Document:

Exhibit 4.2

   

  

  CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE OF
        INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. INFORMATION THAT WAS OMITTED HAS BEEN NOTED IN THIS DOCUMENT WITH A PLACEHOLDER IDENTIFIED BY THE MARK “[***]”.

   

  OPTION OF EXCLUSIVE LICENSE AGREEMENT 

   

  BETWEEN 

   

  HYPERION MATERIALS & TECHNOLOGIES, LLC

   

  AND 

   

  BLACKSAND TECHNOLOGY, LLC 

  
     

    
      
 

  

   

  Contents

   

  	1.   Definitions	3
	2.   License Grant	4
	3.   Royalties	5
	4.   Records, Books, and Examinations	6
	5.   Term of the License	6
	6.   Licensor’s Performance	6
	7.   Sublicensing Rights	6
	8.   Representations and Warranties	7
	9.   Modification and Termination	9
	10.   Liability	10
	11.   Infringement and Litigation	11
	12.   Confidentiality	11
	13.   Miscellaneous	12
	APPENDIX A – Master Services Agreement and Statement of Work	14

   

  

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  OPTION OF EXCLUSIVE LICENSE AGREEMENT

   BETWEEN 

  

  HYPERION MATERIALS & TECHNOLOGIES, LLC

   AND

  

  BLACKSAND TECHNOLOGY, LLC

   

  This Option of Exclusive License Agreement (“Agreement”) is entered into between Blacksand Technology, LLC, a
      limited liability company organized under the laws of Utah (“Licensor”), with offices at 1782 West 2300 South, West Valley City, Utah 84119, and Hyperion Materials & Technologies, LLC, a limited liability company organized under the laws of North
      Carolina (“Licensee”), with offices at 32N Main St. Suite 100, Belmont, North Carolina, 28012.

   

  RECITATIONS

   

  WHEREAS, Licensor is party to a certain License Agreement, dated August 24, 2015, between
      University of Utah Research Foundation (“UURF”) and Licensor, as amended by Amendment to License Agreement dated March 20, 2016, and as the same may be amended from time to time (the “UURF License Agreement”), pursuant to which Licensor has received
      an exclusive license and related rights to the Licensed Patents and Licensed Products (as defined herein). The UURF License Agreement is attached to this Agreement for reference only as Appendix A.

   

  WHEREAS, pursuant to the UURF License Agreement, UURF granted to Licensor the exclusive
      right to sublicense the Licensed Patents and Licensed Products to sublicensees provided that Licensor has exclusive rights in the territory being sublicensed, and Licensor currently has such exclusive rights to sublicense the Licensed Patents and
      Licensed Products to Licensee in the Licensed Territory.

   

  WHEREAS, pursuant to the Master Services Agreement (as amended, “MSA”) and Statement of
      Work #1 of even date herewith (as amended, “Statement of Work”), Licensor has granted Licensee an option (the “Option”) to acquire the License (as defined herein).

   

  WHEREAS, each of the MSA and Statement of Work are attached to this Agreement as Appendix B
      and incorporated by reference.

   

  AGREEMENT

   

  NOW THEREFORE, in accordance with the aforementioned recitations and in consideration of
      the release and of the covenants and obligations hereinafter set forth to be well and truly performed, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
      follows:

   

  		1.	Definitions

   

  As used in this Agreement, the following terms shall have the following meanings and such meanings shall be
      equally applicable to both the singular and plural forms of the terms defined.

   

  1.1.       “Affiliate” means any corporation, firm, partnership, or other entity in which Licensee owns or
      controls more than fifty percent (50%) of the voting stock or interests thereof.

   

  1.2.       “Effective Date” means the date when this Agreement is signed by both parties.

   

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  1.3.       “Exclusive Licensed Use” means use of the Licensed Patents and Licensed Products, within the
      Licensed Territory, to process titanium-bearing ores or titanium feedstocks with a percentage of TiO2 of 96% or below for the production of Ti-metal or Ti-metal alloy powders. The Exclusive Licensed Use includes processing of all Ti-minerals and
      Ti-slags into Ti-metal powders, but excludes processing of commercial TiO2 powder into Ti-metal powders and excludes the production of TiO2 powder.

   

  1.4.       “Licensed Patents” means [***].

   

  1.5.       “Licensed Products” mean any and all apparatus, articles of manufacture, compositions of matter,
      methods, uses, processes or products falling in whole or in part within, or generated in whole or in part from, and including Licensed Products (as defined in the UURF License Agreement) and Licensed Services (as defined in the UURF License
      Agreement), to the extent within the scope of one or more claims of the Licensed Patents,

   

  1.6.       “Licensed Territory” means worldwide.

   

  1.7        “Sublicense” means a grant of rights by Licensee to a third party (each a “Sublicensee”) to make,
      have made, use, have used, sell, import, have imported, export or have exported, Licensed Products for the Exclusive Licensed Use within the Licensed Territory for which Licensee has received an Exclusive License for the Licensed Patents as provided
      under this Agreement.

   

  1.8        “The Point of Practical Application” means the stage of development of the products and methods
      described and claimed in the Licensed Patents at which the parties determine that the products and methods may be safely and legally utilized and that their benefits are, to the extent permitted by law or government regulations, available to the
      public on reasonable terms.

   

  		2.	License Grant

   

  2.1.      Subject to the terms, covenants, conditions
      and limitations set forth in this Agreement, Licensee’s full and complete performance and payment of its obligations under the MSA and the Statement of Work, and Licensee’s ongoing compliance with laws and regulations applicable to the Licensed
      Territory, Licensor hereby grants to Licensee an exclusive use license (the “License”) to the Licensed Patents and Licensed Products solely for Exclusive Licensed Use. This license is non-assignable except as may be permitted pursuant to the terms of
      Article 7 or Article 13.5 hereof.

   

  2.2.      For the avoidance of doubt, Licensor and
      Licensee acknowledge that nothing in this Agreement shall prohibit or limit Licensee from selling or using the Licensed Products within the Licensed Territory, provided that Licensee will provide Licensor with advance written notice of any such use
      outside of the United States so that Licensor can coordinate patent or other intellectual property protection for the Licensed Patents and the Licensed Products.

   

  2.3.      Licensee acknowledges that, as between
      Licensee and Licensor, Licensor owns all right, title, and interest, including all intellectual property rights, in and to the Licensed Patents and any intellectual property arising therefrom, directly or indirectly, whether in existence as of the
      Effective Date or created thereafter, required to enter into this Agreement, and that Licensee’s rights thereto are limited to the License granted pursuant to this Agreement.

   

  2.4.      The exclusive nature of the License is at all
      times subject to Licensee’s ongoing compliance with its obligations hereunder, and at any time Licensee fails to so comply, any and all exclusivity shall, upon fifteen (15) days’ prior written notice to Licensee from Licensor, automatically terminate
      unless Licensee has cured (and provided evidence thereof to Licensor) any such noncompliance prior to the expiration of such 15-day period.

   

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  		3.	Royalties

   

  In consideration of the License:

   

  3.1.      Licensee shall pay to Licensor a
      nonrefundable license fee of (a) $650,000 (Six Hundred Fifty Thousand US Dollars) upon exercise of the Option (the “Initial License Payment”); (b) an additional $750,000 (Seven Hundred Fifty Thousand US Dollars) upon the first anniversary of the
      Initial License Payment; and (c) an additional $500,000 (Five Hundred Thousand US Dollars) upon the second anniversary of the Initial License Payment.

   

  3.2.      Commencing on the third anniversary of the
      Initial License Payment, and on each subsequent anniversary thereafter, Licensee shall pay Licensor the Annual Minimum License Payment, as defined below. The “Annual Minimum License Payment” shall be (a) with respect to the third, fourth and fifth
      anniversaries of the Initial License Payment, $150,000, and (b) with respect to the sixth anniversary of the Initial License Payment and each anniversary thereafter until termination of this Agreement, $250,000. The Annual Minimum License Payment
      shall be nonrefundable but may be credited toward the payment of any other royalties payable by Licensee pursuant to Article 3.3 within the calendar year in which the Annual Minimum License Payment is due.

   

  3.3.      Licensee shall pay to Licensor a royalty
      equal to 3% (three percent) of the Net Value (as defined in Article 3.4 below) of each Licensed Product which is sold, transferred (except to a Sublicensee for the limited purpose of facilitating later sale of Licensed Product to customers), or used
      internally by Licensee or a Sublicensee until termination of this Agreement (“Annual Earned Royalty”). Payment of the Annual Earned Royalty shall be made not later than by 15 April of each year with respect to all Annual Earned Royalty accrued but
      unpaid with respect to the preceding calendar year; late payments shall accrue interest at a rate of [***] per month, compounding monthly, until paid in full (and Licensee shall reimburse Licensor for all reasonable collection costs (including
      reasonable attorneys’ fees) associated with such payment).

   

  3.4.      Licensed Products shall be considered to be
      “sold” when they are shipped, delivered, and paid for by the customer (by purchase, rental, or other transaction), whether by Licensee, an Affiliate of Licensee or Sublicensee. “Net Value” means the sum of all charges billed or invoiced by Licensee,
      an Affiliate of Licensee or a Sublicensee to customers for sales of Licensed Product, less (a) customary trade, quantity, or discounts actually allowed and taken; (b) amounts paid or credited by reason of rejections or returns; (c) any freight or
      other transportation costs, insurance charges, duties, tariffs; (d) all sales and excise taxes based directly on sales or turnover or delivery of royalty bearing products; and (e) any commission or fee paid to sales agents or representatives, not to
      exceed [***] of the gross sales price.

   

  3.5.      Licensee shall reimburse Licensor for [***]
      of all reasonable and documented costs incurred by Licensor prior to and following the Effective Date for the preparation, filing, prosecution, maintenance and defense of the Licensed Patents (including those incurred in furtherance of the MSA and
      the Statement of Work) within thirty (30) days of Licensee’s receipt of invoice therefor. At Licensee’s request, Licensor will provide information and records concerning invoicing and determination of such reimbursable costs.

   

  3.6.      Pursuant to the UURF License Agreement,
      Licensor is responsible for providing UURF with at least fifteen (15) days advance notice of any material filing related to prosecution of a Licensed Patent so that UURF may provide its input on such filings. Licensor shall provide Licensee the same
      notice, and shall annually, and upon Licensee’s reasonable written request no more than once a quarter, provide Licensee and UURF with a written report concerning the status of the filing, prosecution, and maintenance of the Licensed Patents in the
      Licensed Territory.

   

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  3.7.      Licensee shall pay, within thirty (30)
      calendar days from any termination of this Agreement, the royalties accrued or accruable for payment at the time of any such termination.

   

  		4.	Records, Books, and Examinations

   

  4.1.      Licensee agrees to make and keep full,
      accurate, and complete books and records as necessary to establish its compliance with Article 3 of this Agreement. With respect to the Exclusive Licensed Use granted herein, Licensee further agrees to provide reports substantially similar to those
      required under Article 8 of the UURF License Agreement.

   

  4.2.      Licensee agrees that Licensor, upon
      reasonable prior notice, may have a duly authorized agent or representative on Licensor’s behalf inspect, audit, or verify such books and records that are relevant to establishing Licensee’s compliance with Article 3 of this Agreement, either at
      Licensee’s place of business or at a place mutually agreed upon by the parties hereto. Any audit conducted hereunder shall be on a dollar-for-dollar basis without the use of statistical methods including but not limited to sampling and extrapolation.

   

  		5.	Term of the License

   

  5.1.      The grant of the License shall be in force
      upon exercise of the Option and shall remain in force as long as Licensee continues to pay when due the amounts due to Licensor pursuant to Article 3 of this Agreement, and for as long as the Licensed Patents remain enforceable.

   

  5.2.      This Agreement shall otherwise remain in
      effect unless it is modified or terminated as provided in Article 9 of this License.

   

  		6.	Licensor’s Performance

   

  6.1.      Subject to Article 3.5, Licensor shall pay all
      maintenance fees to maintain the life of the Licensed Patents. However, in the event that Licensor fails to make said payments, Licensee may pay any maintenance fee when due and likewise be entitled to reimbursement of [***] of such fees under
      Article 3.5.

   

  6.2.      At the request of Licensee, and at the
      discretion of Licensor, Licensor may provide technical assistance (not involving further research and development) to Licensee on a time and cost basis for the purpose of assisting Licensee in bringing the Licensed Products to the Point of Practical
      Application; provided, notwithstanding, that Licensor shall be obligated to perform Licensor’s obligations under the MSA and Statement of Work.

   

  		7.	Sublicensing Rights

   

  7.1.      Subject to prior written approval by Licensor,
      not to be unreasonably withheld, conditioned or delayed, Licensee may grant Sublicenses under the Licensed Patents during the term of this Agreement where such Sublicense is consistent with and in furtherance of Licensee’s rights and obligations
      provided under this Agreement. Each Sublicense relationship will be evidenced by a written agreement and made subject and subordinate to this Agreement, including all rights retained or held by Licensor hereunder, and consistent with the relevant
      provisions hereof that apply to Sublicenses. A copy of all Sublicenses will be furnished to Licensor prior to the execution thereof for review and approval. The final executed Sublicenses will be promptly provided to Licensor by Licensee. For the
      avoidance of doubt, Licensor shall be entitled to all royalties, fees and other payments due to Licensor pursuant to Article 3 with respect to Licensed Products sold by Licensee’s Affiliates and Sublicensees as if sold by Licensee itself; Licensee
      shall be fully responsible to Licensor for any such amounts.

   

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  7.2.      In addition to the inclusion of all rights
      retained or held by Licensor hereunder, Licensee shall specifically include in each Sublicense Licensor’s right to terminate or modify a Sublicense pursuant to Article 9. Licensee shall not grant or exercise any rights that are inconsistent with the
      rights and obligations of Licensee or act in conflict with the residual rights of Licensor hereunder. Any Sublicense shall include an audit right by Licensor of the same scope as provided under Article 4 with respect to Licensee.

   

  7.3.      If a Sublicense request by a third party is
      made to Licensee, Licensee will use commercially reasonable efforts to grant a Sublicense if Licensee is not and will not be using the Licensed Patents for the requested field of use.

   

  7.4.      No other, further, or different power, right,
      or privilege to grant powers, rights, privileges, or immunities to third parties is granted or implied. Licensee shall remain wholly responsible and liable for the acts or omissions of each Sublicensee in connection with the subject matter hereof and
      the performance of its obligations as described herein.

   

  		8.	Representations and Warranties

   

  8.1       Each party represents and warrants to the other party as follows: (a) that it is a company formed and
      in good standing as of the Effective Date, (b) that the execution, delivery, and performance of this Agreement by each party has been authorized by all necessary action on the part of such party; (c) that this Agreement has been executed and
      delivered by each party and constitutes a legal, valid, and binding obligation of such party, enforceable against such party in accordance with its terms; (d) that the execution, delivery, and performance of this Agreement does not: (i) violate,
      conflict with, or result in, the breach of any provision of the charter or by-laws of such party; (ii) conflict with or violate any law or governmental order applicable to such party or any of its assets, properties, or businesses; or (iii) conflict
      with, result in any breach of, constitute a default under, require any consent under, or give to others any rights of termination, amendment, revocation, or cancellation of any contract, agreement, or other instrument or arrangement to which it is a
      party.

   

  8.2       Licensor represents and warrants to Licensee that:

   

  		a.	Licensor owns all right, title and interest in, or has sufficient rights to, the Licensed Patents and Licensed Products, including all intellectual property
            rights related thereto, which are the subject of this Agreement, and has the exclusive right to enter into and perform under this Agreement and grant the License and release contained herein.

   

  		b.	There are no disputes, lawsuits, arbitrations, patent infringement claims or other conflicts of interest, whether active or pending, arising from or in relation
            to any claim by any third-party, including inventors, against Licensor, its officers, employees, agents, shareholders, or affiliates in connection with any aspect of the Licensed Patents or Licensed Products.

   

  		c.	Licensor is not aware of any disputes, lawsuits, arbitrations, patent infringement claims or other conflicts of interest, whether active or pending, arising
            from or in relation to any claim by any third-party, including the inventors of the technology related to the Licensed Patents or Licensed Products.

   

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  		d.	Licensor is not aware of any patents, technology, methods, processes, inventions, know-how, intellectual property, or other data or information owned by third
            parties, which is needed for Licensee to utilize the Licensed Patents for commercial application.

   

  		e.	Licensor has not granted, and during the term of this this Agreement will not grant, any licenses, sub licenses, or any contingent or non-contingent right,
            title or interest in the Licensed Patents and Licensed Products to any third party.

   

  		f.	Subject to Licensee’s approval, not to be unreasonably withheld, conditioned or delayed, Licensor may work with third parties on matters related to the Licensed
            Patents and Licensed Products, and share data and information related to the Licensed Patents and Licensed Products with such third parties.

   

  8.3      Licensor further represents and warrants that the UURF License Agreement is in full force and effect
      and that Licensor is in compliance with the UURF License Agreement in all material respects. Licensor further represents and warrants that, before the Effective Date of this Agreement, Licensor has obtained written consent from UURF to enter into
      this Agreement with Licensee, and Licensor acknowledges and agrees that obtaining such written consent is a condition precedent to Licensee entering into this Agreement. Licensor warrants and covenants that it will use its best efforts to (a) perform
      all of its obligations in compliance with the UURF License Agreement, and (b) ensure that the UURF License Agreement remains in full force and effect for its term. Licensor warrants and covenants that it will provide written notice immediately to
      Licensee upon Licensor’s knowledge that (i) Licensor plans to provide notice to UURF of Licensor’s intent to terminate the UURF License Agreement, (ii) UURF plans to provide to Licensor, or Licensor has received from UURF, UURF’s notice to terminate
      the UURF License Agreement, (iii) or Licensor receives a notice of default under the UURF License Agreement. In the event that the UURF License Agreement is terminated by either UURF or Licensor, Licensor agrees to cooperate with Licensee in
      converting this Agreement into an exclusive license between Licensee and UURF. 

   

  8.4       EXCEPT AS EXPRESSLY SET FORTH IN ARTICLE 8, RIGHTS GRANTED HEREUNDER, INCLUDING RIGHTS TO LICENSED
      PRODUCTS, ARE PROVIDED “AS IS”, WITH NO REPRESENTATIONS OR WARRANTIES OF ANY KIND (EXPRESS, IMPLIED, OR OTHERWISE) IN CONNECTION WITH THIS AGREEMENT OR ITS SUBJECT MATTER. WITHOUT LIMITING THE FOREGOING, LICENSOR EXPRESSLY DISCLAIMS ANY EXPRESS OR
      IMPLIED WARRANTIES OF PATENT VALIDITY, NON-INFRINGEMENT, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE RIGHTS GRANTED HEREUNDER, INCLUDING RIGHTS TO LICENSED PRODUCTS.

   

  8.5       UURF Disclaimers and Limitation on Liability. WITHOUT LIMITING ANYTHING IN THIS ARTICLE 8, LICENSEE
      ACKNOWLEDGES THAT THIS AGREEMENT IS SUBJECT TO THE FOLLOWING PROVISIONS OF THE UURF LICENSE AGREEMENT IN FAVOR OF UURF: (A) SECTION 15.2 (NO REPRESENTATIONS AND WARRANTIES PROVIDED BY UURF), (B) SECTION 15.3 (DISCLAIMER OF SPECIFIC WARRANTIES BY
      UURF); AND (C) SECTION 15.4 (UURF LIMITATION OF LIABILITY).

   

  8.6       Nothing relating to this Agreement nor the license grant itself shall be construed to confer upon
      Licensee any immunity from or defenses under the antitrust laws or from a charge of patent misuse, and the acquisition and use of the rights pursuant to this license shall not be immunized from the operation of state or Federal law.

   

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  8.7       Nothing contained in this Agreement shall be interpreted to grant to Licensee any rights with respect
      to any invention other than the licensed invention specified herein.

   

  		9.	Modification and Termination

   

  9.1.      Licensor may terminate or modify this Agreement in whole or in part
      if:

   

  		a.	Licensee is in breach of a covenant or agreement contained in this Agreement; or

   

  		b.	Licensee has willfully made a false statement of or willfully omitted a material fact in any report required by this Agreement; or

   

  		c.	Licensee has been found by a court of competent jurisdiction to have violated the Federal antitrust laws in connection with its performance under the License
            Agreement; or

   

  		d.	Licensee is adjudged as bankrupt or has all or a substantial portion of its assets, relating to or utilized in performing operations herein licensed, placed in
            the hands of a temporary or permanent receiver or makes any assignment or other accommodation for the benefit of creditors, unless Licensee enters bankruptcy proceedings solely for the purpose of reorganizing and continues to do business during
            and after the bankruptcy.

   

  9.2.      Licensor may directly terminate or modify any
      Sublicense if Licensor determines that any of the grounds for termination or modification of this Agreement provided under this Article 9 apply to a Sublicensee or to Sublicensee performance under a Sublicense.

   

  9.3.      Before modifying or terminating in whole or in
      part this Agreement or a Sublicense under any of the terms and conditions specified herein permitting modification or termination, other than by mutual agreement, Licensor shall furnish Licensee a written notice of intention to modify or terminate in
      whole or in part this Agreement or a Sublicense, and Licensee shall be allowed ninety (90) days after such notice to remedy any breach of any covenant or agreement set forth in this Agreement or a Sublicense.

   

  9.4.      Licensee may terminate or request modification
      in whole or in part of this Agreement:

   

  		a.	if the Licensed Patent is ruled by competent authorities not to be patentable in the Licensed Territory; or

   

  		b.	by giving ninety (90) days prior written notice to Licensor.

   

  9.5.      This Agreement may be terminated or modified
      upon mutual agreement of Licensor and Licensee.

   

  9.6.      The following rights and obligations survive
      any termination of this Agreement to the extent necessary to permit their complete fulfillment or discharge:

   

  		a.	Licensee’s obligation to maintain records and Licensor’s right to conduct a final audit as provided in Article 4 of this Agreement;

   

  		b.	Any cause of action or claim of Licensor accrued, or to accrue, because of any breach or default by Licensee; and

   

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  		c.	Licensee shall remain responsible for all royalties and fees accrued prior to its termination (whether or not yet due and payable).

   

  9.7.      In the event of termination of this Agreement,
      Licensee may sell its remaining inventory of Licensed Products after such termination and Licensee may fulfill contractual obligations to supply Licensed Products under contracts entered into before the date of termination provided such obligations
      can be fulfilled within one calendar year of the date of termination, except for such contracts which contain indefinite delivery, indefinite quantities, or other unexercised options, in which case Licensee may fulfill contractual obligations through
      the life of the option period and the delivery requirements associated with such options. Licensee agrees to pay royalties on all Licensed Products sold, whether by Licensee or a Sublicensee, after the date of termination as set forth in Article 3 of
      this Agreement.

   

  		10.	Liability

   

  10.1.     Licensee agrees to defend, indemnify, and hold
      Licensor harmless from and against all claims, liability, demands, damages, expenses for losses and death, personal injury, illness or property damage (each, a “Claim”) arising out of (a) the use, sale, or other disposition by Licensee, a
      Sublicensee, or any Licensee or Sublicensee customers or any other transferee of any Licensed Products, or (b) any act or omission of Licensee or any Sublicensee in the course of performing its obligations under this Agreement (or pursuant to any
      Sublicense).

   

  10.2.     Licensor agrees to defend, indemnify, and hold
      Licensee, UURF, The University of Utah, and their Affiliates and respective employees, managers, officers, agents, members, and successors (“Licensor Indemnified Parties”) harmless from and against all Claims arising out of any act or omission of
      Licensor in the course of performing its obligations under this Agreement.

   

  10.3.     Neither party shall be liable for any
      unforeseeable event beyond its reasonable control not caused by the fault or negligence of such party, which causes such party to be unable to perform its obligations (other than payment obligations) under this Agreement (and which it has been unable
      to overcome by the exercise of due diligence), including, but not limited to, flood, drought, earthquake, storm, fire, pestilence, lightning and other natural catastrophes, epidemic, war, riot, civic disturbance or disobedience, strikes, labor
      dispute, or failure, threat or failure, or sabotage, or any order or injunction made by a court or public agency. In the event of the occurrence of such a force majeure event, the party unable to perform shall promptly notify the other party. It
      shall further use its best efforts to resume performance as quickly as possible and shall suspend performance only for such period of time as is necessary as a result of the force majeure event.

   

  10.4.     IN NO EVENT WILL LICENSOR OR LICENSEE BE
      LIABLE UNDER OR IN CONNECTION WITH THIS AGREEMENT UNDER ANY LEGAL OR EQUITABLE THEORY, INCLUDING BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, AND OTHERWISE, FOR ANY: (a) CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL,
      ENHANCED, OR PUNITIVE DAMAGES; (b) INCREASED COSTS, DIMINUTION IN VALUE OR LOST BUSINESS, PRODUCTION, REVENUES, OR PROFITS; (c) LOSS OF GOODWILL OR REPUTATION; (d) USE, INABILITY TO USE, LOSS, INTERRUPTION, DELAY OR RECOVERY OF ANY DATA, OR BREACH OF
      DATA OR SYSTEM SECURITY; OR (e) COST OF REPLACEMENT GOODS OR SERVICES, IN EACH CASE REGARDLESS OF WHETHER LICENSOR OR LICENSEE WAS ADVISED OF THE POSSIBILITY OF SUCH LOSSES OR DAMAGES OR SUCH LOSSES OR DAMAGES WERE OTHERWISE FORESEEABLE.IN NO EVENT
      WILL LICENSOR’S AGGREGATE LIABILITY ARISING OUT OF OR RELATED TO THIS AGREEMENT UNDER ANY LEGAL OR EQUITABLE THEORY, INCLUDING BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, AND OTHERWISE EXCEED THE TOTAL AMOUNTS PAID TO LICENSOR
      UNDER THIS AGREEMENT IN THE SIX-MONTH PERIOD PRECEDING THE EVENT GIVING RISE TO THE CLAIM OR $1,000, WHICHEVER IS GREATER.

   

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  10.5.     UURF as Third Party Beneficiary. UURF
      shall be a third party beneficiary to the provisions of this Article 10, and shall have the right to enforce such provisions directly to the extent UURF may deem such enforcement necessary or advisable to protect its rights thereunder. Licensee
      hereby acknowledges and agrees to Article 20 (Indemnification) as it applies to UURF.

   

  		11.	Infringement and Litigation

   

  11.1.     Should either party become aware of any
      infringement or potential infringement of Licensed Patents, it shall give the other party prompt written notice detailing as many facts as possible concerning such infringement or potential infringement.

   

  11.2.     If Licensor fails to bring an infringement
      action or provide Licensee with its written intent to bring an infringement action within three (3) months after receipt of a bona fide notification of infringement of Licensed Patents, Licensee is authorized in the United States to:

   

  		a.	Bring suit in a United States District Court in its own name or, if required by law, jointly with Licensor, at Licensee’s expense and on Licensee’s behalf, for
            infringement of Licensed Patents;

   

  		b.	Enjoin infringement in any such suit, and to collect for its own benefit, any damages, profits, and awards of whatever nature recoverable for such infringement;

   

  		c.	Settle any claim or suit for infringement of Licensed Patents. However, in no instance shall Licensee(s) be able to settle any such claim or suit by granting a
            sublicense.

   

  11.3.     Licensee’s obligation to pay royalties to
      Licensor continues during infringement litigation or negotiations; provided, any amounts paid by Licensee to any third party as damages or compensation with respect to infringement of a third party’s rights shall be deducted from royalties due
      Licensor herein.

   

  		12.	Confidentiality

   

  12.1.     From time to time during the term of this
      Agreement, either party or its Affiliates may disclose or make available to the other party or its Affiliates information about its business affairs, products, confidential intellectual property, trade secrets, third-party confidential information,
      and other sensitive or proprietary information, whether orally or in written, electronic, or other form or media/in written or electronic form or media, and whether or not marked, designated or otherwise identified as “confidential” (collectively,
      “Confidential Information”). Confidential Information does not include information that, at the time of disclosure is: (a) in the public domain; (b) known to the receiving party at the time of disclosure; (c) rightfully obtained by the receiving
      party on a non-confidential basis from a third party; or (d) independently developed by the receiving party. The receiving party shall not disclose the disclosing party’s Confidential Information to any person or entity, except to the receiving
      party’s employees who have a need to know the Confidential Information for the receiving party to exercise its rights or perform its obligations hereunder. Notwithstanding the foregoing, each party may disclose Confidential Information to the limited
      extent required (i) in order to comply with the order of a court or other governmental body, or as otherwise necessary to comply with applicable law, provided that the party making the disclosure pursuant to the order shall first have given written
      notice to the other party and made a reasonable effort to obtain a protective order; or (ii) to establish a party’s rights under this Agreement, including to make required court filings.

   

  Page 11 of 15

  
     

    
      
 

  

   

  12.2.     On the termination of the Agreement, the
      receiving party shall promptly return to the disclosing party all copies, whether in written, electronic, or other form or media, of the disclosing party’s Confidential Information, or destroy all such copies and certify in writing to the disclosing
      party that such Confidential Information has been destroyed. Each party’s obligations of non-disclosure with regard to Confidential Information are effective as of the Effective Date and will expire five years from the date first disclosed to the
      receiving party; provided, however, with respect to any Confidential Information that constitutes a trade secret (as determined under applicable law), such obligations of non-disclosure will survive the termination or expiration of this Agreement for
      as long as such Confidential Information remains subject to trade secret protection under applicable law.

   

  		13.	Miscellaneous

   

  13.1.     Licensee CGL Insurance. Beginning at
      the time the Licensed Product is first distributed or sold by Licensee, or its Affiliate or a sublicensee pursuant to Article 7, Licensee will, at its sole cost and expense, procure and maintain commercial general liability insurance issued by an
      insurance carrier with an A.M. Best rating of “A” or better in amounts that provide product liability and other liability coverage, as well as coverage for litigation costs, related to Article 10. Licensee will use reasonable efforts to include
      Licensor, UURF, and their respective officers, directors, members, employees, and agents, as additional insureds under Licensee’s commercial general liability insurance. All rights of subrogation will be waived against Licensor, UURF, and their
      respective insurers. Licensee will provide Licensor or UURF, with documentary evidence of such insurance upon written request by Licensor or UURF. Licensee will maintain such commercial general liability insurance beyond the expiration or termination
      of this Agreement during (a) the period that any Licensed Product is being commercially manufactured, distributed, or sold by Licensee, any Affiliate, or any sublicensee of Licensee, and (b) for one (1) yearafter such period.

   

  13.2.     Disputes. Before Licensee or Licensor
      may bring suit in any court concerning an issue relating to this Agreement, such party must first seek in good faith resolution of the issues through negotiation or other forms of nonbinding alternative dispute resolution mutually acceptable to the
      parties.

   

  13.3.     Governing Law. This Agreement will be
      interpreted, construed, and enforced in all respects in accordance with the laws of the State of North Carolina, without reference to its choice of law rules. Notwithstanding the foregoing, the courts within Salt Lake County in the State of Utah
      shall have exclusive jurisdiction and venue for all disputes between Licensor, UURF, or Licensee arising out of the UURF License Agreement to the extent involving rights or responsibilities of UURF. Further, the Parties agree that UURF shall be
      entitled to any protections, rights, or defenses applicable to it under the Utah Governmental Immunity Act, Utah Code Annotated sections 630-7-101, et. seq., as amended, in the same manner and to the same extent as if Utah law governed this
      Agreement.

   

  13.4.     Notices. All notices pertaining to or
      required by this Agreement shall be in writing and shall be signed by an authorized representative and shall be delivered by hand or sent by certified mail, return receipt requested, with postage prepaid, addressed as follows (or such mailing address
      as the parties may specify in writing):

   
  For Licensor:

   

  [***]

   

  Page 12 of 15

  
     

    
      
 

  

   

  

   

  For Licensee: 

   

  [***]

   

  For the purposes of Sections 3.6 hereof:

   

  [***]

   

  13.5.     Assignment. This Agreement may not be
      assigned or transferred by Licensee without the prior written consent of Licensor (except that no consent shall be required for a successor by merger to, an acquirer of substantially all of the assets of, or an entity affiliated with or controlled by
      or under common control with, Licensee in connection with that part of Licensee’s business to which the Licensed Patents and this Agreement pertain; however, in no event shall any rights or obligations of this Agreement be assigned or transferred to
      a party who is not a citizen and resident of the United States of America without the written consent of Licensor, not to be unreasonably withheld, conditioned or delayed).

   

  13.6.     Entire Agreement. This Agreement
      constitutes the entire agreement and understanding between Licensor and Licensee with respect to the subject matter hereof, and any modification of this Agreement shall be in writing and shall be signed by a duly authorized representative of both
      Licensor and Licensee. There are no understandings, representations, or warranties between Licensor and Licensee concerning the subject matter hereof except as expressly set forth in this Agreement.

   

  13.7.     Headings. Titles and headings of the
      sections and subsections of this Agreement are for the convenience of references only and do not form a part of this Agreement and shall in no way affect the interpretation thereof.

   

  13.8.     Severability. The illegality or
      invalidity of any provisions of this Agreement shall not impair, affect or invalidate the other provisions of this Agreement.

   

  13.9.     Proprietary Information. Both parties
      acknowledge that the terms of this Agreement, as well as Licensee’s plan for bringing the Licensed Patents to the Point of Practical Application, are confidential and shall not be discussed or revealed to third parties.

   

  13.10.   Export Regulation. The Licensed
      Products may be subject to US export control laws, including the Export Control Reform Act and its associated regulations. Licensee shall not, directly or indirectly, export, re-export, or release the Licensed Products to, or make the Licensed
      Products accessible from, any jurisdiction or country to which export, re-export, or release is prohibited by law, rule, or regulation. Licensee shall comply with all applicable federal laws, regulations, and rules, and complete all required
      undertakings (including obtaining any necessary export license or other governmental approval), prior to exporting, re-exporting, releasing, or otherwise making the Licensed Products available outside the United States.

   

  13.11.   Relationship of the Parties. The
      relationship between the parties is that of independent contractors. Nothing contained in this Agreement will be construed as creating any agency, partnership, joint venture, or other form of joint enterprise, employment, or fiduciary relationship
      between the parties.

   

  Page 13 of 15

  
     

    
      
 

  

   

  13.12.   Counterparts. This Agreement may be
      executed in counterparts, each of which is deemed an original, but all of which together are deemed to be one and the same agreement.

   

  13.13.   Marking; Use of Names. Licensee agrees
      to comply with the provisions of Article 11 (Marking) and Article 25 (Use of Names) as set forth in the UURF License Agreement.

   

  The Remainder of this page was intentionally left blank.

   

  Page 14 of 15

  
     

    
      
 

  

   

  IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed
      by their duly authorized representatives. For the avoidance of doubt, the Effective Date shall be the last date set forth below.

   

  FOR LICENSEE:

   

  Hyperion Materials & Technologies, LLC

   

  

  	/s/ Anastasios Arima	 Date: 	February 13, 2021

        	 

  

  Name: Anastasios Arima

  Title: Manager

   

  FOR LICENSOR:

   

  Blacksand Technology, LLC

   

  

  	/s/ Kesh Keshavan	 Date: 	February 13, 2021

        	 

  Name: Kesh Keshavan

  

  Title: President

   

  Page 15 of 15Exhibit 4.3

   

  CERTAIN
        IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE OF INFORMATION
        THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. INFORMATION THAT WAS OMITTED HAS BEEN NOTED IN THIS DOCUMENT WITH A PLACEHOLDER
        IDENTIFIED BY THE MARK “[***]”.

   

  MASTER
        SERVICES AGREEMENT

   

  This
      Master Services Agreement (this “Agreement”) is made and entered into as of February 13, 2021 (the “Effective
          Date”) between Blacksand Technology LLC, a Utah limited liability company (“Blacksand”),
      and Hyperion Materials & Technologies, LLC, a North Carolina limited liability company (“Hyperion”).
      The parties agree as follows:

   

  
    1.               SERVICES AND STATEMENTS OF WORK

     

    1.1      Services. Subject to the terms and conditions of this
        Agreement, Blacksand will perform the services described in one or
        more Statements of Work (as defined below) (collectively, the “Services”) and, to the extent applicable,
        Hyperion will perform the obligations thereof as described in any such Statement of Work. In the process of providing the Services,
        Blacksand may produce deliverables or other items pursuant to a Statement of Work.

     

    1.2      Statements of Work. The specific details of the
        Services will be described in one or more written Statements of Work, substantially
        in the form of the Statement of Work set forth in Schedule 1 hereto, to be executed by both parties (each,
        a “Statement of Work”). Once executed by both parties, each Statement of Work, including Schedule 1,
        will be a unique agreement that incorporates the terms of this Agreement and stands alone from all other Statements of Work. If
        there is a conflict between the terms of this Agreement and the terms of a Statement of Work, the terms of this Agreement will
        control unless the Statement of Work states that a specific provision of this Agreement will be superseded by a specific provision
        of the Statement of Work.

     

    1.3      Delays. The
        “Delivery Schedule” or any other timeline for Services, if any, set forth in a Statement of Work depends
        on performance by third parties and Hyperion. If Blacksand determines in its reasonable discretion that the Delivery Schedule
        or other timeline set forth in a Statement of Work may need to change due to (1) actions or delays of third parties (other than
        Blacksand’s suppliers, vendors and subcontractors), or (2) actions or delays of Hyperion, then it will notify Hyperion of
        such determination. If the actions or delays of third parties (other than Blacksand’s suppliers, vendors and subcontractors)
        or Hyperion causes material changes to the scope or timing of the Delivery Schedule or other timeline for Services or requires,
        in Blacksand’s reasonable discretion, an increase in Service Fees, then Blacksand shall notify Hyperion of the foregoing,
        and the parties shall work in good faith to agree on an amended Statement of Work to account for the changes in scope, Delivery
        Schedule (or other timing), or fees. If the actions or delays of Blacksand or Blacksand’s suppliers, vendors and subcontractors
        causes material changes to the scope or timing of the Delivery Schedule or other timeline for Services or requires, in Hyperion’s
        reasonable discretion, a decrease in Service Fees, then Hyperion shall notify Blacksand of the foregoing, and the parties shall
        work in good faith to agree on an amended Statement of Work to account for the changes in scope, Delivery Schedule (or other timing),
        or fees. Blacksand shall not be responsible for changes to the Delivery Schedule or other

  

  
    timeline due to the actions or delays
        of any third party (other than Blacksand’s suppliers, vendors and subcontractors) or of Hyperion.

     

    2.               PERFORMANCE OF SERVICES

     

    2.1      Performance Standard. Blacksand will diligently
        perform the Services in accordance with the applicable Statement of Work,
        including any specifications in the Statement of Work. Blacksand will use commercially reasonable efforts to complete the Services,
        including the delivery of any deliverables, in accordance with the Delivery Schedule and other schedule of times and milestones
        specified in the Statement of Work, and shall perform all Services in accordance with applicable laws and industry standards.
        To the extent Hyperion has performance obligations under a Statement of Work, Hyperion agrees to diligently perform such obligations
        in a commercially reasonable manner in accordance with applicable laws and industry standards.

     

    2.2      Personnel. Blacksand shall be free to designate the
        appropriate personnel to accomplish the tasks required by each Statement
        of Work. However, the Services must be performed in a competent, timely, professional, and workmanlike manner by qualified personnel
        in accordance with applicable laws and industry standards.

     

    2.3      Subcontractors. Blacksand may utilize independent
        subcontractors to perform all or part of the Services. In the event Blacksand
        uses subcontractors, Blacksand will remain solely responsible for the performance of all of the Services that are subcontracted.

     

    2.4      Materials. Except as otherwise specified in a
        Statement of Work, Blacksand will be responsible for and supply all necessary
        equipment, materials, and other resources required to perform the Services.

     

    2.5      Government Approvals. Unless otherwise specified in a
        Statement of Work, Hyperion is responsible for securing all government
        approvals and licenses necessary to allow the use of any Services and deliverables produced by Blacksand pursuant to a Statement
        of Work.

     

    2.6      Other Work. Hyperion acknowledges that Blacksand is a
        consultant and may provide services similar to the Services on behalf
        of other companies in accordance with this Agreement. Subject to Section 8, and unless set forth in a Statement of Work, Blacksand
        shall be free to work for other companies without restriction, even if such work is done for a potentially competing company or
        individual, so long as Blacksand does not breach its non-solicitation, confidentiality, and other obligations in this Agreement.

  

  

  
    -1-

    
      

    

  

   

  
    3.               NON-SOLICITATION

     

    3.1      Non-Solicitation Agreement. During the term of this
        Agreement (including any applicable Statement of Work hereunder) and
        for a period of twelve (12) months following the termination of the Agreement, neither party shall, on its own behalf or on behalf
        of any other person or entity, without the express written consent of the other party, solicit, induce or attempt to solicit or
        induce, any then current employee or past employee, representative, contractor or other service provider of the other party to
        terminate or modify his, her or its employment or business relationship with such party. Notwithstanding the foregoing, general
        solicitations for employment or contracting shall not be deemed to violate this section.

     

    3.2      Reasonableness of Restrictions. Each party regards
        the restrictions contained in this section as reasonable in scope and
        term and appropriate to provide the parties with limited, legitimate and reasonable protection against subsequent diminution of
        the value of the business of one party attributable to any actions of the other party in violation of such restrictions, and each
        party hereby waives any and all rights to attack the validity of such covenants on the grounds of the breadth of their geographic
        scope or the length of their term.

     

    4.               THIRD PARTY MATERIALS; THIRD PARTY IP. Unless stated otherwise in a Statement of Work, if a
          Statement of Work requires Blacksand to obtain, for use in connection with the Services, any material, including intellectual
          property, from a third party, then Blacksand will inform Hyperion of such need, and Hyperion shall be responsible, at its sole
          expense, to acquire rights to the third party materials.

     

    5.               COMPENSATION

     

    5.1      Fees and Taxes. Hyperion will pay the fees as set out
        in each Statement of Work (“Service Fees”).
        Hyperion will reimburse Blacksand for any costs or expenses that have been disclosed and approved prior to being incurred. Hyperion
        is responsible for all taxes associated with the performance of the Services and imposed upon the Service Fees. The parties shall
        each be responsible for all taxes imposed on their net income. Blacksand may, at its sole option, withhold providing Services
        (and shall not be in breach for doing so), if Hyperion does not make timely payment as provided in this Agreement.

     

    5.2      Payment. Unless otherwise specified in a Statement of
        Work: (a) Blacksand will issue quarterly invoices for Service Fees
        for Services that have been performed in the previous quarter; and (b) Hyperion will pay any undisputed amount set forth in such
        invoices no later than thirty (30) days after receipt of Blacksand’s invoice. If Hyperion disputes in good faith any amount
        invoiced by Blacksand within thirty (30) days after receipt of Blacksand’s invoice, the parties will pursue the escalation
        procedures set forth in this Agreement. If Hyperion withholds payment pursuant to this Section, Blacksand may also decline to
        provide further Services until the escalation procedures have been followed.

  

  
    6.               TERM AND TERMINATION

     

    6.1      Term. This Agreement will commence on the Effective
        Date and will continue until terminated as provided in this Agreement.
        Any Statement of Work in existence as of the date that this Agreement terminates or expires will continue to be effective unless
        specifically terminated in accordance with the terms of this Agreement or the terms of the Statement of Work.

     

    6.2      Termination. In addition to any other rights of
        termination in this Agreement, Hyperion may terminate this Agreement: (a)
        for any or no reason, upon ninety (90) days’ prior written of notice to Blacksand and (b) either party may terminate this
        Agreement for breach if, provided the parties have met in good faith in accordance with Section 12.4 of this Agreement to resolve
        any dispute, such party notifies the other party in writing of a breach of this Agreement and such breach is not cured within
        fifteen (15) days after written notice thereof by the non-breaching party. All of the provisions and terms of this Agreement that
        by their nature suggest continuance beyond termination shall survive termination of this Agreement. Within thirty (30) days after
        termination, the parties will return to each other any Confidential Information that belongs to the other party.

     

    7.               CONFIDENTIALITY

     

    7.1      Definition. “Confidential Information”
        means any non-public information that relates to the actual
        or anticipated business, research, or development of either party and any proprietary information, trade secrets, and know-how
        of either party (the “Disclosing Party”) that are disclosed to the other party (the “Receiving
            Party”) or its agents, directly or indirectly, in writing, orally, or by inspection or observation of tangible items.
        Confidential Information includes the terms of this Agreement and any Statement of Work hereunder, research, development, and
        commercialization plans, customer information, processes, techniques, formulas, prototypes, and any non-public information relating
        to the project as outlined in any Statement of Work hereunder. Confidential Information also includes information that is defined
        as “Confidential Information” under any other agreement between the parties, and any other information that the Receiving
        Party should reasonably know to be confidential based upon its content or the circumstances surrounding its disclosure. Neither
        party makes any representations or warranties as to the correctness, completeness or accuracy of any Confidential Information.

     

    7.2      Exceptions. Confidential Information does not include
        any information that Receiving Party can demonstrate:  was publicly
        known and made generally available in the public domain before the Disclosing Party disclosed the information,  became publicly
        known and made generally available, after disclosure to the Receiving Party, through no wrongful action or inaction of the Receiving
        Party,  was in the Receiving Party’s possession, without confidentiality restrictions, at the time of disclosure by
        the Disclosing Party, or was independently developed without use of or reference to the Confidential Information.

  

  

  
    -2-

    
      

    

  

   

  
    7.3      Nondisclosure and Nonuse. The Receiving Party will
        not, during and after the term of this Agreement, disclose the Confidential
        Information to any third party or use the Confidential Information for any purpose other than for purposes of performing its obligations
        under this Agreement. Without limiting the generality of the foregoing, the Receiving Party, its affiliates, and their employees,
        contractors, agents, representatives, consultants, and advisors (“Representatives”) shall not: (a) use
        or disclose the Disclosing Party’s Confidential Information for any competitive purpose or (b) otherwise use or disclose
        the Disclosing Party’s Confidential Information for the pecuniary gain of themselves and/or any of their business partners.
        The Receiving Party will take all reasonable precautions to prevent any unauthorized use or disclosure of the Confidential Information
        including, but not limited to, requiring each Representative with access to Confidential Information to execute a nondisclosure
        agreement or policy containing terms that are substantially similar to the terms contained in this Agreement. In addition, the
        Receiving Party will promptly notify the Disclosing Party upon the loss or unauthorized use or disclosure of the Disclosing Party’s
        Confidential Information in the Receiving Party’s possession or under its control. The Receiving Party acknowledges and
        agrees that it shall be liable for any breach of its confidentiality obligations hereunder by its Representatives.

     

    7.4      Existing Obligations. The obligations in this
        Section 7 are in addition to, and supplement, each party’s obligations
        of confidentiality and nondisclosure under the terms of any confidentiality or nondisclosure agreement between the parties (referred
        to herein, collectively, as the “NDA”).

     

    7.5      Publications. Articles, papers, bulletins, data,
        studies, statistics, interim or final reports, oral transmittals or any
        other materials reporting the plans, progress, analyses, results, or findings of work conducted under this Agreement shall not
        be presented publicly or published without prior written approval by both parties.

     

    7.6      Ownership. Subject to Section 8, each party shall
        retain all rights, title, and interest in and to its Confidential Information,
        and this Agreement shall not be construed to grant any license to such Confidential Information.

     

    8.               INTELLECTUAL PROPERTY OWNERSHIP

     

    8.1      Unless explicitly stated in a Statement of Work or other
        license agreement between the parties, nothing in this Agreement represents
        a license of any intellectual property by one party to the other party.

     

    8.2      Unless explicitly stated in a Statement of Work, or other
        license agreement between the parties and/or their affiliates, the parties
        do not intend for any new intellectual property created under this Agreement to be jointly owned. Each party’s intellectual
        property as existing as of the date of this Agreement or developed by such party after the date of this Agreement, unless otherwise
        stated in a Statement of Work, including any adaptions, modifications, and derivative works of the foregoing, and including all
        works of authorship, inventions, discoveries, improvements, methods, processes, formulas, designs, techniques, know-how, and information
         conceived, discovered, developed or otherwise made (as necessary to establish authorship, inventorship, or ownership) by
        such party (collectively, “Inventions”), will owned by the party that created or developed it. For the
        avoidance of doubt, Blacksand’s patented technology and all other registered intellectual property of Blacksand, and any
        adaptions, modifications or derivative

  

  
    works thereof, shall be, and shall remain, the sole and exclusive property of Blacksand,
        and Blacksand grants no license or other right with respect to such Inventions to Hyperion hereunder, subject to any Statement
        of Work or other license agreement between the parties and/or their affiliates.

     

    9.               REPRESENTATIONS AND WARRANTIES. Each
          party represents and warrants: (a) that such party is a duly organized, validly existing organization as stated in the preamble
          to this Agreement; (b) that the transactions contemplated herein have been duly authorized by all necessary action on such party’s
          part; (c) that this Agreement constitutes a valid and binding obligation of such party; and (d) the execution and delivery of
          this Agreement by such party and the performance of such party’s obligations hereunder are not in violation or breach of,
          and will not conflict with or constitute a default under, any material contract, agreement, or commitment binding upon such party,
          including, without limitation, any non-disclosure, confidentiality, non-competition, or other similar agreement. 

     

    10.            INDEMNIFICATION

     

    10.1    Hyperion Indemnification. Hyperion agrees to
        indemnify, defend, and hold harmless Blacksand, its directors, managers, officers,
        employees, and successors and assigns from and against all taxes, losses, damages, judgments, settlements, liabilities, costs,
        and expenses, including attorneys’ fees and other legal expenses, arising directly or indirectly from or in connection with:
        (a) any negligent, reckless, or intentionally wrongful act of Hyperion or its employees or agents; (b) any breach or alleged
        breach of any representation, warranty or covenant of Hyperion set forth herein; and (c) raw materials provided by Hyperion to
        Blacksand pursuant to the terms of a Statement of Work.

     

    10.2    Blacksand Indemnification. Blacksand agrees to
        indemnify, defend, and hold harmless Hyperion, its affiliates, and their
        directors, managers, officers, employees, and successors and assigns from and against all taxes, losses, damages, judgments, settlements,
        liabilities, costs, and expenses, including attorneys’ fees and other legal expenses, arising directly or indirectly from
        or in connection with: (a) any negligent, reckless, or intentionally wrongful act of Blacksand or its employees or agents;
        (b) and breach or alleged breach of any representation, warranty or covenant of Blacksand set forth herein; and (c) any third
        party claim that Blacksand’s intellectual property and/or materials used or provided hereunder infringes upon, misappropriates,
        or otherwise violates the intellectual property rights of any third party.

     

    11.            LIMITATION OF REMEDIES; DISCLAIMER

     

    11.1    Limitation of Remedies. NOTWITHSTANDING ANYTHING TO
        THE CONTRARY CONTAINED IN THIS AGREEMENT, EACH PARTY WILL NOT, UNDER
        ANY CIRCUMSTANCES, BE LIABLE TO THE OTHER PARTY FOR CONSEQUENTIAL, INCIDENTAL, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES ARISING
        OUT OF OR RELATED TO THE TRANSACTION CONTEMPLATED UNDER THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO LOST PROFITS OR LOSS OF BUSINESS,
        EVEN IF A PARTY IS APPRISED OF THE LIKELIHOOD OF SUCH DAMAGES OCCURRING. THIS LIMITATION WILL APPLY EVEN IF THE REMEDIES AVAILABLE
        IN THIS AGREEMENT HAVE FAILED OF THEIR ESSENTIAL PURPOSE. EACH PARTY’S SOLE AND AGGREGATE LIABILITY UNDER THIS AGREEMENT
        OR ANY MATTER OR EVENT RELATED THERETO SHALL IN NO EVENT EXCEED THE SERVICE FEES PAID BY HYPERION DURING THE PRECEDING 12 MONTHS
        PRIOR TO THE EVENT GIVING RISE TO THE LIABILITY.

  

  

  
    -3-

    
      

    

  

   

  
    11.2    Disclaimer of Warranty. EXCEPT AS EXPRESSLY SET FORTH
        IN THIS AGREEMENT, EACH PARTY HEREBY DISCLAIMS ALL WARRANTIES, EXPRESS
        AND IMPLIED, INCLUDING BUT NOT LIMITED TO ANY IMPLIED WARRANTY OF MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE. EXCEPT
        AS PROVIDED HEREIN, THE DELIVERABLES AND SERVICES ARE PROVIDED AS-IS AND AS-AVAILABLE. BLACKSAND DOES NOT REPRESENT THAT THE DELIVERABLES
        WILL MEET HYPERION’S NEEDS OR BE ERROR-FREE.

     

    12.            MISCELLANEOUS

     

    12.1    Services and Information Prior to Effective Date. All
        services performed by Blacksand and all information and other materials
        disclosed between the parties prior to the Effective Date will be governed by the terms of this Agreement, except where the services
        are covered by a separate agreement between the parties.

     

    12.2    Independent Contractor. It is the express intention of
        the parties that the parties are independent contractors. Without
        limiting the generality of the foregoing, neither party is authorized to bind the other party to any liability or obligation or
        to represent that such party has any authority.

     

    12.3    Governing Law. This Agreement will be interpreted,
        construed, and enforced in all respects in accordance with the laws
        of the State of North Carolina, without reference to its choice of law rules.

     

    12.4    Dispute Resolution. Except with regard to disputes
        under Section 12.5, if a dispute arises under this Agreement, the parties
        agree to promptly meet, either in person or remotely, to discuss the dispute. If any such dispute cannot be resolved within fifteen
        (15) days, then either party shall be free to pursue its remedies as provided by law. No dispute, except a dispute under Section
        12.5, shall be referred to a court before the provisions of this Section 12.4 have been followed.

     

    12.5    Injunctive Relief. Each party acknowledges and agrees
        that (a) the unauthorized disclosure of the Confidential Information
        by the Receiving Party or (b) a breach of a party’s obligations under Section 3.1 or Section 8, may cause irreparable harm
        to the Disclosing Party or non-breaching Party, as applicable. As a result thereof, in addition to any other remedies available,
        the Disclosing Party or non-breaching Party, as applicable shall be entitled to seek injunctive and other extraordinary relief
        in a court of competent jurisdiction in order to enforce the breaching Party’s obligations hereunder.

     

    12.6    Assignment; Subcontractors. This Agreement and the
        rights related thereto may not be assigned or otherwise transferred
        by either party except with the written approval of the other party, which shall not be unreasonably delayed or denied.

  

  
    Subject
        to the foregoing, this Agreement will be binding upon and will inure to the benefit of the parties and their respective successors
        and assigns. Any assignment in violation of the foregoing will be null and void.

     

    12.7    Notices. Any notice required or permitted under the
        terms of this Agreement or required by law must be in writing and must
        be:  delivered in person, sent by first class registered mail, or air mail, as appropriate, or sent by overnight air courier,
        in each case properly posted and fully prepaid to the appropriate address as set forth below. Either party may change its address
        for notices by notice to the other party given in accordance with this Section 12.6. Notices will be deemed given at the
        time of actual delivery in person, three business days after deposit in the mail as set forth above, or one day after delivery
        to an overnight air courier service.

     

    12.8    Waiver. Any waiver of the provisions of this Agreement
        or of a party’s rights or remedies under this Agreement must
        be in writing to be effective. Failure, neglect, or delay by a party to enforce the provisions of this Agreement or its rights
        or remedies at any time, will not be construed as a waiver of the party’s rights under this Agreement and will not in any
        way affect the validity of the whole or any part of this Agreement or prejudice the party’s right to take subsequent action.
        Exercise or enforcement by either party of any right or remedy under this Agreement will not preclude the enforcement by the party
        of any other right or remedy under this Agreement or that the party is entitled by law to enforce.

     

    12.9    Severability. If any term, condition, or provision in
        this Agreement is found to be invalid, unlawful, or unenforceable
        to any extent, the parties will endeavor in good faith to agree to amendments that will preserve, as far as possible, the intentions
        expressed in this Agreement. If the parties fail to agree on an amendment, the invalid term, condition, or provision will be severed
        from the remaining terms, conditions, and provisions of this Agreement, which will continue to be valid and enforceable to the
        fullest extent permitted by law.

     

    12.10 
        Counterparts. This Agreement may be executed in counterparts, each of which will be deemed to be an original and together
        will constitute one and the same agreement. This Agreement may also be delivered by facsimile or e-mail and such delivery will
        have the same force and effect of an original document with original signatures.

     

    12.11 
        Headings. Headings are used in this Agreement for reference only and will not be considered when interpreting this Agreement.

     

    12.12 
        Integration. This Agreement and all exhibits contain the entire agreement of the parties with respect to the subject matter
        of this Agreement and supersede all previous communications, representations, understandings, and agreements, either oral or written,
        between the parties with respect to the subject matter hereof, except that any NDA will remain in effect in accordance with its
        terms. No terms, provisions, or conditions of any purchase order, acknowledgement, or other business form that either party may
        use in connection with the transactions contemplated by this Agreement will have any effect on the rights, duties, or obligations
        of the parties under, or otherwise modify, this Agreement, regardless of any failure of a receiving party to object to these terms,
        provisions, or conditions. This Agreement may not be amended, except by a writing signed by both parties.

     

    12.13          Force
          Majeure. Neither party will be in breach or default of this Agreement by reason of its delay or failure to meet any obligation
        hereunder due to any event, circumstance, or cause beyond its control such as but not limited to: governmental regulation, acts
        of nature or terrorism, or failures of public infrastructure, and similar events, circumstances, or causes, so long as the affected
        party provides prompt notice thereof to the non-affected party. The affected party will be excused from performance for as long
        as such force majeure event prevents such party from performing its obligations under this Agreement; provided, however,
        that in the event a force majeure event exceeds sixty (60) days in duration, the non-affected party may immediately terminate
        this Agreement and/or any Statement of Work hereunder upon notice to the affected party without any further liability except:
        (i) to pay any amounts due and payable to the other party as of the date of termination and (ii) with regard to any provisions
        of this Agreement which survive termination.

  

  

  
    -4-

    
      

    

  

   

  IN
      WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

   

  	HYPERION:	 	BLACKSAND:
	 	 	 
	HYPERION MATERIALS & TECHNOLOGIES, LLC	 	BLACKSAND TECHNOLOGY LLC

   

  	Name:  	Anastasios Arima	 	Name:  	Kesh Keshavan

   

  	Title:  	Manager	 	Title:  	President

  	 	 	 
	Signature:  	/s/ Anastasios Arima	 	Signature:  	/s/ Kesh Keshavan 
	 	 	 	 	 
	Address for Notice:                [***]	 	Address for Notice: [***]
	 	 	 	 	 

   

  
    -5-

    
      

    

  

   

   SCHEDULE 1

   

  STATEMENT OF WORK

   

  	Statement of Work #: 1 	Effective From: February 13, 2021 (the “SOW Effective Date”)

   

  This Statement of Work forms part of the Master Services Agreement
      dated February 13, 2021 (the “MSA”) by and between Blacksand Technology LLC, a Utah limited liability company (“Blacksand”), and Hyperion Materials & Technologies, LLC, a North Carolina limited liability company (“Hyperion”).
      Capitalized terms not otherwise defined herein shall have the definitions set forth in the MSA.

   

  During the term of this Statement of Work, Blacksand will provide the
      following R&D services:

   

  

  	STATEMENT

              OF WORK
	Task	DESCRIPTION OF
              SERVICES	Start	End
	 	 	Week
	1	Evaluate ARH process to convert enriched Ti ore ( UGS provided by
              Hyperion) to TiO2	 
	2	Demonstration of conversion of high grade TiO2 derived from Hyperion mineral ore to commercial pure Ti
	3	Demonstrate cost analyses to produce 100kg, 1ton and 100ton /year of commercial pure Ti	 	 
	 	 	 	 
	1.1	Phase
              1: 1-5 kg TiO2	 	 
	 	Evaluate ARH process to convert enriched Ti
            ore (UGS provided by Hyperion) to TiO2	Q1	Q2
	 	Report with recommendations	 	 
	 	 	 	 
	2.1	Phase 1: 1-5 kg Ti	Q2	Q3
	2.1.1	HAMR process to convert TiO2 to Ti. - use TiO2 produced from task 1.1	 	 
	2.1.2	Report results & recommendations	 	 
	2.1.3	HAMR process to convert TiO2 to Ti. - using
            commercial TiO2	 	 
	2.1.4	Report results & recommendations	 	 
	 	 	 	 
	2.2	Phase 2: 10-20 kg Ti	Q4	Q5
	2.2.1	HAMR
            Process to convert
            TiO2
          to Ti (using commercial TiO2)	 	 
	2.2.2	Report results & recommendations	 	 
	 	 	 	 
	2.3	Phase 3: 50-100 kg

                Ti	Q6	Q8
	2.3.1	HAMR Process to convert TiO2 to Ti (using commercial TiO2)	 	 
	2.3.2	Report results &
          recommendations	 	 
	 	 	 	 
	3.1	Cost analyses - 100 kg, 1 ton, 1000 ton / year - for commercial titanium	Q2	Q7
	3.1.1	Set up input on constraints and assumptions mutually agreed upon between Hyperion and Blacksand	 	 
	3.1.2	Cost model set up	 	 
	3.1.3	Cost model
            simulation studies for different plant loading	 	 

  

   

  Notes:

   

  Hyperion will provide the enriched titanium ore (i.e. the product
      equivalent to upgraded Ti slag (UGS)), or supply Blacksand commercially available titanium slag; provided that, during Phase 2 and Phase 3, Blacksand shall have the option to purchase enriched titanium ore from a third party at Hyperion’s sole
      discretion and expense.

   

  	1.	TERM

   

  The term of this Statement of Work shall commence on the SOW Effective
      Date and shall continue until the earlier of (a) termination as provided in the MSA or (b) completion of the scope of R&D services set forth in the table above (the “SOW Term”); provided that, should the SOW Term extend beyond the
      two year anniversary of the SOW Effective Date, Hyperion shall continue to pay Blacksand $47,500 for each such quarter until expiration of the SOW Term. In addition, either party may terminate this Statement of Work upon thirty (30) days’ written
      notice to the other party if any phase described in the table above is mutually and reasonably determined to be unsuccessful.

   

  
    -1- 

    
      
 

  

   

  The parties agree that for purposes of interpretation of Section 1.3 of
      the MSA – “Delays” – the schedule for the R&D Services above is indicative only and subject to change based on input from potential suppliers, vendors and subcontractors to Blacksand. Upon consultation with such third parties, Blacksand and
      Hyperion will discuss in good faith and agree to update the execution schedule as may be required.

   

  	2.	SERVICE FEES

   

  In consideration of the Services performed by Blacksand during the SOW
      Term, Hyperion shall pay to Blacksand a fixed price of $480,000 (Four Hundred Eighty Thousand US Dollars) (the “Original Amount”) as follows:

   

  		●	$72,500 due and payable upon the Effective Date.

  

  		●	$47,500 due and payable quarterly (every three months), beginning May 1, 2021.

  

  		●	$75,000 as a one-time payment upon completion of Phase I and commencement of Phase II, as described below.

   

  Additionally, in the event the term of this Statement of Work renews for
      additional periods under Section 1 above or by mutual agreement of the parties, Hyperion will pay Blacksand the additional compensation set forth in Section 1 above.

   

  In addition to the foregoing, Hyperion shall also be responsible for the
      cost of the ARH equipment that may be required to make 200 kg of TiO2 to yield 100 kg of Ti powder.

   

  For the avoidance of doubt:

   

  		a)	The rates stated above are exclusive of taxes.

   

  		b)	Hyperion will be responsible for and will promptly pay all taxes (including but not limited to sales, services, export and use taxes)
            associated with this Agreement or Hyperion’s receipt of the Services, except taxes based on Blacksand’s net income and taxes related to Blacksand’s employees.

   

  		c)	The rates stated in this Statement of Work shall be valid for a period of two (2) years from the SOW Effective Date. Revised rates shall be
            mutually agreed by the parties in writing.

   

  		d)	A finance charge shall be imposed on all undisputed account balances outstanding over 30 days. The finance charge is [***] per month or the
            highest rate allowed by applicable law, whichever is lower.

   

  		e)	Ninety (90) days prior to the commencement of Phase 3 of this Statement of Work, Blacksand will prepare an estimated capital cost for the cost
            of the ARH equipment which will be required to execute the Phase 3 scope of work. The parties shall work in good faith to agree on an approved budget and the parties will negotiate and execute a change notice to this Statement of Work to cover
            the cost of the Phase 3 equipment.

   

  		f)	Other than the Phase 3 equipment, Blacksand will perform the Statement of Work on a fixed price basis. Any work not contemplated by this
            Statement of Work may be completed by change notice, or by a separate Statement of Work. Prior to undertaking any additional work, Blacksand will prepare an estimated cost and schedule for the additional work. Blacksand will obtain prior
            written approval from Hyperion prior to performing any additional work, otherwise Hyperion shall have no obligation to reimburse Blacksand for such unapproved expense.

   

  	3.	OPTION/LICENSE AGREEMENT

   

  At any time during the term of the MSA, subject to Hyperion’s compliance
      with the MSA and this Statement of Work, and conditioned on Hyperion having paid the Original Amount in full, Hyperion shall have the right, but not the obligation, to exercise the option, and acquire the License, as set forth in that certain “Option
      for Exclusive License Agreement Between Hyperion Materials & Technologies, LLC and Blacksand Technology, LLC” (“License Agreement”), of even date herewith and attached as Exhibit A. In furtherance of this right, during the term of
      the MSA, Blacksand covenants and agrees (a) not to take any action that would be inconsistent with the License Agreement and (b) to use its reasonable best efforts from taking any action that would prevent Blacksand from making any of the
      representations or warranties, or making and complying with any of the covenants, set forth in the License Agreement.

   

  
    -2- 

    
      
 

  

   

  IN WITNESS WHEREOF, the parties hereto have executed this Statement of
      Work as of the SOW Effective Date.

    

  	HYPERION:	 	BLACKSAND:
	 	 	 
	HYPERION MATERIALS & TECHNOLOGIES, LLC	 	BLACKSAND TECHNOLOGY, LLC

   

  	Name:  	Anastasios Arima	 	Name:  	Kesh Keshavan

   

  	Title:  	Manager	 	Title:  	President

  	 	 	 
	Signature:  	/s/ Anastasios Arima	 	Signature:  	/s/ Kesh Keshavan 
	 	 	 	 	 

   

  
    -3- 

    
      
 

  

  
   

  STATEMENT OF WORK # 2

   

  	Statement of Work #: 2 	Effective From: June 1, 2021 (the “SOW
                Effective Date”)

   

  This Statement of Work forms part of the Master Services Agreement
      dated February 13, 2021 (the “MSA”) by and between Blacksand Technology LLC, a Utah limited liability company (“Blacksand”), and Hyperion Materials & Technologies, LLC, a North Carolina limited liability company (“Hyperion”).
      Capitalized terms not otherwise defined herein shall have the definitions set forth in the MSA.

   

  During the term of this Statement of Work, Blacksand will provide the
      following services:

   

  		●	Supply to Hyperion 500-900 kg Ti-6Al-4V powder using GSD technology over the course of two (2) years.  Blacksand shall supply 20-45 kg of powder
            monthly.

  

  		●	Powder shall be made according to widely accepted specifications (ASTM F2924 and AMS 4998, for example) or customized requirements of chemistry
            and size distributions based on end-user specifications to be provided by Hyperion.  

  

  		●	Blacksand will use existing pilot plant and provide resources to produce the powder.

   

  During the term of this Statement of Work Hyperion will provide the
      following:

   

  		●	Define requirements for powder to meet the specifications of end-user/customer needs or inventory build.

  

  		●	Supply raw material (Ti scrap) for use in GSD manufacturing.

   

  The parties agree that this scope of services may be expanded upon
      agreement of the parties to cover recycling of AM powder. The parties also agree that certain pilot scale capital equipment may be required during the execution of this SOW. Hyperion will provide funding for the purchase of such equipment upon mutual
      agreement of the parties.

   

  	1.	TERM

   

  The term of this Statement of Work shall commence on the SOW Effective
      Date and shall continue until the earlier of (a) termination as provided in the MSA (b) completion of the scope services set forth in the table above, or (c) two (2) years after the SOW Effective Date (the “SOW Term”).

   

  	2.	SERVICE FEES

   

  In consideration of the Services performed by Blacksand during the SOW
      Term, Hyperion shall pay to Blacksand a fixed price of $1,200,000 (One Million Two Hundred Thousand US Dollars) (the “Original Amount”) for two (2) years, with $150,000 due and payable upon the Effective Date, and $150,000 due and
      payable quarterly thereafter (every three months).

   

  For the avoidance of doubt:

   

  		g)	The rates stated above are exclusive of taxes.

   

  		h)	Hyperion will be responsible for and will promptly pay all taxes (including but not limited to sales, services, export and use taxes)
            associated with this Agreement or Hyperion’s receipt of the Services, except taxes based on Blacksand’s net income and taxes related to Blacksand’s employees.

   

  		i)	The rates stated in this Statement of Work shall be valid for a period of two (2) years from the SOW Effective Date. Revised rates shall be
            mutually agreed by the parties in writing.

   

  		j)	A finance charge shall be imposed on all undisputed account balances outstanding over 30 days. The finance charge is [***] per month or the
            highest rate allowed by applicable law, whichever is lower.

   

  		k)	Blacksand will perform the Statement of Work on a fixed price basis. Any work not contemplated by this Statement of Work may be completed by
            change notice, or by a separate Statement of Work. Prior to undertaking any additional work, Blacksand will prepare an estimated cost and schedule for the additional work. Blacksand will obtain prior written approval from Hyperion prior to
            performing any additional work, otherwise Hyperion shall have no obligation to reimburse Blacksand for such unapproved expense.

   

  
    -1- 

    
      
 

  

   

  	3.	OPTION/LICENSE AGREEMENT

   

  At any time during the term of the MSA, subject to Hyperion’s compliance
      with the MSA and this Statement of Work, and conditioned on Hyperion having paid the Original Amount in full, Hyperion shall have the right, but not the obligation, to exercise the option, and acquire the License, as set forth in that certain “Option
      for Exclusive License Agreement Between Hyperion Materials & Technologies, LLC and Blacksand Technology, LLC” (“License Agreement”), of even date herewith and attached as Exhibit A. In furtherance of this right, during the term of
      the MSA, Blacksand covenants and agrees (a) not to take any action that would be inconsistent with the License Agreement and (b) to use its reasonable best efforts from taking any action that would prevent Blacksand from making any of the
      representations or warranties, or making and complying with any of the covenants, set forth in the License Agreement.

   

  IN WITNESS WHEREOF, the parties hereto have executed this Statement of
      Work #2 as of the SOW Effective Date.

  

   

  	HYPERION:	 	BLACKSAND:
	 	 	 
	HYPERION MATERIALS & TECHNOLOGIES, LLC	 	BLACKSAND TECHNOLOGY, LLC

   

  	Name:  	Anastasios Arima	 	Name:  	Kesh Keshavan

   

  	Title:  	Manager	 	Title:  	President

  	 	 	 
	Signature:  	/s/ Anastasios Arima	 	Signature:  	/s/ Kesh Keshavan 
	 	 	 	 	 

   

  -2-

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