Document:

Exhibit
10.11

 

Dated
August 6th, 2019

 

(1)
TUFTS MEDICAL CENTER, INC.

 

-
and -

 

(2)
OKYO PHARMA LIMITED

 

 

 

COLLABORATION
AGREEMENT

FOR
THE PROPOSED CORNEAL NEUROPATHIC PAIN PROGRAM

 

 

 

 

COOLEY
(UK) LLP, DASHWOOD, 69 OLD BROAD STREET, LONDON EC2M 1QS, UK

T: +44 (0) 20 7583 4055 F: +44 (0) 20 7785 9355 WWW.COOLEY.COM

 

    	 

    	 

    

 

THIS
AGREEMENT is made

 

BETWEEN:

 

	(1)	TUFTS
    MEDICAL CENTER, INC, whose place of business is at 800 Washington Street, Boston, MA 02111, USA (“Tufts MC”);
    and
	 	 
	(2)	OKYO
    PHARMA LIMITED, a limited company incorporated and registered in Guernsey whose registered office is at Martello Court,
    Admiral Park, St Peter Port, Guernsey GY1 3HB (“OKYO”).

 

INTRODUCTION:

 

	(A)	Dr.
    Pedram Hamrah MD is a professor with the Department of Ophthalmology at Tufts MC.
	 	 
	(B)	OKYO
    has taken an assignment of a licence (the “Licence”) of certain intellectual property rights detailed in
    the Licence agreement with Tufts MC (the “Licence Agreement”).
	 	 
	(C)	Tufts
    MC and OKYO wish to enter into this Agreement which shall set out the terms (including financial terms) on which Tufts MC
    shall provide assistance and research services to OKYO to develop the subject matter of the Licence and to carry out ancillary
    research.
	 	 
	(D)	This
    Agreement sets out the terms on which Tufts MC shall execute and/or supervise the Research Plan (as defined below).

 

IT
IS AGREED AS FOLLOWS:

 

	1.	DEFINITIONS
    AND INTERPRETATION

 

In
this Agreement, unless the context otherwise the following definitions shall apply:

 

	“Affiliate”	of
    a person means a person, corporation, partnership or other entity, that Controls, is Controlled by, or is under common Control
    with such person (and for the purposes of this definition, “Control” and “Controlled”
    shall be construed solely by reference to sub-paragraph (a) of the definition of “Control”);
	 	 
	“Agreement”
	 means
this document, including its Schedules;

 

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	“Arising
    IP”	means,
    collectively, Arising General IP and Arising Project IP;
	 	 
	 

        “Arising
        General IP”
	 means
    all Intellectual Property Rights generated, discovered, conceived, originated, derived or developed in the course of the activities
    undertaken in the performance of the Research Plan that are not specific to particular topical compounds that are the subject
    of the Research Plan, excluding for the avoidance of doubt all OKYO Background Rights;
	 	 
	 

        “Arising
        Project IP”
	 means
    all Intellectual Property Rights generated, discovered, conceived, originated, derived or developed in the course of the activities
    undertaken in the performance of the Research Plan, including any Intellectual Property Rights created pursuant to this Agreement
    and the Research Plan but excluding for the avoidance of doubt (i) all OKYO Background Rights and (ii) all Arising General
    IP;
	 	 
	 

        “Confidential
        Information”
	 means
    confidential and proprietary information and materials, patentable or otherwise, whether disclosed in tangible or intangible
    form, marked or stated to be “Confidential” or “Proprietary” (or word of similar import), or which
    would, in the normal course of business, or by the nature of the subject matter and/or the manner of its disclosure, be considered
    as being confidential or proprietary, that is disclosed by one Party (the “Disclosing Party”) to another
    Party (the “Receiving Party”), including: 
	 	 
	 	a)	information
    relating to the business, affairs, customers, clients, suppliers, plans, intentions, or market opportunities of the Disclosing
    Party or of the Disclosing Party’s group or its suppliers;
	 	 	 
	 	b)	the
    terms of this Agreement; and
	 	 	 
	 	c)	any
    materials and/or Know-How generated in connection with the performance of this Agreement.
	 	 	 
	 

        “Control”
	means:

                                                                                 

                                                                                (a) with respect to any individual, legal entity, trust or joint venture the direct or indirect ownership or possession of: (i) the power to direct or cause the direction of the management and policies of a company or entity whether through the ownership of voting securities, by contract or otherwise; or (ii) more than fifty per cent (50%) (in the aggregate) of the voting power of all outstanding shares entitled to vote at a general meeting of a company or entity; or

 

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	 	(b)
        with respect to any Material, item of information, or Intellectual Property Right, the possession, whether by ownership
        or licence, of the right to grant a licence or sub- licence with respect thereto or to disclose relevant information relating
        thereto, without breaching any prior written obligation to any Third Party,

         

        and
        “Controlled” shall be construed accordingly;

		 
	 “Effective
Date”
	 means
the date written at the start of this Agreement;

	 	 
	

        “Intellectual
        Property Rights”
	means
any and all inventions, Patents, utility models, registered designs, unregistered design rights, copyright, database rights, trademarks,
trade names, rights in respect of Confidential Information, rights under data exclusivity Law, rights under orphan drug Law, Know-How,
extensions of the terms of any such rights (including supplementary protection certificates), registrations and/or applications
for and the right to apply for any of the foregoing, and similar or analogous rights, anywhere in the world;

	 	 
	“Know-How”
	means
unpatented technical and other information in written tangible form which is not in the public domain including information comprising
or relating to concepts, discoveries, data, designs, formulae, ideas, inventions, methods, models, assays, research plans, procedures,
designs for experiments and tests and results of experimentation and testing (including results of research or development) processes
(including manufacturing process, specifications and techniques), laboratory records, specifications, drawings, manuals, information,
methods and processes for synthesis thereof, chemical compounds including derivatives, analogues and precursors, instrumentation,
procedures for experiments and tests and results of experimentation and testing, chemical, pharmacological, toxicological, clinical,
analytical and quality control data, trial data, case report forms, data analyses, report or summaries and information contained
in submissions to and information from ethical committees and regulatory authorities and the fact that an item is known to the
public shall not be taken to exclude the fact that a compilation including the item, and/or a development relating to the item,
is (and remains) not known to the public;

 

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	“Law”	means
    any law, statute, constitution, principle of common law, ordinance, code, permit, rule, regulation, policy, guideline, ruling
    or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of
    any governmental entity or securities exchange or securities quotation system, and any orders, writs, injunctions, binding
    awards of a court or arbitrator, judgments and decrees;
	 	 
	

        “Materials”
	means,
reagents, compounds, biopharmaceutical, biological and/or any other chemical materials and “Material” shall
be construed accordingly;

	 	 
	

        “OKYO
        Background Rights”
	means
(i) the Patents and Know-How which are the subject of the Licence, and (ii) all other Intellectual Property Rights owned or Controlled
by OKYO that (x) were generated, discovered, conceived, originated, derived or developed, or licensed or otherwise acquired, by
OKYO prior to the Effective Date, and/or (y) are generated, discovered, conceived, originated, derived or developed, or licensed
or otherwise acquired, by OKYO on or after the Effective Date other than in the course of activities comprising the Research Plan;

	 	 
	

        “OKYO
        Science Adviser”
	means
Dr. Raj Patil Ph.D. or another individual, reasonably acceptable to Tufts MC, then serving as a science adviser to OKYO;

	 	 
	

        “Parties”
	means
Tufts MC and OKYO and “Party” means any of them;

 

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	 “Patents”	means
    patents and patent applications and all substitutions, divisions, continuations, continuations-in-part, any patent issued
    with respect to any such patent applications (including certificates of invention), any reissue, re-examination, utility models
    or designs, renewal or extension of any such patent, any term extension, a supplementary protection certificate and any confirmation
    patent or registration patent or patent of addition based on any such patent, and all counterparts and patents and patent
    applications based on, corresponding to or claiming the priority date thereof in any country;
	 	 
	

        “Research
        Plan”
	

        means
        the work plan as set out in Schedule 1 or as otherwise agreed and identified by the Parties in writing;

	 	 
	

        “Term”
	

        has
        the meaning given to it in Clause 7.1; and

	 	 
	

        “Third
        Party”
	

        means
        any entity other than a Party or its Affiliates.

 

	2.	APPOINTMENT
	 	 
	2.1.	Tufts
    MC undertakes to make available the services of Pedram Hamrah M.D. as principal investigator and a nominated research associate
    to perform the activities set out in the Research Plan and shall perform such work in accordance with the terms of this Agreement.
	 	 
	2.2.	Tufts
    MC may engage any research associate to carry out any activities provided that:

 

	 	2.2.1	any
    such research associate is made aware of the obligations of the terms of this Agreement; and
	 	 	 
	 	2.2.2	Tufts
    MC shall ensure that the activities carried out are performed under the supervision of Pedram Hamrah.

 

	2.3.	Tufts
    MC shall be responsible at all times while activities are undertaken under the Research Plan:

 

	 	2.3.1	that
    such activities are performed in a timely, diligent and professional manner using its reasonable efforts;
	 	 	 
	 	2.3.2	all
    research is conducted in accordance with industry standard laboratory practices at all times (it being understood and agreed,
    for the avoidance of doubt, that the research is not required to be GLP-compliant);
	 	 	 
	 	2.3.3	all
    applicable Laws, regulations and guidelines are complied with in the performance of its obligations under this Agreement;

 

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	 	2.3.4	detailed
    records are kept of all things done in relation to the Research Plan and provide OKYO with monthly reports; and
	 	 	 
	 	2.3.5	provide
    that Pedram Hamrah is reasonably available, on a quarterly basis, to report to the board of directors of OKYO or any scientific
    advisory board established by OKYO in respect of the activities conducted under the Research Plan.

 

	3.	TRANSFER
    OF MATERIALS
	 	 
	3.1.	From
    time to time during the Term, the Parties may supply each other with Materials as set out in Schedule 2 or as otherwise agreed
    by the Parties in writing. In such circumstances:

 

	 	3.1.1	such
    transfer shall be recorded using the material transfer record form set out in Schedule 2, which the transferor shall complete
    and submit to the transferee(s) for counter-signature prior to the transfer of the Materials;
	 	 	 
	 	3.1.2	the
    Party providing that Material under that material transfer record form shall warrant that, to its reasonable knowledge without
    having undertaken any searches of any intellectual property registers, that Party has the full right and authority to transfer
    the Materials to the transferee for use as described in Schedule 2;
	 	 	 
	 	3.1.3	Materials
    and related information provided by a Party shall remain the property of such Party or remain under the Control of such Party,
    and shall be kept securely by the other Party and shall not be provided by the other Party to any Third Party, except with
    the express written consent of the Party providing such Materials and related information;
	 	 	 
	 	3.1.4	A
    Party receiving Materials from the other Party shall only use such Materials for the purpose of performing its obligations
    pursuant to this Agreement and shall use such Materials in accordance with all applicable Laws;
	 	 	 
	 	3.1.5	other
    than as expressly permitted under this Agreement, a Party receiving Materials from the other Party shall not otherwise characterise
    or reproduce such Materials without the prior written consent of the Party providing such Materials; and
	 	 	 
	 	3.1.6	A
    Party receiving Materials from the other Party shall, at the election of such other Party, following completion of the purpose
    for which such Materials were transferred, destroy or return such Materials.

 

	4.	INTELLECTUAL
                                         PROPERTY RIGHTS

 

	4.1.	Ownership
                                         of pre-existing Intellectual Property Rights as of the Effective Date hereof are not
                                         affected by this Agreement, and neither party shall have any claims to or rights in any
                                         pre- existing Intellectual Property Rights of the other party, except as may be otherwise
                                         expressly provided in any other written agreement between the parties.
	 	 
	4.2.	Inventorship
of Arising IP will be determined in accordance with United States patent law whether or not the Arising IP is patentable. Ownership
shall follow inventorship. Arising IP that are solely conceived or reduced to practice by employees of Tufts MC will be solely
owned by Tufts MC (“Tufts MC IP”). Arising IP that are solely conceived or reduced to prac- tice by employees of OKYO
will be solely owned by OKYO (“OKYO IP”). Arising IP that are jointly conceived or reduced to practice by employees
of Tufts MC and of OKYO will be jointly owned (“Joint IP”).

 

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	4.3.	With
    respect to all Arising IP which is Joint IP or Tufts MC IP, Tufts MC hereby grants to OKYO the first option (an “Option”)
    to negotiate, for a period not to exceed three (3) months unless extended by mutual written agreement of the Parties (the
    “Option Exercise Period”), in good faith with Tufts MC for a royalty-bearing, worldwide license of any
    patent rights, and joint patent rights to develop, make, have made, use, offer for sale, sell, have sold, and import products
    derived from or using Joint IP or Tufts MC IP on terms that are commercially rea- sonable to the industry; provided, however,
    that the license will be exclusive (or non-exclusive at OKYO’s discretion) with respect to any patent rights and joint
    patent rights. If OKYO elects to activate an Option, OKYO must provide Tufts MC with written notice of such decision within
    thirty (30) days after disclosure to OKYO of the relevant Arising IP or the relevant results of the Research Plan, as applicable
    (the “Option Activation Period”). If OKYO activates an Op- tion during the relevant Option Activation Period,
    OKYO shall reimburse Tufts MC for all doc- umented, out-of-pocket costs relating to the preparation, filing, prosecution and
    maintenance of the relevant patent rights and/or joint patent rights comprised or derived from the relevant Arising IP incurred
    by Tufts MC prior to activation of the Option, as well as those incurred dur- ing the Option Exercise Period. Tufts MC shall
    submit periodic invoices for such patent ex- penses, and OKYO shall make payment within thirty (30) days after the date of
    each such in- voice. In the event OKYO fails to exercise the Option within the Option Activation Period or the Parties fail
    to reach agreement on the terms of an exclusive license agreement within the Option Exercise Period, Tufts MC shall have no
    further obligation to OKYO under this Agree- ment with regard to the specific Arising IP; provided, however, that OKYO shall
    retain their ex- isting interest in any Joint IP developed under this Research Plan and OKYO shall have the right, without
    limitation, to use materials and data produced under the Research Plan to sup- port and further any of its existing patent
    claims comprised or forming part of the OKYO Background Rights.
	 	 
	5.	PUBLICATION
	 	 
	 	Tufts
    MC shall have the right to publish any results arising from the Research Plan. In order to provide OKYO an opportunity to
    determine if any such publications contain patentable inventions or OKYO Proprietary Information, Tufts MC will furnish OKYO
    with a copy of any proposed publication thirty (30) days in advance of the proposed submission date. If such submission would
    constitute an enabling disclosure of any inventions, Tufts MC will, at the written request of OKYO, delay the submission for
    publication or presentation to allow the filing of an appropriate patent application; provided, however, that in no event
    shall the said delay exceed sixty (60) days from the date of OKYO’s receipt of the proposed manuscript for review. OKYO
    agrees to treat the proposed manuscript as Tufts MC’s Proprietary Information pursuant to Clause 9.1, until it becomes
    available to the public generally.

 

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	6.	COSTS
	 	 
	 	Except
    as provided otherwise in Clauses 4.2 and 4.3 and in the Research Plan, each Party agrees that it shall bear its own costs
    in connection with carrying out the Research Plan save for the committed funding costs that OKYO has agreed to pay to Tufts
    MC for its work.
	 	 
	7.	REPRESENTATIONS,
    WARRANTIES AND LIMITATION OF LIABILITY
	 	 
	7.1.	OKYO
    and Tufts MC each warrants to the other that it has full power and authority under its constitution, and has taken all necessary
    actions and obtained all authorisations, licences, consents and approvals, to allow it to enter into this Agreement and to
    perform its obligations hereunder.
	 	 
	7.2.	No
    Party makes any representation or gives any warranty to the other that any advice or information given by it or any of its
    employees, contractors or other personnel who carry out the research set out in the Research Plan, or the content or use of
    any Arising IP, Materials or information provided in connection with the Research Plan, shall not constitute or result in
    the infringement of the rights of any Third Party (including, but not limited to, Intellectual Property Rights).
	 	 
	7.3.	No
    Party accepts any liability or responsibility for any use which may be made by the other Party of any Arising IP, nor for
    any reliance which may be placed by that other Party on any Arising IP, nor for advice or information given in connection
    with any results.
	 	 
	7.4.	Each
    Party (the “Indemnifying Party”) shall indemnify, defend and hold harmless the other Party, its Affiliates,
    directors, officers, employees, agents, subcontractors or sub-licensees (together, the “Indemnified Parties”)
    from and against each and every claim made by a Third Party against any of the Indemnified Parties, such Third Party claims
    arising as a result of the gross negligence or wilful misconduct of the Indemnifying Party (or any of its Affiliates, directors,
    officers, employees, agents, subcontractors or sub-licensees) in performing its obligations or exercising its rights under
    this Agreement, provided that the Indemnified Parties must, except with respect to any claim made in a criminal proceeding
    brought against an Indemnified Party:

 

	 	7.4.1	promptly
    (and in any event, within 30 (30) business days of receipt of such claim) notify the Indemnifying Party of details of such
    claim;
	 	 	 
	 	7.4.2	not
    make any statement, admission, settlement or compromise in relation to the claim;
	 	 	 
	 	7.4.3	allow
    the Indemnifying Party to take such action as it shall deem necessary, in its absolute discretion, to avoid, dispute, resist,
    appeal, compromise or contest any such claim in the name of the applicable Indemnified Parties and to have the sole conduct
    of any related proceedings, negotiations or appeals (provided, however, that the Indemnifying Party may not, without each
    relevant Indemnified Party’s prior written consent which shall not be unreasonably withheld, (i) admit fault or guilt
    on behalf of such Indemnified Party or (ii) agree to compel such Indemnified Party to do, or refrain from doing, any act);
    and

 

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	 	7.4.4	give
    the Indemnifying Party all reasonable assistance and information (including procuring access to relevant personnel in order
    to investigate the claim) (at the Indemnifying Party’s expense) as the Indemnifying Party reasonably requires in connection
    with resisting, appealing, compromising or contesting any such claim.

 

The
indemnity in this Clause 6.4 shall not apply to the extent that the Third Party claim arises as a result of any Indemnified Party’s
negligence, reckless act or omission or intentional misconduct. For the avoidance of doubt: (i) this Clause 6.4 is without prejudice
to any other rights which the Indemnifying Party may have at Law against the other Party or Third Party;

 

(ii)
the Indemnifying Party shall not be obliged to indemnify any of the Indemnified Parties to the extent any admission or statement
made by any of the Indemnified Parties or any failure by any of the Indemnified Parties to notify the Indemnifying Party of the
claim, materially prejudices the defense of the Third Party claim; and (iii) the Indemnifying Party shall not be obliged to indemnify
the Indemnified Parties to the extent any Third Party claim is indemnified by the same Indemnifying Party pursuant to an indemnity
under the Licence and Sub-Licence Agreement.

 

	7.5.	Nothing
    in this Agreement limits or excludes any Party’s liability for:

 

	 	7.5.1	death
    or personal injury resulting from negligence;
	 	 	 
	 	7.5.2	fraud;
    or
	 	 	 
	 	7.5.3	any
    liability that, by Law, cannot be limited or excluded.

 

	7.6.	Subject
    to Clause 6.5, the Parties shall not be liable to each other or any of their directors, officers, employees or agents for
    any of the following types of loss, damage, cost or expense arising (whether in contract, tort, negligence, breach of statutory
    duty or otherwise) under or in relation to this Agreement or the subject-matter of this Agreement for:

 

		7.6.1	any
                                         loss of profits, business, contracts, anticipated savings, goodwill, or revenue; or

 

		7.6.2	any
                                         indirect or consequential loss or damage whatsoever; or

 

		7.6.3	any
                                         exemplary or punitive damages,

 

even
if the Party was advised in advance of the possibility of such loss or damage.

 

	7.7.	Subject
                                         to Clause 6.5, the aggregate liability of each Party for all claims under this Agreement
                                         shall be limited to the aggregate amount actually received by Tufts MC from OKYO pursuant
                                         to this Agreement.

 

	7.8.	The
                                         express undertakings and warranties given by the Parties in this Agreement are in lieu
                                         of all other warranties, conditions, terms, undertakings and obligations, whether express
                                         or implied by statute, common law, custom, trade usage, course of dealing or in any other
                                         way. All of these are excluded to the fullest extent permitted by Law.

 

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	8.	TERM
                                         & TERMINATION

 

	8.1.	This
                                         Agreement shall come into effect on the Effective Date and shall continue until completion
                                         (the “Term”) of the Research Plan.

 

	8.2.	A
                                         Party may by notice in writing to the other Party terminate this Agreement if the other
                                         Party:

 

		8.2.1	is
                                         in breach of any of the terms of this Agreement which, in the case of a breach capable
                                         of remedy, shall not have been remedied by the other Party within thirty (30) days of
                                         receipt by the Party in breach of a notice from the Party specifying the breach and requiring
                                         its remedy; or

 

		8.2.2	becomes
                                         insolvent, is dissolved or liquidated, makes a general assignment for the benefit of
                                         its creditors, files or has filed against it, a petition in bankruptcy, or has a receiver
                                         appointed for a substantial part of its assets or make any arrangement or composition
                                         with its creditors.

 

	8.3.	Upon
                                         termination or expiry of this Agreement for any reason, each Party shall as soon as reasonably
                                         practicable:

 

		8.3.1	return
                                         to the transferee (or, at the transferee’s direction, destroy) (to the extent technically
                                         possible) any of the transferee’s Materials which are at the date of termination
                                         or expiry in its possession or Control; and

 

		8.3.2	return
                                         to the transferee all copies of documents whether in paper, electronic or other form
                                         which contain Confidential Information of the transferee and are in its possession or
                                         Control save that the Party in Control of the same shall be entitled to keep a copy of
                                         such documents for archiving purposes.

 

	8.4.	The
                                         provisions of Clauses 1, 3.1.3 to 3.1.6 (inclusive), 4, 6.3 to 6.8 (inclusive), 7.3 to
                                         7.4 (inclusive), 8.1, 8.2, 8.4 to 8.7 (inclusive), 8.8 to 8.13 (inclusive) and 8.14 to
                                         8.19 (inclusive) shall survive termination or expiry of this Agreement. Any rights or
                                         remedies of either Party arising prior to termination or expiry of the Agreement shall
                                         continue to be enforceable.

 

	9.	MISCELLANEOUS

 

	9.1.	Confidentiality.
                                         Each Party recognises that the other Party is engaged in a continuous program of research
                                         and development respecting its present and future business activities. Each Party agrees
                                         as follows:

 

		9.1.1	at
                                         all times during the term of this Agreement and for five (5) years thereafter, such Party
                                         will hold in strictest confidence and will not disclose, use, lecture upon or publish
                                         any of the other Party’s Proprietary Information (as the same is defined below),
                                         except to the extent such disclosure, use or publication may be required in direct connection
                                         with such Party’s performance of its obligations or exercise of its rights under
                                         this Agreement, or as expressly authorised in writing by the other Party;
	 	 	 
	 	9.1.2	the
term “Proprietary Information” shall mean any and all confidential knowledge, know-how, data or other proprietary
information or materials of the specified Party. By way of illustration but not limitation, Proprietary Information includes:
(i) inventions, ideas, samples, devices, media and/or cell lines and procedures for producing any such samples, devices, media
and/or cell lines, processes, formulas, formulations, data, software, hardware, mask works, know-how, improvements, discoveries,
developments, designs and techniques; (ii) information regarding plans for research, development, new products, marketing and
selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; and
(iii) information regarding the skills and compensation of employees or other consultants of the specified Party; and

 

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		9.1.3	in
                                         addition, each Party understands that the other Party has received and in the future
                                         may receive from third parties confidential or proprietary information (“Third
                                         Party Information”) subject to a duty on such Party’s part to maintain
                                         the confidentiality of such information and to use it only for certain limited purposes.
                                         During the term of this Agreement and thereafter, each Party will hold Third Party Information
                                         received from the other Party in the strictest confidence and will not disclose or use
                                         such Third Party Information, except in connection with such Party’s performance
                                         of its obligations or exercise of its rights under this Agreement, or as expressly authorised
                                         in writing by the other Party;

 

		9.1.4	Notwithstanding
                                         the foregoing, the obligations of nondisclosure and non-use set forth above will not
                                         apply to information received by either party to this Agreement to the extent that such
                                         information: (i) was known to the Receiving Party; (ii) thereafter be- comes, through
                                         no fault of the Receiving Party, generally available to the public; (ii) was received
                                         by the Receiving Party from a third party not under an obligation of con- fidentiality
                                         to the Disclosing Party; or (iv) was independently developed by employees of the Receiving
                                         Party having no access to or knowledge of the Disclosing Party’s Proprietary Information.

 

		9.1.5	If
                                         required, Receiving Party may disclose the Disclosing Party’s Proprietary Infor-
                                         mation to a governmental authority or by order of a court of competent jurisdiction,
                                         provided that such disclosure is subject to all applicable governmental or judicial pro-
                                         tection available for like information and reasonable advance notice is given to the
                                         Disclosing Party.

 

	9.2.	Assignment.
                                         Neither this Agreement nor any rights or obligations under this Agreement may be assigned
                                         by any Party, without the prior written consent of the other Parties, except that a Party
                                         may assign its rights or obligations under this Agreement to an Affiliate.
	 	 
	9.3	Force
                                            Majeure. Each Party shall be excused from the performance of its obligations under this
                                            Agreement (except a payment obligation) to the extent that such performance is prevented
                                            by Force Majeure and the non-performing Party promptly provides notice of the prevention
                                            to the other Parties. Such excuse shall be continued so long as the condition constituting
                                            Force Majeure continues and the non-performing Party makes commercially reasonable efforts
                                            to remove the condition. Any Party affected by such Force Majeure shall take all reasonable
                                            steps to minimise the effects of such Force Majeure upon performance of this Agreement. If
                                            any event of Force Majeure persists for a period of ninety (90) days, any Party affected
                                            by the Force Majeure may by written notice terminate this Agreement.

 

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	9.4.	Notices.
    Any notice or notification required or permitted to be provided pursuant to the terms and conditions of this Agreement shall
    be in writing and shall be deemed given:

 

	 	9.4.1	upon
    receipt if delivered personally (receipt verified);
	 	 	 
	 	9.4.2	on
    the third Business Day if sent by overnight delivery using an internationally recognised express courier service and specifying
    next available Business Day delivery (receipt verified); or
	 	 	 
	 	9.4.3	by
    confirmation of receipt if delivered by electronic mail,

 

to
the relevant Party at the addresses set out above (or at such other address for a Party as shall be specified by notice in writing,
provided, however, that notices of a change of address shall be effective only upon receipt thereof).

 

	9.5.	Amendments.
    No amendment, modification or supplement of any provision of this Agreement shall be valid or effective unless made in
    writing and signed by a duly authorised representative of each Party.
	 	 
	9.6.	Disputes.
    Any dispute or disagreement that arises between any of the Parties in respect of this Agreement, shall follow the following
    procedures in an attempt to resolve the dispute or disagreement:

 

	 	9.6.1	the
    Party claiming that such a dispute exists shall give notice in writing (“Notice of Dispute”) to the Party
    with whom the dispute exists (each, a “relevant Party” in relation to that dispute) of the nature of the
    dispute;
	 	 	 
	 	9.6.2	the
    dispute will be referred to the senior officers of the relevant Parties who shall meet to discuss and seek to resolve the
    issue;
	 	 	 
	 	9.6.3	if,
    within a further period of thirty (30) days, or if in any event within sixty (60) days of initial receipt of the Notice of
    Dispute, whichever is shorter, the dispute has not been resolved, or if, for any reason, the meeting of the senior officers
    of the relevant Parties has not been held within sixty (60) days of initial receipt of the Notice of Dispute, then the Parties
    agree that any relevant Party may initiate arbitration proceedings to resolve the dispute; and
	 	 	 
	 	9.6.4	notwithstanding
    any provision of this Agreement to the contrary, any relevant Party may immediately initiate litigation in any court of competent
    jurisdiction seeking any remedy at Law or in equity, including application for the issuance of a preliminary, temporary or
    permanent injunction, to preserve or enforce its rights under Clause 8.1.

 

    	13

    	 

    

 

	9.7.	Arbitration.
If the informal resolution mechanism of Clause 8.6 proves unsuccessful within the allotted period, then the relevant Parties may,
upon mutual agreement, submit their dispute to arbitration before one (1) arbitrator in New York, New York, USA pursuant to the
Rules of Arbitration of the International Chamber of Commerce (“ICC”). The arbitrators shall be qualified in
New York Law and shall be selected in accordance with the rules of the ICC. Any arbitrator so selected shall have substantial
experience regarding the issues in dispute and the pharmaceutical industry. The arbitrators may permit limited discovery as they
deem appropriate in the circumstances of the dispute. The arbitration shall be conducted, and all documents submitted to the arbitrators
shall be, in English. The arbitrators shall have no power to award punitive, special, incidental or consequential damages. The
arbitrator’s decision and award shall be final and binding upon all Parties. The costs for each relevant Parties’
counsel and other expenses, and the costs of the arbitration shall be borne by the relevant Parties as determined by the arbitrator’s
judgment and the award rendered by arbitration may be issued and enforced by any court having competent jurisdiction.

 

	9.8.	Use
    of Name. OKYO and Tufts MC shall consult with each other before issuing any press release, marketing materials, photos
    or making any public statements with respect to this Agreement and the transactions contemplated hereby and shall not issue
    any such press re- lease, photos, marketing materials or make any such public statement except as they may mutually agree.
    Neither Party shall use the name of the other Party nor any of its staff, em- ployees or students, in any advertising or other
    form of publicity without prior written consent obtained from the other Party in each case, and from the individual(s) that
    will be identified in any service or use. Notwithstanding the foregoing, a Party may, without prior consent, use or disclose
    the other Party’s name as required by law, regulation or for its own internal purposes. Any use of a Party’s name
    shall be limited to statements of fact and shall not imply endorse- ment of products or services.
	 	 
	9.9.	Entire
    Agreement. This Agreement, including its Schedules, constitutes and contains the complete, final and exclusive understanding
    and agreement of the Parties and cancels and supersedes any and all prior negotiations, correspondence, understandings and
    agreements, whether oral or written, between the Parties respecting the subject matter hereof and thereof.
	 	 
	9.10.	Independent
    Contractors. The Parties are independent contractors under this Agreement. Nothing contained in this Agreement shall be
    deemed to create an agency relationship between the Parties or any of their agents or any legal arrangement that would impose
    liability upon one Party for the act of failure of the other Party, except as expressly set out in this Agreement. None of
    the Parties shall have any express or implied power to enter into any contracts or commitments or to incur any liabilities
    in the name of, or on behalf of the other Party, or to bind the other Party in any respect whatsoever.
	 	 
	9.11.	Counterparts.
    This Agreement may be executed in any number of counterparts, each of which shall be an original and all of which shall constitute
    together the same document. Counterparts may be signed and delivered by courier or by electronic mail with attached PDF file,
    each of which shall be binding when received by the applicable Party.
	 	 
	9.12.	No
    Third Party Rights or Obligations. Except as otherwise expressly provided herein, no provision of this Agreement shall
    be deemed or construed in any way to result in the creation of any rights or obligations in any person not a Party to this
    Agreement.

 

    	14

    	 

    

 

	9.13.	Further
    Actions. Each Party shall promptly execute and deliver such documents and perform such acts as may reasonably be required
    for the purpose of giving full effect to this Agreement.
	 	 
	9.14.	No
    Additional Rights. Except for the rights expressly granted herein, nothing in this Agreement shall be construed as conferring
    upon either Party by implication, estoppel or otherwise any additional rights, including, but not limited to, any additional
    rights in or to the Confidential Information and/or Intellectual Property Rights of the other Party.
	 	 
	9.15.	Compliance.
    The Parties shall comply with the anti-bribery and corruption, research and scientific engagement policies of OKYO as in force
    from time to time. No Party shall knowingly undertake any action pursuant to this Agreement which is reasonably likely to
    have material adverse effect on another Party’s reputation, including any action involving: (i) the breach of international
    government sanctions regarding the export of goods or undertaking of activities with certain countries identified by Her Majesty’s
    Government in the UK or the US Government, (ii) the tobacco industry, (iii) child labour, or (iv) bringing opportunistic patent
    infringement proceedings under Patents which do not relate to the substantive business operations of the patent owner or licensee
    (known as “patent trolling”).
	 	 
	9.16.	Non-reliance.
    Each Party acknowledges and agrees that it has not entered into this Agreement in reliance upon any representation, warranty
    or undertaking of any other Party which is not expressly set out or referred to in this Agreement.
	 	 
	9.17.	Non-repudiation.
    No act or omission of any Party which shall be carried out:

 

	 	(a)	in
    compliance or purported compliance with any provision of this Agreement; or
	 	 	 
	 	(b)	pursuant
    to a decision taken or purportedly taken in accordance with this Agreement,

 

or
which shall otherwise constitute or involve a breach of any provision of this Agreement shall be regarded as a repudiation of
this Agreement or affect the continued application of this Agreement to the Parties but (for the avoidance of doubt) nothing in
this Clause 8.16 shall limit the right of either Party to pursue a claim for damages or any other relief (whether interim or otherwise)
in respect of any breach or threatened breach of this Agreement.

 

	9.18.	Illegality.
    If any provision of this Agreement is held to be illegal, void, invalid or unenforceable under the Laws of any jurisdiction,
    the legality, validity and enforceability of the remainder of this Agreement in that jurisdiction shall not be affected, and
    the legality, validity and enforceability of the whole of this Agreement in any other jurisdiction shall not be affected.
	 	 
	9.19.	Waiver.

 

	 	9.19.1	No
    failure on the part of any Party to exercise, and no delay on its part in exercising, any right or remedy under this Agreement
    shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy preclude any other or further
    exercise thereof or the exercise of any other right or remedy. The rights and remedies provided in this Agreement (including
    its Schedules) are cumulative and not exclusive of any rights or remedies provided by Law; and

 

	 	9.19.2	No
    provision of this Agreement shall be waived by any act, omission or knowledge of a Party or its officers, agents or employees
    except by an instrument in writing expressly waiving such provision and signed by a duly authorised officer of the waiving
    Party. The waiver by any of the Parties of any breach of any provision hereof by the other Parties shall not be construed
    to be a waiver of any succeeding breach of such provision or a waiver of the provision itself.

 

	9.20.	Governing
    Law. This Agreement and any contractual or non-contractual obligations arising from or connected with this Agreement,
    and the rights of the Parties, shall be governed by the laws of the State of New York without regard to principles of conflict
    of laws that would have the effect of applying the laws of a different jurisdiction.

 

[Signature
page to follow]

 

    	15

    	 

    

 

	 EXECUTED
    FOR AND ON BEHALF OF) 	   	   
	 TUFTS
    MEDICAL CENTER, INC.) 	   	 August
    12, 2019 

 

	 Name: 	 /s/
    Nicholas Corsaro, JD 	   
	 Position: 	 Manager,
    Grants and Contracts 	   

 

	 EXECUTED
    FOR AND ON BEHALF OF ) 	   	  
	 OKYO
    PHARMA LIMITED ) 	   	 Date:    August
    6, 2019  

 

	 /s/
    Raj Patil 	   
	 Name: 	 Raj
    Patil, PhD 	   
	 Position: 	 Sr.
    Director, R&D 	   
	   	   	   
	 READ
    AND ACKNOWLEDGED: 	   

 

	 /s/ Pedram Hamrah, MD 	   
	 Name: 	 Pedram Hamrah, MD 

	   
	 Date: 	   	   

 

    	16

    	 

    

 

Schedule
1

 

RESEARCH
PLAN FOR CORNEAL NEUROPATHIC PAIN

 

The
proposed research plan that follows will be completed within a 12 month period for a budget of $203,315.

 

To
investigate the efficacy of topical compounds in ameliorating corneal neuropathic pain, by studying its effect on corneal sensation
determined by response to hyperosmolar saline solution using our recently developed mouse ligation model.

 

Detailed
protocol:

 

After
ligation of the ciliary nerves, compressing without severing them, antibiotic ointment (AK- SPORIN, bacitracin-neomycin-polymyxin)
is applied to the eye and a tarsorrhaphy placed after the surgery to minimize infection and reduce possibility of ocular defect.
3 days following suture ligation (dps), compounds A-D supplied by OKYO and vehicle control will be applied to the cornea topically
6 times per day to mice briefly anaesthetized with isoflurane. To investigate the effects of compounds required for treatment,
we will perform with 6 groups of experiments where mice (n=5/group) receive 0/6, 3/6 or 6/6 treatments of compounds A-D and the
corresponding 6/6, 3/6, and 0/6 treatments of vehicle. Oral Gabapentin will be used as a positive control group. Treatment duration
will be for a total 11 days with the measurable outcomes of: (1) response to mechanical stimulation (cochet-bonnet), hyperosmolar
saline solution, cold saline and menthol to measure corneal hypersensitivity (2) ocular surface fluorescein staining performed
at 4, 7 and 11 days post treatment.

 

An
eye-wiping test will be used to evaluate corneal pain response at the above time-points with the application of 10μL of [5M]
saline solution, cold saline (4°C) or [200μM] menthol to assess hypersensitivity of various nociceptors (polymodal and
cold nociceptors, respectively). The number of eye wipes will be counted by two (2) observers, one masked to the treatment groups,
for a period of 30 seconds after application of each solution consistently at one-time during the day to account for possible
diurnal differences (similar to previous reports [17, 26, 27]). Alterations to mechanical response will also be investigated using
a Cochet-Bonnet esthesiometer. The cold response will be measured after mechanical stimulus and hyperosmolar solution to ensure
minimal interference in response. Images of the animal response will also be captured and stored electronically for future reference.
Finally, at completion of the treatment, corneas will be excised at 14 dps, fixed and flat mount stained with antibodies against
pan neuronal (β-III tubulin) and imaged on a confocal microscope (Leica SP8, Heidelberg, Germany) to assess nerve density.
We will, concurrently, asses alterations to corneal inflammation following treatment by investigating alterations to resident
and infiltrating cell populations through whole mount staining (anti-CD45 (pan immune marker) and CD11c (dendritic cell marker)
antibodies). Trigeminal ganglia from all animals will be stored in TRIzol/Qiazol reagent and stored at - 80°C so that alterations
in pro- and anti-inflammatory cytokines (such as IL-6, IL-10 and TNF-α) can be assessed later if needed.

 

Pain
will be evaluated both directly by corneal sensitivity response (paw-wipe number/ blinking) as well as subjectively by observing
behavioral response of the mice to stimulus/ pain (e.g. to topical hyperosmolar solution) using a 0-4 scale (determined from
preliminary experiments, detailed below).

 

Behavioral
Scale:

 

		0	-
                                         normal (minimal) behavioral response/ grooming behavior,

		1	-
                                         slight deviation from normal behavior lasting for 5-10 seconds

		2	-
                                         animal huddled for brief period after response to pain before continuing normal behavior

3
- mice agitated when handled/ large response to hyperosmolar solution/ minimal inquisitive behavior

		4	-
                                         mice having a significant continued response to hyperosmolar solution.

 

Payment
Schedule

 

The
budget of US$203,315 is an all in package to cover research time; consumables; laboratory hire; post-doctoral fellowship for one
year, animal models and any third party costs (as detailed below). An 18 initial payment of $[ 101,657.50] will be made by OKYO
to Tufts MC upon presentation of Tufts MC’s invoice therefor, which invoice may be presented by Tufts MC at any time after
the Effective Date and shall be payable on receipt. The remaining balance of $[ 101,657.5 will be paid by OKYO to Tufts MC in
two instalments; first instalment of $50,828.75 upon completion of studies and second instalment of $50,828.75 upon presentation
of final study report and Tufts MC’s invoice therefor, at any time after completion of studies outlined in Schedule 1.

 

    	17

    	 

    

 

	PRINCIPAL
    INVESTIGATOR:	Pedram
    Hamrah, M.D., Tufts Medical Center
	SPONSOR:	Okyo
	 	Annual
    Fellowship Budget

 

	PERSONNEL	 	Percent
    Effort	 	 	Salary	 	 	Fringe	 	 	Total	 
	Post
    Doctoral Fellow	 	 	100	%	 	 	55,000	 	 	 	14,850	 	 	 	69,850	 
	IDC
    / 15%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	10,478	 
	Total
    Budget	 	 	 	 	 	 	 	 	 	 	 	 	 	 	80,328	 

 

    	18

    	 

    

 

 

	PRINCIPAL
    INVESTIGATOR:	Pedram
    Hamrah, M.D., Tufts Medical Center
	SPONSOR:	Okyo

Budget
including 4 compounds

 

 

	PERSONNEL	 	Percent
    Effort	 	 	Budget	 
	
Principal
                                         Investigator
	 	 	9	%	 	$	38,291	 
	Research
    Associate	 	 	17	%	 	$	14,217	 
	TOTAL
    PERSONNEL (Including Fringe)	 	 	 	 	 	$	52,508	 
	 	 	 	 	 	 	 	 	 
	SUPPLIES	 	 	 	 	 	 
	 
4
                                         compounds (provided by company)
	 	 	 	 	 	$	-	 
	Sutures
    (ligation and tarsorrhaphy) (1*$90)	 	 	    	 	 	$	180	 
	Topical
    neomycin ointment, Genteal gel and Topical Anesthetic	 	 		 	 	$	100	 
	Isoflurane	 	 	 	 	 	$	100	 
	Von
    Frey filaments (set of 40 monofilaments)	 	 	 	 	 	$	750	 
	Antibodies
    (BIII tubulin (TUJ1), CD45 and CD11c)	 	 	 	 	 	$	2,130	 
	Confocal
    ($50/hour * 40hrs)	 	 	 	 	 	$	2,000	 
	25%
    buffer (considering possibility of changing administration route)	 	 	 	 	 	$	7,364	 
	TOTAL
    SUPPLIES	 	 	 	 	 	$	12,624	 
	 	 	 	 	 	 	 	 	 
	ANIMAL
    COSTS	 	 	 	 	 	 
	 
Price
                                         of C57BL/6 mouse 90 Mice Total
	 	 	    	 	 	$	2,430	 
	Shipping
    and DLAM costs/ shipment, 12 shipments	 	 		 	 	$	810	 
	Housing
    cost per cage per day (30 cages) * (14 days)	 	 	 	 	 	$	722	 
	TOTAL
    OTHER EXPENSES	 	 	 	 	 	$	3,962	 
	 	 	 	 	 	 	 	 	 
	TOTAL
    DIRECT COSTS	 	 	 	 	 	$	69,094	 
	 	 	 	 	 	 	 	 	 
	IDC
    @ 78%	 	 	 	 	 	$	53,893	 
	 	 	 	 	 	 	 	 	 
	TOTAL
    BUDGET	 	 	 	 	 	$	122,987	 

 

    	19

    	 

    

 

Schedule
2

MATERIAL
TRANSFER RECORD FORM

 

Capitalised
terms used in this material transfer record form (“MTRF”) that are not defined herein shall have the meanings
set forth in the Collaboration Agreement dated August 6th, 2019 made between Tufts MC and OKYO (the “Agreement”).

 

Pursuant
to the terms of the Agreement, OKYO will transfer Tufts MC the Materials identified below.

 

This
MTRF shall be used as the record of all such Materials transferred, regardless of the transferor or transferee.

 

Transfer
date: TBD

 

Description
of Materials: 4 compounds to be tested in ocular pain model

 

	EXECUTED
    BY TUFTS MC:	 
	 	 
	 	 
	Date:	 

 

	EXECUTED
                                         BY OKYO PHARMA LIMITED:

        
	 
	 	 
		 
	[name]:
    Raj Patil, PhD 	 
	[position]:
    Sr. Director R&D	 
	Date:	 

 

Note:
This MTRF is to be completed and signed by Tufts MC and OKYO for each transfer. A copy of each completed MTRF is to be provided
to the respective Chief Executive Officer of OKYO and Pedram Hamrah of Tufts MC. This MTRF should not be used to transfer any
Materials in which Third Parties may have rights, or which may infringe, or violate any Intellectual Property Rights held by any
Third Party. If there are any questions about the appropriateness of a transfer, please contact the representatives identified
herein before making such transfer.

 

    	20Exhibit
10.12

 

AMENDMENT
No. 1 

TO

COLLABORATION
AGREEMENT 

BETWEEN

TUFTS
MEDICAL CENTER, INC 

AND

OKYO
PHARMA LIMITED

 

 

THIS
AMENDMENT is entered into as of the date of last signature below by and between Tufts Medical Center, Inc., a not-for-profit tax-exempt
corporation organized under the laws of the Commonwealth of Massachusetts with its principal place of business at 800 Washington Street,
Boston, MA 02111 (“Tufts MC”), and Okyo Pharma Limited, a limited liability company incorporated and registered in Guernsey
whose registered office and principal place of business is at Martello Court, Admiral Park, St. Peter Port, Guernsey GYI 3HB (“OKYO”).

 

WHEREAS,
the parties entered into a Collaboration Agreement effective August 6, 2019 (hereinafter, the “Agreement”); and

 

WHEREAS,
the parties now wish to amend the Agreement, to extend the planned end date of the Research Plan, and revise the Term of the Agreement.

 

NOW,
THEREFORE, the parties agree as follows

 

	 	1.
    	In
    Article I of the Agreement, the definition of “Term” is revised and replaced in its entirety with the following: “Term”
    has the meaning given to it in Section 8.1.” 
	 	 	 
	 	2.
    	Section
    8.1 of the Agreement is revised and replaced in its entirety with the following: “This Agreement shall come into effect on
    the Effective Date and shall continue until completion of the Parties’ substantive obligations under the Agreement in the performance
    of the Research Plan, unless extended or sooner terminated as provided herein (“Term”). 
	 	 	 
	 	3.
    	The
    first sentence of Schedule I of the Agreement shall be revised and replaced in its entirety with the following: “The proposed
    Research Plan that follows will be completed by April 5, 2021, for a budget of $203,315.” 
	 	 	 
	 	4.
    	This
    Amendment sets forth the entire amendment and modification to the Agreement intended by the parties. Further, this Amendment and
    the Agreement constitute the entire agreement and understanding of the parties relating to the subject matter contained therein.
    The amendments and modifications to the Agreement are specifically limited to the terms and conditions discussed herein. The remainder
    of the terms and conditions of the Agreement, as agreed to by the parties, remains in full force and effect. 

 

SIGNATURE
PAGE TO FOLLOW

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties have caused this amendment to be executed as of the date last                .

 

	TUFTS
    MEDICAL CENTER, INC.	 	OKYO
    PHARMA LIMITED.
	 	 	 	 	 
	 	/s/ Nicholas
    Fleming, JD	 	 	 /s/
    Willy Simon 
	Name:	Nicholas
    Fleming, JD	 	Name:	 W.
    Simon 
	Title:	Manager,
    Grants & Contracts	 	Title:	 Chairman 
	Date:	November
    10, 2020	 	Date:	 November
    9, 2020 

 

REAL
AND ACKNOWLEDGED

 

	/s/ Pedram Hamrah, MD	 
	Name:	Pedram Hamrah, MD
	 
	Date:	11/10/2020

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