Document:

Exhibit 10.6

 

CONFIDENTIAL

 

AMENDED AND RESTATED

EXCLUSIVE LICENSE AGREEMENT

 

This Amended
and Restated Exclusive License Agreement (“Agreement”) is entered into as of October 26, 2020, between EMulate
Therapeutics, Inc., a company incorporated under the laws of the State of Washington, U.S. (“EMulate”),
and having a principal place of business at 425 Pontius Avenue North, Suite 200, Seattle, WA 98109, U.S., and Hapbee
Technologies, Inc., a company existing under the laws of the province of British Columbia, Canada, and having a principal place
of business at 700 West Georgia Street, 25th Floor, Vancouver, BC V7Y 1B3, Canada (“Hapbee”), to further
amend and to restate in its entirety the Exclusive License Agreement dated as of October 30, 2019 (the “Effective Date”),
between EMulate and Hapbee. EMulate and Hapbee are sometimes each referred to herein as a “Party” and sometimes referred
to herein together as the “Parties.”

 

RECITALS

 

Whereas,
EMulate has developed an innovative technology that uses ultra-low radio frequency energy (ulRFE®) to produce some
or all of the biological activity of a broad range of molecules, and owns or controls certain patents, know-how, and other intellectual
property relating to its proprietary ulRFE technology; and

 

Whereas,
Hapbee desires to obtain from EMulate certain exclusive rights and licenses to develop, use, import, and commercialize a product using
the EMulate Technology (as defined herein), which product will be designed to emulate the biological activity associated with those molecules
identified to the Cognates (as defined herein), and EMulate is willing to grant to Hapbee such rights and licenses, all on the terms and
conditions set forth in this Agreement.

 

Now,
Therefore, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, EMulate and Hapbee hereby agree as follows:

 

Article
1

DEFINITIONS

 

As used in this Agreement, the
following terms have the meanings set out in this Article 1 unless the context clearly and unambiguously requires otherwise.

 

1.1 “Applicable
Laws” means the applicable provisions of any and all national, supranational, regional, state, and local laws, treaties, statutes,
rules, regulations, administrative codes, guidance, ordinances, judgments, decrees, directives, injunctions, orders, permits of or from
any court, arbitrator, or governmental agency or authority having jurisdiction over or related to the subject item.

 

1.2 
“Auditor” has the meaning set forth in Section 8.5.

 

1.3 “Authorized
Product” means any product (a) that is composed of components authorized for use by EMulate, (b) that transmits the magnetic
field encoded by one or more Cognates in a manner approved by EMulate, and (c) the use, sale, lease, rental, importation or manufacture
of which would, but for the license granted to Hapbee hereunder, either infringe a Valid Claim of the EMulate Patents or use EMulate Know-How
in the Territory.

 

    	 

     

    

 

1.4 “Bankruptcy
Laws” has the meaning set forth in Section 13.2(d).

 

1.5 “Business
Day” means a day that is not a Saturday, Sunday, or a day on which banking institutions in Vancouver, Canada, or Seattle,
Washington, are required by law to remain closed.

 

1.6 “Calendar
Quarter” means a period of three consecutive months during a Calendar Year beginning on and including January 1st,
April 1st, July 1st or October 1st; provided, however that (a) the first Calendar Quarter of the Term
will extend from the Effective Date to the last day of the Calendar Quarter in which the Effective Date falls; and (b) the last Calendar
Quarter of the Term will end upon the expiration or termination of this Agreement.

 

1.7 “Calendar
Year” means a period of twelve consecutive months beginning on and including January 1st and ending on December 31st;
provided however, that (a) the first Calendar Year of the Term will extend from the Effective Date to the last day of the Calendar Year
in which the Effective Date falls; and (b) the last Calendar Year of the Term will end upon the expiration or termination of this Agreement.

 

1.8 “Claim”
has the meaning set forth in Section 12.1.

 

1.9 “Cognates”
means digitized data that emulates the electromagnetic or magnetic field signal or ultra-low radio frequency energy (“ulRFE”)
of chemicals, biochemical or biochemical agents or molecules, as designated pursuant to Section 2.8.

 

1.10 “Cognate
Inventions” has the meaning set forth in Section 9.1(b).

 

1.11 “Commercial
Supply Agreement” has the meaning set forth in Section 6.1.

 

1.12 “Commercialization”
means any and all activities undertaken relating specifically to the pre-launch, launch, promotion, marketing, use, sale, lease, rental,
and distribution (including importing, exporting, transporting, customs clearance, warehousing, invoicing, handling, and delivering the
Authorized Product to customers) of the Authorized Product in the Territory, including: (a) strategic marketing, sale, lease, rentals
force detailing, advertising, education and liaison, and market and product support within the Field and (b) all customer support, invoicing,
and sale, lease, rental and subscription activities within the Field. “Commercialize” means to engage in Commercialization
activities.

 

1.13 “Confidential
Information” means all information of a confidential or proprietary nature disclosed by a Party to the other Party under this
Agreement, including, without limitation, any such information related to any scientific, engineering, manufacturing, marketing, financial,
or personnel matters relating to a Party, or related to a Party’s present or future products, sale, lease, rentals, suppliers, customers,
employees, investors, business plans, Know-How, data, research projects, work in progress, future developments or business, in all such
cases whether disclosed in oral, written, graphic, or electronic form, and whether or not specifically marked as confidential or proprietary,
where under the circumstances in which such disclosure was made or given the nature of information disclosed, a reasonable person would
consider such information confidential; provided, however, that in any event, “Confidential Information” excludes any information
that (a) is known by the recipient at the time of disclosure, and not through a prior disclosure by or on behalf of the disclosing Party,
as documented by written records; (b) is or becomes properly in the public domain through no fault of the receiving Party; (c) is subsequently
rightfully disclosed to the receiving Party by a Third Party who is not directly or indirectly under an obligation of confidentiality
to the disclosing Party, as documented by written records in existence prior to the disclosure of such information to the receiving Party;
or (d) is developed by the receiving Party independently of, and without reference to or use of, the information received from the disclosing
Party. Without limiting the foregoing, Confidential Information will include the terms and conditions of this Agreement.

 

    	2 

     

    

 

1.14 “Control”
means with respect to any Know-How, Patent, or other intellectual property right, possession of the right, whether directly or indirectly,
and whether by ownership, license, or otherwise, to grant a license, sublicense, or other right to or under such Know-How, Patent, or
other intellectual property right as provided for herein without violating the terms of any agreement or other arrangements with any Third
Party at the time when such license, sublicense, or other right is granted hereunder. “Controlled” has a correlative
meaning.

 

1.15 “Disclosing
Party” has the meaning set forth in Section 10.1.

 

1.16 “Distributor”
means any Third Party to whom Hapbee or a Sublicensee of Hapbee has granted the right to market, promote, advertise, retail, sell, lease,
rent, and distribute the Authorized Product in the Field in the Territory.

 

1.17 “EMulate
Commercial Supply Agreement” has the meaning set forth in Section 2.3.

 

1.18 
“EMulate Indemnitees” has the meaning set forth in Section 12.1.

 

1.19 “EMulate
Know-How” means all Know-How that is necessary or reasonably useful for the use or Commercialization of the Authorized Product
in the Field in the Territory, which Know-How is Controlled by EMulate with respect to the Authorized Product as of the Effective Date
or during the Term. For the avoidance of doubt, EMulate Know-How will not include any Joint Know-How.

 

1.20 “EMulate
Material Breach” may include, but will not be limited to, one or more of the following events (together with any breach of this
Agreement determined to be material by a judicial tribunal of competent jurisdiction):

 

(a) Failure by EMulate to
perform its obligations under Section 2.8;

 

(b) Failure
by EMulate to supply the Cognates for the Authorized Product exclusively to Hapbee or its Sublicensees and Distributors for use in the
Field in the Territory, as required by Section 6.1; and

 

(c) Failure
by EMulate to perform its indemnification and other obligations pursuant to Article 12.

 

    	3 

     

    

 

1.21 “EMulate
Patents” means all Patents that are necessary or reasonably useful for the use or Commercialization of the Authorized Product
in the Field in the Territory, which Patents are Controlled by EMulate as of the Effective Date or during the Term. For the avoidance
of doubt, EMulate Patents will not include any Joint Patents.

 

1.22 “EMulate
Technology” means the EMulate Know-How, EMulate Patents and EMulate’s interests in the Joint Patents and Joint Know-How.

 

1.23 “EMulate
Trademarks” means EMulate’s Trademarks related to the Authorized Product, including ulRFE®.

 

1.24 
“Field” means the recreational and/or non-medical use (i.e., use that is not regulated by any governmental body under
Applicable Laws) in humans of the Authorized Product.

 

1.25 “First
Commercial Sale” means, with respect to the Territory, the first commercial lease, rental, subscription or sale, under this
Agreement by Hapbee, its Sublicensees or Distributors of any Authorized Product to an end user for use or resale, lease, rental in the
Field in the Territory.

 

1.26 
“Hapbee Housemark” means any trademark or trade name, and registrations and applications therefor, Controlled by Hapbee
in the Territory and covering Hapbee’s corporate name or company logo or product brand name.

 

1.27 “Hapbee
Indemnitees” has the meaning set forth in Section 12.2.

 

1.28 “Hapbee
Know-How” means all Know-How that is Controlled by Hapbee as of the Effective Date or during the Term, and that is generated
by or on behalf of Hapbee or any of its Sublicensees or Distributors in connection with the use or Commercialization of the Authorized
Product hereunder. For the avoidance of doubt, Hapbee Know-How will not include any Joint Know-How.

 

1.29 “Hapbee
Manufacturing Cost” means the fully burdened manufacturing cost of Authorized Product expressed on a per unit basis, as supported
by Hapbee’s reasonably detailed invoices therefor, which will be the sum of: (i) the Direct Manufacturing Costs and (ii) the Indirect
Manufacturing Costs. For the purposes of this definition:

 

(a) “Direct
Manufacturing Costs” means the direct costs incurred in connection with the manufacture of the Authorized Product, including
(i) those material expenses captured in invoices and the like that are specifically attributable to the manufacture of the Authorized
Product, including costs of raw materials, manufacturing supplies, packaging, labels, and other materials used in production, (ii) labor
expenses captured in time sheets and the like, including salaries and fringe benefits (but not overhead) for personnel directly involved
in manufacturing the Authorized Product or any component thereof or purchasing or managing the materials used in the manufacture thereof
or maintaining equipment necessary to support the manufacture thereof, (iii) expenses arising out of quality assurance requirements (e.g.,
good manufacturing practices) such as production, quality control, quality assurance, and other similar departments that are reasonably
necessary and participate directly in the production of the Authorized Product or any component thereof, and (iv) equipment and facility
depreciation and other allocations of fixed assets in use to support the manufacture of the Authorized Product or any component thereof,
but in any event excluding any administrative overhead (e.g., costs associated with human resources, business development, and executive
management). Direct expenses also include reasonable out-of-pocket payments to Third Parties (without mark-up) for services related to
the manufacture of the Authorized Product or any component thereof.

 

    	4 

     

    

 

(b) “Indirect
Manufacturing Costs” means the reasonable and allocated internal costs and out-of-pocket costs, incurred or accrued by Hapbee
in connection with the manufacture of the Authorized Product or any component thereof, including costs arising from or associated with
(i) freight, carrier insurance, and other transportation charges directly related to the delivery or distribution of the Authorized Product,
(ii) storage and warehousing, (iii) taxes, duties, or other governmental charges (including any tax such as a value added or similar tax,
other than any taxes based on income), but excluding indirect and overhead costs (e.g., costs associated with human resources, business
development, and executive management).

 

1.30 “Hapbee
Material Breach” may include, but will not be limited to, one or more of the following events (together with any breach of this
Agreement determined to be material by a judicial tribunal of competent jurisdiction):

 

(a) Hapbee’s
failure to manufacture and supply to EMulate or Third Parties products, other than the Authorized Product, designated by EMulate for use
outside the Field pursuant to Section 2.3;

 

(b)Hapbee’s
sublicensing or attempting to sublicense the rights granted to it under Section 2.1 contrary to the provisions of Section 2.4(a);

 

(c) Failure
by Hapbee to provide all marketing and promotional literature to EMulate for review and authorization pursuant to Section 5.4;

 

(d) Failure
by Hapbee to timely calculate, report and make royalty payments and late payment interest to EMulate as required by Article 7 and Article
8;

 

(e) Failure
by Hapbee to perform its obligations related to the Commercialization of Authorized Product under Section 11.2; and

 

(f) Failure
by Hapbee to perform its indemnification and other obligations pursuant to Article 12.

 

1.31 “Hapbee
Patents” means all Patents that claim Inventions that relate to the Authorized Product and that are conceived, made, or generated
by or on behalf of Hapbee during the Term pursuant to this Agreement. For the avoidance of doubt, Hapbee Patents will not include any
Joint Patents.

 

    	5 

     

    

 

1.32 “Hapbee
Technology” means all Hapbee Know-How, Hapbee Patents, and Hapbee’s interests in the Joint Patents and Joint Know-How.
For the avoidance of doubt, (a) all and any of Hapbee’s know-how and Hapbee’s patents which are unrelated to Authorized Products
and (b) all and any know-how or patents of Hapbee that are developed, identified or conceived without the use of EMulate Confidential
Information or outside of the use of the Authorized Product (i.e., independently developed) are excluded from Hapbee Technology.

 

1.33 “Inventions”
means any and all inventions, discoveries, and developments, whether or not patentable, discovered, made, conceived, or reduced to practice
in the course of activities contemplated by this Agreement.

 

1.34 “Joint
Inventions” means any and all Inventions discovered, conceived or reduced to practice jointly by or on behalf Hapbee, on the
one hand, and by or on behalf of EMulate, on the other hand.

 

1.35 “Joint
Know-How” means all Know-How included in Joint Inventions, other than any Joint Patent.

 

1.36 “Joint
Patents” means all Patents claiming any Joint Invention.

 

1.37 “JSC”
has the meaning set forth in Section 3.1(a).

 

1.38 “Know-How”
means all tangible and intangible scientific, technical, trade, marketing, commercial, financial, or business knowledge and information,
formulations, devices, techniques, processes, methods, trade secrets, formulae, procedures, tests, data, results, analyses, documentation,
reports, know-how, skill, and experience related to the marketing, sale and Commercialization of the Authorized Product in the Field.

 

1.39 “Knowledge”
of a Party means the actual or constructive knowledge of the Senior Executives of such Party, including the chief executive officer, and
any vice president, the general counsel, or the chief medical officer of a Party, or any personnel holding positions equivalent to such
job titles (but only to the extent such positions exist at such Party).

 

1.40 “Losses”
has the meaning set forth in Section 12.1.

 

1.41 “Net
Income” means the gross amounts invoiced by or on behalf of Hapbee or otherwise chargeable to Hapbee’s customers, Sublicensees
and Distributors for use (e.g., subscriptions for), sales, leases and/or rentals of Authorized Product or any Cognate to Third Parties,
reduced only by, with respect to the relevant Authorized Product, the actual cost of manufacturing, shipping, handling and merchant credit
card processing for such Authorized Product, it being understood that gross amounts invoiced for subscriptions for the use of the Authorized
Product or any Cognate will be net of app store processing fees. For clarity, Net Income will not be reduced by marketing and promotional
expenditures, charges by online platforms or distribution platforms or channels on which the Authorized Products or any Cognates are sold,
or any incentives, rebates, spiffs or commissions provided by Hapbee to online platforms or Distributors to promote any Authorized Product
or any Cognate, or the use, sale, lease, and/or rental thereof. For purposes of calculating Net Income, any amount originally invoiced
for any Authorized Product that is returned during any specific period during the Term may be deducted by Hapbee from the gross amounts
invoiced by Hapbee for Authorized Product during the same period. All charges solely for clothing, jewelry, necklaces, pillows, hats and
other apparel that are not Authorized Products will not be included in “Net Income.”

 

    	6 

     

    

 

By way of example and for purposes
of clarification only, (i) if Hapbee sells an Authorized Product to a Distributor for resale to Third Parties for $200 and the Distributor
resells the Authorized Product to a Customer for $300, Hapbee’s “Net Income” on such Authorized Product will be $200
minus (if applicable to such resale to the Distributor) costs of manufacturing, shipping, handling and merchant credit card processing
for the Authorized Product; and (ii) if Hapbee itself sells an Authorized Product on an online platform to a Third Party for $300 and
that platform charges Hapbee $60 for the use of its platform, Hapbee’s “Net Income” will be $300 minus costs of manufacturing,
shipping, handling and merchant credit card processing for the Authorized Product.

 

By way of further example and for
purposes of clarification only, if Hapbee decides that its wholesale or retail prices being charged for any particular Authorized Product
are either too high or too low to achieve optimal revenue, Hapbee may elect to adjust the wholesale or retail price it is charging for
an Authorized Product and the Net Income attributable to such Authorized Product will be adjusted proportionately. Such adjustments may
be made in circumstances such as the following: Group sales discounts such as “Buy Four, Get One 50% Off” offers; special
holiday pricing involving reduced prices for a limited time; friends and family discounts; investor discounts; and offers of free subscriptions
for a limited time. Examples of price adjustments that would not affect the Net Income attributable to an Authorized Product would be
rebates offered to customers who, after paying the full advertised purchase price, would receive cash back following the submission of
a rebate card to Hapbee.

 

1.42 “Patent(s)”
means (a) all patents, certificates of invention, applications for certificates of invention, priority patent filings, and patent applications,
and (b) any renewal, division, continuation (in whole or in part), or request for continued examination of any of such patents, certificates
of invention and patent applications, and any and all patents or certificates of invention issuing thereon, and any and all reissues,
reexaminations, extensions, divisions, renewals, substitutions, confirmations, registrations, revalidations, revisions, and additions
of or to any of the foregoing.

 

1.43 “Person”
means any individual, corporation, partnership, limited liability company, trust, governmental entity, or other legal entity of
any nature whatsoever.

 

1.44 “Receiving
Party” has the meaning set forth in Section 10.1.

 

1.45 “Senior
Executives” has the meaning set forth in Article 14.

 

1.46 “Sublicensee”
means a Third Party , other than a Distributor, to whom Hapbee has granted a sublicense under the EMulate Technology as permitted under
Section 2.4.

 

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

 

    	7 

     

    

 

1.48 “Territory”
means worldwide; provided, that “worldwide” excludes any national/federal, provincial/regional/state, or local jurisdiction
that, with respect to the Cognate in question, does not or ceases to permit the use of such Cognate as contemplated in this Agreement
or otherwise, directly or indirectly, limits the full and free exercise of all of the rights with respect to such Cognate granted to ETI
under this Agreement.

 

1.49 “Third
Party” means any Person other than EMulate and Hapbee. “Third-Party” is used in this Agreement as the adjectival
form of Third Party.

 

1.50 “Trademarks”
means trademarks, trade names, trade dresses, domain names, logos, and brandings of a Party.

 

1.51 “Transfer
Price” means the Hapbee Manufacturing Cost of a unit of Licensed Product plus fifteen percent (15%).

 

1.52 “Upfront
Amount” has the meaning set forth in Section 7.1.

 

1.53 “U.S.”
means the United States of America, including its territories and possessions and the District of Columbia.

 

1.54 “Valid
Claim” means (a) a claim of an issued and unexpired patent that has not been revoked or held unenforceable, unpatentable, or
invalid by a decision of a court or other governmental agency of competent jurisdiction that is not appealable or has not been appealed
within the time allowed for appeal, and that has not been abandoned, disclaimed, denied, or admitted to be invalid or unenforceable through
reissue, re-examination, or disclaimer or otherwise, or (b) a claim of a pending patent application that has not been cancelled, withdrawn,
or abandoned or finally rejected by an administrative agency action from which no appeal can be taken and that has not been pending for
more than ten (10) years.

 

1.55 “Withholding
Tax Action” has the meaning set forth in Section 8.3(c).

 

Article
2

GRANT OF LICENSE

 

2.1 License
Grants and Hapbee Product Purchases.

 

(a) Licensed
Technology. Subject to the terms and conditions of this Agreement, EMulate hereby grants to Hapbee an exclusive, royalty-bearing license
under the EMulate Technology to use, sell, offer for sale, lease, rent, import, and otherwise Commercialize the Authorized Product in
the Field in the Territory during the Term. In addition, subject to the terms and conditions of this Agreement, EMulate hereby grants
to Hapbee an exclusive, royalty-bearing license under the EMulate Technology to ship, label and package Authorized Product for use in
the Field in the Territory.

 

(b) Trademarks.
Subject to the terms and conditions of this Agreement, EMulate hereby grants to Hapbee a non-exclusive, royalty-free license under
the EMulate Trademarks solely to Commercialize, use, sell, offer for sale, lease, rental, and import Authorized Product in the Field in
the Territory during the Term. For clarity, if a EMulate Trademark is not used exclusively with the Authorized Product in the Territory
at the time of First Commercial Sale of the Authorized Product, then EMulate has the right to use such EMulate Trademark with any other
product in the Territory.

 

    	8 

     

    

 

2.2 License
Grants to EMulate. Subject to the terms and conditions of this Agreement, Hapbee hereby grants to EMulate a royalty-free, fully-paid,
perpetual, irrevocable, non-exclusive license, with the right to grant sublicenses (in accordance with Section 2.3) through multiple tiers,
in, to and under the Hapbee Technology to research, develop, make, have made, commercialize, use, sell, offer for sale, lease, rent, and
import any product other than Authorized Product.

 

2.3 Purchase
of Product from Hapbee. During the Term, Hapbee will manufacture and supply EMulate such product, other than the Authorized Product,
to EMulate or Third Parties designated by EMulate for use outside the Field anywhere in the world, in such quantities as EMulate will
order and Hapbee will accept pursuant to and in accordance with a separate commercial supply agreement to be entered into between Hapbee
and EMulate (the “EMulate Commercial Supply Agreement”) at the Transfer Price for such product, which Transfer Price
will be specified in the EMulate Commercial Supply Agreement. The Parties will negotiate in good faith to enter into the EMulate Commercial
Supply Agreement on commercially reasonable terms (other than the Transfer Price).

 

2.4 Sublicensees;
Distributors. Subject to the terms and conditions of this Agreement, Hapbee will have the right to sublicense the rights granted to
it under Section 2.1 to:

 

(a) Third
Parties with EMulate’s prior consent, such consent not to be unreasonably withheld, conditioned, or delayed; provided, that (i)
such sublicensee agrees with EMulate in writing to comply with the term and conditions of this Agreement that are applicable to such Sublicensee’s
activities under such sublicense; and (ii) Hapbee remains fully liable for the performance of such sublicensee in accordance with this
Agreement.

 

(b) Distributors
without EMulate’s consent, provided that Hapbee will remain responsible for the performance of its Distributors hereunder, including
without limitation the compliance with Applicable Laws by such Distributors in connection with the distribution of the Authorized Product
hereunder. In the event of termination of this Agreement pursuant to Section 13.2(b) for breach by Hapbee, EMulate will reasonably consider
and discuss with each such Distributor potential continuation of the Distributor agreement directly with EMulate if such Distributor is
not then in breach of its Hapbee Distributor agreement, a complete copy of which Hapbee will provide to EMulate upon request.

 

2.5 No
Implied License. Neither Party grants to the other Party any rights or licenses in or to any intellectual property, whether by implication,
estoppel, or otherwise, other than the licenses and rights that are expressly granted under this Agreement.

 

    	9 

     

    

 

2.6 Retained
Rights. EMulate hereby expressly retains:

 

(a) the
right under the EMulate Technology to exercise its rights and perform its obligations under this Agreement, whether directly or through
one or more licensees (other than Hapbee) or subcontractors; and

 

(b) all
rights to practice and to grant licenses under the EMulate Technology outside of the scope of the license granted in Section 2.1(a), including
without limitation the exclusive right to make and have made cognates other than the Cognates anywhere in the world, and the exclusive
right to practice the EMulate Technology with respect to products other than the Authorized Product.

 

2.7 Exclusivity
Obligations. During the Term, unless otherwise agreed in writing by the Parties, Hapbee agrees that it will not acquire, develop,
manufacture, sell, lease, rent, import, distribute, or otherwise Commercialize in the Territory any product for use in the Field other
than the Authorized Product, either by itself or through any Third Party. In furtherance of the license and exclusivity grant to Hapbee
herein, EMulate covenants that during the Term it will not grant rights to any Third Party to use Cognates in the Field in the Territory
or acquire, develop, manufacture, sell, lease, rent, import, distribute, or otherwise Commercialize the Authorized Product in the Territory
in the Field.

 

2.8 Designation
of Cognates. EMulate has, pursuant to one or more agreements between the Parties (each, an “Evaluation Agreement”),
provided Hapbee the opportunity to evaluate (or to have evaluated) for safety three (3) cognates that emulate the electromagnetic or magnetic
field signal or ulRFE of caffeine, THC and CBD, respectively. Based on the results of the evaluations performed, Hapbee hereby designates
to EMulate such three (3) cognates, i.e., those that emulate the electronmagnetic or magnetic field signal or ulRFE of alcohol
(Scotch whisky), melatonin and nicotine, which will, subject to the other provisions of this Section 2.8, hereafter be deemed to be “Cognates”
for purposes of this Agreement.

 

EMulate will make commercially reasonable
efforts to develop, as part of its clinical and commercialization plan, cognates that could, in a substantially similar way to the CBD
Cognate, emulate the biological activity associated with the molecule identified to the CBD Cognate. With respect to the CBD Cognate only,
(i) if at any time during the Term EMulate has accumulated sufficient data to show that use of the CBD Cognate in human patients would
have clinical utility (the sufficiency and quality of which data will be in EMulate’s sole determination), and (ii) if EMulate’s
commercially reasonable efforts have not resulted in EMulate determining (which determination will be in EMulate’s sole reasonable
discretion) that it has developed cognates that would, in a substantially similar way to theCBD Cognate, emulate the biological activity
associated with the molecule identified to the CBD Cognate, then from and after the thirtieth (30th) day following Hapbee’s
receipt of EMulate’s written notice of the same (the “CBD Notice Date”), all of Hapbee’s rights under this
Agreement to Commercialize Authorized Product that transmits the magnetic field encoded by the CBD Cognate will immediately terminate;
provided, that

 

(a) EMulate
will pay to Hapbee, on a Calendar Quarter basis, amounts that, based on historical performance and reasonable projections, are equivalent
to the Net Income Hapbee would have otherwise received had Hapbee’s rights under this Agreement to Commercialize Authorized Product
that transmits the magnetic field encoded by the CBD Cognate not terminated; and

 

(b) EMulate’s
obligation to make payments pursuant to this Section 2.8 will commence upon the CBD Notice Date and will continue throughout the remainder
of the Term.

 

    	10 

     

    

 

Article
3

GOVERNANCE

 

3.1 Joint
Steering Committee.

 

(a) Establishment.
Within thirty (30) days following the Effective Date, EMulate and Hapbee will establish a committee (the “JSC”) to
oversee, review, and coordinate the supply and Commercialization of the Authorized Product in the Field in the Territory.

 

(b)Duties. The JSC
will:

 

(i) provide
a forum for the Parties to discuss material marketing, sales, lease, rental, subscription and manufacturing matters pertaining to the
Authorized Product in the Territory;

 

(ii) provide
a forum for the Parties to exchange information and coordinate their respective activities with respect to marketing, sales, lease, rental,
subscription and manufacturing matters pertaining to the Authorized Product in the Field in the Territory and outside the Field or Territory;

 

(iii) review
Hapbee’s Commercialization plans and discuss Hapbee’s proposed activities with respect to realizing Commercialization plans
for the Authorized Product; and

 

(iv) perform
such other duties as are specifically assigned by the Parties to the JSC pursuant to this Agreement.

 

3.2 Membership.
Promptly after the Effective Date, each Party will designate up to three (3) representatives with appropriate expertise to serve as members
of the JSC. The Parties may elect to vary the participating member and number of representatives that serve on the JSC, provided that
in all cases the JSC maintains an equal number of representatives from each Party. Each Party may replace its representatives on the JSC
at any time upon written notice to the other Party.

 

3.3 Chairperson;
Minutes. One member of the JSC will serve as the chairperson, who will be responsible for organizing meetings, preparing and circulating
an agenda in advance of each meeting, and preparing minutes of each meeting. Each JSC representative will review and approve such minutes
in writing; provided that if a representative does not object to the accuracy of such minutes within fifteen (15) days after the circulation
of such minutes, such minutes will be deemed approved by such representative. Hapbee will appoint the chairperson for an initial one (1)
year term and thereafter the Parties will alternate in appointing the chairperson for twelve (12) month terms.

 

    	11 

     

    

 

3.4 Meetings.
The JSC will hold meetings on a Calendar Quarter basis or on such other schedule to which the Parties may mutually agree. Meetings of
the JSC will be effective only if at least one (1) representative of each Party is present or participating. The JSC may meet either (i)
in person at either Party’s facilities or at such locations as the Parties may otherwise agree; or (ii) by audio or video teleconference.
With the prior consent of the other Party’s representatives (such consent not to be unreasonably withheld or delayed), each Party
may invite non-members to participate in the discussions and meetings of the JSC, provided that such participants will have no vote and
will be subject to the confidentiality provisions set forth in Article 10. Additional JSC meetings may be held with each Party’s
consent, or as required under this Agreement, and neither Party will unreasonably withhold or delay its consent to hold such an additional
meeting.

 

3.5 Decision-Making.

 

(a) The
JSC will make good faith efforts to make all decisions on matters that are within the scope of its decision-making authority by consensus.
Subject to the terms of this Section 3.5, actions to be taken by the JSC will be taken only following a unanimous vote with each Party’s
representatives collectively having one (1) vote. If the JSC fails to reach unanimous consent on a particular matter that is within the
scope of its decision-making authority within thirty (30) days of a Party having requested a formal vote on such matter (or, if such matter
is urgent, within ten (10) days of such request), then either Party may submit such matter for resolution to the Senior Executives pursuant
to Article 14.

 

(b) The
scope of the JSC’s decision making authority is limited to coordination of operational and planning matters that relate to the performance
by the Parties of this Agreement. For the avoidance of doubt, any dispute regarding the interpretation of this Agreement, the performance
or alleged nonperformance of a Party’s obligations under this Agreement, or any alleged breach of this Agreement (including but
not limited to the alleged occurrence of a Hapbee Material Breach of an EMulate Material Breach)will be resolved in accordance with the
terms of Article 14 and are outside the scope of the JSC’s decision-making authority.

 

3.6 Expenses.
Each Party will be responsible for all of its own travel and other costs and expenses for its respective members, designees, and non-member
invitees to attend meetings of, and otherwise participate on, the JSC and any subcommittees or working groups.

 

3.7 Subcommittees.
From time to time, the JSC may establish subcommittees to oversee particular projects or activities within the JSC’s scope of authority,
as it deems necessary or advisable. Each subcommittee will consist of such number of representatives of each Party as the JSC determines
is appropriate from time to time, and will meet with such frequency as the JSC determines.

 

3.8 Discontinuation
of Participation. The JSC will continue to exist until the first to occur of: (a) the Parties mutually agreeing to disband the committee;
or (b) EMulate providing to Hapbee written notice of its intention to disband and no longer participate in such committee. Upon EMulate’s
delivery to Hapbee of such written notice, the JSC will have no further obligations under this Agreement and any matters that would previously
have been addressed by the JSC will be handled by the Parties in accordance with the terms of this Agreement.

 

    	12 

     

    

 

3.9 Alliance
Managers. Promptly after the Effective Date, each Party will appoint an individual who will be an employee of such Party having appropriate
qualification and experience to act as the alliance manager for such Party (the “Alliance Manager”). Each Alliance
Manager will be responsible for coordinating and managing processes and interfacing between the Parties on a day-to-day basis throughout
the Term. The Alliance Manager will ensure communication to the JSC of all relevant matters raised at any joint subcommittees or working
groups. Each Alliance Manager will be permitted to attend meetings of the JSC as non-voting participants. The Alliance Managers will be
the primary contact for the Parties regarding the activities contemplated by this Agreement and will facilitate all such activities hereunder.
Each Party may replace its Alliance Manager with an alternative representative at any time with prior written notice to the other Party.
Any Alliance Manager may designate a substitute to temporarily perform the functions of that Alliance Manager. Each Alliance Manager will
be charged with creating and maintaining a collaborative work environment within the JSC and its subcommittees. Each Party will be responsible
for all of its own costs with respect to its Alliance Manager.

 

Article
4

COMMERCIALIZATION ACTIVITIES

 

4.1 Diligence.
Hapbee will be responsible for the conduct and cost of all activities and efforts in the Territory necessary to support the Commercialization
of the Authorized Product in the Field in the Territory. Hapbee will submit to the JSC for review and discussion a plan setting forth
Hapbee’s planned Commercialization activities with respect to the Authorized Product in the Field in the Territory. Hapbee will
consult with and provide regular updates to EMulate through the JSC regarding Hapbee’s Commercialization activities and efforts.

 

4.2 Records.
Hapbee will maintain detailed and accurate records regarding its Commercialization activities and efforts with respect to the Authorized
Product in the Field pursuant to this Agreement. Upon request by EMulate from time to time, Hapbee will promptly provide the JSC with
summaries of such Commercialization activities and efforts to date. Upon reasonable prior written notice, EMulate will have the right
(subject to Article 10) to inspect the books and records of Hapbee and its Sublicensees and Distributors reflecting the work done and
results achieved by or on behalf of Hapbee or its Sublicensees or Distributors in the performance of its Commercialization activities
and efforts for the sole purpose of determining compliance by Hapbee with this Agreement.

 

    	13 

     

    

 

Article
5

COMMERCIALIZATION

 

5.1 Overview
and Diligence; Failure to Commercialize. Subject to, and in accordance with, the terms and conditions of this Agreement and all Applicable
Laws, Hapbee, at its expense, will be solely responsible for Commercializing the Authorized Product for the Field in the Territory. Hapbee
will use commercially reasonable efforts to achieve the First Commercial Sale in the Territory within six (6) months after the Effective
Date; provided, however, that (a) such 6-month period may be extended by written agreement of the Parties; (b) such 6-month period will
be extended if, in EMulate’s sole reasonable determination, Hapbee is making substantial progress towards entering into agreements
with one or more third parties for the purpose of Commercializing the Authorized Product in the Field in the Territory, and (c) if Hapbee
does not achieve the First Commercial Sale in the Territory within such 6-month period (if such period has not been extended), then EMulate
will have the right to terminate the licenses granted by EMulate pursuant to Section 2.1 and all rights granted to Hapbee under such licenses
and under this Agreement with respect thereto will upon such termination immediately revert to EMulate. EMulate will exercise such right
of termination by providing written notice thereof to Hapbee.

 

5.2 Commercialization
Plan. Upon EMulate’s reasonable request, Hapbee will submit to EMulate for review and discussion at the next scheduled JSC meeting
a commercialization plan setting forth the goals, strategies, and plans for Hapbee’s prelaunch activities, launch, and subsequent
Commercialization of the Authorized Product in the Field in the Territory and the level of anticipated sales force and promotion efforts
dedicated to the Authorized Product, together with the budget in connection therewith (the “Commercialization Plan”).
Hapbee will conduct all Commercialization activities in accordance with such Commercialization Plan; provided, that, Hapbee may, upon
providing notice thereof to EMulate, modify the Commercialization Plan from time to time to the extent that such modification (a) would
improve Commercialization of the Authorized Product in the Field in the Territory, (b) would not constitute a breach by Hapbee of any
of its obligations under this Agreement, or (c) would not limit any of the rights of EMulate under this Agreement or any benefits that
EMulate would have otherwise received under this Agreement but for such modification. Hapbee will consult with and provide regular updates
to EMulate regarding its Commercialization strategies.

 

5.3 Reports.
Hapbee will present written reports to the JSC annually summarizing Hapbee’s significant Commercialization activities with respect
to the Authorized Product in the Territory pursuant to this Agreement and including a forecast for the following year’s sales, leases,
rentals and subscriptions of or for the Authorized Product in the Territory. Such reports will cover subject matter at a level of detail
reasonably sufficient to enable EMulate to determine Hapbee’s compliance with its diligence obligations pursuant to this Article
5.

 

5.4 Marketing
and Promotional Literature. Hapbee will prepare all marketing and promotional literature related to Authorized Product for use in
the Territory in accordance with Applicable Laws. All such marketing and promotional literature will be subject to the review and authorization
of EMulate. EMulate will provide feedback regarding such literature within five (5) business days following receipt thereof, and failure
to provide feedback within such period will be deemed to be authorization thereof. At the request of EMulate, EMulate will be presented
and described as the Party who developed and manufactured the Authorized Product in a manner satisfactory to both EMulate and Hapbee on,
by way of example, all labels, packaging, packaging inserts, and promotional literature related to the Authorized Product, in each case
to the extent permitted by Applicable Laws, for example by use of phrases like “powered by EMulate Therapeutics.” Without
limiting any other provision of this Agreement, Hapbee will have the sole right to brand the Authorized Product for Commercialization
in any manner consistent with Applicable Laws that Hapbee deems appropriate, including using Hapbee Housemarks and similar trademarks
or trade names of any Hapbee Sublicensee.

 

    	14 

     

    

 

5.5 Labeling
and Patent Rights Marking. Subject to, and in accordance with, Applicable Laws, Hapbee will identify EMulate as the licensor or producer
of the Cognates used in the Authorized Product using the EMulate Trademarks designated by EMulate for such use in certain mutually agreed
promotional materials for Authorized Product in the Territory where such identification is appropriate, in a manner approved in advance
in writing by both Parties, and in accordance with (and subject to) the Trademark License set forth in Section 2.1(b). To the extent permitted
by Applicable Law and customary in the industry for such products, Hapbee will mark all Authorized Product sold, leased or rented in the
Territory by Hapbee, its Sublicensees or Distributors with appropriate EMulate Trademarks and patent numbers and the appropriate Hapbee
Housemarks and patent numbers. Hapbee may, in its sole discretion, include any Hapbee Housemark on the Authorized Product, and on the
labels, packaging, promotional materials, and other materials therefor, subject to Applicable Law.

 

Article
6

 

SUPPLY

 

6.1 Supply
and Purchase of Cognates for the Authorized Product. Subject to the terms of this Agreement, during the Term, EMulate will produce
and supply the Cognates for the Authorized Product exclusively to Hapbee or its Sublicensees and Distributors for use in the Field in
the Territory, and Hapbee or its Sublicensees and Distributors will purchase exclusively from EMulate, all of Hapbee’s and its Sublicensees’
and Distributors’ requirements of the Cognates used in the Authorized Product for Commercialization use in the Field in the Territory
in such quantities as Hapbee will order and EMulate will accept pursuant to and in accordance with a separate commercial supply agreement
to be entered into between Hapbee and EMulate (the “Commercial Supply Agreement”). The Parties will negotiate in good
faith to enter into the Commercial Supply Agreement on commercially reasonable terms.

 

Article
7

FINANCIAL TERMS

 

7.1 Upfront
Payment. In consideration for the licenses and rights granted to Hapbee under this Agreement with respect to each of the Cognates
designated by and provided to Hapbee pursuant to this Agreement, Hapbee will pay to EMulate, within ten (10) days following the Effective
Date, a non-refundable, non-creditable payment in an amount equal to ten thousand US dollars (US$10,000.00) (the “Upfront Amount”).
Such payment will be made by wire transfer of immediately available funds into an account designated by EMulate.

 

7.2 Royalty
Payments.

 

(a) Royalty
Rate. Subject to this Section 7.2 and the other terms and conditions of this Agreement, in further consideration for the licenses
and rights granted to Hapbee under this Agreement, Hapbee will pay to EMulate, on a Calendar Quarter basis, royalties on the quarterly
Net Income from (i) sales, lease or rental of the Authorized Product in the Territory multiplied by a percentage royalty rate equal to
twenty percent (20%), and (ii) use of (e.g., subscriptions for) the Authorized Product in the Territory multiplied by a percentage royalty
rate equal to twenty percent (20%); provided, that the percentage royalty rate on the first ten million US dollars (US$10,000,000.00)
of Net Income from use of (e.g., subscriptions for) Authorized Product will be equal to twenty-five percent (25%).

 

    	15 

     

    

 

(b) Royalty
Term. Hapbee’s obligation to make royalty payments pursuant to this Section 7.2 will commence upon the Effective Date and will
continue throughout the term of this Agreement.

 

7.3 Taxes.
 All amounts payable to EMulate will be paid without any reduction or offset for taxes. If any withholding taxes or stamp, VAT, foreign
exchange, or other transfer taxes apply to payments payable to EMulate, then Hapbee will pay such taxes directly and will increase the
amounts payable to EMulate so that EMulate receives the full amount it would have received if no such taxes applied.

 

7.4 Expenses
Related to Cognates. The amount of all costs and expenses incurred by EMulate for producing each Cognate (e.g., costs of measuring,
recording and optimizing such Cognate) will be for the account of Hapbee.

 

Article
8

PAYMENTS, BOOKS, AND RECORDS

 

8.1 Payment;
Royalty Reports. Royalty payments due by Hapbee to EMulate under Section 7.2 will be calculated and reported for each Calendar Quarter.
All royalty payments due under Section 7.2 will be paid within thirty (30) days after the end of each Calendar Quarter and will be accompanied
by a report setting forth the Net Income from sales, lease, rental or subscription of or for the Authorized Product by Hapbee and its
Sublicensees and Distributors in the Territory in sufficient detail to permit confirmation of the accuracy of the royalty payment made,
including, the number of Authorized Product sold, the Net Income from sales, lease, rental or subscription of or for Authorized Product,
the royalties payable, the method used to calculate the royalties, and the exchange rates used. Prior to commencement of Commercialization
of Authorized Product, the Parties will agree on the form of royalty report. Hapbee will submit a single report for all Net Income from
sales, lease, rental, subscription of or for Authorized Product during a Calendar Quarter, including by Hapbee, its Sublicensees and Distributors,
but will separately identify the Net Income and other information applicable to each entity.

 

8.2 Payment
Currency; Currency Conversion. All references to dollars and “$” herein will refer to U.S. dollars. All payments hereunder
will be payable in U.S. dollars. With respect to conversion of Net Income in any non-U.S. currency to U.S. dollars, such conversion will
be at the exchange rate equal to the U.S. dollar conversion rate for such currency as published by The Wall Street Journal, Western
U.S. Edition, as published on the last business day of the Calendar Quarter in which the applicable Net Income was invoiced. All payments
owed under this Agreement will be made by wire transfer in immediately available funds to a bank and account designated in writing by
EMulate from time to time for such purpose.

 

    	16 

     

    

 

8.3 Taxes.

 

(a) Taxes
on Income. Except as otherwise provided in this Section 8.3, each Party will be solely responsible for the payment of all taxes imposed
on its share of income arising directly or indirectly from the activities of the Parties under this Agreement.

 

(b) Tax
Cooperation. The Parties agree to cooperate with one another and use reasonable efforts to avoid or reduce tax withholding, transfer
taxes, or similar obligations with respect to milestone payments, royalty payments, and other payments made by Hapbee to EMulate under
this Agreement. To the extent Hapbee is required by Applicable Laws to deduct and withhold taxes on any payment to EMulate, Hapbee will
pay the amounts of such taxes to the proper governmental authority in a timely manner and promptly transmit to EMulate an official tax
certificate or other evidence of such payment sufficient to enable EMulate to claim such payment of taxes. EMulate will provide Hapbee
any tax forms that may be reasonably necessary in order for Hapbee not to withhold tax or to withhold tax at a reduced rate under an applicable
bilateral income tax treaty, to the extent legally able to do so. EMulate will use reasonable efforts to provide any such tax forms to
Hapbee in advance of the due date; provided, that EMulate may direct Hapbee to temporarily hold a payment otherwise payable in order to
avoid withholding taxes if EMulate is waiting for a required tax form to be issued by a governmental authority. Hapbee will provide EMulate
with reasonable assistance to enable the recovery, as permitted by Applicable Laws, of withholding taxes, transfer taxes, or similar obligations
resulting from payments made under this Agreement, such recovery to be for the benefit of EMulate. Each Party agrees to assist the other
Party in claiming exemption from such deductions or withholdings under double taxation or similar agreement or treaty from time to time
in force and in minimizing the amount required to be so withheld or deducted.

 

(c) Taxes
Resulting From a Party’s Action. If a Party takes any action, including any assignment, sublicense, change of place of incorporation,
or failure to comply with Applicable Laws or filing or record retention requirements, which results in a withholding or deduction obligation
or a transfer tax (“Withholding Tax Action”), then such Party will pay the sum associated with such Withholding Tax
Action. For clarity, if Hapbee undertakes a Withholding Tax Action, then the sum payable by Hapbee (in respect of which such deduction
or withholding is required to be made) will be increased to the extent necessary to ensure that EMulate receives a sum equal to the sum
which it would have received had no such Withholding Tax Action occurred. Otherwise, the sum payable by Hapbee (in respect of which such
deduction or withholding is required to be made) will be made to EMulate after deduction of the amount required to be so withheld or deducted.
If a change in Applicable Laws results in a withholding or deduction obligation absent either Party taking a Withholding Tax Action, then
the amount of such withholding or deduction obligation will be paid by Hapbee to the applicable governmental authority on behalf of EMulate
in accordance with the provisions of Section 8.3(b). The Parties will use commercially reasonable efforts to invoke the application of
any applicable bilateral income tax treaty that would reduce or eliminate otherwise applicable taxes with respect to payments payable
pursuant to this Agreement.

 

8.4 Records.
Hapbee will keep, and require its Sublicensees and Distributors to keep, complete, true, and accurate books of accounts and records for
the purpose of determining the amounts payable to EMulate pursuant to this Agreement. Such books and records will be kept for such period
of time required by law, but no less than at least five (5) years following the end of the Calendar Quarter to which they pertain. Such
records will be subject to inspection in accordance with Section 8.5.

 

    	17 

     

    

 

8.5 Audits.
Upon not less than ten (10) days’ prior written notice, Hapbee will permit an independent, certified public accountant selected
by EMulate and reasonably acceptable to Hapbee, which acceptance will not be unreasonably withheld or delayed (for the purposes of this
Section 8.5, the “Auditor”), to audit or inspect those books or records of Hapbee, its Sublicensees and Distributors
that relate to Net Income, or Royalty Reports for the sole purpose of verifying (a) the royalties payable hereunder in respect of Net
Income, (b) the withholding taxes, if any, required by Applicable Law to be deducted as a payment by Hapbee in respect of such Net Income,
and (c) the exchange rates used in determining the amount of U.S. dollars. The Auditor will disclose to EMulate only the amount and accuracy
of payments reported and actually paid or otherwise payable under this Agreement. The Auditor will send a copy of the report to Hapbee
at the same time it is sent to EMulate. EMulate will bear the full cost of such audit unless such audit discloses an underpayment of the
amount actually owed of more than five percent (5%), in which case Hapbee will bear the full out-of-pocket, external cost of such audit.
Within thirty (30) days from the auditor’s report, Hapbee will submit to EMulate any underpayment discovered in such audit, or EMulate
will refund any amounts shown to have been overpaid, in each case as applicable.

 

8.6 Late
Payment. Any amounts not paid when due under this Agreement will be subject to interest from and after the date payment is due through
and including the date upon which such Party makes such payment at the annual interest rate of one and a half (1.5) percent (1.5%) compounded
monthly; provided, however, that in no event will such rate exceed the maximum legal annual interest rate. The payment of such interest
will not limit the Party entitled to receive payment from exercising any other rights it may have as a consequence of the lateness of
any payment.

 

Article
9

INTELLECTUAL PROPERTY

 

9.1 Ownership
of Intellectual Property.

 

(a) EMulate
Technology and Hapbee Technology. EMulate owns and will retain all rights, title, and interests in and to the EMulate Technology.
Hapbee will own and retain all rights, title and interests in and to the Hapbee Technology.

 

(b) Ownership
of Inventions. Ownership of all Inventions will be based on inventorship, as determined in accordance with the rules of inventorship
under U.S. patent laws. Each Party will solely own any Inventions made solely by its or its employees, agents, or independent contractors
(“Sole Inventions”). The Parties will jointly own any Inventions that are made jointly by employees, agents, or independent
contractors of one Party together with employees, agents, or independent contractors of the other Party (“Joint Inventions”).
If an Hapbee Sole Invention or a Joint Invention covers or is related to any Cognate (collectively, the “Cognate Inventions”),
such Cognate Inventions will be owned solely by EMulate, and Hapbee will and hereby does assign to EMulate its right and interest in such
Cognate Inventions and such assigned Cognate Inventions will be included in the EMulate Technology licensed to Hapbee pursuant to Section
2.1(a).

 

    	18 

     

    

 

9.2 Patent
Prosecution and Maintenance.

 

(a) EMulate
Patents. Except as otherwise provided in this Section 9.2, EMulate will have the sole right and authority to prepare, file, prosecute,
and maintain the EMulate Patents on a worldwide basis. EMulate will bear all costs of preparation, filing, prosecution, and maintenance
of the EMulate Patents in the Territory.

 

(b) EMulate
Abandonment. If EMulate determines in its sole discretion to abandon or not maintain any such EMulate Patent(s) in the Territory,
then EMulate will provide Hapbee with written notice of such determination within a period of time reasonably necessary to allow Hapbee
to determine its interest in such EMulate Patent(s). In the event Hapbee provides written notice expressing its interest in obtaining
such EMulate Patent(s), EMulate will assign and transfer, without any compensation, to Hapbee the ownership of, and interest in, such
EMulate Patent(s) in the Territory, at Hapbee’s sole expense. Hapbee will thereafter bear all costs of preparation, filing, prosecution,
and maintenance of such assigned and transferred Patents in the Territory. In the event that Hapbee decides to abandon or not maintain
any such Patent(s), Hapbee will promptly provide EMulate with written notice of such decision.

 

(c) Hapbee
Patents. Except as otherwise provided in this Section 9.2, Hapbee will have the sole right and authority, in its sole discretion,
to prepare, file, prosecute, and maintain the Hapbee Patents within the Territory at its own expense.

 

(d) Hapbee
Abandonment. If Hapbee determines in its sole discretion to abandon or not maintain any such Patent within the Hapbee Patents anywhere
in the world, then Hapbee will provide EMulate with written notice of such determination within a period of time reasonably necessary
to allow EMulate to determine its interest in such Hapbee Patent(s). In the event EMulate provides written notice expressing its interest
in obtaining such Hapbee Patent(s), Hapbee will assign and transfer, without any compensation, to EMulate the ownership of, and interest
in, such Hapbee Patent(s) in the applicable jurisdiction at EMulate’s sole expense. EMulate will thereafter bear all costs of preparation,
filing, prosecution, and maintenance of such assigned and transferred Patent(s). For the avoidance of doubt, such transferred Patent(s)
will be a part of the EMulate Patents licensed hereunder to Hapbee upon Hapbee’s payment to EMulate of the patent expenses incurred
by EMulate in the Territory related thereto. In the event that EMulate decides to abandon or not maintain any such transferred Patent(s),
EMulate will promptly provide Hapbee with written notice of such decision.

 

(e) Joint
Patents.

 

(i) Initial
Responsibility. EMulate will be responsible for the preparation, filing, prosecution, and maintenance of Joint Patents worldwide,
subject to the rest of this Section 9.2(e). EMulate will be responsible for preparing, filing, prosecuting, and maintaining all Joint
Patents, using a patent counsel selected by EMulate and reasonably acceptable to Hapbee; provided, that Hapbee and EMulate will share
equally the cost and expenses of the preparation, filing, prosecution, and maintenance of Joint Patents, and Hapbee will reimburse EMulate
for Hapbee’s portion of such costs and expenses incurred by EMulate within thirty (30) days from the date of invoice for such costs
and expenses by EMulate.

 

    	19 

     

    

 

(ii) Cooperation.
EMulate will consult with Hapbee in preparing Joint Patent applications and will consider and adopt in good faith Hapbee’s comments
and suggestions prior to the filing of any Joint Patent application. EMulate will keep Hapbee fully informed of progress with regard to
the preparation, filing, prosecution, and maintenance of the Joint Patents in and outside the Territory. EMulate will:

 

(1) provide
Hapbee with a copy of the final draft of any proposed application at least thirty (30) days prior to filing the same in any patent office
worldwide, unless otherwise agreed by patent counsel for both parties, and EMulate will consider in good faith any comments or revisions
suggested by Hapbee or its counsel;

 

(2) promptly
provide Hapbee with a copy of each patent application as filed, together with a notice of its filing date and serial number;

 

(3) provide
Hapbee with a copy of any action, communication, letter, or other correspondence issued by the relevant patent office within at least
ten (10) days of receipt thereof, and EMulate will consult with Hapbee regarding responding to the same and will consider in good faith
any comments, strategies, and the like proposed by Hapbee;

 

(4) provide
Hapbee with a copy of any response, amendment, paper, or other correspondence filed with the relevant patent office within ten (10) days
of EMulate’s receipt of the as-filed document;

 

(5) promptly
notify Hapbee of the allowance, grant, or issuance of such Joint Patents; and

 

(6) consult
with Hapbee regarding the countries to be filed and maintained, the payment of annuities, taxes and maintenance fees for any such Joint
Patents.

 

(iii) Joint
Patent Abandonment. In the event that EMulate desires to abandon or cease prosecution and/or maintenance of any Joint Patent, EMulate
will provide reasonable prior written notice to Hapbee of such intention to abandon (which notice will, to the extent possible, be given
no later than ninety (90) calendar days prior to the next deadline for any action that must be taken with respect to such Joint Patent
in the relevant patent office). In such case or if EMulate refuses to pay its share of costs related to any such Joint Patent, at Hapbee’s
sole discretion, upon written notice from Hapbee, Hapbee may elect to continue prosecution and/or maintenance of any such Joint Patent
at its own expense, and EMulate will execute such documents and perform such acts, at EMulate’s expense, as may be reasonably necessary
to effect an assignment of EMulate’s entire right, title, and interest in and to such Joint Patent to Hapbee. Any such assignment
will be completed in a timely manner to allow Hapbee to continue prosecution and/or maintenance of any such Joint Patent. Any Patents
so assigned will no longer be considered Joint Patents and will become Hapbee Patents.

 

(iv) Hapbee
Declines Responsibility. If Hapbee refuses to pay its share of costs related to any Joint Patent, upon written notice from EMulate,
Hapbee will assign its entire right, title, and interest in and to any such Joint Patent to EMulate. Any Patents so assigned will no longer
be considered Joint Patents and will become EMulate Patents.

 

    	20 

     

    

 

9.3 Infringement
by Third Parties.

 

(a) Notice.
In the event that either EMulate or Hapbee becomes aware of any infringement or threatened infringement by a Third Party of any Patents
that are subject to the prosecution, maintenance, or enforcement by a Party under this Agreement, it will notify the other Party in writing
to that effect. Any such notice will include evidence to support an allegation of infringement or threatened infringement by such Third
Party.

 

(b) EMulate
Patents. Subject to this Section 9.3(b), EMulate has the first right, as between EMulate and Hapbee, to bring and control any action
or proceeding with respect to infringement of any EMulate Patent worldwide, at its own expense and by counsel of its own choice. Hapbee
has the right, at its own expense, to be represented in any such action by counsel of its own choice, and EMulate and its counsel will
reasonably cooperate with Hapbee and its counsel in strategizing, preparing, and presenting any such action or proceeding. If EMulate
fails to bring an action or proceeding with respect to infringement of any EMulate Patent described in the preceding sentence within (i)
one hundred twenty (120) days following the notice of alleged infringement or (ii) ten (10) days before the time limit, if any, set forth
in the appropriate laws and regulations for the filing of such actions, whichever comes first, Hapbee has the right, but not the obligation,
to bring and control any such action at its own expense and by counsel of its own choice. Upon Hapbee’s request, EMulate will timely
join any such litigation and cooperate with Hapbee in connection with such infringement action. Except as otherwise agreed to by the Parties
as part of a cost-sharing arrangement, any recovery or damages realized as a result of such action or proceeding will be used first to
reimburse the Parties’ documented out-of-pocket legal expenses relating to the action or proceeding, and any remaining damages relating
to the Authorized Product (including without limitation, lost sales, leases, rentals or lost profits with respect to the Authorized Product)
will be retained by the Party bringing suit, and if such Party is Hapbee, such remaining damages will be deemed Net Income subject to
the royalty provisions of Section 7.3.

 

(c) Hapbee
Patents. Hapbee has the first right (but not the obligation), as between EMulate and Hapbee, to bring and control any action or proceeding
with respect to infringement of any Hapbee Patent worldwide, at its own expense and by counsel of its own choice and the right to retain
all damages resulting from its enforcement action.

 

(d) Joint
Patents. Any action or proceeding with respect to infringement of any Joint Patent worldwide may only be brought by both Parties,
with the costs to be shared equally between the Parties. Except as otherwise agreed to by the Parties as part of a cost-sharing arrangement,
any recovery or damages from an action or proceeding relating to Joint Patents will be used first to reimburse the Parties’ documented
out-of-pocket legal expenses relating to the action or proceeding, and any remaining damages will be shared equally between the Parties.

 

    	21 

     

    

 

(e) Cooperation.
In the event either Party brings an infringement action in accordance with this Section 9.3, the other Party will cooperate fully, including,
if required to bring such action, the furnishing of a power of attorney or being named as a party to such action.

 

9.4 Infringement
of Third-Party Rights. Each Party will promptly notify the other in writing of any allegation by a Third Party that the activity of
either of the Parties pursuant to this Agreement infringes or may infringe the intellectual property rights of such Third Party. EMulate
has the sole right to control any defense of any such claim involving alleged infringement of Third-Party rights by EMulate’s activities
at its own expense and by counsel of its own choice, and Hapbee has the right, at its own expense, to be represented in any such action
by counsel of its own choice. Hapbee has the sole right to control any defense of any such claim involving alleged infringement of Third-Party
rights by Hapbee’s activities at its own expense and by counsel of its own choice, and EMulate has the right, at its own expense,
to be represented in any such action by counsel of its own choice.

 

9.5 Consent
for Settlement. Neither Party will enter into any settlement or compromise of any action or proceeding under this Article 9 which
would materially alter, diminish, or be in derogation of the other Party’s rights under this Agreement without the prior written
consent of such other Party, which consent will not be unreasonably withheld.

 

9.6 Patent
Marking. Hapbee (or its Sublicensees, or Distributors) will mark Authorized Product marketed and sold by Hapbee (or its Sublicensees,
or Distributors) hereunder with appropriate patent numbers or indicia designed by EMulate to the extent such markings or such notices
would impact recoveries of damages or equitable remedies available under Applicable Law with respect to infringements of patents in the
Territory.

 

9.7 Trademarks.
Without limiting any of Hapbee’s rights to brand the Authorized Product as provided for in Section 5.4, Hapbee will use the
EMulate Trademarks selected by EMulate to Commercialize the Authorized Product in the Territory. Where Hapbee reasonably believes the
EMulate Trademark is not appropriate for commercial use, or if such EMulate Trademark is not approved for use in the Territory by the
applicable Regulatory Authority, the Parties will agree on an alternative product trademark for such country and such alternative product
trademark will be deemed a EMulate Trademark. In addition, unless prohibited by Applicable Laws, Hapbee will include EMulate’s corporate
trademark on the packaging and product information of the Authorized Product sold in the Territory to indicate that the Authorized Product
is licensed from EMulate. All use of the EMulate Trademarks and EMulate corporate trademark will comply with Applicable Laws and regulations
and will be subject to EMulate’s review and approval. For clarity, Hapbee may also include its (or its Sublicensee’s) corporate
logo Hapbee Housemarks and similar trademarks or trade names of any Hapbee Sublicensee in the Authorized Product sold in the Territory.

 

    	22 

     

    

 

Article
10

CONFIDENTIALITY

 

10.1 Nondisclosure.
Except to the extent expressly authorized by this Agreement or otherwise agreed in writing by the Parties, during the Term and for seven
(7) years thereafter, the receiving Party (the “Receiving Party”) will keep confidential and will not publish or otherwise
disclose and will not use for any purpose other than as expressly provided for in this Agreement any Confidential Information of the other
Party (the “Disclosing Party”), and both Parties will keep confidential and, subject to Sections 10.2, 10.3, and 10.4,
will not publish or otherwise disclose the terms of this Agreement. Notwithstanding the foregoing, the Receiving Party’s obligation
of confidentiality and restriction on use with respect to the Disclosing Party’s Confidential Information which derives economic
value from not being generally known to public and is identified in writing by the Disclosing Party as trade secrets will continue perpetually
for so long as such Confidential Information is unpublished by the Disclosing Party and no provision of Section 10.2(b), (c), or (d) applies
to such Confidential Information. Each Party may use the other Party’s Confidential Information solely to the extent required to
accomplish the purposes of this Agreement, including exercising such Party’s rights or performing its obligations under this Agreement.
Each Party will use at least the same standard of care as it uses to protect proprietary or confidential information of its own (but no
less than reasonable care) to ensure that its employees, agents, consultants, contractors, other representatives and, in the case of Hapbee,
Sublicensees and Distributors do not disclose or make any unauthorized use of the Confidential Information of the other Party. Each Party
will promptly notify the other Party upon discovery of any unauthorized use or disclosure of the Confidential Information of the other
Party.

 

10.2 Authorized
Disclosure. The Receiving Party may disclose Confidential Information belonging to the Disclosing Party only to the extent such disclosure
is reasonably necessary in the following instances:

 

(a) filing
or prosecuting Patents as permitted by this Agreement;

 

(b) prosecuting
or defending litigation, including responding to a subpoena in a Third-Party litigation;

 

(c) complying
with Applicable Laws or regulations (including regulations promulgated by securities exchanges) or court or administrative orders;

 

(d) to
its Sublicensees or prospective Sublicensees, Distributors, Third-Party Partners, subcontractors or prospective subcontractors, payors,
consultants, agents, and advisors on a “need-to-know” basis in order for the Receiving Party to exercise its rights or fulfill
its obligations under this Agreement, each of whom prior to disclosure must be bound by obligations of confidentiality and restrictions
on use of such Confidential Information that are no less restrictive than those set forth in this Article 10; provided, however, that,
in each of the above situations, the Receiving Party will remain responsible for any failure by any Third Party who receives Confidential
Information pursuant to this Section 10.2 to treat such Confidential Information as required under this Article 10; or

 

(e) to
bona fide potential and actual investors, acquirors, merger partners, licensees, and other financial or commercial partners solely for
the purpose of evaluating or carrying out an actual or potential investment, acquisition, or collaboration, in each case under written
obligations of confidentiality and non-use at least as stringent as those herein.

 

    	23 

     

    

 

(f) Notwithstanding
the foregoing, in the event a Party is required to make a disclosure of the other Party’s Confidential Information pursuant to Sections
10.2(b), (c), or (d), it will, except where impracticable, give at least thirty (30) days’ advance notice to the other Party of
such disclosure, reasonably consider the comments of the other Party with respect to limiting such disclosure, and use efforts to secure
confidential treatment of such Confidential Information at least as diligent as such Party would use to protect its own confidential information,
but in no event less than reasonable efforts. In any event, the Parties agree to take all reasonable action to avoid disclosure of Confidential
Information hereunder. Any information disclosed pursuant to Sections 10.2(b), (c), or (d) will remain the Confidential Information of
the Disclosing Party and subject to the restrictions set forth in this Agreement, including the foregoing provisions of this Article 10.

 

10.3 Public
Announcements. At the election of EMulate with respect to any or all of the Authorized Product, the Parties agree to issue a joint
press release in form and substance reasonably satisfactory to both Parties announcing the signature of this Agreement at or shortly after
the Effective Date, but in any event within the time-period as required by Applicable Laws. It is understood that either Party may make
such disclosures as it determines, based on advice of counsel, is reasonably necessary to comply with Applicable Laws or for appropriate
market disclosure. Each Party will provide the other Party with advance notice of legally required disclosures to the extent practicable.
The Parties will consult with each other on the provisions of this Agreement to be redacted in any filings made by a Party as required
by Applicable Laws; provided, that each Party will have the right to make any such filing as it reasonably determines necessary under
Applicable Laws. In addition, following any initial joint press release announcing this Agreement, either Party will be free to disclose,
without the other Party’s prior written consent, the existence of this Agreement, the identity of the other Party, and those terms
of the Agreement which have already been publicly disclosed in accordance herewith.

 

Article
11

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

11.1 Mutual
Representations and Warranties. Each Party represents and warrants to the other that, as of the Effective Date: (a) it is duly incorporated
and validly existing under the laws of its jurisdiction of incorporation or formation, and has full corporate or other power and authority
to enter into this Agreement and to carry out the provisions hereof, (b) it is duly authorized to execute and deliver this Agreement and
to perform its obligations hereunder, and the person or persons executing this Agreement on its behalf has been duly authorized to do
so by all requisite corporate or partnership action, (c) this Agreement is legally binding upon it, enforceable in accordance with its
terms, and does not conflict with any agreement, instrument, or understanding, oral or written, to which it is a Party or by which it
may be bound, nor, to the knowledge of the indemnifying Party, violate any material law or regulation of any court, governmental body,
or administrative or other agency having jurisdiction over it, and (d) it has the right to grant the licenses granted by it under this
Agreement.

 

    	24 

     

    

 

11.2 Additional
Hapbee Covenants. Hapbee covenants as follows:

 

(a) Hapbee
will comply in all material respects with all Applicable Laws related to its Commercialization of Authorized Product.

 

(b) Hapbee
will Commercialize all Authorized Product solely within the Territory for use in the Field pursuant to the authority, rights, and licenses
granted to Hapbee under this Agreement. During the Term Hapbee will not (i) Commercialize any Authorized Product outside of the Field
or of the Territory, (ii) provide any Authorized Product to any Third Party if Hapbee has actual knowledge or reasonably believes that
such Third Party, either directly or indirectly, is selling, renting, leasing, or intends to sell, rent or lease such Authorized Product
outside the Field or the Territory and (iii) expressly provide in each agreement with its Distributor that such Distributor will be subject
to immediate termination in the event of a breach of the covenants in this Section 11.2(b) and (iv) immediately terminate any Distributor
for a breach of the requirements of Section 11.2(b)(iii).

 

(c) At EMulate’s
request with respect to any jurisdiction in the Territory, Hapbee will cause its special counsel, reasonably acceptable to EMulate,
to deliver to EMulate a legal opinion, in form and substance satisfactory to EMulate, stating (among other things) that the
transactions contemplated by the Exclusive License Agreement are the legal, valid and binding obligations of Hapbee enforceable
against Hapbee in accordance with the terms of such agreement and that the commercial transactions by Hapbee as contemplated in such
jurisdiction in the Exclusive License Agreement will not violate any Applicable Laws in the Territory.

 

11.3 Additional
EMulate Representations, Warranties, and Covenants. EMulate represents and warrants to Hapbee that as of the Effective Date:

 

(a) EMulate
Patents. EMulate owns, or has an exclusive license to, the EMulate Patents.

 

(b) Title;
Encumbrances. EMulate has sufficient legal and/or beneficial title, ownership, or license, free and clear from any mortgages, pledges,
liens, security interests, conditional and installment sale, lease, rental agreements, encumbrances, charges or claims of any kind, of
the EMulate Technology to grant the licenses to Hapbee as purported to be granted pursuant to this Agreement.

 

(c) No
Conflict. EMulate has not granted any assignment, license, covenant not to sue, or other similar interest or benefit, exclusive or
otherwise, to any Third Party relating to any patent, know-how, or other proprietary right that conflicts with or limits the rights granted
to Hapbee hereunder or which falls within the scope of the licenses granted in Section 2.1.

 

(d) Non-Infringement
of Third Party’s IP Rights. The EMulate Technology and the import, sale, lease, rental, or use of the Authorized Product in
the Territory does not and will not infringe any intellectual property rights of any Third Party existing as of the Effective Date.

 

    	25 

     

    

 

(e) Non-Infringement
of EMulate Technology by Third Parties. EMulate is not aware of any activities by Third Parties that constitute infringement or misappropriation
of the EMulate Technology within the Territory.

 

(f) No
Claims of Third-Party Rights. EMulate has not received any written notice, claim, or demand from any person or entity asserting that
the research, development, use, or sale, lease, rental of the Authorized Product infringes a patent of a Third Party in the Territory,
nor is EMulate aware of the threat of such claim.

 

(g) No
Action or Claim. To EMulate’s Knowledge as of the Effective Date, there are no actual, pending, alleged, or threatened adverse
actions, suits, claims, interferences, or formal governmental investigations involving the Authorized Product by or against EMulate or
distributors in or before any court or governmental entity.

 

(h) Disclaimer.
EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, OR ANY OTHER AGREEMENT CONTEMPLATED HEREUNDER, NEITHER PARTY MAKES ANY REPRESENTATIONS
OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, AND EACH PARTY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES OF MERCHANTABILITY
AND OF FITNESS FOR A PARTICULAR PURPOSE OR USE, NON-INFRINGEMENT, VALIDITY AND ENFORCEABILITY OF PATENTS, OR THE PROSPECTS OR LIKELIHOOD
OF COMMERCIAL SUCCESS OF THE AUTHORIZED PRODUCT.

 

11.4 No
Representation Regarding Cognates. The Parties agree that (without limiting any provision in Section 11.3(h)) EMULATE MAKES NO REPRESENTATIONS,
WARRANTIES OR GUARANTEES WITH RESPECT TO (A) THE SAFETY OR EFFECTIVENESS OF ANY OF THE COGNATES, (B) THE CAPABILITY OR SUITABILITY OF
ANY OF THE COGNATES FOR COMMERCIALIZATION, OR (C) FROM AND AFTER THE EFFECTIVE DATE, THAT THE USE OF ANY COGNATE AS CONTEMPLATED IN THIS
AGREEMENT OR OTHERWISE, OR THE EXERCISE OF ANY OF ETI’S RIGHTS WITH RESPECT TO SUCH COGNATE UNDER THIS AGREEMENT WILL NOT VIOLATE
ANY MATERIAL LAW OR REGULATION OF ANY COURT, GOVERNMENTAL BODY, OR ADMINISTRATIVE OR OTHER AGENCY HAVING JURISDICTION OVER IT OR WILL
NOT BE SUBJECT TO THE JURISDICTION OF ANY GOVERNMENTAL AUTHORITY.

 

Article
12

INDEMNIFICATION

 

12.1 Indemnification
of EMulate. Hapbee will indemnify, defend and hold harmless each of EMulate and its directors, shareholders, officers, and employees
(collectively, the “EMulate Indemnitees”) from and against any and all losses, liabilities, damages, penalties, fines,
costs, and expenses (including reasonable attorneys’ fees and other expenses of litigation) (“Losses”) from any
Third-Party claims, actions, suits, or proceedings (each, a “Claim”) incurred by any EMulate Indemnitee, arising from,
or occurring as a result of (a) the negligence or willful misconduct of Hapbee, its Sublicensees, Distributors or other subcontractors,
and (b) any breach of any representations, warranties, or covenants by Hapbee under this Agreement; except in each case to the extent
such Claim falls within the scope of EMulate’s indemnification obligations set forth in Section 12.2.

 

    	26 

     

    

 

12.2 Indemnification
of Hapbee. EMulate will indemnify, defend and hold harmless each of Hapbee and its Sublicensees and Distributors and their respective
directors, officers, employees, and agents (collectively, the “Hapbee Indemnitees”), from and against any and all Losses
from any Third-Party Claims incurred by any Hapbee Indemnitee, arising from, or occurring as a result of (a) the negligence or willful
misconduct of EMulate; and (b) any breach of any representations, warranties, or covenants by EMulate under this Agreement; except in
each case to the extent such Claim falls within the scope of the indemnification obligations of Hapbee set forth in Section 12.1.

 

12.3 Procedure.
Each Party’s agreement to indemnify, defend, and hold harmless the other Party is conditioned on the indemnified Party: (a) providing
written notice to the indemnifying Party of any Claim for which it is seeking indemnification hereunder promptly after the indemnified
Party has knowledge of such Claim; (b) permitting the indemnifying Party to assume full responsibility to investigate, prepare for, and
defend against any such Claim, except that the indemnified Party may cooperate in the defense at its own expense using its own counsel;
(c) assisting the indemnifying Party, at the indemnifying Party’s reasonable expense, in the investigation of, preparation for,
and defense of any such Claim; and (d) not compromising or settling such Claim without the indemnifying Party’s written consent.
The indemnifying Party will not settle any Claim without the prior written consent of the indemnified Party, not to be unreasonably withheld,
unless the settlement involves only the payment of money. If the indemnifying Party does not assume and conduct the defense of the Claim
as provided above, (y) the indemnified Party may defend against and consent to the entry of any judgment or enter into any settlement
with respect to the Claim in any manner the indemnified Party may deem reasonably appropriate (and the indemnified Party need not consult
with, or obtain any consent from, the indemnifying Party in connection therewith), and (z) the indemnifying Party will remain responsible
to indemnify the indemnified Party as provided in this Article 12. The failure to promptly notify the indemnifying Party after the commencement
of any action with respect to a Claim will only relieve the indemnifying Party of its obligations under this Article 12 if and to the
extent the indemnifying Party is actually prejudiced thereby.

 

12.4 Insurance.
Each Party will procure and maintain insurance, including product liability insurance, adequate to cover its obligations hereunder
and which are consistent with normal business practices of prudent companies similarly situated at all times during the Term. It is understood
that such insurance will not be construed to create a limit of either Party’s liability with respect to its indemnification obligations
under this Article 12. Each Party will provide the other Party with written evidence of such insurance upon request. Each Party will provide
the other Party with written notice at least thirty (30) days prior to the cancellation, non-renewal, or material change in such insurance
or self-insurance which materially adversely affects the rights of the other Party hereunder.

 

12.5 Limitation
of Liability. NEITHER PARTY WILL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, EXEMPLARY, PUNITIVE, OR INDIRECT
DAMAGES ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING
THE FOREGOING, NOTHING IN THIS SECTION 12.5 IS INTENDED TO OR WILL LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF ANY
PARTY UNDER SECTION 12.1 OR SECTION 12.2, OR DAMAGES AVAILABLE FOR A PARTY’S BREACH OF CONFIDENTIALITY OBLIGATIONS IN ARTICLE 10.

 

    	27 

     

    

 

Article
13

Term and Termination

 

13.1 Term.
This Agreement will commence on the Effective Date, and unless terminated earlier as provided in this Article 13, will continue in full
force and effect until the twentieth (20th) anniversary of the Effective Date (the “Term”); provided, that
if any Cognate has been determined pursuant to Section 2.8 not to be safe for its intended Commercial use, the Term of this Agreement
with respect to such Cognate will terminate as of the date of such determination. The Commercial Supply Agreement, as applicable, will
terminate upon any termination or expiration of this Agreement.

 

13.2 Early
Termination.

 

(a) Mutual
Agreement. The Parties may terminate this Agreement at any time by mutual written agreement of the Parties.

 

(b) Material
Breach. EMulate will have the right to terminate this Agreement upon written notice to Hapbee if Hapbee, after receiving written notice
from EMulate identifying a Hapbee Material Breach, fails to cure such Hapbee Material Breach within sixty (60) days from the date of such
notice (or within thirty (30) days’ notice for any payment breach). Hapbee will have the right to terminate this Agreement upon
written notice to EMulate if EMulate, after receiving written notice identifying an EMulate Material Breach, fails to cure such EMulate
Material Breach within sixty (60) days from the date of such notice.

 

(c) Bankruptcy.
Each Party will have the right to terminate this Agreement immediately in its entirety upon written notice to the other Party if such
other Party makes a general assignment for the benefit of creditors, files an insolvency petition in bankruptcy, petitions for or acquiesces
in the appointment of any receiver, trustee, or similar officer to liquidate or conserve its business or any substantial part of its assets,
commences under the laws of any jurisdiction (the “Bankruptcy Laws”) any proceeding involving its insolvency, bankruptcy,
reorganization, adjustment of debt, dissolution, liquidation or any other similar proceeding for the release of financially distressed
debtors or becomes a party to any proceeding or action under the Bankruptcy Laws and such proceeding is not dismissed within sixty (60)
days after the commencement thereof.

 

(d) License
Grant by Hapbee to EMulate. Hapbee hereby grants EMulate, effective upon the effective date of an early termination pursuant to this
Section 13.2, a fully paid, royalty free, perpetual, irrevocable, exclusive license, with the right to grant sublicenses (through multiple
tiers), under any and all Patents and Know-How Controlled by Hapbee at the time of such termination for EMulate to develop, make, have
made, use, sell, offer for sale, lease, rental, and import Authorized Product in the Territory.

 

    	28 

     

    

 

13.3 Effects
of Termination. Upon the early termination of this Agreement by EMulate under Section 13.2(b) or 13.2(c), the following will apply:

 

(a) Inventory.
Hapbee, its Distributors, and Sublicensees will continue, to the extent that Hapbee, its Distributors, and Sublicensees continue to have
stocks of usable Authorized Product, to fulfill orders received from customers for the Authorized Product in the Field in the Territory
for up to six (6) months after the effective date of termination. Hapbee will pay royalties to EMulate in accordance with Section 7.2
on the amount of Net Income from the use, sale, lease and rental of Authorized Product sold by Hapbee after notice of termination and
after the effective date of termination.

 

(b) License
Grant by Hapbee to EMulate. Hapbee hereby grants EMulate, effective upon the effective date of such termination, a fully paid, royalty
free, perpetual, irrevocable, exclusive license, with the right to grant sublicenses (through multiple tiers), under any and all Patents
and Know-How Controlled by Hapbee and incorporated into the Authorized Product at the time of such termination for EMulate to make, have
made, use, sell, offer for sale, lease, rental and import Authorized Product in the Territory.

 

(c) Supply.
The Commercial Supply Agreement, if applicable, will terminate upon the effective date of the termination of this Agreement.

 

(d) Transition.
Hapbee will cooperate with EMulate and/or its designee to effect a smooth and orderly transition in the use, sale, lease, rental and marketing,
promotion, and Commercialization of the Authorized Product in the Territory.

 

13.4 Effects
of Termination for Cause by Hapbee. Upon termination of this Agreement by Hapbee under Section 13.2(b) or 13.2(c), (in addition to
any other rights and obligations under this Agreement with respect to such termination) all licenses granted by EMulate to Hapbee pursuant
to Section 2.1 will terminate; provided, however, that Hapbee may elect to have all or any portion of the licenses granted to Hapbee pursuant
to Section 2.1 (and pursuant to the Commercial Supply Agreement, if applicable) continue, in which case Hapbee’s obligations to
EMulate under Article 7 and EMulate’s rights under Article 7 will continue.

 

13.5 Rights
Upon Bankruptcy. All rights and licenses granted under or pursuant to this Agreement by EMulate (and pursuant to the Commercial Supply
Agreement, if applicable) are, and will otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses
of right to “intellectual property” as defined under Section 101 of the Bankruptcy Laws. The Parties agree that Hapbee, as
licensee of such rights under this Agreement, will retain and may fully exercise all of its rights and elections under the Bankruptcy
Laws.

 

13.6 Return
of Confidential Information. Upon termination or expiration of this Agreement, except to the extent necessary or reasonably useful
for a Party to exercise its rights under any license surviving such termination or expiration, each Party will promptly return to the
other Party, or delete or destroy, all relevant records and materials in such Party’s possession or control containing Confidential
Information of the other Party; provided, that such Party may keep one copy of such materials for archival purposes only.

 

13.7 Survival.
The following provisions will survive any expiration or termination of this Agreement: Articles 1 (Definitions), 10 (Confidentiality),
12 (Indemnification), 14 (Dispute Resolution), and 15 (General Provisions), and Sections 2.3 (License Grant to EMulate), 2.4 (No Implied
License), 4.2 (Records), 8.4 (Records), 8.5 (Audits), 9.1 (Ownership of Intellectual Property), 13.3-13.4 (Effects of Termination; in
each case to the extent applicable), and 13.7 (Survival).

 

    	29 

     

    

 

Article
14

DISPUTE RESOLUTION

 

The Parties recognize that disputes
as to certain matters may from time to time arise during the Term that relate to interpretation of a Party’s rights and/or obligations
hereunder or any alleged breach of this Agreement. If the Parties cannot resolve any such dispute within thirty (30) days after written
notice of a dispute from one Party to another, either Party may, by written notice to the other Party, have such dispute referred to the
Chief Executive Officer of EMulate and the Chief Executive Officer of Hapbee (collectively, the “Senior Executives”).
The Senior Executives will negotiate in good faith to resolve the dispute within thirty (30) days. If the Senior Executives are not able
to resolve such dispute referred to them under this Article 14 within such thirty (30)-day period, each of the Parties will be free to
pursue its legal rights and remedies before a judicial tribunal of competent jurisdiction.

 

Article
15

GENERAL PROVISIONS

 

15.1 Governing
Law; Venue. This Agreement and all questions regarding the existence, validity, interpretation, breach, or performance of this Agreement,
will be governed by, and construed and enforced in accordance with, the laws of the State of Washington, United States, without reference
to its conflicts of law principles. Any dispute arising under this Agreement will be pursued in a court of competent jurisdiction located
in Seattle, Washington, and each of the Parties waives any objection it may have to the laying of venue brought in any such court, waives
any claim that any proceedings with respect to a dispute have been brought in an inconvenient forum, and further waives any right to object
that such court does not have any jurisdiction over such Party.

 

15.2 Waiver
of Breach. No delay or waiver by either Party of any condition or term hereunder in any one or more instances will be construed as
a further or continuing waiver of such condition or term or of any other condition or term in this Agreement. Any waiver by a Party of
a particular term or condition will be effective only if set forth in a written instrument duly executed by or on behalf of the Party
waiving such term or condition.

 

    	30 

     

    

 

15.3 Further
Actions. Each Party agrees to execute, acknowledge, and deliver such further instruments, and to perform all such other acts, as may
be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

15.4 Severability.
In the event any provision of this Agreement is adjudicated to be invalid, illegal, or unenforceable by a court of competent jurisdiction,
the Parties will use their best efforts to replace the invalid, illegal, or unenforceable provision with a valid, legal, and enforceable
provision that most closely reflects the original intent of the Parties. All other provisions of this Agreement will not in any way be
affected or impaired by such adjudication and will remain in full force and effect.

 

15.5 Entire
Agreement; Amendment. This Agreement, together with the exhibits hereto (which exhibits are by this reference incorporated into this
Agreement), contains the entire understanding of the Parties with respect to the subject matter hereof. This Agreement supersedes all
prior and contemporaneous agreements and communications of the Parties, whether oral, written, or otherwise, concerning any and all matters
that are the subject of this Agreement. Except as expressly set forth herein, this Agreement may be amended or modified only by a written
instrument executed by authorized representatives of each Party.

 

15.6 Notices.
Any notice or communication required or permitted under this Agreement will be in writing in the English language, delivered personally,
sent by facsimile (and promptly confirmed by personal delivery, registered or certified mail or overnight courier), sent by internationally-recognized
courier or sent by registered or certified mail, postage prepaid to the following addresses of the Parties (or at any address such Party
may designate by prior written notice to the other Party in accordance with this Section 15.6):

 

If to EMulate, notices must be addressed to:

 

EMulate Therapeutics, Inc.

425 Pontius Avenue North, Suite 200 

Seattle, WA 98109 

U.S.A 

Attention: President and CEO 

Tel: +1 206-708-2288, ext. 122 

Fax: +1 206-260-7201

 

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

 

EMulate Therapeutics, Inc. 

425 Pontius Avenue North, Suite 200 

Seattle, WA 98109 

U.S.A 

Attention: General Counsel 

Tel: +1 206-708-2288, ext. 105 

Fax: +1 206-260-7201

 

If to Hapbee, notices must be addressed to:

 

Hapbee Technologies, Inc. 

700 West Georgia Street

25th Floor

Vancouver, BC V7Y 1B3

Canada

Attention: CEO 

Tel: +1 360-929-1520

 

    	31 

     

    

 

Any such notice will be deemed
to have been given (a) when delivered if personally delivered; (b) on the next Business Day after dispatch if sent by confirmed facsimile
or by internationally-recognized overnight courier; and/or (c) on the fifth (5th) Business Day following the date of mailing
if sent by mail or other internationally-recognized courier. Notices hereunder will not be deemed sufficient if provided only between
or among each Party’s representatives on the JSC.

 

15.7 Assignment.
Neither this Agreement nor any obligation of a Party hereunder may be assigned by either Party without the prior written consent of the
other Party; provided, however, that either Party may assign this Agreement in its entirety without such consent to (i) any purchaser
of all, or substantially all, of its assets to which this Agreement relates, or (ii) any successor corporation resulting from any merger,
consolidation, share exchange, or other similar transaction, provided that any such successor corporation will assume all obligations
of its assignor under this Agreement. This Agreement will inure to the benefit of EMulate and Hapbee and their respective successors and
permitted assigns. Any assignment of this Agreement that is not made in accordance with this Section 15.7 will be null and void and of
no legal force or effect.

 

15.8 Relationship
of the Parties. Nothing in this Agreement or any action which may be taken pursuant to its terms is intended, or will be deemed, to
establish a joint venture, agency, or partnership between Hapbee and EMulate. Neither Party to this Agreement has any express or implied
right or authority to assume or create any obligations on behalf of, or in the name of, the other Party, or to bind the other Party to
any contract, agreement or undertaking with any Third Party, without the prior written consent of the other Party.

 

15.9 Interpretation.
The headings of clauses contained in this Agreement preceding the text of the sections, subsections, and paragraphs hereof are inserted
solely for convenience and ease of reference only and will not constitute any part of this Agreement, or have any effect on its interpretation
or construction. All references in this Agreement to the singular will include the plural where applicable. Unless otherwise specified,
references in this Agreement to any Article will include all sections, subsections, and paragraphs in such Article, references to any
section will include all subsections and paragraphs in such section, and references in this Agreement to any subsection will include all
paragraphs in such subsection. The word “including” and similar words means including without limitation. The word “or”
means “and/or” unless the context dictates otherwise because the subjects of the conjunction are mutually exclusive. The words
“herein,” “hereof,” and “hereunder” and other words of similar import refer to this Agreement as a
whole and not to any particular section or other subdivision. All references to days in this Agreement mean calendar days, unless otherwise
specified. Ambiguities and uncertainties in this Agreement, if any, will not be interpreted against either Party, irrespective of which
Party may be deemed to have caused the ambiguity or uncertainty to exist. This Agreement has been prepared in the English language and
the English language will control its interpretation. In addition, all notices required or permitted to be given hereunder, and all written,
electronic, oral, or other communications between the Parties regarding this Agreement will be in the English language. Les parties reconnaissent
avoir exigé que la présente et tous les documents connexes soient rédigés en anglais.

 

15.10 Counterparts.
This Agreement may be executed in any number of counterparts each of which will be deemed an original, and all of which together will
constitute one and the same instrument.

 

[Signature page follows]

 

    	32 

     

    

 

IN WITNESS WHEREOF, the
Parties have caused this Exclusive License Agreement to be executed by their duly authorized representatives as of the date first written
above.

 

	EMulate Therapeutics, Inc.	 	Hapbee Technologies, Inc.
	 	 	 
	By:	/s/ Steven E. Pope	 	By:	/s/ Chris E. Rivera
	Name:	Steven E. Pope	 	Name: 	Chris E. Rivera
	Title:	SVP and Secretary	 	Title: 	PresidentExhibit
10.8

 

AMENDED
AND RESTATED

EMPLOYMENT AGREEMENT

 

This
Amended and Restated Employment Agreement (this “Agreement”) is made and entered into as of March 15, 2022 (the “Effective
Date” of this Agreement), by and between EMulate Therapeutics, Inc., a Washington corporation (formerly known as Nativis, Inc.,
the “Company”), and Chris E. Rivera (“Employee”), to amend and restate in its entirety the prior
Amended and Restated Employment Agreement relating to the employment of Employee by the Company (the “Prior Agreement”)
entered into by the Company and Employee as of April 27, 2016. The term “Parties” as used in this Agreement means
the Company and Employee and the term “Party” means the Company or Employee, as the context requires.

 

In
consideration of the mutual covenants and promises contained in this Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.
Employment

 

The
Company will employ Employee during the Employment Period as its President and Chief Executive Officer.

 

2.
Employment Period

 

The
term of Employee’s employment under this Agreement (the “Employment Period”) commenced on January 1, 2016, and
will end upon Employee’s termination. The employment of Employee will not be terminated by the Company other than in accordance
with Section 10 of this Agreement.

 

3.
Duties

 

Employee
will perform the duties and exercise the powers as the President and Chief Executive Officer of the Company, as well as any additional
duties and powers which the Board of Directors of the Company may reasonably and properly assign to him. Employee will attend and participate
in meetings of the Board of Directors of the Company, and of its Committees as may be requested from time to time by any such Committee.

 

4.
Extent of Services

 

Employee
will devote substantially all of his business time, attention and effort to the business and affairs of the Company and its affiliates.
Employee may, with the consent of the Board of Directors, participate in other businesses as an outside director or investor, provided
that Employee will not actively participate in the operation or management of such businesses unless, in the Board of Directors’
sole determination, there is no conflict of interest or potential perception of a conflict of interest with the Company’s business.

 

    	 

    	 

    

 

5.
Salary

 

During
the period from the Effective Date through June 30, 2022, the Company will pay Employee, in accordance with its normal payroll practices
in monthly or semi-monthly increments, a monthly salary at an initial rate of $15,708.33, which is equal to an annual salary of $188,500.00.
From and after June 30, 2022, the Company will pay Employee, in accordance with its normal payroll practices in monthly or semi-monthly
increments, a monthly salary at an initial rate of $73,475.00, which is equal to an annual salary (“Base Salary”)
of $881,700.00. During the Employment Period, Base Salary will be reviewed at least annually by the Board of Directors or the Compensation
Committee of the Board of Directors (“Compensation Committee”) and will be increased annually in a percentage amount
as determined by the Board of Directors or the Compensation Committee, if the power to effect such increase has been delegated by the
Board of Directors to the Compensation Committee. Base Salary will not at any time be reduced without the prior written consent of Employee.

 

6.
Annual Incentive Bonus (STI); Equity Awards

 

6.1
Within sixty (60) days following each February 1 during the Employment Period, Employee will identify in writing to the Board of Directors
the goals he expects to achieve with respect to the Company during the employment year beginning on the Effective Date or such relevant
anniversary date. Such goals as are approved by the Board of Directors are referred to in this Agreement with respect to each employment
year as “Annual Goals” for such relevant employment year. Promptly following the end of each employment year, Employee
and the Board of Directors will review Employee’s performance with respect to achieving the Annual Goals for such employment year,
and Employee will receive a cash bonus (STI) to the extent Employee has achieved his Annual Goals (in addition to his Base Salary for
such employment year). The target for Employee’s annual cash bonus (STI) for any employment year will be 100% of his Base Salary
for such year. Base Salary and any such cash bonus (STI) together will constitute “Total Salary” for the relevant
employment year.

 

6.2
Employee will receive an annual award of a stock option to purchase or of RSUs to receive shares of the Company’s common stock.
The number of common shares to be included in such option will be determined by the Board based on Employee’s achievement of his
Annual Goals, and 100% of shares awarded under any stock option will be vested as of the date of grant of such option. The price for
each common share subject to the option will be equal to the fair market value per share for the Company’s common stock at the
time the option is granted, as determined by the Board of Directors, and the period in which Employee may exercise such option will be
for seven (7) years after the date of grant thereof.

 

6.3
The stock options and RSUs referred to in this Section 6 will be evidenced by and subject to all the terms and conditions set forth in
the stock option grant notice, the stock option agreement, and the RSU Agreement, as the case may be, related thereto and the Company’s
Amended and Restated 2016 Equity Incentive Plan (as amended or superseded from time to time).

 

    	-2-

    	 

    

 

7.
Benefits

 

Employee
will be entitled to participate in the Company’s benefit plans both for salaried employees and for officers, including without
limitation any supplemental disability plan for executive employees, any supplemental death benefit plan for executive employees, the
Company’s medical, disability and life insurance programs, the Company’s 401(k) plan and qualified retirement plans (if any),
matching Company contributions with respect to such plans, any deferred compensation plan, any supplemental executive retirement plan
and the like, in accordance with their terms, each of which may be amended from time to time, and any other benefit plans now or hereafter
available to the Company’s senior executives and officers. The Company will provide Employee with medical, life and disability
insurance benefits, and other benefits, with terms and provisions substantially as favorable to Employee as those provided to senior
executives and officers of the Company. The Company may prospectively amend, eliminate or add to these insurance and benefit programs
at any time, in its sole discretion. Employee will be entitled to paid time off in accordance with Company policies for senior executives
and officers.

 

8.
Severance

 

8.1
Severance Payment. If Employee’s employment terminates (whether by the Company or by Employee) for any reason except termination
by the Company for Cause, then, subject to the terms and conditions of Sections 8.2, 8.3 and 8.4, Employee will be entitled to receive
severance equal to his Total Salary (“Severance Payment”). Payment of the Severance Payment will be subject to the
effective and irrevocable execution by Employee and the Company of a full settlement agreement and mutual release of claims, in form
and substance satisfactory to each of Employee and the Company (the “Release”) and provided that such Release becomes
effective and irrevocable no later than sixty (60) days following the Employee’s termination date (such deadline, the “Release
Deadline”). If the Release does not become effective and irrevocable by the Release Deadline, Employee will forfeit any rights
to severance or benefits under this Agreement. In no event will severance payments or benefits be paid or provided until the Release
becomes effective and irrevocable. Interest on the unpaid balance of the Severance Payment will accrue commencing on the date of the
termination of Employee’s employment at a rate equal to ten percent (10%) per annum, calculated based on a 365-day year and the
actual number of days elapsed.

 

8.2
Taxes. All severance payments due to Employee under this Section 8 will be subject to applicable tax reporting and withholdings
and, except for the employer portion of any employment taxes, payment of taxes on the payments set forth hereunder will be the full and
sole responsibility of the Employee.

 

    	-3-

    	 

    

 

8.3.
IRC Section 280G Matters. In the event that the severance payments and other benefits provided for in this Agreement or otherwise
payable to Employee constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code (the
“Code”) and but for this Section 8.3, would be subject to the excise tax imposed by Section 4999 of the Code (the
“Excise Tax”), then Employee’s severance payments and benefits under this Agreement will be payable either:

 

(a)
in full, or

 

(b)
as to such lesser amount which would result in no portion of such severance payments or benefits being subject to the Excise Tax, whichever
of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the
receipt by Employee on an after-tax basis, of the greatest amount of severance payments and benefits under this Agreement, notwithstanding
that all or some portion of such severance payments or benefits may be taxable under Section 4999 of the Code. Any reduction in the severance
payments and benefits required by this Section will be made in the following order: (i) reduction of cash payments; (ii) reduction of
accelerated vesting of equity awards other than stock options; (iii) reduction of accelerated vesting of stock options; and (iv) reduction
of other benefits paid or provided to Employee. In the event that acceleration of vesting of equity awards is to be reduced, such acceleration
of vesting will be cancelled in the reverse order of the date of grant of Employee’s equity awards. If two or more equity awards
are granted on the same date, each award will be reduced on a pro-rata basis. The professional firm engaged by the Company or its successor,
as relevant, for general tax purposes as of the day prior to the date of the event that might reasonably be anticipated to result in
severance payments and benefits that would otherwise be subject to the Excise Tax will perform the foregoing calculations. If the tax
firm so engaged by the Company or its successor, as relevant, is serving as accountant or auditor for the acquiring company, the Company
or its successor, as relevant, will appoint a nationally recognized tax firm to make the determinations required by this Section. The
Company or its successor, as relevant, will bear all expenses with respect to the determinations by such firm required to be made by
this Section. The Company or its successor, as relevant, and Employee will furnish such tax firm such information and documents as the
tax firm may reasonably request in order to make its required determination. The tax firm will provide its calculations, together with
detailed supporting documentation, to the Company or its successor, as relevant, and Employee as soon as practicable following its engagement.
Any good faith determinations of the tax firm made hereunder will be final, binding and conclusive upon the Company or its successor,
as relevant, and Employee.

    	-4-

    	 

    

 

8.4 Compliance with Section 409A of the Code.

 

(a) Limitation.
Notwithstanding anything set forth in this Agreement to the contrary, no amount payable pursuant to this Agreement which constitutes
a “deferral of compensation” within the meaning of Section 409A of the Code (“Section 409A”) and the
Treasury Regulations issued pursuant to Section 409A of the Code (the “Section 409A Regulations”) will be paid
unless and until Employee has incurred a “separation from service” within the meaning of the Section 409A Regulations.
Furthermore, to the extent that Employee is a “specified employee” within the meaning of the Section 409A Regulations as
of the date of Employee’s separation from service, no amount that constitutes a deferral of compensation which is payable on
account of Employee’s separation from service will be paid to Employee before the date which is the earlier to occur of: (i)
the date that is six months and one day after the effective date of Employee’s separation from service, and (ii) the date of
the Employee’s death (such earlier date, the “Delayed Initial Payment Date”), the Company will (A) pay to
Employee a lump sum amount equal to the sum of the payments upon separation from service that Employee would otherwise have received
through the Delayed Initial Payment Date if the commencement of the payments had not been delayed pursuant to this Section 8.4, and
(B) commence paying the balance of the payments in accordance with the applicable payment schedules set forth herein. No interest
will be due on any amounts so deferred.

 

(b)
Tax Interpretation. It is intended that all of the benefits and payments under this Agreement satisfy, to the greatest extent
possible, the exemptions from the application of Code Section 409A provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5)
and 1.409A-1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions. If not
so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A, and incorporates
by reference all required definitions and payment terms. For purposes of Code Section 409A (including, without limitation, for purposes
of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Employee’s right to receive any installment payments under this Agreement
(whether severance payments, reimbursements or otherwise) will be treated as a right to receive a series of separate payments and, accordingly,
each installment payment hereunder will at all times be considered a separate and distinct payment. However, neither the Company nor
its successor, as relevant, guarantees any particular tax effect under Section 409A for income provided to Employee pursuant to this
Agreement. Except for the Company’s, or its successor’s, as relevant, responsibility to withhold and remit applicable income
and employment taxes from compensation paid or provided to Employee, neither the Company nor its successor, as relevant, will be responsible
for the payment of any applicable taxes on compensation paid or provided to Employee pursuant to this Agreement.

 

(c) Reimbursements.
For the avoidance of doubt, if any reimbursements payable to Employee are subject to the provisions of Code Section 409A: (i) to be eligible
to obtain reimbursement for such expenses Employee must submit expense reports in accordance with the Company’s reimbursement policy,
(ii) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred,
(iii) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and
(iv) the right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.

 

    	-5-

    	 

    

 

9.
Pro Ration of Incentives

 

The
incentives accruing to Employee under Section 8 will all accrue on a monthly basis rather than requiring completion of each full year
of continued employment in order for Employee to receive any incentive credit for that year.

 

10.
Termination

 

10.1
Termination for Cause. The Company, acting through the Board of Directors, may terminate Employee’s employment for Cause.
For the purposes of this Agreement, “Cause” will mean a finding by the Board of Directors that Employee willfully
engaged in illegal or grossly wrongful misconduct that results in financial detriment materially and demonstrably injurious to the Company.
No act on Employee’s part will be considered “willful” unless he has acted with an absence of good faith and without
a reasonable belief that his action was in or not opposed to the interests of the Company. Employee will have the opportunity to appear
before the Board of Directors within sixty (60) days, with legal representation if he so chooses, to present arguments and evidence on
his own behalf intended to reverse the Board of Directors’ findings regarding termination for Cause. If the Board of Directors
generally fails to comply with the provisions of this Section 10.1, any termination of employment by the Company will be deemed a termination
without Cause for all purposes of this Agreement.

 

10.2
Termination without Cause. Either the Company or Employee may, at its or his option and at any time, terminate the Employee’s
employment without Cause. In case of such termination, Employee will be entitled to the payments and benefits provided for in Section
8 of this Agreement.

 

10.3
Death or Disability. In the event of termination of Employee’s employment pursuant to his death or Disability, Employee
or his estate will be paid his Total Salary earned through the date of such termination, his annual incentive bonus for the employment
year during which such termination occurs pro-rated through the date of termination and severance benefits provided for in Section 8
of this Agreement, and all other benefits and payments provided for under this Agreement. “Disability” means a physical
or mental condition which, in the opinion of a physician appointed by the Board of Directors, renders Employee unable or incompetent
to carry out his material job responsibilities or the material duties to which Employee was assigned at the time the disability was incurred,
which has lasted for at least three months and which, in the opinion of the physician appointed by the Board of Directors, is expected
to last for a duration in excess of six (6) months.

 

    	-6-

    	 

    

 

10.4
Termination with Good Reason. If at any time following the Effective Date Employee terminates his employment with Good Reason
by providing written notice of such termination to the Company, Employee will be entitled to the same payments and benefits provided
for in Section 8 of this Agreement. For purposes of this Agreement, “Good Reason” will mean the occurrence of one
or more of the following events, written notice of which has been provided by Employee to the Company and which Company has not cured
within thirty (30) days following receipt of such notice:

 

(a)
the assignment to Employee of any duties inconsistent with Employee’s position (including status, offices, titles and reporting
requirements), authority, duties or responsibility as contemplated by Sections 1 and 3 or any other action by the Company which results
in a diminution in such position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent
action not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by Employee;

 

(b)
any failure by the Company to comply with the provisions of this Agreement, other than an isolated, insubstantial and inadvertent failure
not taken in bad faith and which is remedied by the Company promptly after receipt of notice thereof given by Employee;

 

(c)
the Company’s requiring Employee to be based at any location other than its corporate headquarters or relocating the corporate
headquarters more than fifty (50) miles from Bellevue, Washington; or

 

(d)
any failure by the Company to assign this Agreement to a successor to the Company or the failure of a successor to explicitly assume
and agree in writing to be bound by this Agreement.

 

A
reasonable determination by Employee that any of the foregoing events has occurred and constitutes Good Reason will be conclusive and
binding for all purposes if the Company has not cured the situation giving rise to, or has eliminated, the Good Reason event within the
thirty-day period following the Company’s receipt of Employee’s written notice thereof.

 

11.
Change of Control

 

11.1
Change of Control. The Board of Directors, in the exercise of its responsibility to serve the best interests of the shareholders
of the Company, may at any time consider a merger or acquisition proposal that could result in a Change of Control of the Company. In
order to avoid any adverse effect on Employee’s performance under this Agreement that might be caused by uncertainties concerning
his tenure and treatment by the Company in the event of such a Change of Control, the Company has agreed to provide certain benefits
to Employee in the event of a Change of Control of the Company in accordance with the provisions of this Section. For purposes of this
Agreement, a “Change of Control” will mean the occurrence of any one of the following actions or events:

 

    	-7-

    	 

    

 

(a)
The acquisition by any single individual, entity or group, through an equity financing while the Company is a privately held company
or otherwise, of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act) of 30% or more
of either (A) the outstanding common stock of the Company or (B) the outstanding voting securities of the Company; provided, however,
that the following acquisitions will not constitute a Change of Control: (x) any acquisition of securities by the Company, (y) any acquisition
of securities by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by
the Company, or (z) any acquisition by any corporation pursuant to a business combination, if, following such business combination, the
conditions described in clauses (A), (B) and (C) of subsection (c)(ii) of this Section 11.1 are satisfied; or

 

(b)
A “Board Change,” which, for purposes of this Agreement, will have occurred if a majority of the seats on the Board
of Directors are occupied by individuals who were not nominated by a majority of the Incumbent Directors (“Incumbent Director”
means a member of the Board of Directors who has been nominated by a majority of the directors of the Company then in office, but excluding,
for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election
contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Securities Exchange Act) or other actual or threatened
solicitation of proxies or consents by or on behalf of a person or entity other than the Board of Directors); or

 

(c)
Approval by the shareholders of the Company of a Business Combination (“Business Combination” means (i) a reorganization,
exchange of securities, merger, consolidation or other business combination involving the Company or (ii) the sale or other disposition
of all or substantially all the assets of the Company) unless after giving effect to such Business Combination and any equity financing
completed or contemplated in connection with or as a result of such Business Combination, (A) more than 66-2/3% of, respectively, the
then outstanding shares of common stock of the corporation resulting from or effecting such Business Combination and the combined voting
power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then beneficially
owned, directly or indirectly, by all or substantially all the individuals and entities who were the beneficial owners, respectively,
of the outstanding common stock of the Company and outstanding voting securities of the Company immediately prior to such Business Combination
in substantially the same proportion as their ownership, immediately prior to such Business Combination, of the outstanding common stock
of the Company and outstanding voting securities of the Company, as the case may be, (B) no person or entity (excluding the Company and
any employee benefit plan (or related trust) of the Company or its affiliates) beneficially owns, directly or indirectly, twenty percent
(20%) or more of, respectively, the then outstanding shares of common stock of the corporation resulting from or effecting such Business
Combination or the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in
the election of directors, and (C) at least a majority of the members of the board of directors of the corporation resulting from or
effecting such Business Combination were Incumbent Directors at the time of the execution of the initial agreement or action of the Board
of Directors providing for such Business Combination.

 

    	-8-

    	 

    

 

11.2
Termination. In the event that a Change of Control occurs during the term of this Agreement, and Employee’s employment is
terminated for any reason prior to the expiration of one (1) year following the date of the Change of Control, whether by the Company
or its successor or by Employee, Employee will, notwithstanding any provision of this Agreement to the contrary, be entitled to receive
the payments and benefits described in Section 8.

 

12.
Benefits Continuation

 

The
Company will, or will reimburse Employee his cost to, maintain in full force and effect for five (5) years following the date of any
termination of Employee’s employment all employee health and welfare benefit plans, programs and policies, including any life and
health insurance plans in which Employee was entitled to participate immediately prior to termination. Coverage under any of the Company
plans, programs and policies will be discontinued during such five (5)-year period to the extent Employee is covered by a substantially
similar plan, program or policy by another employer.

 

13.
No Mitigation

 

Employee
will not be required to mitigate the amount of any payment due hereunder by seeking other employment and, except as provided in the next
sentence, the payments due hereunder will not be affected by any other employment which Employee may obtain. If Employee accepts a position
with another employer during the period for payment of employee health and welfare benefits under Section 12, then the Company’s
obligation to pay such employee benefits will cease as of the date of Employee’s new employment; provided, however, that the Company
will continue such benefits for the full period to the extent that they exceed the comparable benefits from such other employment. The
Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder will
not be affected by any circumstances, including set-off, counterclaim, recoupment, defense or other claim, right or action which the
Company may have against Employee or others.

 

14.
Indemnification

 

The
Company will defend, indemnify and hold harmless Employee from any and all liabilities, obligations, claims or expenses that arise in
connection with or as a result of Employee’s service as an officer or employee (or director if Employee is elected and serves as
a director) of the Company and/or any of its affiliates and subsidiaries to the fullest extent allowed by law. The Company will ensure
that Employee remains covered by the Company’s policies of directors’ and officers’ liability insurance for six (6)
years following the date of termination.

 

    	-9-

    	 

    

 

15.
Payments and Disputes

 

The
amounts specified in this Agreement, other than any payments that Employee has elected to receive in the form of a monthly annuity or
has elected to defer under a deferred compensation plan, will be paid by the Company no more than forty-five (45) days after the date
of termination. In the event that any payments due hereunder will be delayed for any reason for more than five (5) business days from
the date due, the amounts due will bear interest at the rate of twelve percent (12%) per annum until paid. Any dispute between the Parties
hereto with respect to any of the matters set forth herein will be submitted to binding arbitration in Bellevue, Washington. Either Party
may commence the arbitration by delivery of a written notice to the other, describing the issue in dispute and its position with regard
to the issue. If the Parties are unable to agree on an arbitrator within thirty (30) days following delivery of such notice, the arbitrator
will be selected by a Judge of the Superior Court of the State of Washington for King County upon three (3) days’ notice. Discovery
will be allowed in connection with any such arbitration to the same extent permitted by the Washington Rules of Civil Procedure, but
either Party may petition the arbitrator to limit the scope of such discovery, in which event the arbitrator will determine the extent
of discovery allowable in connection with the dispute in question. The arbitrator will have the authority only to interpret and apply
the applicable provisions of this Agreement, will not add to, subtract from, reform, or modify any of the provisions of this Agreement,
and will not have the authority to grant any award that is not consistent with the terms and provisions of this Agreement. Except as
otherwise provided herein, the arbitration will be conducted in accordance with the rules of the American Arbitration Association then
in effect for expedited proceedings. The award of the arbitrator will be final and binding, and judgment upon an award may be entered
in any court of competent jurisdiction. The arbitrator will hold a hearing, at which the Parties may present evidence and argument, within
thirty (30) days of his or her appointment, and will issue an award within fifteen (15) days of the close of the hearing. The Company
will, regardless of the outcome, pay all reasonable fees and expenses, including reasonable attorneys’ fees and the cost of any
arbitrator, incurred by Employee in contesting or disputing any termination for Cause or in seeking to obtain or enforce any right or
benefit provided by this Agreement. The arbitration of any disputed matter will be subject to the statutes of limitations of the state
of Washington as would have been applicable had such disputed matter been litigated in a court of law.

 

16.
Beneficiary

 

If
Employee dies prior to receiving all of the amounts payable to him in accordance with the terms of this Agreement, such amounts will
be paid to his surviving spouse unless Employee has designated another beneficiary in writing or, if there is no surviving spouse or
other designated beneficiary, to his estate. Such payments will be made in a lump sum to the extent so payable and otherwise in accordance
with the terms of this Agreement.

 

    	-10-

    	 

    

 

17.
Notices

 

All
notices, requests, consents and other communications hereunder to either Party will be deemed to be sufficient if contained in a written
instrument delivered in person, including delivery by recognized express courier, fees prepaid, or sent by electronic mail (“email”)
in each case addressed as set forth below, or to such other address as may hereinafter be designated in writing by the recipient to the
sender pursuant to this Section 17. Notices hereunder may not be sent by facsimile or mail. All such notices, requests,
consents and other communications will be deemed to have been received in the case of personal delivery, including delivery by express
courier, on the date of such delivery, or in the case of email transmission, upon transmission without notification of failure of transmission.

 

If
to Employee, to:

 

Chris
Rivera

14707
SE 172nd Place

Renton,
WA 98058

Email:
crivera@emulatetx.com

 

If
to Company:

 

EMulate
Therapeutics, Inc.

13810 SE Eastgate Way

Suite 560

Bellevue, WA 98005

Attention: General Counsel

Email:
spope@emulatetx.com

18.
Amendment; Waiver

 

This
Agreement will not be amended or modified, nor will any provision hereof be waived, except by written instrument executed by the Company
and Employee. A waiver of any provision of this Agreement will not operate or be construed as a waiver of any other provision, and a
waiver of any default in any provision will not operate or be construed as a waiver of any later default thereof.

 

19.
Effect of This Agreement; Forgiveness

 

This
Agreement amends and restates the Prior Agreement in its entirety as of the Effective Date. Without limiting the foregoing, Employee
hereby forever forgives in their entirety any and all monetary amounts incurred as a debt or liability of the Company to the Employee
prior to the Effective Date. ORAL AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT
OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON LAW.

 

    	-11-

    	 

    

 

20.
Governing Law

 

This
Agreement will be governed by, construed and enforced in accordance with the laws of the state of Washington, without giving effect to
principles and provisions thereof relating to conflict or choice of laws and irrespective of the fact that any one of the Parties is
now or may become a resident of a different state.

 

21.
Validity

 

In
case any term of this Agreement will be invalid, illegal or unenforceable, in whole or in part, the validity of any of the other terms
of this Agreement will not in any way be affected thereby.

 

22.
Successors and Assigns

 

The
Company may not assign its rights and obligations under this Agreement without the prior written consent of Employee except to a successor
of the Company’s business which expressly assumes the Company’s obligations hereunder in writing. Employee may not assign
all or any part of this Agreement or delegate any of his duties as an employee of the Company, to any third party without the prior written
approval of the Company. This Agreement will be binding upon and inure to the benefit of Employee, his estate and surviving spouse or
other beneficiary, and of the Company and the successors and permitted assigns of the Company.

 

23.
Survival of Employee’s Rights

 

All
of Employee’s rights hereunder, including his rights to compensation and benefits, will survive the expiration of the Employment
Period, any termination of Employee’s employment and the termination of this Agreement.

 

24.
Counterparts

 

This
Agreement may be executed in counterparts, each of which will be deemed to be an original, and all of which, when so executed, will constitute
one and the same instrument.

 

25.
Entire Agreement

 

This
Agreement contains the entire understanding of the Parties with regard to the subject matter of this Agreement and may only be changed
by written agreement hereafter signed by both Parties. Any and all prior discussions, negotiations, commitments and understandings related
thereto are merged herein.

 

[This
space intentionally left blank]

 

    	-12-

    	 

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.

 

	 	EMulate
    Therapeutics, Inc.
	 	 
	 	By	/s/
    Steven E. Pope
	 	 	Steven
    E. Pope
	 	 	Sr.
    Vice President, General Counsel
	 	 	and
    Secretary

 

	 	EMPLOYEE
	 	 	 
	 	 	/s/
    Chris E. Rivera
	 	 	Chris
    E. Rivera

 

    	-13-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00347-of-00352.parquet"}]]