Document:

Exhibit

Exhibit 4.2

	
		
	CLASS A WARRANT NO. 2018-[______]
	NUMBER OF SHARES:  [_______]

	DATE OF ISSUANCE:  January 19, 2018
	(subject to adjustment hereunder)

	EXPIRATION DATE: January 18, 2023
	 

CLASS A WARRANT TO PURCHASE SHARES
OF COMMON STOCK OF
GENOCEA BIOSCIENCES, INC.
This Class A Warrant (the “Warrant”) is issued by Genocea Biosciences, Inc., a Delaware corporation (the “Company”), to [________], or its registered assigns (including any successors or assigns, the “Holder”), and is subject to the terms and conditions set forth below. The Warrant is being issued pursuant to a Warrant Agreement between the Company and Computershare Inc., a Delaware corporation (“Computershare”) and its fully owned subsidiary Computershare Trust Company, N.A., a national banking association (collectively with Computershare, the “Warrant Agent”).
1.    EXERCISE OF WARRANT.
(a)    Number and Exercise Price of Warrant Shares; Expiration Date. Subject to the terms and conditions set forth herein, the Holder is entitled to purchase from the Company up to [______] shares of the Company’s Common Stock, $0.001 par value per share (the “Common Stock”) (as adjusted from time to time pursuant to the provisions of this Warrant) (the “Warrant Shares”), at a purchase price of $1.20 per share (the “Exercise Price”), on or before 5:00 p.m. New York City time on January 18, 2023 (the “Expiration Date”).
(b)    Method of Exercise.  While this Warrant remains outstanding and exercisable in accordance with Section 1(a) above, the Holder may exercise this Warrant in whole or in part in accordance with Section 5 by either:
(1)    wire transfer to the Company or cashier’s check drawn on a United States bank made payable to the order of the Company, or 
(2)    exercising of the right to credit the Exercise Price against the Fair Market Value (as defined below) of the Warrant Shares (as defined below) at the time of exercise (the “Net Exercise”) pursuant to Section 1(c). 
(c)    Net Exercise. If the Company shall receive written notice from the Holder at the time of exercise of this Warrant that the Holder elects to Net Exercise the Warrant, the Company shall deliver to such Holder (without payment by the Holder of any exercise price in cash) that number of Warrant Shares computed using the following formula:
	
			
	X
	=
	Y(A-B)

	A

1

Where
		
	X =
	The number of Warrant Shares to be issued to the Holder.

		
	Y =
	The number of Warrant Shares purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being cancelled (at the date of such calculation).

		
	A =
	The Fair Market Value of one share of Common Stock (at the date of such calculation).

		
	B =
	The Exercise Price (as adjusted to the date of such calculations).

The “Fair Market Value” of one share of Common Stock shall mean (x) the last reported sale price and, if there are no sales, the last reported bid price, of the Common Stock on the last trading day prior to the date of exercise on the trading market on which the Common Stock is listed as reported by Bloomberg Financial Markets (or a comparable reporting service of national reputation selected by the Company and reasonably acceptable to the Holder if Bloomberg Financial Markets is not then reporting sales prices of the Common Stock) (collectively, “Bloomberg”), or (y) if the foregoing does not apply, the last sales price of such security in the over-the-counter market on the pink sheets by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.) (the “pink sheets”) or bulletin board for such security as reported by Bloomberg, or if no sales price is so reported, the last bid price of the Common Stock as reported by Bloomberg or (z) if the fair market value cannot be calculated on any of the foregoing bases, the fair market value determined by the Company’s Board of Directors in good faith.
(d)    Disputes.  In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed.
(e)    Deemed Exercise.  In the event that immediately prior to the close of business on the Expiration Date, the Fair Market Value of one share of Common Stock (as determined in accordance with Section 1(c) above) is greater than the then applicable Exercise Price, this Warrant shall be deemed to be automatically exercised on a net exercise issue basis pursuant to Section 1(c) above, and the Company shall deliver the applicable number of shares of Common Stock to the Holder pursuant to the provisions of Section 1(c) above and this Section 1(e).
2.    CERTAIN ADJUSTMENTS.
(a)Adjustment of Number of Warrant Shares and Exercise Price. The number and kind of Warrant Shares purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 
(1)    Subdivisions, Combinations and Other Issuances.  If the Company shall at any time after the Date of Issuance but prior to the Expiration Date subdivide its shares of capital stock of the same class as the Warrant Shares, by split-up or otherwise, or combine such shares of 

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capital stock, or issue additional shares of capital stock as a dividend with respect to any shares of such capital stock, the number of Warrant Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination.  Appropriate adjustments shall also be made to the Exercise Price payable per share, but the aggregate Exercise Price payable for the total number of Warrant Shares purchasable under this Warrant (as adjusted) shall remain the same.  Any adjustment under this Section 2(a)(1) shall become effective at the close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of such dividend.
(2)    Reorganizations or Mergers.  In case of any reclassification, capital reorganization or change in the capital stock of the Company (other than as a result of a subdivision, combination or stock dividend provided for in Section 2(a)(1) above and Section (d) below) that occurs after the Date of Issuance, then, as a condition of such reclassification, reorganization or change, lawful provision shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall thereafter have the right at any time prior to the expiration of this Warrant to purchase, at a total price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock and/or other securities or property (including, if applicable, cash) receivable in connection with such reclassification, reorganization or change by a holder of the same number and type of securities as were purchasable as Warrant Shares by the Holder immediately prior to such reclassification, reorganization or change.  In any such case, appropriate provisions shall be made with respect to the rights and interest of the Holder so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities or property deliverable upon exercise hereof, and appropriate adjustments shall be made to the Exercise Price payable hereunder, provided the aggregate Exercise Price shall remain the same (and, for the avoidance of doubt, this Warrant shall be exclusively exercisable for such shares of stock and/or other securities or property from and after the consummation of such reclassification or other change in the capital stock of the Company).
(3)    Rights Upon Distribution of Assets.  If the Company shall declare or make any dividend, other distribution of its assets (or rights to acquire its assets) or evidences of its indebtedness to holders of shares of Common Stock generally (which dividend or other distribution has not already been given to the Holder with respect to the Warrant Shares), by way of return of capital or otherwise not addressed by this Section 2 above (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, subdivision, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant and prior to the Expiration Date, then, in each such case the Holder shall be entitled (subject to the following proviso) to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including, without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution; provided, however, that the Holder 

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shall only be permitted to take delivery of such Distribution if and to the extent the Holder exercises some or all of the Warrant (the portion of delivery of the Distribution shall be based on the pro rata portion of the Warrant Shares issuable upon the portion of the Warrant exercised as compared to the maximum number of Warrant Shares issuable upon complete exercise of the Warrant (without regard to any limitations or restrictions on exercise of this Warrant, including, without limitation, the Beneficial Ownership Limitation)), provided that, to the extent that the Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised the Warrant, at which time the Company shall issue to the Holder the pro-rata portion of such Distribution equivalent to that portion of this Warrant then exercised. Notwithstanding anything to the contrary contained herein, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder and its affiliates exceeding the Beneficial Ownership Limitation, if applicable pursuant to Section 5(c) herein, then the Holder shall not be entitled to participate in such Distribution to the extent of the Beneficial Ownership Limitation (and shall not be entitled to beneficial ownership of such shares of Common Stock as a result of such Distribution (and beneficial ownership) to the extent of any such excess) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time or times, if ever, as its right thereto would not result in the Holder and its affiliates exceeding the Beneficial Ownership Limitation, at which time or times the Holder shall be granted such Distribution (and any Distributions declared or made on such initial Distribution or on any subsequent Distribution held similarly in abeyance) to the same extent as if there had been no such limitation).
(b)Notice of Adjustment.  When any adjustment is required to be made in the number or kind of shares purchasable upon exercise of the Warrant, or in the Exercise Price, the Company shall promptly notify the Holder of such event and of the number of Warrant Shares or other securities or property thereafter purchasable upon exercise of this Warrant.
(c)Calculations.  No adjustment in the Exercise Price shall be required unless such adjustment would require an increase or decrease of at least $0.01 in such price; provided, however, that any adjustment which by reason of this Section 2(c) is not required to be made shall be carried forward and taken into account in any subsequent adjustments under this Section 2.  All calculations under this Section 2 shall be made by the Company in good faith and shall be made to the nearest cent or to the nearest one hundredth of a share, as applicable.  No adjustment need be made for a change in the par value or no par value of the Company’s Common Stock.
(d)Treatment of Warrant upon an Acquisition.
(1)In the event of an Acquisition (as defined below) prior to the Expiration Date (other than, for the purposes of this provision, an Acquisition consummated by way of an unsolicited third-party offer), the Company shall use its best efforts to ensure that lawful and adequate provision shall be made whereby each Holder shall thereafter continue to have the right to subscribe for upon the terms and conditions set forth herein in lieu of the Warrant Shares issuable upon exercise of the Warrants held by such Holder, such number of shares, where the value of each new warrant to purchase one share in the surviving or acquiring entity (“Acquirer”) is determined in accordance 

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with the Black-Scholes Option Pricing formula set forth in Appendix (A) hereto, that is equivalent to the aggregate value of the Warrants held by such Holder, where the value of each Warrant to purchase one share of Common Stock in the Company is determined in accordance with the Black-Scholes Option Pricing formula set forth Appendix (B) hereto. Furthermore, the new warrants to purchase shares in the Acquirer referred to herein shall have the same expiration date as the Warrants, and shall have a strike price, KAcq, that is calculated in accordance with Appendix (A) hereto.  For the avoidance of doubt, if the Acquirer surviving or acquiring entity, as the case may be, is a member of a consolidated group for financial reporting purposes, the “Acquirer” shall be deemed to be the parent of such consolidated group for purposes of this Section 2(d) and Appendix (A) hereto.  
(2)Moreover, appropriate provision shall be made with respect to the rights and interests of each Holder to the end that the provisions hereof (including, without limitation, provision for adjustment of the Exercise Price) shall thereafter be applicable, as nearly equivalent as may be practicable in relation to any shares (or ADSs) thereafter deliverable upon the exercise thereof. The Company shall not effect any such Acquisition unless prior to or simultaneously with the consummation thereof the successor corporation resulting from such consolidation or merger, or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or entity shall assume by written instrument, reasonably deemed by the Board of Directors of the Company and the Holder to be satisfactory in form and substance, the obligation to deliver to the holder of the Warrants, at the last address of such holder appearing on the books of the Company, such shares of stock, as, in accordance with the foregoing provisions, such holder may be entitled to purchase, and the other obligations under these Warrants. The provisions of this Section 2(d) shall similarly apply to successive Acquisitions. 
(3)If the Company, in spite of using its best efforts, is unable to cause these Warrants to continue in full force and effect until the expiration of the Expiration Date in connection with any Acquisition, then the Company shall pay the Holders an amount per Warrant to purchase one share of Common Stock that is calculated in accordance with the Black-Scholes Option Pricing formula set forth in Appendix (B) hereto (the “Black-Scholes Value”). Such payment shall be made in cash in the event that the Acquisition results in the stockholders of the Company receiving cash from the Acquirer at the closing of the transaction, and shall be made in shares of the Company (with the value of each share of Common Stock determined according to SCorp in Appendix (B) hereto) in the event that the Acquisition results in the stockholders of the Company receiving shares in the Acquirer or other entity at the closing of the transaction. In the event that the stockholders of the Company receive both cash and shares at the closing of the transaction, such payment to the Holders shall also be made in both cash and shares in the same proportion as the consideration received by the stockholders.  Following any payment required pursuant to this Section 2(d)(3), the Warrant shall terminate, without payment of any additional consideration therefor.
(4)Notwithstanding the foregoing, in the event that as a result of the Acquisition the Warrants will be exercisable for anything other than shares or securities that are listed on a regulated market (within the meaning of the Markets in Financial Instruments Directive (2004/39(EC))) or a United States national securities exchange, the Holder shall be entitled to demand to receive a cash payment in an amount equal to the Black-Scholes Value per Warrant (calculated in accordance with Appendix B attached hereto) contemporaneously with or promptly 

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after the consummation of such Acquisition.  Following any such demand, the Warrant shall terminate, without payment of any consideration other than the Black-Scholes Value therefor, effective upon the payment of such amount.
(5)“Acquisition” means any of the following: (i) any sale, lease, license, transfer, conveyance or other disposition of all or substantially all of the assets of the Company; (ii) any reorganization, consolidation, merger, demerger or sale of shares of the Company (including, without limitation, a public tender offer for the shares in the Company) where the holders of the Company’s outstanding shares as of immediately before the transaction (or series of related transactions) beneficially own less than a majority by voting powers of the outstanding shares of the surviving or successor entity as of immediately after the transaction; or (iii) the acquisition by any “person” (together with his, her or its Affiliates) or “group” (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) acquires, directly or indirectly, the beneficial ownership (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) of outstanding shares of capital stock and/or other equity securities of the Company, in a single transaction or series of related transactions (including, without limitation, one or more tender offers or exchange offers), representing at least 50% of the voting power of or economic interests in the then outstanding shares of capital stock of the Company.
3.    NO STOCKHOLDER RIGHTS.  Until the exercise of this Warrant, the Holder shall not have, nor exercise, any rights as a stockholder of the Company (including without limitation the right to notification of stockholder meetings or the right to receive any notice or other communication concerning the business and affairs of the Company), except as provided in Section 8 below.
4.    COVENANT TO PERFORM; NONCIRCUMVENTION.  The Company hereby covenants and agrees that the Company will at all times in good faith carry out all the provisions of this Warrant and will not, by amendment of its certificate of incorporation, bylaws or other organizational documents or through an Acquisition, dissolution, sale of assets or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long as this Warrant is outstanding, take action necessary to reserve and keep available out of its authorized and unissued shares of Common Stock, solely for the purpose of effecting the exercise of this Warrant, 100% of the number of shares of Common Stock issuable upon exercise of this Warrant then outstanding. 
5.    MECHANICS OF EXERCISE.  
(a)Delivery of Warrant Shares Upon Exercise. This Warrant may be exercised by the Holder hereof upon the delivery of a Notice of Exercise (the “Exercise Notice”) attached hereto as Exhibit A duly completed and executed on behalf of the Holder hereof, at the office of the Warrant Agent designated for such purpose together with this Warrant and payment in full of the Exercise Price (unless the Holder has elected to Net Exercise) then in effect with respect to the number of 

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Warrant Shares as to which the Warrant is being exercised. This Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of its surrender for exercise as provided above, and the person entitled to receive the Warrant Shares issuable upon such exercise shall be treated for all purposes as the holder of such shares of record as of the close of business on such date.  The Holder shall be required to deliver the original Warrant in order to effect an exercise hereunder.  Execution and delivery of the Exercise Notice with respect to less than all of the Warrant Shares have the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. On or before the second (2nd) business day following the date on which the Warrant Agent has duly received each of the Exercise Notice, this Warrant and the Aggregate Exercise Price (or confirmation from the Company of the number of shares of Warrant Shares issuable in connection with a duly executed and delivered notice of Net Exercise), the Warrant Agent shall transmit by facsimile an acknowledgment of confirmation of receipt of the Exercise Notice to the Holder and the Company’s transfer agent (“Transfer Agent”).  The Company shall deliver any objection to the Exercise Notice on or before the second Trading Day following the date on which the Company has received the Exercise Notice. In the event of any discrepancy or dispute, the records of the Company shall be controlling and determinative in the absence of manifest error. On or before the third (3rd) business day following the date on which the Warrant Agent has received the Exercise Notice, this Warrant and the Aggregate Exercise Price (the “Share Delivery Date”), the Warrant Agent shall (X) provided that the Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its Deposit Withdrawal Agent Commission system, or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise.  Upon delivery of the Exercise Notice, this Warrant and the payment of the Aggregate Exercise Price (or a duly executed and delivered notice of Net Exercise), the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC account or the date of delivery of the certificates or book-entry position evidencing such Warrant Shares, as the case may be. The Company shall pay any and all taxes (other than taxes based upon the income of the Holder) which may be payable with respect to the issuance and delivery of Warrant Shares upon exercise of this Warrant; provided, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the issue and delivery of shares of Common Stock in any name other than that of the Holder, in either case with respect to any income or transfer tax due by the Holder with respect to such shares of Common Stock issued upon exercise of this Warrant. 
(b)Company’s Failure to Timely Deliver Securities.  If the Company shall fail for any reason or for no reason to issue to the Holder by the Share Delivery Date in compliance with the terms of this Section 5, a certificate or book entry position for the number of shares of Common Stock to which the Holder is entitled and register such shares of Common Stock on the Company’s share register or to credit the Holder’s balance account with DTC for such number of 

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shares of Common Stock to which the Holder is entitled upon the Holder’s exercise of this Warrant, and if on or after such trading day the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of shares of Common Stock issuable upon such exercise that the Holder anticipated receiving from the Company (a “Buy-In”), then the Company shall, within three (3) business days after the Holder’s request and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased less the Exercise Price (the “Buy-In Price”), at which point the Company’s obligation to deliver such certificate or evidence of book entry position (and to issue such Warrant Shares) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates or evidence of book entry position representing such Warrant Shares and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock, times (B) the closing bid price on the date of exercise. 
(c)    Holder’s Exercise Limitation.   Notwithstanding anything to the contrary contained in this Warrant, this Warrant shall not be exercisable by the Holder pursuant to Section 1 or otherwise, to the extent (but only to the extent) that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s affiliates, and any other persons acting as a group together with the Holder or any of the Holder’s affiliates (such Person, “Attribution Parties”)), would beneficially own in excess of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant (the “Beneficial Ownership Limitation”); provided, that notwithstanding anything herein to the contrary, this limitation on exercise shall not be applicable to any person that beneficially owns 10.0% or more of the Company’s outstanding Common Stock immediately prior to the exercise of this Warrant, but without giving effect to any shares of Common Stock underlying this Warrant.  Notwithstanding the forgoing, the Holder shall have the right to increase or decrease the Beneficial Ownership Limitation to any other number, with any increase to be effective only upon the Holder providing the Company with prior written notice of such increase, which shall be effective 61 days after delivery of such notice to the Company. To the extent the above limitation applies, the determination of whether this Warrant shall be exercisable (vis-à-vis other convertible, exercisable or exchangeable securities owned by the Holder or any of its Attribution Parties) and of which such securities shall be exercisable (as among all such securities owned by the Holder or any of its Attribution Parties) shall, subject to such Beneficial Ownership Limitation, be determined by the Holder, and the Company shall have no responsibility for determining the accuracy of the Holder’s determination. No prior inability to exercise this Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of exercisability. For purposes of the calculation of the Beneficial Ownership Limitation, the aggregate number of shares of Common Stock beneficially owned by the Holder and its Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without 

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limitation, any other convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this section, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.  In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 5(c), in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Securities and Exchange Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Company’s transfer agent setting forth the number of shares of Common Stock outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.  The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 5(c) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. Upon the reasonable written request of the Holder, the Company shall within three (3) business days confirm orally or in writing to the Holder the number of shares of Common Stock then outstanding, including by virtue of any prior conversion or exercise of convertible or exercisable securities into Common Stock, including, without limitation, pursuant to this Warrant or securities issued pursuant to the Purchase Agreement.
6.    CERTIFICATE OF ADJUSTMENT.  Whenever the Exercise Price or number or type of securities issuable upon exercise of this Warrant is adjusted, as herein provided, the Company shall, at its expense, promptly deliver to the Holder and the Warrant Agent a certificate of an officer of the Company setting forth the nature of such adjustment and showing in detail the facts upon which such adjustment is based.
7.    NOTICES.  
In the event of:
(a)any taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend payable out of earned surplus of the Company) or other distribution, or any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other right; or

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(b)any voluntary or involuntary dissolution, liquidation or winding-up of the Company or consummation of an Acquisition,
then and in each such event the Company will promptly mail or cause to be delivered to the Warrant Agent and Holder (or a permitted transferee) a notice specifying (i) the date on which any such record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend, distribution or right, and (ii) the date on which any such dissolution, liquidation or winding-up is to take place, and the time, if any, as of which the holders of record of Common Stock (or other securities) shall be entitled to exchange their shares of Common Stock (or other securities) for securities or other property deliverable upon such dissolution, liquidation or winding-up.  Such notice shall be delivered at least twenty (20) days prior to the date therein specified.

(c)Whenever any other notice is required to be given under this Warrant, unless otherwise provided herein, the Company shall provide prompt written notice of all actions taken pursuant to this Warrant, including in reasonable detail a description of such action and the reason therefore.

8.    REPLACEMENT OF WARRANTS.  On receipt of evidence reasonably satisfactory to the Company and Warrant Agent of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft or destruction of this Warrant, on delivery of an indemnity agreement reasonably satisfactory in form and amount to the Company and Warrant Agent or, in the case of any such mutilation, on surrender and cancellation of such Warrant, the Company at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor.
9.    ISSUANCE OF NEW WARRANTS.  Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Sections 8 or 9, the Warrant Shares designated by the Holder which, when added to the number of shares of Common Stock underlying the other new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.
10.    NO FRACTIONAL SHARES.  No fractional Warrant Shares or scrip representing fractional shares will be issued upon exercise of this Warrant.  In lieu of any fractional shares which would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the Fair Market Value of one Warrant Share.
11.    AMENDMENT AND WAIVER.  Except as otherwise provided herein, the provisions of this Warrant may be amended and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder.

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12.    TRADING DAYS.  If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be other than a day on which the Common Stock is traded (which for the avoidance of doubt includes a Saturday, Sunday or a legal U.S. holiday) on the NASDAQ Global Market, or, if the NASDAQ Global Market is not the principal trading market for the Common Stock or other such securities, as applicable, then on the principal securities exchange or securities market on which the Common Stock is then traded, then such action may be taken or such right may be exercised on the next succeeding day on which the Common Stock is so traded.
13.    TRANSFERS; EXCHANGES.  
(a)Subject to compliance with applicable federal and state securities laws and Section 7 hereof, this Warrant may be transferred by the Holder with respect to all of the Warrant Shares purchasable hereunder.  For a transfer of this Warrant as an entirety by Holder, upon surrender of this Warrant to the Warrant Agent, together with the Notice of Assignment in the form attached hereto as Exhibit B duly completed and executed on behalf of the Holder, the Company shall issue a new Warrant of the same denomination to the assignee.  Upon surrender of this Warrant to the Warrant Agent, together with the Notice of Assignment in the form attached hereto as Exhibit B duly completed and executed on behalf of the Holder, for transfer of this Warrant with respect to a portion of the Warrant Shares purchasable hereunder, the Company will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 9), registered as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance with Section 9) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.
(b)This Warrant is exchangeable, without expense, at the option of the Holder, upon presentation and surrender hereof to the Warrant Agent for other warrants of different denominations entitling the holder thereof to purchase in the aggregate the same number of shares of Common Stock purchasable hereunder.  This Warrant may be combined with other warrants that carry the same rights upon presentation hereof at the office of the Warrant Agent designated for such purpose together with a written notice specifying the denominations in which new warrants are to be issued to the Holder and signed by the Holder hereof.  The term “Warrants” as used herein includes any warrants into which this Warrant may be divided or exchanged.
14.    GOVERNING LAW; VENUE.  All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.  With respect to any disputes arising out of or related to this Warrant, the parties consent to the exclusive jurisdiction of, and venue in, the state courts in the State of New York (or in the event of exclusive federal jurisdiction, the courts of the District of New York).  Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of 

-11-

process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.  EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS WARRANT OR THE TRANSACTIONS CONTEMPLATED HEREBY.  
15.    DISPUTE RESOLUTION.  In the case of a dispute as to the determination of the Exercise Price, the arithmetic calculation of the Warrant Shares or under Sections 2 or 6, the disputing party shall submit the disputed determinations or arithmetic calculations to the other party.  If the Holder and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three (3) business days of such disputed determination or arithmetic calculation being submitted to the non-disputing party, then the Company shall, within two (2) business days submit the dispute to an independent, reputable accountant.  The Company shall cause, at the expense of the prevailing party, the accountant to perform the determinations or calculations and notify the Company and the Holder of the results no later than ten (10) business days from the time it receives the disputed determinations or calculations.  Such accountant’s determination or calculation shall be binding upon all parties absent demonstrable error.
16.    REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF.  The remedies provided in this Warrant shall be cumulative and in addition to all other remedies available under this Warrant, at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of the Holder to pursue actual damages for any failure by the Company to comply with the terms of this Warrant.
17.    CONSTRUCTION; HEADINGS.  This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed against any person as the drafter hereof.  The headings of this Warrant are for convenience of reference and shall not form part of, or affect the interpretation of, this Warrant.
18.    SUCCESSORS AND ASSIGNS.  Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of the Holder.  The provisions of this Warrant are intended to be for and the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.
19.    MISCELLANEOUS.  All notices, requests, consents and other communications hereunder shall be in writing, shall be sent by confirmed electronic mail, or mailed by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, and shall be deemed given when so sent in the case of electronic mail transmission, or when so received in the case of mail or courier, and addressed as follows:  (a) if to the Company, at Cambridge Discovery Park, 100 Acorn Park Drive, 5th Floor, Cambridge, MA 02140, attention of the Finance Department, Attention: Finance Department; with a copy to (which shall not constitute notice) Ropes & Gray LLP, Prudential Tower, 800 Boylston Street 
Boston, MA 02199-3600, Attention: Marc Rubenstein and (b) if to the Holder, at such address or addresses (including copies to counsel) as may have been furnished by the Holder to the Company 

-12-

in writing.  The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provisions.
[Signature Page Follows]

-13-

IN WITNESS WHEREOF, this Common Stock Purchase Warrant is issued effective as of the date first set forth above.
	
		
	GENOCEA BIOSCIENCES, INC.

	 
	 

	 
	 

	 
	 

	By:
	 

	Name:
	 

	Title:
	 

SIGNATURE PAGE TO 
WARRANT NO. 2018-«WARRANT NO»

EXHIBIT A

NOTICE OF INTENT TO EXERCISE
(To be signed only upon exercise of Warrant)

To: Genocea Biosciences, Inc.

The undersigned, the Holder of the attached Warrant, hereby irrevocably elects to exercise the purchase right represented by such Warrant for, and to purchase thereunder, __________________________ shares of Common Stock of Genocea Biosciences, Inc., a Delaware corporation (the “Company”), and (choose one)
__________ herewith makes payment of USD ___________________________ thereof
or
__________ elects to Net Exercise the Warrant pursuant to Section 1(b)(2) thereof.
The undersigned requests that the certificates or book entry position evidencing the shares to be acquired pursuant to such exercise be issued in the name of, and delivered to __________________________________________, whose address is ____________________________________________________________________________________________________.
By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned under Section 5(c) of the Warrant to which this notice relates.
By its signature below the undersigned hereby represents and warrants that it is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended, and agrees to be bound by the terms and conditions of the attached Warrant as of the date hereof, including Section 7 thereof.
DATED:______________________
(Signature must conform in all
respects to name of the Holder
as specified on the face of the
Warrant)

_____________________________________
«Holder»
Address:  _____________________________
_____________________________________
_____________________________________

EXHIBIT B

NOTICE OF ASSIGNMENT FORM

FOR VALUE RECEIVED, «Holder» (the “Assignor”) hereby sells, assigns and transfers all of the rights of the undersigned Assignor under the attached Warrant with respect to the number of shares of common stock of Genocea Biosciences, Inc., a Delaware corporation (the “Company”), covered thereby set forth below, to the following “Assignee” and, in connection with such transfer, represents and warrants to the Company that the transfer is in compliance with Section 7 of the Warrant and applicable federal and state securities laws:
	
		
	NAME OF ASSIGNEE
	ADDRESS

	 
	 

	Number of shares: ______________________
	 

	Dated:________________________________
	Signature:____________________________

ASSIGNEE ACKNOWLEDGMENT

The undersigned Assignee acknowledges that it has reviewed the attached Warrant and by its signature below it hereby represents and warrants that it is an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended, and agrees to be bound by the terms and conditions of the Warrant as of the date hereof, including Section 7 thereof.

Signature:___________________________________
By:________________________________________
Its:________________________________________
Address:
______________________________
______________________________
______________________________

Appendix A
Black-Scholes Option Pricing formula to be used when calculating the value of each new warrant to purchase one share in the Acquirer shall be: 
CAcq = SAcqe-λ(TAcq-tAcq)N(d1) – KAcqe-r(TAcq-tAcq)N(d2), where
CAcq = value of each warrant to purchase one share in the Acquirer
SAcq = price of Acquirer’s stock as determined by reference to the average of the closing prices on the securities exchange or Nasdaq over the 20-day period ending three trading days prior to the closing of the Acquisition described in Section 2(d) if the Acquirer’s stock is then traded on such exchange or system, or the average of the closing bid or sale prices (whichever is applicable) in the over-the-counter market over the 20-day period ending three trading days prior to the closing of the Acquisition if the Acquirer’s stock is then actively traded in the over-the-counter market, or the then most recently completed financing if the Acquirer’s stock is not then traded on a securities exchange or system or in the over-the-counter market.
TAcq = expiration date of new warrants to purchase shares in the Acquirer = TCorp 
tAcq = date of issue of new warrants to purchase shares in the Acquirer
TAcq-tAcq = time until warrant expiration, expressed in years 
σ = volatility = annualized standard deviation of daily log-returns (using a 262-day annualization factor) of the Acquirer’s stock price on the securities exchange or Nasdaq over a 20-day trading period, determined by the Holders, that is within the 100-day trading period ending on the trading day immediately after the public announcement of the Acquisition described in Section 2(d) if the Acquirer’s stock is then traded on such exchange or system, or the annualized standard deviation of daily-log returns (using a 262-day annualization factor) of the closing bid or sale prices (whichever is applicable) in the over-the-counter market over a 20-day trading period, determined by the Holder, that is within the 100-day trading period ending on the trading day immediately after the public announcement of the Acquisition if the Acquirer’s stock is then actively traded in the over-the-counter market, or 0.5 (or 50%) if the Acquirer’s stock is not then traded on a securities exchange or system or in the over-the-counter market. In no event will the volatility variable be more than 0.5 (or 50%). 
N = cumulative normal distribution function
d1 = (ln(SAcq/KAcq) + (r-λ+σ2/2)(TAcq-tAcq)) ÷ (σ√(TAcq-tAcq))
ln = natural logarithm 
λ = dividend rate of the Acquirer for the most recent 12-month period at the time of closing of the Acquisition.
KAcq = strike price of new warrants to purchase shares in the Acquirer = KCorp * (SAcq / SCorp)
r = annual yield, as reported by Bloomberg at time tAcq, of the United States Treasury security measuring the nearest time TAcq 
d2 = d1- σ√(TAcq-tAcq)

1

APPENDIX B

Black-Scholes Option Pricing formula to be used when calculating the value of each Warrant to purchase one share of Common Stock in the Company shall be: 
CCorp = SCorpe-λ(TCorp-tCorp)N(d1) – KCorpe-r(TCorp-tCorp)N(d2), where
CCorp = value of each Warrant to purchase one share of Common Stock in the Company
SCorp = price of Company stock as determined by reference to the average of the closing prices on Nasdaq over the 20-day period ending three trading days prior to the closing of the Acquisition described in Section 2(d) if the Company’s stock is then traded on Nasdaq, or the average of the closing bid or sale prices (whichever is applicable) in the over-the-counter market over the 20-day period ending three (3) trading days prior to the closing of the Acquisition if the Company’s stock is then actively traded in the over-the-counter market, or on the AIM market, if the Company’s stock is not then traded on a securities exchange or system or in the over-the-counter market, or the most recently completed financing if the Company’s stock is not then traded on AIM.
TCorp = expiration date of Warrants to purchase shares in the Company
tCorp = date of public announcement of transaction
TCorp-tCorp = time until Warrant expiration, expressed in years 
σ = volatility = the annualized standard deviation of daily log-returns (using a 262-day annualization factor) of the Company’s stock price on the securities exchange or Nasdaq over a 20-day trading period, determined by the Holders, that is within the 100-day trading period ending on the trading day immediately after the public announcement of the Acquisition described in Section 2(d) if the Company’s stock is then traded on such exchange or system, or the annualized standard deviation of daily-log returns (using a 262-day annualization factor) of the closing bid or sale prices (whichever is applicable) in the over-the-counter market over a 20-day trading period, determined by the Holder, that is within the 100-day trading period ending on the trading day immediately after the public announcement of the Acquisition if the Company’s stock is then actively traded in the over-the-counter market, or 0.5 (or 50%) if the Company’s stock is not then traded on a securities exchange or system or in the over-the-counter market. In no event will the volatility variable be more than 0.5 (or 50%). 
N = cumulative normal distribution function
d1 = (ln(SCorp/KCorp) + (r-λ+σ2/2)(TCorp-tCorp)) ÷ (σ√(TCorp-tCorp))
ln = natural logarithm 
λ = dividend rate of the Company for the most recent 12-month period at the time of closing of the Acquisition.
KCorp = strike price of Warrant
r = annual yield, as reported by Bloomberg at time tCorp, of the United States Treasury security measuring the nearest time TCorp 
d2 = d1- σ√(TCorp-tCorp)

2Exhibit 10.1

 

LICENSE AGREEMENT

 

 

 

 

BETWEEN

 

 

RELMADA THERAPEUTICS, INC.

 

 

 

AND

 

 

 

DR. PAOLO MANFREDI AND DR. CHARLES E. INTURRISI

 

 

    	 		 

     

    

 

 

LICENSE AGREEMENT

 

This agreement (“Agreement”)
is entered into as of January 16, 2018 (the “Effective Date”), by and between Dr. Charles E. Inturrisi, an individual,
and Dr. Paolo Manfredi, an individual, jointly and severally (collectively, “Licensor”) and Relmada Therapeutics,
Inc., a Nevada corporation (“Licensee”).

 

RECITALS

 

WHEREAS, Dr. Charles
E. Inturrisi is an employee of Cornell University (“Cornell”) and in that capacity developed certain inventions
regarding d-Methadone in the context of analgesic use (the “Cornell Invention”);

WHEREAS, Medeor,
Inc. (“Medeor”), a corporation organized under the laws of Delaware, and Cornell have entered into an Amended
and Restated License Agreement, dated April 17, 2012 and further amended on December 31, 2013, pursuant to which Cornell licensed
all its rights, title, and interest in and to the Cornell Invention to Medeor (the “Cornell License Agreement”);

WHEREAS, pursuant
to an Agreement and Plan of Merger dated December 31, 2013, Licensee was merged into Medeor and Licensee became a party to Cornell
License Agreement as successor by merger to Medeor;

WHEREAS, pursuant
to a letter dated August 17, 2012 from Cornell to Dr. Charles E. Inturrisi (the “Carve-Out Letter”), a copy
of which is attached as Exhibit 1 hereto, Cornell relinquished and released to Dr. Charles E. Inturrisi any intellectual property
rights that may arise from Dr. Charles E. Inturrisi’s right, title, and interest with respect to any of Dr. Charles E. Inturrisi’s
work related to d-Methadone after that date, including the testing and research on its formulations, its use as a therapeutic,
or its effects on patients and animals, including without limitation the subject matter of the Cornell License Agreement, provided
that such work is not performed as part of Dr. Inturrisi’s employment responsibilities at Cornell and on such other terms
and conditions as further provided in the Carve-Out Letter;

WHEREAS, Licensor
jointly and collectively developed certain inventions regarding d-Methadone in the context of psychiatric use (the “Existing
Invention”);

WHEREAS, on October
29, 2013, Licensor and Medeor entered into an Intellectual Property Assignment Agreement (“Original Assignment Agreement”)
pursuant to which Licensor assigned and transferred all of Licensor’s right, title, and interest in the Existing Invention
to Medeor, which was assigned to Licensee by merger;

WHEREAS, Licensor
jointly and collectively developed certain further inventions regarding d-Methadone in the context of neurological and other uses
(the “New Invention”);

WHEREAS, immediately
prior to the execution of this Agreement, Licensor and Licensee entered into an Intellectual Property Assignment Agreement (the
“New Assignment Agreement”), providing for the assignment and transfer of all of Licensee’s right, title,
and interest in the Existing Invention and other rights granted to Licensee pursuant to the Original Assignment Agreement to Licensor;

    	 	2	 

     

    

WHEREAS, subject
to the terms and conditions of this Agreement, Licensor and Licensee desire to enter into this Agreement for Licensor to license
the use of certain inventions relating to d-Methadone, including without limitation, the Existing Invention and the New Invention,
to Licensee;

WHEREAS, Licensee
acknowledges Licensor’s expertise relating to the development of d-Methadone; the critical role of Licensor in any development
of d-Methadone and related products; and the importance of Licensor in any future development of d-Methadone and related inventions
and products by Licensee;

WHEREAS, Licensor
and Licensee acknowledge the expertise, role, and value of Sergio Traversa, Pharm.D. (“Mr. Traversa”), the Chief
Executive Officer of Licensee, in the development of d-Methadone and related products and commercialization of the intellectual
property that is the subject of this Agreement;

NOW THEREFORE, in consideration of the mutual covenants set forth
herein, including among other things, Licensee entering into the New Assignment Agreement, the receipt and sufficiency of which
are hereby acknowledged, Licensor and Licensee further agree as follows:

 

ARTICLE 1. DEFINITIONS

 

The terms, as defined herein, shall have the
same meanings in both their singular and plural forms.

 

		1.1	“Affiliate” shall mean any corporation or other entity in which Licensee owns
or controls, directly or indirectly, at least fifty percent (50%) of the outstanding stock, membership units, or other voting rights,
or in which Licensee is owned or controlled by, or is under common control with Licensee, directly or indirectly, by at least fifty
percent (50%) of the outstanding stock, membership units, or other voting rights; but in any country where the local law does not
permit foreign equity participation of at least fifty percent (50%), then an Affiliate includes any entity in which Licensee owns
or controls, is under common control with, or is owned or controlled by, directly or indirectly, the maximum percentage of outstanding
stock, membership units, or voting rights permitted by local law.

 

		1.2	“Bankruptcy Code” shall mean title 11 of the United States Code, as amended
from time to time.

 

		1.3	“Cause” shall mean: (a) Mr. Traversa’s conviction of (i) any felony or
(ii) any crime involving fraud by Mr. Traversa that results in material harm to Licensee; or (b) Mr. Traversa’s unauthorized
use or disclosure of any material confidential information of Licensee that results in material harm to Licensee, provided that
evidence of any such material harm shall have been presented to Mr. Traversa in writing by Licensee’s Board of Directors
(“Board”) within thirty (30) days of the Board becoming aware of the occurrence of such material harm, and provided
further that Mr. Traversa shall have subsequently failed to remedy such breach within thirty (30) days of such notice.

 

    	 	3	 

     

    

  

		1.4	“Enabled Patents” shall mean any new Patents relating to d-Methadone in any
way that Licensee’s use of the Technology enables Licensee, its Affiliates, and/or Sublicensees to develop, file, or have
issued that do not relate to Future Inventions and are filed prior to the expiration or invalidation of the last to expire or be
invalidated of the Patent Rights.

 

		1.5	“Future Inventions” shall mean any invention, modification, idea, concept, information,
material, discovery, design, development, improvement, processes, data, programs, improvements, artwork, formulae, other copyrightable
works, and techniques process, software program, work of authorship, documentation, formula, data, technique, know-how, trade secret
or intellectual property right whatsoever (including without limitation, all trade secrets, patent rights, copyrights, trademarks,
and other intellectual property rights recognized by the laws of any jurisdiction or country) or any interest therein whether or
not patentable or registrable under any copyright, trademark or similar statutes) that Licensor either alone or jointly with others
makes, conceives, creates, discovers, invents, or reduces to practice in any way and that relates to d-Methadone in any way and
in any and all contexts. For the avoidance of doubt, all contexts shall include, without limitation, the contexts of psychiatric
use, neurological use, the Existing Invention, the New Invention, the Licensed IP, and/or the Related Licensed IP.

		1.6	“Licensed Intangible Assets” shall mean all of Licensor’s right, title, and interest in and to the
goodwill and all other intangible assets used exclusively in connection with any of the Licensed IP and/or the Related Licensed
IP, including, without limitation, if and to the extent in existence, any and all trade secrets, inventions, designs, copyrights,
non-registered trademarks, and other intellectual property, know-how, manufacturing methods, and processes.

 

		1.7	“Licensed Inventions” shall mean the Existing Invention and the New Invention, collectively.

 

		1.8	“Licensed IP” shall mean Licensor’s right, title, and interest in and to (a) the Licensed Inventions
(including, without limitation, all existing work relating to the Licensed Inventions) and (b) any and all Future Inventions.

 

		1.9	“Related Licensed IP” shall mean all of Licensor’s intellectual property related to the Licensed IP.
For the avoidance of doubt, the Licensed IP and the Related Licensed IP collectively include, but are not limited to, Licensor’s
right, title and interest in and to the Patent Rights, Technology, and Licensed Intangible Assets.

 

		1.10	“Licensed Method” shall mean any method (a) that uses Technology; or (b) that is claimed in Patent Rights;
or (c) the use of which would constitute, but for the license granted to Licensee under this Agreement, an infringement, an inducement
to infringe or contributory infringement, of any pending or issued claim within the Patent Rights.

 

    	 	4	 

     

    

 

		1.11	“Licensed Product” shall mean any service, composition,
or product (a) that uses Technology; or (b) that is claimed in
Patent Rights; or (c) that is produced or enabled by a Licensed Method; or (d) the manufacture, use, sale, offer for sale, or importation
of which would constitute, but for the license granted to Licensee under this Agreement, an infringement, an inducement to infringe
or contributory infringement, of any pending or issued claim within the Patent Rights.

 

		1.12	“Net Sales” shall mean the total of the gross invoice prices of Licensed Products sold, leased, or transferred
by or on behalf of Licensee, a Sublicensee, or any of their respective Affiliates, or any combination thereof, less the sum of
the following actual and customary deductions where applicable and separately listed: cash, trade, or quantity discounts; sales,
use, tariff, import/export duties or other excise taxes imposed on particular sales (except for value-added and income taxes imposed
on the sales of Licensed Product in foreign countries); transportation charges; and credits to customers because of rejections
or returns. For purposes of calculating Net Sales, transfers to a Sublicensee or an Affiliate of Licensee of Licensed Products
under this Agreement for (a) end use (but not resale) by the Sublicensee or Affiliate shall be treated as sales by Licensee at
the list price of Licensee in an arm’s-length transaction in the ordinary course of business, or (b) resale by a Sublicensee
or an Affiliate shall be treated as sales at the list price of the Sublicensee or Affiliate. In the event that Licensee, a Sublicensee,
or an Affiliate of Licensee or Sublicensee receives non-cash consideration for any Licensed Products, or in the case of non-arm’s
length transaction with a non-Affiliate third party, Net Sales shall be calculated based on the fair market value of such Licensed
Product, assuming an arm’s length transaction made in the ordinary course of business.

 

		1.13	“Patent” shall mean any and all patents, pending patents, patent applications (whether registered or unregistered)
(and equivalents of any of the foregoing including certificates of invention, and any and all divisions, continuations, provisional
applications, continuations-in-part, continued prosecution applications, requests for continued examinations, additions, renewals,
extension, re-examinations, reissues, supplementary protection certificates, and all United States and foreign counterparts of
any the foregoing.

 

		1.14	“Patent Costs” shall mean all out-of-pocket expenses for the preparation, filing, prosecution, and maintenance
of all United States and foreign patents included in Patent Rights. Patent Costs shall also include reasonable out-of-pocket expenses
for patentability opinions, inventorship review and determination, preparation and prosecution of patent applications, re-examination,
re-issue, interference, and opposition activities related to Patents in the Patent Rights.

 

		1.15	“Patent Rights” shall mean all of Licensor’s right, title, and interest in and to the Patents set
forth in Appendix A hereto (which may be updated from time to time to reflect new Patents including without limitation from Future
Inventions) and any other Patent related to any of the Licensed IP and/or the Related Licensed IP, including its development manufacture,
packaging, use, marketing, promotion, distribution, licensing, offer for sale, or importation. For the avoidance of doubt, the
Patent Rights shall include any Patent relating to any of the Licensed IP and/or the Related Licensed IP licensed to Licensee herein,
including, without limitation, Patents relating to any and all of Licensor’s right, title and interest in and to Future Inventions
(including the development manufacture, packaging, use, marketing, promotion, distribution, licensing, offer for sale, or importation
of any of the Licensed IP and/or the Related Licensed IP), filed, requested, and/or issued after the Effective Date regardless
of whether Appendix A is updated to reflect such Patent.

 

    	 	5	 

     

    

 

		1.16	“Person” shall mean any natural person or any legal entity, including, without limitation, corporations,
partnerships, associations, commissions, boards, agencies, and any other business or governmental entity or associations.

 

		1.17	“Sublicense” shall mean an agreement into which Licensee enters with a third party that is not an Affiliate
for the purpose of (a) granting certain rights; (b) granting an option to certain rights; or (c) forbearing the exercise of any
rights, granted to Licensee under this Agreement after the Effective Date.

 

		1.18	“Sublicensee” shall mean a third party that is not an Affiliate with whom Licensee enters into a Sublicense.

 

		1.19	“Technology” shall mean all right, title, and interest of Licensor in and to the Technical Information related
to any of the Licensed Products, Licensed Inventions, Licensed IP, and/or the Related Licensed IP, including any of their development,
manufacture, packaging, use, marketing, promotion, distribution, licensing, offer for sale, or importation.

 

		1.20	“Technical Information” shall mean any and all technical information and other technical subject matter
(including, medical, toxicological, pharmacological, and clinical), trade secrets, know-how, ideas, concepts, discoveries, disclosure,
claims, formulas, formulations, processes, methods, procedures, designs, compositions of matter, specifications, drawings, techniques,
results, technologies, compounds, research, data, inventions, and discoveries, whether or not patentable.

  

ARTICLE
2. GRANTS/COLLABORATION

2.1 License.

 

(a)       Subject
to Section 5.1 and to the limitations set forth in this Agreement, Licensor hereby grants to Licensee, and Licensee hereby
accepts, a perpetual (unless terminated pursuant to Article 7), worldwide, exclusive license, exclusive even as to Licensor,
under the Licensed IP and Related Licensed IP to make and have made, to use and have used, to sell and have sold, to offer for
sale and have offered for sale, and to import and have imported Licensed Products, to practice and have practiced Licensed Methods,
and to otherwise use and have used the Licensed IP and Related Licensed IP (including, but not limited to, the Patent Rights and
the Technology), in any and all ways and respects in any and all fields (the “License”). To the extent that
aspects of the Technology not covered by Patent Rights may be used outside of the context of d-Methadone, Licensor reserves the
right to use and to license or assign to third parties such aspects of the Technology outside of the context of d-Methadone.

 

    	 	6	 

     

    

 

 

(b)       Licensee
may extend the rights granted above to an Affiliate pursuant to a written agreement provided that (i) such agreement shall include,
to the extent applicable, an obligation of the Affiliate to comply with all rights and obligations due to Licensor pursuant to
this Agreement; (ii) such agreement shall contain a provision prohibiting the Affiliate from directly or indirectly licensing,
sublicensing, further extending its rights to another Affiliate or otherwise granting its rights thereunder to any Affiliate and/or
Sublicensee without first obtaining Licensor’s written consent, which shall not be unreasonably withheld or delayed and shall
be limited to the terms relating to compliance of such Affiliate and/or Sublicensee with rights and obligations due to Licensor
pursuant to this Agreement (it being understood that Licensor’s consent right shall not extend to specific business and financial
terms of Licensee’s or its Affiliates’ extension of rights to an Affiliate and/or Sublicensee, and that Licensee and/or
its Affiliates shall have the right in their sole discretion to consent to such business and financial terms); (iii) Licensee and/or
its Affiliate shall provide Licensor with a copy of such agreement and any amendment thereto within thirty (30) days of such agreement
or amendment; and (iv) Licensee and any such Affiliate shall be jointly and severally liable to Licensor for any material violation
of an Affiliate’s aforementioned obligation to comply with rights and obligations due to Licensor pursuant to this Agreement.
In the event that in a transaction with an Affiliate as contemplated in this Section 2.1(b), Licensee and/or an Affiliate
directly or indirectly receive an equity investment from a third party that is in consideration or partial consideration for Licensee’s
and/or Affiliate’s direct or indirect extension or grant of any rights under this Agreement, the Licensed IP, Related Licensed
IP, and/or Enabled Patents, such transaction shall be treated as a Sublicense for purposes of Section 3.1(c) taking into
account such consideration received and Licensor shall receive compensation in accordance therewith.

 

2.2 Sublicense.

 

(a)       The
License granted in Section 2.1 includes the right of Licensee to grant Sublicenses to third parties other than Affiliates,
provided and on the express condition that (i) such Sublicenses shall include, to the extent applicable, an obligation of Sublicensee
to comply with all rights and obligations due to Licensor pursuant to this Agreement (Licensor to be an intended beneficiary of
such Sublicense); (ii) such Sublicenses shall contain a provision prohibiting the Sublicensee from sublicensing its rights thereunder
without first obtaining Licensor’s written consent, which shall not be unreasonably withheld or delayed and shall be limited
to the terms relating to the compliance of the further Sublicensee with rights and obligations due to Licensor pursuant to this
Agreement (it being understood that Licensor’s consent right shall not extend to specific business and financial terms of
any Sublicense, and that that Licensee and/or its Sublicensees shall have the right in their sole discretion to consent to such
business and financial terms); (iii) Licensee shall provide Licensor with a copy of each Sublicense issued and any amendment thereto
within thirty (30) days of such Sublicense or amendment; and (iv) Licensee shall collect and guarantee payment of all payments
due, directly or indirectly, to Licensor from Sublicensees and summarize and deliver all reports due, directly or indirectly, to
Licensor from Sublicensees.

 

(b)       Sublicenses
granted by Licensee shall survive termination of this Agreement under Section 7.1 and Licensor’s rights to the Licensed
IP and Related Licensed IP shall be subject to any such Sublicenses if Licensor consents to the survival of such Sublicenses in
writing before or after said Sublicenses are issued. In the absence of such written consent of Licensor, Sublicenses granted by
Licensee shall survive termination of this Agreement under Section 7.1 and Licensor’s rights to the Licensed IP and
Related Licensed IP shall be subject to any such Sublicenses, provided that the Sublicensee agrees in said Sublicenses that:

 

    	 	7	 

     

    

  

(i)In the event
of termination of this Agreement, the Sublicensee shall recognize Licensor as the beneficiary of the Licensee’s rights and
obligations under the Sublicense and shall make all payments otherwise due to Licensee thereunder to Licensor; and

 

(ii)       The
Sublicensee’s rights under the Sublicense will only survive termination of this Agreement if, within thirty (30) days after
termination of this Agreement, the Sublicensee enters into a written license agreement with Licensor, replacing its Sublicense
with Licensee, substituting Licensor for Licensee and otherwise on substantially the same terms and conditions as its Sublicense.

 

Licensor shall enter into
a license agreement with a Sublicensee as set forth in Section 2.2(b)(ii) within the time period specified therein. Sublicenses
granted by Licensee shall automatically terminate if Licensee terminates this Agreement pursuant to Section 7.2.

 

2.3 Collaboration.

 

(a)       Licensor
and Licensee agree that they will, subject to their mutual availability, collaborate and cooperate in good faith in any further
intellectual property development, including, but not limited to, filing of applications for patent protection, patent prosecution,
seeking any other type of intellectual property registration or protection, and any decisions or proceedings relating thereto with
respect to the Licensed Inventions and any and all Future Inventions (if any). Licensee shall share with Licensor all data and
research in connection with d-Methadone that is in Licensee’s possession or control and Licensor shall keep such information
confidential in accordance with the terms of Section 4.3 hereof.
Licensor shall notify Licensee within a reasonable time after its invention or development of any Future Invention that is reasonably
sufficient for the submission of a patent application to the United States Patent and Trademark Office. 

 

(b)       To
the extent that Licensee and/or any of its Affiliates or Sublicensees develops any new inventions or Patents relating to d-Methadone,
Licensee (and/or any of its Affiliates or Sublicensees) shall do so in collaboration with Licensor (it being understood that Licensor
agrees to collaborate with Licensee with respect to the same), and, as applicable, include Licensor as inventor, in which case,
for the avoidance of doubt, any such inventions would constitute Future Inventions and any such Patents would constitute Patent
Rights, respectively. For the avoidance of doubt, such inventions or Patents developed by Licensee (and/or its any of its Affiliates
or Sublicensees) including Licensor as inventor shall be jointly owned by Licensee (and/or any of its Affiliates or Sublicensees)
and Licensor, and Licensor’s interest in such inventions or Patents would be hereby licensed to Licensee as Future Inventions
and Patent Rights respectively. If Licensee and/or any of its Affiliates or Sublicensees develops any Enabled Patent, Licensee
shall notify Licensor of the same within thirty (30) days thereof. Licensee shall keep Licensor informed as to the status of any
prosecution of such Enabled Patents, if any. For the avoidance of doubt, as between Licensor and Licensee (and/or any of its Affiliates
or Sublicensees), Enabled Patents shall be owned by Licensee (and/or any of its Affiliates or Sublicensees) subject to Licensor’s
rights set forth herein.

 

    	 	8	 

     

    

  

(c)
       Licensee covenants to use commercially reasonable efforts to prosecute and pursue
development of the Licensed Inventions and Future Inventions, if any, and market Licensed Products, if any.

 

(d)       Licensor
agrees to cooperate with Licensee such that Licensee may enjoy to the fullest extent the rights conveyed under this Agreement (including,
without limitation, all rights relating to Future Inventions). Following the Effective Date, Licensor shall deliver to Licensee
such further information and documents and shall execute and deliver to Licensee such further instruments and agreements as Licensee
shall reasonably request to consummate or confirm the transactions provided for in this Agreement, to accomplish the purpose of
this Agreement, or to confer on Licensee the benefits of this Agreement. Licensee shall reimburse or pay Licensor for all actual
and reasonable third party out-of-pocket expenses incurred by Licensor in the course of complying with this Section 2.3(d),
within thirty (30) days of Licensor’s request.

 

(e)       The
obligations of Licensor with respect to collaboration set forth in this Section 2.3 and with respect to the invention, discovery
and/or development of any Future Inventions are applicable only to the extent that exercise and/or performance of them is not
rendered impossible, unfeasible, or impracticable by the death, illness, disability, or incapacitation of Dr.
Charles E. Inturrisi and/or Dr. Paolo Manfredi and the occurrence of any of the foregoing shall not in any way reduce, eliminate,
terminate or affect the rights of Licensor and/or obligations of Licensee hereunder.

 

(f)       To
the extent that the Licensed IP and/or Related Licensed IP includes or comes to include trademarks, Licensor and Licensee agree
to negotiate in good faith an amendment to this Agreement with respect to quality control concerning any such marks, as applicable.
Such quality control provisions shall meet the applicable legal standard in order to ensure that naked trademark licensing is
avoided and Licensee shall be able to enjoy full use of any trademarks.  

ARTICLE 3. CONSIDERATION 

3.1 License Fees
and Royalties.

(a)       In
addition to consideration already delivered to Licensor pursuant to the Original Assignment Agreement, including 3,000 Warrants
of Licensee issued by Licensee to Licensor and the New Assignment Agreement, in consideration for the License and other rights
granted herein to Licensee, as well as other promises and agreements herein, Licensee shall pay Licensor within five (5) days
following the Effective Date, a nonrefundable payment of One Hundred and Eighty Thousand Dollars (USD $180,000).

    	 	9	 

     

    

(b)       In
further consideration for the License and other rights granted herein to Licensee, as well as other promises and agreements herein,
beginning the day that is three (3) months after the Effective Date and each three-month period thereafter, Licensee shall pay
Licensor Forty Five Thousand Dollars (USD $45,000) on or before the expiration of each three-month period (for the avoidance of
doubt, Licensee shall pay Licensor such Forty Five Thousand Dollar (USD $45,000) payment four times in each twelve (12) month period
following the Effective Date) until the earliest to occur of the following events: (A) the first commercial sale of a Licensed
Product anywhere in the world, (B) the expiration or invalidation of the last to expire or be invalidated of the Patents Rights
anywhere in the world, or (C) the termination of this Agreement pursuant to Section 7.1 or 7.2 herein.

(c)       In
further consideration for the License and other rights granted herein to Licensee, as well as the other promises and agreements
herein, Licensee shall pay Licensor for as long as Licensee shall continue to receive any income from the Licensed IP, Related
Licensed IP, and/or Enabled Patents, if any, subject to the following terms, conditions, and limitations:

(A)       for
each country in which Patent Rights have issued and are in force, continuing until the expiration or invalidation of the last to
expire or be invalidated of the Patent Rights in such country, including any adjustments and/or extensions of the term of any such
Patent Rights, (1) (i) an earned royalty of two percent (2%) on Net Sales of Licensed Products derived from the Licensed IP, Related
Licensed IP, and/or Enabled Patents that are not sold by a Sublicensee, and (ii) on each and every Sublicense earned royalty payment
received by Licensee from its Sublicensees on sales of Licensed Products derived from the Licensed IP, Related Licensed IP, and/or
Enabled Patents by a Sublicensee, the higher of (x) twenty percent (20%) of the royalties received by Licensee from the Licensed
IP, Related Licensed IP, and/or Enabled Patents; or (y) two percent (2%) on Net Sales of Sublicensee derived from the Licensed
IP, Related Licensed IP, and/or Enabled Patents; and (2) twenty percent (20%) of all consideration received by Licensee and/or
its Affiliates for Sublicenses, including but not limited to, Sublicense fees, consideration in the form of investments in equity
in Licensee, and non-monetary consideration derived from the Licensed IP, Related Licensed IP, and/or Enabled Patents received
by Licensee from Sublicensees that are not earned royalties;

(B)       after
the expiration or invalidation of the last to expire or be invalidated of the Patents Rights in a country or if no Patent Rights
have issued or are in force in a country but Enabled Patents have issued and are in force in the country, continuing until the
expiration or invalidation of the last to expire or be invalidated of the Enabled Patents in such country, (1) (i) an earned royalty
of one-and-three-quarters percent (1.75%) on Net Sales of Licensed Products derived from the Licensed IP, Related Licensed IP,
and/or Enabled Patents that are not sold by a Sublicensee, and (ii) on each and every Sublicense earned royalty payment received
by Licensee from its Sublicensees on sales of Licensed Product derived from the Licensed IP, Related Licensed IP, and/or Enabled
Patents by a Sublicensee, the higher of (x) seventeen-and-one-half percent (17.5%) of the royalties received by Licensee from
the Licensed IP, Related Licensed IP, and/or Enabled Patents; or (y) one-and-three-quarters percent (1.75%) on Net Sales of Sublicensee
derived from the Licensed IP, Related Licensed IP, and/or Enabled Patents; and (2) seventeen-and-one-half percent (17.5%) of all
consideration received by Licensee and/or its Affiliates for Sublicenses, including but not limited to, Sublicense fees, consideration
in the form of investments in equity in Licensee, and non-monetary consideration derived from the Licensed IP, Related Licensed
IP, and/or Enabled Patents received by Licensee from Sublicensees that are not earned royalties; and

    	 	10	 

     

    

 (C)       after
the expiration or invalidation of the last to expire or be invalidated of the Patent Rights and Enabled Patents in a country or
if no Patent Rights or Enabled Patents have issued or are in force in a country, (1) (i) an earned royalty of one-and-one-half
percent (1.5%) on Net Sales of Licensed Products derived from the Licensed IP, Related Licensed IP, and/or Enabled Patents that
are not sold by a Sublicensee, and (ii) on each and every Sublicense earned royalty payment received by Licensee from its Sublicensees
on sales of Licensed Product derived from the Licensed IP, Related Licensed IP, and/or Enabled Patents by a Sublicensee, the higher
of (x) fifteen percent (15%) of the royalties received by Licensee from the Licensed IP, Related Licensed IP, and/or Enabled Patents;
or (y) one-and-one-half percent (1.5%) on Net Sales of Sublicensee derived from the Licensed IP, Related Licensed IP, and/or Enabled
Patents; and (2) fifteen percent (15%) of all consideration received by Licensee and/or its Affiliates for Sublicenses, including
but not limited to, Sublicense fees, consideration in the form of investments in equity in Licensee, and non-monetary consideration
derived from the Licensed IP, Related Licensed IP, and/or Enabled Patents received by Licensee from Sublicensees that are not
earned royalties.

(d)       Beginning
the calendar year after cessation of payments under Section 3.1(b) pursuant to Section 3.1(b)(A) and continuing until
the earlier to occur of the events specified in Section 3.1(b)(B) or 3.1(b)(C), if the total amounts paid by Licensee
under Section 3.1(c) to Licensor in any such year cumulatively are less than USD $180,000, Licensee shall pay to Licensor
on or before February 28 following the last quarter of such year the difference between USD $180,000 and the total amount paid
by Licensee for such year under Section 3.1(c); provided, however, that for the year of commercial sales of the first Licensed
Product, the amount payable under this Section 3.1(d) shall be prorated for the number of months remaining in that calendar
year.

3.2.
Payments.

(a)       Consideration
in the form of royalties payable to Licensor pursuant to Section 3.1(c) hereunder (whether direct or indirect from a Sublicensee
or an Affiliate) shall be paid by Licensee quarterly on or before March 31, June 30, September 30, and December 31 of each calendar
year. Each such payment shall be for royalties under Section 3.1(c) accrued within Licensee’s most recently completed
calendar quarter (which, for the avoidance of doubt, is the quarter preceding the one in which the payment is due). For the avoidance
of doubt, royalties shall accrue when payments on which such royalties are due are received by Licensee.

(b)       Royalties
earned on Net Sales occurring or under Sublicenses granted pursuant to this Agreement in any country outside the United States
shall not be additionally reduced by Licensee for any taxes, fees, or other charges imposed by the government of such country
on the payment of royalty income, except that all payments made by Licensee in fulfillment of Licensor’s tax liability in
any particular country may be credited against earned royalties or fees due Licensor for that country provided that Licensee provides
Licensor with a receipt evidencing such payment (which would be acceptable to the United States Internal Revenue Service). Licensee
shall pay all bank charges resulting from the transfer of such royalty payments. Licensor may opt to receive the earned royalties
or fees in the foreign currency of the country outside the United States and provide Licensee written notice thereof. If royalties
in the foreign currency are to be paid in U.S. dollars, the amount owed will be calculated according to the currency exchange
rate against U.S. dollars of the day the royalties are being paid.

    	 	11	 

     

    

(c)       In
the event that any patent or patent claim within Patent Rights is held invalid in a final decision by a patent office in any country
from which no appeal or additional patent prosecution has been or can be taken, or by a court of competent jurisdiction and last
resort and from which no appeal has or can be taken, all obligation to pay royalties based solely on that patent or claim or any
claim patentably indistinct therefrom in such country shall cease as of the date such final decision takes effect. For the avoidance
of doubt, the aforementioned cessation of the obligation to pay royalties only applies with respect to the jurisdiction or jurisdictions
in which such final decision was made or otherwise has force and effect. Licensee shall not, however, be relieved from paying any
royalties that accrued before the date such final decision takes effect or are based on another patent or claim not involved in
such final decision. For the avoidance of doubt, this Section 3.2(c) has no effect on the operation of Section 3.1(c)(B)
and 3.1(c)(C), which are and remain applicable in a jurisdiction after the relevant patents have expired or are held invalid.

(d)       All
consideration due Licensor under this Agreement shall be paid in United States dollars or, if requested by Licensor, in foreign
currency if originating from a foreign country as provided in Section 3.2(b), and be divided equally between Dr. Charles
Inturrisi and Dr. Paolo Manfredi. The portion of the consideration payable to Dr. Charles Inturrisi shall be paid by check or money
transfer payable to him and the portion of the consideration payable to Dr. Paolo Manfredi shall be paid by check or money transfer
payable to him and each sent to the addresses set forth in this Agreement.

3.3.           
Transaction Costs. Licensee shall pay Licensor’s reasonable attorney fees for the preparation and negotiation
of this Agreement.

3.4.           
Patent Costs. Licensee shall reimburse Licensor (or pay for) all Patent Costs within thirty (30) days following the
date an itemized invoice is sent from Licensor to Licensee.

3.5.           
Late Payments. In the event royalty, reimbursement, and/or fee payments are not received by Licensor when due, Licensee
shall pay to Licensor interest charges at a rate of ten percent (10%) per year. Such interest shall be calculated from the date
payment was due until actually received by Licensor. 

ARTICLE
4. REPORTS AND RECORDS 

4.1 Reports.

 

(a) Copies of Agreements/Documentation.In
addition to the disclosure of agreements with Affiliates pursuant to Section 2.1(b) and Sublicenses pursuant to Section
2.2(a), Licensee shall provide Licensor with copies of any agreements and any amendments thereto relating to the rights granted
herein within thirty (30) days of such agreements or amendments.

 

    	 	12	 

     

    

  

(b)
Commercialization Reports. After the first commercial sale of a Licensed Product anywhere in the world, Licensee shall submit
to Licensor quarterly reports on or before each February 28, May 31, August 31 and November 30 of each year. Each report shall
cover Licensee’s (and each Affiliate’s and Sublicensee’s) most recently completed calendar quarter (which,
for the avoidance of doubt, is the quarter preceding the one in which the report is due) and
shall show:

 

(i) the gross sales and Net
Sales during the most recently completed calendar quarter and the royalties, in US dollars or foreign currency where applicable,
payable with respect thereto;

 

(ii) the number of each type
of Licensed Product sold;

 

(iii) Sublicense fees and
royalties received during the most recently completed calendar quarter in US dollars, payable with respect thereto;

 

(iv) the method
used to calculate the royalties;

 

(v) the exchange rates used,
if any; and

 

(vi) relevant business and
corporate development efforts relating to the rights granted in this Agreement.

 

Licensee shall provide the above information
using the form as shown in Appendix B and include information on the date of the first commercial sale of each additional Licensed
Product or in each additional country. If no sales of Licensed Products have been made and no Sublicense revenue has been received
by Licensee during any reporting period, Licensee shall so report.

 

4.2 Records and Audits.

 

(a) Licensee shall keep,
and shall require its Affiliates and Sublicensees to keep, accurate and correct records of all Licensed Products manufactured,
used, and sold, and Sublicense fees received under this Agreement. Such records shall be retained by Licensee and its Affiliates
and Sublicensees for at least five (5) years following a given reporting period.

 

(b) Upon reasonable notice
from Licensor to Licensee, Licensee shall make (and shall cause its Affiliates and/or Sublicensees to make) all records set forth
in Section 4.2(a) available at Licensee’s offices during normal business hours for inspection at Licensor’s
expense (except as otherwise provided in this Section 4.2(b)) by a an accountant selected by Licensor for the sole purpose
of verifying reports and payments or other compliance issues. Such accountant shall keep any information learned during or related
to the audit confidential as provided in Section 4.3 and shall not disclose to Licensor any information other than information
relating to the accuracy of payments and disclosures made under this Agreement or other compliance issues. In the event that any
such inspection shows an underreporting and underpayment in excess of five percent (5%) for any six-month (6-month) period, then
Licensee shall pay the cost of the inspection and/or audit as well as any additional sum that would have been payable to Licensor
had Licensee reported correctly, plus an interest charge at a rate of ten percent (10%) per year. Such interest shall be calculated
from the date the correct payment was due to Licensor up to the date when such payment is actually made by Licensee. For underpayment
not in excess of five percent (5%) for any six-month (6-month) period, Licensee shall pay the difference within thirty (30) days
without interest charge or inspection/audit cost.

    	 	13	 

     

    

 

4.3
Confidentiality. Licensor and/or its accountants conducting any audit or inspection shall keep any copies of Sublicenses,
other agreements, amendments, financial statements, reports, data, research, information or other materials provided pursuant
to Sections 2.1, 2.2, 2.3, 4.1, or 4.2 and any information learned during or related to an
audit or inspection pursuant to Section 4.2 confidential, except if (a) such information is or becomes publicly known and
available through no fault of Licensor and/or its accountants, (b) such information becomes known to Licensor and/or its accountants
by a third party that has a lawful right to disclose the same, (c) Licensee consents to Licensor’s and/or its accountants’
disclosure of such information, (d) if such information is independently developed by Licensor and/or its accountants prior to
acquiring such information from Licensee, and (e) if Licensor and/or its accountants are compelled by applicable law, a court,
governmental authority, or regulatory authority to disclose such information.

ARTICLE 5. PATENT MATTERS

5.1 Patent Prosecution and Maintenance.

 

(a)       Provided
that Licensee has reimbursed Licensor for Patent Costs in accordance with this Agreement, Licensor shall diligently file, prosecute,
and maintain the United States and, if available, foreign, Patents in Patent Rights using counsel of Licensor’s choice. Licensor
shall provide Licensee with copies of all relevant documentation relating to such prosecution, and Licensee shall keep this documentation
confidential.

 

(b)       Licensor
shall amend any patent application in the Patent Rights to include or file a new application relating to the Licensed Inventions
or Future Inventions, if any, (which for the avoidance of doubt, would be part of the Patent Rights), containing, as appropriate,
claims reasonably requested by Licensee to protect the products contemplated to be sold as Licensed Products by Licensee under
this Agreement.

 

(c)       
Licensee may elect to terminate its reimbursement obligations with respect to any Patent in the Patent Rights upon three (3) months’
written notice to Licensor. Licensor shall use reasonable efforts to curtail further Patent Costs for such Patent when such notice
of termination is received from Licensee. Licensor, in its sole discretion and at its sole expense, may continue prosecution and
maintenance of said Patent. However, Licensee shall have no further license with respect thereto, Licensor shall be the sole owner
all right, title, and interest in such Patent, and any rights thereto granted by Licensee to any Affiliate or Sublicensee of Licensee
shall cease unless said Affiliate or Sublicensee agrees in writing to assume Licensee’s reimbursement obligations to Licensor
with respect to such Patent prior to the expiration of the three (3) month period of Licensee’s notice. If Licensee does
not cure any material non-payment of any portion of Patent Costs with respect to any Patent within sixty (60) days after receiving
written notice of the non-payment from Licensor, said non-payment may be deemed by Licensor as an election by Licensee to terminate
its reimbursement obligations with respect to such Patent and its license with respect thereto. Licensor is not obligated to, but
may, file, prosecute, or maintain Patent Rights outside of countries where they exist or to file, prosecute, or maintain Patent
Rights to which Licensee has terminated its license hereunder, with the exception that Licensor shall file, prosecute, and maintain
Patent Rights in additional countries in which they do not already exist at the reasonable request of Licensee, at Licensee’s
cost.

 

    	 	14	 

     

    

  

(d)       With
the exception of Future Inventions subject to Section 5.1(e), Licensor may file United States and, if available, foreign,
Patents for Future Inventions. If Licensor files any such applications, it shall provide notice of the same to Licensee within
thirty (30) days. At Licensee’s reasonable request, Licensor shall file such United States and, if available, foreign, Patents
for Future Inventions. For the avoidance of doubt, all Patents for Future Inventions filed pursuant to this subsection shall be
subject to the terms and conditions set forth in Sections 5.1(a)-(c).

 

(e)       Any
Patents in Patent Rights developed by Licensee (and/or any of its Affiliates or Sublicensees) including Licensor as an inventor
pursuant to Section 2.3(b) shall only be filed with the agreement of both Licensor and Licensee, such agreement not to be
unreasonably withheld or delayed by Licensor or Licensee if said filing is requested by the other of Licensor or Licensee. If Licensor
and Licensee come to such agreement, Licensor shall be responsible for the diligent filing, prosecution, and maintenance of such
Patents in Patent Rights using counsel of Licensor’s choice and Licensee shall be responsible for all Patent Costs relating
to such Patents in Patent Rights. Licensor and Licensee agree to cooperate with each other in any such patent prosecution and proceedings,
including, but not limited to, deliver to each other such further information and documents and to execute and deliver to each
other such further instruments and documents as Licensor or Licensee shall reasonably request for the purpose of furthering such
patent prosecution efforts.

 

5.2       Patent
Infringement.

 

(a)       In
the event that Licensor or Licensee learns of infringement of potential commercial significance of any Patent licensed under this
Agreement, the knowledgeable party will provide the other (i) with written notice of such infringement and (ii) with any evidence
of such infringement available to it (the “Infringement Notice”). Except as provided in this Section 5.2,
neither Licensor nor Licensee will notify a third party (including the infringer) of infringement or put such third party on notice
of the existence of any Patent Rights without first obtaining consent of the other. Both Licensor and Licensee will use their diligent
efforts to cooperate with each other to terminate such infringement without litigation.

 

    	 	15	 

     

    

  

(b)       If
infringing activity of potential commercial significance by the infringer has not been abated within thirty (30) days following
the date the Infringement Notice takes effect (or earlier if Licensor is in agreement), Licensee may, upon written notice to Licensor
and at its sole cost and expense, institute suit for patent infringement against the infringer. Licensor may voluntarily join such
suit (at Licensee’s expense for costs and any reasonable legal fees of counsel selected by Licensor) but may not thereafter
commence suit against the infringer for the acts of infringement that are the subject of Licensee’s suit or any judgment
rendered in that suit. Licensee may not join Licensor in a suit initiated by Licensee without Licensor’s prior written consent.
However, notwithstanding the foregoing, even if Licensor withholds such consent, if a court requires Licensee to join Licensor
in a suit or states that it will dismiss Licensee’s suit unless Licensor is joined, Licensor agrees that Licensee may join
Licensor in the suit upon five (5) days’ written notice to Licensor. If Licensor is so joined in the suit without its prior
written consent pursuant to the preceding sentence or is involuntarily joined in the suit, Licensee shall pay any costs incurred
by Licensor arising out of such suit, including but not limited to, any reasonable legal fees of counsel that Licensor selects
and retains to represent it in the suit.

 

(c)       If,
within sixty (60) days following the date the Infringement Notice takes effect, infringing activity of potential commercial significance
by the infringer has not been abated and if Licensee has not brought suit against the infringer, Licensor may, upon written notice
to Licensee, institute suit for patent infringement against the infringer. If Licensor institutes such suit, Licensee may not join
such suit unless Licensor consents to the same and may not thereafter commence suit against the infringer for the acts of infringement
that are the subject of Licensor’s suit or any judgment rendered in that suit.

 

(d)       Subject
to Section 5.2(e), recoveries from actions brought pursuant to Section 5.2(b) or (c) shall belong to the party
bringing suit. Legal actions brought jointly by Licensor and Licensee shall be at Licensee’s expense and all recoveries shall
be shared equally by Licensor on one hand and Licensee on the other hand, after Licensee deducts and recuperates its expenses,
including, without limitation, attorney fees, as evidenced by third party invoices.

 

(e)       Any
agreement made by Licensee for purposes of settling litigation or other dispute shall comply with the requirements for Sublicenses
in this Agreement.

 

(f)       Each
party will cooperate with the other in litigation proceedings instituted hereunder but at the expense of the party who initiated
the suit (unless such suit is being jointly prosecuted by the parties, in which case expenses shall be paid by Licensee).

 

(g)       Any
litigation proceedings will be controlled by the party bringing the suit, except that Licensor may be represented by counsel of
its choice in any suit brought by Licensee (and Licensor’s reasonable legal expenses shall be paid by Licensee).

 

5.3 Patent Marking. Licensee shall mark
all Licensed Products made, used, or sold under the terms of this Agreement, or their containers, in accordance with the applicable
patent marking laws, if any.

 

    	 	16	 

     

    

 

ARTICLE 6. GOVERNMENTAL MATTERS

 

6.1 Governmental Approval or Registration.
If this Agreement or any associated transaction is required by the law of any nation to be either approved or registered with any
governmental agency, Licensee shall assume all legal obligations to do so. Licensee shall notify Licensor if it becomes aware that
this Agreement is subject to a United States or foreign government reporting or approval requirement. Licensee shall make all necessary
filings and pay all costs including fees, penalties, and all other out-of-pocket costs associated with such reporting or approval
process.

 

6.2 Export Control Laws. Licensee shall
observe all applicable United States and foreign laws with respect to the transfer of Licensed Products and related technical data
to foreign countries, including, without limitation, the International Traffic in Arms Regulations and the Export Administration
Regulations.

ARTICLE
7. TERMINATION

7.1 Termination by Licensor. 

 

(a)       Except
as expressly set forth herein, this Agreement, including the License and other rights granted herein, shall terminate and be of
no further force or effect in the event that:

 

(i)Licensee
(or any of its successors and assigns) fails to make any payment required by this Agreement (including payments pursuant
to Article 3) in excess of $12,500, and does not cure said failure before all of the following have occurred: (A) Licensee
receives a first written notice of said failure from Licensor, (B) Licensee receives a second written notice of said failure from
Licensor, said second written notice given no sooner than sixty (60) days after the first written notice, (C) Licensee receives
a written notice that this Agreement shall terminate in fifteen (15) days in the absence of cure, said written notice given no
sooner than sixty (60) days after the second written notice, and (D) fifteen (15) days pass after Licensee receives said written
notice of termination (without cure of said failure by Licensee);

 

(ii)       Any
payment failure described in Section 7.1(a)(i) beyond the second such failure occurs (and is not cured promptly) within
any twenty-four (24) month period, and Licensee does not cure such subsequent failure before all of the following have occurred:
(A) Licensee receives a first written notice of said failure from Licensor, (B) Licensee receives a written notice that this Agreement
shall terminate in sixty (60) days in the absence of cure, said written notice given no sooner than forty (40) days after the first
written notice, and (C) sixty (60) days pass after Licensee receives said written notice of termination (without cure of said failure
by Licensee);

 

(iii)       Licensee
(for the avoidance of doubt, inclusive of any successors or assigns of Licensee) terminates Mr. Traversa’s employment for
any reason other than for Cause prior to the later of the date five (5) years from the Effective Date or December 31, 2022;

    	 	17	 

     

    

 

(iv)       Licensee
(for the avoidance of doubt, inclusive of any successors or assigns of Licensee) prior to the later of the date five (5) years
from the Effective Date or December 31, 2022: (A) removes Mr. Traversa from the position of Chief Executive Officer of Licensee
without his written consent for any reason other than for Cause except in connection with or following any transaction of a type
permitting Licensee to assign this Agreement to a third party without the consent of Licensor pursuant to Section 9.2(b);
(B) changes Mr. Traversa’s job responsibilities such that he is no longer the executive responsible for decision-making relating
to development and marketing of d-Methadone without his written consent, (C) decreases Mr. Traversa’s compensation without
his written consent, or (D) assigns or sells its rights to the Licensed IP and/or Related Licensed IP to another Person pursuant
to Section 9.2(b) without the written consent of Mr. Traversa;

(v)       Licensee
or an Affiliate that is (or has been during any relevant bankruptcy look-back period) a party to an agreement pursuant to Section
2.1(b) hereof (or any if their respective successors and assigns) shall file or acquiesce to a petition in any court in any
bankruptcy, reorganization, or insolvency proceedings, or any such petition shall be filed against Licensee or its successors and/or
assigns, or a receiver or trustee shall be appointed for Licensee or its successors and/or assigns for all or any portion of its
assets, and any such proceedings shall not be dismissed discontinued, or vacated within thirty (30) days;

(vi)       Licensee
(or any of its successors and assigns) materially fails to perform or otherwise materially violates any provision of Sections
2.1(b), 2.2, 4.1, 4.2, or 9.2, and does not cure said failure or violation before all of the following
have occurred: (A) Licensee receives a first written notice of said failure or violation from Licensor, (B) Licensee receives a
second written notice of said failure or violation from Licensor, said second written notice given no sooner than sixty (60) days
after the first written notice, (C) Licensee receives a written notice that this Agreement shall terminate in thirty (30) days
in the absence of cure, said written notice given no sooner than sixty (60) days after the second written notice, and (D) thirty
(30) days pass after Licensee receives said written notice of termination (without cure of said failure or violation by Licensee);
or

(vii)       Licensee
or any Affiliate files a claim including in any way the assertion that any portion of Licensor’s Patent Rights is invalid
or unenforceable where the filing is by the Licensee, an Affiliate, a third party on behalf of the Licensee or an Affiliate, or
a third party at the written urging of the Licensee or an Affiliate.

(b)       Except
as expressly set forth herein, if Licensee (or any of its successors and assigns) materially fails to perform or materially violates
any term of this Agreement other than those requiring a payment to be made covered by Section 7.1(a)(i) or those set forth
in Section 7.1(a)(vi), Licensor may give Licensee written notice of the breach providing a thirty (30) day period to cure
such breach. If Licensee fails to cure such breach within such thirty (30) day period, Licensor shall have the right to bring
suit against Licensee seeking any remedies at law (including without limitation, monetary damages) or in equity (including without
limitation, specific performance, injunctions, and in the case of a threatened breach of any covenant or obligation, injunctions
to prevent such breaches or enforce specific performance). In the event that Licensor pursues remedies in equity in such action,
Licensee hereby waives (i) any defense in any action for specific performance that a remedy at law would be adequate, and (ii)
any requirement under any law that Licensor obtain, furnish, or post any security or bond or similar instrument in connection
with such equitable remedy. For the avoidance of doubt, if Licensor prevails in such suit, Licensor shall be entitled to recover
its reasonable legal costs and expenses (including without limitation, reasonable attorney fees and expenses) pursuant to Section
9.4. Likewise, if Licensor prevails in obtaining preliminary or interlocutory relief in such suit, Licensor shall be entitled
to recover its reasonable legal costs and expenses (including without limitation, reasonable attorney fees and expenses) pursuant
to Section 9.4, except that Licensor shall have the right to seek such reasonable legal costs and expenses at any time
after prevailing with respect to said preliminary or interlocutory relief and need not wait until a final judgment to do so. This
Agreement, including the License and other rights granted herein, shall terminate and be of no further force or effect in the
event that Licensee fails to comply with any court decision awarding Licensor the aforementioned equitable and/or legal remedies
(inclusive of any such court decision awarding preliminary or interlocutory relief) and/or pay an award of Licensor’s reasonable
legal fees as required by this Section 7.1(b), within thirty (30) days of any such court decision or award and does not
cure such a failure within thirty (30) days of receiving written notice of the failure from Licensor (it being understood that
Licensee’s taking of any appeal of any such court decision does not constitute a failure to comply with said court decision).
For the avoidance of doubt, nothing in this Section 7.1(b) limits the ability of Licensor or Licensee to otherwise bring
a legal action or seek any remedy (including, without limitation, injunctive relief or specific performance) for breach of this
Agreement.

    	 	18	 

     

    

 

(c)       For
the avoidance of doubt, Licensor may not terminate this Agreement except as expressly provided in this Section 7.1.

7.2 Termination
by Licensee.

(a) Notwithstanding
Section 2.3(c), Licensee shall have the right at any time and for any reason to terminate this Agreement upon ninety (90)
days’ written notice to Licensor stating that Licensee will cease development of the Licensed Inventions or any other Licensed
IP or Related Licensed IP, and marketing, sale, and export of Licensed Products.

(b) Any termination under
Section 7.2(a) shall not relieve Licensee of any obligation or liability accrued under this Agreement prior to termination,
or rescind any payment made to Licensor or action by Licensee prior to the time termination becomes effective. Termination shall
not affect in any manner any rights of Licensor arising under this Agreement prior to termination.

 

7.3 Survival on Termination. The following
Sections and Articles shall survive the termination of this Agreement:

 

(a)       Section
2.2(b) (Survival of Sublicenses), provided a Sublicensee complies with the terms thereof;

 

(b)       Article
4 (REPORTS AND RECORDS), for a period of one (1) year following termination of this Agreement;

 

(b)       Section
7.5 (Disposition of Licensed Products on Hand);

 

(c)       Section
8.2 (Indemnification);

 

(d)       Section
9.4 (Failure to Perform); and

 

(e)       Section
9.5 (Governing Laws).

 

7.4 Transfer of Data to Licensor. Upon
termination of this Agreement pursuant to Section 7.1 or 7.2, any data relating to the Licensed Inventions, and Future
Inventions, if any, that Licensee may have shall be deemed to be owned by Licensor and Licensee shall share with Licensor and transfer
and assign to Licensor any and all right, title, and interest therein. Licensee shall execute and deliver to Licensor such further
instruments and agreements as Licensor shall reasonably request to consummate or confirm such transfers and assignments.

 

7.5 Disposition of Licensed Products on
Hand. Upon termination of this Agreement pursuant to Section 7.1 or 7.2, Licensee (and any Affiliates and Sublicensees)
may dispose of all previously made or partially made Licensed Product within a period of one hundred and twenty (120) days of the
effective date of such termination provided that the sale of such Licensed Product by Licensee, its Sublicensees, or Affiliates
shall be subject to the terms of this Agreement, including but not limited to the rendering of reports and payment of royalties
required under this Agreement.

 

7.6 Grant Back to Licensor. Upon termination
of this Agreement pursuant to Section 7.1 or 7.2, Licensee (and/or its Affiliates or Sublicensees) shall grant to
Licensor a fully paid-up, irrevocable, non-exclusive license to the Enabled Patents, if any, with the right to grant sublicenses
to third parties.

ARTICLE 8. LIMITED WARRANTY AND INDEMNIFICATION

8.1 Limited Warranty.

 

(a)       Licensor
warrants that it has the lawful right to grant this License. Licensor further warrants and represents that it has not entered and
will not enter into any license, contract or understanding in conflict with the terms and provisions of this Agreement whether
in part or in their entirety, including, without limitation, the exclusive rights and License to Licensee.

(b)       Licensor
warrants and represents that it owns the New Invention and that no other Person, including, but not limited to, Cornell and entities
related to Cornell, has an ownership right or interest therein. Licensor further warrants that at the time it entered into the
Original Assignment Agreement, it owned the Existing Invention and that no other Person, including, but not limited to, Cornell
and entities related to Cornell, had an ownership right or interest therein.

 

    	 	19	 

     

    

 

 

(c)       
Except as expressly provided in Sections 8.1(a) and (b) above, the license granted herein is provided “AS IS”
and without WARRANTY OF MERCHANTIBILITY or WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE or any other warranty, express or implied.
Licensor makes no representation or warranty that the Licensed Products, Licensed Methods, or the use of Patent Rights or Technology
will not infringe any other patent or other proprietary rights.

 

       (d)       In
no event shall Licensor be liable for any incidental, special or consequential damages resulting from exercise of the License
granted herein or the use of the Licensed IP, Related Licensed IP, Licensed Product, Licensed Method, or Technology.

 

(e)       Nothing
in this Agreement shall be construed as:

 

(i)       a
warranty or representation by Licensor as to the validity or scope of any Patent Rights;

 

(ii)      a
warranty or representation that anything made, used, sold, or otherwise disposed of under any license granted in this Agreement
is or shall be free from infringement of patents of third parties;

 

(iii)     an
obligation to bring or prosecute actions or suits against third parties for patent infringement except as provided in Section
5.2 hereof; or

 

(iv)     conferring
by implication, estoppel, or otherwise any license or rights under any patents of Licensor other than Patent Rights as defined
in this Agreement.

 

 

8.2 Indemnification.

 

(a)Licensee
shall indemnify, hold harmless, and defend Licensor and their successors and assigns against any and all claims, suits, losses,
damage, costs, fees, and expenses resulting from or arising out of this Agreement or any Sublicense. This indemnification shall
include, but not be limited to, any product liability. Licensee shall (and shall cause its Affiliates and/or Sublicensees, as applicable,
to) add each Licensor and their respective successors and assigns, as “additional insured” under any product liability
policy of Licensee for the Licensed Inventions and Future Inventions (if any).

(b)       Licensee,
at its sole cost and expense, shall insure its activities in connection with the work under this Agreement and obtain, keep in
force and maintain insurance or an equivalent program of self-insurance as follows:

 

(i)       comprehensive
or commercial general liability insurance (contractual liability included) with limits of at least: (A) each occurrence, five million
dollars (US$5,000,000); (B) products/completed operations aggregate, ten million dollars (US$10,000,000); (C) personal and advertising
injury, five million dollars (US$5,000,000); and (D) general aggregate (commercial form only), ten million dollars (US$10,000,000);
and

 

(ii)       the
coverage and limits referred to above shall not in any way limit the liability of Licensee.

 

    	 	20	 

     

    

 

(c)       Licensee
shall (and shall cause its Affiliates and/or Sublicensees, as applicable,
to), within ninety (90) days of the Effective Date (or the execution date of any agreement with an Affiliate and/or a Sublicensee),
furnish Licensor with certificates of insurance showing compliance with all requirements. Such certificates shall: (i) provide
for thirty (30) day advance written notice to Licensor of any modification; (ii) indicate that Licensor has been endorsed as an
additionally insured party under the coverage referred to above; and (iii) include a provision that the coverage shall be primary.

 

(d)       Licensor
shall notify Licensee in writing of any claim or suit brought against Licensor in respect of which Licensor intends to invoke
the provisions of this Article. Licensee shall keep Licensor informed on a current basis of its defense of any claims under this
Section 8.2.

ARTICLE 9. MISCELLANEOUS PROVISIONS

 

9.1       Correspondence.
Any notice, invoice or payment required to be given to either party under this Agreement shall be deemed to have been properly
given and effective:

 

(a)       on
the date of delivery if delivered in person;

 

(b)       one
(1) day after delivery to the respective addresses given below, or to such other address as is designated by written notice given
to the other party if sent via an overnight delivery service or express mail;

 

(c)       one
(1) day after the successful transmission in pdf file format if sent by electronic mail using the Internet; or

 

(d)       five
(5) days after mailing if mailed by first-class or certified mail, postage paid, to the respective addresses given below, or to
such other address as is designated by written notice given to the other party.

 

	If sent to Licensee:	 
	 	 	 
	 	Relmada Therapeutics, Inc.	 
	 	750 Third Avenue,
9th Floor	 
	 	New York, NY
10016	 
	 	Attention: Sergio Traversa, Pharm.D., Chief Executive Officer	 
	 	 	 
	 	TEL: (646) 667-3854	 
	 	FAX: (888)-228-5672	 
	 	EMAIL: st@relmada.com	 
	 	 	 
	 	And	 
	 	 	 

 

    	 	21	 

     

    

 

	 	Thomas R. Slusarczyk, Esq.	 
	 	The Matt Law Firm, PLLC	 
	 	1701 Genesee Street	 
	 	Utica, NY 13501	 
	 	 	 
	 	TEL: (315) 235-2299	 
	 	FAX: (315) 624-7359	 
	 	EMAIL: tslusarczyk@mattlawfirm.com	 
	 	 	 
	If sent to Licensor:	 
	 	 	 
	 	For all correspondence except payments
-	 
	 	 	 
	 	Dr. Paolo Manfredi	 
	 	11 Bleecker Street	 
	 	New York, NY 10012	 
	 	 	 
	 	Tel: (646) 284-3119	 
	 	EMAIL: paolomanfredi11@gmail.com	 
	 	 	 
	 	With copy to:	 
	 	PMLRD LLC	 
	 	11 Bleecker Street	 
	 	New York, NY 10012	 
	 	 	 
	 	And	 
	 	 	 
	 	Dr. Charles Inturrisi	 
	 	444 East 82 Street Apt 2 S	 
	 	New York NY 10028	 
	 	 	 
	 	Tel: (860) 482-5117	 
	 	EMAIL: ceintur@gmail.com	 
	 	 	 
	 	For all payments -	 
	 	 	 
	 If sent by mail:	 
	 	Payments for Dr. Paolo Manfredi shall be made to PMLRD LLC and sent to the address above.
	 	 
	 	Payments for Dr. Charles Inturrisi shall be made to him
and sent to the address above.

         

            

    	 	22	 

     

    

         

Licensee is responsible for all bank charges
of wire transfer of funds for payments. Such bank charges shall not be deducted from total amount due to Licensor.

 

9.2       Assignability.

 

(a)       This
Agreement, including without limitation the right to receive any payments under Article 3 hereof, may be freely assigned
in whole or in part by Licensor (or either Dr. Charles Inturrisi or Dr. Paolo Manfredi) except that (i) Licensor may not assign
or delegate its obligations with respect to licensing Future Inventions (if any) to Licensee pursuant to this Agreement and (ii)
any assignment by Licensor of any rights and/or obligations under this Agreement shall have no effect on Licensor’s obligations
or Licensee’s rights with respect to Future Inventions developed after such assignment. This Agreement is binding upon the
successors and assigns of Licensor, other than with respect to obligations in connection with Future Inventions, which remain personal
to Dr. Paolo Manfredi and Dr. Charles Inturrisi and subject to Section 2.3 (e ) hereof, including, without limitation, any assignee
of Licensor with respect to any of its right, title, and interest in the Licensed IP and/or Related Licensed IP. For the avoidance
of doubt, any assignment of any of Licensor’s right, title, or interest in the Licensed IP and/or Related Licensed IP shall
be subject to the License and rights of Licensee set forth herein.

 

(b)       This
Agreement is not assignable in any way by Licensee without the written consent of Licensor, except expressly as follows: Licensee
may without prior written consent of Licensor, but with two (2) business days prior written notice thereof, assign this Agreement
as a whole (but not in part) and the rights and obligations and interests granted herein to any bona fide third party purchaser
of substantially all of Licensee’s assets or substantially all of Licensee’s equity, or to any successor entity resulting
from any merger, reverse merger, or consolidation of Licensee with or into such entity; provided in each case, that the assignee
and/or surviving entity agrees in writing to be bound by the terms of this Agreement for the benefit of Licensor. For the avoidance
of doubt, assignment of this Agreement by Licensee pursuant to this Section 9.2(b) does not constitute extension of rights
to an Affiliate under Section 2.1(b) or a Sublicense and, without limitation, is not subject to the requirements of Section
2.1(b) or Section 2.2 or the payment obligations with respect to Sublicenses set forth in Section 3.1(c).

 

(c)       This
Agreement is a license of the type described by Section 365(c)(1) of the Bankruptcy Code.

 

(d)       Any
assignment, agreement, or other transaction attempted or entered into in violation of this Section 9.2 shall be deemed null
and void and have no legal effect.

 

9.3       No
Waiver. No waiver by either party of any breach or default of any covenant or agreement set forth in this Agreement shall be
deemed a waiver as to any subsequent and/or similar breach or default.

 

    	 	23	 

     

    

  

9.4       Failure
to Perform. In the event of a failure of performance due under this Agreement and if it becomes necessary for either party
to undertake legal action against the other on account thereof, then the prevailing party shall be entitled to reasonable attorneys
fees in addition to costs and necessary disbursements.

 

9.5        Governing
Laws/Jurisdiction.

(a)       This
Agreement shall be governed by, and construed in accordance with (A) the laws of the United States, in respect to trademark and
patent issues, except that the scope and validity of any foreign Patent or trademark shall be governed by the applicable laws of
the country of the Patent or trademark, and (B) in all other respects, including as to validity (except for patent and trademark
issues), interpretation and effect, by the laws of the State of New York without giving effect to the conflict of laws rules thereof.

(b)       The
parties hereby consent to the sole and exclusive jurisdiction of the courts of the state of New York, in the county of New York,
or the United States Federal District Court for the Southern District of New York for purposes of any action or proceeding brought
by either of them on or in connection with this Agreement on any alleged breach thereof and waive any right to assert any rights
or defenses within any other jurisdiction or to require that litigation regarding this Agreement take place elsewhere. Notwithstanding
the foregoing, either party may apply to any court of competent jurisdiction for injunctive relief or any other appropriate relief.

9.6       Force
Majeure. Except for monetary obligations hereunder, a party to this Agreement may be excused from any performance required
herein if such performance is rendered impossible or unfeasible due to any catastrophe or other major event beyond its reasonable
control, including, without limitation, war, riot, and insurrection; laws, proclamations, edicts, ordinances, or regulations; strikes,
lockouts, or other serious labor disputes; and floods, fires, explosions, or other natural disasters, provided that the nonperforming
part uses commercially reasonable efforts to avoid or remove such causes for non-performance. When such events have abated, the
non-performing party's obligations herein shall resume.

 

9.7       Headings.
The headings of the several sections are inserted for convenience of reference only and are not intended to be a part of or to
affect the meaning or interpretation of this Agreement.

 

9.8       Entire
Agreement. This Agreement sets forth the entire Agreement and understanding between the parties, and incorporates and merges
therein all prior discussions, understandings and arrangements, expressed or implied, oral or written, between the parties, and
neither party should be bound by any conditions, definitions, warranties or representations, with respect to the subject matter
of this Agreement, other than as expressly provided in this Agreement, unless and other than expressly set forth in writing and
executed by Licensor and Licensee (or their successors or assigns).

9.9       Amendments.
No amendment or modification of this Agreement shall be valid or binding on the parties unless made in writing and signed on behalf
of each party.

 

9.10        Severability.

    	 	24	 

     

    

 

(a)       The
invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If
any provision of this Agreement is held to be invalid or and/or unenforceable, Licensor and Licensee agree that the remaining provisions
shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the
invalid provision.

 

(b)       In
the event that this Agreement, or any part thereof, is held to be invalid and/or unenforceable with respect to the License granted
to Licensee, if Licensee so elects in a writing delivered to Licensor, all right, title, and interest of Licensor in the Existing
Invention and other rights granted pursuant to the Original Assignment Agreement assigned and transferred to Licensor pursuant
to the New Assignment Agreement shall revert to Licensee, subject to the terms of the Original Assignment Agreement, with the exception
that Section 3.1(C)(c) of this Agreement shall govern royalties after the expiration or invalidation of any applicable patents.
Upon such reversion to Licensee, Licensor shall transfer and assign all such right, title, and interest back to Licensee. Licensor
shall execute and deliver to Licensee such further instruments and agreements (including without limitation, patent and intellectual
property assignment agreements) as Licensee shall reasonably request to consummate or confirm such transfers and assignments. The
remainder of this Agreement that is not held invalid and/or unenforceable shall remain in full force and effect.

(signature page
follows)

IN
WITNESS WHEREOF, Licensor and Licensee caused this Agreement to be duly executed as of the Effective Date. 

	LICENSOR	 	 
	 	 	 
	Dr. Charles E. Inturrisi and Dr. Paolo Manfredi	 	 
	 	 	 
	By: /s/ Charles E. Inturrisi	 	By: /s/ Paolo Manfredi
	Dr. Charles E. Inturrisi	 	Dr. Paolo Manfredi
	 	 	 
	 	 	 
	LICENSEE	 	 
	 	 	 
	RELMADA THERAPEUTICS, INC.	 	 
	 	 	 
	By: /s/ Sergio Traversa	 	 
	Sergio Traversa	 	 
	Chief Executive Officer	 	 
	 	 	 

 

    	 	25	 

     

    

 

Appendix A - Patents and Patent Applications

 

    	 	26	 

     

    

 

Appendix B - Commercialization Report

 

 

	Company
    Name	 	Your
    Reference No
	Reporting
                                         Period ( mm / dd / yyyy )

         

        From _______ /
        _______ / _____________ Through _______ / _______ / ______________
	EXPECTED
                                         or ACTUAL ( mm / dd / yyyy )

        Date of first
        sale of

        Licensed Product(s)
        ________ / ________ / _____________

	Please
                                         list all trade names for product(s) incorporating licensed rights whether or not you
                                         had sales during this reporting period.

         

         

 

	Docket
    #	Country	Number
    of Units Sold	Gross
    Sales by Country	Net
                                         Sales by Country*

        (
        A )
	Royalty
                                         Rate*

        (
        B )
	 

        Total
        Royalties by Country

        (
        A * B )

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	*
                                         Please refer to the license agreement for:

        ·        
        applicable royalty rate, please provide as decimal; 

        ·        
        how Net Sales should be calculated;

        ·        
        applicable share of sublicense fees;

        ·        
        application of minimum royalty rate

        ·        
        If sales were in a currency other than United States Dollars, please specify exchange rate used
	Royalty
    Subtotal	 
	Minimum
    Royalty Payment*	 
	Total
    Royalty Owed	 
	Total
                                         Sublicense Fees*

        (if
        applicable)
	 
	Total
                                         Payment

         
	 
	 	 	 	 	 	 	 	 

 

 

 

    	 	27	 

     

    

 

 

	Sublicense
    Activity (if applicable)
	Number
    of sublicenses granted during the reporting period	 	 	Number
    of sublicenses terminated or expired during the reporting period	 
	Granted
    Sub-Licensee Company Name(s) (please list below)	 	Terminated
    Sub-Licensee Company Name(s) (please list below)
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Total
    Number of active sublicenses during reporting period	 	 
	 	 	 	 	 	 

 

 

	Other
    Licensed Products in the pipeline
	Product
    Name	 	Developmental
    Stage	 
	Product
    Name	 	Developmental
    Stage	 
	Product
    Name	 	Developmental
    Stage	 
	Product
    Name	 	Developmental
    Stage	 

 

	Report
    Prepared & Approved By
	Name  (
    Please Print )	Title	Email

         

         

	Signature	Date ( mm
        / dd / yyyy )

         

         

        _________ / _________ / ______________

 

    	 	28

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