Document:

Exhibit
10.15

 

POINT
Biopharma Corp. 

22
St. Clair Ave. East, Suite 1201, 

Toronto,
ON M4T 2S3

 

Ari
Shomair

 

POINT
Biopharma Corp. Employment Agreement

 

April
23, 2020

     

     

    

POINT
Biopharma Corp. Employment Agreement

 

to
be effective as of and from 

the Effective Date (as defined below)

 

PRIVATE
AND CONFIDENTIAL

 

Ari
Shomair 

 

Dear
Ari:

 

		Re:	Terms
                                         of Employment of Ari Shomair (“you” or the “Employee”) with POINT
                                         Biopharma Corp. (the “Company”)

 

This
Agreement (as defined below) sets out the terms and conditions of your employment by the Company and will constitute your employment
agreement.

 

For
and in consideration of the promises herein and other valuable consideration, the parties agree as follows:

 

Article
1 Interpretation

 

1.1          Definitions

 

For
the purposes of this Agreement:

 

		1.1.1	“$”
                                         means CDN dollars.

 

		1.1.2	“Affiliate”
                                         means with respect to a Person, any Person that, directly or indirectly, Controls, is
                                         Controlled by, or is under common Control with such Person, including, without limitation,
                                         any partner, officer, director, or member of such Person and any venture capital fund
                                         now or hereafter existing that is Controlled by or under common Control with one or more
                                         general partners or shares the same management company or investment manager with such
                                         Person, and including any parent or subsidiary company of such Person.

 

		1.1.3	“Agreement”
                                         means this employment agreement and the exhibits hereto.

 

		1.1.4	“Base
                                         Salary” shall have the meaning set out in Section 3.2 (Base Salary)

 

		1.1.5	“Business”
                                         means the business of the Company described in Exhibit 1.1.5.

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		1.1.6	“Business
                                         Information” means all business information, including information regarding:

		.1	commercial
                                         strategies, business plans, business methods, corporate plans, management systems, finances,
                                         new business opportunities, marketing or sales of any past, present or future product
                                         or service, including, without limitation, sales targets and statistics, market share
                                         and pricing statistics, marketing surveys and plans, market research reports, sales techniques,
                                         price lists, discount structures, advertising and promotional material;

 

		.2	financial
                                         information, compensation and investment arrangements, terms of agreements, financial
                                         structure, financial position, financial results or other financial affairs, actual or
                                         proposed transactions or investments or other confidential information; and

 

		.3	the
                                         name, address, telephone number, contact name and identity of each of the Key Contacts,
                                         the nature of their business operation, and all confidential aspects of their business
                                         relationship or potential business relationship with the Company or any Affiliate of
                                         the Company.

 

		1.1.7	“Cause”
                                         shall have the meaning set out in Section 6.6 (Termination by Company for Cause).

 

		1.1.8	“Vice
                                         President, Corporate Affairs & Strategy” shall have the meaning set out
                                         in Section 2.1 (Position and Duties).

 

		1.1.9	“Change
                                         of Control” shall be deemed to have occurred if any of the following occurs
                                         after the Effective Date and before the Termination Date:

 

		.1	any
                                         “person” or “group” (as such terms are defined below) is or becomes
                                         the “beneficial owner” (as defined below, except that a “person”
                                         or “group” shall be deemed to have “beneficial ownership” of
                                         all shares of capital stock or other equity interests if such person or group has the
                                         right to acquire such shares or interests, whether such right is exercisable immediately
                                         or only after the passage of time), directly or indirectly, in a transaction or series
                                         of related transactions, of shares of capital stock or other interests (including partnership
                                         interests) of the Company then outstanding and normally entitled (without regard to the
                                         occurrence of any contingency) to vote in the election of the directors, managers or
                                         similar supervisory positions (“Voting Stock”) of the Company representing
                                         more than fifty percent (50%) of the total voting power of all outstanding classes of
                                         Voting Stock; or;

 

		.2	a
sale of substantially all of the assets of the Company; or

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		.3	the
                                         Company enters into a merger, reverse-merger, amalgamation, arrangement, consolidation
                                         or other form of business combination, share exchange, reorganization, recapitalization,
                                         transfer or other similar transaction with another Person (whether or not the Company
                                         the surviving entity) and as a result of such transaction (a) the members of the board
                                         of directors of the Company immediately prior to such transaction constitute less than
                                         a majority of the members of the board
of directors of the Company or such surviving entity immediately following such transaction or (b) the Persons that beneficially
owned, directly or indirectly, the shares of Voting Stock of the Company immediately prior to such transaction cease to beneficially
own, directly or indirectly, shares of Voting Stock of the Company representing at least a majority of the total voting power
of all outstanding classes of Voting Stock of the surviving entity immediately following such transaction.

  

Notwithstanding
the foregoing, a Change of Control resulting from a Financing or from corporate changes between Company Affiliates is deemed not
to be a Change of Control for the purposes of this Agreement.

 

		1.1.10	“Confidential
                                         Information” means all non-public information, knowledge, or data pertaining
                                         to the business, affairs and technology of the Company or any Affiliate of the Company,
                                         including:

 

		.1	Technical
Information and Business Information;

 

		.2	your
Work Product; and

 

		.3	information
                                         secured by the Company from Persons subject to an obligation of confidentiality;

 

and,
in all cases, all copies and tangible embodiments thereof, in whatever form or medium, all whether furnished or prepared before
or after the Effective Date.

 

		1.1.11	“Control”
                                         or “Controls” means, in relation to a corporation or a partnership,
                                         as the case may be:

 

		.1	the
                                         right to cast a majority of the votes that may be cast at a general meeting of the shareholders
                                         of a corporation;

 

		.2	the
                                         right to elect or appoint, directly or indirectly, a majority of the directors of a corporation;

 

		.3	to
                                         hold more than 50% of the interests of a partnership other than a limited partnership;
                                         and

 

		.4	to
be the general partner of a limited partnership.

 

		1.1.12	“Effective
                                         Date” shall have the meaning set out in Section 2.4

 

		1.1.13	“Financing”
                                         means capital secured for, and accepted by, the Company including without limitation
                                         through any purchase, transfer or other disposition of any debt, equity or other securities
                                         of the Company.

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		1.1.14	“Inventions”
                                         means any and all discoveries, developments, enhancements, improvements, concepts, formulas,
                                         processes, ideas, writings, whether or not reduced
to practice, industrial and other designs, patents, patent applications, provisional patent applications, continuations, continuations-in-part,
substitutions, divisionals, reissues, renewals, re- examinations, extensions, supplementary protection certificates or the like,
trade secrets or utility models, copyrights and other forms of intellectual property including all applications, registrations
and related foreign applications filed and registrations granted thereon.

  

		1.1.15	“Key
                                         Contacts” means the actual and potential: licensors, licensees, sublicensees,
                                         collaborators, partners, investors, shareholders, acquirers, lenders or merger candidates,
                                         suppliers and customers of the Company or any Affiliate of the Company.

 

		1.1.16	“Notice
                                         Period” shall have the meaning set out in Section 6.1 (Termination by Employee)

 

		1.1.17	“Objectives”
                                         shall have the meaning set out in Section 3.3 (Annual Bonus)

 

		1.1.18	“Option
                                         Agreement” shall have the meaning set out in Section 3.5 (Stock Options).

 

		1.1.19	“Person”
                                         means any individual, partnership, joint venture, syndicate, sole proprietorship, company
                                         or corporation with or without share capital, trust, trustee, executor, administrator,
                                         or other legal personal representatives, regulatory body or agency, government or governmental
                                         agency, authority or entity howsoever designated or constituted.

 

		1.1.20	“Technical
                                         Information” means all technical information of the Company or any Affiliate
                                         of the Company, including information regarding knowledge or data of an intellectual,
                                         technical, scientific or industrial nature, including compositions of matter, techniques,
                                         specifications, standards, technical data, uses of matter, practices, methods, computer
                                         data, scientific strategies and concepts, clinical and regulatory strategies and concepts,
                                         test data, research data, analytical and quality control data, formulation data, manufacturing
                                         data, development information, filings for the protection of intellectual property protection,
                                         drawings, specifications, designs, plans, proposals, reports, formulas, compilations,
                                         research data and manuals.

 

		1.1.21	“Term
                                         of Employment” means the period from the Effective Date until the date on which
                                         your employment with the Company ceases in accordance with Article 6.

 

		1.1.22	“Termination
                                         Date” shall have the meaning set out in Section 6.7.

 

		1.1.23	“Work
                                         Product” means any and all works of authorship, including

 

		.1	all
                                         Inventions and possible Inventions relating to the Company’s Business resulting
                                         from any work performed by you for the Company that you may invent or co-invent during
                                         your involvement in any capacity with the Company, except those Inventions invented by
                                         you entirely on your own time that do not relate to the Company’s Business or do
                                         not derive from any equipment, supplies, facilities, Confidential Information
or other information, gained, directly or indirectly, by you from or through your involvement in any capacity with the Company;
and

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		.2	all
                                         Technical Information and Business Information resulting from any work performed by you
                                         for the Company; and includes all analyses, compilations, studies, reports or other documents
                                         prepared by you based upon or including any such information, data or knowledge of the
                                         Company or any Affiliate of the Company.

 

Article
2 Position, Duties and Service

 

2.1         Position
and Duties

 

You
will be employed by and will serve the Company, having the duties and functions customarily performed by, and having all responsibilities
customary to, Vice President, Corporate Affairs & Strategy, including those described in Exhibit 2.1.

 

You
will report directly to the CEO of the Company. The rights of the Company as provided in this Agreement may be exercised on behalf
of the Company only by the CEO, Board, or by a committee or person expressly designated for such purposes by the Board.

 

2.2         Changes
to Duties

 

Your
duties and functions pertain to the Company or any Affiliate of the Company and may be varied or added to from time to time by
the CEO and the Board in its discretion.

 

2.3         Service
to the Company

 

During
the Term of Employment, you will:

 

		2.3.1	well
                                         and faithfully serve the Company, at all times act in the best interests of the Company,
                                         and, to the extent necessary to discharge the responsibilities assigned to you hereunder,
                                         you will use your best efforts to perform faithfully and efficiently such responsibilities;

 

		2.3.2	apply
                                         your skill and experience to the performance of your duties in such employment;

 

		2.3.3	comply
                                         with all policies and procedures from time to time formulated by the Company;

 

		2.3.4	devote
                                         all of your working time, attention and energies to the business and affairs of the Company;
                                         and

 

		2.3.5	not,
                                         without the prior approval of the Company, carry on or engage in any other business or
                                         occupation or become a director, officer, employee or agent of or hold any position or
                                         office with any other company, firm or person other than the Company, except as disclosed
                                         in Exhibit 2.3.5 or as a volunteer for a non-profit organization, engaging in civic,
                                         religious, educational or other community activities, or maintaining personal investments
                                         or a personal holding company, provided that such
activities do not materially interfere with the performance of your duties under this Agreement.

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2.4          Term

 

The
terms and conditions of this Agreement shall have effect as and from March 23, 2020 (the “Effective Date”)
and throughout the Term of Employment.

 

Article
3 Compensation Generally

 

3.1         No Other Compensation or Benefits

 

You
will be compensated as set out in this Article. Unless otherwise agreed by the parties in writing, you expressly acknowledge and
agree that you will not be entitled by reason of your employment by the Company or by reason of any termination of such employment,
to any remuneration, compensation, severance, damages or benefits other than as expressly set forth in this Agreement, the Option
Agreement and as expressly required by applicable employment standards legislation.

 

3.2         Base
Salary

 

During
the Term of Employment, the Company will pay you an annual base salary (the “Base Salary”):

 

		3.2.1	at
the rate of $200,000 per annum based on Full-time Employment

 

At
the outset of this Agreement, when only Part-time Employment is possible due to your outstanding obligations, your Base Salary
will be reduced to the rate of $120,000 per annum. In order to revert your Base Salary to your Full-time Employment rate of $200,000
per annum, you must send a notice stating your request to begin Full-time Employment to the CEO. If the CEO approves the request,
Full-time Employment and its associated Base Salary will commence at the beginning of the next pay period following the approval
of the request.

 

Base
Salary will be payable on a bi-weekly basis (26 pay periods), subject to applicable withholdings and deductions. The Base Salary
will be reviewed on an annual basis, or as otherwise determined by the Company. Any merit increases are subject to the approval
and discretion of the Board. As a managerial employee of the Company, you are not entitled to overtime pay.

 

3.3          Annual
Bonus

 

An
annual bonus will be in effect, and is based on you meeting established performance objectives and due 30 days after the board
has approved the corporate yearend financial statements. During the Term of Employment, you will be eligible for a target
cash bonus of up to 25% of your Base Salary under this Agreement if the Board (or the Company’s Compensation Committee),
in its sole discretion, determines that the Company has met its short-term and long-term business performance objectives and that
you have met your personal performance objectives (together, the “Objectives”), which Objectives will be established
on an annual basis by the CEO and Board (or the Company’s Compensation Committee) in consultation with you. Payment of the
performance bonus (less all applicable statutory deductions by the Company) will be made to you once approved by the Board (or
Company’s Compensation Committee), and within 30 days after the board has approved the corporate yearend financial statements,
provided that, except as otherwise set out in this Agreement, at the time of such approval, you hold current active employment
status with the Company. You acknowledge that participation in any incentive or bonus plan during any one year confers no rights
upon you or any obligations on the Company to continue the plan or entitle you to participate in the plan in succeeding years.
Except only as expressly required by the applicable employment standards legislation, as amended, no incentives or bonuses will
be paid or are payable to you following the Termination Date and you waive any entitlement to damages in lieu thereof whether
pursuant or attributable to any common law notice period or otherwise.

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		3.4	Common
                                         Shares 

 

Not
applicable

 

		3.5	Stock
                                         Options 

 

From
time to time, subject to the terms and conditions of the Option Agreement and at the approval of the Board of Directors, you may
be entitled to receive an annual performance-based allocation of stock options in the Company equivalent in shares to 20% of your
salary, i.e. $200,000 X 20% = 40,000 shares.

 

Except
only as expressly required by applicable employment standards legislation, as amended, or expressly required by the terms of this
Agreement, as of the Termination Date, there shall be no further awards of or vesting of stock options, restricted stock units,
or other equity-based compensation, and any unvested stock options, restricted stock units, or other equity-based compensation
shall immediately be cancelled and terminate, and you waive any entitlement to damages in lieu thereof whether pursuant or attributable
to any common law notice period or otherwise.

 

3.6   
       Stock Options in the Event of a Change of Control

 

Subject
to the terms and conditions of the Option Agreement, in the event that as of the date of a Change of Control, you hold unvested
stock options that had been granted to you under the Option Agreement, such unvested stock options shall immediately vest and
shall be exercisable in accordance with the terms and conditions of the Option Agreement.

 

3.7     
     Reimbursement for Expenses

 

As
of the Effective Date, the Company agrees to reimburse you for reasonable travelling and other expenses incurred in the course
of employment. For all such expenses, you will be required to keep proper accounts and to furnish such statements and vouchers
to the Company.

 

3.8     
     Vacation

 

During
the Term of Employment, you will be entitled to 20 working days’ vacation, pro -rated for any partial year of employment.
The Company reserves the right to request that vacations be scheduled so as not to conflict with business needs. While you must
take at least your minimum statutory entitlement to vacation each year, any unused vacation balance remaining at calendar year
end in excess of minimum statutory vacation entitlements may be carried over into the subsequent calendar year to a cumulative
maximum not exceeding 40 working days of vacation. Subject to applicable employment standards legislation, any vacation carried
over in excess of 40 days will be forfeited. 

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3.9          Benefits

 

During
the Term of Employment, the Company will provide for group health, drugs, dental, vision and life insurance benefits through a
mutually agreeable arrangement as is made available to its executives from time to time. You hereby acknowledge that coverage
under any benefit plan, or alternate plan arrangement as agreed upon in effect from time to time is subject to availability and
other requirements of the applicable insurer and that the components of the benefits plan may be amended, modified or terminated
from time to time by the Company in its sole discretion, and that this may include terminating or changing carriers.

 

Article
4 Intellectual Property Rights

 

4.1          Obligation
of Confidentiality

 

You
understand and agree that in the course of your employment with the Company, both before and after the Effective Date, you have
obtained and will obtain knowledge of Confidential Information. You agree that unless the Company otherwise agrees in writing
or except as required by law or disclosed pursuant to a confidential disclosure agreement executed by the Company and the recipient:

 

		4.1.1	you
                                         will keep all Confidential Information learned or acquired by you, disclosed to you or
                                         developed by you, as a result of or in connection with or during the course of your employment
                                         by the Company, whether before or after the Effective Date, strictly confidential;

 

		4.1.2	all
                                         Confidential Information shall, as between you and the Company, be and remain the property
                                         of the Company; and

 

		4.1.3	you
                                         will not at any time, during or after your employment with the Company, disclose any
                                         Confidential Information to any Person other than the Company, or use any Confidential
                                         Information for the benefit of any Person other than the Company.

 

The
above obligations with respect to Confidential Information shall not apply to Confidential Information which has become available
to the general public through no fault of your own.

 

4.2          Disclosure
of Work Product

 

You
agree to promptly and fully inform the Company of all of your Work Product, whether or not patentable, throughout the course of
your involvement, in any capacity, with the Company or any Affiliate of the Company, whether or not developed before or after
your execution of this Agreement. On your ceasing to be employed by the Company, you will immediately deliver up to the Company
all of your Work Product. You further agree that all of your Work Product shall at all times be the Confidential Information of
the Company.

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4.3          Assignment
of Rights

 

You
will assign, and do hereby assign, to the Company or, at the option of the Company and upon notice from the Company, to the Company’s
designee, your entire right, title and interest in and to all of your Work Product and all other rights and interests of a proprietary
nature in and associated with your Work Product, including all patents, copyrights, trademarks, and applications filed therefore
and other registrations granted thereon. To the extent that you retain or acquire legal title to any such rights and interests,
you hereby declare and confirm that such legal title is and will be held by you only as trustee and agent for the Company. You
agree that the Company’s rights hereunder shall attach to all of your Work Product, notwithstanding that it may be perfected
or reduced to specific form after you have terminated your relationship with the Company. You further agree that the Company’s
rights hereunder shall extend to every country of the world.

 

4.4          Moral
Rights

 

You
agree to hereby waive in whole all moral rights and agree never to assert any moral rights which you may have in your Work Product,
including, without limitation, the right to the integrity of such Work Product, the right to be associated with the Work Product,
the right to restrain or claim damages for any distortion, mutilation or other modification or enhancement of the Work Product
and the right to restrain, the use or reproduction of the Work Product in any context and in connection with any product, service,
cause or institution and you further confirm that the Company may use or alter any such Work Product as the Company sees fit in
its absolute discretion.

 

4.5          Goodwill

 

You
hereby agree that all goodwill you have established or may establish with Key Contacts relating to the business or affairs of
the Company or any Affiliate of the Company, both before and after the Effective Date, shall, as between you and the Company,
be and remain the property of the Company exclusively, for the Company to use, alter, vary, adapt and exploit as the Company shall
determine in its discretion.

 

4.6          Assistance

 

You
hereby agree to assist the Company, at the Company’s request and expense, both during your Term of Employment and at all
times after termination of your Term of Employment for any reason whatsoever, in:

 

		4.6.1	making
                                         patent applications for your Work Product, including instructions to lawyers and/or patent
                                         agents as to the characteristics of your Work Product in sufficient detail to enable
                                         the preparation of a suitable patent specification, to execute all formal documentation
                                         incidental to an application for letters patent and to execute assignment documents in
                                         favor of the Company for such applications;

 

		4.6.2	making
                                         applications for all other forms of intellectual property registration relating to your
                                         Work Product;

 

		4.6.3	prosecuting
                                         and maintaining the patent applications and other intellectual property relating to your
                                         Work Product; and

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		4.6.4	registering,
                                         maintaining and enforcing the patents and other intellectual property registrations relating
                                         to your Work Product.

 

		4.7	Assistance
                                         with Proceedings 

 

You
further agree to lend such assistance as you can, at the Company’s request and expense, in connection with any enforcement
of the Company’s intellectual property rights or defense to an allegation of infringement of another Person’s intellectual
property rights, invalidity proceedings respecting, opposition to, or intervention regarding any applications for letters patent,
copyright or trademark or other proceedings relating to intellectual property or applications for registration thereof.

 

Article
5 Conflicts and Restrictive Covenant

 

5.1          Disclosure
of Conflicts of Interest

 

During
your employment with the Company, you will promptly, fully and frankly disclose to the Company in writing:

 

		5.1.1	the
                                         nature and extent of any interest you have or may have, directly or indirectly, in any
                                         contract or transaction or proposed contract or transaction of or with the Company or
                                         any Affiliate of the Company or any Key Contact;

 

		5.1.2	every
                                         office you may hold or acquire, and every property you may possess or acquire, whereby
                                         directly or indirectly, a duty or interest might be created in conflict with the interests
                                         of the Company or any Affiliate of the Company, or your duties and obligations under
                                         this Agreement; and

 

		5.1.3	the
                                         nature and extent of any conflict referred to in Sections 5.1.1 and 5.1.2.

 

		5.2	Avoidance
                                         of Conflicts of Interest 

 

You
acknowledge that it is the policy of the Company that all interests and conflicts of the sort described in Section 5.1 (Disclosure
of Conflicts of Interest) be avoided, and you agree to comply with all policies and directives of the Company from time to time
regulating, restricting or prohibiting circumstances giving rise to interests or conflicts of the sort described in Section 5.1.
During your employment with the Company, you shall not enter into any agreement, arrangement or understanding with any other Person
that would in any way conflict or interfere with this Agreement or your duties or obligations under this Agreement or that would
otherwise prevent you from performing your obligations hereunder, and you represent and warrant that you have not prior to the
Effective Date entered into any such agreement, arrangement or understanding.

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5.3          Restrictive
Covenant

 

During
the Term of Employment and for a period of 6 months thereafter for Sections 5.3.1 and 5.3.2, and a period of 24 months
thereafter for Section 5.3.3, regardless of the reason for such termination, you will not, either alone or in partnership or
in conjunction with any Person, whether as principal, agent, employee, director, officer, shareholder, consultant or in any
capacity or manner whatsoever, whether directly or indirectly:

 

		5.3.1	carry
                                         on or be engaged in, or advise, or give financial assistance to, any business, enterprise
                                         or undertaking within Canada that:

 

		.1	is
                                         involved in the business or in the sale, distribution, development or supply of any product
                                         or service that is competitive with the Business or any product or service of the Business;
                                         or

 

		.2	competes
                                         with the Company with respect to any aspect of the Business; provided, however, that
                                         the foregoing will not prohibit you from acquiring, solely as an investment and through
                                         market purchases, securities of any such enterprise or undertaking which are publicly
                                         traded, so long as you are not part of any control group of such entity and such securities,
                                         which if converted, do not constitute more than 5% of the outstanding voting power of
                                         that entity;

 

		5.3.2	agree
                                         to be employed by, or agree to provide services within Canada to any Person that was
                                         a Key Contact (but in any case, with whom you have had business contact during the two
                                         years prior to the termination of the Term of Employment, or with whom you have had business
                                         contact in the course of your employment with the Company if less than 24 months) for
                                         any business purpose that is competitive with the Business; or

 

		5.3.3	solicit,
                                         divert, entice or take away from the Company or any Affiliate of the Company or attempt
                                         to do so or solicit for the purpose of doing so, any business of the Company or any Affiliate
                                         of the Company, or any Person that was an employee or contractor of the Company or any
                                         Affiliate of the Company (but in any case, with whom you have had business contact during
                                         the two years prior to the termination of the Term of Employment, or with whom you have
                                         had business contact in the course of your employment with the Company if less than two
                                         years) to terminate, discontinue or alter to the detriment of the Company, his, her or
                                         its employment relationship with the Company or its Affiliates.

 

		5.4	Provisions
                                         Reasonable 

 

You
hereby acknowledge and agree that:

 

		5.4.1	during
                                         the course of your employment by the Company, you will acquire knowledge of, and you
                                         will come into contact with, initiate and established relationships with Key Contacts,
                                         and that in some circumstances you may be the senior or sole representative of the Company
                                         or any Affiliate of the Company dealing with such Persons; and

 

		5.4.2	in
                                         light of the foregoing, the provisions of Section 5.3 (Restrictive Covenant) are reasonable
                                         and necessary for the proper protection of the business, property and goodwill of the
                                         Company and the Business and any Affiliate of the Company.

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5.5          Right
to Use Employee’s Name and Likeness

 

During
the Term of Employment, you hereby grant to the Company the right to use your name, likeness and/or biography in connection with
services performed by you under this Agreement and in connection with the advertising or exploitation of any project with respect
to which you perform services for the Company.

 

Article
6 Termination

 

6.1          Termination
by Employee

 

You
may resign from your position at any time, but only by giving the Company at least 30 days prior written notice of the effective
date of your resignation (the “Notice Period”). On the giving of any such notice, the Company may accelerate
your resignation, in lieu of the Notice Period or any part thereof, by notice in writing to you and payment to you of any compensation
and continuation of benefits due to you for the balance of the 30-day Notice Period pursuant to this Agreement, less applicable
statutory deductions.

 

6.2          Termination
by Company Without Cause

 

The
Company may terminate your employment at any time without Cause (as defined below) in accordance with the terms set out in this
Agreement and by giving you written notification of termination. In the event that your employment is so terminated, you will
have the common law duty to mitigate your damages.

 

6.3          Consequences
of Termination Without Cause Unrelated to a Change of Control

 

Subject
to Section 6.4, on the giving of any notice referred to in Section 6.2, the Company shall provide you with the greater of either
(i) 3 months’ Base Salary, bonus (3.3), in addition to 1 month for every year of service (or part thereof) to the company
upon and effective at 3 years of employment, , or (ii) the minimum notice or pay in lieu of notice and severance pay, if applicable,
that is expressly required by applicable employment standards legislation. In the case of either Section 6.3(i) or (ii), your
participation in Company benefits plans will be continued for the minimum period expressly required by applicable employment standards
legislation. Other than as set out in this Section and Section 6.7, you will not be entitled to any additional notice, pay in
lieu of notice, severance or other payments whether pursuant to the common law or otherwise upon termination of your employment
without Cause unrelated to a Change of Control pursuant to this Section 6.3.

 

6.4          Consequences
of Termination Without Cause After a Change of Control

 

On
the giving by the Company to you of the written notice referred to in Section 6.2: (i) at the same time as, or within the twelve
(12) month period following, the consummation of a Change of Control, or (ii) within the thirty (30) day period prior to the date
of the consummation of a Change of Control where such Change of Control was under consideration by the Board at the time of your
termination, then the following terms apply in substitution of the compensation and benefits referred to in Section 6.3 above:

 

		6.4.1	the
                                         Company shall provide you with the greater of either (i) 6 months’ Base Salary
                                         and bonus (3.3), in addition to 1 month for every year of service (or part thereof) to the
company, upon and effective at 3 years of employment. , or (ii) the minimum notice or pay in lieu of notice and severance pay,
if applicable, that is expressly required by applicable employment standards legislation, plus in the case of either Section 6.4.1(i)
or (ii), your participation in Company benefits plans will be continued for the minimum period expressly required by applicable
employment standards legislation; and

     13

     

    

		6.4.2	as
                                         set out in and subject to the terms of Section 3.5 above, as of the date of the consummation
                                         of the Change of Control, any unvested stock options granted to you under the Option
                                         Agreement will vest and be exercisable in accordance with the terms and conditions of
                                         this Option Agreement.

 

Other
than as set out in this Section and Section 6.7 below, you will not be entitled to any additional vesting, notice, pay in lieu
of notice, severance or other payments whether pursuant to the common law or otherwise upon termination of your employment without
Cause after a Change of Control pursuant to this Section 6.4.

 

6.5          Termination
in the Event of Death

 

Your
employment shall terminate immediately upon your death and the Company shall pay your estate any amounts which may be due and
remaining unpaid at the time of the termination of employment, in accordance with applicable employment standards legislation.

 

6.6         
Termination by Company for Cause

 

Notwithstanding
any other provision in this Agreement, the Company may at any time summarily terminate your employment, without any obligation
to provide notice of pay in lieu of notice, for “Cause”, in which case you will only be entitled to receive such compensation
and benefits as are expressly required by applicable employment standards legislation. In this Agreement, “Cause”
means any of the following:

 

		6.6.1	commission
                                         of theft, embezzlement, fraud, obtaining funds or property under false pretenses or similar
                                         acts of misconduct with respect to the property of the Company, any Affiliate of the
                                         Company, the Key Contacts, or their respective directors, officers, employees or contractors;

 

oral
or written representations made by you to the Company or any Affiliate of the Company with the intent to deceive or mislead; commission
of an act of malfeasance, dishonesty or breach of trust against the Company, any Affiliate of the Company, the Key Contacts, or
their respective directors, officers, employees or contractors, including a breach by you of any of your covenants or obligations
under Section 5.1 (Disclosure of Conflicts of Interest), Section 5.2 (Avoidance of Conflicts of Interest) or Section 5.3 (Restrictive
Covenant);

 

		6.6.2	the
                                         entering of a guilty plea by you or your conviction for a serious criminal offence which
                                         impacts adversely on the Company or any Affiliate of the Company;

     14

     

    

		6.6.3	repeated
                                         and continued failure to fulfill your duties or obligations of employment or your breach
                                         of any material obligations and covenants under this Agreement. Termination for such
                                         “Cause” shall only occur if you have been given written notice of such failure
                                         to fulfill your duties or obligations and you have been given an opportunity to correct
                                         such behavior;

 

		6.6.4	the
                                         termination of your employment with POINT Biopharma Corp. other than a termination pursuant
                                         to section 6.2 ; or

 

		6.6.5	any
                                         other misconduct or omission that amounts to just cause for summary dismissal at common
                                         law. In the event the Company dismisses you for cause pursuant to this Section 6.6 and,
                                         subsequently, a court or arbitrator rules that the Company did not have cause, you hereby
                                         agree that you will only be entitled to damages in an amount equal to the compensation
                                         that would have been due to you had the Company terminated your employment pursuant to
                                         Section 6.3 (Consequences of Termination Without Cause), less any amounts earned by you
                                         in mitigation.

 

		6.7	Termination
                                         Date and Full Satisfaction 

 

“Termination
Date” means the earlier of: (i) the date on which you are notified in writing by the Company of the termination of your
employment for any reason, and (ii) the date on which you notify the Company of your resignation from employment for any reason,
but in any case, without regard to any payment or notice period to which you might then be entitled.

 

It
is agreed that as a result of the termination of your employment, for any reason, you shall not be entitled to any notice, fee,
salary, severance or other payments, benefits or damages in excess of what is specified or provided for in Section 6.1 (Termination
by Employee), Section 6.3 (Consequences of Termination Without Cause Unrelated to a Change of Control), Section 6.4 (Consequences
of Termination Without Cause After a Change of Control) and Section 6.6 (Termination by Company for Cause), whichever is applicable,
except that you shall remain receive all salary and other amounts, if any, which are then due and owed to you as of the Termination
Date, in addition to any accrued but unpaid vacation pay and any other minimum entitlements expressly required to be provided
to you by applicable employment standards legislation. Payment of any amounts pursuant to Section 6.1 (Termination by Employee),
Section 6.3 (Consequences of Termination Without Cause Unrelated to a Change of Control), Section 6.4 (Consequences of Termination
Without Cause After a Change of Control), and Section 6.6 (Termination by Company for Cause) shall be subject to the withholding
of all applicable statutory deductions by the Company. You will be required to execute a standard release of claims document in
a form satisfactory to the Company in order to receive any payments in excess of those required by applicable employment standards
legislation. 

     15

     

    

Article
7 General

 

7.1          Agreement
Confidential

 

Both
parties shall keep the terms and conditions of this Agreement confidential except as may be required to enforce any provision
of this Agreement or as may otherwise be required by any law, regulation or other regulatory or securities requirement.

 

7.2          Binding
Effect

 

This
Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns. Your rights and obligations
contained in this Agreement are personal and such rights, benefits and obligations shall not be voluntarily or involuntarily assigned,
alienated or transferred, whether by operation of law or otherwise, without the prior written consent of the Company. This Agreement
shall otherwise be binding upon and inure to the benefit of your personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees, legatees and permitted assigns.

 

7.3     
     Counterparts

 

This
Agreement may be executed in several counterparts (including by fax or electronic transmission), each of which when so executed
shall be deemed to be an original and shall have the same force and effect as an original but such counterparts together shall
constitute but one and the same instrument.

 

7.4          Entire
Agreement

 

The
terms and conditions of this Agreement are in addition to and not in substitution for the obligations, duties and responsibilities
imposed by law on employees of corporations generally, and you agree to comply with such obligations, duties and responsibilities.
Except as otherwise provided in this Agreement, this Agreement constitutes the entire agreement between you and the Company and
supersedes all prior negotiations, proposals and agreements, whether oral or written, with respect to the subject matter hereof,
and may only be varied by further written agreement signed by you and the Company. You further acknowledge and agree that you
have not relied on any representation made by the Company, or any of its employees or agents, except as specifically set out in
this Agreement.

 

7.5          Further
Assurances

 

Each
of the parties hereto will, on demand by the other party hereto, execute and deliver all such further documents and instruments
and do all such further acts and things as the party may either before or after the execution and delivery of this Agreement reasonably
request to evidence, carry out and give full effect to the terms, conditions, intent and meaning of this Agreement.

 

7.6        
  Governing Law

 

This
Agreement shall be construed and enforced in accordance with and be governed by and interpreted in accordance with the laws of
the Province of Ontario and the law of Canada applicable therein, without regard to the principles of conflicts of law. The courts
of Ontario (and the Supreme Court of Canada, if necessary) shall have exclusive jurisdiction to hear and determine all disputes
arising hereunder, and each of the parties hereto irrevocably attorns to the jurisdiction of said courts. 

     16

     

    

7.7          Independent
Legal Advice

 

You
acknowledge and agree that the Company has given you the opportunity to seek, and has recommended that you obtain, independent
legal advice with respect to the subject matter of this Agreement and, further, you hereby represent and warrant to the Company
that you have either sought independent legal advice or have waived your right to obtain such advice.

 

7.8          Injunctive
Relief

 

You
acknowledge and agree that any breach or threatened breach of any of the provisions of, Section 5.1 (Disclosure of Conflicts of
Interest), Section 5.2 (Avoidance of Conflicts of Interest), or Section 5.3 (Restrictive Covenant) could cause irreparable damage
to the Company, that such harm could not be adequately compensated by the Company’s recovery of monetary damages, and that
in the event of a breach or threatened breach thereof, the Company shall have, in addition to any and all remedies at law or in
equity, the right to seek an injunction, specific performance or other equitable relief as well as any equitable accounting of
all your profits or benefits arising out of any such breach. It is further acknowledged and agreed that the remedies of the Company
specified in this Section 7.8 are in addition to and not in substitution for any rights or remedies of the Company at law or in
equity and that all such rights and remedies are cumulative and not alternative and that the Company may have recourse to any
one or more of its available rights or remedies as it shall see fit.

 

7.9          Non-Disparagement

 

You
shall not, directly or indirectly, make any disparaging comments or criticisms (whether of a professional or personal nature)
to any Person regarding the Company, any Affiliate of the Company, the Key Contacts, or their respective directors, officers,
employees or contractors (or the terms of any agreement or arrangement of the Company) or regarding your relationship with the
Company or any termination of such relationship which, in each case, are reasonably expected to result in material damage to the
business or reputation of the Company, any Affiliate of the Company, a Key Contact, or any of their respective directors, officers,
employees or contractors.

 

7.10       Notice

 

Any
notice or other communication required or contemplated to be given hereunder must be in writing and shall be deemed effective
when personally delivered or on the day following the sending when sent by facsimile transmission, addressed to the appropriate
party as set forth below:

 

If
to the Employee:

 

Ari
Shomair

     17

     

    

If
to the Company:

 

POINT
Biopharma Corp. 

22
St. Clair Ave. East, Suite 1201, 

Toronto,
ON M4T 2S3

 

Attention:
CEO, Joe McCann

 

With
a copy to (which shall not constitute notice):

 

Goodmans
LLP 

Bay
Adelaide Centre - West Tower 

333
Bay Street, Suite 3400 

Toronto,
ON 

M5H
2S7

 

7.11       Publicity

 

You
shall not, without the prior written consent of the Company, make or give any public announcements, press releases or statements
to the public or the press regarding your Work Product or any Confidential Information.

 

7.12       Severability

 

If
any provision of this Agreement is determined to be void, illegal or unenforceable, such provision will be construed to be separate
and severable from this Agreement and will not impair the validity, legality or enforceability of any other provision of this
Agreement and the remainder of this Agreement will continue to be binding on the parties hereto as if such provision had been
deleted.

 

7.13       Surviving
Obligations

 

Upon
termination of this Agreement for any reason, any obligations which by their terms or nature, must extend beyond the date of termination
to be effective shall survive termination of this Agreement. Without limiting the foregoing, your obligations under Section 5.3
(Restrictive Covenant), Section 5.4 (Provisions Reasonable), Article 6 (Termination) and Article 7 (General) shall survive and
remain in full force and effect following the termination of this Agreement.

 

7.14       Waiver

 

Any
waiver of any breach or default under this Agreement shall only be effective if made in writing, signed by the party against whom
the waiver is sought to be enforced, and no waiver shall be implied by any other act or conduct or by any indulgence, delay or
omission. Any waiver shall only apply to the specific matter waived and only in the specific instance in which it is waived. 

     18

     

    

7.15       Acceptance

 

If
the foregoing terms and conditions are, are acceptable to you, please indicate your acceptance of and agreement to the terms and
conditions of this agreement by signing below on this letter and on the enclosed copy of this letter in the space provided and
by returning the enclosed copy so executed to us. Your execution and delivery to the Company of the enclosed copy of this letter
will create a binding agreement between us.

 

Yours
truly, 

POINT
Biopharma Corp. 

 

Per:
/s/ Joe McCann 

Authorized
Signatory

 

Joe
McCann, Chief Executive Officer

 

Acknowledged
and Agreed:

 

I
acknowledge that I have had sufficient time to thoroughly review this agreement and obtain the advice that I deem appropriate
regarding its terms and conditions. I have read, understand and voluntarily accept employment with POINT Biopharma Corp. on the
terms and conditions set out above.

 

	April
    23, 2020	/s/
    Ari Shomair
	Date	Ari
    Shomair

     19

     

    

Exhibit
1.1.5: Description of the Business

 

The
Company is a clinical stage pharmaceutical company focused on the development and commercialization of radiotherapeutics and theranostic
products. The company will compete in all medical therapeutic categories.

     20

     

    

Exhibit
2.1: Description of Duties – Vice President, Corporate Affairs & Strategy

 

The
Vice President, Corporate Affairs & Strategy reports directly to the Chief Executive Officer (CEO) and directly leads
tasks associated the corporate brand and image in alignment with the companies stated business and financial objectives.

 

ESSENTIAL
DUTIES AND RESPONSIBILITIES 

		•	Lead
                                         the creation, maintenance and evolution of the company’s corporate brand and image,
                                         including internal and external communications strategy

		•	Develop
                                         high quality communications strategies and plans, including social media and website,
                                         ensuring their alignment with short-term and long-term objectives

		•	Maintain
                                         an awareness of the competitive market landscape, expansion opportunities and industry
                                         developments

		•	Works
                                         with the leadership team to develop the corporate objectives to achieve the company’s
                                         goals

		•	Create
                                         an environment that promotes great performance and positive morale

		•	Ensuring
                                         that the company maintains high social responsibility wherever it does business

		•	Assess
                                         risks to the company and ensures they are monitored and minimized

		•	Build
                                         alliances and partnerships with other organizations, key partners and stakeholders and
                                         act as a point of contact for important partners

		•	Oversee
                                         creation, maintenance and evolution of the corporate brand and communication tools

		•	Represent
                                         the company as required, including attendance of important functions, industry events
                                         and public meetings

		•	Provide
                                         timely, accurate and complete reports on the business to the CEO

		•	Select
                                         and maintain qualified personnel in all positions who report directly to your role (as
                                         applicable)

		•	As
                                         a HR steward, assure staff performance results by coaching, counseling, mentoring, planning,
                                         monitoring and evaluating job performance

 

In
collaboration with the CFO 

		•	Provide
support for the selection and implementation of corporate business systems

 

Corporate
Operations

 

		•	Foster
                                         a success-oriented and accountable environment within the organization.

		•	Represent
                                         the organization at community and industry functions and increase visibility of the organization
                                         within the communities it serves.

		•	Ensure
                                         that all activities and operations are performed in compliance with Health regulators,
                                         local, provincial, and federal regulations and laws governing business operations

     21

     

    

Exhibit
2.3.5: Permitted External Roles

 

		1.	Ownerships
                                         stakes as well as Director and/or Board positions in non-competitive businesses

		a.	Currently
                                         a Director of Grove Orchard Media Inc, Director of Machine Sales.com Inc, and a board
                                         member of Alumier Labs.

		2.	Private
                                         mortgage lending & investment management, including venture investing in non-competitive
                                         businesses.

     22

     

    

	OFFICE 833.544.2637	 
	FAX 647.243.8490
	 
	22 St. Clair Avenue
    East, Suite 1201
	Toronto, Ontario, M4T
    2S3, Canada
	 
	4850 W 78th St Indianapolis,
    Indiana, 46268, USA

 

March
8, 2021

 

Ari
Shomair 

23
Annex Lane 

Toronto,
ON M5R 3V2

 

Dear
Ari,

 

In
connection with the Employment Agreement (the “Employment Agreement”) dated April 23, 2020 between you and
Point Biopharma Corp. (the “Company”), you agree that the provisions set out in this letter agreement amend
the Employment Agreement.

 

Signing
Bonus

 

You
have agreed with the Company to accept a signing bonus of $2,000.00, which will be paid to you by the Company in consideration
for your agreement to the amendments to the Employment Agreement set out in this letter agreement as evidenced by your signed
Acceptance below.

 

Definitions

 

The
definitions of “Affiliate” and “Key Contacts” in Sections 1.1.2 and 1.1.15 of the Employment Agreement
are deleted and replaced with the following:

 

1.1.2
       “Affiliate” means with respect to a Person, any Person that, directly or
indirectly, Controls, is Controlled by, or is under common Control with such Person, including, without limitation, any partner,
officer, director, or member of such Person and any venture capital fund now or hereafter existing that is Controlled by or under
common Control with one or more general partners or shares the same management company or investment manager with such Person,
and including any parent or subsidiary company of such Person and “Protected Affiliate” means an Affiliate
with whom you have been actively engaged in business contact in the course of your employment with the Company in the 18 months
prior to the Termination Date (as that term is defined in subsection 5.3.3.1 of this Agreement) or in respect of whom you acquired
confidential or proprietary information during the course of your employment with the Company that the Company has a reasonable
and legitimate business interest in protecting from use or disclosure by its former employees.

 

1.1.15
     “Key Contacts” means the actual and potential licensors, licensees, sublicensees, collaborators,
partners, investors, shareholders, acquirers, lenders or merger candidates, suppliers and customers of the Company or any Protected
Affiliate with whom you have been actively engaged in business contact or actively engaged in researching, developing or preparing
a business pitch or proposal in the course of your employment with the Company in the 18 months prior to the Termination Date,
or in respect of whom you acquired confidential or proprietary information during the course of your employment with the Company
that the Company has a reasonable and legitimate business interest in protecting from use or disclosure by its former employees.

     

     

    
	OFFICE 833.544.2637	 
	FAX 647.243.8490
	 
	22 St. Clair Avenue
    East, Suite 1201
	Toronto, Ontario, M4T
    2S3, Canada
	 
	4850 W 78th St Indianapolis,
    Indiana, 46268, USA

 

Restrictive
Covenant

 

Sections
5.3 and 5.4 of the Employment Agreement are deleted and replaced with the following:

 

5.3          Restrictive
Covenants

 

During
the Term of Employment and for a period of 6 months thereafter for Sections 5.3.1 and 5.3.2, and a period of 18 months thereafter
for Section 5.3.3, regardless of the reason for such termination, you will not, either alone or in partnership or in conjunction
with any Person, whether as principal, agent, employee, director, officer, shareholder, consultant or in any capacity or manner
whatsoever, whether directly or indirectly:

 

5.3.1        
carry on or be engaged in, or advise, or give financial assistance to, any business, enterprise or undertaking within Canada and
the United States that:

 

.1             

is involved in the business or in the sale, distribution, development or supply of any product or service that is the same as
or substantially similar to the products or services offered by the Company as at the date of the termination of your employment
(the “Termination Date”); or

 

.2
             
competes in a substantial or material way with the Company with respect to any aspect of the Business as at the Termination Date;
provided, however, that the foregoing will not prohibit you from acquiring, solely as an investment and through market purchases,
securities of any such enterprise or undertaking which are publicly traded, so long as you are not part of any control group of
such entity and such securities, which if converted, do not constitute more than 5% of the outstanding voting power of that entity;

 

 5.3.2         agree to be employed by any Person that was a Key Contact as at the Termination Date for any business purpose that is competitive with the Business in any substantial or material way; or make use of any list or proprietary information of or relating to a Key Contact for the purpose of competing with the Company; or be involved in the sale to, solicitation of or servicing of any Key Contact where such sale, solicitation or servicing is with respect to services or products which are the same or substantially similar to or which compete with products or services sold or provided by the Company as at the Termination Date; or otherwise attempt to interfere with or damage the Company’s business relationship with any Key Contact; or

 

 5.3.3         solicit, divert, entice, persu or take away from the Company or any Protected Affiliate the Company has a reasonable need to protect against (a “Protected Affiliate”), or attempt to do so or solicit for the purpose of doing so, any business of the Company or any Protected Affiliate, or any Person that was an employee or contractor of the Company or any Protected Affiliate (but in any case, with whom you have had business contact in the course of your employment with the Company during the 18 months prior to the Termination Date) to terminate, discontinue or alter to the detriment of the Company, his, her or its employment or engagement relationship with the Company or its Protected Affiliates or otherwise attempt to interfere with or damage the Company’s or a Protected Affiliate’s relationship with any such person.

 

		5.4	Provisions
                                         Reasonable

 

You
hereby acknowledge and agree that:

 

 5.4.1         the Company has a material interest in preserving the relationships it has developed with its Key Contacts against impairment by competitive activities of a former employee;

 

 5.4.2         during the course of your employment by the Company, you will acquire knowledge of, and you will come into contact with, initiate and establish relationships with Key Contacts, and that in some circumstances you may be the senior or sole representative of the Company or any Protected dealing with such Key Contacts; and

 

5.4.3
         in light of the foregoing, the provisions of Section 5.3 (Restrictive Covenant)
are reasonable and necessary for the proper protection of the business, property and goodwill of the Company and the Business
and any Protected Affiliate and you further agree that these restrictions and your agreement to them are of major importance to
the Company, which would not employ or continue to employ you if you did not agree to them.

     

     

    
	OFFICE 833.544.2637	 
	FAX 647.243.8490
	 
	22 St. Clair Avenue
    East, Suite 1201
	Toronto, Ontario, M4T
    2S3, Canada
	 
	4850 W 78th St Indianapolis,
    Indiana, 46268, USA

 

Non-Disparagement

 

Section
7.9 of the Employment Agreement is deleted and replaced with the following:

 

You
shall not, directly or indirectly, make any disparaging comments or criticisms (whether of a professional or personal nature and
including any comments, statements or postings via any social media website or application, including but not limited to Facebook,
Twitter, LinkedIn, Flickr, YouTube, Picase, Snapchat, Instagram, TikTok or Clubhouse) to any Person regarding the Company, any
Affiliate of the Company, the Key Contacts, or their respective directors, officers, employees or contractors (or the terms of
any agreement or arrangement of the Company) or regarding your relationship with the Company or any termination of such relationship
which, in each case, are reasonably expected to result in material damage to the business or reputation of the Company, any Affiliate
of the Company, a Key Contact, or any of their respective directors, officers, employees or contractors.

 

No
Other Amendments

 

The
parties acknowledge and agree that, except as specifically amended above in this letter agreement, the Employment Agreement (including
all definitions therein) remains in full force and effect, unamended. All capitalized terms in this letter agreement which are
not otherwise defined shall have the same meaning as in the Employment Agreement.

 

	/s/ Joe
    McCann	 
	For and on behalf of
    Point Biopharma Corp.	 

 

Acceptance

 

I
have read and understand the terms and conditions of employment set out in the Employment Agreement , as amended by this letter
agreement and I agree to and accept them freely and voluntarily. I confirm that I have had the opportunity to obtain advice regarding
its contents, including from counsel of my choice. I understand that, in the event of the termination of my employment (including
without just cause), my entitlements will be limited to those specified in this agreement.

 

Signed
in Toronto, Ontario on March _______, 2021.

 

	/s/ Donna Husack	 	/s/
    Ari Shomair
	Witness Signature 	 	Ari Shomair
	Name:	 Donna HusackExhibit 10.16

 

CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED
AND REPLACED WITH “[***]”. SUCH IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS (I) NOT
MATERIAL AND (II) THE TYPE THAT THE COMPANY TREATS AS PRIVATE OR CONFIDENTIAL.

 

EXCLUSIVE LICENSE AND COMMERCIALIZATION AGREEMENT

 

This Exclusive License and Commercialization Agreement
(this “Agreement”), dated as of 16 December  2020 (“Effective Date”), is made by and between
POINT Biopharma Inc., having an address 4850 West 78th Street, Indianapolis, Indiana 46268, United States (“POINT”);
Canadian Molecular Probe Consortium having a business office at C/O CPDC, Nuclear Research Building - A316, 1280 Main Street West, Hamilton,
Ontario, Canada, L8S 4K1 (“CanProbe”); the Centre for Probe Development and Commercialization having a business office
at Nuclear Research Building - A316, 1280 Main Street West, Hamilton, Ontario, Canada, L8S 4K1 (“CPDC”); and the University
Health Network having a business office at 101 College Street, Suite 150, Heritage Building, MaRS Centre, Toronto, Ontario M5G 1L7
Canada (“UHN”). CanProbe, CPDC and UHN are collectively referred to herein as “Licensor”. Each of
POINT, CanProbe, CPDC and UHN may be referred to herein as a “Party” or together as “Parties”.

 

WHEREAS POINT is a clinical phase company
specializing in development, commercialization and marketing of radiotherapeutics.

 

WHEREAS CanProbe is a joint venture between
UHN and CPDC, and is a leader in developing, manufacturing and supplying of radiopharmaceuticals.

 

WHEREAS UHN, with funds from [***] and
[***], is sponsoring a Phase 3 clinical trial named “A Prospective Single-Arm, Multi-Centre Study of the Efficacy and Safety of
Lutetium – 177 Octreotate (Lu-DOTATATE) Treatment with individualized dosimetry in patients with 68Ga-DOTATE identified Somatostatin
Receptor Positive Neuroendocrine Tumors” (the “Study”).

 

WHEREAS UHN is the owner of the rights
and title to the data and results arising from the Study (“Study Data”) and CPDC is a manufacturer of Lutetium –
177 Octreotate (Lu-DOTATATE) (the “Product”) and owns intellectual property relating to a process for production of
the Product for the Study, including documentation relating to quality control, quality assurance and any other relevant procedures, and
the relevant analytical data relating to a validated process for production of the Product for the Study (collectively, the “CPDC
IP”) and together, the Study Data and CPDC IP constitute the “Study IP”.

 

WHEREAS UHN and CPDC collectively have
exclusive rights for global commercialization of the Study IP, and the rights to license such rights.

 

WHEREAS CanProbe has been designated by
CPDC and UHN to seek global regulatory approval of the Product and to further seek third parties for the global commercialization of the
Study IP.

 

WHEREAS POINT desires to exclusively license
the Study IP subject to the terms and conditions below.

 

NOW, THEREFORE, in consideration of the
premises and mutual covenants set out in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties hereby agree as follows:

 

[***] = Indicates confidential
information omitted from the exhibit.

 

     

     

    

 

1.            Definitions.

 

The following terms and their correlatives have
the following meanings:

 

1.1            “Affiliate”
means any corporation or other entity which directly or indirectly controls, is controlled by, or is under common control with, a
Party, for so long as such control exists. For the purposes of this Section 1.1, “control” shall mean: (i) in the
case of corporate entities, direct or indirect ownership of at least fifty percent (50%) (or such lesser percentage that is the maximum
allowed to be owned by a foreign corporation in a particular jurisdiction) of the stock or shares entitled to vote for the election of
directors, or the power to direct the management and policies of such corporate entities, and (ii) in the case of non- corporate
entities, direct or indirect ownership of at least fifty percent (50%) of the equity interest, in such non-corporate entities or the power
to direct the management and policies of such non-corporate entities.

 

1.2            “Approved
Indication” means, with respect to the Product, a disease or condition for which the treatment or prevention has received Regulatory
Approval.

 

1.3            “Business
Day” means any day that is not a Saturday, Sunday, or statutory holiday in Canada.

 

1.4            “Calendar
Half Year” means each six (6) month period commencing January 1 and July 1 of each Calendar Year.

 

1.5            “Calendar
Year” means each successive period of twelve (12) months commencing on January 1 and ending on December 31.

 

1.6            “Ceased
Sales” means failure for POINT, its Affiliate(s) and/or Sublicensee(s) (as appropriate), to achieve sales to the equivalent
of at least [***]% of the eligible population within [***] months of obtaining Regulatory Approval in the respective Sub-Territory or
having sales dropping below [***]% of the average sales occurring within the previous Calendar Year in the respective Sub-Territory.

 

1.7            “Commercialization
Data” means a summary of the results and data generated by POINT under the Commercialization Plan.

 

1.8            “Commercialization
Plan” means the written model for commercialization of the Product set forth in Schedule C, attached hereto, and which
may be amended from time to time in accordance with the terms of this Agreement. The Commercialization Plan will contain a marketing plan,
which shall be designed to attain optimal sales for the Product in the Territory.

 

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

 

1.10            “Commercial
Purposes” means commercial development, including the sale or the offering for sale of commercial products for legitimate business
and/or regulatory purposes including, but not limited to, for use to obtain approval of investigational drug applications, multi-centered
clinical trial applications for approved indications, abbreviated or new drug applications, abbreviated or new drug submission, biologics
license applications, marketing authorizations and the like, subject to applicable Law.

 

[***] = Indicates confidential
information omitted from the exhibit.

 

     

     

    

 

1.11            “Development”
or “Develop” means non-clinical and clinical drug development activities pertaining to a pharmaceutical product, including
toxicology, pharmacology, test method development and stability testing, process and manufacturing development, formulation development,
delivery system development, quality assurance and quality control development, statistical analysis, clinical studies (including pre-
and post-approval studies), regulatory affairs, pharmacovigilance and Regulatory Approval and clinical study regulatory activities (including
regulatory activities directed to obtaining pricing and reimbursement approvals).

 

1.12            “Dollars”
means Canadian Dollars, and “$” shall be interpreted accordingly.

 

1.13            “Field”
means all Approved Indications and indications for which a Regulatory Approval is being sought.

 

1.14            “GST/HST”
means the goods and services tax and the harmonized sales tax imposed under Part IX of the Excise Tax Act (Canada).

 

1.15            “Improvement”
means any Intellectual Property that:

 

(a)            results
from an improvement or enhancement of the Licensed Technology by a Party other than POINT; or

 

 (b)             is discovered, developed, or derived using or practicing the Licensed Technology by a Party other than POINT; or

 

(c)            but
for the license granted in this Agreement, would infringe, or contribute to, or induce the infringement of, or read on, any Patent Right
and is discovered, developed, or derived by a Party other than POINT.

 

1.16            “Indication”
means an application for a label indicating the applicable drug for an initial patient population in each case that requires a clinical
trial for Regulatory Approval.

 

1.17            “Intellectual
Property” means any inventions, innovations, developments, discoveries, processes, methods, protocols, specifications, compounds,
biological and chemical materials, copyrights, trademarks, and trade secrets, in whatever mode of expression, and any copies of the foregoing
in any medium, and all Patent Rights.

 

1.18            “Joint
Commercialization Committee” or “JCC” means the committee described in Section 7.1.

 

1.19            “Know-How”
means any ideas, techniques, expertise and procedures directly and solely related to the Product that are owned and controlled by the
Licensor and which are not in the public domain.

 

1.20            “Law”
means, individually and collectively, any and all laws, ordinances, rules, rulings, directives, administrative circulars and regulations
of any kind whatsoever of any governmental authority or Regulatory Authority within the applicable jurisdiction.

 

1.21            “Licensed
Technology” means the Patent Right and Study IP and Know-How and Improvements thereto.

 

[***] = Indicates confidential
information omitted from the exhibit.

 

     

     

    

 

1.22            “Patent
Right” means any of the following which pertain to the Licensed Technology and are owned by any of CPDC, UHN and/or CanProbe:

 

(a)            patents;

 

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

 

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

 

(d)            inventor’s
certificates;

 

(e)            all
Canadian, United States, and foreign counterparts of any of the foregoing.

 

1.23            “Person”
means an individual, a corporation, a partnership, a trust, any unincorporated organization or any other entity, and “Persons”
has a similar corresponding meaning.

 

1.24            “POINT
Technology” means any Intellectual Property owned or licensed by POINT as of the Effective Date or thereafter including during
the Term (other than as a result of the licenses granted to POINT under this Agreement) which pertains to the Product or Licensed Technology.
For clarity, POINT Technology includes Intellectual Property that pertains to the Product and/or Licensed Technology, and is solely or
jointly invented, developed or derived as of the Effective Date or during the Term by one or more persons who assign that Intellectual
Property and/or other proprietary rights to POINT.

 

1.25            “Prosecution
and Maintenance” means, with respect to a Patent Right, the preparing, filing, and prosecuting of patent applications and maintenance
of patents, as well as re-examinations, and reissues, with respect to such patents; and “Prosecute and Maintain” have
the correlative meaning. The defense of an opposition “Opposition Defense” (which includes the defense of an Inter
Parties Review (IPR) at the U.S. Patent and Trademark Office) with respect to any Patent Right is separate from and not included within
the Prosecution and Maintenance of a Patent Right.

 

1.26            “Regulatory
Approval” means all approvals (including any applicable governmental price and reimbursement approvals), licenses, registrations,
and authorizations of any federal, national, multinational, state, provincial or local Regulatory Authority, department, bureau or other
governmental entity that are necessary and sufficient for the marketing and sale of a product in a country or group of countries. Regulatory
Approval includes any required pricing and reimbursement approval for the Product.

 

1.27            “Regulatory
Authority” means, with respect to a country, the regulatory authority or regulatory authorities of such country with authority
over the testing, manufacture, use, storage, importation, promotion, marketing, pricing or sale of a pharmaceutical product in such country.

 

1.28            “Regulatory
Materials” means regulatory applications, submissions, notifications, communications, correspondence, registrations, drug
approvals and/or other filings made to, received from or otherwise conducted with a Regulatory Authority in order to Develop, manufacture,
market, sell or otherwise Commercialize the Product in a particular country or jurisdiction.

 

1.29            “Sublicensee”
means any Person granted a sublicense by the Licensee pursuant to Section 2.1.

 

[***] = Indicates confidential
information omitted from the exhibit.

 

     

     

    

 

1.30            “Sub-Territory”
means any one of the following jurisdictions: Canada, United States of America, European Union and each individual country in the Rest
of the World (“ROW”); collectively, the “Sub-Territories”. For clarity, a country in the ROW is considered
a Sub-Territory once POINT has applied for a Regulatory Approval therein.

 

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

 

1.32            “Territory”
means the world.

 

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

 

All other defined terms are as otherwise defined
in the text of the Agreement.

 

Schedules. The following
schedules are attached to and form part of this Agreement:

 

Schedule A
 – CPDC Intellectual Property

 

Schedule B
 – UHN Study Data

 

Schedule C
 – Commercialization Plan

 

Schedule D
 – Compliance Schedule

 

2.            License
and Sublicenses.

 

2.1            From
and after the Effective Date until the end of the Term:

 

(a)            Exclusive
License Grant. Subject to the terms and conditions herein, the Licensor hereby grants to POINT an exclusive (including as against
the Licensor subject to below Reservation of Rights), sublicensable (pursuant to Section 2.2), terminable, amendable license to the
Patent Right, Know-How, Study IP and Improvements thereto, to develop, make, have made, sell, have sold, and supply (subject to Section 2.3
and Section 6.1) Product for use in the Field in the Territory and to apply to Regulatory Authorities using the Licensed Technology
in order to obtain approval for the manufacture, distribution, and sale of Product for use in the Field in the Territory during the Term
(the “Exclusive License”).

 

(b)            Obligation
to Market. POINT shall use Commercially Reasonable Efforts to market, distribute sell and/or have sold the Product in the Territory,
and specifically in Canada, USA, EU and at least one country in ROW. A timetable will be negotiated in good faith by the Parties for the
marketing approval and launch of Product in each of the Sub-Territories.

 

(c)            Amendment.
The Licensor, in its sole discretion, shall have the right to amend the Exclusive License if POINT does not meet its obligations under
Section 2.1(b) as determined by the Licensor in its reasonable discretion (for example by removal of Sub-Territories, or loss
of exclusivity of the Exclusive License and/or Field within a particular Sub-Territory).

 

(d)            Non-Compete.
The Licensor and its Affiliates shall not, directly or indirectly, develop, manufacture any form of the Product for Commercial Purposes
either on its own behalf or in conjunction with a Third Party during the Term.

 

Reservation
of Rights. Notwithstanding the foregoing and for clarity, the Licensor shall retain its rights to use the Licensed Technology for
any non-commercial, internal research purposes, (and with respect to UHN, academic or educational purposes), including in scientific cooperation
with non-commercial third parties, without restriction, including the ability to distribute any material(s) disclosed and/or claimed
in the Licensed Technology for non-profit academic research use to non-commercial entities as is customary in the scientific community,
with the further retention of its rights to grant non-commercial licences for the same purposes, subject to POINT’s prior review
and written response regarding any such non-commercial licence, and where POINT’s written response will not be unreasonably delayed.

 

[***] = Indicates confidential
information omitted from the exhibit.

 

     

     

    

 

Product used in clinical trials outside of the
Approved Indications or indications for which Regulatory Approval has been sought can be manufactured by the Licensor or acquired through
POINT. POINT will be kept informed of any such clinical trial. Product used in clinical trials in the Approved Indications or indications
for which Regulatory Approval has been sought by the Licensor and its permitted licensees for non-commercial, internal research purposes
(and with respect to UHN, academic or educational purposes), including in scientific cooperation with non-commercial third parties, will
be provided by POINT (or as appropriate, its Sublicensee(s) or Affiliate(s)). In cases where the Product is provided by POINT (or
as appropriate, its Sublicensee(s) or Affiliate(s)), the Product will be provided on terms to be negotiated by the Parties, but in
no event [***] and further shall in no event [***].

 

Except in association with or otherwise further
to the agreement of POINT, the foregoing purposes described in this section exclude Commercial Purposes.

 

Notwithstanding the foregoing and for clarity,
if POINT cannot (i) provide the Product for non-commercial research use or (ii) supply the Product for sale, and after a period
of [***] days, then Licensor reserves the right to manufacture or have manufactured the Product to
(i) provide the Product for non-commercial clinical research under a Health Canada approved clinical trial application and/or (ii) sell
the Product in accordance with Health Canada regulations for approved drugs to patients at the following sites during the remediation
period by POINT: [***].

 

2.2            Sublicenses.
POINT shall have the right to grant sublicenses under the rights licensed to POINT under Sections 2.1(a) solely in accordance
with this Section 2.2 as follows:

 

(a)            subject
to the Licensor’s prior review and written response, not to be unreasonably delayed, for use and distribution of the Product in
the Field within the Territory;

 

(b)            such
sublicense shall refer to this Agreement and shall be subordinate to and consistent with the terms and conditions of this Agreement, and
shall not limit the ability of POINT (individually or through the activities of its Affiliates and Sublicensees) to fully perform all
of its obligations under this Agreement or the Licensor’s rights under this Agreement;

 

(c)            in
such sublicense, the Sublicensee shall agree to be subject to, and bound by any relevant terms and conditions of this Agreement mutatis
mutandis, including:

 

(i)            confidentiality
obligations substantially equivalent to those imposed on POINT hereunder;

 

(ii)            termination
rights in favour of Licensor substantially similar to those in Section 15.3 and 15.4;

 

(iii)            a
right-to-audit clause to permit POINT to audit the facilities and records of each Sublicensee, and Licensor shall have a right to review
such audits performed by POINT as they pertain to use and distribution of the Product in the Field in the Territory;

 

(iv)            reporting
obligations requiring the Sublicensee to make reports to POINT, to keep and maintain records of sales made pursuant to such sublicense
and to grant access to such records by the Licensor’s independent accountant to the same extent required from POINT pursuant to
Section 9;

 

[***] = Indicates confidential
information omitted from the exhibit.

 

     

     

    

 

(v)            obligations
requiring its employees, contractors and agents to grant Licensor all rights in and to any Improvements and any other obligations that
might be required to protect the Licensed Technology or the Licensor’s rights under this Agreement; and

 

(vi)            POINT
shall include a third party beneficiary clause for Licensor’s benefit in Sublicensee agreements;

 

(d)            POINT
shall inform the Licensor in writing within thirty (30) days after the execution and delivery by POINT of any sublicense and shall provide
a copy to the Licensor. POINT reserves the right to redact such agreement if other assets than the Product are included, without removing
any provisions relevant to the sublicensing of the Product.

 

(e)            POINT
shall be responsible for performing all of its obligations set forth in this Agreement, without regard to whether it has granted any sublicense
under this Section 2.2; and

 

(f)            such
sublicenses shall expressly prohibit the granting of further right of a sub-sub-license.

 

2.3            Permitted
Subcontracting.

 

(a)            POINT
may subcontract its proprietary manufacturing activities to a Third Party subject to
the Licensor’s prior written review and response, not to be unreasonably delayed and provided that any such Third Party shall have
entered into a written agreement with POINT that includes terms and conditions (i) protecting and limiting use and disclosure of
the Licensed Technology, Confidential Information and (ii) requiring such Third Party, as applicable, and its employees, contractors
and agents to grant Licensor all rights in and to any Improvements, Patent Rights, and Know-How created, conceived or reduced to practice
in connection with the performance of any such subcontracted activities.

 

3.            POINT’s
Obligations.

 

3.1            Commercially
Reasonable Efforts. POINT shall use Commercially Reasonable Efforts to:

 

(a)            seek
regulatory approvals and obtain and maintain Regulatory Approvals(s) for all Indications covered by the Study in each Sub-Territory.
POINT shall be responsible for all costs in relation to Regulatory Approval(s), set up of manufacturing sites, supply, marketing and drug
distribution and reimbursement in the Territory;

 

(b)            make
all necessary arrangements for commercial sale of the Product in each Sub- Territory, including but not limited to, process scale-up,
technology transfer to its Affiliates and/or Third Parties, commercial manufacturing and global distribution of the Product;

 

(c)            manufacture,
have manufactured, market, distribute, sell and have sold the Product in the Field in the Territory and to otherwise perform (itself or
through its Affiliates or by permitted sublicensing) its obligations under the Commercialization Plan;

 

(d)            promote
the Product for Approved Indications;

 

(e)            conduct
all post-marketing studies as required by the regulatory agencies of each country in the Sub-Territory where the Product is authorized,
subject to Section 6.1.

 

Provided that POINT uses Commercially Reasonable
Efforts, POINT shall not be responsible to Licensor for any inability or failure to successfully achieve what is described in (a)-(e) above.

 

[***] = Indicates confidential
information omitted from the exhibit.

 

     

     

    

 

The Product shall be branded and marketed throughout
the Territory under or using such trade marks, trade names, trade dress, logos and designs and labelling content (“Branding Elements”)
as POINT may in its sole discretion determine (subject to applicable laws in each Sub-Territory). All Branding Elements shall, as between
POINT and the Licensor, be owned exclusively by POINT and upon termination or amendment of the license to a Terminated Product, will be
transferred and assigned to the Licensor.

 

4.            Licensor’s
Obligations.

 

4.1            Licensor’s
Obligations. The Licensor shall use reasonable efforts to:

 

(a)            provide
access to the Licensed Technology as it is or as made;

 

(b)            keep
POINT informed of all developments and approval discussions, and shall permit POINT’s authorized representative(s) to fully
participate in and direct any pre-marketing meetings with Regulatory Authorities (to the extent that the Licensor is so permitted) in
respect of the Product;

 

(c)            keep
POINT informed of all inspections by Regulatory Authorities at clinical sites in respect of the Study, to make available the audit results
to POINT, and to permit POINT to guide preparation for an inspection and draft responses to Regulatory Authority observations;

 

(d)            conduct
any remediation activities in accordance with GCP and as required by Regulatory Authorities in respect of the Study, including documentation
development and data collection requirements as defined by the approved protocol or any amendments thereto;

 

(e)            to
complete the Study and maintain Sponsor responsibilities on the Study, including supply of the clinical trial materials, clinical monitoring,
database hosting and data collection activities including data entry and query resolution as per the approved protocol and any amendments
thereto;

 

(f)            support
POINT in the following tasks associated with the technology transfer and validation of the manufacturing process as used for the Product
during the Study by providing, to a mutually agreed work-plan, the following supporting documentation and technical support, at POINT’s
cost: (i) technology transfer of manufacturing process and analytical methods; (ii) supply development and process validation
reports; (iii) manufacturing & quality control documentation; and (iv) quality control method validation/verification;

 

(g)            support,
at POINT’s cost, a mutually agreed work-plan in respect of POINT’s efforts to gain adoption of the Product in the Territory,
subject to mutually agreed upon conditions; and

 

(h)            support,
at POINT’s cost, a mutually agreed work-plan, in respect of POINT’s effort in obtaining and maintaining Regulatory Approval(s) (via
filings with Regulatory Authorities) for use in the Field in the Territory in respect of the Product.

 

(i)            Support,
at POINT’s cost, data mining, programming and statistical analysis, in preparation for, or as requested by, Regulatory Authorities.

 

5.            Commercialization
Activities

 

5.1            Commercialization
Plan. The Parties will work together to develop a Commercialization Plan based on an independent assessment, which assessment was
completed and paid for by CanProbe.

 

[***] = Indicates confidential
information omitted from the exhibit.

 

     

     

    

 

5.2            Amendments.
The Commercialization Plan may be amended from time to time. The Commercialization Plan will be reviewed as necessary at each meeting
of the JCC and at any other time upon the reasonable request of any Party.

 

5.3            Records.
POINT shall maintain, or cause to be maintained, records of its activities under the Commercialization Plan in sufficient detail and
for patent and regulatory purposes, which shall properly reflect all work included in the Commercialization Plan consistent with its internal
procedures and policies.

 

6.            Commercial
Supply; Clinical Trials.

 

6.1            Commercial
Supply. Notwithstanding any other provision of this Agreement, the Parties shall use Commercially Reasonable Efforts to offer a first
right of refusal to [***] as the back-up to POINT’s facility for the commercial supply of the Product on terms mutually agreed by
the Parties.

 

6.2            Clinical
Trials.

 

(a)            UHN
shall have a right of first negotiation to [***]. Such right of first negotiation shall be deemed satisfied if POINT notifies UHN (as
per Section 17.9) of [***] and UHN is provided a period of at least [***] days to notify POINT of its intention to enter into negotiations.
Thereafter, POINT shall make itself available to negotiate in good faith for a period of up to [***] days with respect to the aforementioned.

 

(b)            POINT
shall have the right to audit UHN to ensure [***] as directed by Regulatory Authority and GCP requirements, at POINT’s cost. Any
audit shall be conducted in alignment with [***], and shall be mutually agreed upon by the Parties.

 

7.            Joint
Commercialization Committee.

 

7.1            Establishment
and Composition of the JCC.

 

(a)            Within
[***] days of the Effective Date, the Parties shall assemble the JCC. The JCC will meet [***] a year in whichever way that is possible
or convenient for the representatives.

 

(b)            Initially,
the JCC shall be composed of two (2) representatives from POINT and two (2) from the Licensor.

 

(c)            The
Licensor’s representatives will initially be CanProbe’s President and CanProbe’s Secretary, and the Secretary shall
be the chairperson of the JCC. POINT will provide a list of their representatives to the Licensor within [***] days after the Effective
Date. Each Party will promptly notify the other Parties in writing of any change in its appointed representatives.

 

(d)            Each
Party may invite employees and consultants to attend meetings of the JCC, subject to their agreement, who are bound to obligations of
confidentiality, non-use, and assignment of inventions similar to those of that Party’s members of the JCC.

 

7.2            Role
and Mandate of the JCC. The JCC is a committee through which the Licensor is kept informed of POINT’s commercial activities.
The JCC shall discuss and exchange all relevant information regarding the activities of the Parties under this Agreement. In particular,
the JCC shall:

 

(a)            review
and discuss the Commercialization Plan objectives and progress under the Commercialization Plan and review and discuss the performance
and results of the Commercialization Plan, discuss and approve proposed amendments to the Commercialization Plan;

 

[***] = Indicates confidential
information omitted from the exhibit.

 

     

     

    

 

(b)            perform
such other functions as appropriate to further the purposes of this Agreement, as expressly set forth in this Agreement or as mutually
agreed upon by the Parties in writing.

 

(c)            keep
Licensor informed of regulatory developments relating to the Product in the Field in the Territory

 

(d)            review
and unanimously approve any remedial action with respect to the Product in the Field in the Territory.

 

(e)            Each
Party will bear its own costs relating to any JCC meeting.

 

Meetings of the
JCC are effective only if at least one representative of each of POINT and of Licensor is present at the meeting or participating by teleconference.
The Parties will endeavor to schedule meetings of the JCC at least [***] months in advance.

 

7.3            Reports.

 

(a)            POINT
shall furnish to the JCC a written report (each, a “Progress Report”), at the end of each [***], that: (i) describes
in reasonable detail, POINT’s progress under the Commercialization Plan during the relevant [***]; and (ii) includes a summary
of the results and data generated by POINT under the Commercialization Plan during the relevant [***], in each case to the extent reasonably
necessary to support and advance the Commercialization Plan.

 

(b)            For
clarity, the Progress Reports required in this subsection are in addition to any other reporting requirements under this Agreement.

 

7.4            Dissolution
of the JCC. The JCC shall automatically dissolve and have no further responsibilities or authority after such time as the activities
to be conducted under the Commercialization Plan have been completed (or such other time as agreed by the Parties).

 

8.            Regulatory
Matters.

 

8.1            Regulatory
Correspondence. Commencing on the Effective Date with respect to all countries in the Territory, POINT shall use Commercially Reasonable
Efforts in respect of the Product as the primary interface with and shall otherwise handle all correspondence, meetings and other interactions
with the relevant Regulatory Authorities concerning regulatory activities related to the Product in the Field in the Territory, and POINT
shall be responsible for preparing and filing any and all Regulatory Materials for the Product in the Field in the Territory at its sole
expense.

 

8.2            Obligation
to Inform. POINT shall promptly notify Licensor in writing of any action or decision by POINT with regard to, as well as any action
or decision by, any Regulatory Authority in the Territory regarding the Product in the Field. Progress and status of the actions and decisions
shall be reviewed and discussed by the JCC. POINT shall provide Licensor with reasonable advance notice of all meetings, conferences and
discussions scheduled with any Regulatory Authority in the Territory concerning the Product, and shall consider in good faith any input
from Licensor in preparing for such meetings, conferences or discussions. To the extent permitted by applicable Laws, Licensor shall have
the right to participate in any such meetings, conferences or discussions and POINT shall facilitate such participation. If Licensor elects
not to participate in such meetings, conferences or discussions, POINT shall provide Licensor with written summaries of such meetings,
conferences or discussions with any Regulatory Authority in the Territory in English as soon as practicable after the conclusion thereof.

 

8.3            Regulatory
Costs. POINT shall be solely responsible for all of its costs and expenses related to the preparation, filing and maintenance of all
Regulatory Materials and Regulatory Approvals for Products in the Field in the Territory.

 

[***] = Indicates confidential
information omitted from the exhibit.

 

     

     

    

 

8.4            Notification
of Threatened Action. Each Party shall immediately notify the other Party in writing of any information it receives regarding any
threatened or pending action, inspection or communication by or from any Third Party, including a Regulatory Authority, which may affect
the Development, commercialization or regulatory status of the Product. Upon receipt of such information, the Parties shall consult with
each other in an effort to arrive at a mutually acceptable procedure for taking appropriate action.

 

8.5            Adverse
Event Reporting and Safety Data Exchange. Within [***] days after the Effective Date, the Parties shall define and finalize the actions
that the Parties shall employ with respect to Products to protect patients and promote their well-being in written pharmacovigilance agreement(s),
if applicable. Each Party hereby agrees to comply with its respective obligations under such pharmacovigilance agreement(s), as amended,
and to cause its Affiliates and Sublicensees (as the case may be) to comply with such obligations. POINT shall have sole responsibility
for establishing and maintaining the post-marketing global safety database of adverse events and relevant safety information for the Product.

 

8.6            Remedial
Actions. Each Party will notify the other Party immediately, and promptly confirm such notice in writing, if it obtains information
indicating that the Product may be subject to any recall, corrective or other regulatory action taken by virtue of applicable Laws. The
Parties will assist each other in gathering and evaluating such information as is necessary to determine the necessity of conducting any
remedial action. POINT shall, and shall ensure that its Affiliates and Sublicensees will, maintain adequate records to permit the Parties
to trace the manufacture, distribution and use of the Product. In the event POINT determines that any remedial action with respect to
the Product in the Field in the Territory should be commenced or is required by the applicable Regulatory Authority, POINT shall have
the right to control and coordinate all efforts necessary to conduct such remedial action; provided that, with respect to any such remedial
action that is not imposed upon POINT by applicable Law or a Regulatory Authority, such remedial action shall have been reviewed and approved
by the JCC. If the JCC fails to unanimously approve a remedial action that is not imposed upon POINT by applicable Law or Regulatory Authority
within [***] days after such remedial action is presented to the JCC for review and approval, then the Parties’ Executive Officers
(one Executive Officer from each Party) shall, within [***] thereafter, review and approve by majority such remedial action or, in the
event that the Executive Officers fail to approve such remedial action within such time period, POINT has the right to control and coordinate
the efforts necessary to conduct such remedial action as provided above.

 

8.7            Pricing.
All Product pricing and labelling shall, subject to applicable regulatory requirements, be at POINT’s sole discretion. Notwithstanding
POINT’s pricing discretion, pricing for public payors and hospitals in [***] shall be matched to the lowest pricing granted in [***],
which POINT shall accomplish using [***] or [***].

 

9.            Payments.

 

9.1            One
Time Payment. POINT shall make a one-time payment to the Licensor of five hundred thousand Dollars ($500,000) in immediately available
funds, payable upon execution of this Agreement. The grant of License will not be effective until such time as the Licensor has received
such payment.

 

9.2            Milestone
Payments.

 

(a)            POINT
shall promptly notify the Licensor in writing following the first achievement of each of the milestone events set forth below with respect
to the Product. Upon receipt of such notice, the Licensor shall issue an invoice to POINT and POINT shall promptly pay to the Licensor,
in accordance with this Article 9, the applicable non-refundable, non-creditable milestone payment set forth below (“Milestone
Payment”). Each such Milestone Payment will be due one time only upon the first achievement of the specified milestone with
respect to the Product.

 

[***] = Indicates confidential
information omitted from the exhibit.

 

     

     

    

 

	Milestone Payments
	Payment Due	 	 	Amount (CAD)	 
	Within [***] days of receiving a first market approval in Canada in any Indication	 	$	[***]	 
	Within [***] days of receiving a first market approval in the USA for GEP-NETs	 	$	[***]	 
	Within [***] days of receiving market approval in the USA for first NET Indication other than GI/pancreas (GEP)-NETs	 	$	[***]	 
	Within [***] days of receiving a first market approval in the EU in any Indication	 	$	[***]	 
	Within [***] days of receiving a first market approval in the rest of the world (“ROW”) in any Indication	 	$	[***]	 

 

At execution of the Memorandum of Understanding
On February 7, 2020, POINT has paid a non-reimbursable payment of CAD $250,000 for a [***] day exclusivity period. This amount will
be credited against the first Milestone Payment.

 

9.3            Net
Sales. “Net Sales” means the total invoiced sales revenue and associated amounts received, for Products sold (as
appropriate) by POINT, an Affiliate and Sublicensee(s), less the following deductions:

 

(a)            sales
taxes or other taxes separately stated in the invoice;

 

(b)            shipping
and insurance charges actually paid and separately stated on the invoice;

 

(c)            actual
allowances, rebates, credits and refunds for returned or defective goods;

 

(d)            chargeback
payments and rebates (or the equivalent thereof) granted to managed health care organizations or to federal, state/provincial, local and
other governments, including their agencies, purchasers, and/or reimbursers, or to trade customers;

 

(e)            normal
and customary trade and quantity discounts, retroactive price reductions, or other allowances actually allowed or granted from the billed
amount and taken; and

 

(f)            any
import or export duties, tariffs, or similar charges incurred with respect to the import or export of Product into or out of a country
in the Territory.

 

Notwithstanding the foregoing, Net Sales will
not include, and will be deemed zero with respect to, (a) the distribution of reasonable quantities of promotional samples of Products,
(b) amounts received by POINT, its Affiliate(s) or Sublicensee(s) for the internal resale of Products among and to POINT,
its Affiliates or Sublicensees; and (c) amounts received by POINT, its Affiliates or Sublicensees for Products provided for clinical
trials, research or educational purposes, or charitable or compassionate use purposes.

 

All of the aforementioned deductions shall be
determined as incurred in the ordinary course of business in type and amount consistent with POINT’s, or its applicable Affiliate’s
or Sublicensee’s (as the case may be), business practices consistently applied across its product lines and accounting standards
and verifiable based on the POINT sales reporting system. Where the Product is distributed, sold or bundled with other products, all such
deductions shall be fairly and equitably allocated to such Product, such that the Product does not bear a disproportionate portion of
such deductions.

 

[***] = Indicates confidential
information omitted from the exhibit.

 

     

     

    

 

Accruals will be made in accordance
with Canadian generally accepted accounting principles (“Canadian GAAP”). Net Sales shall be determined from POINT’s
or its Affiliates’ or its Sublicensees’ books (as the case may be) and records shall be kept in accordance with Canadian GAAP.

 

9.4            Royalty
Payments.

 

(a)            Royalty
Fee. POINT shall pay royalties to the Licensor of [***] percent ([***]%) of the aggregate annual Net Sales of the Product in the Territory
by POINT, directly and through its Affiliates and Sublicensees, in each Calendar Year, subject to any applicable adjustments or reductions
provided for in this Agreement (“Royalty Fees”).

 

(b)            Royalty
Reporting. POINT shall provide to the Licensor written reports within [***] days following the end of Calendar Half Year in the Calendar
Year for which royalties are due, setting out (i) the Net Sales of Product in the Territory sold by POINT, its Affiliates and Sublicensees
during that Calendar Half Year; (ii) a calculation of the amount of royalties due on Net Sales during such Calendar Half Year; (iii) the
exchange rates used, if any, in determining the amount due or performing any necessary currency conversion; and (iv) any withholding
Taxes required to be paid from such royalties (combined within each Calendar Year, such Calendar Half Year written reports constitute
the “Annual Royalty Report”). The information in the Annual Royalty Report will be deemed POINT’s Confidential
Information.

 

9.5            Sublicensing
Fee.

 

(a)            Sublicensing
Fee. POINT shall pay to the Licensor a [***] percent ([***]%) sublicensing fee (“Sublicensing Fee”) on all payments
and revenues (in addition to [***]% of Net Sales) received by POINT in the nature of compensation for the sublicensing of the Product
(and/or any associated Licensed Technology), provided that where POINT has made a Sublicensee responsible for all or part of a Milestone
Payment, such Milestone Payment will not be considered to form part of POINT’s compensation as aforesaid except to the extent where
milestone payments received by POINT from Sublicensee are in excess of the Milestone Payment owed to Licensor, wherein POINT shall pay
to Licensor [***] percent ([***]%) of such excess plus such Milestone Payment. POINT shall however be liable for any failure of any of
its Sublicensees to make all or part of a Milestone Payment. Notwithstanding the foregoing, this Section 9.5(a) and Sublicensing
Fee shall not apply to POINT for sublicenses granted to any POINT Affiliate.

 

(b)            Sublicensing
Reporting. POINT shall provide to the Licensor written reports within [***] days following the end of each Calendar Half Year in the
Calendar Year for which Sublicensing Fees are payable.

 

9.6            Stacking
Royalties. In the event that it is necessary in order for POINT or its Sublicensee(s) to sell the Product in a Sub-Territory
or to obtain a license and to pay royalties to one or more Third Parties on Net Sales of any Product(s), and if the aggregate royalty
burden payable on any Product(s) for those Third Party licenses is greater than [***]% of Net Sales, then POINT may reduce the Royalty
Fees or Sublicensing Fees due to the Parties for sales of such Product in such Sub-Territory by fifty percent (50%) of such necessary
royalties actually paid to the Third Party(ies) on Net Sales of Product in such Sub-Territory within the same royalty period.

 

[***] = Indicates confidential
information omitted from the exhibit.

 

     

     

    

 

9.6            Currency.

 

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

 

(i)            The
calculation of Milestone Payments, Royalty Fees, and Sublicensing Fees will be made in Dollars regardless of the countries in which sales
are made. Net Sales made in currencies other than Dollars will be converted into Dollars using a fixed exchange rate (subject to monthly
adjustments as described below). The fixed exchange rate will apply to all payments related to the Net Sales during the month for which
that fixed exchange rate applies independent of the actual invoice date.

 

(ii)            Exchange
rates will reset at the end of each month based on the applicable close price exchange rates on the final Business Day of such month as
published in the Wall Street Journal. The exchange rates as so reset at the end of a month shall apply to all payments based on Net Sales
received during the immediately following month and in no event shall such reset exchange rates be applicable to payments based on Net
Sales in prior periods.

 

9.7            Taxes.

 

(a)            POINT
will make all payments to the Licensor under this Agreement without deduction or withholding for Taxes except to the extent that any such
deduction or withholding is required by Law in effect at the time of payment. The Parties agree to use commercially reasonable efforts
to minimize any withholding or similar Tax imposed upon payments payable under this Agreement and to consult in good faith before taking
any action that is reasonably expected to result in the application of a withholding or similar Tax imposed upon payments payable under
this Agreement.

 

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

 

(c)            POINT
and the Licensor will cooperate with respect to all documentation required by any taxing authority or reasonably requested by POINT to
secure a reduction in the rate of applicable withholding Taxes.

 

(d)            All
payments due to the Licensor from POINT pursuant to this Agreement shall be paid exclusive of GST/HST and similar commodity Taxes (including
VAT).

 

9.8            Audits.

 

(a)            Audit
Rights. During the Term and for a period of the longer of: (a) the length of time required to retain such records in accordance
with applicable Law and (b) [***] years thereafter, POINT shall keep (and shall cause its Affiliates and Sublicensees to keep) complete
and accurate records pertaining to the sale or other disposition of Product in sufficient detail to permit the Licensor to confirm the
accuracy of all royalties and Sublicensing Fees due hereunder, kept in accordance with Canadian GAAP. The Licensor shall have the right
to cause an independent, certified public accountant reasonably acceptable to POINT to audit such records to confirm Net Sales, Milestone
Payments, Royalty Fees, Sublicensing Fees, and other payments. Such audits may be exercised during normal business hours upon reasonable
prior written notice to POINT. Prompt adjustments will be made by the Parties to reflect the results of such audit. The Licensor shall
bear the full cost of such audit unless such audit discloses an underpayment by POINT of more than [***] percent ([***]%) of the aggregate
amount of Royalty Fees or other payments due for such audited period, in which case, POINT shall bear the full cost of such audit and
shall remit to the Licensor the amount of any underpayment within [***] days after receipt of an invoice from the Licensor. All information
in such records will be deemed POINT’s Confidential Information.

 

[***] = Indicates confidential
information omitted from the exhibit.

 

     

     

    

 

9.9            Invoicing;
Manner of Payment

 

(a)            With
respect to any Calendar Year for which the Licensor is entitled to payment, POINT shall provide the Annual Royalty Report to the Licensor
within [***] days of the end of each Calendar Year. The Licensor shall provide an invoice to POINT within [***] days of the receipt of
the Annual Royalty Report. Within the later of [***] days of the date such invoice is provided by the Licensor to POINT, or (b) [***]
days after the end of the Calendar Year, POINT shall pay the Licensor the aggregate amounts set forth in such invoice (or any other invoice
that may be submitted pursuant to this Agreement) unless POINT disputes a portion thereof of in good faith (in which event POINT shall
the pay the undisputed portion thereof).

 

Any payments or portions thereof due
by POINT to the Licensor hereunder which are not paid when due shall bear interest at the prime rate of interest quoted by the Bank of
Canada as at the due date, plus [***]% ([***] percent) per annum compounded monthly until the date paid to Licensor. This Section 8
shall in no way limit any other remedies available to the Licensor.

 

Invoices to POINT should be
sent to:

 

Bill Demers

CFO

POINT Biopharma Inc.

22 St. Clair Avenue East, Suite 1201

Toronto, Ontario, Canada,

M4T 2S3

 

(b)            Manner
of Payment. All payments to be made by POINT to Licensor hereunder shall be by wire transfer to the relevant bank account detailed
below or such other bank account as Licensor (as applicable) may designate in writing from time to time during the Term.

 

Unless otherwise indicated, payments
should be made to the following account:

 

Beneficiary Bank Name: [***]

 

Account Name: [***]

Account Number: [***]

Swift Code: [***]

Clearing Code: [***]

Bank Address: [***]

 

With a notice of payment sent to:

[***] (email: [***])

 

10.            Intellectual
Property.

 

10.1            Ownership.

 

(a)            CPDC
confirms that CPDC has full and exclusive ownership to all CPDC Intellectual Property set forth in Schedule A. CPDC will remain the sole
owner of all other rights and title to the CPDC IP.

 

(b)            UHN
confirms that UHN has full and exclusive ownership of all Study Data.

 

(c)            Except
as expressly granted herein, POINT shall have no rights to the CPDC IP owned by CPDC or UHN Study Data owned by UHN.

 

[***] = Indicates confidential
information omitted from the exhibit.

 

    

     

    

 

(d)           POINT
shall and will own all POINT Technology.

 

(e)           POINT
shall be responsible for the filing, registration, prosecution and maintenance of all trademarks and tradenames and for the registration
and maintenance of all domain names necessary to achieve the purposes hereunder.

 

(f)            POINT
will assign the Regulatory Approvals, Regulatory Materials, trademarks, tradenames and domain names as the Licensor directs upon termination
of this Agreement.

 

10.2        Prosecution
of Patents.

 

(a)            Licensed
Patents Rights. POINT shall be responsible for the handling and directing of the preparation, filing, prosecution, maintenance and any
opposition defense of the licensed Patent Right. POINT shall keep any other Party that has ownership interest (particularly, assignment
by an inventor) informed of all material steps with regard to the preparation, filing, prosecution, and maintenance of any licensed Patent
Right, including but not limited to for example, by providing a copy of material communications to and from any patent authority in the
Territory regarding such Patent Right, and by providing drafts of any material filings or responses to be made to such patent authorities
in the Territory. POINT shall consider in good faith the requests and suggestions of other Party or Parties with respect to such drafts
and with respect to strategies for filing and prosecuting the licensed Patent Right in the Territory. No later than [***] days following
the end of each Calendar Year, POINT shall provide the other Party or Parties a written report summarizing all actions taken during the
preceding year with respect to the licensed Patent Right. If POINT elects not to file any patent application of the Patent Right or otherwise
abandon the prosecution or maintenance of any licensed Patent Right, then (a) POINT shall provide the other Party or Parties with
reasonable notice of such decision so as to permit the other Party of Parties to decide whether to assume such responsibilities (such
notice shall, to the extent reasonably feasible for POINT, be given no later than [***] days prior to the next deadline to take any necessary
action with the relevant patent office); and (b) the other Party or Parties shall have the right, but not the obligation, to control
the filing, prosecution and maintenance of such Patent Right (or patent application). Licensor may file, prosecute, or maintain such application
and/or Patent Rights at its own expense and any license granted under this Agreement shall exclude such Patent Right.

 

(b)            POINT
shall be directly responsible for all reasonable costs (Prosecution and Maintenance Expenses) incurred in the Prosecution and Maintenance
of such licensed Patent Right that comprise the Licensed Technology.

 

10.3        Enforcement.

 

(i)             Each
Party shall notify the others promptly of any apparent, threatened, or actual infringement by a Third Party of any Patent Right licensed
under this Agreement, or misappropriation of any trade secret of Know-How licensed under this Agreement or of any Opposition Defense,
of which the Party becomes aware.

 

(ii)            The
notifying Party shall promptly furnish the other with all known details or evidence of such infringement or misappropriation or opposition.

 

(iii)           Each
Party shall notify the other within [***] days of any Third Party communications pertaining to any such Patent Right that the Party receives
as patent owner or as the marketing authorization holder pursuant to the Canadian Patented Medicines (Notice of Compliance) Regulations
or the United States Drug Price Competition and Patent Term Restoration Act of 1984 or equivalent regime in any other country.

 

[***] = Indicates confidential information omitted from the exhibit.

 

    

     

    

 

(iv)           POINT
shall have the first right, but not the obligation, to enforce or defend an opposition to the licensed Patent Right with respect to such
Third Party infringement or opposition or otherwise abate such infringement or opposition of the licensed Patent Right, at its sole cost
and expense. In such event, POINT shall have the right to control any litigation or other enforcement action and to enter into, or permit,
the settlement of any such litigation or other enforcement action with respect to the licensed Patent Right and such Third Party infringement
or opposition. The Parties each agree to cooperate reasonably with POINT in any action to enforce the licensed Patent Right at POINT’s
expense, including by executing reasonably appropriate documents, cooperating in discovery and joining as a party in any such suit if
deemed a necessary party. All monies recovered upon the final judgment of an opposition or settlement of any such suit to enforce the
licensed Patent Right pursuant to this Section shall be first used to reimburse POINT for the costs and expenses incurred in connection
with such opposition or suit. Any remainder that represents lost profits or lost sales of Product shall be treated as Net Sales and shall
allocated to POINT, and shall be subject to the royalty payment to pursuant to Section 9.4. Any remainder that does not represent
lost profits or lost sales of Product shall be retained by POINT.

 

(v)            If
POINT does not, within [***] days of receipt of notice of a Third Party infringement from another party abate the infringement or file
suit in at least one Sub-Territory to enforce the licensed Patent Right against at least one infringing party, the other Parties hereunder
shall, at their sole cost, have the right to enforce the licensed Patent Right. POINT agrees to cooperate reasonably with the enforcing
parties in any action to enforce the licensed Patent Right with respect to Third Party infringement including by executing reasonably
appropriate documents, cooperating in discovery and joining as a party in any such suit if deemed a necessary party. All monies recovered
upon the final judgment or settlement of any such suit to enforce the licensed Patent Right shall be retained by the enforcing parties.

 

(vi)           A
settlement or consent judgment or other voluntary final disposition of an action brought by a Party under this section may be entered
into without the consent of the other Parties, provided that such settlement, consent judgment, or other disposition does not admit the
invalidity or unenforceability of any Intellectual Property owned or licensed by the other Parties, and provided further that any rights
granted to a Third Party to continue any activity upon which such action was based in such settlement, consent judgment, or other disposition
shall be limited to the product or activity that was the subject of the action.

 

(vii)          Any
damages or recovery obtained as a result of such action, whether by judgment, award, decree or settlement, shall be allocated, firstly,
to reimbursement of the Party who brought the action for its out-of-pocket expenses incurred in bringing such suit or proceeding (including
any advisory counsel) (provided that it has reimbursed each of the other Parties for its out-of-pocket expenses incurred in providing
assistance as provided for above), and secondly, the balance to the Party who brought such suit or proceeding, except that in the event
a court awards POINT any recovery of lost profits for any lost Net Sales of Product on account of any such Third Party infringement of
licensed Patent Right, POINT shall owe the Licensor royalties based on such award of lost Net Sales as determined in accordance with the
License, as the case may be, but only after POINT has been reimbursed for any out-of-pocket costs including counsel’s fees.

 

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

 

10.5        Patent
Term Restoration. POINT shall cooperate in obtaining patent term restoration or supplemental protection certificates or their equivalents
in any country where applicable to the Patent Rights. If elections with respect to obtaining such patent term restoration for any Patent
Right exclusively licensed to POINT are to be made, POINT shall have the right to make the election to seek patent term restoration or
supplemental protection and the Licensor shall abide by such election

 

[***] = Indicates confidential
information omitted from the exhibit.

 

    

     

    

 

10.6        Employee
Agreements. Prior to beginning work relating to any aspect of the subject matter of this Agreement and/or being given access to Confidential
Information of the other Parties, each appropriate employee, consultant, contractors and/or agent of the Licensor and POINT shall have
signed or shall be bound to a commercially reasonable non-disclosure and/or Intellectual Property assignment agreement, including the
provision that POINT shall promptly notify the Licensor of any Intellectual Property in connection with or related to the CPDC Intellectual
Property or UHN Intellectual Property and each appropriate employee, consultant, contractor and/or agent of POINT agrees to assign its
rights and interest in and to any such Intellectual Property to POINT as applicable. Each Party will be responsible for any compensation
or payment to its employees, consultants, contractors or agents in connection with the invention of any Patent Right.

 

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

 

11.          Confidentiality.

 

11.1        Confidentiality;
Exceptions.  Except to the extent expressly authorized by this Agreement or otherwise agreed in writing or required as a condition
of a sublicense, the Parties agree that, during the Term and for [***] years thereafter (except for Know-How, which shall be perpetual),
the receiving Party will keep confidential and will not publish or otherwise disclose or use for any purpose other than as provided for
in this Agreement any information furnished to it by the other Parties pursuant to this Agreement (collectively, “Confidential
Information”). Notwithstanding the foregoing, Confidential Information will not include any information to the extent that it
can be established by written documentation by the receiving Party that such information:

 

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

 

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

 

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

 

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

 

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

 

(a)            POINT
or its Affiliates and the Licensor or its Affiliates each may disclose Confidential Information that it has received hereunder to their
Affiliates and to those of the personnel and subcontractors of them and their Affiliates who have a need to such information in order
to carry out the work under the Commercialization Plan, or to perform activities under Article 10 (Intellectual Property);

 

 

[***] = Indicates confidential
information omitted from the exhibit.

 

    

     

    

 

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

  

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

 

(d)           to
advisors (including lawyers and accountants) or funding or investment entities (including the Government of Ontario) on a need to know
basis, in each case, to the extent permissible under applicable Law, under appropriate confidentiality provisions or professional standards
of confidentiality; or

 

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

 

11.3        Confidential
Treatment of Terms and Conditions. Subject to the exceptions set out in Section 11.2, no Party shall disclose the terms and
conditions of this Agreement except as may be required by Law or as necessary to effect terms of this Agreement.

 

11.4         Attorney-Client
Privilege. No Party is waiving, nor will be deemed to have waived or diminished, any of its attorney work product protections, attorney-client
privileges or similar protections and privileges as a result of disclosing information pursuant to this Agreement, or any of its Confidential
Information (including Confidential Information related to pending or threatened litigation) to the receiving Party, regardless of whether
the disclosing Party has asserted, or is or may be entitled to assert, such privileges and protections. The Parties:

 

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

 

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

 

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

 

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

 

11.5        Publication

 

(a)            It
is anticipated that all or part of the Licensed Technology will be published or presented by the Licensor. Licensor shall have the right
to publish and disclose the Licensed Technology in peer-reviewed journals, conferences, meetings or any other type of public forums for
educational and academic purposes as is customary for such matters.

 

[***] = Indicates confidential information omitted from the exhibit.

 

    

     

    

 

(b)            The
Parties will include appropriate individuals in the authorship of and/or acknowledgment in scientific publications relating to the Licensed
Technology , such as papers, articles, manuscripts, posters, abstracts and presentations (each a "Publication") in accordance
with the generally accepted standards for authorship and acknowledgement including the Guidelines of the International Committee of Medical
Journal Editors (ICMJE).

 

(c)            The
Party submitting the Publication will provide the other Party with a copy of any draft Publication prior to submission for publication
at least [***] business days (abstracts and presentations) and at least [***] business days in advance (all other Publications) of such
submission for review and comment. At the other Party’s request, the submitting Party shall (1) remove any unpublished Know-How
or Intellectual Property of the other Party as requested, but which removal does not destroy the scientific relevance of the Publication
or result in the rejection of the Publication by the applicable journal and (2) shall delay publication for up to an additional [***]
business days to permit the filing of a patent application by the relevant Party with respect to any Intellectual Property disclosed in
such draft Publication. The Parties also may agree of pre-approval of specified publications (particularly, abstracts and presentations)
that would not require submission of the draft Publication to other Parties. Neither Party shall publish any Confidential Information
of the other Party, without such Party’s prior written approval, which approval will not be unreasonably withheld.

 

12.           Representations,
Warranties and Covenants.

 

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

 

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

 

(b)            As
of the Effective Date, this Agreement is a legal and valid obligation binding upon such Party and enforceable in accordance with its terms;
the execution, delivery and performance of the Agreement by such Party does not conflict with any agreement, instrument or understanding,
oral or written, by which it is bound, nor to its knowledge as of the Effective Date violate any Law; and the person or persons executing
this Agreement on such Party’s behalf have been duly authorized to do so by all requisite corporate action;

 

(c)           To
each Party’s knowledge, the execution and delivery of this Agreement, the performance of its obligations hereunder, as applicable,
and the licenses and sublicenses to be granted pursuant to this Agreement (i) do not and will not conflict with or violate any requirement
of applicable Law existing as of the Effective Date, and as of the Effective Date; (ii) do not and will not conflict with or violate
the certificate of incorporation or by-laws of such Party; and (iii) do not and will not conflict with, violate, breach or constitute
a material default under any contractual obligations of such Party or any of its Affiliates existing as of the Effective Date.

 

(d)           As
of the Effective Date, none of such Party’s employees or consultants:

 

(i)              is
debarred under Section 306(a) or 306(b) of the FD&C Act or by the analogous Laws of any Regulatory Authority;

 

(ii)            has,
to such Party’s knowledge, been charged with, or convicted of, any felony or misdemeanor within the ambit of 42 U.S.C. §§
1320a-7(a), 1320a-7(b)(l)-(3), or pursuant to the analogous Laws of any Regulatory Authority, or is proposed for exclusion, or the subject
of exclusion or debarment proceedings by a Regulatory Authority; and

 

[***] = Indicates confidential information omitted from the exhibit.

 

    

     

    

 

(iii)            is
excluded, suspended or debarred from participation, or otherwise ineligible to participate, in any Canadian, U.S. or non-U.S. health care
programs (or has been convicted of a criminal offense that falls within the scope of 42 U.S.C. §1320a-7 but not yet excluded, debarred,
suspended, or otherwise declared ineligible), or excluded, suspended or debarred by a Regulatory Authority from participation, or otherwise
ineligible to participate, in any procurement or non-procurement programs.

 

12.2        Licensor
Representations, Warranties and Covenants. In addition to the representations and warranties made by the Licensor above and elsewhere
in this Agreement, the Licensor hereby represents, warrants, and covenants to POINT in regards to the extent of their obligations herein
that:

 

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

 

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

 

12.3        POINT
Representations, Warranties and Covenants.

 

(a)           POINT
shall at all times comply with all applicable Laws, including but not limited to those laws governing its business related to the manufacture,
distribution and sale of the Product and as set out in Schedule D (Compliance Schedule). POINT shall adhere to and comply with all
Applicable Laws regarding protection of personal information, including, but not limited to, Personal Information Protection and Electronic
Documents Act, S.C. 2000, c. 5 (“PIPEDA”), Ontario’s Personal Health Information Protection Act, 2004,
S.O. 2004, c. 3 (“PHIPA”), and any Applicable Laws concerning the protection of personal health information (collectively,
 “Privacy Laws”). POINT shall use or disclose any personal health information (“PHI”) received under
this Agreement except in accordance with the informed consent for the purposes of fulfilling its obligation under this Agreement or as
required by Law.

 

(b)           POINT
has the liquidity to meet and comply with its foreseeable payment obligations under this Agreement and it has sufficient resources to
perform (or have performed on its behalf) all of its obligations and activities, including all of its Development, commercialization and
diligence obligations, as applicable, under this Agreement.

 

13.            Indemnification.

 

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

 

(a)           The
Licensor’s, its Affiliates or subcontractors’ (collectively, the “Licensor Parties”) activities under the
Commercialization Plan;

 

[***] = Indicates confidential
information omitted from the exhibit.

 

    

     

    

 

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

 

(c)           The
Licensor’s material and uncured breach of any representation, warranty or covenant set out in this Agreement.

 

(d)           Licensor’s
obligation to Indemnify the POINT Indemnitees pursuant to this Section 13.1 shall not apply to the extent that any such Losses (i) arise
from the negligence or intentional misconduct of any POINT Indemnitee; (ii) arise from any material breach by POINT of this Agreement;
or (iii) arise out of POINT’s activities under the Commercialization Plan.

 

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

 

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

 

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

 

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

 

POINT’s obligation to Indemnify the Licensor
Indemnitees pursuant to the foregoing sentence shall not apply to the extent that any such Losses (i) arise from the negligence or
intentional misconduct of any Licensor Indemnitee; (ii) arise from any material breach by the Licensor of this Agreement; or (iii) arising
out of the Licensor’s activities under the Commercialization Plan.

 

13.3        Claim
for Indemnification. Whenever any Third Party Claim or Loss arises for which a POINT Indemnitee or a Licensor Indemnitee (the “Indemnified
Party”) may seek indemnification under this Article 13 (Indemnification), the Indemnified Party will promptly notify the
other Party (the “Indemnifying Party”) of the Third Party Claim or Loss and, when known, the facts constituting the
basis for the Third Party Claim or Loss; provided, however, that the failure by an Indemnified Party to give such notice or to otherwise
meet its obligations under this Section 13.3 (Claim for Indemnification) does not relieve the Indemnifying Party of its indemnification
obligations under this Agreement except and only to the extent that the Indemnifying Party is actually prejudiced as a result of such
failure. The Indemnifying Party has exclusive control of the defense and settlement of all Third Party Claims for which it is responsible
for indemnification and shall assume the defense thereof at its own expense promptly upon notice of such Third Party Claim or Loss. The
Indemnified Party shall not settle or compromise any Third Party Claim for which it is entitled to indemnification without the prior written
consent of the Indemnifying Party, unless the Indemnifying Party is in breach of its obligation to defend hereunder. In no event can the
Indemnifying Party settle any Third Party Claim without the prior written consent of the Indemnified Party if such settlement does not
include a complete release from liability on such Third Party Claim or if such settlement would involve undertaking an obligation other
than the payment of money, would bind or impair the Indemnified Party, or includes any admission of wrongdoing or that any Intellectual
Property or proprietary right of the Indemnified Party is invalid or unenforceable. The Indemnified Party shall reasonably cooperate with
the Indemnifying Party at the Indemnifying Party’s expense and shall make available to the Indemnifying Party reasonably requested
information under the control of the Indemnified Party, which information is subject to Article 11 (Confidentiality). The Indemnifying
Party shall permit the Indemnified Party to participate in (but not to control) the Third Party Claim through counsel of its choosing
(to the extent it has the ability to do so). Notwithstanding any other provision of this subsection, if an Indemnified Party withholds
consent to a bona fide settlement offer, where but for such action, the Indemnifying Party could have settled such Third Party Claim,
the Indemnifying Party shall be required to indemnify the Indemnified Party only up to a maximum of the bona fide settlement offer for
which the Indemnifying Party could have settled such Third Party Claim.

 

[***] = Indicates confidential
information omitted from the exhibit.

 

    

     

    

 

14.          Limitations
of Liability; Insurance.

 

14.1        Limitations
of Liability. IN NO EVENT WILL ANY PARTY BE LIABLE TO THE OTHER PARTIES FOR ANY INDIRECT, SPECIAL, INCIDENTAL, EXEMPLARY, MULTIPLE,
CONSEQUENTIAL, OR PUNITIVE DAMAGES OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, OR FOR ANY LOSS OR INJURY TO A PARTY’S
PROFITS OR GOODWILL, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY
OR OTHERWISE), EVEN IF SUCH PARTY WAS ADVISED OR OTHERWISE AWARE OF THE LIKELIHOOD OF SUCH DAMAGES, EXCEPT WITH RESPECT TO CONSEQUENTIAL
DAMAGES (WHICH IN NO EVENT WILL INCLUDE ANY PUNITIVE DAMAGES) AWARDED TO A PARTY THAT THE NON-BREACHING PARTY DEMONSTRATES RESULTED FROM
A BREACH OF SECTION 11.1 (CONFIDENTIALITY; EXCEPTIONS), OR SECTION 11.2 (AUTHORIZED DISCLOSURE). NOTHING IN THIS SECTION 14.1
(LIMITATIONS OF LIABILITY) IS INTENDED TO LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF EITHER PARTY UNDER ARTICLE 13
(INDEMNIFICATION) WITH RESPECT TO ANY DAMAGES PAID BY THE OTHER PARTY TO A THIRD PARTY IN CONNECTION WITH A THIRD PARTY CLAIM. NOTWITHSTANDING
THE FOREGOING, CANPROBE’S LIABILITY TO ANY PARTY UNDER THIS AGREEMENT SHALL BE CAPPED AT CANPROBE’S LEVEL OF AVAILABLE
INSURANCE. The Parties acknowledge that this Section 14.1 reflects the allocation of risk set forth in this Agreement and
that CanProbe would not enter into this Agreement on the terms hereof without these limitations on its liability.

 

14.2         Licensor
Insurance Obligations. UHN, CPDC, and CanProbe shall each procure and maintain insurance, including product liability insurance,
with respect to its activities hereunder and which are consistent with normal business practices of prudent companies similarly situated
at all times during which the Product is being clinically tested in human subjects or commercially distributed or sold. Each of UHN, CPDC
and CanProbe shall provide POINT with written evidence or written confirmation of such insurance upon request. Each of UHN, CPDC and CanProbe
shall provide POINT with written notice at least [***] days prior to the cancellation, non-renewal or material change in such insurance
or self-insurance which materially adversely affects the rights of POINT hereunder.

 

14.3        POINT
Insurance Obligations. During the Term, upon the commencement of clinical use, production, sale, or transfer, whichever occurs first,
of Product, POINT shall obtain and carry in full force and effect general liability insurance which shall protect the Licensor, in regard
to events covered by Article 13. Such insurance shall be written by a reputable insurance company, shall be endorsed to include product
liability coverage, broad form contractual liability coverage for POINT’s indemnification under this Agreement, and coverage for
litigation costs.  The limits of such insurance shall not be less than [***] per occurrence with an annual aggregate of [***] for
personal injury, death or property damage.  POINT shall provide the Licensor with certificates of insurance evidencing the same within
[***] days of the date that such insurance is required by the foregoing.  Additionally, POINT shall provide the Licensor with written
notice of at least [***] days prior to the cancellation, non-renewal or material change in such insurance.  POINT’s failure
to procure and maintain insurance in accordance with this Section 14.3 shall be grounds for Licensor to terminate this Agreement
pursuant to Section 15.2(b). The minimum amounts of insurance coverage required herein shall not be construed to create a limit of
POINT’s liability with respect to its indemnification under this Agreement.  POINT shall maintain such commercial general liability
insurance beyond the expiration or termination of this Agreement during: (i) the period that any Product Developed pursuant to this
Agreement is being commercially distributed or sold by POINT or by an Affiliate or a Sublicensee; and (ii) the five (5) year
period immediately after such period POINT represents and warrants that it has such insurance in effect as of the Effective Date and has
provided to the Licensor a copy of the certificate of insurance evidencing such insurance on or prior to the Effective Date. It is understood
that such insurance shall not be construed to create a limit of POINT’s liability with respect to its indemnification obligations
under Article 13.

 

[***] = Indicates confidential
information omitted from the exhibit.

 

    

     

    

 

15.           Term
and Termination.

 

15.1        Term.
The Agreement shall remain in full force and effect from the effective date of the Agreement until expiry or termination thereof,
as described in Termination below:

 

15.2        Termination
by any Party. This Agreement may be terminated by any Party to the other Parties under the following conditions:

 

(a)           Mutual
Agreement. The Parties may terminate this Agreement upon (90) days (or earlier if mutually agreed by the Parties) prior written notice
and mutual written agreement.

 

(b)           Breach.
In the event of any material breach by any Party of this Agreement; provided that the Party proposing to terminate this Agreement
provides notice of such breach to the allegedly breaching Party specifying the nature of the alleged breach and such breach has not been
cured by such Party within sixty (60) days after such notice thereof; provided that, in the case of payments to be made by POINT to the
Licensor such breach will be triggered upon POINT’s failure to make any payment hereunder within twenty (20) business days of POINT’s
receipt of notice.

 

15.3         Termination
by the Licensor.

 

(a)            The
Licensor may terminate this Agreement upon written notice to POINT:

 

(i)             Termination
for Failure to Develop. In respect of any particular Sub-Territory, if POINT has notified as per Section 17.9 (Notices) the Licensor
that it has ceased, during at least [***] consecutive calendar months, for any reason, all Development or commercialization activities
in such Sub-Territory as outlined in the Commercialization Plan. For clarity, in such situation the termination will apply only to the
respective Sub-Territory(ies).

 

(ii)            Termination
for Ceased Sales. In respect of any particular Sub-Territory, if POINT has Ceased Sales during at least [***] consecutive calendar
months, for any reason, in such Sub-Territory. For clarity, the termination will apply only to the respective Sub-Territory(ies).

 

(iii)            Termination
for Failure to Submit an NDS, ANDS, NDA and ANDA. If POINT has not used Commercially Reasonable Efforts to file a New Drug Submission
(NDS) and/or Abbreviated New Drug Submission (ANDS) in Canada and a New Drug Application (NDA) and/or Abbreviated New Drug Application
(ANDA) in the USA, within [***] months from the first data lock for the Study.

 

15.4         Termination
for Insolvency or Bankruptcy.

 

(a)            Insolvency
Event; Definition. The Licensor may terminate this Agreement in its entirety upon providing written notice to POINT on or after the
time that POINT makes a general assignment for the benefit of creditors, files an insolvency petition in bankruptcy or makes a voluntary
assignment in bankruptcy, petitions, applies for or acquiesces to the appointment of any receiver, receiver and manager, interim receiver,
trustee or similar officer or official to liquidate or conserve its business or any substantial part of its assets, commences under the
laws of any jurisdiction any proceeding involving its insolvency, bankruptcy, reorganization, adjustment of debt, dissolution, liquidation
or any other similar proceeding for the release of or other relief for financially distressed debtors, or becomes a party to any proceeding
or action of the type described above (each, an “Insolvency Event”).

 

[***] = Indicates confidential
information omitted from the exhibit.

 

    

     

    

 

15.5        Effect
of Termination or Expiration.

 

(a)            In
the event that this Agreement is terminated, in addition to any other remedies available at law or in equity:

 

(i)             all
licenses granted to POINT under this Agreement will terminate;

 

(ii)            At
POINT’s expense (unless such termination is by POINT due to material breach by the Licensor pursuant to Section 15.2(b), in
which case at the Licensor’s request and at its expense), POINT shall promptly:

 

(A)            return
to the Licensor all relevant data, records and materials received from the Licensor and in POINT’s possession or control containing
the Licensor’s Confidential Information (provided that POINT may keep one copy of such Confidential Information for archival purposes
only); and

 

(B)            diligently
wind down, according to good clinical practice, any clinical trials with respect to the Product that are ongoing at the time of notice
of such termination or, at the Licensor’s reasonable request and expense, POINT will use Commercially Reasonable Efforts to assure
a smooth transition to the Licensor, without interruption, of any ongoing clinical trials with respect to the Product being conducted
by or on behalf of POINT (or its Affiliate or Sublicensee) at the time of notice of termination which POINT determines to continue in
compliance with the applicable Laws and ethical guidelines applicable to the transfer or termination of such studies, provided that nothing
herein shall require POINT to undertake any new Development, manufacture or commercialization or other activities.

 

(b)           POINT’s
Obligations Upon Amendment or Termination of Agreement. The Licensor shall have the right, exercisable upon written notice
by the Licensor to POINT given within [***] days after (i) the effective date of termination of this Agreement or (ii) the effective
date of amendment in the case where Licensor has amended POINT’s rights to a Field or particular Sub-Territory pursuant to Section 2.1(c),
to elect any or all of the following with respect to such Product previously marketed in the Territory where the affected Product in each
case shall be referenced as “Terminated Product”, the affected Field shall be referenced as the “Terminated
Field” and the affected Sub-Territory shall be referenced as “Terminated Territory”):

 

(i)             POINT
shall transfer and assign to the Licensor, or its licensee, all Regulatory Materials, Regulatory Approvals, Branded Elements, related
data, trademarks, tradenames and domain names relating to, or necessary to make, use or sell the Terminated Products in the Terminated
Territory that are owned or licensed by POINT or its Affiliates or its Sublicensees. Where transfer or assignment is not permitted, POINT,
shall cooperate fully with the Licensor to enable the Licensor, or its licensee, to obtain its own regulatory filings and Regulatory Approvals.

 

(ii)            POINT
shall promptly provide to the Licensor copies of the Commercialization Data and all material data, records and materials generated by
POINT, its Affiliates or Sublicensees to the extent related to Terminated Product marketed in the Terminated Territory.

 

[***] = Indicates confidential information omitted from the exhibit.

 

    

     

    

 

(iii)            If
the Terminated Product is being sold at the time of termination or amendment, POINT will continue manufacturing or have manufactured the
Terminated Product during a transitional period and with conditions to be mutually agreed in good faith between the Parties. In addition,
in connection with any such transfer, the Licensor shall use commercially reasonable efforts to purchase from POINT (or its Affiliates
or its Sublicensees) POINT’s inventory of Terminated Product at POINT’s cost of goods (and to purchase all of POINT’s
inventory manufactured during the agreed transitional period), provided that such inventory is of marketable condition. POINT shall under
no circumstances be obligated to continue activities which implicate a safety issue.

 

(iv)           Subject
to the remaining provisions of this Section, POINT hereby grants to the Licensor, effective as of the effective date of such termination,
a non-exclusive, perpetual, irrevocable, transferable, sublicenseable and royalty free license in the Terminated Field in the Terminated
Territory or Sub-Territory, to any, POINT Technology solely to Develop and commercialize any Terminated Product that is in active clinical
development or has been commercialized by POINT or its Affiliates or Sublicensees at the time of termination or amendment.

 

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

 

15.7        Survival.
The following provisions shall survive termination or expiration of this Agreement: Article 1 (to the extent defined terms are contained
in the following surviving Articles and Sections), Articles 8, 9, 11, 12, 13, 14 and 16 and Sections 10.1, 10.3, 10.6, 15.5 -15.7.

 

16.          Dispute
Resolution.

 

(a)           Reasonable
Efforts. The Parties agree to use reasonable efforts to resolve amicably among themselves any dispute arising out of this Agreement.

 

(b)           Referral
for Resolution. If the Parties are unable to resolve the dispute under Section 16(a), the dispute shall be referred to the senior
executive of the Licensor (or designate) and POINT (or designate) for their discussion and resolution. The Parties may agree to mediation
of the dispute.

 

(c)           Arbitration.
Any dispute which cannot be settled amicably between the Parties as provided in Sections 16(a) and 16(b) shall be submitted
to arbitration, by an arbitrator to be mutually agreed upon by the Parties, in accordance with the provisions of the Arbitration Act,
1991, S.O. 1991, c.17, as amended from time to time. The arbitration will take place in the City of Toronto.

 

(d)           Language.
The language of the arbitration shall be in English.

 

(e)           Judgment.
Judgment upon the award rendered by such arbitrators shall be binding on the Parties and may be entered by any court having jurisdiction
thereof.

 

(f)            Injunctive
Relief. Any Party may apply to the arbitrators or a court of competent jurisdiction for interim injunctive relief until the arbitration
award is rendered or the controversy is otherwise resolved. Nothing in this Agreement shall prevent any Party from seeking provisional
measures, including a temporary restraining order or preliminary injunction, from any court of competent jurisdiction, and any such request
shall not be deemed incompatible with the agreement to arbitrate or a waiver of the right to arbitrate.

 

[***] = Indicates confidential information omitted from the exhibit.

 

    

     

    

 

(g)           No
Punitive Damages. The arbitrators shall be bound by the limitation of liability provisions in Section 14.1 and the arbitrators
shall have no authority to award punitive or any other type of damages not measured by a Party’s compensatory damages; except as
expressly provided otherwise under Section 14.1.

 

(h)           Award.
The arbitrator(s) shall issue a brief, reasoned award. It is the intent of the Parties that barring extraordinary circumstances the
award should be issued within six (6) months following appointment of the arbitrator(s) as provided above. The arbitrator(s) must
agree to the foregoing deadlines before accepting appointment. The Parties may agree to extend this time limit or the arbitrators may
do so in their discretion if they determine that the interest of justice so requires. The arbitrators shall use their best efforts to
issue the final award or awards within such time period. Failure to adhere to this time limit shall not be a basis for challenging the
award.

 

(i)            Confidentiality.
Except to the extent necessary to confirm an award or as may be required by law, neither Party nor any arbitrator may disclose the existence,
content, or results of an arbitration without the prior written consent of both Parties.

 

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

 

16.3         Payment
Dispute Resolution. Notwithstanding the provisions of Section 16(c), any dispute, controversy or claim relating to the calculation
of Net Sales or a payment made pursuant to this Agreement shall be submitted for resolution to a member (the “Arbitrator”)
of an accounting firm of national standing selected by both Parties (and which shall not be the auditor of either of the Parties) within
[***] days after notice of the dispute is received or deemed to be received by a Party. If the Parties cannot agree on an Arbitrator,
the provisions of Section 16(c) shall apply. The Parties shall make submissions to the Arbitrator within [***] days after the
selection of the Arbitrator and the Arbitrator will select one Party’s submission. If the Parties cannot agree on a member of the
accounting firm, the provisions of Section 16(c) shall apply. The decision of the Arbitrator in selecting on Party’s submission
shall be final and binding on both Parties.

 

16.4         UNLESS
EXPRESSLY STATED OR PERMITTED OTHERWISE IN THIS AGREEMENT, EACH PARTY HERETO WAIVES ITS RIGHT TO TRIAL UNDER ANY ISSUE BY JURY WITH RESPECT
TO ANY DISPUTE BROUGHT UNDER THIS AGREEMENT.

 

17.           Miscellaneous.

 

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

 

17.2         Assignment.
Subject to the written consent of the Licensor (which consent shall not be unreasonably withheld), POINT may assign its rights and
obligations under this Agreement to a Third Party (which for this purpose further includes an Affiliate) in connection with the merger,
consolidation, reorganization, or sale of all or substantially all of its assets or that portion of its business to which the Agreement
relates (respectively a “License Transfer”); but any such consent shall be conditional on the receipt by the Licensor
of the License Transfer Fee (as subsequently defined). In the event of a License Transfer, a “License Transfer Fee”
shall be payable to the Licensor equal to [***] percent ([***]%) of proceeds from the License Transfer. The License Transfer Fee payable
in respect of the License Transfer will be due within [***] days of the closing of the License Transfer. The Licensor may assign its
rights and obligations under this Agreement to a Third Party (which for this purpose further includes an Affiliate) with written notice
to POINT.

 

[***] = Indicates confidential information omitted from the exhibit.

 

    

     

    

 

17.3        Construction.
The Parties acknowledge and agree that: (a) each Party and its representatives have reviewed and negotiated the terms and provisions
of this Agreement and have contributed to its revision; and (b) the terms and provisions of this Agreement will be construed fairly
as to each Party hereto and not in favor of or against any Party regardless of which Party was generally responsible for the preparation
or drafting of this Agreement. Unless the context of this Agreement otherwise requires: (i) words of any gender include each other
gender; (ii) words using the singular or plural number also include the plural or singular number, respectively; (iii) the terms
 “hereof,” “herein,” “hereby,” and derivative or similar words refer to this entire Agreement; (iv) the
terms “Article,” “Section,” “Exhibit,” “Schedule,” or “clause” refer to the
specified Article, Section, Exhibit, Schedule, or clause of this Agreement; (v) “or” is disjunctive but not necessarily
exclusive; and (vi) the term “including” or “includes” means “including without limitation” or
 “includes without limitation.” Whenever this Agreement refers to a number of days, such number shall refer to calendar days
unless Business Days are specified.

 

17.4        Counterparts/Execution.
 This Agreement may be executed by original signatures or industry standard electronic signature software, and/or in any number of
counterparts, each of which is deemed an original and all of which, taken together, shall constitute one and the same document. Alternatively,
the Agreement may be executed and exchanged as a single document in electronic format (e.g. “pdf”).

 

17.5        Entire
Agreement. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective successors
and assigns permitted under this Agreement. This Agreement, including the attached Schedules constitutes the entire agreement between
the Parties as to the subject matter of this Agreement, and supersedes and merges all prior discussions, representations, agreements and
understandings regarding the same.

 

17.6         Force
Majeure. No Party shall be liable for a delay or failure in the performance of any of its obligations hereunder (other than the payment
of money) if such delay or failure is due to causes beyond its reasonable control, including acts of God (including, without limitation,
any pandemic, epidemic or disease outbreak), fires, floods, earthquakes, labor strikes, acts of war, terrorism or civil unrest (“Force
Majeure”); provided, however, that the affected Party notifies the other Parties in writing within [***] days of the Force Majeure
event (and continues to provide monthly status updates to the other Parties for the duration of the effect); further provided that the
affected Party will use its reasonable efforts to avoid or remove such causes of non-performance and to mitigate the effect of such occurrence,
and will continue performance with reasonable dispatch whenever such causes are removed.

 

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

 

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

 

17.9        Notices.
Any notice required or permitted to be given by this Agreement will be in writing, in English, and will be delivered by hand or overnight
courier with tracking capabilities addressed as set forth below unless changed by notice so given:

 

If to the Licensor:

 

Angela Lauretani, CA, CPA

Senior Director, Finance & Administration

CanProbe

C/O Centre for Probe Development
and Commercialization (CPDC)

1280 Main St. W, NRB A308,

Hamilton, ON

L8S 4K1

 

[***] = Indicates confidential
information omitted from the exhibit.

 

    

     

    

 

(with a copy to UHN)

 

Director, Technology Development & Commercialization

University Health Network

101 College Street – Suite 150

Heritage Building – MaRS Centre

Toronto, Ontario M5G 1L7 Canada

T: [***]

F: [***]

E: [***]

 

(with a copy to
CPDC)        Angela Lauretani, CA, CPA
 Senior Director, Finance & Administration

 

Centre for Probe Development and Commercialization
(CPDC)

1280 Main St. W., NRB A308,

Hamilton, ON

L8S 4K1

B: [***]

 

C: [***]

E: [***]

www.imagingprobes.ca

 

If to POINT:                           Bill Demers

Chief Financial Officer

POINT Biopharma Inc.

22 St. Clair Avenue East,#1201

Toronto, Ontario, Canada

M4T 2S3

 

Any such notice will be deemed
given on the date delivered. A Party may add, delete (so long as at least one person is remaining), or change the person or address to
which notices should be sent at any time upon written notice delivered to the other Parties in accordance with this Section 17.9
(Notices).

 

17.10      Relationship
of the Parties. Each Party is an independent contractor under this Agreement. Nothing contained herein is intended or is to be construed
so as to constitute POINT and the Licensor as partners, agents or joint venturers. No Party has any express or implied right or authority
to assume or create any obligations on behalf of or in the name of the other Parties or to bind the other Parties to any contract, agreement
or undertaking with any Third Party.

 

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

 

[***] = Indicates confidential
information omitted from the exhibit.

 

    

     

    

 

17.12       Third
Party Beneficiaries. Except as expressly provided with respect to the Licensor Indemnitees or POINT Indemnitees in Article 13
(Indemnification) (for whom the Licensor and POINT, respectively, hold such rights in trust), there are no third party beneficiaries intended
hereunder and no Third Party will have any right or obligation hereunder.

 

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

 

17.14      Governing
Law. This Agreement and any dispute hereunder will be governed by the laws of the Province of Ontario and the federal laws of Canada
applicable therein. Subject to the provisions of Article 16, the Parties assent to the non-exclusive jurisdiction of the courts of
the Province of Ontario.

 

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[***] = Indicates confidential information omitted from the exhibit.

 

    

     

    

 

TO WITNESS their agreement, the Parties
have duly executed this Agreement.

 

	POINT BIOPHARMA INC	 	CANADIAN MOLECULAR PROBE CONSORTIUM

 

	Per:	/s/ Joe McCann	 	Per:	/s/ Luke Brzozowski, Ph.D.
	 	Name: Joe McCann  	 	 	Name:Luke Brzozowski, Ph.D.
	 	Title: CEO  	 	 	Title:President,

 

	CENTRE FOR PROBE DEVELOPMENT AND COMMERCIALIZATION	 	UNIVERSITY HEALTH NETWORK

 

	Per:	 /s/ Bruno Paquin, Ph.D.	 	Per:	 /s/ Bradly G. Wouters, Ph.D.
	 	Name: Bruno Paquin, Ph.D.  	 	 	Name:Bradly G. Wouters, Ph.D.
	 	Title: Interim CEO  	 	 	Title:EVP - Science & Research

 

[***] = Indicates confidential
information omitted from the exhibit.

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