Document:

EX-10.1

 Exhibit 10.1 
  

 
  

THIRD AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT 

Dated as of April 10, 2015 

among 
 GULFPORT ENERGY
CORPORATION, 
 as Borrower, 

THE BANK OF NOVA SCOTIA, 

as Administrative Agent 
 and 

The Lenders Party Hereto 
 THE
BANK OF NOVA SCOTIA, 
 as Sole Lead Arranger and Sole Bookrunner 

AMEGY BANK NATIONAL ASSOCIATION, 

as Syndication Agent 
 KEYBANK
NATIONAL ASSOCIATION, 
 as Documentation Agent 
  

 
  

 THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

THIS THIRD AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into
as of April 10, 2015, among GULFPORT ENERGY CORPORATION, a Delaware corporation (“Borrower”), THE BANK OF NOVA SCOTIA, as Administrative Agent (“Administrative
Agent”) and L/C Issuer, the financial institutions executing this Amendment as Existing Lenders, and the financial institutions executing this Amendment as New Lenders (as defined below). 

R E C I T A L S 

A. Borrower, the financial institutions signing as Lenders thereto, Administrative Agent and the other agents party thereto are
parties to an Amended and Restated Credit Agreement dated as of December 27, 2013, as amended by a First Amendment to Amended and Restated Credit Agreement dated as of April 23, 2014, and as amended by a Second Amendment to Amended and
Restated Credit Agreement dated as of November 26, 2014 (collectively, the “Original Credit Agreement”). 

B. The parties desire to amend the Original Credit Agreement as hereinafter provided. 

NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 1. Same Terms. All terms used herein that are defined in
the Original Credit Agreement shall have the same meanings when used herein, unless the context hereof otherwise requires or provides. In addition, (i) all references in the Original Credit Agreement and, where appropriate in the context, in
the other Loan Documents to the “Agreement” shall mean the Original Credit Agreement, as amended by this Amendment, as the same may hereafter be amended from time to time, and (ii) all references in the Loan Documents to the
“Loan Documents” shall mean the Loan Documents, as amended by the Modification Papers, as the same may hereafter be amended from time to time. In addition, the following terms have the meanings set forth below: 

“Effective Date” means the date on which the conditions specified in Section 2 below are satisfied (or
waived in writing by the Administrative Agent). 
 “Existing Lenders” means The Bank of Nova Scotia,
Amegy Bank National Association, KeyBank National Association, Credit Suisse AG, Cayman Islands Branch, Iberiabank, Associated Bank, N.A., Wells Fargo Bank, N.A. and Barclays Bank PLC. 

“Modification Papers” means this Amendment, the No Material Adverse Change Certificate, and all of the other documents
and agreements executed in connection with the transactions contemplated by this Amendment. 
 “New Lenders”
means BNP Paribas, Compass Bank, PNC Bank, National Association, and U.S. Bank National Association. 

“New Notes” has the meaning set forth in Section 7 below. 

“No Material Adverse Change Certificate” has the meaning set forth in Section 2D below. 

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Page 1 

 2. Conditions Precedent. The obligations and agreements of the Lenders as
set forth in this Amendment are subject to the satisfaction, unless waived in writing by Administrative Agent, of each of the following conditions (and upon such satisfaction, this Amendment shall be deemed to be effective as of the Effective
Date): 
 A. Third Amendment to Credit Agreement. This Amendment shall have been duly executed
and delivered by each of the parties hereto. 
 B. Borrowing Base Increase Fee. Borrower shall
have paid Administrative Agent for the account of New Lenders a fee for the incremental increase of the Borrowing Base in the amount agreed upon by Borrower and Administrative Agent to be shared by New Lenders. 

C. Fees and Expenses. Administrative Agent shall have received payment of all out-of-pocket fees and
expenses (including reasonable attorneys’ fees and expenses) incurred by Administrative Agent in connection with the preparation, negotiation and execution of the Modification Papers. 

D. Representations and Warranties. Administrative Agent shall have
received a certificate (the “No Material Adverse Change Certificate”) to the effect that all representations and warranties contained herein or in the other Modification Papers or otherwise made in writing in connection
herewith or therewith shall be true and correct in all material respects (provided that any such representations or warranties that are, by their terms, already qualified by reference to materiality shall be true and correct without regard to such
additional materiality qualification) with the same force and effect as though such representations and warranties had been made on and as of the Effective Date, or if made as of a specific date, as of such date. 

3. Amendments to Original Credit Agreement. On the Effective Date, the Original Credit Agreement shall be deemed to be
amended as follows: 
 (a) Schedule 2.01 to the Original Credit Agreement shall be replaced with
Schedule 2.01 attached to this Amendment. 
 (b) The definition of “Senior Notes” in
Section 1.01 of the Original Credit Agreement shall be amended to read in its entirety as follows: 

“’Senior Notes” means, any unsecured Indebtedness of Borrower (and any unsecured Guarantees
thereof by the Guarantors) in an aggregate principal amount not exceeding $1,200,000,000.” 
 4. Increase of
Borrowing Base. The Borrowing Base is hereby increased from $450,000,000 to $575,000,000. The Borrowing Base shall remain at this amount until next redetermined in accordance with Article IV of the Credit Agreement. 

5. Adjustment of Applicable Percentages of Lenders. The New Lenders have become Lenders upon their execution of this
Amendment, and on the Effective Date, the New Lenders shall assume all rights and obligations of a Lender under the Credit Agreement. The Administrative Agent, the Lenders and the Borrower hereby consent to each New Lender’s acquisition of an
interest in the Aggregate Commitments and its Applicable Percentage. The Lenders have agreed among themselves, in consultation with the Borrower, to reallocate their respective Commitments and Applicable Percentages as set forth on
Schedule 2.01, and the Administrative Agent and the Borrower hereby consent to such reallocation. The Administrative Agent, the Lenders and the Borrower hereby waive (a) any requirement that an Assignment and Assumption or any other
documentation be executed in connection with such reallocation, and (b) the payment of any processing and recordation fee to the Administrative Agent.  

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Page 2 

 
Notwithstanding the foregoing, the reallocation of the Commitments and Applicable Percentages among the Lenders shall be deemed to have been consummated pursuant to the terms of an Assignment and
Assumption attached as Exhibit D to the Original Credit Agreement as if the Lenders had executed an Assignment and Assumption with respect to such reallocation. On the Effective Date, the Commitment and Applicable Percentage of each Lender
shall be as set forth on Schedule 2.01 attached to this Amendment. 
 6. Concerning the New Lenders. 

(a) In connection herewith, each of the Existing Lenders irrevocably sells and assigns to each New Lender, and each New Lender,
severally and not jointly, hereby irrevocably purchases and assumes from the Existing Lenders, as of the Effective Date, so much of each Existing Lender’s Commitment, outstanding Loans and participations in Letters of Credit, and rights and
obligations in its capacity as a Lender under the Original Credit Agreement and any other documents or instruments delivered pursuant thereto (including without limitation any guaranties and, to the extent permitted to be assigned under applicable
law, all claims (including without limitation contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity), suits, causes of action and any other right of any Existing Lender against any Person,
whether known or unknown, arising under or in connection with the Original Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby), such that each Existing Lender’s and each New
Lender’s Commitment, Applicable Percentage of the outstanding Loans and participations in Letters of Credit, and rights and obligations as a Lender shall be equal to its Applicable Percentage and Commitment set forth on Schedule 2.01 to
this Amendment. The Existing Lenders and the New Lenders agree that the provisions of the form of Assignment and Assumption attached as Exhibit D to the Original Credit Agreement shall apply to it as applicable depending upon whether it
is the assignee or assignor of such “Commitments” as applicable. Each party hereto agrees to execute an Assignment and Assumption or related ancillary documentation to give effect to the foregoing if requested by the Administrative Agent.

 (b) Upon the Effective Date, all Loans and participations in Letters of Credit of the Existing Lenders
outstanding immediately prior to the Effective Date shall be, and hereby are, restructured, rearranged, renewed, extended and continued as provided in this Amendment and shall continue as Loans and participations in Letters of Credit of each
Existing Lender and each New Lender, respectively, under the Original Credit Agreement, as amended by the Modification Papers (as so amended, the “Credit Agreement”). 

(c) Each New Lender represents and warrants to the Administrative Agent as follows: 

(i) it has received a copy of the Original Credit Agreement, together with copies of the most recent financial statements of
the Borrower delivered pursuant thereto; 
 (ii) it has, independently and without reliance upon any Lender or
any Related Party of the Administrative Agent or any Lender (an “Agent-Related Person”) and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business,
prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties and their respective Subsidiaries, and all applicable bank or other regulatory laws relating to the transactions contemplated by the Credit
Agreement, and made its own decision to enter into the Credit Agreement and to extend credit to the Borrower and the other Loan Parties under the Credit Agreement; 

(iii) it will, independently and without reliance upon any Lender or any Agent-Related Person and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under the Credit Agreement and the other Loan Documents, and to make such investigations as it
deems necessary to inform itself as to the business, prospects, operations, property, and other condition and creditworthiness of the Borrower and the other Loan Parties. 

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Page 3 

 (d) Each New Lender acknowledges as follows: 

(i) no Lender or Agent-Related Person has made any representation or warranty to it, and no act by the Administrative Agent
hereafter taken, including any consent to and acceptance of any assignment or review of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute any representation or warranty by any Lender or any Agent-Related Person to
any Lender as to any matter, including whether Agent-Related Persons have disclosed material information in their possession; 

(ii) except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative
Agent pursuant to the Original Credit Agreement, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and
other condition or creditworthiness of any of the Loan Parties or any of their respective Affiliates which may come into the possession of any Agent-Related Person; and 

(iii) on the Effective Date, subject to the satisfaction of the conditions to effectiveness set forth in Section 2
of this Amendment, it shall be deemed automatically to have become a party to the Credit Agreement and have all rights and obligations of a Lender under the Original Credit Agreement and the other Loan Documents, each as amended by the Modification
Papers, as if it were an original Lender signatory thereto. 
 (e) On the Effective Date, each New Lender agrees to be bound
by the terms and conditions set forth in the Original Credit Agreement and the other Loan Documents, each as amended by the Modification Papers, applicable to the Lenders as if it were an original Lender signatory thereto (and expressly makes the
appointment set forth in, and agrees to the obligations imposed under, Article X of the Original Credit Agreement). 
 7. New
Notes. The New Lenders have become Lenders upon their execution of this Amendment, and, on the Effective Date, the maximum Commitments of all Lenders are now set forth on Schedule 2.01 to this Amendment. Accordingly, on the
Effective Date, Borrower shall issue Notes (“New Notes”) in the form of Exhibit B attached to the Original Credit Agreement to the New Lenders. 

8. Certain Representations. Borrower represents and warrants that, as of the Effective Date: (a) Borrower has full
power and authority to execute the Modification Papers to which it is a party and such Modification Papers constitute the legal, valid and binding obligation of Borrower enforceable in accordance with their terms, except as enforceability may be
limited by general principles of equity and applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws affecting the enforcement of creditors’ rights generally; (b) no authorization, approval, consent or other
action by,  

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Page 4 

 
notice to, or filing with, any Governmental Authority or other Person is required for the execution, delivery and performance by Borrower thereof; and (c) no Default has occurred and is
continuing or will result from the consummation of the transactions contemplated by this Amendment. In addition, Borrower represents that after giving effect to the Modification Papers, all representations and warranties contained in the Credit
Agreement and the other Loan Documents are true and correct in all material respects (provided that any such representations or warranties that are, by their terms, already qualified by reference to materiality shall be true and correct without
regard to such additional materiality qualification) on and as of the Effective Date as if made on and as of such date except to the extent that any such representation or warranty expressly relates to an earlier date, in which case such
representation or warranty is true and correct in all material respects (or true and correct without regard to such additional materiality qualification, as applicable) as of such earlier date. 

9. No Further Amendments. Except as previously amended or waived in writing or as amended hereby, the Original Credit
Agreement shall remain unchanged and all provisions shall remain fully effective between the parties. 
 10. Acknowledgments
and Agreements. Borrower acknowledges that on the date hereof all outstanding Obligations are payable in accordance with their terms, and Borrower waives any defense, offset, counterclaim or recoupment with respect thereto. Borrower,
Administrative Agent, L/C Issuer and each Lender do hereby adopt, ratify and confirm the Original Credit Agreement, as amended hereby, and acknowledge and agree that the Original Credit Agreement, as amended hereby, is and remains in full force and
effect. Borrower acknowledges and agrees that its liabilities and obligations under the Original Credit Agreement, as amended hereby, and under the other Loan Documents, are not impaired in any respect by this Amendment. Upon the effectiveness of
this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, or words of like import shall mean and be a reference to the Credit Agreement, as affected and amended hereby. 

11. Limitation on Agreements. The consents, waivers and modifications set forth herein are limited precisely as written
and shall not be deemed (a) to be a consent under or a waiver of or an amendment to any other term or condition in the Original Credit Agreement or any of the other Loan Documents, or (b) to prejudice any other right or rights that
Administrative Agent now has or may have in the future under or in connection with the Original Credit Agreement and the other Loan Documents, each as amended hereby, or any of the other documents referred to herein or therein. The Modification
Papers shall constitute Loan Documents for all purposes.  
 12. Confirmation of Security. Borrower hereby
confirms and agrees that all of the Collateral Documents that presently secure the Obligations shall continue to secure, in the same manner and to the same extent provided therein, the payment and performance of the Obligations as described in the
Original Credit Agreement as modified by this Amendment. 
 13. Counterparts. This Amendment may be executed in
any number of counterparts, each of which when executed and delivered shall be deemed an original, but all of which constitute one instrument. In making proof of this Amendment, it shall not be necessary to produce or account for more than one
counterpart thereof signed by each of the parties hereto. 
 14. Incorporation of Certain Provisions by
Reference. The provisions of Section 11.15. of the Original Credit Agreement captioned “Governing Law, Jurisdiction; Etc.” and Section 11.16. of the Original Credit Agreement captioned “Waiver of Right to Trial by
Jury” are incorporated herein by reference for all purposes. 

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Page 5 

 15. Entirety, Etc. This Amendment, the other Modification Papers and all of
the other Loan Documents embody the entire agreement between the parties. THIS AMENDMENT, THE OTHER MODIFICATION PAPERS AND ALL OF THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

[This space is left intentionally blank. Signature pages follow.] 

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Page 6 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment to be effective as of the
date and year first above written. 
  

			
	BORROWER
	
	GULFPORT ENERGY CORPORATION
		
	By:		 /s/ Aaron Gaydosik

			Aaron Gaydosik
			Chief Financial Officer

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Signature Page S-1 

 
					
	ADMINISTRATIVE AGENT
	
	 THE BANK OF NOVA SCOTIA,

as Administrative Agent and L/C Issuer

		
	By:		 /s/ Jay Salitza

			Name:		 Jay Salitza

			Title:		 Director

	
	EXISTING LENDER:
	
	 THE BANK OF NOVA SCOTIA,

as Lender

		
	By:		 /s/ Jay Salitza

			Name:		 Jay Salitza

			Title:		 Director

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Signature Page S-2 

 
					
	EXISTING LENDER:
	
	AMEGY BANK NATIONAL ASSOCIATION
		
	By:		 /s/ Jill McSorley

			Name:		 Jill McSorley

			Title:		 Senior Vice President

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Signature Page S-3 

 
					
	EXISTING LENDER:
	
	KEYBANK NATIONAL ASSOCIATION
		
	By:		 /s/ George E. McKean

			Name:		 George E. McKean

			Title:		 Senior Vice President

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Signature Page S-4 

 
					
	EXISTING LENDER:
	
	CREDIT SUISSE AG,
	Cayman Islands Branch
		
	By:		 /s/ NUPUR KUMAR

			Name:		 NUPUR KUMAR

			Title:		 AUTHORIZED SIGNATORY

		
	By:		 /s/ Remi Riester

			Name:		 Remi Riester

			Title:		 Authorized Signatory

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Signature Page S-5 

 
					
	EXISTING LENDER:
	
	IBERIABANK
		
	By:		 /s/ Moni Collins

			Name:		 Moni Collins

			Title:		 Senior Vice President

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Signature Page S-6 

 
					
	EXISTING LENDER:
	
	ASSOCIATED BANK, N.A.
		
	By:		 /s/ Ryan Osborn

			Name:		 Ryan Osborn

			Title:		 Portfolio Manager

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Signature Page S-7 

 
					
	EXISTING LENDER:
	
	WELLS FARGO BANK, N.A.
		
	By:		 /s/ David C. Brooks

			Name:		 David C. Brooks

			Title:		 Director

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Signature Page S-8 

 
					
	EXISTING LENDER:
	
	BARCLAYS BANK PLC
		
	By:		 /s/ Ronnie Glenn

			Name:		 Ronnie Glenn

			Title:		 Vice President

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Signature Page S-9 

 
					
	NEW LENDER:
	
	COMPASS BANK
		
	By:		 /s/ Kathleen J. Bowen

			Name:		 Kathleen J. Bowen

			Title:		 Senior Vice President

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Signature Page S-10 

 
					
	NEW LENDER:
	
	PNC BANK, NATIONAL ASSOCIATION
		
	By:		 /s/ Sandra Aultman

			Name:		 Sandra Aultman

			Title:		 Managing Director

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Signature Page S-11 

 
					
	NEW LENDER:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:		 /s/ Nicholas T. Hanford

			Name:		 Nicholas T. Hanford

			Title:		 Vice President

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Signature Page S-12 

 
					
	NEW LENDER:
	
	BNP PARIBAS
		
	By:		 /s/ Scott Joyce

			Name:		 Scott Joyce

			Title:		 Managing Director

  

					
	By:		 /s/ Vincent Trapet

			Name:		 Vincent Trapet

			Title:		 Director

  
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT – Signature Page S-13 

 SCHEDULE 2.01 

Commitments 
 and
Applicable Percentages 
  

									
	 Lender
	  	Applicable Percentage	 	 	Commitment	 
			
	 The Bank of Nova Scotia
	  	 	12.17391304	% 	 	$	70,000,000	  
			
	 Amegy Bank National Association
	  	 	10.78260870	% 	 	$	62,000,000	  
			
	 KeyBank National Association
	  	 	10.78260870	% 	 	$	62,000,000	  
			
	 Barclays Bank PLC
	  	 	10.78260870	% 	 	$	62,000,000	  
			
	 Credit Suisse AG, Cayman Islands Branch
	  	 	10.78260870	% 	 	$	62,000,000	  
			
	 Wells Fargo Bank, N.A.
	  	 	10.78260870	% 	 	$	62,000,000	  
			
	 IberiaBank
	  	 	6.08695652	% 	 	$	35,000,000	  
			
	 Associated Bank, N.A.
	  	 	6.08695652	% 	 	$	35,000,000	  
			
	 BNP Paribas
	  	 	5.43478261	% 	 	$	31,250,000	  
			
	 Compass Bank
	  	 	5.43478261	% 	 	$	31,250,000	  
			
	 PNC Bank, National Association
	  	 	5.43478261	% 	 	$	31,250,000	  
			
	 U.S. Bank National Association
	  	 	5.43478261	% 	 	$	31,250,000	  
			
	 TOTAL:
	  	 	100.00	% 	 	$	575,000,000	  

 Maximum Facility Amount: $1,500,000,000 

  
 SCHEDULE 2.01, Commitments and
Applicable Percentages – Solo PageEXHIBIT 10.1

 

Dated                                       2014

 

 

(1)
DIMITRY GENKIN

 

AND

 

(2)
FDS PHARMA

 

AND

 

(3)
LIPOXEN TECHNOLOGIES LIMITED

 

AND

 

(4)
XENETIC BIOSCIENCES INC

 

 

 

 

 

 

 

 

INTELLECTUAL
PROPERTY ASSIGNMENT

 

 

 

 

 

 

 

 

KEYSTONE LAW

53 Davies Street,
London W1K 5JH

DX: 2307 Victoria

Telephone: 020 7152 6550

Fax: 0845 458 9398

enquiries@keystonelaw.co.uk

www.keystonelaw.co.uk

 

 

    	1

    	 

    

 

THIS DEED
is dated                                       2014

 

PARTIES

 

	(1)	DMITRY
                                         GENKIN a citizen of the Russian Federation with an address of ("the First Assignor");

 

	(2)	FDS
                                         PHARMA a limited partnership formed under the laws of England and Wales with limited
                                         partnership number LP005073 whose registered office is at 82 St John Street, London,
                                         EC1M 4JN (the "Second Assignor"/"FDS")

 

together the
"Assignors"

 

	(3)	LIPDXEN
                                         TECHNOLOGIES LIMITED incorporated and registered in England and Wales with company number
                                         03401495 whose registered office is at 5th Floor,15 Whitehall, London, SW1A 2DD ("the
                                         Assignee"/"Lipoxen");

 

	(4)	XENETIC
                                         BIOSCIENCES INC. a Nevada corporation with its principal office and place of business
                                         at 99 Hayden Ave, Suite 230, Lexington, MA and the ultimate parent company of the Assignee
                                         ("Xenetic"); and

 

BACKGROUND

 

	(A)	Lipoxen
                                         and FDS entered into an Agreement for the Provision of Manufacturing and Clinical Development
                                         Services (the "PMCDS") dated 10 October 2005 by which FDS was to be
                                         granted Milestone Shares through several Milestone Allotments set forth in Schedule 2
                                         of the PMCDS in return for services;

 

	(B)	The
                                         Parties having now agreed that all obligations under the PMCDS have been discharged or
                                         are hereby varied, the PMCDS is deemed to have expired pursuant to Clause 10.1 of the
                                         PMCDS;

 

	(C)	On
                                         or about 2 June 2009 the Assignors and the Assignee entered into an oral agreement for
                                         the assignment of Intellectual Property Rights on the same terms as provided herein;

 

    	2

    	 

    

 

		(D)	The
                                         Assignee entered into a Collaboration, Licence and Development Agreement dated 11 November
                                         2009 with Pharmasynthez ZAO and a separate Agreement on Co-Development and the Terms
                                         of Exclusive License dated 4 August 2011 with Synbio LLC (collectively, the "Pharms
                                         and Synbio Agreements");

 

		(E)	The
                                         Assignors have and continue to take part in work on behalf of Pharmsynthez LAO and Synbio
                                         LLC and through this work have provided and will provide an inventive contribution to
                                         the Lipoxen Technology;

 

		(F)	The
                                         Assignors continue to work on the Lipoxen Technology outside the scope of the Pharms
                                         and Synbio Agreements and the PMCDS and thereby to contribute inventive input into the
                                         Lipoxen Technology;

 

		(G)	in
                                         consideration of the grant of the Shares provided by Xenetic as set out in Clause 4 herein
                                         to the Second Assignor, the Assignors wish to assign to the Assignee all right, title
                                         and interest they may have in the Intellectual Property Rights created by either of them
                                         during the course of their work on behalf of, or in collaboration with, the Assignee;

 

		(H)	The
                                         Parties wish to confirm in writing the variation to and expiry of the PMCDS, the issuance
                                         of Shares in full satisfaction of the Assignee's obligation under the PMCDS and the oral
                                         agreement of June 2009 regarding the assignment of Intellectual Property Rights from
                                         the Assignors to the Assignee.

 

IT IS AGREED
as follows:

 

1. INTERPRETATION

 

The following
definitions and rules of interpretation apply in this Deed.

 

1.1 Definitions:

 

Agreement:
means this agreement between the Parties set out above and executed as a Deed.

 

Arising
IP Rights: means any and all Intellectual Property Rights arising from or in relation to the work carried out by the Assignors
by or on behalf of the Assignee pursuant to the Pharms and Synbio Agreements.

 

    	3

    	 

    

 

Assigned
IP Rights: means the Intellectual Property Rights hereby assigned by the Assignors to the Assignee pursuant to this Agreement.

 

Business
Day: means a day other than a Saturday, Sunday or public holiday in England when banks in London are open for business.

 

Confidential
Information: means any and all data, results, know-how, show-how, software, algorithms, trade secrets, plans, forecasts, analyses,
evaluations, research, technical information, business information, financial information, business plans, strategies, customer
lists, marketing plans or other information whether oral, in writing, in electronic form or in any other form, and any physical
items, compounds, components or other materials disclosed before, on or after the date of the PMCDS by one party to the other
party which is either designated as confidential or which is of a confidential nature.

 

Delivery
Materials: means the most up-to-date and complete data, media, documents, reports and any other information or writing in
the Assignors' possession relating to the Assigned IP Rights.

 

FDS
Contracts: means any contract between FDS and a third party relating to the Services (as defined in the PMCDS) including without
limitation the Cell Line Agreement, the CRO Agreement and the Sub-contracting Agreements (as defined in the PMCDS).

 

Foreground:
means all Intellectual Property Rights created or arising in the course of the provision of the Services (as defined in the
PMCDS) including but not limited to:

		(a)	the
                                         results of any and all information, data and know how generated or arising out of the
                                         Clinical Trials (as defined in the PMCDS) and all Intellectual Property Rights relating
                                         thereto;

		(b)	any
                                         and all Intellectual Property Rights created by or on behalf of FDS relating to conjugates
                                         of (i) PSA and insulin; and (ii) PSA and interferon;

		(c)	the
                                         Master Cell Lines (as defined in the PMCDS);

		(d)	any
                                         and all unmodified or modified derivatives, progeny or other substance created or generated
                                         through use of the Master Cell Lines by or on behalf of FDS in the course of the provision
                                         of the Services and all Intellectual Property Rights relating thereto; and

		(e)	any
                                         and all Intellectual Property Rights created by or on behalf of FDS relating to the method
                                         of manufacturing insulin and interferon from the Master Cell Lines and the process of
                                         creating conjugates of PSA and insulin and PSA and interferon.

 

ImuXen
Patents: means the Patents set out in Schedule 2 to this Agreement including any continuations, continuations in part, extensions,
reissues, divisions, and any patents, supplementary protection certificates and similar rights that are based on or derive priority
from the foregoing.

 

    	4

    	 

    

 

Intellectual Property Rights: means patents, utility models, rights to inventions, copyright and neighbouring
and related rights, trade marks and service marks, business names and domain names, rights in get-up and trade dress, goodwill
and the right to sue for passing off or unfair competition, rights in designs, database rights, rights in data, rights to use,
and protect the confidentiality of, confidential information (including know-how and trade secrets) and all other intellectual
property rights, in each case whether registered or unregistered and including all applications and rights to apply for and be
granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms
of protection which subsist or will subsist now or in the future in any part of the world.

 

Lipoxen
Background: means all Intellectual Property Rights belonging to or licensed to Lipoxen at the Commencement date of the PMCDS
including without limitation the PolyXen Patents.

 

Lipoxen
Technology: means

		(a)	the
                                         ImuXen Technology namely the advanced platform vaccine delivery technology that employs
                                         novel liposome constructs to boost the effectiveness of DNA, protein and polysaccharide
                                         vaccines that is described in detail in the ImuXen Patents;

		(b)	the PolyXen Technology namely the
                                         multifaceted platform technology that employs PSA to prolong the active life and improve
                                         the pharmacokinetics of therapeutic proteins and peptides, as well as conventional drugs,
                                         that is described in detail in the PolyXen Patents;

		(c)	the
                                         PSA Technology relating to the manufacture of PSA and/or PSA Derivatives; and

		(d)	the Oncohist Technology means the
                                         multifaceted platform technology histone H1.3 that allows the development of anticancer
                                         drugs as described in detail in the Oncohist Patents.

 

Oncohist
Patents: means the Patents set out in Schedule 3 to this Agreement including any continuations, continuations in part, extensions,
reissues, divisions, and any patents, supplementary protection certificates and similar rights that are based on or derive priority
from the foregoing.

 

Parties:
means Dimitry Genkin, FDS, Lipoxen and Xenetic and "Party" shall mean one of them.

 

Pharms:
means Pharmsynthez ZAO.

 

PMCDS:
means the Agreement for the Provision of Manufacturing and Clinical Development Services between FDS and the Assignee dated
10 October 2005.

 

PSA:
means any polymer containing tow or more sialic acid residues, including the natural polymer polysialic acid, the chemical
formula for which is set out in Schedule 4 to this Agreement.

 

    	5

    	 

    

 

PSA Derivatives: means
any derivative of POLYSIALIC ACID, which shall include but not be limited to, covalent, non-covalent or reversible complexes which
involve one or more sialic acid residue.

 

PolyXen
Patents: means the Patents set out in Schedule 5 to this Agreement including any continuations,
continuations in part, extensions, reissues, divisions, and any patents, supplementary protection certificates and similar rights
that are based on or derive priority from the foregoing.

 

Shares:
means the three million two hundred and fifty-five thousand, seven hundred and eighty-four
(3,244,784) common shares of Xenetic (XBIO) stock.

 

Synbio:
means Synbio LLC.

 

2.
OWNERSHIP AND ASSIGNMENT OF INTELLECTUAL PROPERTY RIGHTS

 

2.1
The Assignors hereby assign to the Assignee absolutely with full title guarantee all right, title and interest in and to any
and all Intellectual Property Rights created by the Assignors jointly or separately during the course of their work on behalf
of, or in collaboration with, the Assignee or otherwise which relates to the Lipoxen Technology. This includes, but is not
limited to:

 

2.1.1
all Intellectual Property Rights with respect to the work which is within the scope of the PMCDS;

 

2.1.2 the
Foreground;

 

2.1.3 the Arising IPR;

 

2.1.4
all Intellectual Property Rights created outside the scope of the PMCDS, the Pharms and Synbio Agreements and which is related
to:

 

2.1.4.1
the use of histone HI, including, but not limited to Histone HI .4, for the siRNA
delivery;

 

2.1.4.2 the
use of Histone generally as a delivery platform;

 

2.1.4.3
the use of PSA as a delivery platform for the treatment of central nervous system ("CNS") syndromes;

 

2.1.4.4
the use of Xenetic Intellectual Property Rights for the development of treatments for new indications; and

 

2.1.4.5
the use of PSA as a delivery platform of a therapeutic across the blood brain barrier.

 

2.1.5 any
other Intellectual Property Rights related to the Lipoxen Technology. collectively, the "Assigned
IP Rights".

 

    	6

    	 

    

 

2.2 The
assignment includes all right title and interest to:

 

2.2.1 any
patent application or right to apply for a patent:

 

2.2.1.1 the
right to claim priority from and to prosecute and obtain grant of patent; and

 

2.2.1.2
the right to file divisional applications based thereon and to prosecute and obtain grant of patent on each and any such divisional
application.

 

2.2.2
in respect of each and any invention disclosed in a patent, the right to file an application, claim priority from such application,
and prosecute and obtain grant of patent or similar protection in or in respect of any country or territory in the world;

 

2.2.3
the right to extend to or register in or in respect of any country or territory in the world each and any patent, and each and
any of applications comprised in a patents or filed as aforesaid, and to extend to or register in, or in respect of, any country
or territory in the world any patent or like protection granted on any of such applications.

 

2.2.4
the absolute entitlement to any patents granted pursuant to any of the applications comprised in a patent or filed as aforesaid.

 

2.3 The
assignment includes the right to bring, make, oppose, defend, appeal proceedings, claims or actions and obtain relief (and to retain
any damages recovered) in respect of any infringement, or any other cause of action arising from ownership, of any of the
Assigned IP Rights, whether occurring before on or after the date of this Agreement.

 

3. FURTHER
ASSURANCES

 

3.1 The
Assignors appoint the Assignee to be their attorney in their name and on their behalf to execute documents, use the
Assignors' names and do all things that are necessary or desirable for the Assignee to obtain for itself or its nominee the
full benefit of Clauses 2 and 3.

 

3.2 This
power of attorney is irrevocable and is given by way of security to secure the performance of the Assignors' obligations
under this Clause and the proprietary interest of the Assignee in the Assigned IP Rights and so long as such obligations of
the Assignors remain undischarged, or the Assignee has such interest, the power may not be revoked by the Assignors, save
with the consent of the Assignee.

 

3.3 The Assignee
may, in any way it thinks fit and in the name and on behalf of the Assignors:

 

3.3.1
take any action that this Agreement requires the First or Second Assignor to take;

 

    	7

    	 

    

 

3.3.2
exercise any rights which this Agreement gives to the First or Second Assignor; and

 

3.3.3
appoint one or more persons to act as substitute attorney(s) for the First or Second Assignor and to exercise such of the powers
conferred by this power of attorney as the Assignee thinks fit and revoke such appointment.

 

3.4 The
Assignors undertake to ratify and confirm everything that the Assignee and any substitute attorney does or arranges or
purports to do or arrange in good faith in exercise of any power granted under this clause.

 

3.5 To
the extent that any rights, title and interests, including all Intellectual Property Rights anywhere in the world, whether
registered or not, and all benefits and rights to sue or obtain relief for any past, current or future infringement or
violation of such rights, in and to the Assigned IP Rights (or any part thereof) in any country of the world may remain or
become vested in the First or Second Assignor they shall and hereby agree, at the Assignee's prior written request and
expense, to irrevocably assign, transfer and convey and/or undertake to procure that such related corporations shall
irrevocably assign, transfer and convey, absolutely and unconditionally, to the Assignee, the said right, title and interest
by way of agreement in a form substantially similar to the assignment provisions of this Agreement save that no payment shall
be made by the Assignee in addition to that made pursuant to this Agreement in consideration of the said confirmatory
assignment, transfer, conveyance or procurement thereof.

 

3.6 The
Assignors agree and confirm that, other than the Shares, no additional sums, royalties, payments and/or other charges of any
kind shall be directly payable by the Assignee to the Assignors under this Agreement for the assignment and conveyance of the
Assigned IP Rights.

 

3.7 At
the Assignee's prior written request and expense, the Assignors each undertake to do any and all acts and execute any and all
documents in such manner and at such location as may be required by the Assignee in the Assignee's discretion to:

 

3.7.1
protect, perfect or enforce any of the rights, privileges and entitlements granted or promised to the Assignee by this Agreement;
and

 

3.7.2
enable the Assignee to pursue or prosecute any application in respect of the Assigned IP Rights to registration in favour of
the Assignee or such other party as the Assignee may direct. For the purposes of the provisions above and without prejudice
to its generality, the Assignors each hereby undertake at the request of the Assignee to sign and execute such formal
assignment documents as may be required by the relevant registries anywhere in the world, in the form required by such
registry.

 

    	8

    	 

    

 

3.8 The
Assignors each undertake to reasonably cooperate with the Assignee in any proceedings for infringement of any Assigned IP
Rights, including providing such information as the Assignee may reasonably request, provided that the Assignee shall
reimburse any costs or expenses incurred by the Assignors in providing such cooperation.

 

3.9 The
Assignors hereby authorise the recording of this Agreement with the relevant patent or other Intellectual Property Rights
registries anywhere in the world by agents appointed by the Assignee.

 

3.10
The Assignors shall upon a written request from the Assignee or Xenetic, furnish, deliver, divulge, transfer, disclose, impart
or otherwise communicate to the Assignee, the most up-to-date and complete data, media, documents, reports and any other information
or writing in their possession and/or control relating to the Assigned IP Rights (the "Delivery Materials").

 

3.11 The Assignors
shall at the request of the Assignee:-

 

3.11.1
provide the Assignee, free of charge, with up to 90 days of consultancy services at the Assignee's premises in the UK or the US
to assist the Asssignee to understand the Assigned IP Rights; and/or

 

3.11.2
provide samples, in a form reasonably satisfactory to the Assignee, of any physical materials (including cell lines) created
or developed by either of the Assignors either (a) pursuant to the PMCDS; or (b) otherwise and which relate directly to the
Lipoxen Technology. Title to any such physical deliverables will pass to the Assignee on receipt by the Assignee of the
relevant samples.

 

3.12
A failure to provide the Delivery Materials within 90 days of such a written request or to comply with the provisions of Clause
3.11 of this Agreement will result in a claim

for
damages against the Assignors up to a sum equivalent to the value of the Shares issued pursuant to this Agreement.

 

    	9

    	 

    

 

4. CONSIDERATION
FOR ASSIGNMENT

 

4.1 In
consideration for assigning the Assigned IP Rights to the Assignee (which is owned by Xenetic) and pursuant to Clause 5.6 of
the PMCDS, the Second Assignor, which is owned in part by the First Assignor, shall be granted three million two hundred and
fifty-five thousand, seven hundred and eighty-four (3,244,784) common shares of Xenetic (XBIO) stock (the "Shares")
by way of board grant to properly effect such issue of stock and ratify this Agreement.

 

4.2 In
connection with the Share issuance, the Second Assignor represents and warrants to Xenetic and the Assignee that all the
representations and warranties set forth on Schedule 1 hereto are true and correct in all respects.

 

4.3
Additionally, in connection with the Shares issuance, the Second Assignor agrees to abide by the requirements of Xenetic set
forth in Schedule 1 hereto.

 

4.4 The
Assignors have each reviewed with their own tax advisors the tax consequences of the transaction as contemplated by this
Agreement. With respect to such matters, the Assignors warrant and represent that, individually and jointly, they are relying
solely on advice received by them from their own tax advisors and not on any written or oral statements or representations of
the Company or any of its agents or advisors. The Assignors understand that, individually and jointly, they shall be solely
responsible for any tax liability, charge or other impost made upon them that may arise as a consequence of this Agreement
and hereby fully indemnify the Company and the Assignee against any such claim howsoever arising.

 

4.5 The
Assignors hereby agree that the payment referred to in Clause 4.1 shall extinguish any and all remaining obligations under
Clause 5 of the PMCDS and that upon the grant of the Shares, no further consideration will be due to either of them pursuant
to the PMCDS or otherwise.

 

5.
Expiry of the PMCDS

 

5.1 The
Parties hereby agree a variation to the PMCDS to provide that those obligations under the PMCDS that remain as at the
date of this Agreement still to be discharged are hereby deemed to have been discharged and that, upon the share issue
pursuant to Clause 4.1 above, the PMCDS will expire pursuant to Clause 10.1 of that Agreement.

 

    	10

    	 

    

 

5.2
Within 90 days of the expiry of the PMCDS, the Second Assignor shall complete the following acts set out at clause 11.1 of
the PMCDS to the extent they have not already been completed:

 

5.2.1
provide to the Assignee a detailed report setting out the progress it has made with the Development Programme (as defined in
the PMCDS);

 

5.2.2
provide to the Assignee all data (including without limitation clinical trials data) know-how and materials generated by or on
behalf of the Second Assignor in connection with the provision of Services (as defined in the PMCDS) and do all such further things
as are necessary or desirable to ensure that the Assignee is entitled and able to utilise all such data, know-how and materials;

 

5.2.3
hereby assign (to the extent title has not previously passed pursuant to the PMCDS) to the Assignee all of the Foreground;

 

5.2.4
return or (at the Assignee's option) destroy all other data, know-how and materials provided to the Second Assignor by the Assignee
or generated by the Second Assignor in connection with the provision of Services as defined in PMCDS.

 

5.3 All rights
or remedies of each of the Parties arising from any breach of the PMCDS shall continue to be enforceable.

 

5.4 The
Second Assignor shall no longer be licensed to use or otherwise exploit in any way, either directly or indirectly the Lipoxen
Background or the Foreground and the Second Assignor shall and shall procure that its Appointed CRO shall, forthwith cease
all activities requiring a licence from the Assignee.

 

5.5 At the
written request of the Assignee, the Second Assignor shall assign to the Assignee any one or all of the FDS Contracts.

 

    	11

    	 

    

 

5.6 The following
clauses of the PMCDS shall continue in full force and effect: 1, 2.13, 5.11, 5.12, 6.1, 6.4, 6.5, 7.1, 7.5, 8,9.

 

5.7 Each
of the Assignee and the Second Assignor shall return to the other within a reasonable period of time all Confidential
Information and any copies thereof disclosed to it by the other party.

 

6.
WARRANTIES AND INDEMNITIES

 

6.1 The Assignors
warrant and represent jointly and severally to the Assignee and Xenetic that:-

 

6.1.1
jointly or separately they are the sole legal and beneficial owners of, and own all the rights and interests in the Assigned IP
Rights;

 

6.1.2
neither of the assignors has prior to the date of this Agreement and will not thereafter assign or licence or purport to assign
or licence any of the Assigned IP Rights to any third party;

 

6.1.3
neither of the Assignors is aware of any infringement or likely infringement of, or any challenge or likely challenge to the Assigned
IP Rights;

 

6.1.4
the Assignors will notify the Assignee in writing if any of the Delivery Materials includes any materials which are proprietory
to or the confidential information of Pharms or Synbio;

 

6.1.5
the Assignors have disclosed to the Assignee any and all FDS Contracts in existence as at the date of this Agreement;

 

6.1.6 each
of the Assignors will comply with the restrictions set out in Clause 6.6;

 

6.1.7
the Assignors have disclosed to the Assignee any and all relationships with third parties (including employment, consultancy or
other agreements) which would prevent or restrict either of them from assigning to the Assignee any and all Intellectual Property
Rights created by either of them relating to the Lipoxen Technology; and

 

6.1.8
so far as either of them is aware, exploitation of the Assigned IP Rights will not infringe the rights of any third party.

 

    	12

    	 

    

 

6.2 The
Assignors jointly and severally shall indemnify each of the Assignee and Xenetic against all liabilities, costs, expenses,
damages or losses (including any direct or indirect consequential losses, loss of profit, loss of reputation and all
interest, penalties and legal costs (calculated on a full indemnity basis) and all other reasonable professional costs and
expenses) suffered or incurred by the Assignee arising out of or in connection with:

 

6.2.1
any breach by the First or Second Assignor of the warranties in Clause 6.1 above and Schedule 1 hereto;

 

6.2.2 the enforcement
of this Agreement; and

 

6.2.3
any claim brought against either the Assignee or Xenetic or both of them by Pharms or Synbio arising out of the acts or omissions
of the First or Second Assignors in relation to the Pharms and Synbio Agreements.

 

6.3
Nothing in this clause shall restrict or limit the Assignee's or Xenetic's general obligation at law to mitigate a loss it
may suffer or incur as a result of an event that may give rise to a claim under this indemnity.

 

6.4 This indemnity
shall apply whether or not the Assignee or Xenetic has been negligent or at fault.

 

6.5 The
Assignors each agree not to sue, commence, voluntarily aid in any way, prosecute or cause to be commenced or prosecuted
against the Assignee, any of its Group companies, its assigns, transferees, representatives, principals, agents, officers or
directors any action, suit or other proceeding concerning the Assigned IP Rights in this jurisdiction or any
other.

 

6.6 The
Assignors will not do or authorise to be done any act that would, if carried out in the United Kingdom, amount to an
infringement of the ImuXen Patents, the PolyXen Patents or the Oncohist Patents.

 

7.
GOVERNING LAW AND JURISDICTION

 

7.1 This Agreement
and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual
disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.

 

7.2 Each
Party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or
claim arising out of or in connection with this Agreement or its subject matter or formation (including non-contractual
disputes or claims).

 

    	13

    	 

    

 

8. GENERAL

 

Force majeure

 

8.1 No
Party shall have any liability or be deemed to be in breach of this Agreement for any delays or failures in performance of
this Agreement that result from circumstances beyond the reasonable control of that Party. The Party affected by such
circumstances shall promptly notify the other Party in writing when such circumstances cause a delay or failure in
performance and when they cease to do so.

 

Amendment

 

8.2 No
variation of this Agreement shall be effective unless it is in writing and signed by the parties (or their authorised
representatives).

 

Third party
rights

 

8.3 No
one other than a party to this Agreement, their successors and permitted assignees, shall have any right to enforce any of
its terms.

 

Waiver

 

8.4 No
failure or delay by a party to exercise any right or remedy provided under this Agreement or by law shall constitute a waiver
of that or any other right or remedy, nor shall it preclude or restrict the further exercise of that or any other right or
remedy. No single or partial exercise of such right or remedy shall preclude or restrict the further exercise of that or any
other right or remedy.

 

Invalid
clause

 

8.5 If
any provision or part-provision of this Agreement is or becomes invalid, illegal or unenforceable, it shall be deemed
modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the
relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a provision or
part-provision under this Clause shall not affect the validity and enforceability of the rest of this Agreement.

 

No agency

 

8.6 Save
for the provisions of Clause 3 above, no Party shall act or describe itself as the agent of the other nor shall it make or
represent that it has authority to make any commitments on the other's behalf.

 

    	14

    	 

    

 

Interpretation

 

8.7 In
this Agreement:

 

8.7.1
the headings are used for convenience only and shall not affect its interpretation;

 

8.7.2
references to persons shall include incorporated and unincorporated persons; references to the singular include the plural and
vice versa; and references to the masculine include the feminine;

 

8.7.3
references to clauses and Schedules mean clauses of and schedules to this Agreement unless otherwise specified; and

 

8.7.4
references to the grant of "exclusive" rights shall mean that the person granting the rights shall neither grant the
same rights (in the same field and territory) to any other person, nor exercise those rights itself.

 

Notices

 

8.8 Any notice
given to a party under or in connection with this Agreement shall be in writing and shall be:

 

8.8.1
In the case of the Assignor, delivered by hand or pre-paid first-class post or other next working day delivery service at the
address above or any subsequent address as may be notified by the Assignor to the Assignee;

 

8.8.2 In the
case of the Assignee:

 

8.8.2.1
delivered by hand or by pre-paid first-class post or other next working day delivery service at its registered office (if a
company) or its principal place of business (in any other case); or

 

8.8.2.2 sent by fax to its main fax number.

 

8.9 Any
notice shall be deemed to have been received:

 

8.9.1 if delivered
by hand, on signature of a delivery receipt;

 

8,9.2
if sent by pre-paid first-class post or other next working day delivery service, at 9.00 am on the second Business Day after posting.

 

8.9.3 if sent
by fax, at 9.00 am on the next Business Day after transmission.

 

8.10
Clause 8.9 does not apply to the service of any proceedings or other documents in any legal action or, where applicable, any arbitration
or other method of dispute resolution.

 

Further
action

 

8.11
Each Party agrees to execute, acknowledge and deliver such further instruments and do all further similar acts as may be necessary
or appropriate to carry out the purposes and intent of this Agreement.

 

    	15

    	 

    

 

Announcements

 

8.12
No Party shall make any press or other public announcement concerning any aspect of this Agreement, or make any use of the name
of the other Party in connection with or in consequence of this Agreement. without the prior written consent of the other Party.

 

Entire
agreement

 

8.13
This Agreement constitutes the entire agreement between the parties and supersedes and extinguishes all previous agreements, promises,
assurances. warranties. representations and understandings between them, whether written or oral, relating to its subject matter.

 

8.14
Each party agrees that it shall have no remedies in respect of any statement, representation, assurance or warranty (whether made
innocently or negligently) that is not set out in this agreement. Each party agrees that it shall have no claim for innocent or
negligent misrepresentation or negligent misstatement based on any statement in this agreement.

 

    	16

    	 

    

 

This
Agreement has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it:

 

Executed
as a deed by DIMITRY GENKIN. in the presence of

 

/s/ Kirill Surkov                            

 

Name, address and occupation of witness                    DIMITRY
GENKIN

 

 

 

Executed as a deed by FDS PHARMA, acting by [name of first Partner], a partner
and [name of second partner]. a partner, in the presence of

 

/s/
Kirill
Surkov                                                                  /s/
DIMITRY GENKIN

_____________________________                          _______________________

Name, address and occupation of witness                    Partner

 

 

 

Executed as a deed by Lipoxen Technologies Limited. acting by M. Scott Maguire,
a director and [name of second director]. a director/secretary. in the presence of

 

/s/

_____________________________                          _______________________

Name, address and occupation of witness                    Director/Secretary

 

 

 

Executed as a deed by Xenetic Biosciences INC, acting by [name of first director].
a director and [name of second director], a director/secretary. in the presence of

 

/s/

_____________________________                          _______________________

Name, address and occupation of witness                    Director/Secretary

 

 

    	17

    	 

    

 

Schedule
1

 

Representations, Warranties
and Covenants of FDS

 

1.             
Organization; Authority. FDS is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization with the requisite limited partnership power and authority to enter into and to consummate the transactions
contemplated by this Agreement and otherwise to carry out its obligations hereunder. The execution and delivery of this Agreement
by FDS and performance by FDS of the transactions contemplated by this Agreement have been duly authorized by all necessary limited
partnership or other applicable like action, on the part of FDS. This Agreement has been duly executed by FDS, and when delivered
by FDS in accordance with the terms hereof, will constitute the valid and legally binding obligation of FDS, enforceable against
it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally the enforcement of, creditors' rights and remedies
or by other equitable principles of general application.

 

2.             
No Conflicts. The execution, delivery and performance by FDS of this Agreement and the consummation by FDS of the transactions
contemplated hereby will not (i) result in a violation of the organizational documents of FDS, (ii) conflict with, or constitute
a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which FDS is a party, or (iii)
result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws) applicable
to FDS, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not,
individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of FDS to perform its
obligations hereunder.

 

3.             
Investment Intent. FDS understands that the Shares are "restricted securities" and have not been registered under the
Securities Act of 1933, as amended (the "Securities Act") or any applicable state securities law and is acquiring the
Shares as principal for its own account and not with a view to, or for distributing or reselling such Shares or any part thereof
in violation of the Securities Act or any applicable state securities laws. FDS is acquiring the Shares hereunder in the ordinary
course of its business. FDS does not presently have any agreement, plan or understanding, directly or indirectly, with any person
to distribute or effect any distribution of any of the Shares (or any securities which are derivatives thereof) to or through any
person or entity; FDS is not a registered broker-dealer under Section 15 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), or an entity engaged in a business that would require it to be so registered as a broker-dealer.

 

4.             
Investor Status. At the time FDS was offered the Shares, it was, and at the date hereof it is, either (i) an "accredited
investor" as defined in Rule 501(a) under the Securities Act or (ii) not a "U.S. person" as defined in Rule 902
of Regulation S of the Securities Act.

 

5.             
General Solicitation. FDS is not purchasing the Shares as a result of any advertisement, article, notice or other communication
regarding the Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented
at any seminar or any other general advertisement.

 

    	18

    	 

    

 

6.            
Experience of FDS. FDS, either alone or together with its representatives, has such knowledge, sophistication and experience in
business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares,
and has so evaluated the merits and risks of such investment. FDS is able to bear the economic risk of an investment in the Shares
and, at the present time, is able to afford a complete loss of such investment.

 

7.            
Access to Information. FDS acknowledges that it has been afforded (i) the opportunity to ask such questions as it has deemed necessary
of, and to receive answers from, representatives of Xenetic concerning the terms and conditions of the offering of the Shares and
the merits and risks of investing in the Shares; (ii) access to information about Xenetic and its subsidiaries and their respective
financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate
its investment; and (iii) the opportunity to obtain such additional information that Xenetic possesses or can acquire without unreasonable
effort or expense that is necessary to make an informed investment decision with respect to the investment. FDS has sought such
accounting, legal and tax advice as it has considered necessary to make an informed decision with respect to its acquisition of
the Shares.

 

8.            
Brokers and Finders. No person will have, as a result of the transactions contemplated by this Agreement, any valid right, interest
or claim against or upon Xenetic or FDS for any commission, fee or other compensation pursuant to any agreement, arrangement or
understanding entered into by or on behalf of FDS.

 

9.            
Independent Investment Decision. FDS has independently evaluated the merits of its decision to purchase Shares pursuant to this
Agreement. FDS understands that nothing in this Agreement or any other materials presented by or on behalf of Xenetic to it in
connection with the purchase of the Shares constitutes legal, tax or investment advice. FDS has consulted such legal, tax and investment
advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of the Shares.

 

10.         
Reliance on Exemptions. FDS understands that the Shares being offered and sold to it in reliance on specific exemptions from the
registration requirements of United States federal and state securities laws and that Xenetic is relying in part upon the truth
and accuracy of, and FDS's compliance with, the representations, warranties, agreements, acknowledgements and understandings of
FDS set forth herein in order to determine the availability of such exemptions and the eligibility of FDS to acquire the Shares.

 

11.         
No Governmental Review. FDS understands that no United States federal or state agency or any other government or governmental agency
has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of the investment in the Shares
nor have such authorities passed upon or endorsed the merits of the offering of the Shares.

 

12.         
Regulation M. FDS is aware that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of Common
Stock and other activities with respect to the Common Stock by FDS.

 

    	19

    	 

    

 

13.         
Residency. FDS's offices in which its investment decision with respect to the Shares was made are located at the address immediately
below FDS name on its signature page hereto.

 

14.         
FDS understands that the Shares and any securities issued in respect of or exchange for the Shares, may be notated with one or
all of the following legends:

 

"THE SHARES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH,
THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO
OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT
OF 1933."

 

Any legend required by the securities laws
of any state to the extent such laws are applicable to the Shares represented by the certificate, instrument, or book entry so
legended.

 

    	20

    	 

    

 

Schedule
2

 

ImuXen Patents

 

Refer to Schedule 6 "Master Patent List", which
includes the Schedule 2 "ImuXen Patents".

 

 

 

 

 

    	21

    	 

    

 

Schedule
3

 

Oncohist Patents

 

Refer to Schedule 6 "Master Patent List", which
includes the Schedule 3 "Oncohist Patents".

 

 

 

 

 

    	22

    	 

    

 

Schedule
4

 

PSA chemical formula

 

 

 

 

 

 

[***]

 

 

 

 

 

    	23

    	 

    

 

Schedule
5

 

PolyXen Patents

 

Refer to Schedule 6 "Master Patent List", which
includes the Schedule 5 "PolyXen Patents''.

 

 

 

 

 

    	24

    	 

    

 

Schedule 6

 

Master Patent List

 

 

 

 

 

 

[***]

 

 

 

 

 

 

 

    	25

    	 

    

 

Schedule 6

 

Master Patent List

 

 

 

 

 

 

 

[***]

 

 

 

 

 

 

 

    	26

    	 

    

 

Schedule 6

 

Master Patent List

 

 

 

 

 

 

 

[***]

 

 

 

 

 

 

 

    	27

    	 

    

 

Schedule 6

 

Master Patent List

 

 

 

 

 

 

 

[***]

 

 

 

 

 

 

 

    	28

    	 

    

 

Schedule 6

 

Master Patent List

 

 

 

 

 

 

 

[***]

 

 

 

 

 

 

 

    	29

    	 

    

 

Schedule 6

 

Master Patent List

 

 

 

 

 

 

 

[***]

 

 

 

 

 

 

 

    	30

    	 

    

 

Schedule 6

 

Master Patent List

 

 

 

 

 

 

 

[***]

 

 

 

 

 

 

 

    	31

    	 

    

 

Schedule 6

 

Master Patent List

 

 

 

 

 

 

 

[***]

 

 

 

 

 

 

 

    	32

    	 

    

 

Schedule 6

 

Master Patent List

 

 

 

 

 

 

 

[***]

 

 

 

 

 

 

 

 

 

 

 

 

    	33

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