representative agree to provide the Escrow Agent with certified tax identification numbers for each of the Company Stockholders
by furnishing appropriate forms W-9 (or Forms W-8, in the case of non-U.S. persons) and any other forms and documents that the
Escrow Agent may reasonably request (collectively, “Tax Reporting Documentation”) to the Escrow Agent within 30 days
after the date hereof. The Escrow Agent shall withhold any taxes required to be withheld under applicable law in connection with
the Escrow Fund and the parties hereto understand that, if such Tax Reporting Documentation is not furnished to the Escrow Agent
in accordance with the immediately preceding sentence, the Escrow Agent shall, to the extent required by the Code or other applicable
law withhold a portion of any interest or other income earned on the investment of monies held by the Escrow Agent pursuant to
this Agreement, and to immediately remit such withholding to the Internal Revenue Service.

 

9.14 Cooperation.
The Shareholders’ Representative on behalf of the Company Stockholders and Purchaser
agree to cooperate fully with each other and the Escrow Agent and to execute and deliver such further documents, certificates,
agreements, stock powers and instruments and to take such other actions as may be reasonably requested by Purchaser, the Shareholders’
Representative or the Escrow Agent to evidence or reflect the transactions contemplated by this Agreement and to carry out the
intent and purposes of this Agreement.

 

9.15 Construction.

 

(a) For
purposes of this Agreement, whenever the context requires: the singular number shall include the plural, and vice versa; the masculine
gender shall include the feminine and neutral genders; the feminine gender shall include the masculine and neutral genders; and
the neutral gender shall include masculine and feminine genders.

 

(b) The
parties hereto agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting party
shall not be applied in the construction or interpretation of this Agreement.

 

(c) As
used in this Agreement, the words “include” and “including,” and variations thereof, shall not be deemed
to be terms of limitation, but rather shall be deemed to be followed by the words “without limitation.”

 

(d) Except
as otherwise indicated, all references in this Agreement to “Sections”, “Schedules” and “Exhibits”
are intended to refer to Sections of this Agreement, Schedules to this Agreement and Exhibits to this Agreement.

 

[Remainder
of page intentionally left blank]

  

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In
Witness Whereof, the parties have duly caused this Agreement to be executed as of the day and year first above written.

 

	 	Chelsea worldwide, inc., a Delaware corporation
	 	 
	 	By: 	                                                                
	 	Name: Jason Ma
	 	Title: Director
	 	 
	 	Fortis Advisors, LLC solely in its capacity as a Shareholders’ Representative
	 	 
	 	By: 	 
	 	Name: Richard Fink
	 	Title: Managing Director

 

	 	Continental Stock Transfer & Trust Company, a New York corporation
	 	 
	 	By: 	                      
	 	Name:
	 	Title:

  

[Escrow Agreement Signature Page]

 

     

     

    

 

Schedule 1

Company Stockholders

  

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

     

     

    

 

Schedule 2

Escrow Shares

  

Number of Escrow Shares:

 

Address for distributions to Purchaser:

 

     

     

    

 

Schedule 3

Escrow Agent’s Fees and Expenses

 

Monthly Fee for holding securities and/or cash:      $________
per month 

 

Additional out of pocket expenses including postage and stationary:     Additional      

 

     

     

    

 

Exhibit A

Merger AgreementExhibit 10.14 

 

LICENSE AGREEMENT

 

THIS

LICENSE AGREEMENT (“Agreement”) and

the Supply Agreement are being entered between CLENE NANOMEDICINE,

INC., a Delaware corporation (“Clene”) and 4LIFE

RESEARCH, LLC, a Utah limited liability company (“4Life”) effective as

of August 31, 2018 (the “Effective Date”). Clene and 4Life are sometimes collectively referred to herein collectively

as the “Parties” or individually as a “Party.”

 

As used herein, the “words

and phrases” immediately following this introductory paragraph shall have the meanings as set forth below.

 

	1.	CERTAIN DEFINITIONS.

 

		1.1.	“Animal Health Care Products” means any product sold

and primarily intended for non-human animal health care or health treatment use.

 

		1.2.	“Base Period Net Sales” means the monthly Net Sales in

countries where the Licensed Products and/or Combination Products are being sold, for the twelve (12) month period (the “Base

Period”) prior to the introduction thereof, calculated on a country-by-country basis.

 

		1.3.	“Certain Human Non-Pharmaceutical Products” means any

product for human use, internally or externally, that (a) is used by consumers and which is not a Human Prescription Medicine or

OTC Human Medicine or medical device or which otherwise makes a claim to mitigate, treat, cure, or prevent any human disease or

disorder subject to regulatory approval by the United States Food and Drug Administration (“FDA”) or another

similar and analogous approval from national regulatory authority of a jurisdiction in the Territory (but excluding approvals that

may be required by national regulatory authorities for purposes other than Human Prescription Medicine or OTC Human Medicine),

or (b) may be agreed upon in writing by Clene and 4Life from time to time, which products are listed in Appendix B as may be updated

by mutual written agreement of the Parties from time to time, provided that such agreement will not be unreasonably withheld or

delayed.

 

		1.4.	“Change in Control” means (a) a sale of a material portion

of the assets of Clene (in one transaction or multiple related transactions); (b) a merger, reorganization, consolidation or similar

transaction whereby the holders of Clene’s outstanding voting power immediately prior to such transaction do not own a majority

of the outstanding voting power of the resulting successor entity (or its ultimate parent, if applicable) immediately on completion

of such transaction; or (c) a sale of the stock of Clene constituting a majority of the voting power of all outstanding stock,

provided that, notwithstanding anything in the foregoing, a public offering of Clene’s securities shall not constitute

a Change in Control.

 

     

     

    

 

		1.5.	“Combination Product(s)” means (a) the combination

                                                                       of the Licensed Products with other ingredients, and (b) low-concentration versions of the Licensed Products, in each case as mutually agreed by the

Parties, for any purpose within the Field.

 

		1.6.	“Electrical Techniques” means that process or processes

which include(s) the communication of at least one electrically conductive electrode with a liquid and wherein at least one electrochemical

process, which utilizes at least one electric power source, occurs involving the at least one electrode and the liquid, as described

in the Licensed Patents and Licensed Know How.

 

		1.7.	“Enhancement” means an improvement on, modification to,

or derivation of the Licensed Products, Licensed Patents or the Licensed Know How.

 

		1.8.	“Field” means the research and development, use and commercialization

of Nutritional Supplements and Certain Human Non-Pharmaceutical Products, for human use, internally or externally, which contain

metallic-based constituent(s) that are formed by Electrical Techniques.

 

		1.9.	“Human Prescription Medicines” means any prescribed substance

to treat or palliate any human disease or disorder or to improve human duration or quality of life.

 

		1.10.	“Incremental Sales of the Licensed Products and the Combination

Products” means the lesser of (a) the increase in Net Sales for the quarter over Base Period Net Sales for the same quarter

of the Base Period or (b) the Combination Product and Licensed Product Net Sales.

 

		1.11.	“Licensed IP” means, collectively, the Licensed Patents,

Licensed Know How and Licensed Products, and all intellectual property rights therein.

 

		1.12.	“Licensed Know How” means all know-how and information

relating to the Licensed Products, including, without limitation, any know-how and information necessary or useful for the research,

development, manufacture or commercialization of the Licensed Products and the Combination Products in the Field, in each case

owned or controlled by Clene or any of its controlled affiliates at any time during the Term of this Agreement, or thereafter.

 

		1.13.	“Licensed Patents” means those patents and patent applications

listed in Appendix A and any continuations, continuations-in-part and divisions of any such patents and patent applications, any

Patents issuing from any of the foregoing, any extensions or supplementary Patent certificated thereto, and all foreign counterparts

thereof, in each case that are owned or controlled by Clene or any of its controlled affiliates during the Term of this Agreement.

 

		1.14.	“Licensed Products” means any products made utilizing

Clene’s Electrical Techniques that are low concentration silver, gold, and other similar low-concentration metal products,

and any other products that may be agreed upon in writing by Clene and 4Life from time to time, which products are listed in Appendix

B.

 

		1.15.	“Losses” means any and all losses, damages,

                                                                        liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs, or expenses of

                                                                        whatever kind, including

reasonable attorneys’ fees and the cost of enforcing any right to indemnification hereunder, and the cost of pursuing any

insurance providers, incurred by any Indemnitee (as defined in Section 4.5.3

of this Agreement).

 

    2 

     

    

 

		1.16.	“Net Sales” means, for a given time period, 4Life and

its affiliates’ product sales using generally accepted accounting principles, net of product returns, plus discounts received

by 4Life’s distributors and customers as part of 4Life’s Life Rewards Plan (compensation plan).

 

		1.17.	“New Intellectual Property” means new applications for

Patents and other intellectual property registrations and know-how specifically with respect to the Combination Products (other

than as solely applicable outside the Field).

 

		1.18.	“Nutritional Supplements” means any food product, and

any dietary supplement or food supplement product intended to supplement the human diet, that is not adulterated and is not a Human

Prescription Medicine or an Over-the-Counter Medicine or a medical device or otherwise subject to regulatory efficacy approval

by the FDA or another similar national regulatory authority of a jurisdiction in the Territory. For clarity, the term Nutritional

Supplement includes all products and uses regulated under the United States Dietary Supplement Health and Education Act of 1994

and 21 C.F.R. 111.

 

		1.19.	“Over-the-counter Human Medicines” or “OTC Human

Medicines” means any non- prescribed substance for use with a claim of efficacy to mitigate, treat, cure, or prevent

any human disease or disorder subject to regulatory approval by the United States Food and Drug Administration (“FDA”)

or another similar and analogous approval from national regulatory authority of a jurisdiction in the Territory (but excluding

approvals that may be required by national regulatory authorities for purposes other than Human Prescription Medicine or OTC Human

Medicine), except as may be deemed to be solely a Nutritional Supplement.

 

		1.20.	“Patent(s)” means (a) issued and unexpired letters patent,

including patent extensions, pediatric extensions, supplementary protection certificates, and any other rights, registrations,

confirmations, reissues, re-examinations, and renewals thereof; (b) patent applications pending approval, including all provisional

applications, continuations, continuations in part, continued prosecution applications, divisionals, validations, revalidations,

utility models, design patents; and (c) renewals thereof or any patent filings substantially equivalent to any of these, and any

foreign counterparts of any of the foregoing.

 

		1.21.	“Purchased Perpetual Exclusivity Option” means that so

long as 4Life has an exclusive license under the terms of this Agreement and the Supply Agreement, then 4Life shall have the exclusive

option to make the license granted to it under this Agreement perpetually exclusive and royalty-free (by providing notice and paying

the value of the Purchased Perpetual Exclusivity Option as specified below in this Agreement) on either (a) January 1 of the third

year after 4Life has first introduced the Licensed Products or Combination Products into the marketplace, and continuing during the Term of this Agreement or (b) written notice from Clene of a Change in Control which notice shall be provided by Clene to 4Life prior to a Change in Control.

 

    3 

     

    

 

		1.22.	“Supply Agreement” means that supply agreement between

the Parties simultaneously executed herewith and which further defines rights and obligations of the Parties.

 

		1.23.	“Territory” means the world.

 

	2.	GRANT OF LICENSE

 

		2.1.	License Grant: Subject to the terms of this Agreement and the Supply

Agreement, Clene hereby grants to 4Life an exclusive, royalty bearing license under the Licensed Patents and Licensed Know How

to develop, make, manufacture, use, sell, and commercialize the Licensed Products within the Field in the Territory. However, 4Life’s

right to manufacture under this Agreement (other than by sourcing Licensed Product from Clene under the Supply Agreement) will

be limited to the circumstances identified in the Supply Agreement specifically permitting manufacturing by 4Life. Clene shall

maintain the exclusive worldwide rights to sell its products for Human Prescription Medicines, Over-the-Counter Human Medicines,

Animal Health Care Products and otherwise outside of the Field.

 

		2.2.	Rights Outside the Field: 4Life shall have no rights, and Clene hereby

reserves all rights, to the Licensed Products, Licensed Patents and Licensed Know How outside the Field.

 

		2.3.	No Implied Rights: Any rights not expressly granted to 4Life under

this Agreement shall be retained by Clene.

 

		2.4.	Exclusive License Limitation: In the event that 4Life fails to meet

its Minimum Sales Commitment (as defined in and pursuant to the terms of the Supply Agreement) during the first two consecutive

calendar years of Minimum Sales Commitments (or any year thereafter), 4Life may continue to maintain exclusivity by paying Clene

the difference between: (a) the Royalty that would have otherwise been earned by Clene if 4Life had met its Minimum Sales Commitment

and (b) actual Royalties paid to Clene. If 4Life fails to pay to Clene such minimum amount within thirty (30) days following the

expiration of such period, Clene shall have the right to permanently convert this exclusive license to a non-exclusive license

(and to cause the Supply Agreement to be non-exclusive) by providing written notice to 4Life within ninety (90) days following

the expiration of such thirty (30) day period. However, 4Life’s foregoing right to buy out its Minimum Sales Commitment will

not apply unless 4Life has been using commercially reasonable efforts to achieve the Minimum Sales Commitments. Also, if 4Life

fails to meet its Minimum Sales Commitment for any two consecutive years (excluding the initial year), Clene shall have the right

to permanently convert the exclusive license to a non-exclusive license (and the Supply Agreement to be non-exclusive) by providing

30 days’ written notice to 4Life.

 

    4 

     

    

 

		2.5.	IP Perpetual Exclusive License Purchase Option: The Purchased Perpetual

Exclusivity Option may be exercised by written notice from 4Life to Clene and prompt payment to Clene of the value thereof. The

Parties will mutually agree on a neutral, third party appraiser experienced in intellectual property

exclusive license valuation to determine the value of the Purchased Perpetual Exclusivity Option.

  

		2.6.	Use of Licensed Products, Licensed Patents, Licensed Know How and Combination

Products: 4Life shall not use, and shall not permit its affiliates, successors, sublicensees, assignees or transferees to use,

the Licensed Products, Licensed Patents, Licensed Know How and Combination Products for any purpose other than commercialization

in the Field in compliance with this Agreement and all applicable laws and regulations.

 

	3.	COLLABORATION ON COMBINATION PRODUCTS

 

		3.1.	Collaboration Intellectual Property Rights:

 

		3.1.1.	Clene and 4Life intend to collaborate to develop Combination Products and

New Intellectual Property. Clene, in consultation with 4Life, will control the preparation, filing, prosecution and maintenance

of the New Intellectual Property, and the New Intellectual Property directed to the Combination Products shall be owned by 4Life.

Notwithstanding Clene’s right to control the preparation, filing, prosecution and maintenance of the New Intellectual Property

in the preceding sentence, Clene shall: (a) keep 4Life currently informed of the filing and progress of all material aspects of

the prosecution of any New Intellectual Property applications and the issuance of patents from any such New Intellectual Property

applications; (b) consult with 4Life concerning any decisions which could affect the scope or enforcement of any issued claims

or the potential abandonment of such New Intellectual Property application and (c) notify 4Life in writing of any additions, deletions,

or changes in the status of such New Intellectual Property application. For clarity, all Licensed Products, Licensed Patents and

Licensed Know How in existence as of the Effective Date remain owned by Clene. Any Enhancement shall be owned by Clene. The Parties

agree to cooperate with each other to protect both New Intellectual Property and Enhancements.

 

		3.1.2.	4Life shall have and exclusively own the sole proprietary interest in any New Intellectual

                                                                                            Property and Clene hereby expressly, irrevocably, unconditionally and perpetually transfers and assigns exclusively to 4Life

                                                                                            or its designee, all rights to, title and interest in, any such New Intellectual Property. Clene shall, from time to time as

                                                                                            requested by 4Life, take all appropriate steps to establish or document 4Life’s ownership in and place 4Life in

                                                                                            possession of such New Intellectual Property, including but not limited to, the execution of appropriate patent applications,

                                                                                            required documents and/or assignments. Without limiting 

 

    5 

     

    

 

	 	 	the foregoing, 4Life hereby grants and agrees to grant to Clene an

                                                                                            exclusive, royalty-free, worldwide license to use, exploit, and exercise all rights in and to any New Intellectual Property

                                                                                            to develop, make, have made, manufacture, have manufactured, use, sell, distribute and commercialize products outside the

                                                                                            Field in the Territory.

  

		3.1.3.	Clene shall have and exclusively own the sole proprietary interest in any

Enhancement and 4Life hereby expressly, irrevocably, unconditionally and perpetually transfers and assigns exclusively to Clene

or its designee, all rights to, title and interest in, any such Enhancement. 4Life shall, from time to time as requested by Clene,

take all appropriate steps to establish or document Clene’s ownership in and place Clene in possession of such Enhancement,

including but not limited to, the execution of appropriate patent applications, required documents and/or assignments.

 

		3.1.4.	The direct costs attributable to securing the New Intellectual Property

registrations shall be shared equally between the Parties.

 

		3.2.	Commercialization: 4Life will employ commercially reasonable efforts

to address the regulatory requirements necessary to introduce the Licensed Products and the Combination Products to the market.

The Parties acknowledge that these efforts will be a multi-year process based on the numerous regulatory requirements applicable

to the Licensed Products or the Combination Products, which include, without limitation: (a) the potential submission of New Dietary

Ingredient notifications to the FDA; (b) safety studies; (c) scientific studies to support structure/function claims; and (d) completion

of international registrations of the Licensed Products and the Combination Products. Subject to collaboration and cost sharing

related to the New Intellectual Property, 4Life will be solely responsible for the development, launch, marketing and commercialization

of the Licensed Products and the Combination Products in the Territory.

 

		3.3.	Royalty: In consideration of the licenses granted to 4Life under

this Agreement, 4Life shall pay to Clene on or before the last day of the month following each calendar quarterly period a royalty

(the “Royalty”) of 3% of the Incremental Sales of the Licensed Products and Combination Products in the Territory

during the respective preceding quarterly period. All Net Sales, Incremental Sales, and Base Period Net Sales amounts shall be

limited to the countries where the Licensed Products and/or Combination Products were sold during such quarterly period. For purposes

of determining Net Sales, all foreign currency for both the current period Net Sales and the Base Period Net Sales shall be translated

using the average exchange rate applicable during the Base Period. For clarity, the Royalty applies whether or not 4Life is sourcing

Licensed Products and/or Combination Products from Clene under the Supply Agreement.

 

    6 

     

    

 

		3.4.	Audit: 4Life shall keep at its corporate headquarters accurate and

complete records of Net Sales necessary to determine the

amounts due to Clene under this Agreement, and such records shall be retained by 4Life for at least the five (5) preceding calendar

years to which the Net Sales relate. During normal business hours and with reasonable advance notice to 4Life, such records shall

be made available for inspection, review and audit, at the request of Clene, by an independent certified public accountant, or

the local equivalent, appointed by Clene and reasonably acceptable to 4Life for the purpose of verifying the accuracy of 4Life’s

accounting reports and payments pursuant to this Agreement. Such audits may not be performed by Clene more than twice per calendar

year. All costs and expenses incurred in performing any such audit shall be paid by Clene unless the audit discloses at least a

five percent (5%) shortfall, in which case 4Life will bear the full cost of the audit. 4Life will be entitled to recover any shortfall

in payments as determined by such audit, calculated in accordance with Section 3.3.

 

	4.	OTHER PROVISIONS

 

		4.1.	Term: The initial term of this Agreement shall begin with the execution

of this Agreement and continue until five (5) years after 4Life’s introduction of the first Nutritional Supplement Licensed

Product or Nutritional Supplement Combination Product into the marketplace (as specified in the Supply Agreement). This Agreement

will be renewable for additional five-year terms upon mutual agreement of the Parties. The initial term and any such mutually agreed

renewals are collectively the “Term.” Upon expiration or termination of this Agreement, the license and Royalty

provided for herein will continue and convert to a non-exclusive license.

 

		4.2.	Insolvency or Bankruptcy of 4Life or Clene: In the event that 4Life

files a petition for bankruptcy or is otherwise deemed insolvent, the exclusive license granted under this Agreement shall immediately

convert to a non-exclusive license. If Clene files a petition for bankruptcy or is otherwise deemed insolvent, then 4Life will

be entitled to terminate the Supply Agreement and exercise the exclusive license to manufacture granted herein. The Parties will

agree that the rights and licenses granted to 4Life under this Agreement shall be deemed to be rights and licenses to “intellectual

property,” as such term is used in and interpreted under section 365(n) of the U.S. Bankruptcy Code (11 U.S.C. § 365(n)).

 

		4.3.	Confidentiality: The Parties hereto will not disclose the terms of

this Agreement or the Supply Agreement to any third party, except to discuss the transaction with their respective financial and

legal advisors, and current and prospective investors and acquirers, who shall abide by this confidentiality obligation

 

    7 

     

    

 

		4.4.	Representations and Warranties:

 

		4.4.1.	Representations and Warranties of Clene: Clene represents, warrants and covenants to 4Life

as follows:

 

		4.4.1.1.	Clene and/or its affiliates are, as of the Effective Date, the exclusive

owner of the Licensed IP, and Clene has not assigned or sold any of it, in whole or in part, or granted any rights in

the Licensed IP to any other person, or committed any other act or omission that would make the granting of the licenses set forth

herein wrongful or that would otherwise preclude 4Life from enjoying the full benefit of the Licensed IP;

  

		4.4.1.2.	Clene and/or its affiliates and successors and permitted assigns, have, and

throughout the Term will retain, the right, power, and authority to grant the license hereunder;

 

		4.4.1.3.	As of the Effective Date there are not any encumbrances, liens, or security

interests involving any Licensed IP that would adversely affect 4Life’s rights under this Agreement;

 

		4.4.1.4.	None of the Licensed IP infringes on any right, claim or interest, including

intellectual property rights, of any third party as of the Effective Date; and

 

		4.4.1.5.	To Clene’s knowledge as of the Effective Date, there is no threatened

or pending infringement claim against Clene with respect to the Licensed IP.

 

		4.4.2.	Covenants of Clene: Clene will keep the Licensed IP free and clear

of any liens or encumbrances that would adversely affect 4Life’s rights under this Agreement, and any act of Clene purporting

to create such a claim, lien, or encumbrance on such Licensed IP shall be void from its inception. Clene will not make any intentional

misrepresentations to any patent office in connection with the prosecution or maintenance of any Licensed Patents, New Intellectual

Property or Enhancements.

 

		4.4.3.	Representations and Warranties of Both Parties: Each Party represents,

warrants and covenants to the other Party that:

 

		4.4.3.1.	it is duly organized, validly existing and in good standing as a corporation

or other entity under the laws of the jurisdiction of its incorporation or other organization;

 

		4.4.3.2.	it has the full right, power and authority to enter into and perform its

obligations and grant the rights, licenses and authorizations it grants and is required to grant under this Agreement;

 

		4.4.3.3.	the execution of this Agreement by its representative whose signature is

set forth at the end of this Agreement has been duly authorized by all necessary corporate or organizational action of such Party;

and

 

		4.4.3.4.	when executed and delivered by both Parties, this Agreement will constitute

the legal, valid and binding obligation of such Party, enforceable against such Party in accordance with its terms.

 

    8 

     

    

	 	 	 
		4.4.4.	Disclaimer of Certain Warranties: EXCEPT AS SET FORTH HEREIN, CLENE

PROVIDES THIS AGREEMENT AND THE LICENSE HEREUNDER ON AN “AS IS” BASIS AND WITHOUT WARRANTY OF ANY KIND, AND HEREBY

DISCLAIMS ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING WITHOUT LIMITATION WARRANTIES OF SUFFICIENCY, MERCHANTABILITY, FITNESS FOR

A PARTICULAR PURPOSE, PERFORMANCE, ACCURACY, AND RELIABILITY.

 

		4.4.5.	Exclusion of Consequential and Other Direct Damages: To the fullest

extent permitted by law, except for breaches of Section 2.1, 4.3 or 4.5, neither Party shall be liable to the other Party for any

injury to or loss of goodwill, reputation, business production, revenues, profits, anticipated profits, contracts, or opportunities

(irrespective of how these are classified as damages), or for any consequential, incidental, indirect, exemplary, special, punitive,

or enhanced damages, whether arising out of breach of contract, tort (including negligence), or otherwise (including the entry

into, performance or breach of this Agreement), regardless of whether such damage was foreseeable and whether or not the other

Party has been advised of the possibility of such damages.

 

		4.5.	Indemnity:

 

		4.5.1.	Indemnification by Clene: Clene shall indemnify, defend, and hold

harmless 4Life and its officers, managers, members, employees, agents, successors, and assigns (each, a “4Life Indemnitee”)

against all Losses arising out of or resulting from any Claim arising out of or resulting from (a) Clene’s breach of any

representation or warranty set forth in Section 4.4 of this Agreement or (b) the infringement or misappropriation of the intellectual

property rights of a third party by the Licensed IP as provided by Clene hereunder, provided that the foregoing shall not apply

to the extent that the infringement arises from 4Life’s modification, enhancement, combination or specific use of the Licensed

IP. For purposes of this Agreement, “Claim” means any third-party claim, action, cause of action, demand, lawsuit,

arbitration, inquiry, audit, notice of violation, proceeding, litigation, citation, summons, subpoena or investigation of any nature,

civil, criminal, administrative, regulatory or other, whether at law, in equity or otherwise.

 

		4.5.2.	Indemnification

by 4Life: 4Life shall indemnify, defend and hold harmless Clene and its officers, directors, employees, agents, successors,

and assigns (each, a “Clene Indemnitee”) against all Losses arising out of or resulting from any Claim related

to, arising out of, or resulting from 4Life’s exercise of the rights and licenses granted herein, except to the extent of

Clene’s indemnification obligations pursuant to Section 4.5.1.

	 	 	 
	 	4.5.3.	Indemnification Procedure. The

                                     4Life Indemnitee or Clene Indemnitee, as applicable (“Indemnitee”), shall

                                     promptly notify the applicable indemnifying Party in writing of any Claim and fully cooperate

                                     with the indemnifying Party at the indemnifying Party's sole cost and expense in the defense of such Claim. The indemnifying Party shall be given the sole right to, and shall, immediately take control of the defense and investigation of the Claim and shall employ counsel reasonably acceptable to indemnified Party to handle and defend the same, at the indemnifying Party’s sole cost and expense. The indemnifying Party shall not settle any Claim in a manner that adversely affects the rights of any indemnified Party without the indemnified Party's prior written consent, which shall not be unreasonably withheld or delayed. The indemnified Party's failure to perform any obligations under this Section 4.5.3 shall not relieve the indemnifying Party of its obligation under this Section 4.5.3 except to the extent that the indemnifying Party can demonstrate that it has been materially prejudiced as a result of the failure. The indemnified Party may participate in and observe the proceedings at its own cost and expense with counsel of its own choosing.

 

    9 

     

    

     

		4.5.4.	Limitations on Indemnification. Notwithstanding anything to the contrary

in this Section 4.5, an indemnifying Party hereunder shall not be obligated to indemnify or defend any Indemnitee against any Action

or corresponding Losses resulting directly from, in whole or in part, Indemnified Party’s or its Affiliates or Representatives

or their Personnel’s: (a) negligence or more culpable act or omission (including recklessness or willful misconduct); or

(b) failure to materially comply with any of its obligations set forth in this Agreement or applicable Law (as that term is defined

in the Supply Agreement).

 

		4.6.	Governing Law; Submission to Jurisdiction:

 

		4.6.1.	THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH INTERNAL

LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF

DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF LAWS OF ANY JURISDICTION OTHER THAN THOSE OF THE STATE

OF DELAWARE.

 

		4.6.2.	Any legal suit, action, or proceeding arising out of or related to this Agreement

or the licenses granted hereunder shall be instituted exclusively in the federal courts of the United States or the courts of the

State of Utah, in each case located in the city of Salt Lake and County of Salt Lake, and each party irrevocably submits to the

exclusive jurisdiction of such courts in any such suit, action, or proceeding. Service of process, summons, notice, or other document

by mail to such party's address set forth herein shall be effective service of process for any suit, action, or other proceeding

brought in any such court.

 

		4.7.	Waiver of Conflicts for Mark G. Mortenson: Each Party acknowledges

that Mark G. Mortenson, counsel for Clene, licensed before the United States Patent and Trademark Office and the Commonwealth of

Virginia (“Mortenson”), has in the past performed legal services for Clene in matters both related and unrelated to the transactions described in this Agreement.

 

    10 

     

    

 

	 	 	Further,

the Parties intend for Mortenson to continue in the future to perform legal services for Clene and to also perform for both Parties

the services related to the New Intellectual Property. Accordingly, each Party hereby (a) acknowledges that they have had an opportunity

to ask for information relevant to this disclosure; (b) acknowledges that Mortenson represented Clene in the transaction contemplated

by this Agreement and will represent the interests of both Parties with regard to the Licensed Products and the Combination Products

which may result in the New Intellectual Property; and (c) gives its informed written consent to Mortenson’s representations

in connection with this Agreement and the transactions contemplated hereby.

 

		4.8.	Miscellaneous: This Agreement may be executed in counterparts,

                                                                       each of which shall be deemed to be an original, but all of which together shall constitute one agreement. The headings of

                                                                       the various sections of this Agreement have been inserted for reference only and shall not be deemed to be a part of this

                                                                       Agreement. This Agreement, together with the Supply Agreement, represents the complete agreement concerning the subject

                                                                       matter hereof between the Parties and supersede all prior agreements and understandings between them with respect thereto.

                                                                       The provisions of this Agreement may be amended or waived only by a writing executed by both Parties. If any provision of

                                                                       this Agreement is held to be unenforceable for any reason, such provision shall be reformed only to the extent necessary to

                                                                       make it enforceable. The Party prevailing in any dispute under this Agreement shall be entitled to its costs and legal fees.

                                                                       Neither Party may assign or otherwise transfer any of its rights or delegate or otherwise transfer any of its obligations or

                                                                       performance under this Agreement without the prior written consent of the other Party, except that a Clene Change in Control

                                                                       shall not constitute an assignment or delegation for purposes of this Agreement

and Clene may so assign and delegate to a successor in a Change in Control without consent, subject to the restrictions in the

next sentence. Clene shall promptly provide written notice to 4Life upon becoming aware of any facts or circumstances reasonably

likely to give rise to a Clene Change in Control, as set forth in Section 7.3 of the Supply Agreement and shall also provide 120

days written notice to 4Life under certain circumstances as described in Section 15.13 of the Supply Agreement. This Agreement

shall be binding upon, enforceable by, and inure to the benefit of the Parties and their respective permitted successors and permitted

assigns.

 

		4.9.	Third Party Beneficiaries: Nothing herein is intended or shall be

construed to confer upon any person or entity other than the Parties and their successors or assigns, any rights or remedies under

or by reason of this Agreement.

  

[SIGNATURE PAGE FOLLOWS]

 

    11 

     

    

 

	4LIFE:	 
	 	 	 
	4LIFE RESEARCH, LLC,	 
	a Utah limited liability company	 
	 	 	 
	By:	                          	 
	Name:	 
	Title:	 

 

	CLENE:	 
	 	 	 
	CLENE NANOMEDICINE, INC.,	 
	a Delaware corporation	 
	 	 	 
	By:	                          	 
	Name:	 
	Title:	 

 

    12 

     

    

 

APPENDIX B

 

LICENSED PRODUCTS

 

Low concentrations of metallic

silver or gold in water, and other similar low-concentration metal products made utilizing Clene’s Electrical Techniques.

 

    13 

    

 

LIST OF OMITTED SCHEDULES

 

The following is a list of all schedules and similar attachments
to this license agreement which have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company hereby agrees to furnish
supplementally a copy of any such omitted materials to the SEC upon request.

 

Appendix A - Licensed Patents

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