Document:

[***]
Portions of this exhibit have been redacted pursuant to Item 601(b)(2) of Regulation S-K as (i) not material and (ii) likely to
cause competitive harm if publicly disclosed. The Company hereby undertakes to furnish unredacted copies of this exhibit upon
request by the Securities and Exchange Commission; provided, however, that the Company may request confidential treatment pursuant
to Rule 24b-2 of the Exchange Act for such unredacted copies of this exhibit.

 

Exhibit
10.1

 

amended
and restated

 

EXCLUSIVE
CHANNEL COLLABORATION AGREEMENT

 

This
AMENDED AND RESTATED Exclusive Channel Collaboration Agreement (the
“Agreement”) is made and entered into effective as of March 1, 2021 (the “Effective
Date”) by and between ELESZTO GENETIKA, INC., a Delaware corporation with offices at 1881 Grove Avenue
Radford, Virginia 24141 (“EGI”), and Oragenics,
Inc., a Florida corporation having its principal place of business at 4902 Eisenhower Blvd., Suite 125, Tampa, FL
33634 (“Oragenics”). EGI and Oragenics may be referred to herein individually as a
“Party”, and collectively as the “Parties.”

 

Recitals

 

WHEREAS,
on June 5, 2012, Oragenics and Intrexon Corporation (“Intrexon”) entered into (i) that certain Exclusive
Channel Collaboration Agreement which was subsequently amended on July 16, 2016 and November 8, 2017 (the “Lantibiotic
ECC”) and (ii) a Stock Issuance Agreement which was subsequently amended on November 8, 2017, to provide for milestone
payments in cash (the “Stock Issuance Agreement”);

 

WHEREAS,
effective January 1, 2020 Intrexon assigned the Lantibiotic ECC and Stock Issuance Agreement to its wholly owned subsidiary, ILH
Holdings, Inc. (“ILH Holdings”);

 

WHEREAS,
in early January 2020 Intrexon sought to change its name to Precigen, Inc. (“Precigen”) and consummate a restructuring;

 

WHEREAS,
as part of the Precigen restructuring, Precigen entered into a Stock and Asset Purchase Agreement with TS Biotechnology Holdings,
LLC (“TS Bio”) effective January 31, 2020 whereby Precigen sold to TS Bio (i) all of the Oragenics common and
preferred stock it held, and (ii) all of the equity interest in its wholly owned subsidiary, ILH Holdings;

 

WHEREAS,
on February 24, 2020, ILH Holdings changed its name to Eleszto Genetika, Inc.; and

 

Whereas,
the Parties desire to amend and restate the
Lantibiotic ECC to (i) reflect the changes in the names of the Parties following the assignment, (ii) remove provisions that were
no longer applicable, (iii) incorporate prior amendments, as applicable, and (iv) incorporate any remaining rights and obligations
under the Stock Issuance Agreement into this Agreement and thereafter terminate the Stock Issuance Agreement.

 

    	 

     

    

 

NOW
THEREFORE, in consideration of the foregoing and the covenants and promises contained herein, the Parties agree as follows:

 

ARTICLE
1

Definitions

 

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

 

1.1
“Affiliate” means, with respect to a particular Party, any other person or entity that directly or indirectly
controls, is controlled by, or is in common control with such Party. As used in this Section 1.1, the term “controls”
(with correlative meanings for the terms “controlled by” and “under common control with”) means the ownership,
directly or indirectly, of more than fifty percent (50%) of the voting securities or other ownership interest of an entity, or
the possession, directly or indirectly, of the power to direct the management or policies of an entity, whether through the ownership
of voting securities, by contract, or otherwise. Notwithstanding the foregoing, any person, corporation, partnership, or other
entity that would be an Affiliate of a Party solely because it and such Party are under common control by Randal J. Kirk shall
not be deemed to be an Affiliate of such Party solely by reason of such control by Randal J. Kirk, with the caveat that, notwithstanding
the foregoing, any entity affiliated with Randal J. Kirk shall be deemed to be an Affiliate solely for purposes of Article 9.

 

1.2
“Applicable Laws” has the meaning set forth in Section 8.2(d)(xii).

 

1.3
“Authorizations” has the meaning set forth in Section 8.2(d)(xii).

 

1.4
“CC” has the meaning set forth in Section 2.2(b).

 

1.5
“Channel-Related Program IP” has the meaning set forth in Section 6.1(c).

 

1.6
“Claims” has the meaning set forth in Section 9.1.

 

1.7
“CMCC” has the meaning set forth in Section 2.2(b).

 

1.8
“Committees” has the meaning set forth in Section 2.2(a).

 

1.9
“Commercialize” or “Commercialization” means any activities directed to marketing, promoting,
distributing, importing for sale, offering to sell and/or selling Oragenics Products.

 

1.10
“Confidential Information” means each Party’s confidential Information, inventions, non-public know-how
or non-public data disclosed pursuant to this Agreement or any other confidentiality agreement between the Parties and shall include,
without limitation, manufacturing, technical, marketing, financial, personnel and other business information and plans, whether
in oral, written, graphic or electronic form.

 

    	 	2	 

    	 	 	 

    

 

1.11
“Control” means, with respect to Information, a Patent or other intellectual property right, that a Party
owns or has a license from a Third Party to such right and has the ability to grant a license or sublicense as provided for in
this Agreement under such right without violating the terms of any agreement or other arrangement with any Third Party.

 

1.12
RESERVED.

 

1.13
“CRC” has the meaning set forth in Section 2.2(b).

 

1.14
“Diligent Efforts” means, with respect to a Party’s obligation under this Agreement, the level of
efforts and resources reasonably required to diligently develop, manufacture, and/or Commercialize (as applicable) each Oragenics
Product in a sustained manner, consistent with the efforts and resources a similarly situated company working in the Field would
typically devote to a product of similar market potential, profit potential, strategic value and/or proprietary protection, based
on market conditions then prevailing. With respect to a particular task or obligation, Diligent Efforts requires that the applicable
Party promptly assign responsibility for such task and consistently make and implement decisions and allocate resources designed
to advance progress with respect to such task or obligation.

 

1.15
RESERVED.

 

1.16
“Excess Product Liability Costs” has the meaning set forth in Section 9.3.

 

1.17
“Executive Officer” means: (i) the Chief Executive Officer of the applicable Party, or (2) another senior
executive officer of such Party who has been duly appointed by the Chief Executive Officer to act as the representative of the
Party to resolve, as the case may be, (a) a Committee dispute, provided that such appointed officer is not a member of the applicable
Committee and occupies a position senior to the positions occupied by the applicable Party’s members of the applicable Committee,
or (b) a dispute described in Section 11.1.

 

1.18
“FDA” has the meaning set forth in Section 8.2(d)(xiii).

 

1.19
“Field Infringement” has the meaning set forth in Section 6.3(b)

 

1.20
“Field” means, irrespective of whether such requires regulatory approval (a) the direct administration
to humans or other animals of a Lantibiotic as an active pharmaceutical ingredient in drug products for the prevention or treatment
of infectious disease, and/or (b) the direct administration to humans or other animals of Streptococcus mutans that is
genetically modified to express a Lantibiotic in vivo as an active pharmaceutical ingredient in drug products for the prevention
or treatment of infectious disease.

 

1.21
“First Commercial Sale” means, with respect to an Oragenics Product and country, the first sale to a Third
Party of such Oragenics Product in such country after regulatory approval (and any pricing or reimbursement approvals, if necessary)
has been obtained in such country.

 

    	 	3	 

    	 	 	 

    

 

1.22
“Fully Loaded Cost” means the direct cost of the applicable good, product or service plus indirect charges
and overheads reasonably allocable to the provision of such good, product or service in accordance with US GAAP. Subject to the
approval of a project and its associated budget by the JSC, EGI will bill for its internal direct costs incurred through the use
of annualized standard full-time equivalents; such rate shall be based upon the actual fully loaded costs of those personnel directly
involved in the provision of such good, product or service. EGI may, from time to time, adjust such full-time equivalent rate
based on changes to its actual fully loaded costs and will review the accuracy of its full-time equivalent rate at least quarterly.
EGI shall provide Oragenics with reasonable documentation indicating the basis for any indirect charges, any allocable overhead,
and any such adjustment in full-time equivalent rate.

 

1.23
“Information” means information, results and data of any type whatsoever, in any tangible or intangible
form whatsoever, including without limitation, databases, inventions, practices, methods, techniques, specifications, formulations,
formulae, knowledge, know-how, skill, experience, test data including pharmacological, biological, chemical, biochemical, toxicological
and clinical test data, analytical and quality control data, stability data, studies and procedures, and patent and other legal
information or descriptions.

 

1.24
“Infringement” has the meaning set forth in Section 6.3(a).

 

1.25
“EGI Channel Technology” means EGI’s current and future technology directed towards the design, identification,
culturing, and/or production of cell lines, including without limitation the technology embodied in the EGI Materials and the
EGI IP, and specifically including without limitation the following of EGI’s platform areas and capabilities: (1) UltraVector®,
(2) DNA and RNA MOD engineering, (3) protein engineering, (4) transcription control chemistry, (5) genome engineering, and (6)
cell system engineering.

 

1.26
“EGI Indemnitees” has the meaning set forth in Section 9.2.

 

1.27
“EGI IP” means the EGI Patents and EGI Know-How.

 

1.28
“EGI Know-How” means all Information (other than EGI Patents) that (a) is Controlled by EGI as of the Effective
Date or during the Term and (b) is reasonably required or useful for Oragenics to conduct the Lantibiotics Program. For the avoidance
of doubt, the EGI Know-How shall include any Information (other than EGI Patents) in the Channel-Related Program IP.

 

1.29
“[*****] Third Party IP” has the meaning set forth in Section 3.8(a).

 

1.30
“EGI Materials” means the genetic code and associated amino acids and gene constructs used alone or in
combination and such other proprietary reagents including but not limited to plasmid vectors, virus stocks, cells and cell lines,
antibodies, and ligand-related chemistry, in each case that are reasonably required or provided to Oragenics to conduct the Lantibiotics
Program.

 

1.31
“EGI Patents” means all Patents that (a) are Controlled by EGI as of the Effective Date or during the Term;
and (b) are reasonably required or useful for Oragenics to conduct the Lantibiotics Program. For the avoidance of doubt, the EGI
Patents shall include any Patent in the Channel-Related Program IP.

 

    	 	4	 

    	 	 	 

    

 

1.32
“EGI Trademarks” means those trademarks related to the EGI Channel Technology that are established from
time to time by EGI for use across its channel partnerships or collaborations.

 

1.33
“Inventions” has the meaning set forth in Section 6.1(b).

 

1.34
“IPC” has the meaning set forth in Section 2.2(b).

 

1.35
“JSC” has the meaning set forth in Section 2.2(b).

 

1.36
RESERVED.

 

1.37
RESERVED.

 

1.38
“Lantibiotics” means antibiotic compounds that contain the polycyclic thioether amino acids lanthionine
or methyllanthionine, as well as, the unsaturated amino acids dehydroalanine and 2-aminoisobutyric acid.

 

1.39
“Lantibiotics Program” has the meaning set forth in Section 2.1.

 

1.40
“Losses” has the meaning set forth in Section 9.1.

 

1.41
RESERVED.

 

1.42
“Net Sales” means, with respect to any Oragenics Product, the net sales of such Oragenics Product by Oragenics
or an Affiliate of Oragenics (including without limitation net sales of Oragenics Product to a non-Affiliate sublicensee but not
including net sales by such non-Affiliate sublicensee), as determined in accordance with US GAAP as the gross amount invoiced
on account of sales of Oragenics Product less the usual and customary discounts as determined in accordance with US GAAP. In the
case of any sale for value, such as barter or counter-trade other than in an arm’s length transaction exclusively for cash,
Net Sales shall be deemed to be the net sales at which substantially similar quantities of the product are sold for cash in an
arm’s length transaction in the relevant country. If Oragenics Product is sold to any third party together with other products
or services, the price of such product, solely for purposes of the calculation of Net Sales, shall be deemed to be no less than
the price at which such product would be sold in a similar transaction to a third party not also purchasing the other products
or services.

 

1.43
“Oragenics Indemnitees” has the meaning set forth in Section 9.1.

 

1.44
“Oragenics Independent IP” has the meaning set forth in Section 6.1(f).

 

1.45
“[*****] Third Party IP” has the meaning set forth in Section 3.8(a).

 

1.46
“Oragenics Product” means any product in the Field that is created, produced, developed, or identified
in whole or in part, directly or indirectly, by or on behalf of Oragenics during the Term through use or practice of EGI Channel
Technology, EGI IP, or the EGI Materials.

 

    	 	5	 

    	 	 	 

    

 

1.47
“Oragenics Program Patent” has the meaning set forth in Section 6.2(b).

 

1.48
“Oragenics Termination IP” means all Patents or other intellectual property that Oragenics or any of its
Affiliates Controls as of the Effective Date or during the Term that cover, or is otherwise necessary or useful for, the development,
manufacture or commercialization of a Reverted Product or necessary or useful for EGI to operate in the Field. Notwithstanding
the foregoing, Oragenics Termination IP shall not include Oragenics Independent IP.

 

1.49
“Patents” means (a) all patents and patent applications (including provisional applications), (b) any substitutions,
divisions, continuations, continuations-in-part, reissues, renewals, registrations, requests for continued examination, confirmations,
re-examinations, extensions, supplementary protection certificates and the like of the foregoing, and (c) any foreign or international
equivalents of any of the foregoing.

 

1.50
RESERVED.

 

1.51
“Product-Specific Program Patent” means any issued EGI Patent where all the claims are directed to Inventions
that relate solely and specifically to Oragenics Products. In the event of a disagreement between the Parties as to whether a
particular EGI Patent is or is not a Product-Specific Program Patent, the Parties shall seek to resolve the issue through discussions
at the IPC, provided that if the Parties are unable to resolve the disagreement, the issue shall be submitted to arbitration pursuant
to Section 11.2. Any EGI Patent that is subject to such a dispute shall be deemed not to be a Product-Specific Program Patent
unless and until (a) EGI agrees in writing that such Patent is a Product-Specific Program Patent or (b) an arbitrator or arbitration
panel determines, pursuant to Article 11, that such EGI Patent is a Product-Specific Program Patent.

 

1.52
“Product Sublicense” has the meaning set forth in Section 3.2(c).

 

1.53
“Product Sublicensee” has the meaning set forth in Section 3.2(c).

 

1.54
“Proposed Terms” has the meaning set forth in Section 11.2.

 

1.55
“Prosecuting Party” has the meaning set forth in Section 6.2(c).

 

1.56
“Recovery” has the meaning set forth in Section 6.3(f).

 

1.57
“Retained Product” has the meaning set forth in Section 10.4(a).

 

1.58
“Reverted Product” has the meaning set forth in Section 10.4(c).

 

1.59
“SEC” means the United States Securities and Exchange Commission.

 

    	 	6	 

    	 	 	 

    

 

1.60
“Sublicensing Revenue” means any cash consideration, or the cash equivalent value of non-cash consideration,
regardless of whether in the form of upfront payments, milestones, or royalties, actually received by Oragenics or its Affiliate
from a Third Party in consideration for a grant of a sublicense under the EGI IP or any rights to develop or commercialize Oragenics
Products, but excluding: (a) any amounts paid as bona fide reimbursement for research and development costs to the extent incurred
following such grant; (b) bona fide loans or any payments in consideration for a grant of equity of Oragenics to the extent that
such consideration is equal to or less than fair market value (i.e. any amounts in excess of fair market value shall be Sublicensing
Revenue); (c) any amounts paid by Oragenics to a Third Party for the right to operate under or utilize Third Party owned intellectual
property that is used to make or use an Oragenics Product underlying the Sublicensing Revenue, (d) subject to the waiver provisions
of Section 5.2(b), any payments received by Oragenics from permitted sublicensees for the first instance (but not subsequent instances)
of attainment of a commercialization milestone event that is the same as (or substantially similar to) a commercialization milestone
event for which EGI is entitled to receive an equity-based milestone payment under Section 5.2(a), and (e) amounts received from
sublicensees in respect of any Oragenics Product sales that are included in Net Sales.

 

1.61
“Superior Therapy” means a therapy in the Field that, based on the data then available, (a) demonstrably
appears to offer either superior efficacy or safety or significantly lower cost of therapy, as compared with both (i) those therapies
that are marketed (either by Oragenics or others) at such time for the indication and (ii) those therapies that are being actively
developed by Oragenics for such indication; (b) demonstrably appears to represent a substantial improvement over such existing
therapies; and (c) has intellectual property protection and a regulatory approval pathway that, in each case, would not present
a significant barrier to commercial development.

 

1.62
“Support Memorandum” has the meaning set forth in Section 11.2.

 

1.63
“Term” has the meaning set forth in Section 10.1.

 

1.64
“Territory” means the entire world.

 

1.65
“Third Party” means any individual or entity other than the Parties or their respective Affiliates.

 

1.66
“Third Party IP” has the meaning set forth in Section 3.8(a).

 

1.67
“Third Security” means Third Security, LLC.

 

1.68
 “US GAAP” means generally accepted accounting principles in the United States.

 

ARTICLE
2

Scope of Channel Collaboration; Management

 

2.1
General. The general purpose of the channel collaboration described in this Agreement will be to use the EGI Channel Technology
to research, develop and commercialize products for use in the Field (collectively, the “Lantibiotics Program”).
As provided below, the JSC shall establish projects for the Lantibiotics Program. Either Party may propose potential projects
in the Field for review and consideration by the JSC.

 

    	 	7	 

    	 	 	 

    

 

2.2
Committees.

 

(a)
Generally. The Parties desire to establish several committees (collectively, “Committees”) to oversee the
Lantibiotics Program and to facilitate communications between the Parties with respect thereto. Each of such Committees shall
have the responsibilities and authority allocated to it in this Article 2. Each of the Committees shall have the obligation to
exercise its authority consistent with the respective purpose for such Committee as stated herein and any such decisions shall
be made in good faith.

 

(b)
Formation and Purpose. Promptly following the Effective Date, the Parties shall confer and then create the Committees listed
in the chart below, each of which shall have the purpose indicated in the chart. To the extent that after conferring both Parties
agree that a given Committee need not be created until a later date, the Parties may agree to defer the creation of the Committee
until one Party informs the other Party of its then desire to create the so-deferred Committee, at which point the Parties will
thereafter promptly create the so-deferred Committee and schedule a meeting of such Committee within one (1) month.

 

	Committee	 	Purpose
	 	 	 
	Joint
    Steering Committee (“JSC”)	 	Establish
    projects for the Lantibiotics Program and establish the priorities, as well as approve budgets for such projects. Approve
    all subcommittee projects and plans.
	 	 	 
	Chemistry,
    Manufacturing and Controls Committee (“CMCC”)	 	Establish
    project plans and review and approve activities and budgets for chemistry, manufacturing, and controls under the Lantibiotics
    Program.
	 	 	 
	Clinical/Regulatory
    Committee (“CRC”)	 	Review
    and approve all research and development plans, clinical projects and publications, and regulatory filings and correspondence
    under the Lantibiotics Program; review and approve itemized budgets with respect to the foregoing.
	 	 	 
	Commercialization
    Committee (“CC”)	 	Establish
    project plans and review and approve activities and budgets for commercialization activities under the Lantibiotics Program.
	 	 	 
	Intellectual
    Property Committee (“IPC”)	 	Evaluate
    intellectual property issues in connection with the Lantibiotics Program; review and approve itemized budgets with respect
    to the foregoing.

 

    	 	8	 

    	 	 	 

    

 

2.3
General Committee Membership and Procedure.

 

(a)
Membership. For each Committee, each Party shall designate an equal number of representatives (not to exceed four (4) for
each Party) with appropriate expertise to serve as members of such Committee. For the JSC the representatives must all be employees
of such Party or an Affiliate of such Party, and for Committees other than the JSC the representatives must all be employees of
such Party or an Affiliate of such Party with the caveat that each Party may designate for each such other Committee up to one
(1) representative who is not an employee if : (i) such non-employee representative agrees in writing to be bound to the terms
of this Agreement for the treatment and ownership of Confidential Information and Inventions of the Parties, and (ii) the other
party consents to the designation of such non-employee representative, which consent shall not be unreasonably withheld. Each
representative as qualified above may serve on more than one Committee as appropriate in view of the individual’s expertise.
Each Party may replace its Committee representatives at any time upon written notice to the other Party. Each Committee shall
have a chairperson; the chairperson of each committee shall serve for a two-year term and the right to designate which representative
to the Committee will act as chairperson shall alternate between the Parties, with Oragenics selecting the chairperson first for
the JSC, CRC and CC, and EGI selecting the chairperson first for the CMCC and IPC. The chairperson of each Committee shall be
responsible for calling meetings, preparing and circulating an agenda in advance of each meeting of such Committee, and preparing
and issuing minutes of each meeting within fifteen (15) days thereafter.

 

(b)
Meetings. Each Committee shall hold meetings at such times as it elects to do so, but in no event shall such meetings be held
less frequently than once every six (6) months, with the caveat that both Parties may agree to suspend activities of a given Committee
other than the JSC until such time as one Party informs the other Party of its then desire to reactivate the so-suspended Committee,
at which point the Parties will thereafter schedule and hold the next meeting for the reactivated Committee within one (1) month.
Meetings of any Committee may be held in person or by means of telecommunication (telephone, video, or web conferences). To the
extent that a Committee holds any meetings in person, the Parties will alternate in designating the location for such in-person
meetings, with Oragenics selecting the first meeting location for each Committee. A reasonable number of additional representatives
of a Party may attend meetings of a Committee in a non-voting capacity. Each Party shall be responsible for all of its own expenses
of participating in any Committee excepting that an EGI employee or agent serving on a Committee shall not prevent EGI from recouping
the Fully Loaded Costs otherwise derived from the labor of that employee or agent in the course of providing manufacturing or
support services as set forth in Sections 4.6 and 4.7 below.

 

(c)
Meeting Agendas. Each Party will disclose to the other proposed agenda items along with appropriate information at least three
(3) business days in advance of each meeting of the applicable Committee; provided, that a Party may provide its agenda items
to the other Party within a lesser period of time in advance of the meeting, or may propose that there not be a specific agenda
for a particular meeting, so long as such other Party consents to such later addition of such agenda items or the absence of a
specific agenda for such Committee meeting.

 

(d)
Limitations of Committee Powers. Each Committee shall have only such powers as are specifically delegated to it hereunder
or from time to time as agreed to in writing by the mutual consent of the Parties and shall not be a substitute for the rights
of the Parties. Without limiting the generality of the foregoing, no Committee shall have any power to amend this Agreement. Any
amendment to the terms and conditions of this Agreement shall be implemented pursuant to Section 12.7 below.

 

    	 	9	 

    	 	 	 

    

 

2.4
Committee Decision-Making. If a Committee is unable to reach unanimous consent on a particular matter within thirty (30) days
of its initial consideration of such matter, then either Party may provide written notice of such dispute to the Executive Officer
of the other Party. The Executive Officers of each of the Parties will meet at least once in person or by means of telecommunication
(telephone, video, or web conferences) to discuss the dispute and use their good faith efforts to resolve the dispute within thirty
(30) days after submission of such dispute to the Executive Officers. If any such dispute is not resolved by the Executive Officers
within thirty (30) days after submission of such dispute to such officers, then the Executive Officer of the Party specified in
the applicable subsection below shall have the authority to finally resolve such dispute acting in good faith.

 

(a)
Casting Vote at JSC. If a dispute at the JSC is not resolved pursuant to Section 2.4 above, then the Executive Officer of
Oragenics shall have the authority to finally resolve such dispute.

 

(b)
Casting Vote at CMCC. If a dispute at the CMCC is not resolved pursuant to Section 2.4 above, then (i) in the case of any
disputes relating to the EGI Materials, the manufacture of an Oragenics Product active pharmaceutical ingredient, or the manufacturing
of other components of Oragenics Products contracted for or manufactured by EGI, the Executive Officer of EGI shall have the authority
to finally resolve such dispute; and (ii) in the case of any other disputes, the Executive Officer of Oragenics shall have the
authority to finally resolve such dispute.

 

(c)
Casting Vote at CRC. If a dispute at the CRC is not resolved pursuant to Section 2.4 above, then the Executive Officer of
Oragenics shall have the authority to finally resolve such dispute.

 

(d)
Casting Vote at CC. If a dispute at the CC is not resolved pursuant to Section 2.4 above, then the Executive Officer of Oragenics
shall have the authority to finally resolve such dispute.

 

(e)
Casting Vote at IPC. If a dispute at the IPC is not resolved pursuant to Section 2.4 above, then the Executive Officer of
EGI shall have the authority to finally resolve such dispute, provided that such authority shall be shared by the Parties with
respect to Product-Specific Program Patents (i.e., neither Party shall have the casting vote on such matters, and any such disputes
shall be resolved pursuant to Article 11).

 

(f)
Other Committees. If any additional Committee other than those set forth in Section 2.2(b) is formed, then the Parties shall,
at the time of such formation, agree on which Party shall have the authority to finally resolve a dispute that is not resolved
pursuant to Section 2.4 above.

 

    	 	10	 

    	 	 	 

    

 

(g)
Restrictions. Neither Party shall exercise its right to finally resolve a dispute at a Committee in accordance with this Section
2.4 in a manner that (i) excuses such Party from any of its obligations specifically enumerated under this Agreement; (ii) expands
the obligations of the other Party under this Agreement; (iii) negates any consent rights or other rights specifically allocated
to the other Party under this Agreement; (iv) purports to resolve any dispute involving the breach or alleged breach of this Agreement;
(v) resolves a matter if the provisions of this Agreement specify that mutual agreement is required for such matter; or (vi) would
require the other Party to perform any act that is inconsistent with applicable law.

 

ARTICLE
3

License Grants

 

3.1
Licenses to Oragenics.

 

(a)
Subject to the terms and conditions of this Agreement, EGI hereby grants to Oragenics a license under the EGI IP to research,
develop, use, import, export, make, have made, sell, and offer for sale Oragenics Products in the Field in the Territory. Such
license shall be exclusive (even as to EGI) with respect to any clinical development, selling, offering for sale or other Commercialization
of Oragenics Products in the Field, and shall be otherwise non-exclusive.

 

(b)
Subject to the terms and conditions of this Agreement, EGI hereby grants to Oragenics a non-exclusive, royalty-free license
to use and display the EGI Trademarks, solely in connection with the Commercialization of Oragenics Products, in the promotional
materials, packaging, and labeling for Oragenics Products, as provided under and in accordance with Section 4.9.

 

3.2
Sublicensing. Except as provided below, Oragenics shall not sublicense the rights granted under Section 3.1 to any Third Party,
or transfer the EGI Materials to any Third Party, or otherwise grant any Third Party the right to research, develop, use, or Commercialize
Oragenics Products or use or display the EGI Trademarks, in each case except with EGI’s written consent, which written consent
may be withheld in EGI’s sole discretion. Notwithstanding the foregoing, Oragenics shall have a limited right to sublicense
under the circumstances described in Sections 3.2(a) through 3.2(c) below. The parties shall agree, in connection with any such
sublicense not covered under Sections 3.2(a) through 3.2(c) below, on the applicable Sublicensing Revenue Rate (as defined herein)
with respect to such sublicense.

 

(a)
Oragenics may transfer, to the extent reasonably necessary, EGI Materials that are or express active pharmaceutical ingredients
to a Third Party contractor performing fill/finish responsibilities for Oragenics Products, and may grant any sublicenses necessary
to enable such Third Party to perform such activities.

 

(b)
Oragenics may, with EGI’s written consent, which written consent shall not be unreasonably withheld, conditioned, or
delayed, sublicense the rights granted under Section 3.1 to an Affiliate, or transfer the EGI Materials to an Affiliate, or grant
an Affiliate the right to research, develop, use, or Commercialize Oragenics Products or use or display the EGI Trademarks. In
the event that EGI consents to any such grant or transfer to an Affiliate, Oragenics shall remain responsible for, and be guarantor
of, the performance by any such Affiliate and shall cause such Affiliate to comply with the provisions of this Agreement in connection
with such performance (as though such Affiliate were Oragenics), including any payment obligations owed to EGI hereunder.

 

    	 	11	 

    	 	 	 

    

 

(c)
Oragenics may grant a sublicense of the rights granted under Section 3.1 to a Third Party licensee of any Oragenics Product
(a “Product Sublicensee”) to the extent necessary to permit such Third Party to research, develop, use, import,
export, make, have made, sell, and offer for sale that Oragenics Product (a “Product Sublicense”), provided,
that (i) such Product Sublicense is expressly limited to the appropriate Oragenics Product, (ii) does not grant the Product Sublicensee
any rights to EGI IP other than that incorporated into the Oragenics Product at the time of the Product Sublicense, (iii) does
not purport to relieve Oragenics of any of its obligations under this Agreement, (iv) the Product Sublicensee agrees in writing,
in a document in form reasonably acceptable to EGI and to which EGI is an express third party beneficiary, to abide by the following
provisions of this Agreement: Sections 3.1., 3.3-3.6, 3.8, 3.10, and 3.11 and Articles VI, VII, and X), and (v) the Product Sublicense
is presented in full to the JSC by Oragenics before execution by Oragenics and the prospective Product Sublicensee and as soon
as is reasonably practical for the purpose of allowing the JSC to review and comment upon the terms and scope of the Product Sublicense
agreement before execution.

 

3.3
Limitation on Sublicensees. None of the enforcement rights under the EGI Patents that are granted to Oragenics pursuant to
Section 6.3 shall be transferred to, or exercised by, a sublicensee except with EGI’s prior written consent, which may be
withheld in EGI’s sole discretion.

 

3.4
No Non-Permitted Use. Oragenics hereby covenants that it shall not, nor shall it permit any Affiliate or, if applicable, (sub)licensee,
to use or practice, directly or indirectly, any EGI IP, EGI Channel Technology, or EGI Materials for any purposes other than those
expressly permitted by this Agreement.

 

3.5
Exclusivity. EGI and Oragenics mutually agree that, under the channel collaboration established by this Agreement, it is intended
that the Parties will be exclusive to each other in the Field. To this end, neither EGI nor its Affiliates shall make the EGI
Channel Technology or EGI Materials available to any Third Party for the purpose of developing or Commercializing products in
the Field, and neither EGI nor any Affiliate shall pursue (either by itself or with a Third Party or Affiliate) the research,
development or Commercialization of any product for purpose of sale in the Field, outside of the Lantibiotics Program. Further,
other than Oragenics’ activities within the Lantibiotics Program, neither Oragenics nor its Affiliates shall pursue (either
by itself or with a Third Party or Affiliate) the research, development or Commercialization of any product that uses, incorporates,
references in a related regulatory filing, or is produced from EGI Channel Technology, EGI Materials, or EGI IP for purpose of
sale in the Field. For clarity, Oragenics may continue to research, develop, use, manufacture, and Commercialize Lantibiotics
using traditional synthetic chemistry techniques insofar as and for so long as such synthetic chemistry efforts are and remain
entirely independent of the Lantibiotics Program and such Lantibiotic does not use, incorporate, reference in a related regulatory
filing, or get produced from EGI Channel Technology, EGI Materials, or EGI IP.

 

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3.6
Off Label Use. For purpose of clarity, (a) following the First Commercial Sale of an Oragenics Product, the use by direct
or indirect purchasers or other users of Oragenics Products outside the Field (i.e. “off label use”) shall not constitute
a breach by Oragenics of the terms of Section 3.3 or 3.4, provided that neither Oragenics nor its Affiliate (nor any Third Party
under contract with either of them) marketed or promoted Oragenics Products for such off-label use; and (b) following the First
Commercial Sale of a product by EGI, an EGI Affiliate, or a Third Party sublicensee, collaborator, or partner of EGI, the use
by direct or indirect purchasers or other users of such products in the Field (i.e. “off label use”) shall not constitute
a breach by EGI of the terms of Section 3.4, provided that neither EGI nor its Affiliate (nor any Third Party under contract with
either of them) marketed or promoted such products for such off-label use.

 

3.7
No Prohibition on EGI. Except as explicitly set forth in Sections 3.1 and 3.4, nothing in this Agreement shall prevent EGI
from practicing or using the EGI Materials, EGI Channel Technology, and EGI IP for any purpose, and to grant to Third Parties
the right to do the same. Without limiting the generality of the foregoing, Oragenics acknowledges that EGI has all rights, in
EGI’s sole discretion, to make the EGI Materials, EGI Channel Technology (including any active pharmaceutical ingredient
used in an Oragenics Product), and EGI IP available to Third Party channel partners or collaborators for use in fields outside
the Field.

 

3.8
Rights to Clinical and Regulatory Data. Oragenics shall own and control all clinical data and regulatory filings relating
to Commercialization of Oragenics Products during the Term. Oragenics shall provide full copies of all clinical and non-clinical
data and reports, regulatory filings, and communications from regulatory authorities that relate specifically and solely to Oragenics
Products. To the extent that there exist any clinical and non-clinical data and reports, regulatory filings, and communications
from regulatory authorities owned by Oragenics or a Product Sublicensee that relate both to Oragenics Products and other products
produced by Oragenics or a Product Sublicensee outside the Field, Oragenics shall provide (or require that the Product Sublicensee
provide) to EGI upon EGI’s request copies of the portions of such data, reports, filings, and communications that relate
to Oragenics Products. EGI shall be permitted, directly or in conjunction with or through partners or other channel collaborators,
to reference this data, reports, filings, and communications relating to Oragenics Products in regulatory filings made to obtain
regulatory approval for products indicated for use in fields outside the Field. EGI shall have the right to use any such information
in developing and Commercializing products outside the Field and to license any Third Parties to do so.

 

3.9
Third Party Licenses.

 

(a)
[*****] shall obtain, [*****], any licenses from Third Parties that are required in order to practice the EGI Channel
Technology in the Field where the licensed intellectual property is directed towards the manufacture of gene constructs, genetic
transformation, methods for altering or controlling genetic expression, or cell lines (but excluding intellectual property directed
to any specific Lantibiotic) (“[*****] Third Party IP”). Other than with respect to [*****] Third Party
IP, [*****] shall be solely responsible for obtaining, at its sole expense, any licenses from Third Parties that [*****]
determines, in its sole discretion, are required in order to lawfully make, use, sell, offer for sale, or import Oragenics
Products (“[*****] Third Party IP”). [*****] Third Party IP and [*****] Licensed Third Party
IP are collectively referred to as “Third Party IP”.

 

    	 	13	 

    	 	 	 

    

 

(b)
In the event that either Party desires to license from a Third Party any [*****] Third Party IP or Oragenics Licensed
Third Party IP, such Party shall so notify the other Party, and the IPC shall discuss such Third Party IP and its applicability
to the Oragenics Products and to the Field. As provided above in Section 3.9(a), [*****] shall have the sole right and
responsibility to pursue a license under [*****] Third Party IP, and [*****] hereby covenants that it shall not
itself directly license such [*****] Third Party IP at any time, provided that [*****] may (but shall not
be obligated to) obtain such a license directly if the Third Party owner or licensee of such [*****] Third Party IP brings
an infringement action against [*****] or its Affiliates and, after written notice to [*****] of such action, [*****]
fails to obtain a license to such [*****] Third Party IP within ninety (90) days after such notice. Following the IPC’s
discussion of any [*****] Third Party IP, subject to Section 3.9(c), [*****] shall have the right to pursue a license
under [*****] Third Party IP, at [*****] sole expense. For the avoidance of doubt, EGI may at any time obtain a
license under [*****] Third Party IP outside the Field, at [*****] sole expense, provided that if [*****]
decides to seek to obtain such a license, it shall use reasonable efforts to coordinate its licensing activities in this regard
with [*****].

 

(c)
[*****] shall provide the proposed terms of any license under [*****] Third Party IP and the final version of the definitive
license agreement for any [*****] Third Party IP to the IPC for review and discussion prior to signing, and shall consider
[*****] comments thereto in good faith. To the extent that [*****] obtains a license under [*****] Third
Party IP, [*****] shall provide the final version of the definitive license agreement for such [*****] Third Party
IP to the IPC. If [*****] acquires rights under any Third Party IP outside the Field, it will do so on a non-exclusive
basis unless it obtains the prior written consent of EGI for such license outside the Field to be exclusive. Any Party that is
pursuing a license to any Third Party IP with respect to the Field under this Section 3.9 shall keep the other Party reasonably
informed of the status of any negotiations relating thereto. For purposes of clarity, (i) any costs incurred by EGI in obtaining
and maintaining licenses to [*****] Third Party IP shall be borne solely by [*****], and (ii) any costs incurred
by [*****] in obtaining and maintaining licenses to [*****] Third Party IP (and, to the limited extent provided
in subsection (b), [*****] Third Party IP) shall be borne solely by [*****].

 

(d)
For any Third Party license under which Oragenics or its Affiliates obtain a license under Patents claiming inventions or
know-how specific to or used or incorporated into the development, manufacture, and/or Commercialization of Oragenics Products,
Oragenics shall use commercially reasonable efforts to ensure that Oragenics will have the ability, pursuant to Section 10.4(h),
to assign such agreement to EGI or grant a sublicense to EGI thereunder (having the scope set forth in Section 10.4(h)).

 

(e)
The licenses granted to Oragenics under Section 3.1 may include sublicenses under EGI IP that has been licensed to EGI by
one or more Third Parties. Any such sublicenses are subject to the terms and conditions set forth in the applicable upstream license
agreement, subject to the cost allocation set forth in Section 3.9(c), provided that EGI shall either provide unredacted
copies of such upstream license agreements to Oragenics or shall disclose in writing to Oragenics all of such terms and conditions
that are applicable to Oragenics. Oragenics shall not be responsible for complying with any provisions of such upstream license
agreements unless, and to the extent that, such provisions have been disclosed to Oragenics as provided in the preceding sentence.

 

    	 	14	 

    	 	 	 

    

 

(f)
If either Party receives notice from a Third Party concerning activities of a Party taken in conjunction with performance
of obligations under this Agreement, which notice alleges infringement by a Party of, or offers license under, Patents or other
intellectual property rights owned or controlled by that Third Party, the receiving Party shall inform the other party thereof
within five (5) business days.

 

3.10
Licenses to EGI. Subject to the terms and conditions of this Agreement, Oragenics hereby grants to EGI a non-exclusive, worldwide,
fully-paid, royalty-free license, under any applicable Patents or other intellectual property Controlled by Oragenics or its Affiliates,
solely to the extent necessary for EGI to conduct those responsibilities assigned to it under this Agreement, which license shall
be sublicensable solely to EGI’s Affiliates or to any of EGI’s permitted subcontractors.

 

3.11
Restrictions Relating to EGI Materials. Oragenics and its permitted sublicensees shall use the EGI Materials solely for purposes
of the Lantibiotics Program and not for any other purpose without the prior written consent of EGI. With respect to the EGI Materials
comprising EGI’s vector assembly technology, Oragenics shall not, and shall ensure that Oragenics personnel and permitted
sublicensees do not (a) distribute, sell, lend or otherwise transfer such EGI Materials to any Third Party; (b) co-mingle such
EGI Materials with any other proprietary biological or chemical materials without EGI’s written consent; or (c) analyze
such EGI Materials or in any way attempt to reverse engineer or sequence such EGI Materials.

 

ARTICLE
4

Other Rights and Obligations

 

4.1
Development and Commercialization. Subject to Sections 4.6 and 4.7, Oragenics shall be solely responsible for the performance
of the Lantibiotics Program and the development and commercialization of Oragenics Products in the Field. Oragenics shall be responsible
for all costs incurred in connection with the Lantibiotics Program except that EGI shall be responsible for the following: (a)
costs of establishing manufacturing capabilities and facilities in connection with EGI’s manufacturing obligation under
Section 4.6 (provided, however, that EGI may include an allocable portion of such costs, through depreciation and amortization,
when calculating the Fully Loaded Cost of manufacturing Oragenics Product, to the extent such allocation, depreciation, and amortization
is permitted by US GAAP, it being recognized that the majority of non-facilities scale-up costs cannot be capitalized and amortized
under US GAAP); (b) costs of basic research with respect to the EGI Channel Technology and EGI Materials (i.e., platform improvements)
but, for clarity, excluding research described in Section 4.7 or research requested by the JSC for the development of an Oragenics
Product (which research costs shall be reimbursed by Oragenics); (c) [*****]; and (d) costs of filing, prosecution and
maintenance of EGI Patents. The costs encompassed within subsection (a) above shall include the scale-up of EGI Materials and
related active pharmaceutical ingredients for clinical trials and commercialization of Oragenics Products undertaken pursuant
to Section 4.6, which shall be at EGI’s cost whether it elects to conduct such efforts internally or through Third Party
contractors retained by either EGI or Oragenics (with EGI’s consent).

 

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4.2
Transfer of Technology and Information. The JSC shall develop a plan and protocol for each project and timing for the transfer
of relevant data and EGI Materials.

 

4.3
Information and Reporting. Oragenics will keep EGI informed about Oragenics’ efforts to develop and commercialize Oragenics
Products, including reasonable and accurate summaries of Oragenics’ (and its Affiliates’ and, if applicable, (sub)licensees’)
global development plans (as updated), including preclinical, clinical and regulatory plans, global marketing plans (as updated),
progress towards meeting the goals and milestones in such plans and explanations of any material deviations, and significant developments
in the development and/or commercialization of the Oragenics Products, including initiation or completion of a clinical trial,
submission of a United States or international regulatory filing, receipt of a response to such United States or international
regulatory filing, clinical safety event, receipt of Regulatory Approval, or commercial launch. As set forth in Section 3.8 above,
Oragenics shall also provide to EGI copies of all final preclinical protocols and reports, final clinical protocols and reports,
and regulatory correspondence and filings generated by Oragenics as soon as practical after they become available. EGI will keep
Oragenics informed about EGI’s efforts (a) to establish manufacturing capabilities and facilities for Oragenics Products
(and EGI Materials relevant thereto) and otherwise perform its manufacturing responsibilities under Section 4.6 and (b) to undertake
discovery-stage research for the Lantibiotics Program with respect to the EGI Channel Technology and EGI Materials. Unless otherwise
provided herein, such disclosures by Oragenics and EGI will be made in the course of JSC meetings at least once every six (6)
months while Oragenics Products are being developed or commercialized anywhere in the world, and shall be reflected in the minutes
of such meetings.

 

4.4
Regulatory Matters. At all times after the Effective Date, Oragenics shall own and maintain, at its own cost, all regulatory
filings and regulatory approvals for Oragenics Products that Oragenics is developing or Commercializing pursuant to this Agreement.
As such, Oragenics shall be responsible for reporting all adverse events related to such Oragenics Products to the appropriate
regulatory authorities in the relevant countries, in accordance with the applicable laws and regulations of such countries. To
the extent that EGI will itself develop, or in collaboration with other third parties develop, EGI Materials outside of the Field,
EGI may request that Oragenics and EGI establish and execute a separate safety data exchange agreement, which agreement will address
and govern the timely exchange of safety information generated by Oragenics, EGI, and relevant third parties with respect to specific
EGI Materials. The decision to list or not list Patents in any regulatory filing for an Oragenics Product (for example, as required
by 21 C.F.R. § 314.53(b)), add or delete a Patent from a regulatory filing, or to otherwise identify a Patent to a third
party in compliance with laws or regulations relating to regulatory approvals (for example, in compliance with 42 U.S.C. §
262(a)(1)(A)(k) et seq.) shall be determined by EGI, after consultation with Oragenics, except with respect to Product Specific
Program Patents, which will be mutually determined by the Parties.

 

4.5
Diligence.

 

(a)
Oragenics shall use, and shall require its Product Sublicensees to use, Diligent Efforts to develop and commercialize Oragenics
Products.

 

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(b)
Without limiting the generality of the foregoing, EGI may, from time to time, notify Oragenics that it believes it has identified
a Superior Therapy, and in such case EGI shall provide to Oragenics its then-available information about such therapy and reasonable
written support for its conclusion that the therapy constitutes a Superior Therapy. Oragenics shall have the following obligations
with respect to such proposed Superior Therapy: (i) within sixty (60) days after such notification, Oragenics shall prepare and
deliver to the JSC for review and approval a development plan detailing how Oragenics will pursue the Superior Therapy (including
a proposed budget); (ii) Oragenics shall revise the development plan as directed by the JSC; and (iii) following approval of the
development plan by the JSC, Oragenics shall use Diligent Efforts to pursue the development of the Superior Therapy under the
Lantibiotics Program in accordance with such development plan. If Oragenics fails to comply with the foregoing obligations, or
if Oragenics unreasonably exercises its casting vote at the JSC to either (x) prevent the approval of a development plan for a
Superior Therapy; (y) delay such approval more than sixty (60) days after delivery of the development plan to the JSC; or (z)
approve a development plan that is insufficient in view of the nature and magnitude of the opportunity presented by the Superior
Therapy, then EGI shall have the termination right set forth in Section 10.2(c) (subject to the limitation set forth therein).
For clarity, any dispute arising under this 4.5, including any dispute as to whether a proposed project constitutes a Superior
Therapy (as with any other dispute under this Agreement) shall be subject to dispute resolution in accordance with Article 11.

 

(c)
The activities of Oragenics’ Affiliates and any permitted sublicensees shall be attributed to Oragenics for the purposes
of evaluating Oragenics’ fulfillment of the obligations set forth in this Section 4.5.

 

4.6
Manufacturing. EGI shall have the option and, in the event it so elects, shall use Diligent Efforts, to perform any manufacturing
activities in connection with the Lantibiotics Program that relate to the EGI Materials, the manufacture of bulk drug product,
the manufacturing of bulk quantities of other components of Oragenics Products, or any earlier steps in the manufacturing process
for Oragenics Products. To the extent that EGI so elects, EGI may request that Oragenics and EGI establish and execute a separate
manufacturing and supply agreement, which agreement will establish and govern the production, quality assurance, and regulatory
activities associated with manufacture of EGI Materials. Except as provided in Section 4.1, any manufacturing undertaken by EGI
pursuant to the preceding sentence shall be performed in exchange for cash payments equal to EGI’s Fully Loaded Cost in
connection with such manufacturing, on terms to be negotiated by the Parties in good faith. In the event that EGI does not manufacture
EGI Materials, bulk drug product or bulk quantities of other components of Oragenics Products, then EGI shall provide to Oragenics
or a contract manufacturer selected by Oragenics and approved by EGI all Information Controlled by EGI that is related to the
manufacturing of such EGI Materials, bulk drug product or bulk qualities of other components of Oragenics Products, for use in
the Field and is reasonably necessary to enable Oragenics or such contract manufacturer (as appropriate) for the sole purpose
of manufacturing such EGI Materials, bulk drug product or bulk quantities of other components of Oragenics Products, in each case
as manufactured by EGI. The costs and expenses incurred by EGI in carrying out such transfer shall be borne by EGI. Any manufacturing
Information transferred hereunder to Oragenics or its contract manufacturer shall not be further transferred to any Third Party
or Oragenics Affiliate without the prior written consent of EGI; provided, however, that EGI shall not unreasonably withhold such
consent if necessary to permit Oragenics to switch manufacturers.

 

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4.7
Support Services. From time to time, on an ongoing basis, Oragenics shall request, or EGI may propose, that EGI perform certain
support services with respect to the Lantibiotics Program. To the extent that the Parties mutually agree that EGI should perform
such services, the Parties shall negotiate in good faith the terms under which services would be performed, it being understood
that EGI would be compensated for such services by cash payments equal to EGI’s Fully Loaded Cost in connection with such
services.

 

4.8
Compliance with Law. Each Party shall comply, and shall ensure that its Affiliates, (sub)licensees and Third Party contractors
comply, with all applicable laws, regulations, and guidelines applicable to the Lantibiotics Program, including without limitation
those relating to the transport, storage, and handling of EGI Materials and Oragenics Products.

 

4.9
Trademarks and Patent Marking. To the extent permitted by applicable law and regulations, Oragenics shall, and shall ensure
that the packaging, promotional materials, and labeling for Oragenics Products shall carry, in a conspicuous location, the applicable
EGI Trademark(s), subject to Oragenics’ reasonable approval of the size, position, and location thereof. Consistent with
the U.S. patent laws, Oragenics shall ensure that Oragenics Products, or its packaging or accompanying literature as appropriate,
bear applicable and appropriate patent markings for EGI Patent numbers. Oragenics shall provide EGI with copies of any materials
containing the EGI Trademarks or patent markings prior to using or disseminating such materials, in order to obtain EGI’S
approval thereof. Oragenics’ use of the EGI Trademarks and patent markings shall be subject to prior review and approval
of the IPC. Oragenics acknowledges EGI’s sole ownership of the EGI Trademarks and agrees not to take any action inconsistent
with such ownership. Oragenics covenants that it shall not use any trademark confusingly similar to any EGI Trademarks in connection
with any products (including any Oragenics Product). From time to time during the Term, EGI shall have the right to obtain from
Oragenics samples of Oragenics Product sold by Oragenics or its Affiliates or sublicensees, or other items which reflect public
uses of the EGI Trademarks or patent markings, for the purpose of inspecting the quality of such Oragenics Products, the use of
the EGI Trademarks, or the accuracy of the patent markings. In the event that EGI inspects under this Section 4.9, EGI shall notify
the result of such inspection to Oragenics in writing thereafter. Oragenics shall comply with reasonable policies provided by
EGI from time-to-time to maintain the goodwill and value of the EGI Trademarks.

 

4.10
EGI Equity Purchase Participation Right. EGI shall be entitled to, at its election, participate in each Qualified Financing
(as hereinafter defined) conducted by the Company and may purchase as part of, or in connection with, such Qualified Financing
an amount of Common Stock or other of the Company’s securities equal to up to 30% of the number of shares of Common Stock
(or other of the Company’s securities) issued and sold by the Company in the Qualified Financing (excluding the securities
sold pursuant to this Section 5.3) (collectively, the “Equity Purchase Participation Right”). For the purposes
of this Section 5.3, a “Qualified Financing” shall mean a sale by the Company of Common Stock, or equity securities
convertible into Common Stock, in a public or private offering, raising gross cash proceeds of at least $1,000,000 where the shares
sold are either registered under the Securities Act on issuance, or the Company agrees to register such shares following the issuance
of such shares. The price per share paid by EGI in any such Qualified Financing shall be the same as that paid by the other investors
in such Qualified Financing, and upon the exercise of the Equity Purchase Participation Right EGI shall receive securities of
the same type and with the same rights, preferences and privileges as the other investors in such Qualified Financing, including,
for example, any warrant coverage, subject to the execution by EGI of the investment documents entered into by the other investors
in the Qualified Financing.

 

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In
the event that the Company intends to conduct a Qualified Financing:

 

(a)
Upon receipt of written notice from the Company that it intends to conduct a Qualified Financing, EGI shall, within ten (10)
days of receipt of such documents, notify the Company as to whether EGI wishes to participate in the Qualified Financing. Upon
such election, and subject to Section 5.3(b), the Company shall permit EGI to participate in such offering in the amount elected
by EGI in accordance with the preceding sentence.

 

(b)
If counsel to the Company or counsel to any underwriter in a public offering that is a Qualified Financing advises the Company
that EGI’s inclusion is not permissible under and in compliance with applicable securities laws (including without limitation
Section 6 of the Securities Act), the offering and sale of securities to EGI’s pursuant to this Section 5.3 shall be made
by the Company in a concurrent private placement and not in such public offering. In any such private placement: (i) the offer
of the securities in such private placement shall be made on the same terms and conditions as the offer of the securities in the
public offering, and (ii) the closing of the private placement shall occur concurrently with the closing of the Qualified Financing.

 

ARTICLE
5

Compensation

 

5.1
Technology Access Fee. In partial consideration for Oragenics’ appointment as an exclusive channel collaborator and
the other rights granted to Oragenics hereunder, within thirty (30) days of execution of this Agreement Oragenics issued the number
of shares of Oragenics’ common stock, in accordance with the terms and conditions of that certain Stock Issuance Agreement
on June 5, 2012, which shares are termed the Technology Access Fee Shares in the Stock Issuance Agreement.

 

5.2
Milestones.

 

(a)
Oragenics Milestones. Upon the first instance of attainment of certain commercialization milestone events by an Oragenics
Product (whether such attainment is achieved by Oragenics or by a permitted sublicensee), Oragenics has agreed to pay EGI milestone
payments as set forth below. The milestone payments are each payable in cash (subject to Section 5.2(c)) by wire transfer to the
account specified by EGI. The specific milestone payments due to EGI upon achievement of each milestone event are set forth in
5.2(b).

 

    	 	19	 

    	 	 	 

    

 

(b)
Milestone Payments. Subject to the terms and conditions of this Agreement, upon the first instance of attainment of the commercialization
milestones as set forth below, and with respect to only the first Oragenics Product developed under this Agreement that reaches
any such milestone, the Company has agreed to make certain milestone payments (each a “Milestone Payment” and
together “Milestone Payments”) as set forth in this Section 5.2(b). The Milestone Payments are each payable
in cash (subject to Section 5.2(c) of this Agreement by wire transfer to the account specified by EGI. The specific milestone
payments due to EGI upon achievement of each of the Milestone Events are set forth in Sections 5.2(b)(i) through 5.2(b)(iii) below.

 

(i)
The Company shall pay EGI a one-time milestone payment in cash of twenty five million United States dollars ($25,000,000) (subject
to Section 5.2(c) of this Agreement) within six (6) months of the first instance of the achievement of the Regulatory Approval
Milestone Event.

 

(ii)
The Company shall pay EGI a one-time milestone payment in cash of five million United States dollars ($5,000,000) (subject to
Section 5.2(c) of this Agreement) within six (6) months of the first instance of the achievement of the New Indication Milestone
Event.

 

(iii)
The Company shall pay EGI a one-time milestone payment in cash of five million United States dollars ($5,000,000) (subject to
Section 5.2(c) of this Agreement) within six (6) months of the first instance of the achievement of the New Product Milestone
Event.

 

(iv)
As used in this Section:

 

(A)
“FDA New Product Application” means a “New Drug Application” or a “Biologics License Application”
(as both of such are defined according to relevant FDA guidelines and regulations establishing the mechanisms for the submission
of new drug products in the United States of America for regulatory approval prior to commercial sale and marketing), but excluding
any Supplemental FDA Applications.

 

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(B)
“New Indication Milestone Event” means for a given Oragenics Product, the approval of a Supplemental FDA Application
with the FDA (or an equivalent filing with another equivalent regulatory agency) which Supplemental FDA Application sought approval
of an indication for use of an Oragenics Product other than the current regulatory-approved indication for the respective Oragenics
Product. For the avoidance of doubt and clarification purposes, any occurrence of the New Indication Milestone Event shall not
also be deemed the occurrence of the New Product Milestone Event or vice versa.

 

(C)
“New Product Milestone Event” means for a given Oragenics Product, the approval of a FDA New Product Application
for such Oragenics Product that is deemed (according to relevant FDA guidelines) to be a different drug product than the first
Oragenics Product that was clinically pursued under the Lantibiotics Program (as defined in this Agreement). For purposes of the
New Product Milestone Event, the subject Oragenics Product shall be deemed to be a “different” Oragenics Product from
the first Oragenics Product (and thus constitute an occurrence of the New Product Milestone Event) if regulatory approval of the
subject Oragenics Product had to be obtained from the FDA under a different FDA New Product Application than the first Oragenics
Product. For the avoidance of doubt and clarification purposes, any occurrence of the New Product Milestone Event shall not also
be deemed the occurrence of the New Indication Milestone Event or vice versa.

 

(D)
“Regulatory Approval Milestone Event” means for a given Oragenics Product, the approval of a FDA New Product
Application for such Oragenics Product by the FDA or equivalent regulatory action in a foreign jurisdiction.

 

(E)
“Supplemental FDA Application” means a “Supplemental New Drug Application” or a “Supplemental
Biologics License Application” (as both of such are defined according to relevant FDA guidelines and regulations establishing
the mechanisms for the submission of data in support of the FDA granting approval for new, amended, and/or expanded label indications
for a prior-approved drug product in the United States of America).

 

The
event giving rise to a milestone payment under subsections (i) through (iii) of this Section 5.2(b) shall be a “Milestone
Event” and together, the “Milestone Events.”

 

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(c)
Product Sublicense Milestones. If (A) a commercialization milestone event occurs that gives rise to a right for EGI to receive
a payment from Oragenics under Section 5.2(a), (B) that milestone event is achieved by an Oragenics Product licensed to a Product
Sublicensee under a respective Product Sublicense, and (C) Oragenics is due to receive a milestone payment from the Product Sublicensee
for achievement of that same (or substantially similar) milestone event by the sublicensed Oragenics Product under the respective
Product Sublicense, then EGI may elect at its own discretion to waive that particular milestone payment from Oragenics for that
particular commercialization milestone

 

5.3
RESERVED.

 

5.4
Revenue Sharing.

 

(a)
No later than thirty (30) days after each calendar quarter in which there is positive Net Sales arising from the sale of any
Oragenics Product in the Field in the Territory, Oragenics shall pay a royalty to EGI of ten percent (10%) of such Net Sales,
on an Oragenics Product-by-Oragenics Product basis. Commencing with the Effective Date, in the event that no Net Sales occur for
a particular Oragenics Product in any calendar quarter, neither Oragenics nor EGI shall owe any payments hereunder with respect
to such Oragenics Product.

 

(b)
No later than thirty (30) days after each calendar quarter in which Oragenics or any Oragenics Affiliate receives Sublicensing
Revenue, Oragenics shall pay to EGI a percentage of such Sublicensing Revenue equal to the applicable Sublicensing Revenue Rate.
“Sublicensing Revenue Rate” means a percentage of Sublicensing Revenue applicable to a proposed sublicense by Oragenics
as follows: (a) with respect to any sublicense of a Lantibiotics Oragenics Product (including new indications thereof), any revenues
Oragenics receives from a Product Sublicensee under a Product Sublicense that are not a percentage of Product Sublicensee’s
Net Sales of Oragenics Products, and any amounts recovered under Section 6.3(f), the Sublicensing Revenue Rate shall be twenty
five percent (25%); and (b) with respect to any other sublicense, the Sublicensing Revenue Rate shall be determined in accordance
with Section 3.2.

 

5.5
Method of Payment. Except for payments payable as and made in the form of common stock, payments due to EGI under this Agreement
shall be paid in United States dollars by wire transfer to a bank in the United States designated in writing by EGI. All references
to “dollars” or “$” herein shall refer to United States dollars.

 

5.6
Payment Reports and Records Retention. Within thirty (30) days after the end of each calendar quarter during which Net Sales
have been generated or during which Sublicensing Revenue has been received, Oragenics shall deliver to EGI a written report that
shall contain at a minimum for the applicable calendar quarter:

 

(a)
gross sales of each Oragenics Product (on a country-by-country basis);

 

(b)
itemized calculation of Net Sales, showing all applicable deductions;

 

(c)
itemized calculation of Sublicensing Revenue, including any offsets claimed for Third Party license costs;

 

(d)
the amount of the payment (if any) due pursuant to Section 5.4(a) and/or 5.4(b);

 

    	 	22	 

    	 	 	 

    

 

(e)
the amount of the payment (if any) made or made due by the achievement of an applicable commercialization milestone event
during the present calendar quarter;

 

(f)
the amount of taxes, if any, withheld to comply with any applicable law; and

 

(g)
the exchange rates used in any of the foregoing calculations.

 

For
three (3) years after each sale or other commercial use of Oragenics Product, after incurring any component item Oragenics incorporated
into its calculation of Sublicensing Revenues, payments in accord with Section 5.2(b), or Net Sales as reported to EGI, Oragenics
shall keep (and shall ensure that its Affiliates and, if applicable, (sub)licensees shall keep) complete and accurate records
of such sales, commercial use, or component item in sufficient detail to confirm the accuracy of the payment calculations hereunder.

 

5.7
Audits.

 

(a)
Upon the written request of EGI, Oragenics shall permit an independent certified public accounting firm of internationally
recognized standing selected by EGI, and reasonably acceptable to Oragenics, to have access to and to review, during normal business
hours and upon no less than thirty (30) days prior written notice, the applicable records of Oragenics and its Affiliates to verify
the accuracy and timeliness of the reports and payments made by Oragenics under this Agreement. Such review may cover the records
for sales made in any calendar year ending not more than three (3) years prior to the date of such request. The accounting firm
shall disclose to both Parties whether the royalty reports and/or know-how reports conform to the provisions of this Agreement
and/or US GAAP, as applicable, and the specific details concerning any discrepancies. Such audit may not be conducted more than
once in any calendar year.

 

(b)
If such accounting firm concludes that additional amounts were owed during such period, Oragenics shall pay additional amounts,
with interest from the date originally due as set forth in Section 5.9, within thirty (30) days of receipt of the accounting firm’s
written report. If the amount of the underpayment is greater than five percent (5%) of the total amount actually owed for the
period audited, then Oragenics shall in addition reimburse EGI for all costs related to such audit; otherwise, EGI shall pay all
costs of the audit. In the event of overpayment, any amount of such overpayment shall be fully creditable against amounts payable
for the immediately succeeding calendar quarter(s); provided, however, that if such overpayment is reasonably expected to exceed
the amount projected to be payable to EGI by Oragenics over next [*****], EGI will promptly repay to Oragenics any amount
exceeding that projected amount.

 

(c)
EGI shall (i) treat all information that it receives under this Section 5.7 in accordance with the confidentiality provisions
of Article 7 and (ii) cause its accounting firm to enter into an acceptable confidentiality agreement with Oragenics obligating
such firm to retain all such financial information in confidence pursuant to such confidentiality agreement, in each case except
to the extent necessary for EGI to enforce its rights under this Agreement.

 

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5.8
Taxes. The Parties will cooperate in good faith to obtain the benefit of any relevant tax treaties to minimize as far as reasonably
possible any taxes which may be levied on any amounts payable hereunder. Oragenics shall deduct or withhold from any payments
any taxes that it is required by applicable law to deduct or withhold. Notwithstanding the foregoing, if EGI is entitled under
any applicable tax treaty to a reduction of the rate of, or the elimination of, applicable withholding tax, it may deliver to
Oragenics or the appropriate governmental authority (with the assistance of Oragenics to the extent that this is reasonably required
and is expressly requested in writing) the prescribed forms necessary to reduce the applicable rate of withholding or to relieve
Oragenics of its obligation to withhold tax, and Oragenics shall apply the reduced rate of withholding tax, or dispense with withholding
tax, as the case may be, provided that Oragenics has received evidence of EGI’s delivery of all applicable forms (and, if
necessary, its receipt of appropriate governmental authorization) at least fifteen (15) days prior to the time that the payment
is due. If, in accordance with the foregoing, Oragenics withholds any amount, it shall make timely payment to the proper taxing
authority of the withheld amount, and send to EGI proof of such payment within forty-five (45) days following that latter payment.

 

5.9
Late Payments. Any amount owed by Oragenics to EGI under this Agreement that is not paid within the applicable time period
set forth herein shall accrue interest at the lower of (a) two percent (2%) per month, compounded, or (b) the highest rate permitted
under applicable law.

 

ARTICLE
6

Intellectual Property

 

6.1
Ownership.

 

(a)
Subject to the license granted under Section 3.1, all rights in the EGI IP shall remain with EGI.

 

(b)
Oragenics and/or EGI may solely or jointly conceive, reduce to practice or develop discoveries, inventions, processes, techniques,
and other technology, whether or not patentable, in the course of performing the Lantibiotics Program (collectively “Inventions”).
Each Party shall promptly provide the other Party with a detailed written description of any such Inventions that relate to the
Field. Inventorship shall be determined in accordance with United States patent laws.

 

(c)
EGI shall solely own all right, title and interest in all Inventions related to EGI Channel Technology, together with all
Patent rights and other intellectual property rights therein (the “Channel-Related Program IP”). Oragenics
hereby assigns all of its right, title and interest in and to the Channel-Related Program IP to EGI. Oragenics agrees to execute
such documents and perform such other acts as EGI may reasonably request to obtain, perfect and enforce its rights to the Channel-Related
Program IP and the assignment thereof.

 

(d)
Notwithstanding anything to the contrary in this Agreement, any discovery, invention, process, technique, or other technology,
whether or not patentable, that is conceived, reduced to practice or developed by Oragenics solely or jointly through the use
of the EGI Channel Technology, EGI IP, or EGI Materials in breach of the terms and conditions of this Agreement, together with
all patent rights and other intellectual property rights therein, shall be solely owned by EGI and shall be included in the Channel-Related
Program IP.

 

    	 	24	 

    	 	 	 

    

 

(e)
All information regarding Channel-Related Program IP shall be Confidential Information of EGI. Oragenics shall be under appropriate
written agreements with each of its employees, contractors, or agents working on the Lantibiotics Program, pursuant to which such
person shall grant all rights in the Inventions to Oragenics (so that Oragenics may convey certain of such rights to EGI, as provided
herein) and agree to protect all Confidential Information relating to the Lantibiotics Program.

 

(f)
All rights, technology, and intellectual property (A) owned by Oragenics or licensed from a Third Party by Oragenics as of
the Effective Date, or (B) thereafter developed by Oragenics independent of the Lantibiotics Program, EGI Channel Technology,
EGI IP or EGI Materials, shall be owned by and remain the property of Oragenics (the “Oragenics Independent IP”).

 

6.2
Patent Prosecution.

 

(a)
EGI shall have the sole right, but not the obligation, to (a) conduct and control the filing, prosecution and maintenance
of the EGI Patents, and (b) conduct and control the filing, prosecution, and maintenance of any applications for patent term extension
and/or supplementary protection certificates for the EGI Patents that may be available as a result of the regulatory approval
of any Oragenics Product. At the reasonable request of EGI, Oragenics shall cooperate with EGI in connection with such filing,
prosecution, and maintenance, at EGI’s expense. Under no circumstances shall Oragenics (a) file, attempt to file, or assist
anyone else in filing, or attempting to file, any Patent application, either in the United States or elsewhere, that claims or
uses or purports to claim or use or relies for support upon an Invention owned by EGI, (b) use, attempt to use, or assist anyone
else in using or attempting to use, the EGI Know-How, EGI Materials, or any Confidential Information of EGI to support the filing
of a Patent application, either in the United States or elsewhere, that contains claims directed to the EGI IP, EGI Materials,
or the EGI Channel Technology, or (c) without prior approval of the IPC, file, attempt to file, or assist anyone else in filing,
or attempting to file, any application for patent term extension or supplementary protection certificate, either in the United
States or elsewhere, that relies upon the regulatory approval of an Oragenics Product.

 

(b)
Oragenics shall have the sole right, but not the obligation, to conduct and control the filing, prosecution and maintenance
of any Patents claiming Inventions that are owned by Oragenics or its Affiliates and not assigned to EGI under Section 6.1(c)
(“Oragenics Program Patents”). At the reasonable request of Oragenics, EGI shall cooperate with Oragenics in
connection with such filing, prosecution, and maintenance, at Oragenics’ expense.

 

    	 	25	 

    	 	 	 

    

 

(c)
The Prosecuting Party shall be entitled to use patent counsel selected by it and reasonably acceptable to the non-Prosecuting
Party (including in-house patent counsel as well as outside patent counsel) for the prosecution of the EGI Patents and Oragenics
Program Patents, as applicable. The Prosecuting Party shall:

 

(i)
regularly provide the other Party in advance with reasonable information relating to the Prosecuting Party’s prosecution
of Patents hereunder, including by providing copies of substantive communications, notices and actions submitted to or received
from the relevant patent authorities and copies of drafts of filings and correspondence that the Prosecuting Party proposes to
submit to such patent authorities (it being understood that, to the extent that any such information is readily accessible to
the public, the Prosecuting Party may, in lieu of directly providing copies of such information to such other Party, provide such
other Party with sufficient information that will permit such other Party to access such information itself directly);

 

(ii)
consider in good faith and consult with the non-Prosecuting Party regarding its timely comments with respect to the same; provided,
however, that if, within fifteen (15) days after providing any documents to the non-Prosecuting Party for comment, the Prosecuting
Party does not receive any written communication from the non-Prosecuting Party indicating that it has or may have comments on
such document, the Prosecuting Party shall be entitled to assume that the non-Prosecuting Party has no comments thereon;

 

(iii)
consult with the non-Prosecuting Party before taking any action that would reasonably be expected to have a material adverse impact
on the scope of claims within the EGI Patents and Oragenics Program Patents, as applicable.

 

As
used above “Prosecuting Party” means EGI in the case of EGI Patents and Oragenics in the case of Oragenics
Program Patents.

 

6.3
Infringement of Patents by Third Parties.

 

(a)
Except as expressly provided in the remainder of this Section 6.3, EGI shall have the sole right to take appropriate action
against any person or entity directly or indirectly infringing any EGI Patent (or asserting that an EGI Patent is invalid or unenforceable)
(collectively, “Infringement”), either by settlement or lawsuit or other appropriate action.

 

(b)
Notwithstanding the foregoing, Oragenics shall have the first right, but not the obligation, to take appropriate action to
enforce Product-Specific Program Patents against any Infringement that involves a commercially material amount of allegedly infringing
activities in the Field (“Field Infringement”), either by settlement or lawsuit or other appropriate action.
If Oragenics fails to take the appropriate steps to enforce Product-Specific Program Patents against any Field Infringement within
one hundred eighty (180) days of the date one Party has provided notice to the other Party pursuant to Section 6.3(g) of such
Field Infringement, then EGI shall have the right (but not the obligation), at its own expense, to enforce Product-Specific Program
Patents against such Field Infringement, either by settlement or lawsuit or other appropriate action.

 

    	 	26	 

    	 	 	 

    

 

(c)
With respect to any Field Infringement that cannot reasonably be abated through the enforcement of Product-Specific Program
Patents pursuant to Section 6.3(b) but can reasonably be abated through the enforcement of EGI Patent(s) (other than the Product-Specific
Program Patents), EGI shall be obligated to choose one of the following courses of action: (i) enforce one or more of the applicable
EGI Patent(s) in a commercially reasonable manner against such Field Infringement, or (ii) [*****]. The Party enforcing
the applicable EGI Patent(s) shall bear the costs and expenses of such enforcement. The determination of which EGI Patent(s) to
assert shall be made by EGI in its sole discretion; provided, however, that EGI shall consult in good faith with Oragenics on
such determination. For the avoidance of doubt, EGI has no obligations under this Agreement to enforce any EGI Patents against,
or otherwise abate, any Infringement that is not a Field Infringement.

 

(d)
In the event a Party pursues an action under this Section 6.3, the other Party shall reasonably cooperate with the enforcing
Party with respect to the investigation and prosecution of any alleged, threatened, or actual Infringement, at the enforcing Party’s
expense.

 

(e)
Oragenics shall not settle or otherwise compromise any action under this Section 6.3 in a way that diminishes the rights or
interests of EGI outside the Field or adversely affects any EGI Patent without EGI’s prior written consent, which consent
shall not be unreasonably withheld. EGI shall not settle or otherwise compromise any action under this Section 6.3 in a way that
diminishes the rights or interests of Oragenics in the Field or adversely affects any EGI Patent with respect to the Field without
Oragenics’ prior written consent, which consent shall not be unreasonably withheld.

 

(f)
Except as otherwise agreed to by the Parties in writing, any settlements, damages or other monetary awards recovered pursuant
to a suit, proceeding, or action brought pursuant to Section 6.3 will be allocated first to the costs and expenses of the Party
controlling such action, and second, to the costs and expenses (if any) of the other Party (to the extent not otherwise reimbursed),
and any remaining amounts (the “Recovery”) will be shared by the Parties as follows: In any action initiated
by EGI pursuant to Section 6.3(a) that does not involve Field Infringement, or in any action initiated by EGI pursuant to Section
6.3(b), EGI shall retain one hundred percent (100%) of any Recovery. In any action initiated by Oragenics pursuant to Section
6.3(b), Oragenics shall retain one hundred percent (100%) of any Recovery, [*****]. In any action initiated by EGI or Oragenics
pursuant to Section 6.3(c), the enforcing Party shall retain one hundred percent (100%) of any Recovery.

 

(g)
Oragenics shall promptly notify EGI in writing of any suspected, alleged, threatened, or actual Infringement of which it becomes
aware, and EGI shall promptly notify Oragenics in writing of any suspected, alleged, threatened, or actual Field Infringement
of which it becomes aware.

 

ARTICLE
7

Confidentiality

 

7.1
Confidentiality. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing by the Parties,
each Party agrees that it shall keep confidential and shall not publish or otherwise disclose and shall not use for any purpose
other than as provided for in this Agreement any Confidential Information disclosed to it by the other Party pursuant to this
Agreement, except to the extent that the receiving Party can demonstrate by competent evidence that specific Confidential Information:

 

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

 

    	 	27	 

    	 	 	 

    

 

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

 

(c)
became generally available to the public or otherwise part of the public domain after its disclosure and other than through
any act or omission of the receiving Party in breach of this Agreement;

 

(d)
was disclosed to the receiving Party, other than under an obligation of confidentiality to a Third Party, by a Third Party
who had no obligation to the disclosing Party not to disclose such information to others; or

 

(e)
was independently discovered or developed by the receiving Party without the use of Confidential Information belonging to
the disclosing Party, as documented by the receiving Party’s written records.

 

The
foregoing non-use and non-disclosure obligation shall continue (i) indefinitely, for all Confidential Information that qualifies
as a trade secret under applicable law; or (ii) for the Term of this Agreement and for seven (7) years thereafter, in all other
cases.

 

7.2
Authorized Disclosure. Notwithstanding the limitations in this Article 7, either Party may disclose the Confidential Information
belonging to the other Party to the extent such disclosure is reasonably necessary in the following instances:

 

(a)
complying with applicable laws or regulations or valid court orders, provided that the Party making such disclosure
provides the other Party with reasonable prior written notice of such disclosure and makes a reasonable effort to obtain, or to
assist the other Party in obtaining, a protective order preventing or limiting the disclosure and/or requiring that the terms
and conditions of this Agreement be used only for the purposes for which the law or regulation required, or for which the order
was issued;

 

(b)
to regulatory authorities in order to seek or obtain approval to conduct clinical trials, or to gain regulatory approval,
of Oragenics Products or any products being developed by EGI or its other licensees and/or channel partners or collaborators,
provided that the Party making such disclosure (i) provides the other Party with reasonable opportunity to review any such disclosure
in advance and to suggest redactions or other means of limiting the disclosure of such other Party’s Confidential Information
and (ii) does not unreasonably reject any such suggestions;

 

(c)
disclosure to investors and potential investors, acquirers, or merger candidates who agree to maintain the confidentiality
of such information, provided that such disclosure is used solely for the purpose of evaluating such investment, acquisition,
or merger (as the case may be);

 

(d)
disclosure on a need-to-know basis to Affiliates, licensees, sublicensees, employees, consultants or agents (such as CROs
and clinical investigators) who agree to be bound by obligations of confidentiality and non-use at least equivalent in scope to
those set forth in this Article 7; and

 

    	 	28	 

    	 	 	 

    

 

(e)
disclosure of the terms of this Agreement by EGI to collaborators and other channel partners or collaborators who agree to
be bound by obligations of confidentiality and non-use at least equivalent in scope to those set forth in this Article 7.

 

7.3
Publicity; Publications. The Parties agree that the public announcement of the execution of this Agreement shall be substantially
in the form of the press release mutually agreed to by the Parties. Each Party will provide the other Party with the opportunity
to review and comment, prior to submission or presentation, on external reports, publications and presentations (e.g., press releases,
reports to government agencies, abstracts, posters, manuscripts and oral presentations) that refer to the Lantibiotics Program
or programs that are approved by the JSC. For such reports, publications, and presentations, the disclosing Party will provide
the other Party at least fifteen (15) calendar days for review of the proposed submission or presentation. For reports and manuscripts,
the disclosing Party will provide the other Party at least thirty (30) calendar days for review of the report or manuscript. The
presenting Party will act in good faith to incorporate the comments of the other Party and shall, in any event, redact any Confidential
Information of the other Party and cooperate with the other Party to postpone such submissions or presentations if necessary to
provide the other Party with sufficient time to prepare and file any related Patent applications before the submission or presentation
occurs, as appropriate.

 

7.4
Terms of the Agreement. Each Party shall treat the terms of this Agreement as the Confidential Information of other Party,
subject to the exceptions set forth in Section 7.2. Notwithstanding the foregoing, each Party acknowledges that the other Party
may be obligated to file a copy of this Agreement with the SEC, either as of the Effective Date or at some point during the Term.
Each Party shall be entitled to make such a required filing, provided that it requests confidential treatment of certain commercial
terms and sensitive technical terms hereof to the extent such confidential treatment is reasonably available to it. In the event
of any such filing, the filing Party shall provide the other Party with a copy of the Agreement marked to show provisions for
which the filing Party intends to seek confidential treatment and shall reasonably consider and incorporate the other Party’s
comments thereon to the extent consistent with the legal requirements governing redaction of information from material agreements
that must be publicly filed. The other Party shall promptly provide any such comments.

 

7.5
Proprietary Information and Operational Audits.

 

(a)
For the purpose of confirming compliance with the Field-limited licenses granted in Article 3, the diligence obligations of
Article 4, and the confidentiality obligations under Article 7, Oragenics acknowledges that EGI’s authorized representative(s),
during regular business hours may (i) examine and inspect Oragenics’ facilities and (ii) inspect all data and work products
relating to this Agreement. Any examination or inspection hereunder shall require five (5) business days written notice from EGI
to Oragenics. Oragenics will make itself and the pertinent employees and/or agents available, on a reasonable basis, to EGI for
the aforementioned compliance review.

 

    	 	29	 

    	 	 	 

    

 

(b)
For the purpose of confirming compliance with the diligence obligations of Section 4.6, and the confidentiality obligations
under Article 7, EGI acknowledges that Oragenics authorized representative(s), during regular business hours may (i) examine and
inspect EGI’s facilities and (ii) inspect all data and work products relating to this Agreement. Any examination or inspection
hereunder shall require five (5) business days written notice from Oragenics to EGI. EGI will make itself and the pertinent employees
and/or agents available, on a reasonable basis, to Oragenics for the aforementioned compliance review.

 

(c)
In view of the EGI Confidential Information, EGI Know-How, and EGI Materials transferred to Oragenics hereunder, EGI from
time-to-time, but no more than quarterly, may request that Oragenics confirm the status of the EGI Materials at Company (i.e.
how much used, how much shipped, to whom and any unused amounts destroyed (by whom, when) as well as any amounts returned to EGI
or destroyed). Within ten (10) business days of Oragenics’ receipt of any such written request, Oragenics shall provide
the written report to EGI.

 

7.6
EGI Commitment. EGI shall use reasonable efforts to obtain an agreement with its other licensees and channel partners or collaborators
to enable Oragenics to disclose confidential information of such licensees and channel partners or collaborators to regulatory
authorities in order to seek or obtain approval to conduct clinical trials, or to gain regulatory approval of, Oragenics Products,
in a manner consistent with the provisions of Section 7.2(b).

 

ARTICLE
8

Representations And Warranties

 

8.1
Representations and Warranties of Oragenics. Oragenics hereby represents and warrants to EGI that, as of the Effective Date:

 

(a)
Corporate Power. Oragenics is duly organized and validly existing under the laws of Florida and has corporate full power and
authority to enter into this Agreement and to carry out the provisions hereof.

 

(b)
Due Authorization. Oragenics is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder,
and the person executing this Agreement on Oragenics’ behalf has been duly authorized to do so by all requisite corporate
action.

 

(c)
Binding Agreement. This Agreement is a legal and valid obligation binding upon Oragenics and enforceable in accordance with
its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium
or other similar laws affecting creditors’ rights, and subject to general equity principles and to limitations on availability
of equitable relief, including specific performance. The execution, delivery and performance of this Agreement by Oragenics does
not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound.
Oragenics is aware of no action, suit or inquiry or investigation instituted by any governmental agency which questions or threatens
the validity of this Agreement.

 

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8.2
Representations and Warranties of EGI. EGI hereby represents and warrants to Oragenics that, as of the Effective Date:

 

(a)
Corporate Power. EGI is duly organized and validly existing under the laws of Virginia and has full corporate power and authority
to enter into this Agreement and to carry out the provisions hereof.

 

(b)
Due Authorization. EGI is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder,
and the person executing this Agreement on EGI’s behalf has been duly authorized to do so by all requisite corporate action.

 

(c)
Binding Agreement. This Agreement is a legal and valid obligation binding upon EGI and enforceable in accordance with its
terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium
or other similar laws affecting creditors’ rights, and subject to general equity principles and to limitations on availability
of equitable relief, including specific performance. The execution, delivery and performance of this Agreement by EGI does not
conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound.
EGI is aware of no action, suit or inquiry or investigation instituted by any governmental agency which questions or threatens
the validity of this Agreement.

 

(d)
Additional Intellectual Property Representations.

 

(i)
EGI possesses sufficient rights to enable EGI to grant all rights and licenses it purports to grant to Oragenics with respect
to the EGI IP under this Agreement;

 

(ii)
The EGI IP existing as of the Effective Date constitute all of the intellectual property Controlled by EGI as of such date that
is necessary for the development, manufacture or Commercialization of Oragenics Products;

 

(iii)
EGI has not granted, and during the Term EGI will not grant, any right or license, to any Third Party under the EGI IP that conflicts
with the rights or licenses granted or to be granted to Oragenics hereunder;

 

(iv)
There is no pending litigation, and EGI has not received any written notice of any claims or litigation, seeking to invalidate
or otherwise challenge the EGI IP or EGI’s rights therein;

 

(v)
None of the EGI IP is subject to any pending re-examination, opposition, interference or litigation proceedings;

 

(vi)
All of the EGI Patents have been filed and prosecuted in accordance with all applicable laws and have been maintained, with all
applicable fees with respect thereto (to the extent such fees have come due) having been paid;

 

    	 	31	 

    	 	 	 

    

 

(vii)
EGI has entered into agreements with each of its current and former officers, employees and consultants involved in research and
development work, including development of the EGI’s products and technology providing EGI, to the extent permitted by law,
with title and ownership to patents, patent applications, trade secrets and inventions conceived, developed, reduced to practice
by such person, solely or jointly with other of such persons, during the period of employment by EGI (except where the failure
to have entered into such an agreement would not have a material adverse effect on the rights granted to Oragenics herein), and
EGI is not aware that any of its employees or consultants is in material violation thereof;

 

(viii)
To EGI’s knowledge, there is no infringement, misappropriation or violation by third parties of any EGI Channel Technology
or EGI IP in the Field;

 

(ix)
There is no pending or, to EGI’s knowledge, threatened action, suit, proceeding or claim by others against EGI that EGI
infringes, misappropriates or otherwise violates any intellectual property or other proprietary rights of others in connection
with the use of the EGI Channel Technology or EGI IP, and EGI has not received any written notice of such claim;

 

(x)
To EGI’s knowledge, no employee of EGI is the subject of any claim or proceeding involving a violation of any term of any
employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation
agreement, non-disclosure agreement or any restrictive covenant to or with a former employer (A) where the basis of such violation
relates to such employee’s employment with EGI or actions undertaken by the employee while employed with EGI and (B) where
such violation is relevant to the use of the EGI Channel Technology in the Field;

 

(xi)
None of the EGI Patents owned by EGI or its Affiliates, and, to EGI’s knowledge, the EGI Patents licensed to EGI or its
Affiliates, have been adjudged invalid or unenforceable by a court of competent jurisdiction or applicable government agency,
in whole or in part, and there is no pending or, to EGI’s knowledge, threatened action, suit, proceeding or claim by others
challenging the validity or scope of any such EGI Patents; and

 

(xii)
Except as otherwise disclosed in writing to Oragenics, EGI: (A) is in material compliance with all statutes, rules or regulations
applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling,
promotion, sale, offer for sale, storage, import, export or disposal of any product that is under development, manufactured or
distributed by EGI in the Field (“Applicable Laws”); (B) has not received any FDA Form 483, notice of adverse
finding, warning letter, untitled letter or other correspondence or notice from the United States Food and Drug Administration
(the “FDA”) or any other federal, state, local or foreign governmental or regulatory authority alleging or
asserting material noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations,
permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”), which
would not, individually or in the aggregate, result in a material adverse effect; (C) possesses all material Authorizations necessary
for the operation of its business as described in the Field and such Authorizations are valid and in full force and effect and
EGI is not in material violation of any term of any such Authorizations; and (D) since January 1, 2011, (1) has not received notice
of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from the FDA or any other
federal, state, local or foreign governmental or regulatory authority or third party alleging that any product operation or activity
is in material violation of any Applicable Laws or Authorizations and has no knowledge that the FDA or any other federal, state,
local or foreign governmental or regulatory authority or third party is considering any such claim, litigation, arbitration, action,
suit investigation or proceeding; (2) has not received notice that the FDA or any other federal, state, local or foreign governmental
or regulatory authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any material Authorizations
and has no knowledge that the FDA or any other federal, state, local or foreign governmental or regulatory authority is considering
such action; (3) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records,
claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports,
documents, forms, notices, applications, records, claims, submissions and supplements or amendments were materially complete and
correct on the date filed (or were corrected or supplemented by a subsequent submission); and (4) has not, either voluntarily
or involuntarily, initiated, conducted, or issued or caused to be initiated, conducted or issued, any recall, market withdrawal
or replacement, safety alert, post-sale warning, “dear doctor” letter, or other notice or action relating to the alleged
lack of safety or efficacy of any product or any alleged product defect or violation and, to EGI’s knowledge, no third party
has initiated, conducted or intends to initiate any such notice or action.

 

    	 	32	 

    	 	 	 

    

 

except,
in each of (ix) through (xii), for any instances which would not, individually or in the aggregate, result in a material adverse
effect on the rights granted to Oragenics hereunder or EGI’s ability to perform its obligations hereunder.

 

8.3
Warranty Disclaimer. EXCEPT FOR THE EXPRESS WARRANTIES PROVIDED IN THIS ARTICLE 8 EACH PARTY HEREBY DISCLAIMS ANY AND ALL
OTHER WARRANTIES, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR
A PARTICULAR PURPOSE, OR NONINFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES.

 

ARTICLE
9

Indemnification

 

9.1
Indemnification by EGI. EGI agrees to indemnify, hold harmless, and defend Oragenics and its Affiliates and their respective
directors, officers, employees, and agents (collectively, the “Oragenics Indemnitees”) from and against any
and all liabilities, damages, costs, expenses, or losses (including reasonable legal expenses and attorneys’ fees) (collectively,
“Losses”) resulting from any claims, suits, actions, demands, or other proceedings brought by a Third Party
(collectively, “Claims”) to the extent arising from (a) the negligence or willful misconduct of EGI or any
of its Affiliates, or their respective employees or agents, (b) the use, handling, storage or transport of EGI Materials by or
on behalf of EGI or its Affiliates, licensees (other than Oragenics) or sublicensees; or (c) breach by EGI of any representation,
warranty or covenant in this Agreement. Notwithstanding the foregoing, EGI shall not have any obligation to indemnify the Oragenics
Indemnitees to the extent that a Claim arises from (i) the negligence or willful misconduct of Oragenics or any of its Affiliates,
licensees, or sublicensees, or their respective employees or agents; or (ii) a breach by Oragenics of a representation, warranty,
or covenant of this Agreement.

 

    	 	33	 

    	 	 	 

    

 

9.2
Indemnification by Oragenics. Oragenics agrees to indemnify, hold harmless, and defend EGI, its Affiliates and Third Security,
and their respective directors, officers, employees, and agents (and any Third Parties which have licensed to EGI intellectual
property rights within EGI IP on or prior to the Effective Date, to the extent required by the relevant upstream license agreement)
(collectively, the “EGI Indemnitees”) from and against any Losses resulting from Claims, to the extent arising
from any of the following: (a) the negligence or willful misconduct of Oragenics or any of its Affiliates or their respective
employees or agents; (b) the use, handling, storage, or transport of EGI Materials by or on behalf of Oragenics or its Affiliates,
licensees, or sublicensees; (c) breach by Oragenics of any material representation, warranty or covenant in this Agreement; or
(d) the design, development, manufacture, regulatory approval, handling, storage, transport, distribution, sale or other disposition
of any Oragenics Product by or on behalf of Oragenics or its Affiliates, licensees, or sublicensees. Notwithstanding the foregoing,
Oragenics shall not have any obligation to indemnify the EGI Indemnitees to the extent that a Claim arises from (i) the negligence
or willful misconduct of EGI or any of its Affiliates, or their respective employees or agents; or (ii) a breach by EGI of a representation,
warranty, or covenant of this Agreement.

 

9.3
Product Liability Claims. Notwithstanding the provisions of Section 9.2, any Losses arising out of any Third Party claim,
suit, action, proceeding, liability or obligation involving any actual or alleged death or bodily injury arising out of or resulting
from the development, manufacture or Commercialization of any Oragenics Products for use or sale in the Field, to the extent that
such Losses exceed the amount (if any) covered by the applicable Party’s product liability insurance (“Excess Product
Liability Costs”), shall be paid by [*****], except to the extent such Losses arise out of any Third-Party Claim
based on the gross negligence or willful misconduct of a Party, its Affiliates, or its Affiliates’ Sublicensees, or any
of the respective officers, directors, employees and agents of each of the foregoing entities, in the performance of obligations
or exercise of rights under this Agreement.

 

9.4
Control of Defense. As a condition precedent to any indemnification obligations hereunder, any entity entitled to indemnification
under this Article 9 shall give written notice to the indemnifying Party of any Claims that may be subject to indemnification,
promptly after learning of such Claim. If such Claim falls within the scope of the indemnification obligations of this Article
9, then the indemnifying Party shall assume the defense of such Claim with counsel reasonably satisfactory to the indemnified
Party. The indemnified Party shall cooperate with the indemnifying Party in such defense. The indemnified Party may, at its option
and expense, be represented by counsel of its choice in any action or proceeding with respect to such Claim. The indemnifying
Party shall not be liable for any litigation costs or expenses incurred by the indemnified Party without the indemnifying Party’s
written consent, such consent not to be unreasonably withheld. The indemnifying Party shall not settle any such Claim if such
settlement (a) does not fully and unconditionally release the indemnified Party from all liability relating thereto or (b) adversely
impacts the exercise of the rights granted to the indemnified Party under this Agreement, unless the indemnified Party otherwise
agrees in writing.

 

    	 	34	 

    	 	 	 

    

 

9.5
Insurance. Immediately prior to, and during marketing, Oragenics shall maintain in effect and good standing a product liability
insurance policy issued by a reputable insurance company in amounts considered standard for the industry. Immediately prior to,
and during the conduct of any clinical trials, Oragenics shall maintain in effect and good standing a clinical trials liability
insurance policy issued by a reputable insurance company in amounts considered standard for the industry. At EGI’s reasonable
request, Oragenics shall provide EGI with all details regarding such policies, including without limitation copies of the applicable
liability insurance contracts. Oragenics shall use reasonable efforts to include EGI as an additional insured on any such policies.

 

ARTICLE
10

Term; Termination

 

10.1
Term. The term of this Agreement shall commence upon the Effective Date and shall continue until terminated pursuant to Section
10.2 or 10.3 (the “Term”).

 

10.2
Termination for Material Breach; Termination Under Section 4.5(b)

 

(a)
Either Party shall have the right to terminate this Agreement upon written notice to the other Party if the other Party commits
any material breach of this Agreement that such breaching Party fails to cure within sixty (60) days following written notice
from the nonbreaching Party specifying such breach, provided, however, that solely for purposes of Section 9.5 the cure period
shall be ninety (90) days.

 

(b)
EGI shall have the right to terminate this Agreement under the circumstances set forth in Section 4.5(b) upon written notice
to Oragenics, such termination to become effective sixty (60) days following such written notice unless Oragenics remedies the
circumstances giving rise to such termination within such sixty (60) day period.

 

(c)
EGI shall have the right to terminate this Agreement should Oragenics execute any purported assignment of this Agreement contrary
to the prohibitions in Section 12.8, such termination occurring upon EGI providing written notice to Oragenics and becoming effective
immediately upon such written notice.

 

(d)
In recognition of the need for Oragenics to raise capital necessary to carry out its obligations under this Agreement, notwithstanding
the foregoing, during the twelve (12) month period commencing on the Effective Date, neither Party shall have the right to terminate
this Agreement under Section 10.2(a) based on the failure of the other Party to use Diligent Efforts or to comply with any other
diligence obligations hereunder (including Section 4.5), nor shall EGI have the right to terminate this Agreement under Section
10.2(c).

 

10.3
Termination by Oragenics. Oragenics shall have the right to voluntarily terminate this Agreement in its entirety upon ninety
(90) days written notice to EGI at any time, provided that such notice may not be given during the eighteen (18) month period
commencing on the Effective Date.

 

    	 	35	 

    	 	 	 

    

 

10.4
Effect of Termination. In the event of termination of this Agreement pursuant to Section 10.2 or Section 10.3, the following
shall apply:

 

(a)
Retained Products. Oragenics shall be permitted to continue the clinical development and Commercialization in the Field of
any Oragenics Product that, at the time of termination, satisfies at least one of the following criteria (a “Retained
Product”):

 

(i)
the particular Oragenics Product is being sold by Oragenics triggering profit sharing payments therefor under Section 5.4(a) of
this Agreement,

 

(ii)
the particular Oragenics Product has received regulatory approval,

 

(iii)
the particular Oragenics Product is a subject of an application for regulatory approval in the Field that is pending before the
applicable regulatory authority,

 

(iv)
the particular Oragenics Product is the subject of at least an ongoing Phase 1, Phase 2 or Phase 3 clinical trial in the Field
(in the case of a termination by EGI due to an Oragenics uncured breach pursuant to Section 10.2(a) or a termination by Oragenics
pursuant to Section 10.3).

 

Such
right to continue development and commercialization shall be subject to Oragenics’ full compliance with the payment provisions
in Article 5, a continuing obligation for Oragenics to use in accord with Sections 4.5(a) and 4.5(c) Diligent Efforts to develop
and commercialize any Retained Products, and all other provisions of this Agreement that survive termination.

 

(b)
Termination of Licenses. Except as necessary for Oragenics to continue to obtain regulatory approval for, clinically develop,
use, manufacture and Commercialize the Retained Products in the Field as permitted by Section 10.4(a), all rights and licenses
granted by EGI to Oragenics under this Agreement shall terminate and shall revert to EGI without further action by either EGI
or Oragenics. Oragenics’ license with respect to Retained Products shall be exclusive or non-exclusive, as the case may
be, on the same terms as set forth in Section 3.1.

 

(c)
Reverted Products. All Oragenics Products other than the Retained Products shall be referred to herein as the “Reverted
Products.” Oragenics shall immediately cease, and shall cause its Affiliates and, if applicable, (sub)licensees to immediately
cease, all development and Commercialization of the Reverted Products, and Oragenics shall not use or practice, nor shall it cause
or permit any of its Affiliates or, if applicable, (sub)licensees to use or practice, directly or indirectly, any EGI IP with
respect to the Reverted Products. Oragenics shall immediately discontinue making any representation regarding its status as a
licensee or channel collaborator of EGI with respect to the Reverted Products.

 

(d)
EGI Materials. Oragenics shall promptly return, or at EGI’s request, destroy, any EGI Materials in Oragenics’
possession or control at the time of termination other than any EGI Materials necessary for the continued development, regulatory
approval, use, manufacture and Commercialization of the Retained Products in the Field.

 

    	 	36	 

    	 	 	 

    

 

(e)
Licenses to EGI. Oragenics is automatically deemed to grant to EGI a worldwide, fully paid, royalty-free, non-exclusive, irrevocable,
license (with full rights to sublicense) under the Oragenics Termination IP, to make, have made, import, use, offer for sale and
sell Reverted Products and to use the EGI Channel Technology, the EGI Materials, and/or the EGI IP in the Field, subject to any
exclusive rights held by Oragenics in Reverted Products pursuant to Section 10.4(c). The Parties shall also take such actions
and execute such other instruments and documents as may be reasonably necessary to document such license to EGI.

 

(f)
Regulatory Filings. Oragenics shall promptly assign to EGI, and will provide full copies of, all regulatory approvals and
regulatory filings that relate specifically and solely to Reverted Products. Oragenics shall also take such actions and execute
such other instruments, assignments and documents as may be necessary to effect the transfer of rights thereunder to EGI. To the
extent that there exist any regulatory approvals and regulatory filings that relate both to Reverted Products and other products,
Oragenics shall provide copies of the portions of such regulatory filings that relate to Reverted Products and shall reasonably
cooperate to assist EGI in obtaining the benefits of such regulatory approvals with respect to the Reverted Products.

 

(g)
Data Disclosure. Oragenics shall provide to EGI copies of the relevant portions of all material reports and data, including
clinical and non-clinical data and reports, obtained or generated by or on behalf of Oragenics or its Affiliates to the extent
that they relate to Reverted Products, within sixty (60) days of such termination unless otherwise agreed, and EGI shall have
the right to use any such Information in developing and commercializing Reverted Products and to license any Third Parties to
do so.

 

(h)
Third-Party Licenses. At EGI’s request, Oragenics shall promptly provide to EGI copies of all Third-Party agreements
under which Oragenics or its Affiliates obtained a license under Patents claiming inventions or know-how specific to or used or
incorporated into the development, manufacture and/or commercialization of the Reverted Products. At EGI’s request such
that EGI may Commercialize the Reverted Products, Oragenics shall promptly work with EGI to either (A) assign to EGI the Third
Party agreement(s), or (B) grant a sublicense (with an appropriate scope) to EGI under the Third Party agreement(s). Thereafter
EGI shall be fully responsible for all obligations due for its actions under the sublicensed or assigned Third Party agreements.
Notwithstanding the above, if EGI does not wish to assume any financial or other obligations associated with a particular Third
Party agreement identified to EGI under this Section 10.4(h), then EGI shall so notify Oragenics and Oragenics shall not make
such assignment or grant such sublicense (or cause it to be made or granted).

 

(i)
Remaining Materials. At the request of EGI, Oragenics shall transfer to EGI all quantities of Reverted Product (including
active pharmaceutical ingredient or work-in-process) in the possession of Oragenics or its Affiliates. Oragenics shall transfer
to EGI all such quantities of Reverted Products without charge, except that EGI shall pay the reasonable costs of shipping.

 

    	 	37	 

    	 	 	 

    

 

(j)
Third Party Vendors. At EGI’s request, Oragenics shall promptly provide to EGI copies of all agreements between Oragenics
or its Affiliates and Third Party suppliers, vendors, or distributors that relate to the supply, sale, or distribution of Reverted
Products in the Territory. At EGI’s request, Oragenics shall promptly: (A) with respect to such Third Party agreements relating
solely to the applicable Reverted Products and permitting assignment, immediately assign (or cause to be assigned), such agreements
to EGI, and (B) with respect to all other such Third Party agreements, Oragenics shall reasonably cooperate to assist EGI in obtaining
the benefits of such agreements. Oragenics shall be liable for any costs associated with assigning a Third Party agreement to
EGI or otherwise obtaining the benefits of such agreement for EGI, to the extent such costs are directly related to Oragenics’
breach. For the avoidance of doubt, EGI shall have no obligation to assume any of Oragenics’ obligations under any Third
Party agreement.

 

(k)
Commercialization. EGI shall have the right to develop and commercialize the Reverted Products itself or with one or more
Third Parties, and shall have the right, without obligation to Oragenics, to take any such actions in connection with such activities
as EGI (or its designee), at its discretion, deems appropriate.

 

(l)
Confidential Information. Each Party shall promptly return, or at the other Party’s request destroy, any Confidential
Information of the other Party in such Party’s possession or control at the time of termination; provided, however, that
each Party shall be permitted to retain (i) a single copy of each item of Confidential Information of the other Party in its confidential
legal files for the sole purpose of monitoring and enforcing its compliance with Article 7, (ii) Confidential Information of the
other Party that is maintained as archive copies on the recipient Party’s disaster recovery and/or information technology
backup systems, or (iii) Confidential Information of the other Party necessary to exercise such Party’s rights in Retained
Products (in the case of Oragenics) or Reverted Products (in the case of EGI). The recipient of Confidential Information shall
continue to be bound by the terms and conditions of this Agreement with respect to any such Confidential Information retained
in accordance with this Section 10.4(l).

 

10.5
Surviving Obligations. Termination or expiration of this Agreement shall not affect any rights of either Party arising out
of any event or occurrence prior to termination, including, without limitation, any obligation of Oragenics to pay any amount
which became due and payable under the terms and conditions of this Agreement prior to expiration or such termination. The following
portions of this Agreement shall survive termination or expiration of this Agreement: Sections 3.1 (as applicable with respect
to 10.4(b), 5.5, 5.7, 6.1, 6.2 (with subsection (c) surviving only to the extent relating to EGI Patents that are relevant to
Retained Products that, to EGI’s knowledge, are being developed or commercialized at such time, if any), 7.1, 7.2, 7.4,
7.5, 10.4, and 10.5; Articles 9, 11, and 12; and any relevant definitions in Article 1. Further, Article 7 and Sections 4.5(a),
4.5(c), 5.2 through 5.8, and 9.5 will survive termination of this Agreement to the extent there are applicable Retained Products.

 

    	 	38	 

    	 	 	 

    

 

ARTICLE
11

Dispute Resolution

 

11.1
Disputes. It is the objective of the Parties to establish procedures to facilitate the resolution of disputes arising under
this Agreement in an expedient manner by mutual cooperation and without resort to litigation. In the event of any disputes, controversies
or differences which may arise between the Parties out of or in relation to or in connection with this Agreement (other than disputes
arising from a Committee), including, without limitation, any alleged failure to perform, or breach, of this Agreement, or any
issue relating to the interpretation or application of this Agreement, then upon the request of either Party by written notice,
the Parties agree to meet and discuss in good faith a possible resolution thereof, which good faith efforts shall include at least
one in-person meeting between the Executive Officers of each Party. If the matter is not resolved within thirty (30) days following
the written request for discussions, either Party may then invoke the provisions of Section 11.2. For the avoidance of doubt,
any disputes, controversies or differences arising from a Committee pursuant to Article 2 shall be resolved solely in accordance
with Section 2.4.

 

11.2
Arbitration. Any dispute, controversy, difference or claim which may arise between the Parties and not from a Committee, out
of or in relation to or in connection with this Agreement (including, without limitation, arising out of or relating to the validity,
construction, interpretation, enforceability, breach, performance, application or termination of this Agreement) that is not resolved
pursuant to Section 11.1 shall, subject to Section 11.10, be settled by binding “baseball arbitration” as follows.
Either Party, following the end of the thirty (30) day period referenced in Section 11.1, may refer such issue to arbitration
by submitting a written notice of such request to the other Party. Promptly following receipt of such notice, the Parties shall
meet and discuss in good faith and seek to agree on an arbitrator to resolve the issue, which arbitrator shall be neutral and
independent of both Parties and all of their respective Affiliates, shall have significant experience and expertise in licensing
and partnering agreements in the pharmaceutical and biotechnology industries, and shall have some experience in mediating or arbitrating
issues relating to such agreements. If the Parties cannot agree on a single arbitrator within fifteen (15) days of request by
a Party for arbitration, then each Party shall select an arbitrator meeting the foregoing criteria and the two (2) arbitrators
so selected shall select within ten (10) days of their appointment a third arbitrator meeting the foregoing criteria. Within fifteen
(15) days after an arbitrator(s) is selected (in the case of the three-person panel, when the third arbitrator is selected), each
Party will deliver to both the arbitrator(s) and the other Party a detailed written proposal setting forth its proposed terms
for the resolution for the matter at issue (the “Proposed Terms” of the Party) and a memorandum (the “Support
Memorandum”) in support thereof. The Parties will also provide the arbitrator(s) a copy of this Agreement, as it may
be amended at such time. Within fifteen (15) days after receipt of the other Party’s Proposed Terms and Support Memorandum,
each Party may submit to the arbitrator(s) (with a copy to the other Party) a response to the other Party’s Support Memorandum.
Neither Party may have any other communications (either written or oral) with the arbitrator(s) other than for the sole purpose
of engaging the arbitrator or as expressly permitted in this Section 11.2; provided that, the arbitrator(s) may convene a hearing
if the arbitrator(s) so chooses to ask questions of the Parties and hear oral argument and discussion regarding each Party’s
Proposed Terms. Within sixty (60) days after the arbitrator’s appointment, the arbitrator(s) will select one of the two
Proposed Terms (without modification) provided by the Parties that he or she believes is most consistent with the intention underlying
and agreed principles set forth in this Agreement. The decision of the arbitrator(s) shall be final, binding, and unappealable.
For clarity, the arbitrator(s) must select as the only method to resolve the matter at issue one of the two sets of Proposed Terms,
and may not combine elements of both Proposed Terms or award any other relief or take any other action.

 

    	 	39	 

    	 	 	 

    

 

11.3
Governing Law. This Agreement shall be governed by and construed under the substantive laws of the State of New York, excluding
any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to
the substantive law of another jurisdiction.

 

11.4
Award. Any award to be paid by one Party to the other Party as determined by the arbitrator(s) as set forth above under Section
11.2 shall be promptly paid in United States dollars free of any tax, deduction or offset; and any costs, fees or taxes incident
to enforcing the award shall, to the maximum extent permitted by law, be charged against the losing Party. Each Party agrees to
abide by the award rendered in any arbitration conducted pursuant to this Article 11, and agrees that, subject to the United States
Federal Arbitration Act, 9 U.S.C. §§ 1-16, judgment may be entered upon the final award in any United States District
Court located in New York and that other courts may award full faith and credit to such judgment in order to enforce such award.
The award shall include interest from the date of any damages incurred for breach of the Agreement, and from the date of the award
until paid in full, at a rate fixed by the arbitrator(s). With respect to money damages, nothing contained herein shall be construed
to permit the arbitrator(s) or any court or any other forum to award consequential, incidental, special, punitive or exemplary
damages. By entering into this agreement to arbitrate, the Parties expressly waive any claim for consequential, incidental, special,
punitive or exemplary damages. The only damages recoverable under this Agreement are direct compensatory damages.

 

11.5
Costs. Each Party shall bear its own legal fees. The arbitrator(s) shall assess his or her costs, fees and expenses against
the Party losing the arbitration.

 

11.6
Injunctive Relief. Nothing in this Article 11 will preclude either Party from seeking equitable relief or interim or provisional
relief from a court of competent jurisdiction, including a temporary restraining order, preliminary injunction or other interim
equitable relief, concerning a dispute either prior to or during any arbitration if necessary to protect the interests of such
Party or to preserve the status quo pending the arbitration proceeding. Specifically, the Parties agree that a material breach
by either Party of its obligations in Section 3.4 or Article 7 of this Agreement may cause irreparable harm to the other Party,
for which damages may not be an adequate remedy. Therefore, in addition to its rights and remedies otherwise available at law,
including, without limitation, the recovery of damages for breach of this Agreement, upon an adequate showing of material breach
of such Section 3.4 or Article 7, and without further proof of irreparable harm other than this acknowledgement, such non-breaching
Party shall be entitled to seek (a) immediate equitable relief, specifically including, but not limited to, both interim and permanent
restraining orders and injunctions, without bond, and (b) such other and further equitable relief as the court may deem proper
under the circumstances. For the avoidance of doubt, nothing in this Section 11.6 shall otherwise limit a breaching Party’s
opportunity to cure a material breach as permitted in accordance with Section 10.2.

 

11.7
Confidentiality. The arbitration proceeding shall be confidential and the arbitrator(s) shall issue appropriate protective
orders to safeguard each Party’s Confidential Information. Except as required by law, no Party shall make (or instruct the
arbitrator(s) to make) any public announcement with respect to the proceedings or decision of the arbitrator(s) without prior
written consent of the other Party. The existence of any dispute submitted to arbitration, and the award, shall be kept in confidence
by the Parties and the arbitrator(s), except as required in connection with the enforcement of such award or as otherwise required
by applicable law.

 

    	 	40	 

    	 	 	 

    

 

11.8
Survivability. Any duty to arbitrate under this Agreement shall remain in effect and be enforceable after termination of this
Agreement for any reason.

 

11.9
Jurisdiction. For the purposes of this Article 11, the Parties acknowledge their diversity and agree to accept the jurisdiction
of any United States District Court located in New York for the purposes of enforcing or appealing any awards entered pursuant
to this Article 11 and for enforcing the agreements reflected in this Article 11 and agree not to commence any action, suit or
proceeding related thereto except in such courts.

 

11.10
Patent Disputes. Notwithstanding any other provisions of this Article 11, and subject to the provisions of Section 6.2, any
dispute, controversy or claim relating to the scope, validity, enforceability or infringement of any EGI Patents shall be submitted
to a court of competent jurisdiction in the country in which such Patent was filed or granted.

 

ARTICLE
12

General Provisions

 

12.1
Use of Name. No right, express or implied, is granted by this Agreement to either Party to use in any manner the name of the
other or any other trade name or trademark of the other in connection with the performance of this Agreement, except that (a)
either Party may use the name of the other Party as required by regulations and in press releases accompanying quarterly and annual
earnings reports approved by the Audit Committee of the issuer’s Board of Directors, and (b) Oragenics may use the EGI Trademarks
in accord with license and restrictions set forth herein.

 

12.2
LIMITATION OF LIABILITY. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE,
OR INDIRECT DAMAGES ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH
DAMAGES. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS PARAGRAPH IS INTENDED TO LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS
OR OBLIGATIONS OF ANY PARTY UNDER ARTICLE 9, OR DAMAGES AVAILABLE FOR BREACHES OF THE OBLIGATIONS SET FORTH IN ARTICLE 7.

 

12.3
Independent Parties. Neither Party is the employee or legal representative of the other Party for any purpose. Neither Party
shall have the authority to enter into any contracts in the name of or on behalf of the other Party. This Agreement shall not
constitute, create, or in any way be interpreted as a joint venture, partnership, or business organization of any kind.

 

    	 	41	 

    	 	 	 

    

 

12.4
Notice. All notices, including notices of address change, required or permitted to be given under this Agreement shall be
in writing and deemed to have been given when delivered if personally delivered or sent by facsimile (provided that the party
providing such notice promptly confirms receipt of such transmission with the other party by telephone), on the business day after
dispatch if sent by a nationally-recognized overnight courier and on the third business day following the date of mailing if sent
by certified mail, postage prepaid, return receipt requested. All such communications shall be sent to the address or facsimile
number set forth below (or any updated addresses or facsimile number communicated to the other Party in writing):

 

	 	If
                                         to EGI:

         
	Eleszto
                                         Genetika, Inc.

        Attn:
        Legal Department

        1881 Grove Avenue

        Radford, VA 24141

        (540) 633-7939 (facsimile)

        

        

        

	 	 	 
	 	with
    a copy to:	Eleszto
Genetika, Inc.

        Attn:
        Legal Department

        1881 Grove Avenue

        Radford, VA 24141

        (540) 633-7939 (facsimile)

	 	 	 
	 	If
                                         to Oragenics:

         
	Oragenics,
                                         Inc.

        4902
        Eisenhower Blvd.

        Suite
        125

        Tampa,
        FL 33634

        Attention:
        Chief Executive Officer

        Fax:
        (813) 286-7904

        

	 	 	 
	 	with
    a copy to:	Shumaker,
                                         Loop & Kendrick, LLP

        101
        E. Kennedy Blvd., Suite 2800

        Tampa,
        FL 33602

        Attention:
        Mark Catchur, Esq.

        Fax:
        (813) 229-1660

 

12.5
Severability. In the event any provision of this Agreement is held to be invalid or unenforceable, the valid or enforceable
portion thereof and the remaining provisions of this Agreement will remain in full force and effect.

 

12.6
Waiver. Any waiver (express or implied) by either Party of any breach of this Agreement shall not constitute a waiver of any
other or subsequent breach.

 

12.7
Entire Agreement; Amendment. This Agreement, including any exhibits attached hereto, constitute the entire, final, complete
and exclusive agreement between the Parties and supersede all previous agreements or representations, written or oral, with respect
to the subject matter of this Agreement (including any prior confidentiality agreement between the Parties). All information of
EGI or Oragenics to be kept confidential by the other Party under any prior confidentiality agreement, as of the Effective Date,
shall be maintained as Confidential Information by such other Party under the obligations set forth in Article 7 of this Agreement.
This Agreement may not be modified or amended except in a writing signed by a duly authorized representative of each Party.

 

    	 	42	 

    	 	 	 

    

 

12.8
Non-assignability; Binding on Successors. Any attempted assignment of the rights or delegation of the obligations under this
Agreement shall be void without the prior written consent of the non-assigning or non-delegating Party; provided, however, that
either Party may assign its rights or delegate its obligations under this Agreement without such consent (a) to an Affiliate of
such Party or (b) to its successor in interest in connection with any merger, acquisition, consolidation, corporate reorganization,
or similar transaction, or sale of all or substantially all of its assets, provided that such assignee agrees in writing to assume
and be bound by the assignor’s obligations under this Agreement. This Agreement shall be binding upon, and inure to the
benefit of, the successors, executors, heirs, representatives, administrators and permitted assigns of the Parties. Notwithstanding
the foregoing, in the event that either Party assigns this Agreement to its successor in interest by way of merger, acquisition,
consolidation, corporate reorganization, or similar transaction, or sale of all or substantially all of its assets (whether this
Agreement is actually assigned or is assumed by such successor in interest or its affiliate by operation of law (e.g., in the
context of a reverse triangular merger)), the intellectual property rights of such successor in interest or any of its Affiliates
other than those licensed in this Agreement shall be automatically excluded from the rights licensed to the other Party under
this Agreement.

 

12.9
Force Majeure. Neither Party shall be liable to the other for its failure to perform any of its obligations under this Agreement,
except for payment obligations, during any period in which such performance is delayed because rendered impracticable or impossible
due to circumstances beyond its reasonable control, including without limitation earthquakes, governmental regulation, fire, flood,
labor difficulties, civil disorder, acts of terrorism and acts of God, provided that the Party experiencing the delay promptly
notifies the other Party of the delay.

 

12.10
No Other Licenses. Neither Party grants to the other Party any rights or licenses in or to any intellectual property, whether
by implication, estoppel, or otherwise, except to the extent expressly provided for under this Agreement.

 

12.11
Non-Solicitation. During the Term and for a period of one (1) year following the end of the Term, neither Oragenics nor EGI
may directly or indirectly solicit in order to offer to employ, engage in any discussion regarding employment with, or hire any
employee of the other Party or an individual who was employed by the other party with one (1) year prior to such solicitation,
discussion, or hire, without the prior approval of such other Party. General employment solicitations or advertisements shall
not be considered direct or indirect solicitations, and are not prohibited under this Agreement.

 

12.12
Legal Compliance. The Parties shall review in good faith and cooperate in taking such actions to ensure compliance of this
Agreement with all applicable laws.

 

12.13
Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile, PDF, or other means of
electronic communication), each of which taken together will constitute one and the same instrument, and any of the Parties hereto
may execute this Agreement by signing any such counterpart.

 

[Remainder
of page intentionally left blank.]

 

    	 	43	 

    	 	 	 

    

 

In
Witness Whereof, the Parties hereto have duly
executed this Exclusive Channel Collaboration Agreement.

 

	Eleszto
    Genetika, Inc.	 	Oragenics,
    Inc.
	 	 

        
	 	 	 
	By:	/s/
                                                                                                                                     Theodore J. Fisher

        
	 	By:	/s/
    Alan F. Joslyn
	Name:	Theodore
    J. Fisher	 	Name:	Alan
    F. Joslyn 
	Title:	Secretary	 	Title:	Chief
    Executive Officer

 

[Signature
Page to Amended and Restated Exclusive Channel Collaboration Agreement]Exhibit 10.1

 

Independent Contractor Services Agreement

 

THIS INDEPENDENT CONTRACTOR SERVICES AGREEMENT
(the “Agreement”) is entered into as of February 23, 2021 (the “Effective Date”) between AppTech,
Corp., A Wyoming Corporation having an address at 5876 Owens Ave. Suite 100 Carlsbad, Ca 92008 (hereinafter “Company”)
and Innovations Realized, LLC, a California Limited Liability Company having an address at 3830 Valley Centre Dr. #705-222 San
Diego, CA 92130-2520 (hereinafter “Contractor”) (each, a “Party”) (collectively the “Parties”).
This Agreement supersedes any and all Independent Contractor Agreements between the Parties.

 

BACKGROUND

 

Company is of the opinion that the Contractor has the necessary
qualifications, experience and abilities to assist and benefit the Company in its business. Company desires to retain the Contractor
as an Independent Contractor and the Contractor has agreed to accept the terms and conditions set out in this Agreement.

 

  

IN CONSIDERATION of the matters described above and the mutual benefits
and obligations set forth in this Agreement, the receipt and sufficiency of such consideration is hereby acknowledged, the parties
to this Agreement agree as follows:

 

1.                  
Definitions. As used in this Agreement:

 

1.1              
“Competitors” means companies in the
payment space that may currently or in the future offer services that compete with the Company’s current or anticipated
product offering. 

 

1.2              
“Confidential Information” means any and
all information related to the Parties’ business (including trade secrets, technical information, business forecasts and strategies,
marketing plans, customer and supplier lists, personnel information, financial data, and proprietary information of third Parties
provided to Company in confidence) that is labeled or identified as “confidential” or “proprietary” or that
Contractor otherwise knows, or would reasonably be expected to know, Company considers to be confidential or proprietary or Company
has a duty to treat as confidential.

 

1.3            
“Deliverables” means the items to be provided
or actually provided by Contractor to Company under this Agreement, including items specifically designated or characterized as
deliverables in a Statement of Work.

 

1.4           
“Intellectual Property” means all algorithms,
application programming interfaces (APIs), apparatus, assay components, circuit designs and assemblies, concepts, Confidential
Information, data (including clinical data), databases and data collections, designs, diagrams, documentation, drawings, flow charts,
formulae, ideas and inventions (whether or not patentable or reduced to practice), know-how, materials, marketing and development
plans, marks (including brand names, product names, logos, and slogans), methods, models, net lists, network configurations and
architectures, photomasks, procedures, processes, protocols, schematics, semiconductor devices, software code (in any form including
source code and executable or object code), specifications, subroutines, techniques, test vectors, tools, uniform resource identifiers
including uniform resource locators (URLs), user interfaces, web sites, works of authorship, and other forms of technology.

 

1.5              
“Intellectual Property Rights” means all
past, present, and future rights of the following types, which may exist or be created under the laws of any jurisdiction in the
world: (a) rights associated with works of authorship, including exclusive exploitation rights, copyrights, moral rights, and mask
work rights; (b) trademark and trade name rights and similar rights; (c) trade secret rights; (d) patent and industrial property
rights; (e) other proprietary rights in Intellectual Property of every kind and nature; and (f) rights in or relating to registrations,
renewals, extensions, combinations, divisions, and reissues of, and applications for, any of the rights referred to in clauses (a)
through (e) of this sentence.

 

1.6              
“Services” means the services to be performed
or actually performed by Contractor under this Agreement.

 

1.7              
“Work Product” means (a) all Deliverables,
(b) all Intellectual Property, in any stage of development, that Contractor conceives, creates, develops, or reduces to practice
in connection with performing the Services, and (c) all tangible embodiments (including models, presentations, prototypes, reports,
samples, and summaries) of each item of such Intellectual Property.

 

     1

     

    

 

Independent Contractor Services Agreement

 

2.                 
Engagement.

 

2.1             
Statements of Work. From time to time, Company may
submit to Contractor written work orders substantially in the form of Appendix A that contain the terms (including specifications,
delivery and performance schedules, and fees) for Services and Deliverables that Company desires Contractor to provide. If Contractor
begins to perform services under a work order, Contractor will be deemed to have accepted such work order. Upon acceptance of a
work order by Contractor (in writing, by performance, or otherwise), such work order will be a “Statement of Work.”
A Statement of Work may include a limited license to Contractor to use certain Intellectual Property of Company or its licensors,
such as software, tools, or know-how, solely as necessary to complete that Statement of Work. Any such license automatically terminates
upon the completion of the applicable Statement of Work and is limited by the terms of this Agreement.

 

2.2            
Consulting Services. During the Term of the Agreement,
Contractor shall provide consulting services to the Company related delivery of its fintech initiatives. 

 

2.3             
Performance of Services. Contractor will perform
the Services in accordance with the terms of this Agreement and the applicable Statement of Work. Except as otherwise provided
in the applicable Statement of Work, Contractor will mutually agree with Company on the manner and means of performing the Services,
including the choice of place and time, and will use Contractor’s expertise and creative talents in performing the Services. Contractor
will provide, at Contractor’s own expense, a place of work and all equipment, tools, and other materials necessary to complete
the Statement of Work; however, to the extent necessary to facilitate performance of the Services and for no other purpose, Company
may, in its discretion, make its equipment or facilities available to Contractor at Contractor’s request. 

 

2.4             
Disclosure of Work Product. In accordance with the
applicable Statement of Work, including any schedule therein, Contractor will deliver all Deliverables and disclose all other Work
Product to Company (or any person designated by Company in writing) in the form specified in the Statement of Work or otherwise
designated by Company.

 

2.5             
Competitive Engagements. Company acknowledges that
Contractor provides services to other businesses that may be Competitors of Company. During the term of the Agreement, Contractor
must provide the name of the company to which the Contractor is providing services and nature of the services provided subject
to any relevant non-disclosure or privacy agreements. The Company agrees that Contractor shall have the right to continue to provide
services to such businesses and engage other businesses, regardless of their status as Competitors, subject to Contractor’s compliance
with the terms of this Agreement, including the conflict of interest requirements described in Section 7 of this Agreement. For
avoidance of doubt, Contractor provides, but is not limited to consulting services including strategy and operations, process improvements,
digital transformation, partner and contract negotiations, system and process implementation, go to market planning and lifecycle
management in support of company initiatives across several verticals including fintech and payments. 

 

3.                  
Intellectual Property Rights.

 

3.1              
Except for rights expressly granted under this agreement, nothing in this agreement
will function to transfer any of either Party’s Intellectual Property rights to the other Party, and each Party will retain exclusive interest
in and ownership of its Intellectual Property developed before this agreement or developed outside the scope of this
agreement (“Background IP”).

 

3.2            
All Work Product and/or Intellectual Property originally conceived or reduced to practice
with the performance of services under this Agreement to the extent the same does not constitute an improvement or modification
to Background IP of the Contractor shall be deemed the Intellectual Property of the Company. Contractor does not now or in the
future possess any Intellectual Property Rights to said Intellectual Property. 

 

4.                 
Independent Contractor.

 

4.1             
Relationship. Contractor’s relationship to Company
under this Agreement is that of an independent contractor. Nothing in this Agreement is intended or should be construed to create
a partnership, joint venture, or employer-employee relationship between Company and Contractor (including any individuals providing
services on Contractor’s behalf). Contractor will take no position with respect to or on any tax return or application for benefits,
or in any proceeding directly or indirectly involving Company, that is inconsistent with Contractor being an independent contractor
(and not an employee) of Company. Contractor is not the agent of Company and is not authorized, and must not represent to any third
party that Contractor is authorized, to make any commitment or otherwise act on behalf of Company. Without limiting the generality
remainder of Section 4.

 

     2

     

    

 

Independent Contractor Services Agreement

 

4.2             
Benefits and Contributions. Neither Contractor nor
its representatives is entitled to or eligible for any benefits that Company may make available to its employees, such as group
insurance or retirement benefits. Because Contractor is an independent contractor, Company will not withhold or make payments for
social security, make unemployment insurance or disability insurance contributions, or obtain workers’ compensation insurance on
behalf of Contractor or its representatives. If, notwithstanding the foregoing, Contractor is reclassified as an employee of Company,
or any affiliate of Company, by the U.S. Internal Revenue Service, the U.S. Department of Labor, or any other federal or state
or foreign agency as the result of any administrative or judicial proceeding, Contractor agrees that Contractor will not, as the
result of such reclassification, be entitled to or eligible for, on either a prospective or a retrospective basis, any employee
benefits under any plans or programs established or maintained by Company.

 

4.3             
Taxes. Contractor is solely responsible for filing
all tax returns and submitting all payments as required by any federal, state, local, or foreign tax authority arising from the
payment of fees to Contractor under this Agreement, and agrees to do so in a timely manner. If applicable, Company will report
the fees paid to Contractor under this Agreement by filing Form 1099-MISC with the Internal Revenue Service as required by law.

 

4.4             
Compliance with Law. Contractor will comply with
all applicable federal, state, local, and foreign laws governing self-employed individuals, including laws requiring the payment
of taxes, such as income and employment taxes, and social security, disability, and other contributions.

 

5.                 
Compensation. 

 

5.1             
Fees. Subject to the terms and conditions of this
Agreement, Company will pay Contractor in accordance with the fees specified in each Statement of Work provided to the Company.
All Statements of Work must be mutually agreed upon in writing. 

 

5.2          
 Expenses. Company will reimburse Contractor for
all reasonable, approved “out-of-pocket” and travel expenses (conferences, transportation, lodging, meals) as agreed
upon prior to travel. Prior to incurring expenses, Contractor must be given express written approval by the Company’s Chief Financial
Officer. 

 

5.3             
Invoicing. Unless otherwise expressly provided in
the applicable Statement of Work, (a) payment to Contractor of Fees and Expenses will be paid on each Friday, provided such invoice
is submitted 3 business days prior and (b) Contractor will submit invoices to Company as specified in each Statement of Work. Contractor
will maintain, in accordance with generally-accepted accounting principles, complete and accurate records of the work performed
and expenses incurred sufficient to document the Fees and Expenses invoiced to Company.

 

5.4             
Purchase Option Agreement. In association with this
Agreement and the attached Appendix B – Purchase Option Agreement, Company shall grant the option to Contractor to purchase
up to two million nine hundred thousand (2,900,000) shares of Company Common stock as described in the Purchase Option Agreement.

 

6.                 
Confidentiality. 

 

6.1            
Use and Disclosure. During
the term of this Agreement and at all times thereafter, Contractor will (a) hold all Confidential Information in strict trust
and confidence, (b) refrain from using or permitting others to use Confidential Information in any manner or for any purpose
not expressly permitted or required by this Agreement, and (c) refrain from disclosing or permitting others to disclose any
Confidential Information to any third party without obtaining Company’s express prior written consent on a case-by-case basis.

 

6.2              
Standard of Care. Contractor will protect the Confidential
Information from unauthorized use, access, or disclosure in the same manner as Contractor protects Contractor’s own confidential
or proprietary information of a similar nature, and with no less than the greater of reasonable care and industry-standard care.

 

6.3            
Exceptions. Contractor’s obligations under Sections 6.1
and 6.2 will terminate with respect to any particular information that Contractor can prove, by clear and convincing evidence,
(a) Contractor lawfully knew prior to Company’s first disclosure to Contractor, (b) a third party rightfully disclosed to Contractor
free of any confidentiality duties or obligations, or (c) is, or through no fault of Contractor has become, generally available
to the public. Additionally, Contractor will be permitted to disclose Confidential Information to the extent that such disclosure
is expressly approved in writing by Company, or is required by law or court order, provided that Contractor immediately notifies
Company in writing of such required disclosure and cooperates with Company, at Company’s reasonable request and expense, in any
lawful action to contest or limit the scope of such required disclosure, including filing motions and otherwise making appearances
before a court.

 

     3

     

    

 

Independent Contractor Services Agreement

 

6.4            
Removal; Return. Contractor will not remove any tangible
embodiment of any Confidential Information from Company’s facilities or premises without Company’s express prior written consent.
Upon Company’s request and upon any termination or expiration of this Agreement, Contractor will promptly (a) return to Company
or, if so directed by Company, destroy all tangible embodiments of the Confidential Information (in every form and medium), (b)
permanently erase all electronic files containing or summarizing any Confidential Information, and (c) certify to Company in writing
that Contractor has fully complied with the foregoing obligations.

 

7.                 
Conflict of Interest. 

 

7.1          
No Conflicts. Contractor will refrain from any activity
that prevents or materially impairs Contractor’s ability to perform under this Agreement, including forgoing any agreement or making
any commitment that will limit the Contractor’s ability to perform the Services. Contractor represents and warrants that Contractor
is not now subject to any contract or duty that would be breached by Contractor’s entering into or performing Contractor’s obligations
under this Agreement. At no time during the term of this Agreement shall Contractor permit an actual or potential conflict to result
in Contractor acting in a way contrary to the best interests of the Company. Any potential or actual conflict of interest must
be disclosed to the Company, which has the ability to waive such conflict in writing. 

 

8.                 
Term & Termination. 

 

8.1              
General. This Agreement shall commence on the Funding
Date and continue for two (2) years thereafter and shall be automatically renewed for additional periods of three (3) months, until
terminated by either Party as provided below.. 

 

8.2             
Company Termination Rights. If at any time the Company,
in good faith, determines that it is dissatisfied with the Deliverables or other material aspects of the Contractor’s performance
the Company shall provide written notice of this position. Should the Contractor fail to satisfactorily cure this dissatisfaction
within thirty (30) days, Company may terminate the Agreement effective upon written notice.

 

8.3              
Contractor Termination Rights. If at any time the
Contractor no longer wishes to continue providing services to the Company, Contractor may terminate this agreement with thirty
(30) days written notice. 

 

8.4             
Contractor Termination for Missed Payment.Contractor
shall have the right, upon written notice, to immediately terminate this Agreement if any payment obligation is more than 15 days
past due.

 

8.5              
Automatic Termination. This Agreement will automatically
terminate, regardless of the term:

 

8.5.1      
Upon mutual written agreement by the Parties; 

 

8.5.2     
In the event of a breach of any representation, warranty, covenant or agreement of this Agreement
by a Party following written notice of such a breach to the breaching Party by the non-breaching party.

 

8.5.3
      if it becomes apparent that any Party has become insolvent or has a receiver appointed or applied
for, has called a meeting of creditors, or has resolved to go into bankruptcy or liquidation (except a bona fide amalgamation or
reconstruction while solvent).

 

8.6              
Effects of Termination. In the event of any termination
of this Agreement as provided in Section 8, this Agreement (other than Section 6) and
all applicable defined terms, which shall remain in full force and effect, shall forthwith become wholly void and of no further
force and effect; provided that nothing herein shall relieve any party from liability for willful breach of this Agreement.

 

9.                 
LIMITATIONS ON LIABILITY.

 

9.1            
NO EXCLUSION. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, NEITHER PARTY EXCLUDES
OR LIMITS ITS LIABILITY IN RESPECT OF DEATH OR PERSONAL INJURY CAUSED BY THE NEGLIGENCE OF THAT PARTY, OR LIABILITY FOR FRAUDULENT
MISREPRESENTATION OR SUCH OTHER LIABILITY WHICH CANNOT UNDER APPLICABLE LAW BE EXCLUDED OR LIMITED BY AGREEMENT.

 

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Independent Contractor Services Agreement

 

9.2              
LIMITED LIABILITY. SUBJECT ALWAYS TO SECTION 9.1, THE TOTAL LIABILITY OF CONTRACTOR, AND ITS
AFFILIATES, AND OF COMPANY AND ITS AFFILIATES, IN CONNECTION WITH ANY MATTER RELATING TO THIS AGREEMENT (WHATEVER THE BASIS FOR
THE CAUSE OF ACTION) WILL NOT, IN ANY CASE AND UNDER ANY CIRCUMSTANCES, SUBJECT TO THE GOVERNING LAW OF THIS AGREEMENT, EXCEED
CONTRACTOR’S AND COMPANY’S ENTIRE TOTAL AND CUMULATIVE LIABILITY UNDER ANY AND ALL PROVISIONS OF THIS AGREEMENT AND IS LIMITED
TO THE LESSER OF (I) ONE HUNDRED PERCENT (100%) OF THE FEES PAID BY COMPANY TO CONTRACTOR DURING THE TWELVE (12) MONTH PERIOD IMMEDIATELY
PRECEDING THE OCCURRENCE RESULTING IN SUCH LIABILITY, OR (II) US$100,000.

 

9.3              
EXCLUSION OF DAMAGES. SUBJECT ALWAYS TO SECTION 9.1, IN NO EVENT WILL CONTRACTOR, AND ITS
AFFILIATES, AND OF COMPANY AND ITS AFFILIATES, BE LIABLE FOR ANY DAMAGES FOR LOST PROFITS (WHETHER DIRECT OR INDIRECT), OR ANY
SPECIAL, PUNITIVE, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES, WHETHER BASED ON BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE),
PRODUCT LIABILITY, OR OTHERWISE, AND REGARDLESS OF WHETHER THAT PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

10.              
General Provisions. 

 

10.1           
Governing Law. This Agreement and any disputes hereunder
will be governed by the laws of the State of California, without regard to its conflict of law principles. The state and federal
courts located in San Diego County, California shall have exclusive jurisdiction to adjudicate any dispute arising out of or relating
to this Agreement. Each party hereby consents to the exclusive jurisdiction of such courts. Each party also hereby waives any right
to jury trial in connection with any action or litigation in any way arising out of or related to this Agreement.

 

10.2          
Severability. If any provision of this Agreement
is, for any reason, held to be invalid or unenforceable, the other provisions of this Agreement will be unimpaired and the invalid
or unenforceable provision will be deemed modified so that it is valid and enforceable to the maximum extent permitted by law.

 

10.3       
No Assignment. This Agreement and Contractor’s rights
and obligations under this Agreement may not be assigned, delegated, or otherwise transferred, in whole or in part, by operation
of law or otherwise, by Contractor without Company’s express prior written consent. Any attempted assignment, delegation, or transfer
in violation of the foregoing will be null and void. Company may assign this Agreement, or any of its rights under this Agreement
to any third party with or without Contractor’s consent.

 

10.4          
Force Majeure. Neither party will be liable for non-performance
or delay in performance of its obligations caused by events beyond its control, including but not limited to: act of war, terrorism,
riot, civil commotion, revolution, blockade, embargo, fire, explosion, flood, adverse weather, other act of God, disease, pandemic,
shortage of necessary materials, interruption of transport, electricity or other supply, any form of government, (or other public
authority) intervention, industrial dispute, strike, lock-out, sit-in, industrial or trade dispute, or labor shortage. The date
of the performance of the obligation(s) affected shall be postponed for so long as is made necessary by the event of force majeure.
If the event of force majeure, continues for more than three (3) months, either party may terminate this agreement.

 

10.5  
        Notices. Business-related notices may be delivered
by email. All legal notices under this Agreement will be in writing addressed to the parties at the address set forth in the preamble
hereto and will be deemed to have been duly given (a) when received, if personally delivered; (b) the first business day after
sending by email; (c) the day after it is sent, if sent for next day delivery by recognized overnight delivery service; and (d)
upon receipt, if sent by certified or registered mail, return receipt requested.

 

10.6           
Attorneys’ Fees. If any litigation, including arbitration,
occurs between: Contractor and Company arising out of or as a result of this Agreement or the acts of the parties under this Agreement,
or which seeks an interpretation of this agreement, each party in such litigation must bear its own expenses, including attorneys’
fees.

 

10.7          
Construction. In the event of any conflict between
this Agreement and a Statement of Work, this Agreement will control unless the Statement of Work expressly refers to the Parties’
intent to alter the terms of this Agreement with respect to that Statement of Work.

 

     5

     

    

 

Independent Contractor Services Agreement

 

10.8          
Use of Name and Logo.Neither Party is authorized
to use the name(s) and/or logo(s) of the other Party for publicity and marketing without the written consent of such party.

 

10.9          
Waiver. All waivers must be in writing and signed
by the Party to be charged. Any waiver or failure to enforce any provision of this Agreement on one occasion will not be deemed
a waiver of any other provision or of such provision on any other occasion.

 

10.10      
Entire Agreement; Amendments. Agreement is the final,
complete, and exclusive agreement of the Parties with respect to the subject matter hereof and supersedes and merges all prior
or contemporaneous communications and understandings between the Parties. No modification of or amendment to this Agreement will
be effective unless in writing and signed by the Party to be charged.

 

In
Witness Whereof, the undersigned Parties, intending to be legally bound, have duly executed this Agreement as of the
Effective Date.

 

	Apptech Corp. (“Company”)	 	Inovations Realized, LLC (“Contractor”)
	 	 	 	 	 
	Signed:	/s/ Luke D’Angelo	 	Signed: 	/s/ Ben Jenkins
	Name:	Luke D’Angelo	 	Name:	Ben Jenkins
	Title:	CEO	 	Title:	CEO
	Address:	5876 Owens Ave. Suite 100,Carlsbad, CA92008	 	Address: 	3830 Valley Centre Drive, #705-222 San Diego, CA
92130-2520

 

     6

     

    

 

Independent Contractor Services Agreement

 

Appendix A

 

Statement of Work

 

This Statement of Work is incorporated into the Independent Contractor
Services Agreement dated February 23, 2021 (for the purposes of this Statement of Work, the “Agreement”) by and between
AppTech Corp. (hereinafter the “Company”) and Innovations Realized, LLC (hereinafter the “Contractor”). This
Statement of Work describes Services and Deliverables to be performed and provided by Contractor pursuant to the Agreement. If
any item in this Statement of Work is inconsistent with the Agreement prior to such incorporation, the terms of the Agreement will
control. All capitalized terms used and not expressly defined in the Statement of Work will have the meanings given to them in
the Agreement.

 

Fees & Payments. In exchange for
the services provided below, Company agrees to pay Contractor a total fee of [****] dollars [****] for professional
services (the “Professional Services Fee”) which shall be invoiced by Contractor and paid by Company as follows:

 

	1.	Within two (2) business the Effective Date of this Agreement (“First Installment Date”): $ [****]
	2.	March 05, 2021: $ [****]
	3.	April 05, 2021: $ [****] 
	4.	May 05, 2021: $ [****] 
	5.	June 05, 2021: $ [****]
	6.	July 05, 2021: $ [****]
	7.	August 05, 2021: $ [****]

 

As soon as economically feasible, a sum of [****] dollars
($ [****]), or the remainder of the fees as outlined in this Fees & Payments Section shall be set aside in a separate
Company account only to be drawn upon to fund this Statement of Work and fulfill invoices.

 

Invoices shall be sent to the following
email address: gwachs@apptechcorp.com

 

In accordance with Section 5.2 of the Agreement, Company will reimburse
Contractor for all reasonable “out-of-pocket” and travel expenses with prior written approval.

 

Invoices for Contractor shall be paid via wire transfer to the following
bank credentials:

 

Innovations Realized LLC

3830 Valley Centre Drive,

#705-222

San Diego, Ca 92130-2520

Acct #: 925758901

Chase Wire #: 021000021

 

Company Oversight & Management:

 

Contractor shall provide, on a bi-weekly basis after the first thirty
(30) days, a status and progress report using a structure agreed upon by Company and Contractor. The status and progress report
will provide insight into any material variance to the overall planning, execution, or strategy and will be considered the point
of communication, discussion and feedback on the direction of the project between both parties.

 

It is understood that, based on the nature of this Project, any
substantive material variances that may arise may require additional financial resources to execute the strategy. In such cases,
both parties shall agree in writing to such changes in the form of an Addendum to this Statement of Work.

 

     7

     

    

 

Independent Contractor Services Agreement

 

Given the cross-departmental nature of this Project, Contractor’s
ability to perform certain aspects of the above listed Project Plan is dependent on Company and Company’s current and future Partners
and corresponding resources. It is expected that reasonable efforts and access to needed resources will be provided by all parties.
In addition, certain aspects of this Project are dependent on first signing an agreement(s) with Partner(s). For avoidance of doubt,
this is inclusive Payment gateway, processing and acquiring relationships.

 

Working with Company and NECP, it is expected that all parties will
be involved in defining the plan to properly go to market in the U.S. with the next phase (not included in this Appendix A Statement
of Work) being Company’s commitment to deploying funds necessary to execute on the plan.

 

Services: 

 

Objective and Key Deliverables: 

 

Company is licensing NECP’s platform along with a commitment to
develop the payment processing infrastructure, text payment and other services as identified by Company and NECP contract(s). Contractor
is being hired to Develop a Strategic Operating Plan focused on the design, execution and go to market aspects of the platform
(NECP) to enter the U.S. market (product market fit).

 

 

 

Project Plan:

 

Overall Strategy and Leadership: ensure all aspects of the
strategy, NECP build and go to market planning are being managed properly.

 

General Management and Leadership: Given the multi-faceted
aspects of strategy development and operational planning, leadership is required to manage the overall success of this project.
Leadership will consist of bringing together a team of experts that can perform specific tasks based on assigned areas of focus.
This will require the recruiting and management of these relationships, the integration of these resources into the overall project
(kickoff) and ongoing management of the performance and deliverables expected. As the project unfolds, resources may need to be
added or replaced to ensure the project continues to move forward with the right outcomes.

 

     8

     

    

 

Independent Contractor Services Agreement

 

NECP Liaison: In addition, working alongside the NECP team
to properly manage expected output, product market fit and overall alignment of objectives is critical in ensuring the product(s)
align with the market segments and vice versa. This will include solutioning with the NECP team to determine product differentiation
and market strategies based on the existing technology stack, as well as the payment integration execution.

 

Bi-directional Communication: Additionally, it is imperative
that Contractor maintain clear communication with Company surrounding all aspects of the project. This will require insight and
feedback between parties on an ongoing basis to ensure proper direction and alignment as set forth in this statement of work. This
will include communication channels (i.e. Slack, email), facilitating proper checkpoints (tracking project progression –
completion, learnings, risks, pivots, etc.) and strategic discussions related to the product, market and overall opportunities
being identified through the Strategic Planning Process.

 

Vendors, Integrations, Product & Project Management: Perform
industry and vendor research, negotiations and contractual constructs, platform integrations, product management, project management

 

As a part of the NECP build, it is required that the proper payment
vendor(s) be identified to meet the objectives of delivering the payment integration on the NECP platform. This will require researching
and identifying payment vendors, vetting against a multitude of factors to determine the proper integration partner as set out
to meet the strategic objectives. Formulate a “plan of attack” across all aspects of the payment landscape (building
blocks) based on discovery analysis and output. This will help to dictate future actions, analysis and outreach (vendors) to align
with expected outcomes. Evaluation criteria of vendors are inclusive of the following key areas.

 

 

 

In addition, properly defining current and anticipated processing
& acquiring economics (buy rate, residual split etc.) and how this impacts go to market strategy will be highly important.
Defining scope and timelines and documenting business requirements alongside NECP will drive both current and future development
projects.

 

     9

     

    

 

Independent Contractor Services Agreement

 

Vendor decisioning will be a decision involving all parties inclusive
of Company, Contractor and NECP. It is imperative that the proper decisions be made given the nature of this relationship as the
initial payment rails within the NECP platform and alignment with target market objectives. It is expected that Contractor will
drive these conversations and decision criteria.

 

Vendors and Platform Technical Expertise & Strategy: Oversee
vendor selection, capabilities and technical aspects, technical architecture definition, technical requirement analysis.

 

When looking at payment vendors and other additive technology partners,
reviewing technical frameworks, capabilities and overall architectural decisions will greatly impact the future flexibility and
build of the platform to properly provide both a solid, extensible platform while also considering future impact and growth. Develop
architectural strategies, documenting proper database structures and aligning with NECP’s existing platform and planned build to
strengthen opportunities in market.

 

Assessing vendors is inclusive of reviewing APIs, security protocols,
change management, software lifecycle, technical implementation and support, data and reporting to determine the right “fit”
from a technical perspective. This foundational analysis will have impact on decisions and implementation protocols and is as important
as the business requirements in defining the proper partner modeling.

 

Growth Playbook - Go To Market Strategy: Deliver market insights,
discovery & research, growth blueprint, 2-3 ideal customer profiles, customer segmentation, value chain analysis, competitive
analysis, key buyer personas, funnel and sequence mapping.

 

As the core technology is being developed and vendor selection is
taking place, defining a go to market growth strategy creates an intentional growth plan based on strategic insights and data –
ultimately building a system that finds and guides the ideal audience to a sales decision is vital.

 

A proper growth plan is built using two strategic foundations -
competitive advantage and demand control. Competitive Advantage - know the audience that allows you to win in the market. Understand
why they choose you and if there is a correlation to the market segments where you win. Learn how you can win once you reach your
ideal audience. Demand Control - understand how people currently find you. Learn what channels you can use to reach the right people.
Know where your marketing dollars should go.

 

Focusing on the key buyers, not only the market segments provides
a valuable tool to understand the purchase drivers for the user and economic buyer personas that will make the decisions. Focusing
on how to target the key buyer—how they buy and why they buy delivers the strategy necessary to impact and drive sales.

 

     10

     

    

 

Independent Contractor Services Agreement

 

 

 

Operational Planning - Go To Market Execution Plan: Building
operational strategy, team structures, process, budgets, timing, costs, targets, pricing constructs

 

Given the technology and growth strategy work in preparation for
entering the market, creating the proper operational strategy for launch provides the construct that will feed the next phase(s).
Defining the operations required to drive revenue and market share across the identified ICP’s will feed budget projections.

 

Modeling the organizational structure and phased timing of bringing
these resources on board is required as well to deliver a strategic operating plan and budget which will ultimately be used to
hire resources for launch and growth. Forecasting and budgeting for specific roles will also provide guidelines as to what the
costs are applied against revenue (e.g. ARR).

 

Additionally, modeling pricing options in light of identified ICPs
will prove beneficial in defining the proper approach to the market buyers. Understanding pricing models will also help to identify
proper sales compensation models and metrics as well.

 

Statement of Work is NOT inclusive of separate
NECP/AppTech Contract Terms.

 

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Independent Contractor Services Agreement

 

In
Witness Whereof, the undersigned Parties, intending to be legally bound, have duly executed this Statement of Work as
of the Effective Date.

 

	Apptech Corp. (“Company”)	 	Inovations Realized, LLC (“Contractor”)
	 	 	 	 	 
	Signed:	/s/ Luke D’Angelo	 	Signed: 	/s/ Ben Jenkins
	Name:	Luke D’Angelo	 	Name:	Ben Jenkins
	Title:	CEO	 	Title:	CEO
	Address:	5876 Owens Ave. Suite 100,Carlsbad, CA92008	 	Address: 	3830 Valley Centre Drive, #705-222 San Diego, CA
92130-2520

 

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Independent Contractor Services Agreement

 

APPENDIX B

 

PURCHASE OPTION AGREEMENT

 

This Purchase Option Agreement (this “Agreement”) is entered
into as of February 23, 2021 (hereinafter, the Effective Date”) by and between APPTECH CORP. (hereinafter “Company”),
A Wyoming corporation with offices at 5876 Owens Ave. and INNOVATIONS REALIZED (hereinafter “Contractor”) (collectively
the “Parties”). All capitalized terms used and not expressly defined in the Statement of Work will have the meanings
given to them in the Agreement.

 

RECITALS

 

WHEREAS, as of the
date hereof, Company and Contractor have entered into a certain Independent Contractor Services Agreement (herein after the “Agreement”).

 

WHEREAS, as consideration
in part for Company’s desire and willingness to enter into the Independent Contractor Services Agreement, the Parties hereto desire
to enter into this Purchase Option Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt
and adequacy of which is hereby acknowledged, the parties hereto agree as follows:

 

1.       CERTAIN DEFINITIONS.

 

“Change of Control”
means the sale of all or substantially all the assets of a Party; any merger, consolidation or acquisition of a Party with, by
or into another corporation, entity or person; or any change in the ownership of more than fifty percent (50%) of the voting capital
stock of a Party in one or more related transactions.

 

“Common
Shares” means the shares of common stock of APCX, par value $0.001 per share.

 

“Grantors”
means AppTech Corp.

 

“Incidental
Registration” means as defined in Section 6.

 

“Option Exercise
Period” means the period beginning on no later than two (2) business days from the Effective Date, as defined in the
Agreement above, and/or any applicable vesting date and ending 2 years from such date.

 

“Registration”
means a registration of securities (including Registrable Securities) under the Securities Act.

 

“Registration Statement” means
any registration statement of the Company that covers any Registrable Securities filed or to be filed pursuant to this Agreement
in connection with a Registration of Registrable Securities pursuant to Section 6, including the Prospectus, amendments and
supplements to such Registration Statement, including post-effective amendments, all exhibits, and all material incorporated by
reference or deemed to be incorporated by reference in such registration statement.

 

2.       PURCHASE OPTION.

 

(a)            Grant
of the Option. Company hereby grants Contractor the exclusive right and option (the “Option”) to purchase
up to 2,900,000 (two million nine hundred thousand) shares of Company Common Shares, exercisable at any time during the Option
Exercise Period, pursuant to the terms and subject to the conditions of this Purchase Option Agreement. Four hundred thousand (400,000)
shares are exercisable at a per share purchase price of $0.01 (one cent). The remaining two million five hundred thousand (2,500,0000)
shares are exercisable at a per share purchase price of $0.25 (twenty-five cents).

 

(b)           Early Vest
of Options. Upon the occurrence of either: (i) Change of Control of Company or (ii) Company and IR’s CEO, Ben Jenkins,
jointly agree to a direct employment engagement (W-2) all outstanding unvested options shall vest. Further, if the Agreement Appendix
A: Statement of Work is completed within six (6) months from Effective Date, the shares which originally vested at 21 (twenty-one)
months and 24 (twenty-four) months shall vest at six (6) months after the Effective Date. If the Agreement Appendix A: Statement
of Work is completed within nine (9) months from the Effective Date, the shares which originally vested at 24 (twenty-four) months
shall vest at nine (9) months.

 

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Independent
Contractor Services Agreement

 

(c)            If Company or
Contractor Terminate the Agreement based on section 8.2 Company Termination Rights or 8.3 Contractor Termination Right in no event
will future Options be Granted beyond the date of the Termination.

 

(d)           The Options are
exercisable during its term in accordance with the Vesting Schedule set forth in below and the applicable provisions of Section
2 of this Option Agreement and the Plan.

 

VESTING SCHEDULE:

	Percentage
of Shares Subject to Grant Option	Number
of Shares Subject to Grant Option	Vesting
Date
	 	 	 
	13.8%	Four
Hundred Thousand (400,000)	The
Effective Date of this Agreement
	10.8%	Three
Hundred Twelve Thousand Five Hundred (312,500)	3
months after the Effective Date of this Agreement
	10.8%	Three
Hundred Twelve Thousand Five Hundred (312,500)	6
months after the Effective Date of this Agreement
	10.8%	Three
Hundred Twelve Thousand Five Hundred (312,500)	9
months after the Effective Date of this Agreement
	10.8%	Three
Hundred Twelve Thousand Five Hundred (312,500)	12
months after the Effective Date of this Agreement
	10.8%	Three
Hundred Twelve Thousand Five Hundred (312,500)	15
months after the Effective Date of this Agreement
	10.8%	Three
Hundred Twelve Thousand Five Hundred (312,500)	18
months after the Effective Date of this Agreement
	10.8%	Three
Hundred Twelve Thousand Five Hundred (312,500)	21
months after the Effective Date of this Agreement
	10.8%	Three
Hundred Twelve Thousand Five Hundred (312,500)	24
months after the Effective Date of this Agreement

 

(c)            Acknowledgement.
Company hereby acknowledges, accepts and approves the grant of this Option to Contractor.

 

3.       EXERCISE OF
THE OPTION.

 

(a)            Notice
of Intent to Exercise Purchase Option. Provided that Contractor has fulfilled or is in process of fulfilling its obligations
pursuant to the Agreement and is not in material default under any of its obligation thereunder, Contractor may exercise the Option,
in whole or in multiple parts, at any time during the Option Exercise Period by delivering written notice to the Grantor (the “Exercise
Notice”).

 

(b)            Purchase
of Option Shares. Following receipt of the Exercise Notice, the closing (the “Closing”) of the purchase
of the Option Shares shall take place as soon as reasonably practicable, as determined by the mutual agreement of the parties.
At the Closing, (i) Company shall transfer all of its respective rights, title and interest in the Option Shares to Contractor
pursuant to the instructions provided in the Exercise Notice and (ii) Contractor shall deliver to Company its respective Purchase
Price. Each party hereto hereby agrees to execute and deliver all documents or instruments reasonably necessary to effectuate the
Closing.

 

4.       RULE 144 RESTRICTED
SHARES.

 

(a)            This transaction
has not been registered under the Securities Act of 1933, as amended (the “Securities Act”). The shares of Common Stock
subject to this Option Purchase Agreement were acquired by Contractor in a transaction exempt from registration under the Securities
Act and constitute Restricted Securities under the Rule 144 promulgated under the Securities Act. The Contractor acknowledges and
agrees that the shares of Common Stock must be held indefinitely unless they are subsequently registered under the Securities Act
or an exemption from such registration is available. The Assignee has been advised or is aware of the provisions of Rule 144 promulgated
under the Securities Act as in effect from time to time, which permit limited resale of shares purchased in a private placement
subject to the satisfaction of certain conditions, including, among other things, the availability of certain current public information
about the Company, the resale occurring following the required holding period under Rule 144 and the number of shares being sold
during any three (3) month period not exceeding specified limitations.

 

(b)           Contractor is
aware of the Contractor’s business affairs and financial condition and has acquired sufficient information about the Company to
reach an informed and knowledgeable decision to acquire the rights under the Option Purchase Agreement and the Common Stock. Contractor
agrees that the Company afforded Contractor and Contractor’s advisors full and complete access to all information with respect
to the Company and the Company’s operations that Contractor and Contractor’s advisors deemed necessary to evaluate the merits and
risks of an investment in the Company. Contractor further acknowledges that Contractor and Contractor’s advisors have had the opportunity
to ask questions of and receive answers from the Company’s management concerning this investment. Contractor has not used any broker
or finder in respect of the purchase of the Securities.

 

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Independent
Contractor Services Agreement

 

(c)           Contractor is
aware that investment in the Common Stock is speculative and involves a high degree of risk. Contractor has carefully considered
the risks of this investment and understands that the financial risks involved in this investment could result in a substantial
or complete loss of Contractor’s investment. Contractor has such knowledge and experience in financial and business matters that
Assignee is capable of evaluating the merits and risks of investing in the Common Stock. Contractor, in evaluating the merits of
an investment in the Common Stock, is not relying on the Company, its counsel, or the Company’s financial advisor for an evaluation
of the tax, legal or other consequences of an investment in the Common Stock.

 

(d)           The shares of
Common Stock will be acquired by the Contractor for investment purposes, not as a nominee or agent, and not with a view to the
resale or distribution of any part thereof, and that Contractor has no present intention of selling, granting any participation
in or otherwise distributing the same. Contractor further represents that Contractor does not have any contract, undertaking, agreement
or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to
any of the shares of Common Stock.

 

(e)            The Contractor
acknowledges that each share of Common Stock acquired by the Contractor pursuant to Option Purchase Agreement shall bear a legend
substantially to the following effect until the same is no longer required under the Securities Act:

 

SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“THE ACT”), AND MAY NOT BE OFFERED, SOLD, OR OTHERWISE
TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN
OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

 

The certificates
evidencing the shares of Common Stock shall also bear any legend required by applicable state securities or corporate laws.

 

5.             LOCK-UP PERIOD

 

The parties agree
that the Common Shares associated with the Option Purchase Agreement shall be subject to a lock-up period of twelve (12) months
commencing on the date of Funding (the “Lock-Up Period”). During the Lock-Up Period, the transfer of the common shares
of the Contractor shall be restricted.

 

6.             INCIDENTAL
REGISTRATION RIGHTS

 

(a)           Requests for
Incidental Registration. If Company proposes to register any of its Common Stock (other than pursuant to a Registration on
Form S-4 or S-8 or any successor form), it will give prompt written notice to Contractor of its intention to effect such Registration
(the “Incidental Registration”). Within fifteen (15) days of receiving such written notice of an Incidental Registration,
Contractor may make a written request (the “Piggy-Back Request”) that the Company include in the proposed Incidental
Registration all, or a portion, of the Registrable Securities owned by Contractor (which Piggy-Back Request shall set forth, if
applicable, the Registrable Securities intended to be disposed of by Contractor and the intended method of disposition thereof).

 

(b)           Obligation
to Effect Incidental Registration. Company shall use all commercially reasonable efforts to include in any Incidental Registration
all Registrable Securities which Company has been requested to register pursuant to any timely Piggy-Back Request to the extent
required to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities
so to be registered. Notwithstanding the preceding 6(a) and 6(b):

 

(i) Company
shall not be obligated pursuant to this Section 6 to effect a Registration of Registrable Securities requested pursuant
to a timely Piggy-Back Request if Company discontinues the related Incidental Registration at any time prior to the effective date
of any Registration Statement filed in connection therewith;

 

(ii) if
a Registration pursuant to this Section 6 involves an underwritten offering, and the managing underwriter (or, in the
case of an offering that is not underwritten, an investment banker) shall advise Company that, in its opinion, the number of securities
requested and otherwise proposed to be included in such Registration exceeds the number which can be sold in such offering without
adversely affecting the marketability of the offering, Company will include in such Registration to the extent of the number which
Company is so advised can be sold in such offering, first, the securities Company proposes to sell for its own account in
such Registration and second, the Registrable Securities of Contractor requesting to be included in such Registration and
all other securities requested to be included in such Registration on a pro rata basis; and

 

(iii) if
Company is engaged in, or has definitive plans to engage in, any activity or negotiations that, in the good faith determination
of the Board of Directors of Company, would be adversely affected by disclosure that would be required in connection with a Registration
to the material detriment of Company, then Company may delay such registration for a period of eighty (80) days from the date of
termination or disclosure of such activity or negotiations.

 

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Independent
Contractor Services Agreement

 

7.       MANDATORY REGISTRATION

 

In
the event Company does not initiate an Incidental Registration, discontinues an Incidental Registration at any time prior to the
effective date of any Registration Statement, or any of the Registrable Securities remain unregistered as of the eighteen (18)
month anniversary of the exercise date, then Contractor shall have the right to demand (the “Demand Notice”),
and Company agrees to file, a Registration Statement with the SEC to register the Registrable Securities and to achieve effectiveness
of said Registration Statement within one hundred twenty (120) days of the Demand Notice. 

 

8.       MISCELLANEOUS.

 

(a)           Construction.
This Purchase Option Agreement and the performance of the transactions and the obligations of the parties hereunder will be governed
by and construed and enforced in accordance with the laws of the State of California, without giving effect to any choice of law
principles.

 

(b)           Counterparts.
This Purchase Option Agreement may be executed by facsimile or electronic “.pdf” signature pages and in counterparts,
each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

 

(c)            Entire
Agreement. This Purchase Option Agreement constitutes the entire agreement of the parties with respect to the subject matter
hereof and thereof and supersedes all prior oral or written proposals or agreements relating thereto. This Purchase Option Agreement
may not be amended or any provision hereof waived in whole or in part, except by a written amendment signed by all of the parties
hereto (other than GPSI, for the avoidance of doubt).

 

(d)           Successors
and Assigns. Whenever in this Purchase Option Agreement any of the parties hereto is referred to, such reference shall
be deemed to include the permitted assigns and successors of such party; and all covenants, promises and agreements by or on behalf
of the such party that are contained in this Purchase Option Agreement shall bind and inure to the benefit of their respective
permitted assigns and successors. Neither party shall assign or delegate any of its rights or duties hereunder without the prior
written consent of the other party, and any attempted assignment or delegation without such consent shall be null and void.

 

(e)            Headings.
The titles of the sections and subsections of this Purchase Option Agreement are for convenience of reference only and are not
to be considered in construing this Agreement.

 

(f)            Severability.
In the event any one or more of the provisions contained in this Purchase Option Agreement should be held invalid, illegal or unenforceable
in any way, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any
way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction
shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good
faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

     16

     

    

 

Independent Contractor Services Agreement

 

In
Witness Whereof, the undersigned Parties, intending to be legally bound, have duly executed this Statement of Work as
of the Effective Date.

 

	Apptech Corp. (“Company”)	 	Inovations Realized, LLC (“Contractor”)
	 	 	 	 	 
	Signed:	/s/ Luke D’Angelo	 	Signed: 	/s/ Ben Jenkins
	Name:	Luke D’Angelo	 	Name:	Ben Jenkins
	Title:	CEO	 	Title:	CEO
	Address:	5876 Owens Ave. Suite 100,Carlsbad, CA92008	 	Address: 	3830 Valley Centre Drive, #705-222 San Diego, CA
92130-2520

  

17

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