Document:

Exhibit 10.31

 

Certain identified information has been excluded
from this exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the registrant if publicly
disclosed. [*] indicates that information has been redacted.

 

AMENDED AND RESTATED EXCLUSIVE LICENSE AND SUPPLY
AGREEMENT

 

This Amended and Restated Exclusive License
and Supply Agreement (this “Agreement”), dated as of January 17, 2020 but made effective January 1, 2020
(“Effective Date”), is made by and between Celsee, Inc. (“Celsee”), a Delaware corporation
having a business address at 100 Phoenix Drive, Suite 321, Ann Arbor, MI 48108, USA, and
Zomedica Pharmaceuticals Corp. (“Zomedica”), a Canadian corporation having a business address at 100 Phoenix
Drive, Suite 190 Ann Arbor MI 48108 USA Each of Celsee and Zomedica may be referred to herein as a “Party” or
together as “Parties”.

 

WHEREAS:

 

		A.	Celsee has proprietary microfluid technology for processing samples and isolating circulating tumor
cells (“CTCs”) for Oncology/Immuno-Oncology life science and clinical research applications including for diagnostic
purposes and develops, manufactures, and markets innovative, integrated microfluidic systems for same.

 

		B.	Zomedica is a veterinary pharmaceutical and health care solutions company creating innovative products
for companion animals (canine, feline and equine) including veterinary-approved drugs, novel drug-delivery technologies, diagnostics,
and which has expertise and know-how in developing products for applications in the veterinary field.

 

		C.	The Parties entered into a Collaborative Research Agreement of January 3, 2017 (“CRA”),
and a License and Supply Agreement dated December 20, 2017 (the Original Agreement”) to develop consumable CTC assay materials
for detection of companion animal cancers from blood with such consumables consisting of at least the Celsee Immunochemistry Consumable
Package (without antibodies) and which may also include Zomedica antibody sets and/or biomarkers (inclusive of antibodies, the
“CTC Consumable Package”).

 

		D.	The parties now desire to amend and restate the Original Agreement in its entirety as set forth
herein

 

NOW THEREFORE, in consideration of the foregoing premises
and the mutual covenants set forth in this Agreement, the consideration given, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, hereby agree as follows:

 

		1.	Definitions

 

The following terms and their correlatives have the following meanings:

 

1.1             
“Affiliate” means any corporation or other entity which directly or indirectly controls, is controlled
by or is under common control with a Party, for so long as such control exists. For the purposes of this Section 1.1 (“Affiliate”),
“control” shall mean: (i) in the case of any corporate entity, direct or indirect ownership of more than fifty
percent (50%) of the stock having the right to vote for the election of directors thereof or (ii) in the case of any non-corporate
entity, direct or indirect ownership of more than fifty percent (50%) of the equity or income interest therein.

 

    1
Confidential

     

    

 

1.2             
“Agreement” has the meaning set forth in the Preamble and includes this Agreement and any schedules,
appendices and development plan(s).

 

1.3             
“Arbitrator” has the meaning set forth in Section 15.4.

 

1.4             
“Background Intellectual Property” means the Intellectual Property created or Controlled by a Party prior
to the Effective Date of this Agreement.

 

1.5             
“Bankruptcy Laws” has the meaning set forth in Section 13.3(b)(i).

 

1.6             
“BIA” has the meaning set forth in Section 13.3(b)(i).

 

1.7             
“Business Day” means any day that is not a Saturday, Sunday, or statutory holiday in the state of Michigan.

 

1.8             
“Calendar Quarter” means a quarter of the year, the first Calendar Quarter ending March 31 of each
year, the second on June 30 of each year, the third on September 30 of each year and the fourth on December 31 of each
year.

 

1.9             
“Calendar Year” means the calendar year, commencing at the beginning of the first Calendar Quarter and
ending the end of the fourth Calendar Quarter.

 

1.10         
“Celsee Controlled Patent Right” means a Patent Right that is Controlled by Celsee.

 

1.11         
“Celsee Controlled Technology” means Technology Controlled by Celsee including Celsee Owned Intellectual
Property, and Celsee Controlled Patent Rights.

 

1.12         
“Celsee Core Technology” means the Celsee CTC Platform Technology, collectively with the Celsee Immunochemistry
Consumable Package.

 

1.13         
“Celsee’s CTC Platform Technology” means Celsee’s proprietary instruments as set forth in
Schedule A, and software and Technology related thereto.

 

1.14         
“Celsee Consumable Package” means the consumables (Kits) set forth in Schedule A.

 

1.15         
“Celsee Field” means all fields of use other than the Zomedica Field, including, but not limited to,
all human health and human diagnostic applications, veterinary research, and other veterinary care outside of the Zomedica Field.

 

1.16         
“Celsee Indemnitees” has the meaning set forth in Section 12.2.

 

    2
Confidential

     

    

 

1.17         
“Celsee Owned Intellectual Property” is the Intellectual Property owned by Celsee as set out in Section
8.2.

 

1.18         
“Celsee Parties” has the meaning set forth in Section 12.1(a).

 

1.19         
“CCAA” has the meaning set forth in Section 13.3(b)(i).

 

1.20         
“Change of Control” means, with respect to a Party, (a) a merger, reorganization, or consolidation
of a Party with or into any Third Party, or any other corporate reorganization involving such a Third Party, that results in those
persons or entities that are stockholders of a Party immediately prior such merger, reorganization, or consolidation owning less
than fifty percent (50%) of the surviving entity’s voting power immediately after such merger, reorganization, or consolidation,
(b) a change in the legal or beneficial ownership of fifty percent (50%) or more of the combined voting power of the outstanding
securities of a Party (whether in a single transaction or series of related transactions), where immediately after giving effect
to such change, the legal or beneficial owner of more than fifty percent (50%) of the voting securities of a Party is a Third Party
or (c) the sale, transfer, lease, license or other disposition to a Third Party of all or substantially all of a Party’s
business or assets to which this Agreement relates in one or a series of related transactions; provided that a “Change of
Control” shall not include any Change of Control required by a government or the requirements of applicable Law or a transaction
or series of transactions undertaken principally undertaken for bona fide equity financing purposes.

 

1.21         
“Clinical Validation” means the successful testing by Zomedica with at least one veterinary cancer type
of the customized CTC Consumable Package and Celsee Platform Technology for use in the Zomedica Field, across a sample of sufficient
size and rigor to support the diagnostic sensitivity and specificity of the product for marketing purposes as determined by Zomedica
in its sole discretion.

 

1.22         
“Collaboration Product” means a veterinary clinical cancer diagnostic product developed pursuant to the
Development Plan or this Agreement including CTC Consumable Package(s) and Celsee’s CTC Platform Technology modified or adapted
for use in the Zomedica Field as set forth in Schedule A.

 

1.23         
“Commercially Reasonable Efforts” of a Party means, with respect to an obligation of a Party to accomplish
an objective under this Agreement, the efforts and resources comparable to those undertaken by a veterinary pharmaceutical company
of comparable size and resources in the case of Zomedica or a biopharmaceutical or biotechnology company of comparable size and
resources in the case of Celsee relating to the research, development, manufacture or commercialization of a similar product owned
by such company, or to which such company has exclusive rights, with comparable market potential and is at a similar stage in its
lifecycle. For this purpose, all relevant factors, as measured by the facts and circumstances at the time such efforts are due,
shall be taken into account, including, as applicable and without limitation, stage of development; efficacy and safety relative
to competitive products in the marketplace; actual or anticipated Regulatory Approval; labeling; the nature and extent of market
exclusivity (including patent coverage, proprietary position and regulatory exclusivity), product pricing and reimbursement; and
the cost and time required for and likelihood of obtaining Regulatory Approval and commercializing a product.

 

    3
Confidential

     

    

 

1.24         
“Confidential Information” has the meaning set forth in Section 9.1 (Confidentiality; Exceptions).

 

1.25         
“Contract Interest Rate” means the lesser of:

 

(a)              
the Wall Street Journal prime rate of interest ; and

 

(b)              
the maximum rate permitted by Michigan Law.

 

1.26         
“Control” means, with respect to any Information, Patent Right or other intellectual property right,
the possession (whether by ownership or license) by a Party or its Affiliate of the conditional or unconditional ability to grant
to the other Party access, ownership, a license or a sublicense as required herein (including without limitation pursuant to a
power of attorney) to such Information, Patent Right, or other intellectual property right without violating the terms of any agreement
or other arrangement with any Third Party in existence as of the Effective Date. In the case that the ability to grant is conditional
(as with certain sublicenses), Control will require that the other Party be able to and agrees to satisfy such condition(s).

 

1.27         
“Covers” or “Covering”, with reference to a Patent Right, means that the making, using,
selling, offering for sale or importing of a composition of matter, process or other material or practice of a claimed method would,
but for ownership of or a license under such Patent Right, comprise an infringement (including contributory or inducement) of a
Valid Claim (or, if such Valid Claim has not issued, if such Valid Claim were to issue), within such Patent Right in the country
in which such activity occurs.

 

1.28         
“CTC Consumable Package” means a package of CTC assay consumables (Kits) as set forth in Schedule A.

 

1.29         
 “Development” or “Develop” means non-clinical and clinical development activities
pertaining to a Collaboration Product, including, but not limited to, antibody identification and testing, protocol optimization,
software optimization, process and manufacturing development, quality assurance and quality control development, statistical analysis,
and clinical studies.

 

1.30         
Intentionally Omitted

 

1.31         
“Development Plan” means the written plan for Developing and validating Collaboration Products, as set
forth in the Development Plan Schedule of the Original Agreement which Development Plan has been completed with all payments due
thereunder having been made.

 

1.32         
“Dispute” has the meaning set forth in Section 14.1.

 

1.33         
“Dollars” means U.S. Dollars, and “$” shall be interpreted accordingly.

 

1.34         
“Effective Date” has the meaning set forth in the Preamble.

 

1.35         
“Force Majeure” has the meaning set forth in Section 15.7 (Force Majeure).

 

    4
Confidential

     

    

 

1.36         
“Indemnified Party” has the meaning set forth in Section 12.3.

 

1.37         
“Indemnifying Party” has the meaning set forth in Section 12.3.

 

1.38         
“Indemnify” has the meaning set forth in Section 12.1.

 

1.39         
“Information” means all information not generally known to the public, including tangible and intangible
techniques, technology, practices, trade secrets, inventions (whether patentable or not), methods, knowledge, know-how, conclusions,
skill, experience, test data and results (including pharmacological, toxicological, manufacturing, and clinical test data and results),
analytical and quality control data, results or descriptions, software and algorithms, including works of authorship and copyrights.

 

1.40         
“Insolvency Event” has the meaning set forth in Section 13.3(a).

 

1.41         
“Insolvent Party” has the meaning set forth in Section 13.3(b)(ii).

 

1.42         
“Intellectual Property” means Patent Rights, trade secrets, copyrights (and associated moral rights),
trade-marks (and associated goodwill), industrial designs, domain names, Know-How and other forms of proprietary or industrial
rights pertaining to inventions, original works and other forms of intellectual property.

 

1.43         
“Know-How” means all techniques, technical information, technology practices, research tools and platforms,
trade secrets, inventions (whether patentable or not), methods, processes of manufacture, methods for isolation of CTCs, data and
results (including pharmacological, toxicological and preclinical and clinical test data and results), analytical and quality control
data, software including in source code or object code form) and algorithms now or hereafter Controlled by the Parties.

 

1.44         
“Law” means, individually and collectively, any and all applicable laws, statutes, regulations, treaties,
judgments, decrees, ordinances, rules, rulings, directives, and administrative circulars, (and whether or not having the force
of law) all applicable consents, approvals, by-laws, permits, authorizations, guidelines, orders and policies of any kind whatsoever
of any governmental authority or Regulatory Authority within the applicable jurisdiction.

 

1.45         
“Losses” has the meaning set forth Section 12.1.

 

1.46         
“Materials” means any tangible instrument, property, chemical or biological material.

 

1.47         
“Party” and “Parties” has the meaning set forth in the Preamble.

 

1.48         
“Patent Right” means any and all rights in patents which are defined as:

 

(a)              
patents;

 

    5
Confidential

     

    

 

(b)              
pending patent applications, including, all provisional applications, substitutions, continuations, continuations-in-part,
divisions and renewals and all patents granted thereon;

 

(c)              
all patents-of-addition, reissues, reexaminations and extensions or restorations by existing or future extension or restoration
mechanisms, including, supplementary protection certificates or the equivalent thereof;

 

(d)              
inventor’s certificates;

 

(e)              
any other form of government-issued right substantially similar to any of the foregoing; and

 

(f)               
all U.S. and foreign counterparts of any of the foregoing, collectively, (a) to (f) being “Patents”.

 

1.49         
“Post Term Period” has the meaning in Section 13.5.

 

1.50         
“Prosecution and Maintenance” means, with respect to a Patent Right, the preparing, filing, and prosecuting
of patent applications and maintenance of patents, as well as re-examinations, and reissues, with respect to such patents, together
with the conduct of interferences and the defense of oppositions with respect to the particular patent application or patent; and
“Prosecute and Maintain” have the correlative meaning.

 

1.51         
 “Regulatory Authority” means, with respect to a country, the regulatory authority or regulatory authorities
of such country with authority over this Agreement and activities contemplated hereunder including the testing, manufacture, use,
storage, importation, promotion, marketing, pricing or sale of a diagnostic product or Collaboration Product in such country.

 

1.52         
“Senior Executives” has the meaning set forth in Section 14.1.

 

1.53         
“Taxes” means any present or future taxes, levies, imposts, duties, charges, assessments or fees of any
nature (including any interest thereon).

 

1.54         
“Technology” as used herein includes all Intellectual Property and associated Rights, all Information,
Confidential Information, Know-How and Materials.

 

1.55         
“Term” has the meaning set forth in Section 13.1.

 

1.56         
“Territory” means the world.

 

1.57         
“Third Party Claim” has the meaning set forth in Section 12.1.

 

1.58         
“Third Party” means any entity other than a Party or an Affiliate of a Party.

 

1.59         
“United States” or “U.S.” means the United States of America, including its
territories and possessions, the District of Columbia and Puerto Rico.

 

    6
Confidential

     

    

 

1.60         
“Valid Claim” means, with respect to a particular country:

 

(a)              
any claim of an issued and unexpired Patent Rights in such country that:

 

(i)              
has not been held permanently revoked, unenforceable or invalid by a decision of a court or governmental agency of competent
jurisdiction, which decision is unappealable or unappealed within the time allowed for appeal; and

 

(ii)             
has not been abandoned, disclaimed, denied or admitted to be invalid or unenforceable through reissue or disclaimer or otherwise
in such country; or

 

(iii)            
a claim of a pending patent application where such claim has been pending for a period of ten (10) years or less.

 

1.61         
“VAT” means the goods and services tax and the harmonized sales tax or other value added tax imposed
by Applicable Laws.

 

1.62         
“Zomedica” shall have the meaning set forth in the Preamble.

 

1.63         
“Zomedica Field” means all veterinary oncology care.

 

1.64         
“Zomedica Owned Intellectual Property” means Intellectual Property owned by Zomedica as noted in Section
8.

 

1.65         
“Zomedica Indemnitees” has the meaning set forth in Section 12.1.

 

1.66         
“Zomedica Parties” has the meaning set forth in Section 12.2(a).

 

1.67         
“Schedules” The following schedules are (or will be once agreed to between the Parties) attached to and
form part of this Agreement:

 

Schedule A – Collaboration Product
Pricing

 

Schedule B – Celsee Patent Rights

 

Schedule C – Compliance Schedule/Code
of Conduct

 

Schedule D – Customer Service
Agreement

 

Schedule E – Quality Control

 

1.68         
Construction.

 

(a)              
The definitions of the terms herein apply equally to the singular and plural forms of the terms defined.

 

    7
Confidential

     

    

 

Certain identified information has been excluded
from this exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the registrant if publicly
disclosed. [*] indicates that information has been redacted.

 

(b)              
Whenever the context may require, any pronoun includes the corresponding masculine, feminine and neuter forms.

 

(c)              
The words “include”, “includes” and “including” are deemed to be followed by the phrase
“without limitation.”

 

(d)              
The word “will” is construed to have the same meaning and effect as the word “shall.”

 

(e)              
Unless the context requires otherwise,

 

(i)             
any definition of or reference to any agreement, instrument or other document herein will be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modifications set forth herein or therein),

 

(ii)             
any reference to any Laws herein will be construed as referring to such Laws as from time to time enacted, repealed or amended,

 

(iii)           
any reference herein to any person will be construed to include the person’s permitted successors and assigns,

 

(iv)            
the words “herein”, “hereof” and “hereunder”, and words of similar import, will be construed
to refer to this Agreement in its entirety and not to any particular provision hereof, and

 

(v)             
all references herein to Articles, Sections or Schedules, unless otherwise specifically provided, will be construed to refer
to Articles, Sections or Schedules of this Agreement.

 

		2.	Development Plan; Exclusivity

 

2.1             
Exclusivity. During the Term or in the event this Agreement is terminated by Zomedica as a result of an uncured
material breach by Celsee pursuant to Section 13.2(a)(i) for a period [*] thereafter, Celsee and its Affiliates shall not,
directly or indirectly, without the prior written consent of Zomedica:

 

(a)              
conduct or continue any research or development of any new or existing products for use in Zomedica’s Field, alone
or in collaboration with or for the benefit of any Third Party (including any governmental agency) for the purposes of commercialization,
use, manufacture or distribution of CTC Consumable Packages or any other products utilizing Celsee’s CTC Platform Technology
in the Zomedica Field; provided however that this prohibition shall not apply solely to research in the Zomedica Field conducted
pursuant to funding received from government grants;

 

    8
Confidential

     

    

 

(b)              
except pursuant to the Development Plan, Develop or commercialize any product in the Zomedica Field, alone or in collaboration
with or for the benefit of any Third Party (including any governmental agency);

 

(c)              
collaborate with, license, enable or otherwise authorize or grant rights to any Third Party under the Intellectual Property
or any other Celsee Core Technology or Celsee Controlled Technology or Celsee’s CTC Platform Technology to use, develop,
commercialize or manufacture products in the Zomedica Field, other than Third Party subcontractors to the extent permitted under
Section 2.2, or enter into any agreement, amendment to an existing agreement or option to do any of the same; or

 

(d)              
grant any right to any Third Party in the Zomedica Field that would impair or conflict in any way with any of the rights
granted to Zomedica under this Agreement; and

 

(e)            
notwithstanding any of the foregoing and for clarity, subject to Section 9.1(b) and Section 9.2, Celsee, its Affiliates,
and all other non-profit academic research institutions with whom it may contract from time to time, shall not be restricted from
conducting any non-clinical Development activities for non-commercial purposes or for profit research with contract research organizations
for the sole purpose to develop and commercialize products outside the Zomedica Field, including veterinary research, veterinary
clinical diagnostics for indications other than cancer, and human clinical research.

 

2.2             
Permitted Subcontracting.

 

(a)              
Each Party may subcontract any of its activities to be performed under the Development Plan to a Third Party or to an Affiliate
of the Party, provided that any such Third Party or Affiliate shall have entered into a written agreement with such Party that
includes terms and conditions protecting and limiting use and disclosure of Confidential Information, Materials and Information
of the other Party at least to the same extent as under this Agreement or, in the case of such Affiliate, such Affiliate is subject
to similar obligations of non-use and non-disclosure, and requiring such Third Party or Affiliate, as applicable, and its employees,
contractors and agents to grant such Party Control in and to any Patent Rights, Information and Materials created, conceived or
reduced to practice in connection with the performance of any such subcontracted activities.

 

(b)              
Each Party shall remain responsible and liable for the performance by its Affiliates and subcontractors of its obligations
hereunder, and shall cause its Affiliates and subcontractors to comply with the provisions of this Agreement, including, causing
such Third Parties to make any and all assignments of intellectual property rights generated in carrying out a Party’s obligation
in accordance with the terms of this Agreement.

 

    9
Confidential

     

    

 

Certain identified information has been
excluded from this exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the registrant if
publicly disclosed. [*] indicates that information has been redacted.

 

		3.	Intentionally Omitted 

 

		4.	Manufacturing and Supply

 

4.1             
Branding. The Collaboration Product will display branding determined by Zomedica for the veterinary diagnostics market.
To the extent possible and as allowed by applicable Laws, Celsee’s brand will also be displayed on the Collaboration Product
components.

 

4.2             
Manufacturing and Product Supply.

 

(a)              
During the Term, Celsee shall exclusively supply the Collaboration Products to Zomedica for resale to customers of Zomedica
solely for use in the Zomedica Field.

 

(b)            
Zomedica shall issue to Celsee from time to time, purchase orders which shall confirm the quantity and shipping arrangement
for the Collaboration Products. This Agreement shall contain all terms and conditions regarding the sale of Collaboration Products
and any terms in Zomedica’s purchase orders which are inconsistent with the terms of this Agreement shall be of no force
and effect. Delivery Dates for the Collaboration Products will be [*] and for the CTC Consumable Package will be [*] after the
purchase order is delivered to Celsee. Zomedica shall be responsible for supply of the antibody cocktail or biomarkers, if any,
for inclusion in the CTC Consumable Package used in the Collaboration Products at no cost to Celsee. Zomedica shall be responsible
for sales of Collaboration Products to customers, for invoicing customers and for collecting receivables related to Collaboration
Products in a timely fashion. All undisputed invoices for Collaboration Products shall be provided by Celsee to Zomedica following
product shipment and shall be due and payable in full within [*] of the date the invoice is received.

 

(c)              
Celsee will manufacture and supply the Collaboration Products at agreed upon supply prices as noted in Section 7.4 to Zomedica,
which shall be subject to adjustment as provided in this Agreement. All Collaboration Products shall be manufactured in accordance
with applicable Laws and meet all specifications for the Collaboration Products.

 

(d)             
 Within 30 days of the Effective Date and [*] prior to the commencement of each calendar quarter during the Term and the
Post Term Period, Zomedica shall provide a rolling non-binding 12 month forecast of its supply requirements for Collaboration Products
(the “Forecast”). Celsee will use Commercially Reasonable Efforts to maintain sufficient capacity to meet all supply
requirements of Zomedica and its customers for the Collaboration Products based on the Forecast. Celsee will use Commercially Reasonable
Efforts to supply the Collaboration Products, CTC Platform or CTC Consumable Packages in excess of [*] of Forecast amounts. Celsee
shall promptly notify Zomedica in writing if at any time Celsee has reason to believe (i) that it will not be able to fill a purchase
order in accordance with the delivery schedule specified therein and pursuant to the terms of this Agreement or (ii) supply Collaboration
Products, the Celsee Platform equipment or CTC Consumable Package in satisfaction of the most recent Forecast which notice in either
event shall provide Zomedica with information on the extent of the

 

    10
Confidential

     

    

 

Certain identified information has been
excluded from this exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the registrant if
publicly disclosed. [*] indicates that information has been redacted.

 

expected shortfall. Upon receipt of such notice,
the Parties shall immediately meet and work together in good faith to identify an appropriate resolution to the supply shortfall.

 

(e)              
Zomedica shall have [*] business days from receipt of each delivery of Collaboration Products to inspect the delivery for
a shortfall, and to inspect the Collaboration Products packaging for visible defects. Zomedica may notify Celsee of a shortfall,
or reject visibly defective Collaboration Products, within [*] days of such inspection. Upon notice to Celsee of a shortfall or
defect, Celsee shall deliver the shortfall amount as soon as commercially possible. Zomedica may request expedited (e.g., overnight)
shipment of such shortfall delivery and Celsee shall be responsible for the cost of such expedited shipment.

 

(f)             
Celsee shall package the Collaboration Products in containers suitable to ensure that the Collaboration Products will not
be damaged in the ordinary course of delivery. Shipment shall be made EXW Celsee’s dock. Celsee shall arrange for the shipment
of the Collaboration Products to Zomedica in accordance with Zomedica’s instructions (e.g., use of Zomedica’s freight
account, insurance, etc.), and Zomedica shall pay the cost of shipping as reflected in the corresponding Collaboration Products
invoice. Celsee will perform, at Celsee’s expense, quality control testing on all Collaboration Products in accordance with
normal industry standards, as detailed in Schedule E. Contemporaneous with each shipment of Collaboration Products hereunder, Supplier
will provide Company with a Certificate of Analysis with respect to such Collaboration Product confirming that the Collaboration
Products have undergone quality control testing.

 

(g)            
Celsee shall promptly notify Zomedica of any anticipated changes to the Collaboration Products or any components thereof,
and shall also notify Zomedica of proposed changes to the Quality Control processes documented in Schedule E. The Parties shall
use Commercially Reasonable Efforts to accommodate and integrate any necessary changes, with the goal of minimizing the commercial
impact on the Collaboration Products.

 

		5.	Marketing, Customer and Product Support

 

5.1             
Zomedica will be solely responsible for marketing the Collaboration Products in the Zomedica Field.

 

5.2             
Zomedica will be responsible for warehousing of the Collaboration Products inventory, and for sales of and shipping of such
products to end customers. The Parties understand and agree that during the Term, Celsee’s warehouse will be available for
inventory..

 

5.3          
Once a product is sold to a customer, Zomedica will be responsible for providing training and first-tier customer support.
Celsee will provide training to necessary Zomedica employees, as well as materials to be used in providing training for Zomedica
customers. Any Collaboration Product or software-related support in the United States will be provided by Celsee without charge,
with the parties’ specific support responsibilities as enumerated in Schedule D.

 

    11
Confidential

     

    

 

Certain identified information has been
excluded from this exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the registrant if
publicly disclosed. [*] indicates that information has been redacted.

 

Celsee will provide necessary training at an agreed
rate to Zomedica distributors outside the United States.

 

5.4             
Warranty and Limitations.

 

(a)           
Limited Warranty. Celsee shall be responsible for all warranty work, refunds and repairs with respect to the
CTC Platform and shall be entitled to retain all revenues from extended warranty or service contracts in the United States between
Celsee and any customers of Zomedica. Celsee warrants all instruments and Collaboration Products will be free from defects in materials
or workmanship under normal use for a period of [*] from shipment to Zomedica and all consumables will be free from defects in
materials or workmanship under normal use and proper storage conditions for [*] from shipment to Zomedica or the stated Celsee
shelf life for consumables. The warranty shall not apply to any defects directly attributable to antibody sets or biomarkers provided
by Zomedica. In addition, the warranty shall not apply to any Collaboration Product used for a purpose or in a manner for which
it was not intended, which is not used in accordance with instructions for use, which is altered in any way, or which is subject
to misuse, negligence, accident or neglect. Celsee’s obligation with respect to this warranty is limited to the replacement
of defective Collaboration Products after inspection and verification of such defects. Zomedica will responsible to the customer
for any warranty beyond the warranty provided herein.

 

(b)              
Celsee’s warranty obligations under this Section 5.4 are subject to Zomedica’s compliance with the following
procedures:

 

(i)              
The Products are sold by Zomedica in the Zomedica Field.

 

(ii)             
Upon identification of a defect covered under Celsee’s warranty, Zomedica will notify Celsee of the product SKU and
lot number of the allegedly defective Collaboration Product with a description of the problem or defect.

 

(iii)            
Celsee shall notify Zomedica if the allegedly defective Collaboration Product should be returned and, if so, will issue
a Celsee return merchandise authorization (RMA) number with respect to the claim.

 

(iv)            
Any items returned to Celsee under warranty pursuant to an RMA are to be sent freight prepaid. In the event that Celsee
determines that the Collaboration Product need not be returned, the Collaboration Product shall be destroyed by Zomedica or the
customer.

 

(v)             
Celsee shall provide replacement of the returned Collaboration Products that are determined to be defective, in Celsee’s
sole discretion, at no charge to Customer.

 

    12
Confidential

     

    

 

Certain identified information has been
excluded from this exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the registrant if
publicly disclosed. [*] indicates that information has been redacted.

 

5.5             
Additional extended warranties in United States can be purchased from Celsee at [*] per instrument per year. Extended warranties
outside the United States will be the responsibilities of Zomedica or its distributors, with any necessary training to be provided
by Celsee. Zomedica shall be responsible for any warranties given to its customers beyond those in Section 5.4. All customer warranties
shall contain customary limitations of liability and damage limitations protecting both Zomedica and Celsee.

 

5.6             
Replacement parts for warranty work performed outside of the U.S. will be provided by Celsee, with the requirement that
any defective parts shall be returned to Celsee as part of the warranty/repair process.

 

		6.	License Grants

 

6.1             
During the Term and the Post Term Period of the Agreement, each Party grants to the other a non-exclusive license for the
Territory in their respective Intellectual Property to the extent necessary to develop and manufacture Collaboration Product(s)
and for no other purposes.

 

6.2             
During the Term of this Agreement, Celsee herein grants Zomedica an exclusive (other than during the Post Term Period detailed
in Section 13.5 or as otherwise expressly set forth herein) fully paid up license in the Territory (even as to Celsee), to all
Celsee Controlled Technology and Celsee Core Technology related to the Collaboration Product(s), including the Celsee CTC Platform
Technology and CTC Consumable Package(s), to commercialize, Develop or otherwise exploit, market, sell and distribute Collaboration
Products solely in the Zomedica Field. For clarity, any other field of use or applications other than the Zomedica Field is excluded
from the license granted herein.

 

		7.	Payments

 

7.1             
Execution and Milestone Payments.

 

(a)              
The Parties acknowledge and agree that pursuant to the Original Agreement and prior to the Effective Date hereof, each of
the following payments have been made by Zomedica to Celsee::

 

(i)              
A lump-sum one-time cash payment of $250,000 in consideration of Celsee’s efforts toward [*].

 

(ii)             
A second lump-sum one-time cash payment of $250,000 to assist Celsee in [*].

 

(iii)            
A lump-sum one-time payment of $250,000, with such payment to be in the form of common shares in Zomedica. The number of
common shares to be issued to Celsee shall be determined by the following formula: number of common shares =

 

    13
Confidential

     

    

 

Certain identified information has been
excluded from this exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the registrant if
publicly disclosed. [*] indicates that information has been redacted.

 

$250,000/volume-weighted average price
of Zomedica stock over the previous 10 days. This price shall be measured on the NYSE American exchange.

 

(b)              
In addition, pursuant to a Debt Conversion Agreement dated January 11, 2019, Zomedica has fully satisfied the milestone
payments set forth in section (i) and (ii) below through the issuance to Celsee of Common Shares upon achievement of the following
milestones, which the Parties acknowledge and agree that pursuant to the Original Agreement and prior to the Effective Date hereof,
each of the following milestones have been achieved Celsee:

 

(i)             
Upon completion of product development [*] as determined by Zomedica in its sole discretion, Zomedica will (x) make a one-time
payment of $250,000 to Celsee, with such payment to be in the form of common shares in Zomedica. The number of common shares to
be issued will be determined in accordance with the formula in Section 8.1(a)(iii) above and (y) make an additional one-time payment
of $250,000 in cash to Celsee.

 

(ii)             
Upon successful completion of the transfer by Celsee to a streamlined manufacturing process [*] for the Collaboration Product
as determined by Zomedica in its sole discretion, Zomedica will (x) make a one time payment of $250,000 to Celsee, with such
payment to be in the form of common shares in Zomedica. The number of common shares to be issued will be determined in accordance
with the formula in Section 8.1(a)(iii) above and (y) an additional one time payment of $250,000 in cash to Celsee upon achievement
of this milestone. The payments hereunder shall be made within [*] of the date of completion of the payment milestone.

 

7.2             
Registration of Securities.

 

(a)              
As of the Effective Date, the securities issued pursuant to the Original Agreement
and Debt Conversion Agreement have been registered under the Securities Act of 1933, as amended, or state securities laws with
Zomedica having filed a registration statement to register securities from this agreement for resale in the United States. 

 

7.3             
Change of Control.

 

In the event of Zomedica Change of Control or
the acquisition, sale or other assignment of all or substantially all of the Zomedica business to which the Agreement relates,
unless otherwise agreed, all outstanding payments for Collaboration Products payable under Section 7.4 below which have not yet
been paid shall become immediately due upon the closing of such transaction.

 

    14
Confidential

     

    

 

7.4             
Payments for Supply

 

(a)              
Celsee shall supply Collaboration Products to Zomedica in accordance with the Supply Prices set forth on Schedule A.

 

7.5             
Records and Audits. Celsee shall keep (and shall cause its Affiliates and sublicensees and subcontractors to keep)
complete and accurate books and records of accounting pertaining to the amounts due and payable and or any applicable costs and
expenses hereunder, in sufficient detail to permit Zomedica to confirm accuracy of all payments due hereunder. For the seven (7)
years following the later of (a) the termination of this Agreement in accordance with its terms and (b) the completion of the Development
Plan, such books and records of accounting shall be kept at each of their principal place of business and no more than once per
Calendar Year (unless Zomedica is required to respond to or by a Government Authority) will be open for inspection during normal
business hours and upon prior written notice by an independent certified accountant selected by Zomedica at Zomedica’s expense,
and which is reasonably acceptable to Celsee, for inspecting the payments made by Zomedica under this Agreement. Such accountant
shall have executed and delivered to Celsee, a customary confidentiality agreement as reasonably requested by Celsee. The results
of such inspection, if any, will be shared by the accountant with Zomedica and Celsee at either of Celsee’s or Zomedica’s
request, and are binding on both Zomedica and Celsee.

 

7.6             
Currency Used and Exchange Rates. All currency amounts in this Agreement are expressed in US Dollars and all payments
to be made by Zomedica to Celsee under this Agreement shall be made in US Dollars by wire transfer in immediately available funds
to a bank and account designated Celsee herein. When conversion of amounts received by Zomedica in any currency other than Dollars
is required, such conversion shall be calculated using the rate of exchange using the following methodology:

 

(a)              
Calculations of sales and costs required by this Agreement will be made in United States Dollars regardless of the countries
in which these sales or costs occur. Net Sales or Costs of Manufacture made in currencies other than Dollars will be converted
into Dollars using a fixed exchange rate (subject to periodic adjustments as described below).

 

(b)              
Exchange rates for all payments under this Agreement will be fixed as of September 30th for a period of twelve (12) months
forward, which is to commence the first business day of the next Calendar Year. The exchange rates will be fixed based on the close
price exchange rates published in the Wall Street Journal for September 30th, where “close price” refers
to the United States dollar/foreign currency exchange rates as published by the Wall Street Journal for September 30th (or the
next business day if rates for September 30th are unavailable) of a given year.

 

(c)              
Exchange rates will reset annually based again on the applicable close price exchange rates. The reset exchange rates shall
apply to all payments based on Net Sales after the reset date for the next twelve-month period and in no event shall such reset
exchange rates be applicable to payments based on Net Sales in prior periods.

 

    15
Confidential

     

    

 

7.7             
Taxes.

 

(a)              
Zomedica shall be responsible for collection and remittance of taxes on the sale of Collaboration Products by Zomedica to
its customers. Zomedica will make all payments to Celsee under this Agreement without deduction or withholding for Taxes except
to the extent that any such deduction or withholding is required by Law in effect at the time of payment. The Parties agree to
use commercially reasonable efforts to minimize any withholding or similar Tax imposed upon payments payable under this Agreement
and to consult in good faith before taking any action that is reasonably expected to result in the application of a withholding
or similar Tax imposed upon payments payable under this Agreement.

 

(b)              
Any Tax required to be withheld on amounts payable under this Agreement will promptly be paid by Zomedica on behalf of Celsee
to the appropriate governmental authority, and Zomedica will furnish Celsee with proof of payment of such Tax. Any such Tax required
to be withheld will be an expense of and borne by Celsee.

 

(c)              
If Zomedica had a duty to withhold Taxes in connection with any payment it made to Celsee under this Agreement and Zomedica
paid such Taxes (the “Assessed Amount”), then Zomedica will notify in writing it paid such Taxes, which notice
will be a copy of the assessment and proof of payment including any other relevant documentation. Zomedica may offset the Assessed
Amount against the immediately following payments owing to Celsee until such Assessed Amount has been fully satisfied.

 

(i)                
Zomedica and Celsee will cooperate with respect to all documentation required by any taxing authority or reasonably requested
by Zomedica to secure a reduction in the rate of applicable withholding taxes. On the date of execution of this Agreement, Celsee
shall provide any tax forms required to be completed for this transaction, including if applicable deliver to Zomedica an accurate
and complete Internal Revenue Service Form W-8BEN-E certifying that Celsee is entitled to the applicable benefits under the Income
Tax Treaty between Canada and the United States.

 

(ii)             
All payments due to Celsee from Zomedica pursuant to this Agreement shall be paid exclusive of VAT and similar commodity
taxes. To support the zero-rating treatment for VAT purposes of any services, intellectual property rights or intangible personal
property supplied by Celsee to Zomedica herein.

 

7.8             
Manner of Payment. All payments to be made by a Party to another Party hereunder shall be in U.S. dollars by wire
transfer to the relevant bank account detailed below or such other bank account as a Party (as applicable) may designate in writing
from time to time during the Term

 

		8.	Intellectual Property

 

8.1           
Publication. Without limitation of Section 9, neither Party shall publish or disclose any data or other Information
arising from the Development Plan or related to the Collaboration Projects without scientific review and prior written approval
by the other Party, provided that such restrictions shall not apply to the information a Party owns or Controls.

 

    16
Confidential

     

    

 

8.2             
Ownership of Intellectual Property.

 

Ownership of Intellectual Property
under this agreement shall be determined as follows:

 

(a)              
Each Party shall retain ownership over its Background Intellectual Property.

 

(b)              
All Intellectual Property independently or jointly developed by Celsee or Zomedica that is derived from or was developed
using the Celsee Core Technology or that constitutes an improvement to the Celsee Core Technology will be owned by Celsee; provided
however that any such Intellectual Property shall be subject to and included in the License granted Zomedica hereunder.

 

(c)              
All Intellectual Property independently developed by Zomedica on or after the Effective Date, and which is not based on
or derived from the Celsee Core Technology and not encompassed in Section 8.2(b) will be the exclusive property and owned by Zomedica.

 

(d)              
Except as set form in (b) and (c) above, any Intellectual property developed independently by either Party subsequent to
the Effective Date shall be owned by the Party that created such Intellectual Property.

 

(e)            
Any other Intellectual property jointly developed or invented will be jointly owned by Celsee and Zomedica (“Joint
Intellectual Property”). Zomedica shall have fully paid-up, royalty-free, worldwide exclusive rights use any of such Joint
Intellectual Property in the Zomedica Field, and Celsee shall have fully paid-up, royalty-free worldwide exclusive rights to use
any of such Joint Intellectual Property in the Celsee Field.

 

8.3             
Invention Disclosure.

 

Each Party shall promptly disclose to the other
Party all inventions arising from the Development Plan that it and any of its Affiliates or subcontractors discovers or reduces
to practice in performing the activities contemplated in the Development Plan or that relates to a Collaboration Product, its manufacture,
use or sale except that nothing herein shall require disclosure of Celsee Core Technology independent of the Collaboration Product.

 

8.4             
Prosecution of Patents.

 

(a)              
Subject to 8.4(b) each Party shall be responsible for the Prosecution and Maintenance and costs of all Patent Rights it
owns using counsel chosen by them.

 

(b)              
Consultation. With respect to Celsee Controlled Patent Rights that are licensed to Zomedica, Celsee shall provide
Zomedica with copies of all substantive documents relating to the Prosecution and Maintenance of said Patent Rights if desired
by Zomedica and provide Zomedica with a reasonable opportunity to provide comments related to the prosecution of such Patent Rights.

 

    17
Confidential

     

    

 

8.5             
Infringement of Third-Party Patent Rights. The Parties shall use reasonable efforts to avoid infringing or misappropriating
any Third Party’s Intellectual Property Rights in conducting any activities under this Agreement. Each Party shall promptly
notify the other in the event it becomes aware of any patent rights controlled by a Third Party that may pertain to any such activities
of the Parties.

 

8.6             
Enforcement of Intellectual Property Rights.

 

(a)              
Notification. If a Party becomes aware of any infringement, threatened infringement, or alleged infringement of either
Party’s Intellectual Property on account of a Third Party’s manufacture, use or sale of a product in the Zomedica Field
in the Territory (in each case, a “Product Infringement”), then such Party shall promptly notify the other Party
in writing of such Product Infringement, including any evidence in such Party’s possession demonstrating such Product Infringement.

 

(b)              
Enforcement. During the Term and subject to the remainder of this Section 8.6(b), Zomedica shall have the first right
to initiate, prosecute and control legal proceedings against any person or entity engaged in a Product Infringement, at Zomedica’s
expense. If Zomedica decides not to bring such legal action, or if Zomedica fails to initiate such legal action, Celsee shall have
the right, but not the obligation, to commence a suit or take action to enforce the applicable Intellectual Property rights with
respect to such Product Infringement in the Territory, at its own expense.

 

(c)              
Cooperation. Each Party shall provide to the Party enforcing any rights under Section 8.6(b) reasonable assistance
in such enforcement, including joining such action as a party plaintiff if required by Applicable Law to pursue such action. The
enforcing Party shall keep the other Party reasonably and regularly informed of the status and progress of such enforcement efforts,
and shall reasonably consider the other Party’s comments on any such efforts. The non-enforcing Party shall have the right
to be represented in any action brought under Section 8.6(b) by counsel of its choice and at its own expense. For clarity, as between
the Parties, Celsee shall have the exclusive right to bring and control any legal action in connection with any actual, alleged,
or threatened infringement of its Intellectual Property Rights that is not a Product Infringement and is outside the Zomedica Field
at its own expense as it reasonably determines appropriate.

 

(d)              
Settlement. Without the prior written consent of the other Party, such consent not to be unreasonably withheld, conditioned
or delayed, neither Party shall settle any claim, suit or action brought under Section 8.6 involving the Intellectual Property
rights of a Party in any manner that (i) admits the invalidity of, or otherwise impairs the other Party’s Intellectual
Property or (ii) limits, or would reasonably be expected to limit, the ability of the other Party or its licensees to sell
or manufacture Collaboration Products in the Zomedica Field in the Territory or other products outside the Zomedica Field.

 

(e)              
Recoveries. Any recoveries resulting from an action brought by a Party under Section 8.6(b) relating to a claim of
Product Infringement of an Intellectual Property right hereunder shall be first applied against payment of each Party’s costs
and expenses in connection therewith. Any such recoveries in excess of such costs and expenses (the “Remainder”)
will be retained by the enforcing Party.

 

    18
Confidential

     

    

 

(f)               
Joint Intellectual Property. If a Third Party infringes any Joint Intellectual Property, the Parties shall discuss
such infringement and the Parties shall each have the right, but neither Party shall be obligated, to bring an appropriate suit
or other action under such Joint Intellectual Property against any Person engaged in such infringement. If both Parties agree to
so enforce such Joint Intellectual Property, they shall be jointly responsible for, and share equally, all the costs and expenses
of any suit brought by them and shall equally share all recoveries with respect thereto. If one Party elects not to enforce such
Joint Intellectual Property against such infringement, then the other Party shall have the right, but not the obligation, to take
action to enforce such Joint Intellectual Property against such infringement at its own cost and expense and such other Party may
retain all recoveries with respect thereto.

 

8.7             
Cooperation. Each Party shall reasonably cooperate with the other Party in the Prosecution and Maintenance of the
Intellectual Property, including Patent Rights, pursuant to this Agreement. Such cooperation includes promptly executing all documents,
or requiring inventors, subcontractors, employees, former employees (to the extent reasonably available) and consultants and agents
to execute all documents, as reasonable and appropriate, so as to enable the Prosecution and Maintenance or enforcement of any
such Patent Rights in any country.

 

		9.	Confidentiality

 

9.1             
Confidentiality; Exceptions. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing
or required as a condition of sublicense, the Parties agree that the receiving Party will keep confidential and will not publish
or otherwise disclose or use for any purpose other than as provided for in this Agreement any Information furnished to it by the
other Party pursuant to this Agreement (collectively, “Confidential Information”). Further, subject to Authorized
Disclosures of Section 9.2, each Party shall keep the other Party’s Confidential Information confidential until the information
is no longer confidential or an exception below applies. To the extent that Zomedica will be conducting and funding the research
pursuant to the Development Plan including the Clinical Validations and Approval, all information generated thereunder shall be
the Confidential Information of Zomedica. Notwithstanding the foregoing, Confidential Information will not include any information
to the extent that it can be established by written documentation by the receiving Party that such information:

 

(a)              
is obtained or was already known by the receiving Party or its Affiliates as a result of disclosure from a Third Party that
the receiving Party neither knew nor should have known was under an obligation of confidentiality to the disclosing Party with
respect to such information;

 

(b)              
was generally available to the public or otherwise part of the public domain at the time of its disclosure to the receiving
Party through no act or omission of the receiving Party or its Affiliates in breach of this Agreement;

 

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

 

    19
Confidential

     

    

 

(d)              
is independently discovered or developed by the receiving Party or its Affiliates (without reference to or use of Confidential
Information of the disclosing Party) as demonstrated by the receiving Party’s documented evidence prepared contemporaneously
with such independent Development or other equally competent evidence.

 

9.2             
Authorized Disclosure. Except as expressly provided otherwise in this Agreement, each Party may use and disclose
Confidential Information of the other Party solely as follows:

 

(a)              
Each Party or its Affiliates each may disclose Confidential Information that it has received hereunder to their Affiliates
and to those of the personnel and subcontractors of them and their Affiliates who have a need to such information in order to carry
out the work under the Development Plan, or allow Zomedica to Develop and commercialize the Collaboration Product(s) and who are
themselves under a duty of confidentiality;

 

(b)              
under appropriate confidentiality provisions substantially equivalent to those in this Agreement: (i) in connection with
the performance of its obligations or as reasonably necessary or useful in the exercise of its rights under this Agreement, and
(ii) to the extent it believes such disclosure is reasonably necessary in conducting the activities contemplated under this Agreement;

 

(c)              
to the extent such disclosure is to a Governmental Authority as reasonably necessary in filing or prosecuting patent applications
in accordance with this Agreement, prosecuting or defending litigation in accordance with this Agreement, complying with applicable
governmental regulations with respect to performance under this Agreement, filing regulatory filings, obtaining Regulatory Approval
or fulfilling post-approval regulatory obligations for a Collaboration Product, or otherwise required by Law, provided, however,
that if a Party is required by Law or the rules of any securities exchange or automated quotation system to make any such disclosure
of the other Party’s Confidential Information it will, except where impracticable for necessary disclosures (for example,
in the event of medical emergency), give reasonable advance notice to the other Party of such disclosure requirement and, in the
case of each of the foregoing, will use its reasonable efforts to secure confidential treatment of such Confidential Information
required to be disclosed;

 

(d)            
to advisors (including to its directors, managers, members, officers, employees, attorneys, accountants, bankers, financial
advisors, subcontractors or consultants) or funding agencies (including that of any Government), to potential investors, financers,
licensees/licensors, partners, collaborators, and parties involved in any other business transactions, including any mergers and
acquisitions, who themselves would be under a duty of confidentiality or as may otherwise be required under applicable Law including
any security laws, under appropriate confidentiality provisions or professional standards of confidentiality substantially equivalent
to those of this Agreement; or

 

(e)              
to the extent mutually agreed to by the Parties.

 

9.3             
Confidential Treatment of Terms and Conditions. Subject to the exceptions set out in Section 9.2, neither Party shall
disclose the terms and conditions of this Agreement except as may be required by Law or as necessary to effect terms of this Agreement.

 

    20
Confidential

     

    

 

9.4             
Attorney-Client Privilege. Neither Party is waiving, nor will be deemed to have waived or diminished, any of its
attorney work product protections, attorney-client privileges or similar protections and privileges as a result of disclosing information
pursuant to this Agreement, or any of its Confidential Information (including Confidential Information related to pending or threatened
litigation) to the receiving Party, regardless of whether the disclosing Party has asserted, or is or may be entitled to assert,
such privileges and protections. The Parties:

 

(a)              
share a common legal and commercial interest in such disclosure that is subject to such privileges and protections;

 

(b)              
may become joint defendants in proceedings to which the information covered by such protections and privileges relates;

 

(c)              
intend that such privileges and protections remain intact should either Party become subject to any actual or threatened
proceeding to which the disclosing Party’s Confidential Information covered by such protections and privileges relates; and

 

(d)              
intend that after the Effective Date both the receiving Party and the disclosing Party will have the right to assert such
protections and privileges.

 

		10.	Representations, Warranties and Covenants

 

10.1         
Mutual Representations and Warranties. In addition to the representations and warranties made by a Party elsewhere
in this Agreement, each Party hereby represents and warrants to the other Party that:

 

(a)              
 it is duly organized and validly existing under the Laws of its jurisdiction of organization and it has full corporate
power and authority and has taken all corporate action necessary to enter into and perform this Agreement;

 

(b)              
It has duly executed and delivered this Agreement and this Agreement is a legal and valid and binding obligation upon such
Party and enforceable in accordance with its terms subject only to bankruptcy, insolvency, liquidation, reorganization, moratorium
and other similar laws generally affecting the enforcement of creditors’ rights and to the fact that equitable remedies,
such as specific performance and injunction, are discretionary remedies;

 

(c)              
the execution, delivery and performance of the Agreement by such Party does not (i) conflict with any agreement, instrument
or understanding, oral or written, by which it is bound, including its organizational documents (ii) conflict with, violate
or constitute a default or require any consent under any contractual obligation or court or administrative order by which such
Party is bound or (iii) to its knowledge violate any Law; and the person or persons executing this Agreement on such Party’s
behalf have been duly authorized to do so by all requisite corporate action;

 

(d)              
it has sufficient legal right and/or beneficial title or ownership of its respective Intellectual Property (including Controlled
Technology) to grant the licenses to the other Party as purported to be granted pursuant to this Agreement;

 

    21
Confidential

     

    

 

(e)              
there is no action, litigation or other proceeding in progress, pending or, to its knowledge threatened against it which
might result in a material adverse change in its financial condition or which would materially adversely affect its ability to
perform its obligations under this Agreement.

 

(f)             
All representations and warranties of the Parties will be correct as of the Effective Date and deemed to be continuously
given throughout the Term. To the extent a Party becomes aware that any of the representations and warranties are no longer valid
as of a date post- the Effective Date, it shall immediately notify the other Party of same.

 

(g)               
 That as of the Effective Date, the Original Agreement was in full force and effect and that neither Party is aware of any
breach or potential breach of the Original Agreement.

 

10.2         
Celsee Representations, Warranties and Covenants. In addition to the representations and warranties made by Celsee
above and elsewhere in this Agreement, Celsee hereby represents, warrants, and covenants to Zomedica that:

 

(a)               
As of the Effective Date, it has, or will have during the Term of this Agreement, the full right, power and authority to
grant to Zomedica the licenses hereunder granted in this Agreement;

 

(b)           
As of the Effective Date, there is no suit or legal proceeding pending or threatened in writing with respect to the Background
Intellectual Property and it is has no actual knowledge or notice of any infringement of Third Party Intellectual Property by it
that would arise in conducting the activities contemplated by this Agreement; All Patents that have issued are valid and enforceable.

 

(c)              
As of the Effective Date, Celsee has not entered, and during the Term, will not enter, into any written agreement with a
Third Party that conflicts with the rights granted to Zomedica hereunder or Celsee’s ability to fully perform its obligations
hereunder;

 

(d)              
Celsee has not entered into any written agreement with a Third Party to conduct research with respect to the Celsee Controlled
Technology in the Zomedica Field and Celsee is not collaborating with any Third Parties for the Development of Products in the
Zomedica Field;

 

(e)              
Subject to Section 10.2(d), as of the Effective Date, Celsee has not granted any rights to Third Parties to the Celsee Controlled
Technology in the Zomedica Field or the Collaboration Product(s);

 

(f)           
Neither Celsee nor any of its Affiliates has been disbarred or is subject to debarment and neither Celsee nor any of its
Affiliates shall use in any capacity in connection with the services to be performed under this agreement any person who has been
debarred pursuant to Section 306 of the Food Drug and Cosmetic Act (21 U.S.C. 335a) (the “Act”) or who is
subject of a conviction described in such section. Celsee agrees to inform Zomedica in writing immediately if any person who is
performing services on behalf of Celsee under this Agreement is debarred or is the subject of a conviction described in Section
306 of the Act or if any action, suit, claim, investigation or legal or administrative proceeding or to the knowledge of Celsee
is threatened relating to the debarment or conviction of Celsee or any person performing services on behalf of Celsee under this
Agreement.

 

    22
Confidential

     

    

 

(g)              
Schedule B accurately lists all Celsee Controlled Patent Rights as of the Effective Date which Schedule shall be
updated annually during the Term by Celsee;

 

(h)              
That its representatives contributing and conducting activities under this Agreement on behalf of Celsee, including with
respect to the Development Plan, all have assigned and have a duty to assign their rights and contributions with respect to any
Technology or Intellectual Property developed pursuant to this agreement to Celsee and to no other party;

 

(i)              
That it has or will have the ability to and shall manufacture and supply the Collaboration Product(s), the Celsee Platform
Technology and the CTC Consumable Packages in accordance with Laws (subject to Zomedica obtaining required regulatory approvals)
and volumes forecasted pursuant to this Agreement and has sufficient contingency plans in place to so manufacture and supply.

 

10.3         
Disclaimer of Warranties. EXCEPT AS OTHERWISE SET FORTH IN ARTICLE 10 OF THIS AGREEMENT, THE PARTIES EXPRESSLY DISCLAIM
ANY AND ALL REPRESENTATIONS AND WARRANTIES, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, WITH RESPECT TO THE PATENT RIGHTS, INFORMATION
AND ANY OTHER SUBJECT MATTER RELATING TO THIS AGREEMENT, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
VALIDITY OR NONINFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS.

 

10.4         
Disclaimer of Prior Agreements. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, PARTIES HEREBY ACKNOWLEDGE AND AGREE THAT
THEY HAVE FULFILLED ALL OBLIGATIONS, PAYMENTS, AND DUTIES SET FORTH IN THE ORIGINAL AGREEMENT AND CRA. AS OF THE EFFECTIVE DATE,
THE PARTIES HEREBY WAIVE, RELEASE, AND FOREVER DISCHARGE THE OTHER PARTY AND ITS OFFICERS, DIRECTORS, INVESTORS, PARTNERS, EMPLOYEES,
ALL CLAIMS, AGENTS, LOSSES, AND LIABILITIES, DEBTS, AND EXPENSES (INCLUDNG ATTORNEY'S FEES) OF ANY NATURE WHATSOEVER, KNOWN OR
UNKNOWN, SUSPECTED OR UNSUSPECTED, ARISING ON OR PRIOR TO THE DATE OF THIS AGREEMENT EXCEPT FOR WHICH ARISE FROM A PARTY'S GROSS
NEGLIGENCE, WILLFUL MISCONDUCT, OR FRAUD.

 

		11.	Limitations of Liability; Insurance

 

11.1         
Limitations of Liability. IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY INDIRECT, SPECIAL, INCIDENTAL,
EXEMPLARY, MULTIPLE, CONSEQUENTIAL, OR PUNITIVE DAMAGES OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, OR FOR
ANY LOSS OR INJURY TO A PARTY’S PROFITS OR GOODWILL, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (WHETHER IN CONTRACT,
TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE), EVEN IF SUCH PARTY WAS ADVISED OR OTHERWISE AWARE OF THE LIKELIHOOD
OF SUCH DAMAGES, EXCEPT WITH RESPECT TO CONSEQUENTIAL DAMAGES (WHICH IN NO EVENT WILL INCLUDE ANY PUNITIVE DAMAGES) AWARDED TO
A PARTY THAT THE NON-BREACHING PARTY DEMONSTRATES RESULTED FROM A BREACH OF SECTION 9.1 (CONFIDENTIALITY; EXCEPTIONS), OR SECTION
9.2 (AUTHORIZED DISCLOSURE). NOTHING IN THIS SECTION 11.1 (LIMITATIONS OF LIABILITY) IS INTENDED TO LIMIT OR RESTRICT THE INDEMNIFICATION
RIGHTS OR OBLIGATIONS OF EITHER PARTY UNDER ARTICLE 12 (INDEMNIFICATION) WITH RESPECT TO ANY DAMAGES PAID BY THE OTHER PARTY TO
A THIRD PARTY IN CONNECTION WITH A THIRD PARTY CLAIM.

 

    23
Confidential

     

    

 

11.2         
Insurance. Each Party shall procure and maintain insurance, including product liability insurance, with respect
to its activities hereunder and which are consistent with normal business practices of prudent companies similarly situated at
all times during which any Collaboration Product is being clinically tested in animals or commercially distributed or sold. Each
Party represents and warrants to the other Party that it has such insurance in effect as of the Effective Date and if requested
by the other Party will provide the other Party a copy of the certificate of insurance evidencing such insurance on or prior to
the Effective Date. It is understood that such insurance shall not be construed to create a limit of either Party’s liability
with respect to its indemnification obligations under Article 12. Each Party shall provide the other with written notice at least
thirty (30) days prior to the cancellation, non-renewal or material change in such insurance or self-insurance which materially
adversely affects the rights of the other Party hereunder.

 

		12.	Indemnification

 

12.1         
Indemnification by Celsee. Celsee hereby agrees to defend, hold harmless and indemnify (collectively, “Indemnify”)
Zomedica and its Affiliates, and its and their directors, officers, employees, contractors and agents (collectively, the “Zomedica
Indemnitees”) from and against any liability or expense (including reasonable legal expenses, costs of litigation and
attorneys’ fees), damages, or judgments, whether for money or equitable relief (collectively, “Losses”)
resulting from suits, proceedings, claims, actions, demands, or threatened claims, actions or demands, in each case brought by
a Third Party (each, a “Third Party Claim”) against a Zomedica Indemnitee, including, for each of clauses (a),
(b) and (c), below, bodily injury, risk of bodily injury, death (including death of a Companion Animal), property damage, and product
liability Third Party Claims or the failure to comply with Law arising out of or relating to, directly or indirectly:

 

(a)              
Celsee’s, its Affiliates or subcontractors’ (collectively, the “Celsee Parties”) activities,
including Development activities, under the Development Plan and the manufacture, supply, transfer, labeling, handling or storage
of the Collaboration Product;

 

(b)              
the Celsee Parties’ negligence, recklessness, intentional misconduct or intentional acts or omissions; provided that
the foregoing shall not apply to any action or omission undertaken at the direction or request of any Zomedica Indemnitee outside
of the Development Plan; or

 

    24
Confidential

     

    

 

(c)              
Celsee’s material breach of any duty, representation, warranty, obligation or covenant set out in this Agreement;

 

(d)              
Celsee’s failure to supply Collaboration Product in accordance with forecasted volumes agreed to by the parties;

 

(e)              
Celsee’s obligation to Indemnify the Zomedica Indemnitees pursuant to this Section 12.1 shall not apply to the extent
that any such Losses (i) arise from the acts or omissions of any Zomedica Indemnitee; (ii) arise from any material breach
by Zomedica of this Agreement; or (iii) arising out of Zomedica’s activities under the Development Plan.

 

12.2         
Indemnification by Zomedica. Zomedica hereby agrees to Indemnify Celsee and its Affiliates, and its and their directors,
officers, employees, contractors and agents (the “Celsee Indemnitees”) from and against any and all Losses resulting
from Third Party Claims, including, for each of clauses (a), (b) and (c), below, bodily injury, risk of bodily injury, death, property
damage, and product liability Third Party Claims or the failure to comply with Law arising out of or relating to, directly or indirectly:

 

(a)              
Zomedica’s, its Affiliates’, sublicensees’, wholesalers’, distributors’ or sub-contractors’
(collectively, the “Zomedica Parties”) activities (including Development) under the Development Plan, use, Development,
commercialization, transfer, labeling, handling or storage, promotion, marketing, distribution, offer for sale, sale, import or
export of any Collaboration Product in the Territory;

 

(b)              
the Zomedica Parties’ negligence, recklessness, intentional misconduct or intentional acts or omissions; provided
that the foregoing shall not apply to any action or omission undertaken at the direction or request of any Celsee Indemnitee outside
of the Development Plan; or

 

(c)              
Zomedica’s material breach of any duty, representation, warranty or covenant set out in this Agreement.

 

(d)              
Zomedica’s obligation to Indemnify the Celsee Indemnitees pursuant to the foregoing sentence shall not apply to the
extent that any such Losses (i) arise from the acts or omissions of any Celsee Indemnitee; (ii) arise from any material
breach by Celsee of this Agreement; or (iii) arising out of Celsee’s activities under the Development Plan.

 

12.3         
Claim for Indemnification. Whenever any Claim or Loss arises for which a Zomedica Indemnitee or a Celsee Indemnitee
(the “Indemnified Party”) may seek indemnification under this Article 12 (Indemnification), the Indemnified
Party will promptly notify the other Party (the “Indemnifying Party”) of the Claim or Loss and, when known,
the facts constituting the basis for the Claim or Loss; provided, however, that the failure by an Indemnified Party to give such
notice or to otherwise meet its obligations under this Section 12.3 (Claim for Indemnification) does not relieve the Indemnifying
Party of its indemnification obligation under this Agreement except and only to the extent that the Indemnifying Party is actually
prejudiced as a result of such failure. The Indemnifying Party has exclusive control of the defense and settlement of all Claims
for which it is responsible for indemnification and shall assume the defense thereof at its own

 

    25
Confidential

     

    

 

Certain identified information has been
excluded from this exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the registrant if
publicly disclosed. [*] indicates that information has been redacted.

 

expense promptly upon notice of such Claim or
Loss. The Indemnified Party shall not settle or compromise any Claim by a Third Party for which it is entitled to indemnification
without the prior written consent of the Indemnifying Party, unless the Indemnifying Party is in breach of its obligation to defend
hereunder. In no event can the Indemnifying Party settle any Claim without the prior written consent of the Indemnified Party if
such settlement does not include a complete release from liability on such Claim or if such settlement would involve undertaking
an obligation other than the payment of money, would bind or impair the Indemnified Party, or includes any admission of wrongdoing
or that any intellectual property or proprietary right of the Indemnified Party is invalid or unenforceable. The Indemnified Party
shall reasonably cooperate with the Indemnifying Party at the Indemnifying Party’s expense and shall make available to the
Indemnifying Party reasonably requested information under the control of the Indemnified Party, which information is subject to
Article 9 (Confidentiality). The Indemnifying Party shall permit the Indemnified Party to participate in (but not to control) the
Third Party Claim through counsel of its choosing (to the extent it has the ability to do so). Notwithstanding any other provision
of this subsection, if an Indemnified Party withholds consent to a bona fide settlement offer, where but for such action, the Indemnifying
Party could have settled such Claim, the Indemnifying Party shall be required to indemnify the Indemnified Party only up to a maximum
of the bona fide settlement offer for which the Indemnifying Party could have settled such Claim.

 

12.4         
Limitation of Indemnification. Celsee’s liability for indemnification pursuant to Section 12.1, and Zomedica’s
liability for indemnification pursuant to Section 12.2 herein, shall be limited in total and in the aggregate to an amount equal
to [*].

 

		13.	Term and Termination

 

13.1         
Term. This Agreement shall commence as of the Effective Date and, unless sooner terminated in accordance with the
terms hereof shall extend for five (5) years (the “Initial Term”) and automatically renewal for additional two-year
terms (such time period collectively referred to as the “Term”) unless (i) either Party within two years prior to the
expiration of the then current term provides written notice of its intent not to renew or (ii) the Agreement is terminated pursuant
to Sections 13.2 or 13.3 below.

 

13.2         
Termination by both Parties.

 

(a)              
Either Party may terminate this Agreement upon written notice to the other Party:

 

(i)                
Material Breach. By the non-breaching party in the event of any material breach by a Party of this Agreement; provided
that the non-breaching Party provides notice of such breach to the other Party specifying the nature of the alleged breach and
such breach has not been cured by the breaching Party within thirty (30) days after such notice thereof; and/or

 

    26
Confidential

     

    

 

(ii)             
Mutual Consent. By mutual written consent of the Parties.

 

13.3         
Termination for Insolvency or Bankruptcy.

 

(a)              
Insolvency Event; Definition. Either Party may terminate this Agreement in its entirety upon providing written notice
to the other Party on or after the time that such other Party makes a general assignment for the benefit of creditors, files an
insolvency petition in bankruptcy or makes a voluntary assignment in bankruptcy, petitions, applies for or acquiesces to the appointment
of any receiver, receiver and manager, interim receiver, trustee or similar officer or official to liquidate or conserve its business
or any substantial part of its assets, commences under the laws of any jurisdiction any proceeding involving its insolvency, bankruptcy,
reorganization, adjustment of debt, dissolution, liquidation or any other similar proceeding for the release of or other relief
for financially distressed debtors, or becomes a party to any proceeding or action of the type described above and not dismissed
within ninety (90) days of filing or released within ninety (90) days of the event(each, an “Insolvency Event”).

 

(b)              
Bankruptcy Laws.

 

(i)            
All rights and licenses granted to Zomedica under or pursuant to this Agreement, including, for the avoidance of doubt,
the licenses granted to Zomedica pursuant to this Agreement, are, and shall otherwise be deemed to be, for purposes of Section
32(6) of the Companies’ Creditors Arrangement Act (Canada) (“CCAA”), Section 65.11(7) of the Bankruptcy
and Insolvency Act (Canada) (“BIA”) or for purposes of Section 365(n) of the U.S. Bankruptcy Code, if applicable,
and other similar laws in any jurisdiction outside of Canada (collectively, the “Bankruptcy Laws”), licenses
of rights to “intellectual property” as contemplated under the Bankruptcy Laws including, licenses of right to “intellectual
property” as defined under Section 101 of the U.S. Bankruptcy Code.

 

(ii)             
Upon the occurrence of any Insolvency Event with respect to Celsee (the “Insolvent Party”), Celsee agrees
that Zomedica, as licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections
under the Bankruptcy Laws.

 

(iii)           
Further, it is the intention of the Parties that if either party becomes insolvent, the other party shall have an exclusive
option, exercisable upon written notice to the other party, to negotiate a paid-up license to any intellectual property necessary
to independently continue commercialization of the Collaboration Product(s), including the Celsee CTC Platform Technology and Celsee
Immunochemistry Consumable Package(s) in the Zomedica Field.

 

(iv)         
Further, each Party agrees and acknowledges that all payments hereunder, other than the milestone payments pursuant to Section
7.1 do not constitute “obligations owing under the agreement in relation to the use of the intellectual property” as
contemplated by Section 32(6) of the CCAA or Section 65.11(7) of the BIA or 365 (n)(2)(B) of the US Bankruptcy Code or relate
to licenses of intellectual property hereunder.

 

    27
Confidential

     

    

 

(v)              
Each Party shall, during the term of this Agreement, create and maintain current copies or, if not amenable to copying,
detailed descriptions or other appropriate embodiments, to the extent feasible, of all such intellectual property.

 

(vi)            
Each Party agrees and acknowledges that “intellectual property” as contemplated by the Bankruptcy Laws include
laboratory notebooks, cell lines, product samples and inventory, research studies and data, regulatory approvals and regulatory
materials in each case to the extent related to the Collaboration Products.

 

(vii)         
It is the intention of the parties that if:

 

(A)            
a case or proceeding is commenced during the Term by or against Celsee under the Bankruptcy Laws;

 

(B)             
this Agreement is disclaimed as provided for under the Bankruptcy Laws; and

 

(C)             
Zomedica elects to retain its rights hereunder as provided for under the Bankruptcy Laws or otherwise,

 

then Celsee (in any capacity) and its
successors and assigns (including a receiver, interim receiver or trustee in bankruptcy and any assignee thereof of any right or
power of attorney that Celsee may have or may exercise under, or in connection with, this Agreement), shall (i) provide to Zomedica
immediately upon Zomedica’s written request copies of all such intellectual property (including embodiments thereof) held
by Celsee and such successors and assigns, or otherwise available to them, and (ii) not interfere with Zomedica’s rights
under this Agreement, or any related agreements between the Parties, to such intellectual property (including such embodiments),
including any right to obtain such intellectual property (or such embodiments) from another entity.

 

(viii)        
Whenever Celsee or any of its successors or assigns provides to Zomedica any of the intellectual property licensed hereunder
(or any embodiment thereof) pursuant to this Section 13.3, Zomedica shall have the right to perform Celsee’s obligations
hereunder with respect to such intellectual property, but neither such provision nor such performance by Zomedica shall release
Celsee from liability resulting from disclaimer of the license or the failure to perform such obligations.

 

(ix)            
All rights, powers and remedies of Zomedica as provided herein are in addition to and not in substitution for any and all
other rights, powers and remedies now or hereafter existing at law or in equity (including the Bankruptcy Laws) in the event of
the commencement of a case or proceeding by or against Celsee under the Bankruptcy Laws.

 

(x)              
In particular, it is the intention and understanding of the Parties that the rights granted to Zomedica under this Section
13.3 are essential to the Parties’ respective businesses and the Parties acknowledge that damages are not an adequate remedy.

 

    28
Confidential

     

    

 

(xi)            
The Parties agree that they intend the following rights to extend to the maximum extent permitted by applicable Law, and
to be enforceable under Section 32(6) of the CCAA and Section 65.11(7) of the BIA and the relevant provisions of the US Bankruptcy
Code:

 

(A)            
the right of access to any intellectual property (including embodiments thereof) of Celsee, or any Third Party with whom
Celsee contracts to perform an obligation of Celsee under this Agreement, and, in the case of the Third Party, which is necessary
for the exploitation of Collaboration Products;

 

(B)             
the right to contract directly with any Third Party to complete the contracted work upon failure of Celsee to comply with
its applicable obligations; and

 

(C)             
in favor of Zomedica, the right to the benefit of the exercise of any power of attorney held by Celsee to grant to Zomedica
the rights and licenses provided in this Agreement.

 

(xii)         
Further, it is the intention of the Parties that this Agreement, even if not disclaimed, be binding on any party that purchases
the intellectual property licensed to Zomedica, or any power of attorney that permits such license to Zomedica, pursuant to any
Bankruptcy Laws, notwithstanding any approval and vesting order that may be issued in respect of such intellectual property or
power and that Zomedica receive reasonable prior notice of any motion brought pursuant to any Bankruptcy Laws to approve such sale.
For greater certainty, nothing herein shall be construed as a waiver of any right that Zomedica may have to object to such sale,
including on the basis that such sale of intellectual property or power is contrary to the terms of this Agreement.

 

13.4         
Effect of Termination or Expiration.

 

(a)              
Prior to Clinical Validation. Prior to Clinical Validation, upon the effective date of termination or expiration
of the Term, except as otherwise expressly provided herein, all rights and obligations of each Party with respect to the whole
Agreement or to those Collaboration Products which are the subject of the termination shall cease, including all rights and licenses
granted by a Party to the other Party with respect to same. Each Party shall return to the other their respective Confidential
Information and Controlled Intellectual Property and Materials (provided that each Party may keep one copy of such Confidential
Information for archival purposes only).

 

(b)               
The Parties shall use Commercially Reasonable Efforts and cooperate to diligently wind down, according to good clinical
and industry practice, any clinical trials that are ongoing for Collaboration Product(s) in the Territory at the time of notice
of such termination and to assure a smooth termination transition with respect to the Collaboration Product trials being conducted
by or on behalf of Zomedica (or its Affiliate or sublicensee) at the time of notice of

 

    29
Confidential

     

    

 

Certain identified information has been
excluded from this exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the registrant if
publicly disclosed. [*] indicates that information has been redacted.

 

termination which Zomedica determines to continue
in compliance with the Laws and ethical guidelines applicable to the transfer or termination of such studies and commercial activities,
if any, provided that nothing herein shall require Zomedica to undertake any new Development, manufacture or commercialization
or other activities.

 

(c)              
Upon termination of this Agreement, the parties shall pay each other the entire amount of any financial commitments incurred
by a Party prior to termination even if those financial commitments come due after termination in accordance with the Development
Plan Budget that exceed amounts paid by the owing party to the other party hereunder prior to such termination and cannot be canceled;
except that the owing party shall only be responsible for paying [*]. Upon receipt of notice of termination, to the extent possible,
the parties shall promptly terminate any outstanding commitments and avoid incurring any further costs under the Development Plan.
No later than [*] after the effective date of termination or expiration of the Term, unless another period is agreed to in writing
by the Parties, the Party may provide an invoice to the other Party in respect of the final payment due and payable. The owing
Party shall pay all such amounts no later than [*] after receipt of such invoice. Notwithstanding the foregoing, it is understood
that, in no event shall the funds payable exceed the maximum amount set forth in the Development Plan Budget or any supply order.
In addition, within [*] after such effective date of termination each Party shall provide the other with a final accounting for
all Development Plan Budget and supply orders. Should the final accounting indicate an amount is due to a Party, such final payment
will be made in accordance with Section 7.1. If the final accounting indicates an overpayment the party which received the overpayment
shall refund such overpayment to the other Party within [*] of the final accounting.

 

(d)              
Accrued Rights. Expiration or termination of this Agreement (or any provision hereof) for any reason is without
prejudice to any right that shall have accrued to the benefit of a Party prior to such expiration or termination, including damages
arising from any breach under this Agreement. Expiration or termination of this Agreement does not relieve a Party from any obligation
that is expressly indicated to survive such expiration or termination.

 

13.5         
Non-Exclusive Distribution Rights for the Post-Term Period.

 

(a)              
Notwithstanding anything to the contrary, in the event of any expiration or termination of this Agreement, other than termination
by Celsee for Zomedica’s uncured material breach under Section 13.2 (a)(i), termination by mutual agreement under 13,2 (a)(ii)
or termination prior to Clinical Validation under 13.4(a), and provided that Zomedica has made all required payments under Section
7.1 and has issued all stock to be issued under Section 7.2: (A) Zomedica may continue to distribute, market and promote sales
of the CTC Consumable Package for use in the Zomedica Field in the Territory on a non-exclusive basis for a period of [*] from
the effective date of such expiration or termination (the “Post Term Period”), and (B) Celsee will continue to supply
the CTC Consumable Package products to Zomedica during the Post Term Period at the pricing set forth in this Agreement; in each
case, subject to the terms and conditions of this Section

 

    30
Confidential

     

    

 

Certain identified information has been
excluded from this exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the registrant if
publicly disclosed. [*] indicates that information has been redacted.

 

13.5. Notwithstanding the foregoing, if Zomedica
fails to purchase CTC Consumable Package Products during the Post Term Period for [*], all licenses and rights to purchase CTC
Consumable Package Products during the Post Term Period shall immediately terminate. Subject to the foregoing, all provisions of
this Agreement will continue to apply during the Post Term Period, with the following exceptions:

 

(i)              
the license granted to Zomedica pursuant to Section 6.2 shall automatically convert to non-exclusive during the Post Term
Period;

 

(ii)             
Section 2.1 (“Exclusivity”) shall not apply during the Post Term Period;

 

(iii)            
the rights granted to Zomedica pursuant to Section 4.2(a) (“Manufacturing and Product Supply”) shall automatically
convert to non-exclusive during the Post Term Period;

 

(iv)            
Section 13.3(b) (“Bankruptcy License Option”) shall not apply during the Post Term Period.

 

13.6         
Survival. The following provisions shall survive termination or expiration of this Agreement: Sections 7, 8, 9, 10,
11, 12, 13.4,, 14 and 15 and Section 1 to the extent necessary to give effect to the foregoing. In addition, except as provided
in Section 13.5, all other provisions of this Agreement shall survive the expiration or termination of this Agreement until the
end of the Post Term Period.

 

		14.	Dispute Resolution

 

14.1         
Discussion by Senior Executives. If there is an unresolved matter, dispute or issue arising out of or relating to
the existence, negotiation, validity, formation, interpretation, breach, performance or application of this Agreement (each, a
“Dispute”) for which neither Party has the final decision making authority as expressly provided elsewhere in this
Agreement, either Party will refer such Dispute to their respective Presidents (such persons, the “Senior Executives”),
or their designee(s), in writing for further discussion and resolution. These individuals shall as soon as practicable meet and
attempt in good faith to resolve the Dispute and reach agreement. These individuals may obtain the advice of other employees or
consultants as they deem necessary or advisable in order to make the decision. If these individuals cannot reach agreement as to
the Dispute within thirty (30) days of the Dispute being referred to them, then such Dispute will be resolved as set out in this
Article 14.

 

14.2         
Mediation and Arbitration. If the Senior Executives are not able to resolve such Dispute referred to them
under Section 14.1 within thirty (30) days, the Parties shall first refer such Dispute to proceedings under the International
Chamber of Commerce (“ICC”) Mediation Rules. If the dispute has not been settled pursuant to the said Rules within
forty-five (45) days following the filing of a Request for Mediation or within such other period as the parties may agree in writing,
such dispute shall thereafter be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one
or more arbitrators appointed in accordance with the said Rules of Arbitration. Except to the extent necessary to confirm an award
or as may be required by law, neither Party nor any arbitrator may disclose the existence, content, or results of an arbitration
without the prior written consent of both parties.

 

    31
Confidential

     

    

 

14.3         
Patent Dispute Resolution. Any Dispute relating to the ownership, scope, validity, enforceability or infringement
of any Patent Rights shall be submitted to a court of competent jurisdiction in which such Patent Rights exist.

 

14.4         
Payment Dispute Resolution. Notwithstanding the provisions of Section 14.2, any dispute, controversy or claim relating
to a payment made pursuant to this Agreement shall be submitted for resolution to a member (the “Arbitrator”)
of an accounting firm of national standing selected by both Parties (and which shall not be the auditor of either of the Parties)
within thirty (30) days after notice of the dispute is received or deemed to be received by a Party. If the Parties cannot agree
on an Arbitrator, the provisions of Section 14.2 shall apply. The Parties shall make submissions to the Arbitrator within ninety
(90) days after the selection of the Arbitrator and the Arbitrator will select one Party’s submission. If the Parties cannot
agree on a member of the accounting firm, the provisions of Section 14.2 shall apply. The decision of the Arbitrator in selecting
on Party’s submission shall be final and binding on both Parties.

 

14.5         
Waiver. EACH PARTY HERETO (1) WAIVES ITS RIGHT TO TRIAL UNDER ANY ISSUE BY JURY WITH RESPECT TO ANY DISPUTE BROUGHT
UNDER THIS AGREEMENT, (2) WITH THE EXCEPTION OF RELIEF MANDATED BY STATUTE, ANY CLAIM TO PUNITIVE, EXEMPLARY, MULTIPLIED, INDIRECT,
CONSEQUENTIAL OR LOST PROFITS/REVENUES DAMAGES, AND (3) ANY CLAIM FOR ATTORNEY FEES, COSTS AND PREJUDGMENT INTEREST.

 

		15.	Miscellaneous.

 

15.1         
Affiliates and Designees. Each Party has the right to exercise their respective rights, perform their respective
obligations and/or receive performance of the other Party’s obligations hereunder through their Affiliates or sublicensees.

 

15.2         
Assignment.

 

(a)              
Neither this Agreement nor any rights or obligations hereunder may be assigned or otherwise transferred (whether by operation
of Law, general succession or otherwise) by either Party without the prior written consent of the other Party, said consent not
to be unreasonably withheld.

 

(b)              
The above notwithstanding, either party may, without the other party’s consent, assign such rights: (i) to an Affiliate;
(ii) in connection with the transfer or sale of all or substantially all of the business of such Party to which the Agreement relates
to a third party, whether by merger, sale of stock, sale of assets or otherwise; and (iii) in connection with a Change of Control.

 

    32
Confidential

     

    

 

(c)              
The rights and obligations of the parties under this Agreement shall be binding upon and enures to the benefit of the Parties
and their respective successors and permitted assigns. The Parties shall promptly notify the other Party of any transfer under
said Section 15.2 or any Change of Control.

 

15.3         
Counterparts. This Agreement may be executed in counterparts with the same effect as if both Parties had signed the
same document. All such counterparts will be deemed an original, will be construed together and will constitute one and the same
instrument. Signature pages of this Agreement may be exchanged by facsimile or other electronic means without affecting the validity
thereof.

 

15.4          
No Contra Proferentem. This Agreement has been reviewed by each Party’s professional advisors, and revised
during the course of negotiations between the Parties. Each Party acknowledges that this Agreement is the product of their joint
efforts, that it expresses their agreement, and that, if there is any ambiguity in any of its provisions, no rule of interpretation
favoring one Party over another based on authorship will apply.

 

15.5       
Entire Agreement. This Agreement, including the attached Schedules constitutes the entire agreement between
the Parties as to the subject matter of this Agreement, and supersedes and merges all prior discussions, representations, agreements
including the Original Agreement and understandings regarding the same.

 

15.6         
Time is of the Essence. Time is of the essence in all respects of this Agreement.

 

15.7         
Force Majeure. Neither Party is liable for a delay or failure in the performance of any of its obligations hereunder
(other than the payment of money) if such delay or failure is due to causes beyond its reasonable control, including acts of God,
fires, floods, earthquakes, labor strikes, acts of war, terrorism or civil unrest (“Force Majeure”); provided,
however, that the affected Party notifies the other Party in writing within thirty (30) days of the Force Majeure event (and continues
to provide monthly status updates to the other Party for the duration of the effect); further provided that the affected Party
will use its reasonable efforts to avoid or remove such causes of non-performance and to mitigate the effect of such occurrence,
and will continue performance with reasonable dispatch whenever such causes are removed.

 

15.8         
Further Assurances. Each Party agrees to do and perform all such further acts and things and will execute and deliver
such other agreements, certificates, instruments and documents necessary or that the other Party may reasonably request in order
to carry out the intent and accomplish the purposes of this Agreement and to evidence, perfect or otherwise confirm its rights
hereunder.

 

15.9         
Headings. Headings and captions are for convenience only and are not to be used in the interpretation of this
Agreement.

 

15.10     
Notices. Any notice required or permitted to be given by this Agreement will be in writing, in English, and
will be delivered by hand or overnight courier with tracking capabilities or transmitted by confirmed facsimile, charges (if any)
prepaid and addressed as set forth below unless changed by notice so given:

 

    33
Confidential

     

    

 

	 	If to CELSEE:	Celsee, Inc.
	 	 	
        100 Phoenix
        Drive, Suite 321

        Ann Arbor,
        MI 48108

        USA

	 	 	 
	 	 	
        Attn: John Stark

        Title: President & CEO

	 	 	
        Facsimile:

        Email: john.stark@celsee.com

	 	 	 
	 	 	 
	 	If to Zomedica:	100 Phoenix Drive, Suite 190
	 	 	Ann Arbor, MI  48108
	 	 	USA
	 	 	Attn:  Shameze Rampertab
	 	 	Title:  Interim CEO and CFO
	 	 	 
	 	 	E-mail:  srampertab@zomedica.com

 

Any such notice will be deemed given
or made and received on the date delivered provided that if that day is not a Business Day then the notice will be deemed to have
been given or made and received on the next Business Day. A Party may add, delete (so long as at least one person is remaining),
or change the person or address to which notices should be sent at any time upon written notice delivered to the other Party in
accordance with this Section 15.10 (Notices).

 

15.11     
Relationship of the Parties. Each Party is an independent contractor under this Agreement. Nothing contained herein
is intended or is to be construed so as to constitute Zomedica and Celsee as partners, agents or joint venturers. Neither Party
has any express or implied right or authority to assume or create any obligations on behalf of or in the name of the other Party
or to bind the other Party to any contract, agreement or undertaking with any Third Party.

 

15.12     
Severability. If any one or more of the provisions of this Agreement is held to be invalid or unenforceable, the
provision will be considered severed from this Agreement and will not serve to invalidate any remaining provisions hereof. The
Parties will negotiate in good faith to replace any invalid or unenforceable provision with a valid and enforceable one such that
the objectives contemplated by the Parties when entering this Agreement may be realized.

 

15.13     
Third Party Beneficiaries. Except as expressly provided with respect to Celsee Indemnitees or Zomedica Indemnitees
in Article 12 (Indemnification) (for whom Celsee and Zomedica, respectively, hold such rights in trust), there are no third-party
beneficiaries intended hereunder and no Third Party will have any right or obligation hereunder.

 

    34
Confidential

     

    

 

15.14     
Waivers and Modifications. The failure of any Party to insist on the performance of any obligation hereunder is not
be deemed to be a waiver of such obligation. Waiver of any breach of any provision hereof is not be deemed to be a waiver of any
other breach of such provision or any other provision on such occasion or any other occasion. No waiver, modification, release
or amendment of any right or obligation under or provision of this Agreement will be valid or effective unless in writing and signed
by all Parties hereto.

 

15.15     
Vienna Convention. The United Nations Convention on Contracts for the International Sale of Goods (also called
the Vienna Convention) will not be applicable to this Agreement or the transactions contemplated by this Agreement.

 

15.16     
Governing Law. This Agreement and any dispute hereunder will be governed by the laws of the state of Delaware and
the federal laws of the United States of America applicable therein. Subject to the provisions of Section 14, the Parties attorn
to the non-exclusive jurisdiction of the courts of Michigan.

 

THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK

 

 

 

 

 

 

 

 

 

 

 

 

 

    35
Confidential

     

    

 

IN WITNESS WHEREOF, the Parties have executed this Agreement
by proper persons thereunto duly authorized as of the Effective Date set forth above.

 

 

	CELSEE, Inc.	 	Zomedica Pharmaceuticals Corp.	 
	 	 	 	 	 	 
	By:	/s/ John Stark	 	By:	/s/ Shameze Rampertab	 
	Title:	Chief Executive Officer	 	Title:	Interim Chief Executive Officer and Chief Financial Officer	 
	Date:	January 17, 2020	 	Date:	 January 17, 2020	 

 

 

 

 

 

 

 

 

 

 

 

 

    36
Confidential

     

    

 

Certain identified information has been excluded from this exhibit because it is
both (i) not material and (ii) would likely cause competitive harm to the registrant if publicly disclosed. [*] indicates that
information has been redacted.

 

 

 

SCHEDULE A

 

[*]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    37
Confidential

     

    

 

Certain identified information has been excluded from this exhibit because it is
both (i) not material and (ii) would likely cause competitive harm to the registrant if publicly disclosed. [*] indicates that
information has been redacted.

 

 

 

SCHEDULE B

CELSEE PATENT RIGHTS

 

[*]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    38
Confidential

     

    

 

SCHEDULE C

COMPLIANCE SCHEDULE AND CODE OF CONDUCT

 

Compliance
with Laws including FCPA/CFPOA and HIPAA/PIPEDA

 

		1.1.	Each Party acknowledges that the other Party aims to perform its activities, and to have parties
who enter into business arrangements with them to perform their activities under such arrangements, in accordance with the highest
ethical standards and best industry practices, including without limitation any voluntary codes of practice applicable in the industry
for the research. Each Party agrees to use commercially reasonable efforts to help ensure that the other Party does not fail to
meet such aim with respect to activities hereunder through any violation of the Canadian Corruption of Foreign Public Officials
Act (the “CFPOA”) or the U.S. Foreign Corrupt Practices Act (the “FCPA”), as applicable.

 

		1.2.	Each Party shall comply with all applicable Laws concerning its efforts in any country or jurisdiction
where it is providing work hereunder or otherwise applying to any of its activities under this Agreement. Neither party shall perform
any actions that are prohibited by local and other anti-corruption laws, including the CFPOA or the FCPA (collectively “Anti-Corruption
Laws”) that may be applicable to one or both parties to the Agreement. Without limiting the foregoing, neither party
shall make any payments, or offer or transfer anything of value, to any government official or government employee, to any political
party official or candidate for political office or to any other third party related to the transaction in a manner that would
violate Anti-Corruption Laws.

 

		1.3.	Health Care Professionals Engaged on Behalf of Each Party.  “Health Care Professional”
or "HCP" is defined as (i) any person who is licensed by a province or state to provide health care services directly
or indirectly to patients, such as a physician, a nurse, a technician, a psychologist, or a lab specialist and/or (ii) any person
or organization to whom Zomedica markets its products and services that is in a position to influence the selection of the products
furnished or purchased, including but not limited to hospitals and health systems, administrators, procurement personnel, group
purchasing organizations, pharmacy benefit managers, and business people. In the case of use of animals, Health Care Professional
includes and Veterinarian assistants and technicians.

 

		1.4.	Compliance Obligations Related to Engagement of Health Care Professionals.  If applicable,
the Parties shall, with respect to each HCP engaged under this Agreement or the Development Plan:

 

a.  ensure that the HCP’s
services are provided in compliance with all applicable laws and regulations, including but not limited to: Laws pertaining to
the promotion of products regulated by (i) the Health Canada or the United States Food and Drug Administration (FDA), (ii) the
Canadian Competition Bureau or the U.S. Federal Trade Commission, and (iii) other state, provincial or federal regulatory agencies;
laws, regulations and guidance pertaining to federal, provincial and state anti-kickback and submission of false claims to governmental
or private health care payors, or (iv) applicable analogous or corresponding laws of the applicable jurisdiction (collectively,
“Health Care Compliance” or “HCC”); provincial, state and federal laws and regulations relating to the
protection of individual and patient privacy; and any other laws and regulations applicable to such services;

 

    39
Confidential

     

    

 

b.  ensure that HCP’s services are provided
in compliance with each Party’s written policies and procedures of which the other Party is provided notice, including, but
not limited to, applicable policies and procedures related to the U.S. FDA and Health Care Compliance, Health Canada, the Canadian
Food and Drugs Act and Regulations, the Canadian Personal Information Protection and Electronic Documents Act (“PIPEDA”),
substantially similar provincial legislation and the protection of individual and patient privacy;

 

c. ensure that each HCP is:

 

(i)  not excluded from a U.S. Federal health care program as outlined in
Sections 1128 and 1156 of the Social Security Act (see the Office of Inspector General of the Department of Health and Human Services
List of Excluded Individuals/Entities at http://www.oig.hhs.gov/FRAUD/exclusions/listofexcluded.html) or any Canadian health care
or animal care programs;

 

(ii)  not debarred by the U.S. FDA under 21 U.S.C. 335a (see the FDA Office
of Regulatory Affairs Debarment List at http://www.fda.gov/ora/compliance_ref/debar/);

 

(iii)  not otherwise excluded from contracting with the U.S. federal government
(see the Excluded Parties Listing System at http://epls.arnet.gov) to the extent that foreign entities are not restricted from
contracting with the U.S. federal government or the Canadian federal or provincial governments; and

 

(iv) for HCPs (including veterinarians) who are health care practitioners, duly
licensed in the state or province where he or she is currently practicing and not on probation and have never been on probation
with the agency or board or college responsible for his or her licensure;

 

d.  ensure that each HCP is qualified and authorized
to perform the services as may be agreed to by Celsee and Zomedica in the Development Plan, or required by Law or any applicable
authority, including, but not limited to, any required ethics or other authorizations from federal, state, provincial or local
government agencies for HCPs who are employees of such agencies.  Also, Each Party shall ensure that each HCP is not limited
in providing these services by any obligation to third parties; and

 

e.  compensate each HCP the fair market value for
his/her services, based on the services provided, and in a manner that does not take into account the volume or value of any prescriptions,
referrals or business generated among the parties.  

 

		1.5	Promotion of Zomedica’s products. Celsee shall not make any representation relating to Zomedica’s products
or to Zomedica’s clinical (animal) outcomes, unless such representations have been reviewed and approved in advance by Zomedica. 
Celsee further agrees that, in the event that Celsee fails to observe any limitations imposed by the Zomedica on such product representations
or representations concerning clinical outcomes, Zomedica shall have the right to immediately terminate this Agreement.

 

    40
Confidential

     

    

 

		1.6	Protected Health Information under the Canadian PIPEDA, substantially similar provincial legislation such as the Ontario
Personal Health Information Protection Act, 2004 and the U.S. HIPAA.  If applicable, in the event that the Development
Plan requires the use or disclosure of Personal Health Information or Protected Health Information (as defined under PIPEDA, substantially
similar provincial legislation or the U.S. HIPAA Privacy Requirements or analogous legislation of the applicable jurisdiction)
by HCPs, each Party shall ensure that the program complies with any applicable privacy laws, including as applicable the PIPEDA
(and substantially similar provincial legislation, such as the Ontario Personal Health Information Protection Act, 2004)
and HIPAA Privacy Requirements that apply to such Personal Health Information or Protected Health Information.  The “HIPAA
Privacy Requirements” refer collectively to the applicable provisions of the Administrative Simplification section of HIPAA
- the Health Insurance Portability and Accountability Act of 1996, (as codified at 42 U.S.C. § 1320d - d-8) and any regulations
promulgated there under, including without limitation, the federal privacy regulations (45 CFR Parts 160 and 164) and the federal
security standards (45 CFR Part 142).

 

		1.7	Consent to Use and Disclose Information.  If applicable, in the event that the Development Plan requires direct
interactions with patients, consumers or caregivers, each Party shall obtain written consent from any such person providing each
Party the right to use and disclose the information collected from such persons, as set forth in the Development Plan. To the extent
that the Development Plan or activities requires testing or application to animals, then the Parties shall comply with the applicable
Laws and highest ethical standards governing animal testing and welfare, such as in the United States, the Animal Welfare Act of
1966 (“AWA”), and the Animal Welfare Regulations and provide for an Institutional Animal Care and Use Committee (“IACUC”).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    41
Confidential

     

    

 

Certain identified information has been excluded from this exhibit because it is
both (i) not material and (ii) would likely cause competitive harm to the registrant if publicly disclosed. [*] indicates that
information has been redacted.

 

 

 

SCHEDULE D

CUSTOMER SERVICE REQUIREMENTS

 

[*]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    42
Confidential

     

    

 

Certain identified information has been excluded from this exhibit because it
is both (i) not material and (ii) would likely cause competitive harm to the registrant if publicly disclosed. [*] indicates that
information has been redacted.

 

 

 

SCHEDULE E

QUALITY CONTROL

 

[*]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43

ConfidentialExhibit 10.32

 

LEASE SUMMARY 

 

When used in this Lease, the following terms shall have the indicated
meanings:

 

	 	A.	Effective Date:	January 9, 2020
	 	 	 	 
	 	B.	Landlord:	Wickfield Phoenix LLC, a Michigan limited liability company

	 	 	 	 
	 	C.	Landlord’s Notice Address:	Wickfield Phoenix LLC
	 	 	 	c/o Wickfield Properties LLC

	 	 	 	230 Huronview Blvd.
	 	 	 	Ann Arbor, MI 48103
	 	 	 	(734) 369-2100
	 	 	 	 
	 	D.	Tenant:	Zomedica Pharmaceuticals Inc., a Delaware corporation
	 	 	 	 
	 	E.	Tenant’s Notice Address:	180 Phoenix Drive
	 	 	 	Ann Arbor, MI 48108

	 	 	 	Attn: Shameze Rampertab

	 	 	 	 
	 	F.	Premises: Sixteen Thousand Two Hundred and Twenty-Six (16,226) rentable square feet of rentable office
    space, including common area load, on the first floor of the East Building, which space is designated as Suites W180 and E125
    outlined on Exhibit A attached hereto and made a part hereof.
	 	 	 	 
	 	G.	Building: The building commonly known as The Wickfield Center, East Tower, located at 100 Phoenix
                    Drive in City of Ann Arbor, County of Washtenaw, State of Michigan.

	 	 	 
	 	H.	Term: A period of sixty months (60) months commencing on the Lease Commencement Date, as may be
                    extended pursuant to the terms of Section 28 hereof.

	 	 	 
	 	I.	Anticipated Occupancy Date: February 1, 2020

	 	 	 
	 	J.	Lease Commencement Date: February 1, 2020

	 	 	 
	 	K.	Rent Commencement Date: February 1, 2020

	 	 	 
	 	L.	Lease End Date: January 31, 2025

	 	 	 
	 	M.	Base Annual Rent: Base Annual Rent for the initial Term of this lease shall be $2,067,504.90 in
                    lawful money of the United States. Tenant shall pay Rent to Landlord in monthly installments as follows:

 

     

     

    

 

	 	 	
	 	 	 
	 	 	Payments shall be made to Landlord, or its authorized agent, at 230 Huronview Blvd., Ann

	 	 	Arbor, MI 48103, or at such other place as Landlord may from time to time designate.

	 	 	 
	 	N.	Additional Rent: Tenant’s Proportionate Share of Expenses and Taxes over Base Year.
                           Tenant’s Proportionate Share of Utilities.

	 	 	 
	 	O.	Base Year: 2019

	 	 	 
	 	P.	Tenant’s Proportionate Share: Four and 96/100 percent (4.96%). Tenant’s Proportionate Share is calculated
        by dividing the total rentable square footage in the Premises by the Building’s total rentable square footage.

	 	 	 
	 	Q.	Landlord’s Broker: Wickfield Properties LLC

	 	 	 
	 	R.	Lease Month: Each calendar month period beginning on the Lease Commencement Date, and each successive calendar
        month thereafter.

	 	 	 
	 	S.	List of Exhibits:

 

Exhibit A – Floor Plan

Exhibit B – Tenant Space Finish Work

Exhibit C – Rules and Regulations

 

 

 

     

     

    

 

LEASE AGREEMENT

 

THIS LEASE AGREEMENT (“Lease”)
is made as of the Effective Date by and between Landlord and Tenant.

 

WITNESSETH:

 

1.  
Premises. For and in consideration of the covenants and agreements hereinafter set forth and the rent hereinafter specifically
reserved, Landlord does hereby lease unto Tenant, and Tenant does hereby lease from Landlord the Premises in the Building. Tenant
shall also have the non-exclusive right during the Term to use the Common Areas of the Building and the land on which the Building
is situated (the “Land”). As used herein, “Common Areas” shall mean all portions of the Building
and the Land intended for the use by two or more occupants of such Building or Land or their visitors, including without limitation
all sidewalks, lobbies, stairways, corridors, passageways, atria, doors, doorways, elevators, common restrooms, loading areas,
and all other public parts of such Building. Landlord hereby represents and warrants that, as of the Effective Date, the base Building
systems serving the Demised Premises are in good working order.

 

2.  
Term. This Lease shall continue in force during the Term. Should the Lease Commencement Date fall on a date other than the
first day of a month, Tenant shall occupy the Premises on the “Occupancy Date” and the Lease Commencement Date shall
be deemed to be the first day of the following month. Tenant shall occupy the Demised Premises on the terms and conditions contained
herein, except that the Base Annual Rent for the partial first month of occupancy shall be prorated based on the number of days
following the Occupancy Date and preceding the Lease Commencement Date.

 

3.  
Rent. 

 

		a.	Base Rent. Commencing on the Lease Commencement Date, Tenant shall pay to Landlord the Base
Annual Rent. Said Base Annual Rent shall be paid in twelve equal monthly installments on the first (1st) day of each and every
month during the Term, with appropriate proration for the first and last months.

 

		b.	Additional Rent-Utilities: If Premises are not sub-metered, Tenant shall be responsible
for its Proportionate Share of Building electric, gas, water/sewer-storm water runoff consumption and waste removal services. The
amount of Tenant’s share shall be prorated such that Tenant shall pay for a percentage of utilities that is equivalent to
the portion of the Building that it occupies as adjusted by Landlord’s reasonable estimate of the utilities expense had one
hundred (100%) of the Building been furnished said services. The obligation of the Tenant to pay for such costs shall commence
as of the Possession Date. If the Landlord is billed for any utility costs subsequent to the Possession Date of this Lease the
Tenant agrees to reimburse the Landlord for such costs upon presentation by Landlord of an accounting of the costs incurred.

 

		c.	Additional Rent – Expenses, Taxes: Tenant shall be responsible for its Proportionate
Share of Building Expenses and Taxes over the 2019 Base Year. The amount of Tenant’s shall be adjusted from time to time
by Landlord’s reasonable estimate. Within 120 days from the end of the previous calendar year, or as soon as what is reasonable
for Landlord, Landlord shall provide Tenant with a reconciliation of the prior year Expenses and Taxes. If reconciliation shows
Tenant owes further Additional Rent, it shall submit payment to Landlord within 30 days of receiving said reconciliation. If Tenant
is owed a credit based on said reconciliation, Landlord will issue a credit to Tenant in said amount.

 

     

     

    

 

		i.	The following terms are defined below:

 

(a)       The
term “Expenses” shall mean the actual cost incurred by Landlord with respect to the operation, maintenance, repair
and replacement and administration of the Building, including, without limitation or duplication, (1) the costs incurred for all
utilities supplied to the entire Building; air conditioning; mechanical ventilation; heating; cleaning (including janitorial services);
rubbish removal; snow removal; general landscaping and maintenance; window washing, porter and matron services, electric current
for Common Areas; management fees; protection and security services; repairs, replacement, and maintenance; fire, extended coverage,
boiler, sprinkler, apparatus, public liability and property damage insurance (including loss of rental income insurance); supplies;
wages, benefits and salaries respecting service and maintenance employees and management staff; sales, use and other similar taxes;
water rates and sewer charges; personal property taxes; advertising, public relations and promotions; and the cost of movable equipment
and personal property, which is not capitalized, as well as the cost of maintaining all such movable equipment, and any other costs,
charges and expenses which, under generally accepted accounting principles and practices, would be regarded as maintenance and
operating expenses, (2) any costs and expenses paid or incurred by Landlord for the repair, maintenance and operation of the roads
and Common Areas of the Building, and (3) the cost of any capital improvements made to the Building and Common Areas of the Development
by Landlord, including those that are intended to reduce other Expenses or made to the Building by Landlord after the date of this
Lease that are required under any governmental law or regulation that was not applicable to the Building at the time it was constructed,
such costs to be amortized in accordance with GAAP over the useful life thereof.

 

The Expenses shall be adjusted to equal Landlord’s
reasonable estimate of Expenses had one hundred percent (100%) of the total rentable area of the Building been occupied and had
one hundred percent (100%) of the total rentable area of the Building been furnished all services. In order to equitably and consistently
calculate any increases in Expenses over the Base Year, if, during the Base Year, Landlord furnished a particular work or service
to any portion of the Development (the cost of which constituted an Expense) and if, during any year following the Base Year, Landlord
no longer furnishes such work or service for any reason whatsoever, then the Expenses for such later year shall be increased by
an amount equal to the additional cost which would have been incurred by Landlord had Landlord continued to furnish such work or
service.

 

(b)       The
term “Taxes” shall mean the amount incurred by Landlord for all ad valorem real property taxes and assessments, special
or otherwise, levied upon or with respect to the Development, or the rent and additional charges payable hereunder, imposed by
any taxing authority having jurisdiction. Taxes shall also include all taxes, levies and charges which may be assessed, levied
or imposed in replacement of, or in addition to, all or any part of ad valorem real property taxes as revenue sources, and which
in whole or in part are measured or calculated by or based upon the freehold and/or leasehold estate of Landlord or Tenant, or
the rent and other charges payable hereunder, or relating to the ownership or operation of the Development (but not including income
taxes owed on revenue derived from the operation, lease or sale of the Development). Taxes shall include any expenses incurred
by Landlord in determining or attempting to obtain a reduction of Taxes. Notwithstanding anything to the contrary contained herein,
in the event that Landlord obtains a reduction in Taxes below the amount of Taxes for the Base Year, such reduced amount shall
thereafter be deemed to be the amount of Taxes for the Base Year, notwithstanding the calendar year of such reduced Taxes, for
purposes of calculating Tenant’s Share of increases in Taxes in excess of the Base Year.

 

     

     

    

 

		d.	Other. Tenant shall be responsible for obtaining and paying for all other utilities and
services for their space including phone, internet, cable television, and in-suite janitorial services. Landlord agrees to provide
access to the Building’s data distribution closet or other areas of the Building necessary to connect Tenant’s telecommunications
equipment including the roof for possible IT equipment – exact location to be mutually agreed upon.

 

4.  
Use. The Premises are to be used and occupied by Tenant for the operation of an office and other ancillary uses typically associated
with office use and for no other purpose without the prior written consent of Landlord. No activity shall be conducted on the Premises
that does not comply with local laws, ordinances, and regulations. Tenant agrees to abide by and adhere to the Landlord Rules and
Regulations as set forth on Exhibit C attached hereto. Landlord hereby represents and warrants to Tenant that, as of the Effective
Date, the Premises (in its "as-is" condition as of the Effective Date), the common areas of the Building and the base
Building systems serving the Premises comply with applicable law.

 

Tenant shall have access to the Premises
twenty-four (24) hours per day, seven (7) days a week, but the parties acknowledge and agree that the Premises will typically be
occupied between the hours of 7am to 7pm Monday through Friday and 8am to 12pm on Saturday (the “Normal Business Hours”).
Should Tenant desire to operate its business for any period of time in excess of Normal Business Hours, on a repetitive, regular
or continuous basis (“Extended Hours”), Tenant shall provide written notice to Landlord and the Rent shall be
adjusted to reflect a reasonable additional charge for electricity and HVAC for the applicable period, to be mutually agreed on
by Landlord and Tenant.

 

5.  
Construction of Leased Premises. Landlord shall construct the Tenant Improvements for Suite 180W only, as set forth on the
attached Contractor Agreement, delivered to Landlord by Tenant. Tenant selected Contractor and is responsible for all costs associated
with the “Contractor Agreement” and completion of the Tenant Improvements as set forth in Exhibit B (Exhibits
A and B shall be referred to collectively as the “Tenant Improvements” or “Final Plans”)
at Tenant’s sole cost and expense. Tenant has made a construction deposit to Landlord of $600,000.00 (the “TI Deposit”).
At job completion satisfactory to both Landlord and Tenant, with all outstanding building permits opened by Contractor finalized
with the City of Ann Arbor, a final accounting shall be completed. To the extent the total job cost is less than the TI Deposit,
Landlord shall refund any overage to Tenant. To the extent the total job cost is greater than the TI Deposit, Tenant shall remit
payment to Landlord in the amount of any overage. Within five (5) business days following substantial completion of the Tenant
Improvements, Landlord and Tenant shall cooperate to execute a mutually agreeable “punch list” identifying any incomplete
and unacceptable items in the Tenant Improvements. No later than thirty (30) days after the parties’ execution of said “punch
list”, Tenant shall have Contractor complete all items identified on said “punch list”. Landlord and Tenant acknowledge
that the Tenant Improvement plans attached as Exhibits A and B reflect the parties’ substantial agreement regarding
the work to be performed in the Premises, but that certain additional work may need to be performed or adjustments may need to
be made to the proposed Tenant Improvements. Landlord and Tenant agree to work together in good faith to mutually and reasonably
agree upon any changes required to the Tenant Improvements.

 

6.  
Late Charges. Rent is payable on the first day of every month. Any payment received by the Landlord from the Tenant after the
fifth (5th) day of the month is subject to a five percent (5%) late charge or amount allowable by pertinent Michigan law, whichever
is less.

 

     

     

    

 

7.  
Parking. Tenant shall have access to on premises parking spaces located in the common area parking.

 

8.  
Condition of Premises; alterations; maintenance; repairs. 

 

		a.	Tenant shall maintain the Premises in a clean and sanitary condition and shall surrender the Premises
in the same condition as existed at the commencement of this Lease, subject to ordinary wear and tear and damage by the elements.
Tenant shall not make any alterations, additions, or improvements to the Premises, other than Permitted Alterations (hereinafter
defined), without the prior written consent of Landlord, which will not be unreasonably withheld, conditioned or delayed. A “Permitted
Alteration” shall mean any alteration in the Premises that does not (1) affect the structure of the Building; (2) adversely
affect the electrical, plumbing, mechanical or other systems of the Building or the functioning thereof; (3) interfere with the
operation of the Building or the provision of services or utilities to other tenants in the Building; or (4) cost more than Twenty-Five
Thousand Dollars ($25,000.00) in the aggregate over a period of six (6) months

 

		b.	Tenant agrees to be responsible for any damage caused to the Premises by its use, and further agrees
to promptly report to Landlord any damage caused to or discovered in the Premises. If Tenant shall fail to make any repairs or
to perform any maintenance which it is obligated to make or perform under this Lease within ten (10) days after receipt of written
notice from Landlord to do so, or in the event of a situation that poses an imminent threat of bodily harm to person or property
(an “Emergency”), Landlord may enter the Premises and make such repairs as are reasonably necessary to restore
the Premises to their original condition (wear and tear and damage by the elements excepted), and Tenant shall reimburse the Landlord
for the reasonable and actual out-of-pocket cost of any such repairs for which it is responsible under this Lease. However, if
the nature of any Landlord requested visit is not an emergency, the Tenant may request that Landlord come at an alternative time,
including after hours if necessary.

 

		c.	Landlord shall make all necessary repairs to the common areas (including any common area stairs)
and structure (including but not limited to the roof, foundation, skylights, penetrations, etc.) of the Building, the parking facility
serving the Building and the mechanical, electrical, plumbing, heating and air conditioning systems therein, except with respect
to any items installed or constructed by Tenant and except where the repair has been made necessary by misuse or neglect by Tenant
or Tenant’s agents, servants, visitors or licensees. Landlord shall undertake its maintenance and repair obligations pursuant
to the terms of this Section 8(c) in a manner which is comparable to the manner in which reasonably prudent owners of first-class
office buildings in the Ann Arbor, Michigan submarket of comparable age, size, quality and location to the Building undertake similar
maintenance obligations. Landlord will use commercially reasonable efforts to make such repairs in a timely fashion.

 

9.  
Signs. Landlord reserves exclusive right to the exterior of the Building, and Lessee shall not construct, place or paint any
sign or awning or improvement or apparatus on the exterior of the Building without prior written consent of Landlord. Any signs
placed in the windows or doors of the Premises by Tenant shall be approved in writing by Landlord, such approval not to be unreasonably
withheld, conditioned or delayed, and shall be in keeping with the character and décor of the Building as a whole. Landlord
shall provide (at Landlord’s expense) building directory signage in the lobby identifying Tenant and the Premises, which
signage shall be consistent with the other Building directory signage installed by Landlord. All other signage shall be at Tenant’s
sole cost and expense. Tenant shall remove any sign installed by it upon termination or expiration of this Lease. Tenant will also
have one panel on the monument sign.

 

     

     

    

 

10.   Services.
Landlord will provide the following services:

 

		a.	Tenant shall have access to the Building and the Premises twenty-four (24) hours per day, seven
(7) days a week.
	 	 	 

		b.	Landlord will provide Tenant with fifteen (15) security access cards at no charge. Each additional
card will be a $10.00 per card charge.
	 	 	 

		c.	Landlord will use its best efforts to make sure that a least one (1) elevator is operational during
Normal Business Hours.
	 	 	 

		d.	Heat, ventilation and air conditioning
                                         (“HVAC”) when necessary to provide a seasonable temperature (subject
                                         to governmental regulations) for normal occupancy and use of the Premises during Normal
                                         Business Hours. Landlord shall provide the foregoing HVAC service in a manner which is
                                         comparable to the manner in which reasonably prudent owners of first-class office buildings
                                         in the Ann Arbor, Michigan submarket of comparable age, size, quality and location to
                                         the Building provide such service.
	 	 	 

		e.	Electricity for building standard lighting twenty-four (24) hours per day, seven (7) days a week.
	 	 	 

		f.	Electricity for operation of desk-top computers, printers, fax machines, copy machines, telephone
equipment, non-standard Building lighting, and other energy consuming devices.
	 	 	 

		g.	Landlord shall perform all light tube or bulb replacements at Tenant’s reasonable request,
provided, however, that the cost of all light tube or bulb replacements shall be at Tenant’s sole cost and expense.
	 	 	 

		h.	Rest room facilities and necessary lavatory supplies, including hot and cold running water, at
those points of supply provided for the general use of other tenants in the Building, and routine maintenance, painting, and electrical
lighting service for all public areas and special service areas of the Building in the manner and to the extent that is standard
for first-class office buildings in the Ann Arbor, Michigan area.
	 	 	 

		i.	Janitorial services for the Common Areas of the Building in a manner consistent with the standard
for professionally managed office buildings in the Ann Arbor, Michigan area.
	 	 	 

		j.	Daily removal of trash and other waste from the Building in a manner consistent with the standard
for first-class office buildings in the Ann Arbor, Michigan area.
	 	 	 

		k.	Further, Tenant and its employees shall have access to all general access amenities in the Building
provided by Landlord from time to time for various tenants, including, if applicable, access to the rooftop, loading dock, fitness
center, cafeteria, etc.
	 	 	 

		l.	Adhering to a property management protocol that is consistent with the standard for professionally
managed office buildings in the Ann Arbor, Michigan area.

 

     

     

    

 

11.   Damage
to Premises. If the Premises are damaged by fire or other casualty, then Landlord shall repair the Premises as speedily as
possible, and the rent shall be abated in whole or in part, according to the portion of the Premises which is rendered unusable.
If less that the entire space is rendered unusable but the remaining portion is obviously not suited to meet Tenant’s operations
needs, then the entire space will be deemed unusable. If the Premises cannot be repaired within one hundred eighty days (180),
then Tenant may terminate this Lease by giving notice to Landlord within ten (10) days after the Landlord has notified Tenant
of the time required to repair the Premises. Landlord shall, in its sole judgment, reasonably exercised, determine the length
of time required to repair the Premises, and shall notify Tenant of such determination within ten (10) days after the occurrence
of the fire or other casualty. Notwithstanding the foregoing, if the Premises are so damaged by fire or other casualty that demolition
or substantial reconstruction is required, then Landlord may terminate this Lease by giving notice to Tenant within thirty (30)
days after the date of such damage. If Landlord commences to restore the Premises in accordance with the terms of this Section
12 and Landlord fails to substantially complete the restoration work which Landlord is obligated to perform hereunder within one
hundred eighty (180) days from the date of the damage, then Tenant shall have the right, during the thirty (30) day period immediately
following the expiration of such one hundred eighty (180) day period, to terminate this Lease by delivering a termination notice
to Landlord, specifying an effective date, not less than ten (10) nor more than sixty (60) days after the giving of such termination
notice, on which the Term shall expire as fully and completely as if such date were the date originally fixed for the expiration
of the Term.

 

12.   Eminent
Domain. If any part of the Premises is taken by public authority under the power of eminent domain then this Lease shall terminate
on the part so taken on the date possession of the Premises is required for public use, and any pre-paid rent shall be refunded
to the Tenant. If less that the entire space is rendered unusable but the remaining portion is obviously not suited to meet Tenant’s
operations needs, then the entire space will be deemed unusable. In such a circumstance, Landlord and Tenant shall also each have
the right to terminate this Lease for any remaining portion of the Premises upon written notice to the other, which notice shall
be delivered within thirty (30) days following the date notice is received of such taking (provided, however, that Landlord shall
only have the right to terminate this Lease if it terminates the leases of all office tenants of the Building which are terminable
by Landlord in such event). If neither party terminates this Lease, Landlord shall make all necessary repairs to the Premises and
the Building and the improvements in which the Premises are located to render and restore it to a complete architectural unit,
and Tenant shall continue in possession of the portion of the Premises not taken under the power of eminent domain, under the terms
and conditions provided in this Lease, except that the monthly rent shall be reduced in direct proportion to the amount of the
Premises so taken. All damages awarded for such taking shall belong to and shall be property of the Landlord, whether such damages
be awarded as compensation for diminution in value of the Leasehold or to the fee of the Premises. Notwithstanding the foregoing,
Tenant may go to all legal proceedings and assert any claim that it may have against the condemning authority for compensation
for any of Tenant's personal property and trade fixtures and for any relocation expense compensable by statute, and receive such
award therefor as may be allowed in the condemnation proceedings, if such award shall be made in addition to and stated separately
from the award made for the Land and the Building or the part thereof so taken.

 

     

     

    

 

13.   Liability

 

		a.	Indemnity. To the maximum extent this Lease may be made effective according to law, Tenant
and Landlord agree to indemnify and save harmless each other from and against all claims of whatever nature arising from any act,
omission, or negligence of the other party, or its contractors, licensees, invitees, agents, servants, or employees. This indemnity
and hold harmless provision shall include indemnity against all costs, expense, and liabilities incurred in or in connection with
any such claim or proceeding brought thereon, and the defense thereof.
	 	 	 

		b.	Tenant's Risk. To the maximum extent this Lease may be made effective according to
                                                                law, Tenant agrees to use and occupy the Premises and to use such other portions of the Building as Tenant is given the right
                                                                to use at Tenant's own risk; and Landlord shall have no responsibility or liability for any loss of or damage to fixtures or
                                                                other personal property of Tenant or Tenant's agents, employees, independent contractors, or invitees for any other reason
                                                                than the intentionally wrongful or negligent acts or omissions of Landlord or Landlord's agents, employees, independent
                                                                contractors, or invitees. The provisions of this section shall be applicable from and after the Effective Date and until
                                                                the end of the Term, and during such further period as Tenant may use or be in possession of any part of the
                                                                Premises.
	 	 	 

		c.	Injury Caused by Third Parties. To the maximum extent this lease may be made effective
                                                                according to the law, Tenant agrees that Landlord shall not be responsible or liable to Tenant, or those claiming by, through
                                                                or under Tenant, for any loss or damage that may be occasioned by or through the acts or omissions of persons occupying
                                                                adjoining Premises or any part of the Premises adjacent to or connecting with the Premises or any part of the building,
                                                                or otherwise or for any loss or damage resulting to Tenant or those claiming by, through, or under Tenant, or its or
                                                                their property, from breaking, bursting, stopping, or leaking of electric cables and wires, water, gas, sewer, or steam
                                                                pipes, from roof leaks, fire, or any other like causes unless caused by Landlord's negligence or willful misconduct,
                                                                provided, however, that Landlord agrees to use to commercially reasonable and good faith efforts to enforce the terms of any
                                                                other tenants lease against such tenant.
	 	 	 

		d.	Utilities. Landlord shall not be liable to Tenant for damages or otherwise (a) if any utility
shall become unavailable from any public utility company or authority, or any other person or entity (including Landlord) supplying
or distributing such utility or (b) for any interruption in a utility service (including, without limitation, heating, ventilation,
air conditioning) caused by the making of any necessary repairs or improvements or by any cause whatsoever nor shall the same constitute
a termination of this Lease or an eviction of Tenant unless a result of Landlord’s negligence or bad acts. Notwithstanding
the foregoing, Landlord may not elect to intentionally discontinue a utility that is provided by Landlord without Tenant’s
prior written consent. However, if for any reason the utilities are shut off for more 30 consecutive days then Tenant may cancel
this lease.

 

14.   Insurance.
Landlord will obtain and maintain, at all times until termination of this Lease and surrender of the Premises to Landlord,
special cause of loss form, or its equivalent, property insurance including equipment breakdown coverage, covering the Building
and the Premises, including common areas, and all other improvements to the Building made by Landlord but specifically excluding
Tenant betterments installed by Tenant and providing the insurance protection to Landlord described in this Lease, which insurance
shall be in an amount not less than one hundred percent (100%) of the full replacement cost of the foregoing. Landlord will retain
in its possession the original policy and all endorsements, renewal certificates and new policies, if any issued during the term
but will provide Tenant, upon request, with copies of said policy or certificates of self-insurance. Landlord will also maintain
commercial general liability insurance coverage against claims for, or arising out of, bodily injury, death or property damage
occurring in, on or about the Building and the Premises or property in, on or about the street, sidewalks or properties adjacent
to the Building and the Premises. The policy shall carry limits, including coverage under umbrella policies of not less than $500,000
per occurrence and $1,000,000 aggregate.

 

     

     

    

 

In addition to the above, and not by the
way of substitution thereof, Tenant shall obtain, at its own expense, comprehensive general liability insurance with both Landlord
and Wickfield Properties LLC named as additionally insured, against claims for, or arising out of, bodily injury, death or property
damage occurring on the Premises and shall have limits of coverage of $500,000 per occurrence and $1,000,000 annual aggregate.
Tenant will deliver a letter to Landlord confirming Tenant's required insurance coverage upon written request from Landlord.

 

15.  
Bankruptcy and Insolvency. If the leasehold estate hereby created shall be taken in execution, or by other process of
law, or if Tenant shall be declared bankrupt or insolvent, according to law, or any receiver be appointed for the
business and property of Tenant, or if any assignment shall be made of the Tenant's property for the benefit of
creditors, then in such event this Lease may be canceled at the option of the Landlord. If the Landlord chooses to cancel
this Lease, Landlord must give notice to Tenant in writing in accordance with Section 19 contained herein.

 

16.  
Subordination of Lease. Tenant agrees that Landlord may subordinate this Lease to its present or any subsequent mortgage
on the leased Premises, provided that such subordination shall not interfere with Tenant's continued occupancy of the
Premises pursuant to the term of this Lease and provided further that any lender with a mortgage on the Premises agrees
to deliver to Tenant a subordination, non-disturbance and attornment agreement in the lender’s standard and reasonable
form with reasonable approval by Tenant. Tenant agrees to execute any and all instruments as may be reasonably requested from
time to time by Landlord in order to evidence the above described subordination of this Lease to any mortgage. Tenant agrees
to execute, acknowledge and deliver to Landlord within thirty (30) days following a written request from Landlord a statement
in writing certifying this lease is unmodified and in full force and effect (or if there have been modifications, that the
same is in full force and effect as modified, and stating said modifications), and the dates to which the rent and other
charges have been paid in advance, if any, it being intended that any such statement delivered pursuant to this paragraph may
be relied upon by any prospective purchaser, mortgagee, or assignee.

 

17.  
Landlord's Remedies.

 

		a.	In the event Tenant shall fail to pay the Rent or any other obligation involving the payment of
money reserved herein when due, Landlord shall give Tenant written notice of such default, and if Tenant shall fail to cure such
default within thirty (30) days after receipt of such notice, Landlord shall, in addition to its other remedies provided by law
and in this Lease, have the remedies set forth in subparagraph (c) below.
	 	 	 

		b.	If
Tenant shall be in default in performing any of the terms of this Lease other than the payment of Rent or any obligation involving
the payment of money, Landlord shall give Tenant written notice of such default, and if Tenant shall fail to cure such default
within forty-five (45) days after receipt of such notice (or if the default is of such a character as to require more than forty-five
(45) days to cure, such reasonable additional time as shall be required to permit Tenant to cure the default, provided that Tenant
promptly commenced and diligently pursued the cure of such default), then Landlord may (at its option and in addition to other
legal remedies) cure such default for the account of Tenant and be reimbursed by Tenant for the reasonable and actual costs of
such care. Such reimbursement shall be Additional Rent for all purposes hereunder, including subparagraph (a) above and shall
be paid by Tenant with the next monthly installment of Rent.

 

     

     

    

 

		c.	If any Rent or any other obligation involving the payment of money shall be due and unpaid or Tenant
shall be in default upon any of the terms of this Lease, and such default has not been cured after notice and within the time provided
in subparagraphs (a) and (b) above, then Landlord may seek to take possession pursuant to legal proceedings or any notice provided
for by law. Landlord may either terminate this Lease or, without terminating this Lease, re-let the Premises or any part thereof
on such terms and conditions as Landlord shall deem reasonably advisable. Any payments as a result of such re-letting shall be
applied as follows: first, to the payment of any indebtedness of Tenant to Landlord other than Rent due hereunder; second, to the
payment of any reasonable costs incurred by Landlord in obtaining possession and re-letting the Premises, including, without limitation,
legal fees, brokerage commissions and the cost of any reasonable alterations, and repairs to the Premises; third, to the payment
of Rent due and unpaid hereunder; and the residue, if any, shall be held by Landlord and applied in payment of future Rent as the
same may become due and payable hereunder. Tenant shall be liable to Landlord for any deficiency. Both parties shall use their
best efforts to mitigate their damages under this Lease.
	 	 	 

		d.	All rights and remedies of Landlord hereunder shall be cumulative and none shall be exclusive of
any other rights and remedies allowed by law.

 

18.  
Notices. All notices required to be given hereunder by either party to the other shall be given by personal delivery, sent
by a reputable private carrier of overnight mail or by certified or registered mail, return receipt requested. In the event notice
is given by personal delivery, notice shall be deemed given when delivered; if notice is given by private carrier or overnight
mail it shall be deemed made on the day after such sending; or if by certified or registered mail, it shall be deemed given when
deposited into the United States mail, postage prepaid. Notices to the respective parties shall be to the addresses set forth in
the Lease Summary or such other address as notified to the other parties.

 

19.   Assignment.
The Tenant covenants not to assign or transfer this Lease or mortgage the same or sublet said Premises or any part thereof without
the prior written consent of the Landlord which consent shall not be unreasonably withheld, conditioned or delayed. Any assignment,
transfer, hypothecation, mortgage or subletting without said written prior consent shall give the Landlord the right to terminate
this Lease and to re-enter and repossess the leased Premises, except that the Tenant may withdraw request to assign or sublease,
in which case Landlord shall not have the right to terminate this Lease or repossess the Premises. Notwithstanding the foregoing,
Tenant shall have the right to assign the Lease or sublease the Premises, or a portion thereof, to any parent, subsidiary or affiliate
or any entity resulting from a merger with tenant or the sale of all substantially all of Tenant's assets.

 

20.   Successors. This Lease
shall be binding on and inure to the benefit of the parties and their successors.

 

21.   Severability.
The unenforceability, invalidity, or illegality of any provision of this Lease shall not render the other provisions unenforceable,
illegal, or invalid.

 

22.   Brokers.
Landlord shall be responsible for all fees associated with this transaction to Gritter Real Estate Services, LLC.

 

     

     

    

 

23.   Law
of Michigan. This Lease shall be construed and interpreted in accordance with the laws of the State of Michigan, without reference
to its conflicts of laws principles. Landlord, its successors and assigns, consents to the jurisdiction of the appropriate courts
of the State of Michigan with respect to any other claims arising under this Agreement.

 

24.  
Environmental Matters.

 

		a.	Landlord represents and warrants to Tenant that (a) Landlord has no notice or knowledge of any
violation of any laws or regulations affecting the Land or the Premises itself, including any laws, ordinances, or regulations
relating to the soil, surface water and ground water of or on the property; and to Landlord's best knowledge the Land and Premises
are free of and do not contain any pollution, contamination, or other environmental hazards which shall include, but not be limited
to, those identified under federal, state, or local statute, ordinance, or regulation; and (b) Landlord has not received any notice
of or have any knowledge of any existing or threatened condemnation or other litigation, administrative proceeding, or action of
any kind involving the Land or the Premises.
	 	 	 

		b.	Both parties shall comply with all applicable laws and regulations relating to the Premises, including
environmental laws and regulations. Each party shall give immediate notice to the other of the release or the threatened release
of any hazardous material or any violation of any applicable environmental law or regulation at or affecting the Land or the Premises,
and such party shall promptly undertake all obligations imposed upon it under applicable environmental law or regulation as a result
of such event.

 

25.  
Quiet Enjoyment. So long as Tenant pays the rent and otherwise complies with this Lease, Tenant's possession of the Premises
will not be disturbed by Landlord, its successors or assigns, and Tenant shall be entitled to quiet enjoyment of the Premises.

 

26.  
Security Deposit. The Landlord herewith acknowledges the receipt of two month’s rent - $64,904.00 which the Landlord
shall retain as security for the faithful performance of all the covenants, conditions, and agreements of this lease, but in no
event shall the Landlord be obliged to apply the same upon rents or other charges in arrears or upon damages for the Tenant’s
failure to perform the said covenants, conditions, and agreements; the Landlord may so apply the security at its option; and the
Landlord’s right to the possession of the premises for non-payment of rent or for any other reason shall not in any event
be affected by reason of the fact that the Landlord holds the security. The said sum if not applied toward the payment of rent
in arrears or toward the payment of damages suffered by the Landlord by reason of the Tenant’s breach of covenants, conditions,
and agreements of this lease is to be returned to the to the Tenant within 30 days after termination of the lease agreement. In
no event is the landlord obligated to return the security deposit until the Tenant has vacated the premises and delivered possession
to the Landlord. In the event that the Landlord repossesses himself of the said premises because of the Tenant’s default
or because of the Tenant’s failure to carry out the covenants, conditions, and agreements of this lease, the Landlord may
apply the said security upon all damages as may be suffered to the date of said repossession and may retain the said security
to apply upon such damages as may be suffered or shall accrue thereafter by reason of the Tenant’s default or breach. The
Landlord shall not be obliged to keep the said security as a separate fund, but may mix the said security with its own funds

 

27.  
Lender Approval. This Lease is subject to Landlord’s lender approval. If Landlord lender does not approve Lease, this
Lease shall be void.

 

     

     

    

 

28.   
Amendments. Any amendments or addendums to this Lease must be in writing and signed by both parties to the Lease.

 

29.  
Entire Agreement. This Lease, together with the Lease Summary and all Exhibits attached hereto, contains and embodies the
entire agreement of the parties hereto, and no representations, inducements or agreements, oral or otherwise, between the parties
not contained and embodied in this Lease shall be of any force or effect.

 

30.   Counterparts. This Lease may be executed in two (2) or more counterpart copies, all of which counterparts shall have the same
force and effect as if all parties hereto had executed a single copy of this Lease.

 

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned have caused
this Lease to be signed as of the Effective Date.

 

 LANDLORD:

 

 

WICKFIELD PHOENIX, LLC

 

 

By: /s/ Bradley J. Hayosh

Name: Bradley J. Hayosh

Its: Authorized Agent

 

 

 

TENANT:

 

 

ZOMEDICA PHARMACEUTICAL INC.

 

 

By: /s/ Shameze Rampertab

Name: Shameze Rampertab

Its: Interim CEO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

 

EXHIBIT A

 

 

FLOOR PLAN ATTACHED

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

 

EXHIBIT B

 

 

TENANT SPACE FINISH WORK

 

None

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

 

EXHIBIT C

 

 

RULES AND REGULATIONS

 

 

		1.	The sidewalks, entrances, passages, courts, elevators, vestibules, stairways, corridors, or halls, shall not be obstructed
or encumbered by any Tenant or used for any purpose other than ingress or egress to and from the Premises.

 

		2.	Except as expressly permitted in the Lease or otherwise permitted by Landlord, no sign, picture, lettering, notice or advertisement
of any kind shall be painted or displayed on or from the windows, doors, roof, or outside walls of the structure in which the Premises
are located. All of Tenant's interior sign painting or lettering shall be done in a manner reasonably approved by Landlord, and
the cost thereof shall be paid by Tenant. In the event of the violation of the foregoing by any Tenant, Landlord may remove same
without any liability and may charge the reasonable expense incurred for such removal to Tenant (provided that Landlord first gives
Tenant notice and an opportunity to cure).

 

		3.	No curtains, blinds, shades, screens, awnings or other projections shall be attached to or hung in, or used in connection with
any window or door of the Premises or outside wall of the building without the prior written consent of Landlord, which consent
shall not be unreasonably withheld, conditioned or delayed. If curtains or venetian blinds are provided in the Premises, Tenant
shall use such care and diligence to protect them as may be required by Landlord.

 

		4.	Any carpeting cemented down shall be installed with a releasable adhesive.

 

		5.	The water and wash closets and other plumbing fixtures shall not be used for any purpose other than those for which they were
constructed and no sweepings, rubbish, rags, or other substances shall be thrown therein. All damages resulting from any misuse
of the fixtures by shall be borne by the Tenant who, or whose servants, employees, agents, visitors, licensees or invitees, shall
have caused the same. No person shall waste water by interfering or tampering with the faucets or otherwise.

 

		6.	No electric current shall be used by Tenant except that furnished or approved by Landlord.

 

		7.	Tenant shall not cause or permit unusual or objectionable odors to be produced upon or permeate from the Premises, including
duplicating or printing equipment or data processing equipment emitting noxious fumes. Tenant shall not unreasonably disturb any
neighboring structures or premises by the use of any unseemly or disturbing noise.

 

		8.	Tenant shall not throw anything out of the doors, windows, or down any passageways or elevator shafts. Except as permitted
pursuant to the terms of the Lease, no area outside of the Premises shall be used for storage at any time. All garbage, boxes,
and debris is to remain within the Premises during the course of normal business hours. All such items shall be clearly labeled
as garbage.

 

		9.	All loading, unloading, receiving or delivery of goods, supplies or disposal of garbage or refuse shall be made only through
entryways provided for such purposes and indicated by Landlord.
	 	 	 
	 	 	Tenant is not permitted to use any part of the Premises for any manufacturing, for lodging or sleeping, gambling or for
any immoral or illegal purpose. No intoxicating beverages shall be sold in the Premises or the structure of which the Premises
are a part without prior written consent of the Landlord. However, if the nature of any Landlord requested visit is not an
emergency, the Tenant may request that Landlord come at an alternative time, including after hours if necessary.

 

     

     

    

 

		10.	All safes or other heavy articles of Tenant shall be carried in or out of the Premises in a manner which will not interfere
with or cause damage to the Premises. Tenant shall be responsible for any damage to the Premises or others and injuries sustained
by any person whomsoever resulting from the use or moving of such articles in or out of the Premises, and shall make all repairs
and improvements required by Landlord or governmental authorities in connection with the use or moving of such articles.

 

		11.	Tenant shall not install or operate any steam or gas engine or boiler or carry on any mechanical business in the Premises,
or use oil, burning fluids, camphene or gasoline for heating or lighting, or for any other purpose. No article deemed extra hazardous
on account of fire or other dangerous properties, or any explosive, shall be brought into the Premises. This prohibits the use
of hot plates (cooking), space heaters, and only approved electric percolators shall be permitted.

 

		12.	Landlord will furnish Tenant with two keys for each lock on the doors of the Premises. Additional keys must be made at Tenant's
expense, but only by Landlord. No additional locks or bolts of any kind shall be placed upon any of the doors or windows by any
Tenant, nor shall any changes be made in existing locks or the mechanism thereof. Each tenant must, upon the termination of its
tenancy, restore to Landlord all keys of stores, offices and toilet rooms, either furnished to or otherwise procured by such Tenant
and in the event of the loss of any keys so furnished, such Tenant shall pay to the Landlord the cost thereof.

 

		13.	Tenant shall not use any advertising or communication which tends to impair the reputation of the Premises or its desirability
as a building for offices.

 

		14.	Canvassing, soliciting or peddling in the Premises is prohibited and the Tenant shall cooperate to prevent the same.

 

		15.	Wherever the word "Tenant" occurs in this exhibit, it is understood and agreed that it shall mean Tenant's employees,
agents, clerks, servants, invitees and visitors. Wherever the word "Landlord" occurs in this exhibit, it is understood
and agreed that it shall mean Landlord's employees, agents, clerks, servants, invitees and visitors.

 

		16.	Subject to the terms and conditions of the Lease, Landlord shall have the right to enter upon the Premises at all reasonable
hours for the purpose of inspecting the same and making any repairs and for any other reasonable purposes, provided that Landlord
gives Tenant reasonable prior notice, conducts such inspections during normal business hours (except in emergencies) and agrees
to be accompanied by an employee of Tenant at all times.

 

		17.	Tenant shall not place or permit to be placed, a load exceeding the floor load per square foot which such floor was designed
to carry and which is allowed by law.

 

		18.	Tenant assumes responsibility for protecting the Premises from thefts, robbery and pilferage. Tenant shall be responsible for
locking all doors.

 

		19.	Tenant shall not smoke in Premises or within 50 feet of Premises unless otherwise permitted by Landlord. Tenant shall smoke
outside only in areas designated for such purpose.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}]]