Document:

Exhibit 10.3

 

SUBSCRIPTION AGREEMENT

 

Alpha Healthcare Acquisition
Corp.

1177 Avenue of the Americas,
5th Floor

New York, NY 10036

 

This Subscription Agreement
(this “Subscription Agreement”) is being entered into in connection with the proposed business combination (the
“Transaction”) between Alpha Healthcare Acquisition Corp., a Delaware corporation (“Alpha”),
and Humacyte, Inc., a Delaware corporation (the “Company”), pursuant to a merger agreement to be entered into
among Alpha, the Company, and the other parties thereto (the “Transaction Agreement”).

 

Alpha is seeking commitments
from interested investors to purchase shares of Alpha Class A common stock, par value $0.0001 per share (the “Shares”),
in a private placement (the “Private Placement”) for a purchase price of $10.00 per share (the “Per
Share Purchase Price”). The aggregate purchase price to be paid by the undersigned (the “Investor”)
for the subscribed Shares (as set forth on the signature page hereto) is referred to herein as the “Subscription Amount.”
On or about the date of this Subscription Agreement, Alpha is entering into subscription agreements (the “Other Subscription
Agreements” and together with the Subscription Agreement, the “Subscription Agreements”) with certain
other investors (the “Other Investors” and together with the Investor, the “Investors”),
severally and not jointly, pursuant to which the Investors, severally and not jointly, have agreed to purchase on the closing date
of the Transaction, inclusive of the Shares subscribed for by the Investor, an aggregate amount of up to 17,500,000 Shares, at
a per share price equal to the Per Share Purchase Price.

 

In connection therewith,
and in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions,
set forth herein, and intending to be legally bound hereby, each of the Investor and Alpha acknowledges and agrees as follows:

 

		1.	Subscription. The Investor hereby irrevocably subscribes for and agrees to purchase from Alpha
the number of Shares set forth on the signature page of this Subscription Agreement on the terms and subject to the conditions
provided for herein. The Investor acknowledges and agrees that Alpha reserves the right to accept or reject the Investor’s
subscription for the Shares for any reason or for no reason, in whole or in part, at any time prior to its acceptance, and the
same shall be deemed to be accepted by Alpha only when this Subscription Agreement is signed by a duly authorized person by or
on behalf of Alpha; Alpha may do so in counterpart form. In the event of rejection of the
subscription by Alpha or the termination of this Subscription Agreement in accordance with the terms hereof, the Investor’s
payment hereunder will be returned promptly to the Investor along with this Subscription Agreement, and this Subscription Agreement
shall have no force or effect

 

     

     

    

 

		2.	Closing. The closing of the sale of the Shares contemplated hereby (the “Closing”)
is contingent upon the substantially concurrent consummation of the Transaction. The Closing shall occur on the date of, and substantially
concurrently with and conditioned upon the effectiveness of the Transaction and concurrently with the Merger (as defined in the
Transaction Agreement). Upon (a) satisfaction or waiver (in writing by the person who has the authority to make such waiver) of
the conditions set forth in Section 3 of this Subscription Agreement and (b) delivery of written notice from (or on behalf
of) Alpha to the Investor (the “Closing Notice”), that Alpha reasonably expects all conditions to the closing
of the Transaction to be satisfied or waived (in writing by the person who has the authority to make such waiver) on a date that
is not less than five (5) Business Days (as defined below) from the date on which the Closing Notice is delivered to the Investor
(the “Closing Date”), the Investor shall deliver to Alpha, two (2) Business Days prior to the Closing Date specified
in the Closing Notice, the Subscription Amount by wire transfer of United States dollars in immediately available funds to the
account(s) specified by Alpha in the Closing Notice, such funds to be held by Alpha in escrow until the Closing. On the Closing
Date, Alpha shall issue the number of Shares to the Investor set forth on the signature page to this Subscription Agreement and
subsequently cause such Shares to be registered in book entry form in the name of the Investor (or its nominee in accordance with
its delivery instructions) on Alpha’s share register free and clear of any liens or other restrictions (other than those
arising under this Subscription Agreement or applicable securities laws); provided, however, that Alpha’s obligation
to issue the Shares to the Investor is contingent upon Alpha having received the Subscription Amount in full accordance with this
Section 2 of this Subscription Agreement. In the event that the consummation of the Transaction does not occur within two
(2) Business Days after the anticipated Closing Date specified in the Closing Notice, unless otherwise agreed to in writing by
Alpha and the Investor, Alpha shall promptly (but in no event later than three (3) Business Days after the anticipated Closing
Date specified in the Closing Notice) return the funds so delivered by the Investor to Alpha by wire transfer in immediately available
funds to the account specified by the Investor, and any book entries shall be deemed cancelled. For purposes of this Subscription
Agreement, “Business Day” shall mean any day, other than a Saturday or Sunday, on which commercial banks in
New York, New York and Boston, Massachusetts are open for the general transaction of business.

 

		3.	Closing Conditions.

 

		a.	The obligation of the parties hereto to consummate the purchase and sale of the Shares pursuant
to this Subscription Agreement is subject to the following conditions:

 

		(i)	no applicable governmental authority shall have enacted, issued, promulgated, enforced or entered
any judgment, order, law, rule or regulation (whether temporary, preliminary or permanent) which is then in effect and has the
effect of making consummation of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation
of the transactions contemplated hereby;

 

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		(ii)	the Shares shall have been approved for listing on the Nasdaq Capital Market; and

 

		(iii)	all conditions precedent to the closing of the Transaction under the Transaction Agreement shall
have been satisfied (as determined by the parties to the Transaction Agreement and other than those conditions under the Transaction
Agreement which, by their nature, are to be satisfied at the closing of the Transaction, including to the extent that any such
condition is dependent upon the consummation of the purchase and sale of the Shares pursuant to this Subscription Agreement) or
waived (in writing by the person who has the authority to make such waiver).

 

		b.	The obligation of Alpha to consummate the issuance and sale of the Shares pursuant to this Subscription
Agreement shall be subject to the condition that all representations and warranties of the Investor contained in this Subscription
Agreement are true and correct in all material respects (other than representations and warranties that are qualified as to materiality,
which representations and warranties shall be true in all respects), at and as of the Closing Date, and consummation of the Closing
shall constitute a reaffirmation by the Investor of each of the representations, warranties, covenants and agreements of the Investor
contained in this Subscription Agreement as of the Closing Date.

 

		c.	The obligation of the Investor to consummate the purchase of the Shares pursuant to this Subscription
Agreement shall be subject to the condition that (i) all representations and warranties of Alpha contained in this Subscription
Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to
materiality or Material Adverse Effect (as defined herein), which representations and warranties shall be true in all respects)
at and as of the Closing Date, and consummation of the Closing shall constitute a reaffirmation by Alpha of each of the representations
and warranties of Alpha contained in this Subscription Agreement as of the Closing Date; (ii) Alpha shall have performed, satisfied
and complied in all material respects with all covenants, agreements and conditions required by this Subscription Agreement to
be performed, satisfied or complied with by it at or prior to the Closing, (iii) the Shares shall not have been suspended, as of
the applicable Closing Date, by the U.S. Securities and Exchange Commission (the “SEC”) or The Nasdaq Stock
Market (“Nasdaq”) from trading on Nasdaq; and (iv) there shall have been no amendment, waiver or modification
to the Transaction Agreement that would reasonably be expected to materially and adversely affect the economic benefits that the
Investor would reasonably expect to receive under this Subscription Agreement without having received the Investor’s prior
written consent (not to be unreasonably withheld, conditioned or delayed).

 

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		4.	Further Assurances. At the Closing, the parties hereto shall execute and deliver such additional
documents and take such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate
the Subscription as contemplated by this Subscription Agreement.

 

		5.	Alpha Representations and Warranties. Alpha represents and warrants to the Investor, as of the
date hereof and as of the Closing Date, that:

 

		a.	Alpha has been duly incorporated, validly existing and is in good standing under the laws of the
State of Delaware, with corporate power and authority to own, lease and operate its properties and conduct its business as presently
conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

		b.	As of the Closing Date, the Shares will be duly authorized and, when issued and delivered to the
Investor against full payment therefor in accordance with the terms of this Subscription Agreement, the Shares will be validly
issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights
created under Alpha’s certificate of incorporation (as amended to the Closing Date) or under the General Corporation Law
of the State of Delaware.

 

		c.	This Subscription Agreement has been duly authorized, executed and delivered by Alpha and, assuming
that this Subscription Agreement constitutes the valid and binding agreement of the Investor, this Subscription Agreement is enforceable
against Alpha in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, or (ii) principles
of equity, whether considered at law or equity.

 

		d.	The execution and delivery of this Subscription Agreement, the issuance and sale of the Shares
and the compliance by Alpha with all of the provisions of this Subscription Agreement and the consummation of the transactions
contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets
of Alpha or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease,
license or other agreement or instrument to which Alpha or any of its subsidiaries is a party or by which Alpha or any of its subsidiaries
is bound or to which any of the property or assets of Alpha is subject that would reasonably be expected to have a material adverse
effect on the business, financial condition or results of operations of Alpha and its subsidiaries, taken as a whole or materially
and adversely affect (A) the ability of Alpha to consummate the Transaction, (B) the validity of the Shares or (C) the legal authority
of Alpha to comply in all material respects with the terms of this Subscription Agreement (each, a “Material Adverse Effect”);
(ii) result in any violation of the provisions of the organizational documents of Alpha; or (iii) result in any violation of any
statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction
over Alpha or any of their properties that would reasonably be expected to have a Material Adverse Effect or materially affect
the validity of the Shares or the legal authority of Alpha to comply in all material respects with this Subscription Agreement.

 

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		e.	Alpha is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory
organization (including Nasdaq) or other person in connection with the execution, delivery and performance of this Subscription
Agreement (including, without limitation, the issuance of the Subscribed Shares), other than (i) notice filings required by applicable
state securities laws, (ii) the filing of the Registration Statement (as defined below) pursuant to Section 7 of this Subscription
Agreement, (iii) the filing of a Notice of Exempt Offering of Securities on Form D with the SEC under Regulation D of the Securities
Act of 1933, as amended (the “Securities Act”), if applicable, (iv) those required by Nasdaq, including with
respect to obtaining stockholder approval, (v) those required to consummate the Transaction as provided under the Transaction Agreement,
(vi) the filing of notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, if applicable, and (vii) those
the failure of which to obtain would not have a Material Adverse Effect. Assuming the accuracy of the Investor’s representations
and warranties set forth in Section 6 of this Subscription Agreement, no registration under the Securities Act or any state
securities (or Blue Sky) laws is required for the offer and sale of the Subscribed Shares by Alpha to the Investor.

 

		f.	As of their respective dates, all reports (the “SEC Reports”) required to be
filed by Alpha with SEC complied in all material respects with the applicable requirements of the Securities Act and the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations of the SEC promulgated thereunder,
and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. The financial statements of Alpha included in the SEC Reports comply in all material respects with
applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing
and fairly present in all material respects the financial condition of Alpha as of and for the dates thereof and the results of
operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments.
A copy of each SEC Report is available to the Investor via the SEC’s EDGAR system. There are no outstanding or unresolved
comments in comment letters received by Alpha from the staff of the Division of Corporation Finance of the SEC with respect to
any of the SEC Reports.

 

		g.	Except for such matters as have not had and would not be reasonably likely to have, individually
or in the aggregate, a Material Adverse Effect, as of the date hereof, there is no (i) action, suit, claim, arbitration or other
proceeding, in each case by or before any governmental authority or arbitrator pending, or, to the knowledge of Alpha, threatened
against Alpha or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against
Alpha.

 

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		h.	As of the date of this Subscription Agreement, the authorized capital stock of Alpha consists of
(i) 100,000,000 Shares and (ii) 10,000,000 shares of Class B common stock par value $0.0001 per share (“Class B Shares”).
As of the date of this Subscription Agreement, (A) 10,355,000 Shares are issued and outstanding, (B) 2,500,000 Class B Shares are
issued and outstanding and (C) 5,177,500 warrants to purchase Shares of Alpha are issued and outstanding. All (1) issued and outstanding
Shares and Class B Shares have been duly authorized and validly issued, are fully paid and are non-assessable and (2) outstanding
warrants have been duly authorized and validly issued. Except as set forth above and pursuant to the Other Subscription Agreements,
the Transaction Agreement and the other agreements and arrangements referred to therein or in the SEC Reports, as of the date hereof,
there are no outstanding options, warrants (other than those referenced in the immediately preceding clause (C)) or other rights
to subscribe for, purchase or acquire from Alpha any Shares, Class B Shares or other equity interests in Alpha, or securities convertible
into or exchangeable or exercisable for such equity interests. There are no securities or instruments issued by or to which Alpha
is a party containing anti-dilution or similar provisions that will be triggered by the issuance of (i) the Shares pursuant to
this Subscription Agreement or (ii) the shares to be issued pursuant to any Other Subscription Agreement. As of the date hereof,
Alpha has no subsidiaries, other than Merger Sub, and does not own, directly or indirectly, interests or investments (whether equity
or debt) in any person, whether incorporated or unincorporated. There are no shareholder agreements, voting trusts or other agreements
or understandings to which Alpha is a party or by which it is bound relating to the voting of any securities of Alpha, other than
(1) as set forth in the SEC Reports and (2) as contemplated by the Transaction Agreement.

 

		i.	As of the date hereof, the issued and outstanding Shares are registered pursuant to Section 12(b)
of the Exchange Act and are listed for trading on the Nasdaq under the symbol “AHAC” (it being understood that the
trading symbol will be changed in connection with the Transaction). As of the date hereof, there is no suit, action, proceeding
or investigation pending or, to the knowledge of Alpha, threatened against Alpha by Nasdaq or the SEC, respectively, to prohibit
or terminate the listing of Alpha’s Shares on Nasdaq or to deregister the Shares under the Exchange Act. Alpha has taken
no action that is designed to terminate the registration of the Shares under the Exchange Act.

 

		j.	Alpha has not received any written communication from a governmental authority that alleges that
Alpha is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default
or violation would not reasonably be expected to have a Material Adverse Effect.

 

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		k.	Neither Alpha nor any person acting on its behalf has engaged or will engage in any form of general
solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Subscribed
Shares. The Subscribed Shares are not being offered in a manner involving a public offering under, or in a distribution in violation
of, the Securities Act or any state securities laws. Neither Alpha nor any person acting on Alpha’s behalf has, directly
or indirectly, at any time within the past six (6) months, made any offer or sale of any security or solicitation of any offer
to buy any security under circumstances that would (i) eliminate the availability of the exemption from registration under Regulation
D under the Securities Act in connection with the offer and sale by Alpha of the Subscribed Shares as contemplated hereby or (ii)
cause the offering of the Subscribed Shares pursuant to this Subscription Agreement to be integrated with prior offerings by Alpha
for purposes of the Securities Act or any applicable stockholder approval provisions. Neither Alpha nor any person acting on Alpha’s
behalf has offered or sold or will offer or sell any securities, or has taken or will take any other action, which would reasonably
be expected to subject the offer, issuance or sale of the Subscribed Shares, as contemplated hereby, to the registration provisions
of the Securities Act.

 

		l.	No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities
Act (a “Disqualification Event”) is applicable to Alpha, except for a Disqualification Event as to which Rule
506(d)(2)(ii–iv) or (d)(3) is applicable.

 

		m.	Alpha is not under any obligation to pay any broker’s fee or commission in connection with
the sale of the Shares hereunder other than to the Placement Agents (as defined herein).

 

		n.	Alpha is in all material respects in compliance with applicable provisions of the Sarbanes-Oxley
Act of 2002, as amended, and the rules and regulations thereunder.

 

		o.	The Shares eligible for clearing through The Depository Trust Company (the “DTC”),
through its Deposit/Withdrawal At Custodian (DWAC) system, and Alpha is eligible and participating in the Direct Registration System
(DRS) of DTC with respect to the Shares. Alpha’s transfer agent is a participant in DTC’s Fast Automated Securities
Transfer Program. The Shares are not, and have not been at any time, subject to any DTC “chill,” “freeze”
or similar restriction with respect to any DTC services, including the clearing of Shares through DTC.

 

		p.	Upon consummation of the Transaction, the issued and outstanding Shares will continue to be registered
pursuant to Section 12(b) of the Exchange Act and will be listed for trading on Nasdaq.

 

		q.	Alpha is not, and immediately after receipt of payment for the Subscribed Shares and consummation
of the Transaction, will not be, an “investment company” within the meaning of the Investment Company Act of 1940,
as amended.

 

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		r.	There has been no action taken by Alpha, or, to the knowledge of Alpha, any officer, director,
equityholder, manager, employee, agent or representative of Alpha, in each case, acting on behalf of Alpha, in violation of any
applicable Anti-Corruption Laws (as herein defined), (i) Alpha has not been convicted of violating any Anti-Corruption Laws or
subjected to any investigation by a governmental authority for violation of any applicable Anti-Corruption Laws, (ii) Alpha has
not conducted or initiated any internal investigation or made a voluntary, directed, or involuntary disclosure to any governmental
authority regarding any alleged act or omission arising under or relating to any noncompliance with any Anti-Corruption Laws and
(iii) Alpha has not received any written notice or citation from a governmental authority for any actual or potential noncompliance
with any applicable Anti-Corruption Laws. As used herein, “Anti-Corruption Laws” means any applicable laws relating
to corruption and bribery, including the U.S. Foreign Corrupt Practices Act of 1977 (as amended), the UK Bribery Act 2010, and
any similar law that prohibits bribery or corruption.

 

		6.	Investor Representations and Warranties. The Investor represents and warrants to Alpha that:

 

		a.	The Investor (i) is a “qualified institutional buyer” (as defined in Rule 144A under
the Securities Act) or an individual or institutional “accredited investor” (within the meaning of Rule 501(a) under
the Securities Act), in each case, satisfying the applicable requirements set forth on Schedule A, (ii) if an institution,
is an “institutional account” (as defined in FINRA Rule 4512(c)), (iii) is acquiring the Shares only for his, her or
its own account and not for the account of others, or if the Investor is subscribing for the Shares as a fiduciary or agent for
one or more investor accounts, the Investor has full investment discretion with respect to each such account, and the full power
and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account,
and (iv) is not acquiring the Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation
of the Securities Act (and shall provide the requested information set forth on Schedule A). The Investor is not an entity
formed for the specific purpose of acquiring the Shares.

 

		b.	The Investor acknowledges and agrees that the Shares are being offered in a transaction not involving
any public offering within the meaning of the Securities Act and that the Shares have not been registered under the Securities
Act. The Investor acknowledges and agrees that the Shares may not be offered, resold, transferred, pledged or otherwise disposed
of by the Investor absent an effective registration statement under the Securities Act except (i) to Alpha or a subsidiary thereof,
(ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under
the Securities Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act,
and in each of clauses (i) and (iii) in accordance with any applicable securities laws of the states and other jurisdictions of
the United States, and that any certificates representing the Shares shall contain a restrictive legend to such effect. The Investor
acknowledges and agrees that the Shares will not be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule
144 promulgated under the Securities Act until at least one year from the date that Alpha files a Current Report on Form 8-K following
the Closing Date that includes the “Form 10” information required under applicable SEC rules and regulations. The Investor
acknowledges and agrees that it has been advised to consult legal counsel prior to making any offer, resale, transfer, pledge or
disposition of any of the Shares.

 

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		c.	The Investor acknowledges and agrees that the Investor is purchasing the Shares from Alpha. The
Investor further acknowledges that there have been no representations, warranties, covenants and agreements made to the Investor
by or on behalf of Alpha, the Company, any of their respective affiliates or any control persons, officers, directors, employees,
partners, agents or representatives of any of the foregoing or any other person or entity, expressly or by implication, other than
those representations, warranties, covenants and agreements of Alpha expressly set forth in Section 5 of this Subscription
Agreement.

 

		d.	The Investor’s acquisition and holding of the Shares will not constitute or result in a non-exempt
prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended, Section 4975 of the
Internal Revenue Code of 1986, as amended, or any applicable similar law.

 

		e.	The Investor acknowledges and agrees that the Investor has received such information as the Investor
deems necessary in order to make an investment decision with respect to the Shares, including, with respect to Alpha, the Transaction
and the business of the Company. Without limiting the generality of the foregoing, the Investor acknowledges that he, she or it
has reviewed the SEC Reports. The Investor acknowledges and agrees that the Investor and the Investor’s professional advisor(s),
if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as the Investor and
such Investor’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the
Shares and that the Investor has independently made his, her or its own analysis and decision to invest in Alpha.

 

		f.	The Investor became aware of this offering of the Shares solely by means of direct contact between
the Investor and Alpha, the Company or a representative of Alpha or the Company, and the Shares were offered to the Investor solely
by direct contact between the Investor and Alpha, the Company or a representative of Alpha or the Company. The Investor did not
become aware of this offering of the Shares, nor were the Shares offered to the Investor, by any other means. The Investor acknowledges
that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation
(including, without limitation, Alpha, the Company, Exos Securities LLC, a Delaware limited liability company (each, a “Placement
Agent” and together the “Placement Agents”), any of their respective affiliates or any control persons,
officers, directors, employees, partners, agents or representatives of any of the foregoing), other than the representations and
warranties of Alpha contained in Section 5 of this Subscription Agreement, in making its investment or decision to invest
in Alpha.

 

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		g.	The Investor acknowledges that it is aware that there are substantial risks incident to the purchase
and ownership of the Shares, including those set forth in Alpha’s filings with the SEC. The Investor has such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares,
and the Investor has sought such accounting, legal and tax advice as the Investor has considered necessary to make an informed
investment decision. The Investor will not look to the Placement Agent for all or part of any such loss or losses the Investor
may suffer and is able to sustain a complete loss on its investment in the Shares.

 

		h.	Alone, or together with any professional advisor(s), the Investor has adequately analyzed and fully
considered the risks of an investment in the Shares and determined that the Shares are a suitable investment for the Investor and
that the Investor is able at this time and in the foreseeable future to bear the economic risk of a total loss of the Investor’s
investment in Alpha. The Investor acknowledges specifically that a possibility of total loss exists.

 

		i.	The Investor acknowledges that the Placement Agent: (i) has not provided the Investor with any
information or advice with respect to the Shares, (ii) has not made and do not make any representation, express or implied as to
Alpha, the Company, the Company’s credit quality, the Shares or the Investor’s purchase of the Shares, (iii) has not
acted as the Investor’s financial advisor or fiduciary in connection with the issue and purchase of Shares, (iv) may have
acquired, or during the term of the Shares may acquire, non-public information with respect to the Company or Alpha, which the
Investor agrees need not be provided to it, and (v) may have existing or future business relationships with Alpha and the Company
(including, but not limited to, lending, depository, risk management, advisory and banking relationships) and will pursue actions
and take steps that it deems or it deems necessary or appropriate to protect its or their interests arising therefrom without regard
to the consequences for a holder of Shares, and that certain of these actions may have material and adverse consequences for a
holder of Shares.

 

		j.	The Investor acknowledges that it has not relied on the Placement Agent in connection with its
determination as to the legality of its acquisition of the Shares or as to the other matters referred to herein and the Investor
has not relied on any investigation that the Placement Agent, any of their affiliates or any person acting on their behalf have
conducted with respect to the Shares, Alpha or the Company. The Investor further acknowledges that it has not relied on any information
contained in any research reports or other materials prepared by the Placement Agent or any of their affiliates.

 

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		k.	The Investor acknowledges and agrees that no federal or state agency has passed upon or endorsed
the merits of the offering of the Shares or made any findings or determination as to the fairness of this investment.

 

		l.	If the Investor is not an individual, the Investor has been duly formed or incorporated and is
validly existing and in good standing under the laws of its jurisdiction of formation or incorporation, with power and authority
to enter into, deliver and perform its obligations under this Subscription Agreement.

 

		m.	The execution, delivery and performance by the Investor of this Subscription Agreement are within
the powers of the Investor, have been duly authorized and will not constitute or result in a breach or default under or conflict
with any order, ruling or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement
or other undertaking, to which the Investor is a party or by which the Investor is bound, and, if the investor is not an individual,
will not violate any provisions of the Investor’s organizational documents, including, without limitation, its incorporation
or formation papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature of the
Investor on this Subscription Agreement is genuine, and the signatory, if the Investor is an individual, has the legal competence
and capacity to execute the same or, if the Investor is not an individual, the signatory has been duly authorized to execute the
same, and this Subscription Agreement constitutes a legal, valid and binding obligation of the Investor, enforceable against the
Investor in accordance with its terms except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles
of equity, whether considered at law or equity.

 

		n.	The Investor is not (i) a person or entity named on the List of Specially Designated Nationals
and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”),
or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control
Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank.
The Investor agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law; provided,
that the Investor is permitted to do so under applicable law. If the Investor is a financial institution subject to the Bank Secrecy
Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001, and its implementing
regulations (collectively, the “BSA/PATRIOT Act”), the Investor maintains policies and procedures reasonably
designed to comply with applicable obligations under the BSA/PATRIOT Act. To the extent required, it maintains policies and procedures
reasonably designed for the screening of its investors against the OFAC sanctions programs, including the OFAC List. To the extent
required by applicable law, the Investor maintains policies and procedures reasonably designed to ensure that the funds held by
the Investor and used to purchase the Shares were legally derived.

 

    11 

     

    

 

		o.	No disclosure or offering document has been prepared by the Placement Agent in connection with
the offer and sale of the Shares.

 

		p.	When required to deliver payment to Alpha pursuant to Section 2 of this Subscription Agreement,
will have, sufficient funds to pay the Subscription Amount and consummate the purchase and sale of the Shares pursuant to this
Subscription Agreement.

 

		7.	Registration Rights

 

		a.	Alpha agrees that, within 30 calendar
days after the consummation of the Transaction (the “Filing Deadline”), it will file with the SEC (at its sole
cost and expense) a registration statement registering the resale of such Shares (the “Registration Statement”),
and it shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable
after the filing thereof, but no later than the earlier of (1) the 60th calendar day after the consummation of the Transaction
(or 90th calendar day if the SEC notifies (orally or in writing) Alpha that it will “review” the Registration
Statement) and (2) the fifth (5th) Business Day after the date Alpha is notified in writing by the SEC that the Registration
Statement will not be “reviewed” or will not be subject to further review (the “Effectiveness Date”).
Alpha shall provide a draft of the Registration Statement to the Investor for review at least four (4) Business Days in advance
of the date of filing the Registration Statement with the SEC (the “Filing Date”), and the Investor shall provide
any comments on the Registration Statement to Alpha no later than the day immediately preceding the Filing Date. Alpha shall promptly
notify the Investor of the effectiveness of the Registration Statement. Alpha agrees to cause such Registration Statement, or
another shelf registration statement that includes the Shares to be sold pursuant to this Subscription Agreement, to remain effective,
except for such times as Alpha is permitted hereunder to suspend the use of the prospectus forming part of the Registration Statement,
until the earliest of (i) the second anniversary of the Closing; (ii) the date on which the Investor ceases to hold any Shares
issued pursuant to this Subscription Agreement, or (ii) on the first date on which the Investor can sell all of its Shares issued
pursuant to this Subscription Agreement (or shares received in exchange therefor) under Rule 144 of the Securities Act without
volume or manner of sale limitations and without the requirement for Alpha to be in compliance with the current public information
required under Rule 144(c)(2) (or Rule 144(i)(2), if applicable). 

 

    12 

     

    

 

	 	 	The Investor agrees to disclose its beneficial ownership as determined in accordance with Rule 13d-3
of the Exchange Act to Alpha upon request to assist it in making the determination described above. In no event shall the Investor
be identified as a statutory underwriter in the Registration Statement unless requested by the SEC; provided, that if the
SEC requests that the Investor be identified as a statutory underwriter in the Registration Statement, the Investor will have an
opportunity to withdraw its Shares from the Registration Statement. Notwithstanding the foregoing, if the SEC prevents Alpha from
including any or all of the shares proposed to be registered under the Registration Statement due to limitations on the use of
Rule 415 of the Securities Act for the resale of the Shares by the applicable shareholders or otherwise, such Registration Statement
shall register for resale such number of Shares which is equal to the maximum number of Shares as is permitted by the SEC. In such
event, the number of Shares to be registered for each selling shareholder named in the Registration Statement shall be reduced
pro rata among all such selling shareholders. Alpha’s obligations to include the Shares issued pursuant to this Subscription
Agreement (or shares issued in exchange therefor) for resale in the Registration Statement are contingent upon the Investor furnishing
in writing to Alpha such information regarding the Investor, the securities of Alpha held by the Investor and the intended method
of disposition of such Shares as shall be reasonably requested by Alpha to effect the registration of such Shares, and shall execute
such documents in connection with such registration as Alpha may reasonably request that are customary of a selling stockholder
in similar situations. For purposes of clarification, any failure by Alpha to file the Registration Statement by the Filing Deadline
or to effect such Registration Statement by the Effectiveness Date shall not otherwise relieve Alpha of its obligations to file
or effect the Registration Statement set forth in this Section 7 of this Subscription Agreement. For as long as the Registration
Statement shall remain effective pursuant to this Section 7(a) of this Subscription Agreement, Alpha will use commercially
reasonable efforts to (1) qualify the Shares for listing on the Nasdaq, and (2) update or amend the Registration Statement as necessary
to include the Shares. For as long as the Investor holds the Shares, Alpha will use commercially reasonable efforts to (A) make
and keep public information available, as those terms are understood and defined in Rule 144, (B) file in a timely manner all reports
and other documents with the SEC required under the Exchange Act, as long as Alpha remains subject to such requirements, and (C)
provide all customary and reasonable cooperation necessary, in each case, to enable the undersigned to resell the Shares pursuant
to the Registration Statement or Rule 144 of the Securities Act (when Rule 144 of the Securities Act becomes available to the Investor),
as applicable

 

		b.	Notwithstanding anything to the contrary contained herein, Alpha may delay or postpone filing of
such Registration Statement, and from time to time require the Investor not to sell under the Registration Statement or suspend
the use or effectiveness of any such Registration Statement, if the board of directors of Alpha determines in good faith that either
in order for the Registration Statement to not contain a material misstatement or omission, an amendment thereto would be needed,
or if such filing or use could materially affect a bona fide business or financing transaction of Alpha or would require premature
disclosure of information that could materially adversely affect Alpha (each such circumstance, a “Suspension Event”);
provided, that, (i) Alpha shall not so delay filing or so suspend the use of the Registration Statement on more than two
occasions or for a period of more than 45 consecutive days or more than a total of 60 calendar days, in each case in any 360-day
period and (ii) Alpha shall use commercially reasonable efforts to make such Registration Statement available for the sale by the
undersigned of such securities as soon as practicable thereafter. If so directed by Alpha, the Investor will deliver to Alpha or,
in the Investor’s sole discretion destroy, all copies of the prospectus covering the Shares in the Investor’s possession;
provided, however, that this obligation to deliver or destroy all copies of the prospectus covering the Shares shall not apply
(i) to the extent the Investor is required to retain a copy of such prospectus (A) in order to comply with applicable legal or
regulatory requirements or (B) in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored electronically
on archival servers as a result of automatic data back-up.

 

    13 

     

    

 

		c.	At its expense Alpha shall advise the Investor within two (2) Business Days: (i) when a Registration
Statement or any post-effective amendment thereto has become effective; (ii) of the issuance by the SEC of any stop order suspending
the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose; (iii) of the receipt by
Alpha of any notification with respect to the suspension of the qualification of the Shares included therein for sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose; and (iv) subject to the provisions in this Subscription Agreement,
of the occurrence of any event that requires the making of any changes in any Registration Statement or prospectus so that, as
of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein
or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they were
made) not misleading. Upon receipt of any written notice from Alpha (which notice shall not contain any material non-public information
regarding Alpha) of the happening of any of the foregoing or of a Suspension Event during the period that the Registration Statement
is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement
of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made (in the case of the prospectus) not misleading, the undersigned agrees
that (1) it will immediately discontinue offers and sales of the Shares under the Registration Statement (excluding, for the avoidance
of doubt, sales conducted pursuant to Rule 144) until the undersigned receives copies of a supplemental or amended prospectus (which
Alpha agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any
post-effective amendment has become effective or unless otherwise notified by Alpha that it may resume such offers and sales, and
(2) it will maintain the confidentiality of any information included in such written notice delivered by Alpha except (A) for disclosure
to the Investor’s employees, agents and professional advisers who need to know such information and are obligated to keep
it confidential, (B) for disclosures to the extent required in order to comply with reporting obligations to its limited partners
who have agreed to keep such information confidential and (C) as required by law or subpoena. Alpha shall use its commercially
reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as soon as
reasonably practicable. Upon the occurrence of any event contemplated in clauses (i) through (iv) above, except for such times
as Alpha is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement,
Alpha shall use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to
such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter
delivered to purchasers of the Shares included therein, such prospectus will not include any untrue statement of a material fact
or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading.

 

    14 

     

    

 

		d.	For purposes of this Section 7 of this Subscription Agreement, (i) “Shares”
shall mean, as of any date of determination, the Shares acquired by the Investor pursuant to this Subscription Agreement and any
other equity security issued or issuable with respect to such Shares by way of stock split, dividend, distribution, recapitalization,
merger, exchange, replacement or similar event, and (ii) “Investor” shall include any affiliate of the undersigned
Investor to which the rights under this Section 7 of this Subscription Agreement have been duly assigned.

 

		8.	Termination. This Subscription Agreement shall terminate and be void and of no further force and
effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any
party in respect thereof, upon the earlier to occur of (a) such date and time as the Transaction Agreement is terminated in accordance
with its terms, (b) upon the mutual written agreement of each of the parties hereto and Alpha to terminate this Subscription Agreement,
(c) Alpha’s notification to the Investor in writing that it has, with the written consent of the Company, abandoned its plans
to move forward with the Transaction and/or terminated the Investor’s obligations with respect to the Subscription without
the delivery of the Shares having occurred, (d) the Termination Date (as defined in the Transaction Agreement), if the Closing
has not occurred by such date, or (e) if any of the conditions to Closing set forth in Section 3 of this Subscription Agreement
are not satisfied or waived (in writing by the person who has the authority to make such waiver), or are not capable of being satisfied,
on or prior to the Closing and, as a result thereof, the transactions contemplated by this Subscription Agreement will not be and
are not consummated at the Closing (the termination events described in the immediately preceding clauses (a) through (e), collectively,
the “Termination Events”); provided, that nothing herein will relieve any party from liability for any
willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to
recover losses, liabilities or damages arising from any such willful breach. Alpha shall notify the Investor of the termination
of the Transaction Agreement promptly after the termination of such agreement. Upon the occurrence of any Termination Event, this
Subscription Agreement shall be void and of no further effect and any monies paid by the Investor to Alpha in connection herewith
shall promptly (and in any event within one (1) Business Day) following the Termination Event be returned to the Investor.

 

    15 

     

    

 

		9.	Trust Account Waiver. The Investor hereby acknowledges that Alpha has established a trust account
(the “Trust Account”) containing the proceeds of its initial public offering (the “IPO”)
and from certain private placements occurring simultaneously with the IPO (including interest accrued from time to time thereon)
for the benefit of Alpha’s public stockholders and certain other parties (including the underwriters of the IPO). For and
in consideration of Alpha entering into this Subscription Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Investor hereby agrees that it does not now and shall not at any time hereafter
have any right, title, interest or claim of any kind in or to any assets held in the Trust Account, and shall not make any claim
against the Trust Account, regardless of whether such claim arises as a result of, in connection with or relating in any way to
this Subscription Agreement or any other matter, and regardless of whether such claim arises based on contract, tort, equity or
any other theory of legal liability (any and all such claims are collectively referred to hereafter as the “Released Claims”).
The Investor hereby irrevocably waives any Released Claims that it may have against the Trust Account now or in the future as a
result of, or arising out of, any discussions, contracts or agreements with Alpha and will not seek recourse against the Trust
Account for any reason whatsoever; provided, however, that nothing in this Section 9 of this Subscription
Agreement shall be deemed to limit the Investor’s right to distributions from the Trust Account in accordance with Alpha’s
certificate of incorporation in respect of any redemptions by the Investor in respect of Shares acquired by any means other than
pursuant to this Subscription Agreement.

 

		10.	Miscellaneous.

 

		a.	Neither this Subscription Agreement nor any rights that may accrue to the Investor hereunder (other
than the Shares acquired hereunder, if any) may be transferred or assigned other than an assignment to any fund or account managed
by the same investment manager as the Investor or an affiliate thereof.

 

		b.	Alpha may request from the Investor such additional information as Alpha may deem necessary to
register the resale of the Shares and evaluate the eligibility of the Investor to acquire the Shares, and the Investor shall promptly
provide such information as may reasonably be requested; provided, that Alpha agrees to keep any such information provided
by the Investor confidential, except (i) as required by the federal securities laws, rules or regulations and (ii) to the extent
such disclosure is required by other laws, rules or regulations, at the request of the staff of the SEC or regulatory agency
or under the regulations of Nasdaq. The Investor acknowledges that Alpha may file a copy of this Subscription Agreement with the
SEC as an exhibit to a periodic report or a registration statement of Alpha.

 

		c.	The Investor acknowledges that Alpha, the Company, the Placement Agent and others will rely on
the acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior
to the Closing, the Investor agrees to promptly notify Alpha and the Company if any of the acknowledgments, understandings, agreements,
representations and warranties set forth in Section 6 of this Subscription Agreement are no longer accurate. The Investor
acknowledges and agrees that each purchase by the Investor of Shares from Alpha will constitute a reaffirmation of the acknowledgments,
understandings, agreements, representations and warranties herein (as modified by any such notice) by the Investor as of the time
of such purchase.

 

    16 

     

    

 

		d.	Alpha, the Company and the Placement Agent are each entitled to rely upon this Subscription Agreement
and each is irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative
or legal proceeding or official inquiry with respect to the matters covered hereby; provided, however, that the foregoing
clause of this Section 10(d) of this Subscription Agreement shall not give Alpha any rights other than those expressly set
forth herein and, without limiting the generality of the foregoing and for the avoidance of doubt, in no event shall the Company
be entitled to rely on any of the representations and warranties of Alpha set forth in this Subscription Agreement.

 

		e.	All of the agreements, representations and warranties made by each party hereto in this Subscription
Agreement shall survive the Closing.

 

		f.	This Subscription Agreement may not be modified, waived or terminated (other than pursuant to the
terms of Section 8 of this Subscription Agreement) except by an instrument in writing, signed by each of the parties hereto,
provided, however, that no modification or waiver by Alpha of the provisions of this Subscription Agreement shall
be effective without the prior written consent of Alpha (other than modifications or waivers that are solely ministerial in nature
or otherwise immaterial and do not affect any economic or any other material term of this Subscription Agreement or the Transaction
Agreement). No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such
right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies that they
would otherwise have hereunder.

 

		g.	This Subscription Agreement (including the schedule hereto) constitutes the entire agreement, and
supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties,
with respect to the subject matter hereof. Except as set forth in the last sentence of Section 10(k) of this Subscription
Agreement with respect to the persons specifically referenced therein, this Subscription Agreement shall not confer any rights
or remedies upon any person other than the parties hereto, and their respective successor and assigns, and the parties hereto acknowledge
that such persons so referenced are third party beneficiaries of this Subscription Agreement for the purposes of, and to the extent
of, the rights granted to them, if any, pursuant to the applicable provisions.

 

    17 

     

    

 

		h.	Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure
to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted
assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be
made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns.

 

		i.	If any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction
to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription
Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.

 

		j.	This Subscription Agreement may be executed in one or more counterparts (including by facsimile
or electronic mail or in .pdf) and by different parties in separate counterparts, with the same effect as if all parties hereto
had signed the same document. All counterparts so executed and delivered shall be construed together and shall constitute one and
the same agreement.

 

		k.	The parties hereto acknowledge and agree that irreparable damage would occur in the event that
any of the provisions of this Subscription Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that the parties may be entitled to an injunction or injunctions to prevent breaches of this
Subscription Agreement, without posting a bond or undertaking and without proof of damages, to enforce specifically the terms and
provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled at law, in
equity, in contract, in tort or otherwise. The parties hereto acknowledge and agree that the Company shall be entitled to specifically
enforce the Investor’s obligations to fund the Subscription Amount and the provisions of the Subscription Agreement of which
the Company is an express third-party beneficiary, in each case, on the terms and subject to the conditions set forth herein.

 

		l.	This Subscription Agreement shall be governed by and construed in accordance with the laws of the
State of New York (regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof)
as to all matters (including any action, suit, litigation, arbitration, mediation, claim, charge, complaint, inquiry, proceeding,
hearing, audit, investigation or reviews by or before any governmental entity related hereto), including matters of validity, construction,
effect, performance and remedies.

 

    18 

     

    

 

		m.	THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND THE SUPREME COURT OF THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION
AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND
IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT
OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT
OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS
SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE
THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL
COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT
MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN
THE MANNER PROVIDED IN THIS SECTION 10(M) OF THIS SUBSCRIPTION AGREEMENT OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY
LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER
THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND
THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES
THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 10(M) OF THIS SUBSCRIPTION AGREEMENT.

 

    19 

     

    

 

		11.	Disclosure. Alpha shall, by 9:00 a.m., New York City time, on the first (1st) Business
Day immediately following the date of this Subscription Agreement, issue one or more press releases and file with the SEC a Current
Report on Form 8-K (collectively, the “Disclosure Document”) disclosing all material terms of the transactions
contemplated hereby and by the Other Subscription Agreements, the Transaction and any other material, non-public information that
Alpha has provided to the Investor at any time prior to the filing of the Disclosure Document and including as exhibits to the
Disclosure Document, the form of this Subscription Agreement and the Other Subscription Agreement (in each case, without redaction)
.. Upon the issuance of the Disclosure Document, to the actual knowledge of Alpha, the Investor shall not be in possession of any
material, non-public information received from Alpha or any of its officers, directors, or employees or agents, and the Investor
shall no longer be subject to any confidentiality or similar obligations under any current agreement, whether written or oral,
with Alpha or any of its affiliates, relating to the transactions contemplated by this Subscription Agreement. No later than 9:00
a.m., New York City time, on the fourth (4th) Business Day following the earlier to occur of the Closing Date or the termination
of the Transaction Agreement, Alpha shall file with the SEC a Current Report on Form 8-K (the “Super 8-K”) disclosing
the requisite Form 10 information (within the meaning of Rule 144), the consummation of the transactions contemplated hereby, the
Transaction and the transactions contemplated by this Subscription Agreement, the Other Subscription Agreements and the Transaction
Agreement, or if applicable, the termination of the Transaction Agreement, and, in each case, any other material, nonpublic information
that Alpha has provided or made available to the Investor or any of the Investor’s affiliates, attorneys, agents or representatives
at any time prior to the filing of the Super 8-K with respect to the Targets, the Transaction and the transactions contemplated
by this Subscription Agreement, the Other Subscription Agreements and the Transaction Agreement, and which then continues to constitute
material, nonpublic information. Notwithstanding anything in this Subscription Agreement to the contrary, Alpha shall not publicly
disclose the name of the Investor or any of its affiliates or advisers, or include the name of the Investor or any of its affiliates
or advisers in any press release or in any filing with the SEC or any regulatory agency or trading market, without the prior written
consent of the Investor, except (i) as required by the federal securities law or pursuant to other routine proceedings of regulatory
authorities, (ii) to the extent such disclosure is required by law, at the request of the staff of the SEC or regulatory agency
or under the regulations of any national securities exchange on which Alpha’ securities are listed for trading or (iii) to
the extent such announcements or other communications contain only information previously disclosed in a public statement, press
release or other communication previously approved in accordance with this Section 11 of this Subscription Agreement. Alpha
shall provide the Investor with prior written notice (including by e-mail) of such permitted disclosure, and shall reasonably consult
with the Investor regarding such disclosure.

 

    20 

     

    

 

		12.	As applicable, for ease of administration, this single Subscription Agreement is being executed
so as to enable the Investor identified on the signature page to enter into a Subscription Agreement, severally, but not jointly.
The parties agree that (i) the Subscription Agreement shall be treated as if it were a separate agreement with respect to the Investor
listed on the signature page and the Other Investors, as if each of the Investors had executed a separate Subscription Agreement
naming only itself as subscriber, and (ii) the Investor listed on the signature page shall not have any liability under the Subscription
Agreement for the obligations of any Other Investor so listed. In addition, the obligations of the Investors under this Subscription
Agreement are several and not joint with the obligations of any Other Investor or any other investor under the Other Subscription
Agreements, and the Investor shall not be responsible in any way for the performance of the obligations of any Other Investor under
this Subscription Agreement or any Other Subscriber or other investor under the Other Subscription Agreements. Nothing contained
herein or in any Other Subscription Agreement, and no action taken by the Investor or Other Investor or other investor pursuant
hereto or thereto, shall be deemed to constitute the Investor and any Other Investors or other investors as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Investor and any Other Investors or other investors
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Subscription
Agreement and the Other Subscription Agreements. The Investor shall be entitled to independently protect and enforce its rights,
including without limitation the rights arising out of this Subscription Agreement, and it shall not be necessary for any Other
Investor to be joined as an additional party in any proceeding for such purpose.

 

		13.	This Subscription Agreement may not be amended, modified or waived except by an instrument in writing,
signed by each of the parties hereto.

 

		14.	Subscriber will promptly provide any information reasonably requested by Alpha for any regulatory
application or filing made or approval sought in connection with the Transaction (including filings with the SEC).

 

[SIGNATURE PAGES FOLLOW]

 

    21 

     

    

 

IN WITNESS WHEREOF,
the Investor has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the
date set forth below.

 

	Name of Investor:	State/Country of Formation or Domicile:
	 	 
	By:	          	 
	Name: 	 	 
	Title:	 	 

 

Name in which Shares are to
be registered (if Date: __________, 2021 different)

 

	Investor’s EIN:	 	 
	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 
	City, State, Zip:	 	City, State Zip:
	 	 	 
	Attn: ________________________	 	Attn: ________________________
	 	 	 
	Telephone No.:	 	Telephone No.:
	 	 	 
	Facsimile No.:	 	Facsimile No.:
	 	 	 
	Number of Shares subscribed for:	 	 
	 	 	 
	Aggregate Subscription Amount: $	 	Price Per Share: $10.00

 

You must pay the Subscription
Amount by wire transfer of United States dollars in immediately available funds to the account specified by Alpha in the Closing
Notice.

 

    22 

     

    

 

IN WITNESS WHEREOF,
Alpha has accepted this Subscription Agreement as of the date set forth below.

 

	 	ALPHA HEALTHCARE ACQUISITION CORP.
	 	 
	 	By:	          
	 	Name:
	 	Title:

 

Date: 2021

 

    23 

     

    

 

SCHEDULE
A

 

ELIGIBILITY
REPRESENTATIONS OF THE INVESTOR

 

	A.	QUALIFIED
INSTITUTIONAL BUYER STATUS

(Please check the applicable subparagraphs):

 

		☐	We
are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act).

 

		B.	INSTITUTIONAL
                                         ACCREDITED INVESTOR STATUS

                                         (Please check the applicable subparagraphs):

 

		1.	☐
We are an “accredited investor” (within
the meaning of Rule 501(a) under the Securities Act or an entity in which all of the equity holders are accredited investors within
the meaning of Rule 501(a) under the Securities Act), and have marked and initialed the appropriate box below indicating the provision
under which we qualify as an “accredited investor.”

 

		2.	☐
                                                                                                                                                                                                                                     We are not a natural person.

 

Rule
501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below
listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale
of the securities to that person. The Investor has indicated, by marking and initialing the appropriate box below, the provision(s)
below which apply to the Investor and under which the Investor accordingly qualifies as an “accredited investor.”

 

☐ Any
bank, registered broker or dealer, registered investment adviser, insurance company, registered investment company, business development
company, or small business investment company;

 

☐ Any
plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

☐Any
employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company,
or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000;

 

☐Any
organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, similar business trust, or partnership
or limited liability company, not formed for the specific purpose of acquiring the securities offered, with total assets in excess
of $5,000,000;

 

☐Any
trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is directed by a sophisticated
person; or

 

		☐	Any
entity in which all of the equity owners are accredited investors meeting one or more of the above tests.

 

    24 

     

    

 

		C.	INSTITUTIONAL
                                         ACCOUNT STATUS

                                         (Please check the applicable subparagraphs):

 

		☐	We
are an “institutional account” (as defined in FINRA Rule 4512(c)).

 

	D.	INDIVIDUAL
ACCOUNT STATUS

 

☐ I
am an individual “accredited investor” (within the meaning of Rule 501(a) under the Securities Act), and have
marked and initialed the appropriate box below indicating the provision under which I qualify as an “accredited
investor.”

 

Rule
501(a), in relevant part, states that an “accredited investor” shall mean any person who comes within any of the below
listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale
of the securities to that person. The Investor has indicated, by marking and initialing the appropriate box below, the provision(s)
below which apply to the Investor and under which the Investor accordingly qualifies as an “accredited investor.”

 

☐ The Investor is
a natural person (or a 401(k)/IRA investor directed by and for the benefit of a single natural person) whose net worth,
either individually or jointly with the person’s spouse or spousal equivalent, at of the date of this Subscription
Agreement, exceeds US$1,000,000.

 

☐ The Investor is
a natural person (or a 401(k)/IRA investor directed by and for the benefit of a single natural person) who had individual income
in excess of US$200,000, or joint income with the person’s spouse or spousal equivalent in excess of US$300,000, in each
of the previous two calendar years and reasonably expects to reach the same income level in the current calendar year.

 

In
calculating the Investor’s net worth: (i) the Investor’s primary residence may not be included as an asset; (ii) indebtedness
that is secured by the Investor’s primary residence, up to the estimated fair market value of the primary residence as of
the date of this Subscription Agreement, may not be included as a liability (except that if the amount of such indebtedness outstanding
at the time of calculation exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition
of the primary residence, the amount of such excess must be included as a liability); and (iii) indebtedness that is secured by
the Investor’s primary residence in excess of the estimated fair market value of the primary residence as of the date of
this Subscription Agreement must be included as a liability. In calculating the Investor’s joint net worth with the Investor’s
spouse or spousal equivalent, the Investor’s spouse’s primary residence (if different from the Investor’s own)
and indebtedness secured by such primary residence should be treated in a similar fashion.

 

This
page should be completed by the Investor and constitutes a part of the Subscription Agreement.

 

 

25Exhibit 10.6

 

Distribution
Agreement

 

by
and between

 

Fresenius
Medical Care Holdings, Inc.

 

and

 

Humacyte,
Inc.

 

June
25, 2018

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	1.	DEFINITIONS	1
	 	 	 
	2.	OVERVIEW; GOVERNANCE	17
	 	 	 
	 	2.1	Overview	17
	 	2.2	Joint Steering Committee	18
	 	2.3	Discontinuation of Participation on the JSC	20
	 	 	 	 
	3.	US DEVELOPMENT	20
	 	 	 	 
	 	3.1	US Development of Distribution Product	20
	 	3.2	US Development Reports	20
	 	3.3	US Scientific Records	20
	 	 	 	 
	4.	US REGULATORY MATTERS	21
	 	 	 	 
	 	4.1	US Regulatory Activities	21
	 	4.2	Communications with US Regulatory Authorities	21
	 	4.3	Regulatory Meetings in the US	21
	 	4.4	Submissions in the US	21
	 	4.5	Pharmacovigilance in the US	22
	 	4.6	Costs of Regulatory Affairs in the US	22
	 	 	 	 
	5.	DEVELOPMENT IN THE EU/JAPAN	22
	 	 	 	 
	 	5.1	Development of Distribution Product for the EU/Japan	22
	 	5.2	Evaluation	22
	 	5.3	Development Reports for the EU/Japan	23
	 	5.4	Scientific Records for the EU/Japan	24
	 	 	 	 
	6.	REGULATORY MATTERS IN THE EU/JAPAN	24
	 	 	 	 
	 	6.1	Regulatory Activities in the EU/Japan	24
	 	6.2	Communications with Regulatory Authorities in the EU/Japan	24
	 	6.3	Regulatory Meetings in the EU/Japan	25
	 	6.4	Submissions in the EU/Japan	25
	 	6.5	Pharmacovigilance in the EU/Japan	26
	 	6.6	Costs of Regulatory Affairs in the EU/Japan	26
	 	 	 	 
	7.	DEVELOPMENT IN THE ROW	26
	 	 	 	 
	 	7.1	Development of Distribution Product for the ROW	26
	 	7.2	Evaluation	26
	 	7.3	Development Reports for the ROW	27
	 	7.4	Scientific Records for the ROW	27

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	8.	REGULATORY MATTERS IN THE ROW	28
	 	 	 	 
	 	8.1	Regulatory Activities in the ROW	28
	 	8.2	Communications with Regulatory Authorities in the ROW	28
	 	8.3	Regulatory Meetings in the ROW	28
	 	8.4	Submissions in the ROW	28
	 	8.5	Pharmacovigilance in the ROW	29
	 	8.6	Costs of Regulatory Affairs in the ROW	29
	 	 	 	 
	9.	COMMERCIALIZATION	29
	 	 	 	 
	 	9.1	Generally	29
	 	9.2	Commercialization Expenses	31
	 	9.3	Diligence Obligations	31
	 	9.4	Advertising and Promotional Materials	31
	 	9.5	Recalls, Market Withdrawals, or Corrective Actions	33
	 	9.6	Price Reporting Obligations in the US	33
	 	9.7	Medicare Pricing	33
	 	9.8	Post-Marketing Commitments	34
	 	9.9	Commercialization Standards of Conduct	34
	 	 	 	 
	10.	PAYMENTS	35
	 	 	 	 
	 	10.1	Purchase Price Payments	35
	 	10.2	Payment Terms	36
	 	 	 	 
	11.	MANUFACTURING AND SUPPLY	39
	 	 	 	 
	 	11.1	Manufacturing Responsibilities	39
	 	11.2	Development Supply to Fresenius	40
	 	11.3	Forecasts	40
	 	11.4	Shortages	41
	 	11.5	Facility Capacity	41
	 	11.6	Supply Failure and Technology Transfer	41
	 	11.7	Delivery	42
	 	11.8	Testing and Acceptance of Distribution Product	42
	 	11.9	Disposition of Distribution Product and Non-Conforming Distribution Product	43
	 	11.10	Quality Agreements	44
	 	 	 	 
	12.	LICENSES	44
	 	 	 	 
	 	12.1	License Grants to Fresenius	44
	 	12.2	License Grants to Humacyte	44
	 	12.3	Sublicensing Terms	45
	 	12.4	Bankruptcy	46
	 	12.5	No Other Rights	46

 

    ii

     

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	 	12.6	Additional Product Distribution Agreements; Follow-On Distribution Agreement	46
	 	 	 	 
	13.	CONFIDENTIALITY AND PUBLICATION	47
	 	 	 
	 	13.1	Nondisclosure and Non-Use Obligations	47
	 	13.2	Press Release	49
	 	 	 	 
	14.	REPRESENTATIONS, WARRANTIES AND COVENANTS	50
	 	 	 
	 	14.1	Mutual Representations and Warranties as of the Effective Date	50
	 	14.2	Representations and Warranties by Humacyte	50
	 	14.3	Representations and Warranties by Fresenius	54
	 	14.4	Fresenius Compliance Regarding Anti-Bribery/Anti-Corruption	55
	 	14.5	Warranty Disclaimer	57
	 	14.6	Certain Covenants	57
	 	 	 	 
	15.	INDEMNIFICATION; LIMITATION OF LIABILITY; INSURANCE	60
	 	 	 	 
	 	15.1	General Indemnification by Humacyte	60
	 	15.2	General Indemnification by Fresenius	60
	 	15.3	Indemnification Procedure	60
	 	15.4	Limitation of Liability	61
	 	15.5	Insurance	61
	 	 	 	 
	16.	INTELLECTUAL PROPERTY	61
	 	 	 	 
	 	16.1	Inventorship	61
	 	16.2	Ownership	62
	 	16.3	Disclosure of Technology	62
	 	16.4	Prosecution and Maintenance of Patents	63
	 	16.5	Third Party Infringement and Defense	65
	 	16.6	Patent Extensions	68
	 	16.7	 Patent Listings	68
	 	16.8	Third Party Right	69
	 	16.9	Common Interest	69
	 	16.10	Defense Against Infringement Claims	69
	 	 	 	 
	17.	TERM AND TERMINATION	69
	 	 	 	 
	 	17.1	Term	69
	 	17.2	Termination for Convenience	69
	 	17.3	Termination for Cause	70
	 	17.4	Termination for Insolvency	71
	 	17.5	Termination for Withdrawal of Regulatory Approval	71
	 	17.6	Termination for Termination or Expiration of a Humacyte In-License	71
	 	17.7	Effects of Termination or Expiration	71

 

    iii

     

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	 	17.8	Survival	74
	 	 	 	 
	18.	MISCELLANEOUS	75
	 	 	 	 
	 	18.1	Assignment	75
	 	18.2	Governing Law	76
	 	18.3	Dispute Resolution	76
	 	18.4	Entire Agreement; Amendments	78
	 	18.5	Severability	79
	 	18.6	Headings	79
	 	18.7	Waiver of Rule of Construction	79
	 	18.8	Interpretation	79
	 	18.9	No Implied Waivers; Rights Cumulative	79
	 	18.10	Notices	80
	 	18.11	Compliance with Export Regulations	80
	 	18.12	Force Majeure	80
	 	18.13	Independent Parties	81
	 	18.14	Counterparts	81
	 	18.15	Further Assurances	81
	 	18.16	Performance by Affiliates	81
	 	18.17	Binding Effect; No Third Party Beneficiaries	81
	 	18.18	Use of Third Party Services	81

 

SCHEDULES

 

	Schedule 9.4.2	[***]
	Schedule 10.1	COGS
	Schedule 14.2.1	Humacyte Patents
	Schedule 14.2.1	Humacyte In-Licenses

 

    iv

     

    

 

DISTRIBUTION
AGREEMENT

 

THIS DISTRIBUTION AGREEMENT (this
“Agreement”), entered into as of June 25, 2018 (the “Effective Date”), is entered into by
and among Fresenius Medical Care Holdings, Inc., a corporation
organized and existing under the Laws of the State of New York (“Fresenius”), and Humacyte, Inc., a corporation
organized and existing under the Laws of the State of Delaware (“Humacyte”). Fresenius and Humacyte are referred
to in this Agreement individually as a “Party” and collectively as the “Parties.”

 

RECITALS:

 

WHEREAS, Fresenius, together with
its Affiliates, is the world’s leading provider of products and services for people with chronic kidney failure;

 

WHEREAS, Humacyte owns or controls
proprietary technology for developing human, tissue-based investigational products, including human acellular vessels for use in
vascular access or replacement;

 

WHEREAS, on or about the Effective
Date, Fresenius purchased shares of Humacyte Series D Preferred Stock; and

 

WHEREAS, Fresenius desires to obtain,
and Humacyte desires to grant to Fresenius, certain rights regarding the Distribution Product, all on the terms set forth below.

 

NOW, THEREFORE, in consideration
of the foregoing premises and the mutual covenants herein contained, the Parties hereby agree as follows:

 

1. DEFINITIONS.

 

Unless specifically set forth to the contrary
herein, the following terms, whether used in the singular or plural, will have the respective meanings set forth below:

 

“AAA” means the American
Arbitration Association.

 

“Accounting Standards”
means GAAP, with respect to Humacyte, and IFRS, with respect to Fresenius, and GAAP or IFRS, as applicable, with respect to any
Related Party, in each case, as generally and consistently applied throughout the Party’s or Related Party’s organization.
Each Party will promptly notify the other in the event that it changes the Accounting Standards pursuant to which its records are
maintained; provided, however, that each Party may only use internationally recognized accounting principles (e.g., IFRS, GAAP,
etc.).

 

“Acquirer” means, collectively,
with respect to the acquisition of a Party by a Third Party, a Third Party referenced in the definition of Change of Control and
such Third Party’s Affiliates, other than the applicable Party in the definition of Change of Control and such Party’s
Affiliates (determined as of immediately prior to the closing of such Change of Control).

 

“Additional Product Distribution
Agreements” means all distribution agreements entered into by and between the Parties under which Humacyte grants Fresenius
exclusive worldwide distribution rights with respect to any Additional Products; any such agreement to include product-specific
market terms for each such product, including the amount to be paid by Fresenius to Humacyte for each unit of such product and
the branding to be used therefor.

 

     

     

    

 

“Additional Product Negotiation
Notice” means a notice delivered by Humacyte to Fresenius and in which Humacyte indicates it is triggering an Additional
Product Negotiation Period.

 

“Additional Product Negotiation
Period” means, on an Additional Product-by-Additional Product basis, the period beginning on the date Fresenius receives
an Additional Product Negotiation Notice and continuing until the date [***].

 

“Additional Products”
means, other than the Distribution Product, human acellular vessel products (regardless of diameter, length or curvature) Controlled
by Humacyte or, subject to Section 18.1.2.2, any of its Affiliates.

 

“Affiliate” means, with
respect to a Person, any other Person that controls, is controlled by, or is under common control with such Person. For purposes
of this Agreement, a Person will be deemed to control another Person if it owns or controls, directly or indirectly, more than
fifty percent (50%) of the equity securities of such other Person entitled to vote in the election of directors (or, in the case
that such other Person is not a corporation, for the election of the corresponding managing authority), or otherwise has the power
to direct the management and policies of such other Person. The Parties acknowledge that in the case of certain entities organized
under the Laws of certain countries outside the United States, the maximum percentage ownership permitted by Law for a foreign
investor may be less than fifty percent (50%), and that in such case such lower percentage will be substituted in the preceding
sentence, provided that such foreign investor has the power to direct the management and policies of such entity.

 

“Agreement” has the meaning
set forth in the Preamble.

 

“Audited Party” has the
meaning set forth in Section 10.2.4.

 

“Auditing Party” has
the meaning set forth in Section 10.2.4.

 

“Auditor” has the meaning
set forth in Section 10.2.4.

 

“Bankrupt Party” has
the meaning set forth in Section 12.4.

 

“Bankruptcy Code” means
Title 11, United States Code, as amended, or analogous provisions of Laws outside the United States.

 

“Batch” means a specific
quantity of Distribution Product that is intended to be of uniform character and quality, within specified limits set forth in
the Specifications, and is produced during the same cycle of Manufacture as defined by the applicable Batch record.

 

“Batch Documentation”
means the Certificate of Compliance, a Certificate of Analysis, the Specifications, and a complete and accurate copy of the Batch
records.

 

“Biosimilar Application”
means an application submitted to the FDA under subsection (k) of Section 351 of the PHSA, or any analogous application submitted
to a Regulatory Authority in the United States or in another country in the world.

 

    2

     

    

 

“Branding Strategy” means
a branding strategy (including positioning, messages, logo, colors, and other visual branding elements).

 

“Brief” has the meaning
set forth in Section 18.3.8.2.

 

“Business Day” means
a calendar day other than a Saturday, Sunday, or a bank or other public holiday in Boston, Massachusetts or New York, New York.

 

“Calendar Quarter” means
the respective periods of three (3) consecutive calendar months ending on March 31, June 30, September 30, and December 31 of each
Calendar Year.

 

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

 

“Certificate
of Analysis” means a document signed by an authorized representative of Humacyte, describing Specifications for, and
testing methods applied to, Distribution Product, and the results of testing.

 

“Certificate of Compliance”
means a document signed by an authorized representative of Humacyte, certifying that a particular Batch was Manufactured in accordance
with cGMP (if applicable), all other Laws, and the Specifications.

 

“cGMP” means applicable
current good manufacturing practices, including good tissue practice, as required by the FDA under provisions of 21 C.F.R. Parts
210, 211, 600, 610, 1270 and 1271, all applicable FDA rules and regulations, and the requirements with respect to current good
manufacturing practices prescribed by the European Community under provisions of “The Rules Governing Medicinal Products
in the European Community, Volume 4, Good Manufacturing Practices,” or as otherwise required by Laws.

 

“Change of Control” means,
with respect to a Party, (a) a merger, consolidation, recapitalization, or reorganization of such Party with a Third Party
that results in the voting securities of such Party outstanding immediately prior thereto, or any securities into which such voting
securities have been converted or exchanged, ceasing to represent at least fifty percent (50%) of the combined voting power of
the surviving entity or the parent of the surviving entity immediately after such merger, consolidation, recapitalization, or reorganization,
(b) a transaction or series of related transactions in which a Third Party, together with its Affiliates, becomes the direct
or indirect beneficial owner of fifty percent (50%) or more of the combined voting power of the outstanding securities of such
Party, or (c) the sale or other transfer to a Third Party of all or substantially all of such Party’s and its controlled
Affiliates’ assets. Notwithstanding the foregoing, any transaction or series of transactions effected for the purpose of
financing the operations of the applicable Party or changing the form or jurisdiction of organization of such Party (such as an
initial public offering or other offering of equity securities to non-strategic investors or corporate reorganization) will not
be deemed a “Change of Control” for purposes of this Agreement.

 

“Clinical Study” means
a study (including a non-interventional study) in humans to obtain information regarding the Distribution Product, including information
relating to the safety, tolerability, pharmacological activity, pharmacokinetics, or efficacy of such product.

 

“CMS” means Centers for
Medicare & Medicaid Services.

 

    3

     

    

 

“COGS” has the meaning
set forth in Schedule 10.1.

 

“Commercialization” or
“Commercialize” means, in respect of a product, any and all activities directed to transporting or storing
(following delivery of the product by the manufacturer thereof), marketing, detailing, Promotion, distributing, importing, exporting,
using, offering to sell or selling the product, including (a) strategic marketing, market research, advisory board meetings,
speaker’s bureaus, sales force detailing, sales force training and allocation, advertising, planning, messaging, and branding
for the product; (b) all customer support, patient services, case management, Distribution Matters, invoicing and sales activities
for the product; (c) design and conduct of (i) Post-Marketing Commitments or (ii) other post-approval Clinical Studies not
required to obtain, support, or maintain Regulatory Approval (other than Pricing Approval) for the product; and (d) activities
directed to obtaining required Pricing Approvals, negotiating discounts and obtaining product access for the product, as applicable,
but excluding Development or Manufacture of the product.

 

“Commercially Reasonable Efforts”
means the level of efforts reasonably comparable to those put forth by a leading medical device/biopharmaceutical company with
respect to a product of similar market or profit potential, based on conditions then prevailing and taking into account, without
limitation, issues of safety and efficacy, product profile, the proprietary position, the then-current competitive environment
for such product and the likely timing of such product’s entry into the market, the regulatory environment and status of
such product, and other relevant scientific, technical, commercial and compliance factors. [***] Notwithstanding the foregoing,
neither Party will be obligated to Develop, seek Regulatory Approval for, or Commercialize the Distribution Product in a manner
inconsistent with Laws.

 

“Competitive Infringement”
means, on a country-by-country basis, [***].

 

“Confidential Information”
means any and all confidential or proprietary information and data and all other scientific, pre-clinical, clinical, regulatory,
manufacturing, marketing, financial and commercial information or data that is or has been provided by one Party to the other Party
in connection with this Agreement, whether communicated in writing or orally or by any other method.

 

“Control” means, with
respect to any Materials, Regulatory Materials, or intellectual property rights, including any Patents or Know-How, the possession
(whether by ownership, license, or sublicense, other than by a license, sublicense, or other right granted pursuant to this Agreement
(but not assignment)) by a Party of the ability to assign, transfer, or grant to the other Party the assignments, transfers, licenses,
sublicenses, or rights to access and use such Materials, Regulatory Materials, or intellectual property rights as provided for
in this Agreement, without violating the terms of any agreement or other arrangement with any Third Party in existence as of the
time such Party would be required hereunder to effect such assignment or transfer or grant such license, sublicense, or rights
of access and use.

 

    4

     

    

 

“Cover,” “Covering,”
or “Covered” means, with respect to a particular subject matter at issue and the relevant Patent, that, but
for a license granted to a Person under a claim included in such Patent or ownership of such Patent, the Exploitation by such Person
of the subject matter at issue, would infringe such claim or, in the case of a Patent that is a patent application, would infringe
a claim in such patent application if it were to issue as a patent.

 

[***].

 

“Debarred” has the meaning
set forth in Section 14.2.10.4.

 

“Develop” and “Development”
means, in respect of a product, any and all activities related to the design, research, discovery, generation, identification,
profiling, characterization, or production of the product, process development and validation, testing method development, testing,
validation, pre-clinical development or non-clinical or pre-clinical studies in respect of the product, clinical development activities
conducted before or after obtaining Regulatory Approval that are reasonably related to or leading to the development, preparation,
or submission of data and information to a Regulatory Authority for the purpose of obtaining, supporting or expanding Regulatory
Approval (excluding Pricing Approval) for the product, including all activities related to design and conduct of Clinical Studies
(but excluding Post-Marketing Commitments) for the product, and regulatory affairs, statistical analysis, report writing, and regulatory
file creation and submission (including the services of outside advisors and consultants in connection therewith) for the product,
but excluding Manufacture of the product.

 

“Disputes” means disputes
of any nature arising under, relating to, or in connection with this Agreement.

 

“Distribution Matters”
means all issues and decisions regarding the distribution of the Distribution Product, including decisions as to whether and with
which wholesalers and distributors to contract, and the terms of contracts with such wholesalers and distributors.

 

“Distribution Product”
means the 6mm x 42cm human acellular vessel product being Developed by Humacyte as of the Effective Date, and all improvements
thereto, and modifications and derivatives thereof (including any changes to the length, diameter or configuration of the foregoing).
“Distribution Product” includes the human acellular vessel that is the subject of the following protocol for
a Clinical Study: Comparison of the Human Acellular Vessel (HAV) with Fistulas as Conduits for Hemodialysis.

 

“Distribution Product Technology”
has the meaning set forth in Section 16.2.1.

 

“Dollars” or “$”
means the legal tender of the United States.

 

    5

     

    

 

“Duke License” means
that certain Exclusive Patent License Agreement, by and between Duke University and Humacyte, dated March 14, 2006, as amended
February 25, 2011, April 24, 2014, June 26, 2015, and January 2, 2018, and as subsequently amended or restated.

 

[***] means,

 

(a) in respect of Humacyte, for a particular
country and time period, [***] as determined pursuant to the applicable Accounting Standards; and

 

(b) in respect of Fresenius, for a particular
country and time period, [***] as determined pursuant to the applicable Accounting Standards.

 

[***] means, for a particular country, Party,
and time period, [***].

 

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

 

“EMA” means the European
Medicines Agency and any successor Governmental Authority having substantially the same function.

 

“EU/Japan” means the
European Union and Japan, but excluding any Terminated Territory therein.

 

“EU/Japan Development Report”
has the meaning set forth in Section 5.3.

 

“EU/Japan Development Term”
means, on a country-by-country basis, with respect to each country in the EU/Japan, the period of time during which Humacyte is
conducting Development activities with respect to the Distribution Product in the Field for such country, commencing on the date
on which Humacyte commences such activities and continuing until the EU/Japan Launch Date in such country.

 

“EU/Japan Launch Date”
means, on a country-by-country basis, with respect to each country in the EU/Japan, the date on which all of the following are
satisfied: (a) [***] (b) [***] and (c) [***].

 

“EU/Japan Plans” has
the meaning set forth in Section 5.2.1.

 

    6

     

    

 

“European Union” means
the economic, scientific and political organization of member states as it may be constituted from time to time, which as of the
Effective Date consists of Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece,
Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia,
Spain, Sweden and the United Kingdom of Great Britain and Northern Ireland and that certain portion of Cyprus included in such
organization.

 

“Ex-US” means all territories
and countries of the world other than the United States and the Terminated Territory.

 

“Executive Officer” means,
for Fresenius, its global Chief Executive Officer or its Chief Executive Officer for the relevant country, and for Humacyte, its
Chief Executive Officer. The applicable Chief Executive Officer of a Party may (a) designate the Chief Financial Officer of the
Party to carry out the responsibilities of the Executive Officer of the Party in respect of financial matters hereunder or (b)
designate a designee with appropriate responsibilities, seniority, and decision-making authority within the Party to carry out
any other responsibilities of the Executive Officer of the Party hereunder, [***]. In the event that the position of any of the
Executive Officers identified in this definition no longer exists due to a Change of Control, corporate reorganization, corporate
restructuring, or the like that results in the elimination of the identified position, then the applicable Party will replace the
applicable Executive Officer with another executive officer with responsibilities and seniority comparable to the eliminated Executive
Officer.

 

“Expedited Arbitration”
has the meaning set forth in Section 18.3.8.

 

“Expedited Dispute” has
the meaning set forth in Section 18.3.8.

 

“Exploit” or “Exploitation”
means to make, have made, import, have imported, export, have exported, distribute, have distributed, use, have used, sell, have
sold, offer for sale, or have offered for sale, including to research, Develop, Manufacture, Commercialize, register, modify, enhance,
improve, or otherwise dispose of.

 

“Facility” means the
Manufacturing facility operated by Humacyte that is located at 2525 East North Carolina Highway 54, Durham, North Carolina 27713-2201.

 

“FD&C Act” means
the United States Federal Food, Drug, and Cosmetic Act, as amended.

 

“FDA” means the United
States Food and Drug Administration or any successor agency thereto.

 

“Field” means (a) use
in renal replacement therapy for dialysis access or, (b) subject to the next sentence, use in the treatment of occlusive arterial
disease in the lower extremities in humans. [***].

 

    7

     

    

 

“First Commercial Sale”
on a country-by-country basis, means the first arms-length sale of Distribution Product by a Selling Party in such country.

 

“Follow-On Distribution Agreement”
means a distribution agreement entered into by and between the Parties under which Humacyte grants Fresenius exclusive, worldwide
distribution rights with the Distribution Product for use outside the Field.

 

“Follow-On Negotiation Notice”
means a notice delivered by Humacyte to Fresenius [***] and in which Humacyte indicates it is triggering the Follow-On Negotiation
Period.

 

“Follow-On Negotiation Period”
means the period beginning on the Effective Date and continuing until the date [***].

 

“Forecasted Revenue”
means, in respect of a Party, a time period, and a country, [***].

 

“Fresenius” has the meaning
set forth in the preamble.

 

“Fresenius Indemnitees”
means Fresenius, its Affiliates, and its and their respective directors, officers, employees, and agents.

 

“Fresenius
Know-How” [***]. For the avoidance of doubt, “Fresenius Know-How” does not include [***].

 

“Fresenius
Patents” [***]. For the avoidance of doubt, “Fresenius Patents” does not include [***].

 

“Fresenius Technology”
means, collectively, (a) the Fresenius Patents, (b) the Fresenius Know-How [***].

 

    8

     

    

 

“GAAP” means generally
accepted accounting principles as practiced in the United States, as consistently applied.

 

“GCP” means the ethical,
scientific, and quality standards required by FDA for designing, conducting, recording, and reporting human clinical trials, as
set forth in FDA regulations in 21 C.F.R. Parts 11, 50, 54, 56, and 312 and all related FDA rules and regulations, and by the ICH
Guidelines, or as otherwise required by Laws.

 

“GLP” means good laboratory
practices as required by the FDA under 21 C.F.R. Part 58 and all applicable FDA rules and regulations, and the requirements with
respect to good laboratory practices prescribed by the European Community, the OECD (Organization for Economic Cooperation and
Development Council) and the ICH Guidelines, or as otherwise required by Laws.

 

“Government Official”
means any official or employee of any government, or any department, agency, or instrumentality thereof, any political party or
official thereof, any candidate for political office, any official or employee of any public international organization, or any
person acting in an official capacity for or on behalf of any such government, department, agency, instrumentality, party, or organization.

 

“Governmental Authority”
means any applicable government authority, court, council, tribunal, arbitrator, agency, department, bureau, branch, office, legislative
body, commission or other instrumentality of (a) any government of any country, (b) any nation, state, province, county,
city, or other political subdivision thereof, or (c) any supranational body.

 

“Health Care Laws” means,
as applicable: (a) 42 U.S.C. Section 1320a-7b(b) (the “US Anti-Kickback Statute”), the US Civil False Claims
Act (31 U.S.C. Section 3729 et seq.), Sections 1320a-7, 1320a-7a, and 1320a-7b of Title 42 of the United States Code and the regulations
promulgated pursuant to such statutes and any comparable self-referral or fraud and abuse Laws promulgated by any state; (b) HIPAA
and any Law or regulation the purpose of which is to protect the privacy of individually-identifiable patient information; (c)
Medicare (Title XVIII of the Social Security Act); (d) Medicaid (Title XIX of the Social Security Act); (e) Patient Protection
and Affordable Care Act of 2010, as amended by the Health Care and Education Affordability Reconciliation Act of 2010; (f) FD&C
Act, the PHSA, FDA regulations promulgated thereunder, or any similar Laws of applicable foreign jurisdictions.

 

“HIPAA” means the United
States Health Insurance Portability and Accountability Act of 1996 (42 U.S.C. Section 1320d et seq.), as amended by the Health
Information Technology for Economic and Clinical Health Act (42 U.S.C. Section 17921 et seq.), and the regulations promulgated
thereunder.

 

[***]

 

“Humacyte” has the meaning
set forth in the preamble.

 

“Humacyte In-License”
means any current or future in-license pursuant to which Humacyte or any of its Affiliates Controls any Humacyte Technology.

 

    9

     

    

 

[***]

 

“Humacyte Indemnitees”
means Humacyte, its Affiliates, and its and their respective directors, officers, employees and agents.

 

[***]

 

“Humacyte Know-How” means,
[***] (a) [***] (b) [***] (c) [***] and (d) the Know-How in the Distribution Product Technology.

 

“Humacyte Patents” means,
[***] (a) [***] (b) [***] (c) [***] and (d) the Patents in the Distribution Product Technology. As of the Effective Date, Humacyte
Patents include the Patents set forth on Schedule 14.2.1.

 

“Humacyte Technology”
means, collectively, (a) the Humacyte Patents, (b) Humacyte Know-How and (c) all Regulatory Materials Controlled by Humacyte
or any of its Affiliates as of the Effective Date or during any Term that relate to the Distribution Product.

 

“ICH Guidelines” means
guidelines issues from time to time by the International Council for Harmonization.

 

“IFRS” means International
Financial Reporting Standards.

 

“IND” means an Investigational
New Drug application (as defined in the FD&C Act), clinical trial application or similar application or submission for approval
to conduct human clinical investigations filed with or submitted to a Regulatory Authority anywhere in the world in conformance
with the requirement of such Regulatory Authority, and any amendments thereto.

 

“Indemnified Party” has
the meaning set forth in Section 15.3.

 

“Indemnifying Party”
has the meaning set forth in Section 15.3.

 

“Joint Know-How” means,
other than the Know-How in the Distribution Product Technology, any Know-How created, conceived or developed jointly by or on behalf
of the Parties in the performance of this Agreement.

 

“Joint Patents” means,
other than the Patents in the Distribution Product Technology, any Patents that claim or cover any inventions created, conceived
or developed jointly by or on behalf of the Parties in the performance of this Agreement.

 

“Joint Technology” means
the Joint Know-How and Joint Patents.

 

    10

     

    

 

“JRA Exception” means
the America Invents Act Joint Research Agreement exception codified at 35 U.S.C. § 102(c).

 

“JSC” means joint steering
committee.

 

“Know-How” means all
commercial, technical, scientific and other know-how and information, inventions, discoveries, trade secrets, knowledge, technology,
methods, processes, practices, formulae, instructions, skills, techniques, procedures, experiences, ideas, technical assistance,
designs, drawings, assembly procedures, computer programs, specifications, data and results (including biological, chemical, pharmacological,
toxicological, pharmaceutical, physical and analytical, preclinical, clinical, safety, manufacturing and quality control data and
know-how, including regulatory data, study designs and protocols), and Materials, in all cases, whether or not confidential, proprietary,
patentable, in written, electronic or any other form now known or hereafter developed, but excluding all Patents.

 

“Launch Date” on a country-by-country
basis, means, as applicable in a particular country, the EU/Japan Launch Date, ROW Launch Date or US Launch Date, as applicable.

 

“Laws” means all applicable
laws, statutes, rules, regulations, standards, orders, judgments, injunctions, ordinances, codes, principles of common law, or
other pronouncements having the binding effect of law of any Governmental Authority.

 

“Lead Party” has the
meaning set forth in Section 16.5.2.2(a).

 

“Listed Countries” means
[***].

 

“Losses” means Third
Party claims, suits, losses, liabilities, damages, costs, fees, and expenses (including reasonable attorneys’ fees and litigation
expenses).

 

“Manufacturing” or “Manufacture”
means, in respect of a product, all activities related to the manufacture of the product or any component or ingredient thereof,
including manufacturing supplies for Development or Commercialization of the product, formulation, manufacturing scale-up, labeling,
filling, processing, packaging, and in-process and finished product testing of the product, release of the product or any component
or ingredient thereof (unless responsibility in respect thereof in a particular country is otherwise assigned by the provisions
of this Agreement or an applicable country-specific distribution agreement between the Parties), quality assurance and quality
control activities related to manufacturing and release (unless responsibility in respect thereof in a particular country is otherwise
assigned by the provisions of this Agreement or an applicable country-specific distribution agreement between the Parties) of the
product, ongoing stability tests, storage, and shipment of the product, and regulatory activities (other than Development of the
product) related to any of the foregoing.

 

“Manufacturing Process”
means any and all processes and activities (or any step in any process or activity) used or planned to be used by Humacyte to Manufacture
Distribution Product, [***].

 

“Market Entry Activities”
means, with respect to each country in the EU/Japan or ROW for which the Market Entry Criteria are satisfied, the conduct of clinical
Development activities and regulatory activities as necessary to obtain and maintain Regulatory Approval for the Distribution Product
in the Field such country, and coverage and Pricing Approval with respect to the Distribution Product in the Field in such country.

 

“Market Entry Criteria”
means, in respect of a particular country, that the applicable EU/Japan Plan or ROW Plan demonstrates [***].

 

    11

     

    

 

“Material Communications”
means written, telephonic, or in-person communications from or with any Regulatory Authority concerning any of the following: key
product quality attributes (e.g., purity, identity, content uniformity, physical or biological attributes), safety findings
affecting the platform (e.g., Serious Adverse Events, emerging safety signals), clinical or non-clinical findings affecting
patient safety, lack of efficacy, receipt or denial of Regulatory Approval, the design of Clinical Studies, or the need for additional
non-clinical studies (e.g., additional toxicology or carcinogenicity studies).

 

“Materials” means all
tangible compositions of matter, devices, articles of manufacture, assays, biological, chemical, or physical materials, and other
similar materials.

 

[***]

 

“MIT License” means that
certain Exclusive Patent License Agreement, by and between Massachusetts Institute of Technology and Humacyte, dated December 27,
2005, as amended December 7, 2010, November 20, 2012, and August 5, 2014.

 

“Net Sales” means [***]
Product labeled for use in the Field by or on behalf of Fresenius or any of Fresenius’ Related Parties who obtained, directly
or indirectly, such Distribution Product from Humacyte under or in connection with this Agreement (collectively, the “Selling
Parties”) to any Third Party other than a Related Party, less [***].

 

    12

     

    

 

“New-Controlling Party”
has the meaning set forth in Section 16.5.4.1.

 

“Non-Bankrupt Party”
has the meaning set forth in Section 12.4.

 

“Non-Conforming Product”
has the meaning set forth in Section 11.8.6.

 

“Party” or “Parties”
has the meaning set forth in the preamble.

 

“Patent” means all patents
and patent applications (including all continuations, continuations-in-part, divisionals, and substitutions), or other filings
claiming priority thereto or sharing any common priority therewith, as well as any patents issued with respect to any such patent
applications, reissues, re-examinations, renewals, or extensions (including patent term adjustments, patent term extensions, supplemental
protection certificates, or the equivalents thereof), registration or confirmation patents, patents resulting from post-grant proceedings,
patents of addition, restorations and extensions thereof, and any inventor’s certificates, and all equivalents and counterparts
thereof in any country. For clarity, a patent filing (a patent or a patent application) is considered to have been made (or to
be pending or in force) within a selected time period if the filing itself, or any other filing to which it claims priority or
with which it shares any common priority, was made within (or was pending or in force within) the time period.

 

“Patent Offices” means
the United States Patent and Trademark Office or any analogous foreign Governmental Authority.

 

“Permits” has the meaning
set forth in Section 14.2.10.8.

 

“Person” means any natural
person, corporation, unincorporated organization, partnership, association, sole proprietorship, joint stock company, joint venture,
limited liability company, trust or government, or Governmental Authority, or any other similar entity.

 

“PHSA” means the United
States Public Health Service Act, as amended.

 

“Post-Marketing Commitments”
means any item, activity, task, a non-human study, human clinical study, or other commitment with respect to a product initiated
after receipt of Regulatory Approval (other than Pricing Approval) for such product in a country or territory, the completion of
which is recommended or required by the Regulatory Authority in such country or territory in connection with the initial grant
of, or to support or maintain such, Regulatory Approval for such product in such country or territory.

 

“Pricing Approval” means
any governmental approval, agreement, determination, or decision establishing the prices for a product that can be charged or reimbursed
in regulatory jurisdictions where the applicable Governmental Authorities negotiate, approve, or determine the price or reimbursement
of medical device, human cells, cellular or tissue-based product, biologic or pharmaceutical products.

 

    13

     

    

 

“Product Year” on a country-by-country
basis means each twelve (12) month period beginning with the Launch Date in such country, or anniversary thereof, and ending on
the last calendar day prior to the subsequent anniversary of such Launch Date. For clarity, (a) the first Product Year in a country
is the twelve (12) month period beginning on the Launch Date in such country and ending on the last calendar day prior to the first
anniversary of the Launch Date in such country and (b) the second Product Year in a country is the twelve (12) month period beginning
on the first anniversary of the Launch Date in such country and ending on the last calendar day prior to the second anniversary
of the Launch Date in such country.

 

“Promotion” or “Promote”
means, in respect of a product, any and all activities directed to the marketing, detailing, or promotion of the product, including
advertising, marketing research, customer service, commercially selling or having sold such product, and all regulatory compliance
with respect to the foregoing.

 

“Promotional Claim” has
the meaning set forth in Section 9.4.3.3.

 

“Promotional Materials”
means all marketing training materials, grants, sponsorships, and all written, printed, graphic, electronic, audio, or video matter,
including journal advertisements, sales visual aids, exhibit panels, leave-behind items, formulary dossiers and binders, reprints,
direct mail, direct-to-consumer promotional materials, health care professional promotional materials, internet postings and sites,
and broadcast advertisements intended for use or used by or on behalf of either Party or its Related Parties in connection with
any promotion of and education related to the Distribution Product in the Field.

 

“Prosecution and Maintenance”
or “Prosecute and Maintain” means, with regard to a particular Patent, the preparation, filing, prosecution
and maintenance of such Patent, as well as re-examinations, reissues and the like with respect to that Patent.

 

“Prospective License”
has the meaning set forth in Section 14.6.5.

 

“Quality Agreements”
has the meaning set forth in Section 11.10.

 

[***]

 

“Regulatory Approval”
means, with respect to a country or extra-national territory, any and all approvals, licenses, permits, registrations, or authorizations
of any Regulatory Authority necessary in order to commercially distribute, sell, or market, a pharmaceutical, biologic, medical
device, human cells, or a cellular or tissue-based product in such country or some or all of such extra-national territory, but
excluding any Pricing Approvals.

 

“Regulatory Authority”
means any Governmental Authority responsible for granting a Regulatory Approval with respect to the Distribution Product or otherwise
exercising authority with respect to the Development, Manufacture or Commercialization of the Distribution Product, including
the FDA and the EMA.

 

    14

     

    

 

“Regulatory Materials”
means any regulatory application, submission, notification, communication, correspondence, registration, Regulatory Approval, or
other filing made to, received from or otherwise conducted with a Regulatory Authority related to Developing, Manufacturing, obtaining
marketing authorization, marketing, selling or otherwise Commercializing a pharmaceutical product in a particular country or jurisdiction.

 

“Related Parties” means
a Party’s Affiliates, Sublicensees, subcontractors, and subdistributors. Related Parties do not include wholesalers who purchase
Distribution Product from Fresenius or any other Selling Party for resale.

 

“ROW” means all territories
and countries of the world other than the European Union, Japan, the United States, and the Terminated Territory.

 

“ROW Development Report”
has the meaning set forth in Section 7.3.

 

“ROW Development Term”
means, on a country-by-country basis, with respect to each country in the ROW, the period of time during which Fresenius is conducting
Development activities with respect to the Distribution Product for such country, commencing on the date on which Fresenius commences
such activities and continuing until the ROW Launch Date in such country.

 

“ROW Launch Date” means,
with respect to a country in the ROW, the date on which all of the following are satisfied: (a) Fresenius has received Regulatory
Approval and Pricing Approval where required, for the Distribution Product in the Field, (b) [***] and (c) [***].

 

“ROW Plans” has the meaning
set forth in Section 7.2.1.

 

“Safety Concern” means,
(a) any safety concern required to be reported under 21 C.F.R. § 312.32 or similar Laws if an IND with respect to the
Distribution Product was open at the time of the observation (or that would be so reportable if an IND was not open at such time),
or (b) a toxicity or drug safety issue, including lack of effect, or a Serious Adverse Event reasonably related to or observed
in connection with Development or Commercialization activities with respect to a Distribution Product.

 

“Sales Report” has the
meaning set forth in Section 10.2.2.

 

“SDEA” means one or more
Safety Data Exchange Agreements entered into by the Parties relating to the Distribution Product.

 

“Selling Parties” has
the meaning set forth in the definition of Net Sales.

 

“Serious Adverse Event”
means an adverse drug experience or circumstance that results in any of the following outcomes (a) death, (b) life-threatening
condition, (c) inpatient hospitalization or a prolongation of existing hospitalization, (d) persistent or significant
disability or incapacity or substantial disruption of the ability to conduct normal life functions, (e)  a congenital anomaly/birth
defect, (f) significant intervention required to prevent permanent impairment or damage, or (g) a medical event that
may not result in death, be life-threatening, or require hospitalization but, based on appropriate medical judgment, that may
jeopardize the patient or subject, including if such event were to recur, and may require medical or surgical intervention to
prevent one of the outcomes described in clauses (a) through (f).

 

    15

     

    

 

“Specifications” means
the list of components, Materials, tests, references to any analytical procedures and appropriate acceptance criteria which are
numerical limits, ranges or other criteria for tests described in order to establish a set of criteria to which Distribution Product
at any stage of Manufacture should conform to be considered acceptable for its intended use that are specified by Humacyte as of
the Effective Date, as such specifications may be amended or supplemented from time to time in accordance with Section 11.8.1.

 

“Specified Payors” means
[***].

 

“Sublicensee” means a
Third Party to which a Party, or in the case of Fresenius, any of Fresenius’ Affiliates, grants a sublicense of any of the
rights granted to such Party in this Agreement, or any further sublicensee of such rights (regardless of the number of tiers, layers
or levels of sublicenses of such rights).

 

“Supply Failure” means
with respect to a particular Distribution Product, Humacyte’s failure to deliver (a) [***] of the aggregate quantity of such
Distribution Product ordered by the Selling Parties [***] or (b) [***] of the quantity of such Distribution Product [***].

 

“Tax” and “Taxation”
means any United States and non-United States federal, state, local, regional, municipal, or other tax or taxation, levy, duty,
charge, withholding, or other assessment of any kind (including any related fine, penalty, addition to tax, surcharge, or interest)
imposed by, or payable to, a Governmental Authority, including sales, use, excise, stamp, transfer, property, value added, goods
and services, withholding, and franchise taxes.

 

“Term” has the meaning
set forth in Section 17.1.

 

“Terminated Territory”
means any country with respect to which this Agreement has been terminated or has expired.

 

“Territory” means the
EU/Japan, ROW and US, but, for clarity, in all cases excluding any country that is in the Terminated Territory.

 

“Third Party” means any
Person other than Fresenius, Humacyte, or their respective Affiliates.

 

“Third Party Action”
has the meaning set forth in Section 16.5.3.

 

[***]

 

    16

     

    

 

“Trademark” means any
trademark, trade name, service mark, service name, brand, domain name, trade dress, logo, slogan, or other indicia of origin or
ownership, including the goodwill and activities associated with each of the foregoing.

 

“Transition Agreement”
has the meaning set forth in Section 17.7.3.1.

 

“Unit” means one (1)
unit of Distribution Product (i.e., one (1) vessel).

 

“United States” or “US”
means the United States and its territories, possessions and commonwealths.

 

“US Development Report”
has the meaning set forth in Section 3.2.

 

“US Development Term”
means the period of time commencing on the Effective Date and continuing until the US Launch Date.

 

“US Launch Date” means
the first date all of the following are satisfied: (a) Humacyte has received Regulatory Approval from the FDA for the Distribution
Product in the Field, (b) [***] and (c) [***].

 

“US Promotion Contingencies”
has the meaning set forth in Section 9.3.3.

 

“US Promotion Diligence Obligation”
has the meaning set forth in Section 9.3.3.

 

“US Team Diligence Obligation”
has the meaning set forth in Section 9.3.2.

 

“Valid Claim” means a
claim of a Patent that (a) has not been rejected, revoked or held to be invalid, unpatentable, or unenforceable by a court
or other authority of competent jurisdiction from which decision no appeal can be further taken, and (b) has not been finally
abandoned, disclaimed or admitted to be invalid or unenforceable through reissue, re-examination, or disclaimer, or otherwise.

 

“VAT” means, within the
European Union, such Tax as may be charged in accordance with (but subject to derogations from) Directive 2006/112/EC and, outside
the European Union, value added Tax or any form of consumption Tax, as well as all other forms of Taxes charged on the supply of
a good or a service, including sales Tax and goods and services Tax.

 

“Withdrawing Party” has
the meaning set forth in Section 16.5.4.1.

 

2. OVERVIEW;
GOVERNANCE.

 

2.1 Overview.
Except as otherwise expressly set forth in this Agreement, Fresenius will be the exclusive distributor of the Distribution Product
in the Field throughout the Territory. Humacyte will Develop the Distribution Product and seek Regulatory Approval therefor in
the US and EU/Japan and Fresenius will Develop the Distribution Product and seek Regulatory Approval therefor in the ROW, all in
accordance with this Agreement. Except as otherwise set forth in this Agreement, Fresenius will be responsible for all Commercialization
of the Distribution Product in the Field in the Territory. The Parties anticipate entering into a country specific license and
distribution agreement for each country in the EU/Japan or ROW in which Fresenius will Commercialize the Distribution Product,
as and to the extent needed or reasonably requested by a Party to address country specific terms or requirements (including the
General Data Protection Regulation); any such agreement will be substantially similar to the terms of this Agreement, mutatis
mutandis.

 

    17

     

    

 

2.2 Joint
Steering Committee. Within [***] after the Effective Date, the Parties will establish a JSC that will monitor and provide strategic
oversight of the activities under this Agreement and facilitate communication between the Parties with respect to activities hereunder.
Unless otherwise set forth in this Agreement, the JSC will be an advice and oversight forum, and have the limited decision-making
role set forth herein.

 

2.2.1 Composition.
Each Party will initially appoint [***] to the JSC, with each representative [***]. The JSC may change its size from time to time
by consent of the Parties, provided that the JSC will consist at all times of an equal number of representatives of each Party.
[***] The JSC may invite non-members to participate in the discussions and meetings of the JSC, but such participants will have
no voting authority at the JSC and must be bound under written obligations of confidentiality no less protective of the Parties’
Confidential Information than those set forth in this Agreement. The JSC will be co-chaired, with one (1) chairperson designated
by each Party, whose responsibilities will include conducting meetings, including, when feasible, ensuring that objectives for
each meeting are set and achieved. Responsibility for running each meeting of the JSC will alternate between the chairpersons from
meeting-to-meeting, with Fresenius’ chairperson running the first meeting. The chairperson for a particular meeting will
prepare and circulate agendas in advance thereof and will ensure the preparation and approval of minutes for such meeting. The
chairpersons have no additional powers or rights beyond those held by the other JSC representatives.

 

2.2.2 Responsibilities.
In addition to its overall responsibility for monitoring and providing strategic oversight with respect to the Parties’ activities
under this Agreement, the JSC will have the following responsibilities:

 

2.2.2.1 review
and discuss [***]

 

2.2.2.2 discuss
the activities undertaken by Third Parties, as described in Section 18.18;

 

2.2.2.3 review
and discuss any Material Communication with Regulatory Authorities, as described in Section 4.2, Section 6.2
or Section 8.2;

 

2.2.2.4 review
and discuss filings or applications for Regulatory Approvals of the Distribution Product in the Field in the Territory, and receipt
or denial of Regulatory Approval for any such filings or applications, as described in Section 4.4, Section 6.4
or Section 8.4;

 

    18

     

    

 

2.2.2.5 review
and discuss [***]

 

2.2.2.6 discuss
[***]

 

2.2.2.7 review
and discuss [***]

 

2.2.2.8 review
and discuss forecasts and purchase commitments for the US, as described in Section 10.1.1.2;

 

2.2.2.9 review
and discuss any notices provided pursuant to Section 16.5.1;

 

2.2.2.10 review
and discuss Humacyte’s Manufacturing activities, [***]

 

2.2.2.11 upon
the request of a Party, discuss the support requested from the other Party with respect to activities hereunder; provided that
absent a separate written agreement, a Party will not be obligated to provide support in addition to the support that is required
by this Agreement; and

 

2.2.2.12 in
addition to any items set forth on the agenda for a meeting of the JSC, at each meeting of the JSC, provide an update on all activities
performed by each Party hereunder since the last meeting of the JSC, and evaluate the activities performed against all relevant
plans. If a Party fails to provide such report at a meeting of the JSC, the other Party may request, and the reporting Party will
provide, a written progress report that includes information regarding accrual, site initiation, progress on protocol writing,
meeting requests and briefing documents, in the case of clinical or regulatory activities, and in other cases such information
as is reasonably necessary to convey a reasonably comprehensive understanding of the status of the applicable Development, Manufacturing,
regulatory or Commercialization activity.

 

2.2.3 JSC
Meetings. The JSC will meet at least once per Calendar Quarter unless the Parties mutually agree in writing to a different
frequency. No later than [***] prior to any meeting of the JSC (or such shorter time period as the Parties may
agree), the chairperson for the upcoming meeting will prepare and circulate an agenda for such meeting; provided, however,
that either Party may propose additional topics to be included on such agenda, either prior to or in the course of such meeting.
Either Party may also call a special meeting of the JSC by providing at least [***] prior written notice to the other Party if
such Party reasonably believes that a significant matter must be addressed prior to the next scheduled meeting, in which event
such Party will provide the members of the JSC no later than [***] prior to the special meeting with an agenda for
the meeting and materials reasonably adequate to enable an informed discussion of the matters to be considered. The JSC may meet
in person, by videoconference or by teleconference. Notwithstanding the foregoing, alternating meetings will be in person unless
the Parties agree in writing to waive such requirement. In-person JSC meetings will be held at locations alternately selected by
each Party. Each Party will bear the expense of its respective JSC members’ participation in JSC meetings. Meetings of the
JSC will be effective only if [***]. The chairperson for a meeting will be responsible for preparing reasonably detailed written
minutes of such meeting that reflect material decisions made and action items identified at such meetings. The chairperson will
send draft meeting minutes to each member of the JSC for review and approval within [***] after the relevant JSC meeting. Such
minutes will be deemed approved unless one or more members of the JSC objects to the accuracy of such minutes within [***] of receipt.

 

    19

     

    

 

2.3 Discontinuation
of Participation on the JSC. The JSC will continue to exist until the Parties agree to disband the JSC.

 

3. US
DEVELOPMENT.

 

3.1 US
Development of Distribution Product. Humacyte will be responsible for, and will bear all of its own expenses associated with,
Developing the Distribution Product in the Field for the US. Without limiting the foregoing, Humacyte will be responsible for Developing
the Distribution Product, preparing Clinical Study designs and protocols, sponsoring Clinical Studies, engaging clinical research
organizations, and managing activities at Clinical Study sites, all in the Field in the US. Fresenius will not be responsible for
any Development activities with respect to the Distribution Product in the US.

 

3.2 US
Development Reports. Humacyte will keep the JSC informed regarding the progress of Development activities for the Distribution
Product in the Field in the US. In addition, during the US Development Term, Humacyte will provide to the JSC reasonably in advance
of each meeting of the JSC a written report, in a format agreed upon by the JSC, reviewing results, Development activities performed
since the last report, and Development activities planned to be undertaken [***] (such report, a “US Development Report”).
During the US Development Term, Humacyte [***].

 

3.3 US
Scientific Records. Humacyte will maintain scientific records in sufficient detail and in good scientific manner appropriate
for patent and regulatory purposes, including in accordance with good documentation practices, and in compliance with GLP, cGMP,
and GCP, with respect to activities intended to be submitted in regulatory filings for the Distribution Product in the Field for
the US, all of which records will fully and accurately reflect all work done and results achieved in the performance of the Development
activities and Clinical Studies by or on behalf of Humacyte with respect to the Distribution Product in the Field for the US.

 

    20

     

    

 

4. US
REGULATORY MATTERS.

 

4.1 US
Regulatory Activities. Humacyte will be solely responsible for, and [***] all regulatory matters in the US relating to the
Distribution Product in the Field. Except as otherwise permitted by this Agreement, Fresenius will not conduct any activities directed
to regulatory matters in the US relating to the Distribution Product. Humacyte will own all INDs, Regulatory Approvals, Regulatory
Materials, and related regulatory documents in the US with respect to the Distribution Product.

 

4.2 Communications
with US Regulatory Authorities. Each Party will provide the JSC for its review and discussion a brief description in English
of the principal issues raised in each Material Communication with Regulatory Authorities in the US with respect to the Distribution
Product in the Field. Such Party will provide such descriptions of such Material Communications to the JSC within [***] after receipt
thereof. With respect to any Material Communication with a Regulatory Authority in the US related to the Distribution Product in
the Field, such Party will allow the other Party a reasonable opportunity to review and comment on such proposed response to such
Material Communication in advance of the transmission of such response, and such Party will reasonably consider all comments timely
provided by such other Party in connection therewith but shall be under no obligation to follow any recommendations or satisfy
any requests contained in such comments.

 

4.3 Regulatory
Meetings in the US.

 

4.3.1 Humacyte
will notify Fresenius within [***] of Humacyte’s receipt of any meeting, visit or inspection notice from any Regulatory Authority
in the US pertaining to the Distribution Product in the Field [***].

 

4.3.2 Fresenius
will notify Humacyte within [***] of Fresenius’ receipt of any meeting, visit or inspection notice from any Regulatory Authority
in the US pertaining to the Distribution Product [***]. To the extent permitted by Laws and the applicable Regulatory Authority,
Humacyte may have one representative attend and participate in all such meetings and visits as a participant.

 

4.4 Submissions
in the US. Humacyte will provide Fresenius, through the JSC, with written notice of each of the following events with
regard to the Distribution Product (a) within [***] following the occurrence thereof, to the extent that notice was not previously
provided: (i) the submission of any filings or applications to any Regulatory Authority for Regulatory Approval of the Distribution
Product in the Field in the US; and (ii) receipt or denial of Regulatory Approval for any such filings or applications for
the Distribution Product in the Field in the US [***] such materials or summary will be provided electronically; provided, however,
that Humacyte will inform Fresenius of such event [***] prior to public disclosure of such event by Humacyte. In addition, Humacyte
will [***] provide Fresenius with a copy of all proposed material regulatory filings for the Distribution Product in the Field
in the US [***].

 

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4.5 Pharmacovigilance
in the US. The Parties will cooperate with regard to the reporting and handling of safety information involving the Distribution
Product in accordance with the applicable regulatory Laws and regulations on pharmacovigilance and clinical safety in the US. Within
such time to ensure that all regulatory requirements are met (but in no event later than the US Launch Date), the Parties will
negotiate in good faith and enter into a SDEA for the US, which will define the pharmacovigilance responsibilities of the Parties
and include safety data exchange procedures governing the exchange of information affecting the Distribution Product (e.g.,
Serious Adverse Events, emerging safety issues) to enable each Party (and its Related Parties, if any) to comply with all of its
legal and regulatory obligations related to the Distribution Product in the US. Humacyte will own and maintain the global safety
database for the Distribution Product; provided that Fresenius will have the right to review and have access to such global safety
database upon request. Without limiting the foregoing, the Parties will reasonably cooperate and coordinate their respective pharmacovigilance
activities, including integration of and access to relevant databases, so as to facilitate compliance with applicable regulatory
Laws and regulations on pharmacovigilance and clinical safety in respect of the Distribution Product on a worldwide basis.

 

4.6 Costs
of Regulatory Affairs in the US. Humacyte will bear all expenses associated with applying for, obtaining and maintaining Regulatory
Approval with respect to the Distribution Product in the Field in the US, and related regulatory affairs activities as set forth
in this Section 4; provided that Fresenius will be responsible for its expenses associated with exercising rights or
satisfying obligations under this Section 4.

 

5. DEVELOPMENT
IN THE EU/JAPAN.

 

5.1 Development
of Distribution Product for the EU/Japan.

 

5.1.1 [***]

 

5.2 Evaluation.

 

5.2.1 Following
the Effective Date, Fresenius will [***] to evaluate, in consultation with Humacyte, whether the Parties will Develop and Commercialize
the Distribution Product in the Field in a particular country in the EU/Japan. Fresenius will be responsible for drafting the business
plans and economic models for Developing and Commercializing the Distribution Product in the Field in each Listed Country in the
EU/Japan [***] (the “EU/Japan Plans”). For each of the Listed Countries in the EU/Japan and any other country
in the EU/Japan for which the Parties mutually agree in writing to expend such efforts as are contemplated by Section 5.2.3,
the Parties will each use Commercially Reasonable Efforts to achieve the Market Entry Criteria with respect to such country, provided
that (a) [***] and (b) [***].

 

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5.2.2 Promptly
after the Effective Date, Fresenius will identify and assign executives to lead the efforts to develop the EU/Japan Plans. From
time to time, Fresenius will present to the JSC the results of the EU/Japan Plans for review as to adequacy and for discussion
and consideration.

 

5.2.3 For
each country in the EU/Japan for which the Market Entry Criteria are satisfied, and for any country in the EU/Japan for which the
Market Entry Criteria are not satisfied but with respect to which the Parties mutually agree in writing to conduct the activities
contemplated by this Section 5.2.3, in each case, Humacyte will be responsible for, and will use Commercially Reasonable
Efforts to conduct, the Market Entry Activities for such country other than Market Entry Activities relating to Pricing Approval,
and Fresenius will be responsible for, and will use Commercially Reasonable Efforts to conduct, the Market Entry Activities for
such country relating to Pricing Approvals. There is no guarantee of achieving the Market Entry Criteria in any particular country,
and neither Party will have any obligations regarding the EU/Japan other than as expressly set forth herein. Without limiting the
foregoing, for the Market Entry Activities for Japan for which Humacyte is responsible pursuant to this Section 5.2.3, Fresenius
will reimburse Humacyte for [***].

 

5.3 Development
Reports for the EU/Japan. Humacyte will keep the JSC informed regarding the progress of Development activities for the Distribution
Product in the Field in the EU/Japan. In addition, during the EU/Japan Development Term, Humacyte will provide to the JSC reasonably
in advance of each meeting of the JSC a written report, in a format agreed upon by the JSC, reviewing results, Development activities
performed since the last report, and Development activities planned to be undertaken [***] (each such report, an “EU/Japan
Development Report”). During the EU/Japan Development Term for a particular country, Humacyte will [***].

 

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5.4 Scientific
Records for the EU/Japan. Humacyte will maintain scientific records in sufficient detail and in good scientific manner appropriate
for patent and regulatory purposes, including in accordance with good documentation practices, and in compliance with GLP, cGMP,
and GCP with respect to activities intended to be submitted in regulatory filings for the Distribution Product in the Field for
the EU/Japan, all of which records will fully and accurately reflect all work done and results achieved in the performance of the
Development activities and Clinical Studies by or on behalf of Humacyte with respect to the Distribution Product in the Field for
the EU/Japan.

 

6. REGULATORY
MATTERS in the EU/Japan.

 

6.1 Regulatory
Activities in the EU/Japan. Except as otherwise agreed by the Parties in a subsequent written agreement, Humacyte will be solely
responsible for obtaining, and shall use Commercially Reasonable Efforts to obtain, Regulatory Approval of the Distribution Product
in the Field in the EU/Japan, other than obtaining Pricing Approval, and Fresenius will be solely responsible for obtaining, and
shall use Commercially Reasonable Efforts to obtain, Pricing Approval of the Distribution Product in the Field in the EU/Japan.
Humacyte will own all INDs, Regulatory Approvals, Regulatory Materials, and related regulatory documents in the EU/Japan with respect
to the Distribution Product, regardless of who creates, files or receives any of the foregoing. Fresenius hereby assigns, and agrees
to assign, to Humacyte all right, title and interest in and to all INDs, Regulatory Approvals, Regulatory Materials, and related
regulatory documents in the EU/Japan with respect to the Distribution Product. Fresenius will own all Pricing Approvals in the
EU/Japan with respect to the Distribution Product in the Field. Humacyte hereby assigns, and agrees to assign, to Fresenius all
right, title and interest in and to all Pricing Approvals in the EU/Japan with respect to the Distribution Product in the Field.
[***]

 

6.2 Communications
with Regulatory Authorities in the EU/Japan. Each Party will provide the JSC for its review and discussion a brief description
in English of the principal issues raised in each Material Communication with Regulatory Authorities in the EU/Japan with respect
to the Distribution Product in the Field. Such Party will provide such descriptions of such Material Communications to the JSC
within [***] after receipt thereof. With respect to any Material Communication with a Regulatory Authority in the EU/Japan related
to the Distribution Product in the Field, such Party will allow the other Party a reasonable opportunity to review and comment
on such proposed response to such Material Communication in advance of the transmission of such response, and such Party will reasonably
consider all comments timely provided by such other Party in connection therewith but shall be under no obligation to follow any
recommendations or satisfy any requests contained in such comments.

 

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6.3 Regulatory
Meetings in the EU/Japan.

 

6.3.1 Humacyte
will notify Fresenius within [***] of Humacyte’s receipt of any meeting, visit or inspection notice from any Regulatory Authority
in the EU/Japan pertaining to the Distribution Product in the Field [***]. On a country-by-country basis for each country in the
EU/Japan, [***]. On a country-by-country basis for each country in the EU/Japan, [***] to the extent permitted by Laws and the
applicable Regulatory Authority, Fresenius may have one representative attend and participate in all such meetings and visits for
such country as a participant.

 

6.3.2 Fresenius
will notify Humacyte within [***] of Fresenius’ receipt of any meeting, visit or inspection notice from any Regulatory Authority
in the EU/Japan pertaining to the Distribution Product [***]. To the extent permitted by Laws and the applicable Regulatory
Authority, Humacyte [***].

 

6.4 Submissions
in the EU/Japan. Humacyte will provide Fresenius, through the JSC, with written notice of each of the following events
with regard to the Distribution Product (a) within [***] following the occurrence thereof, to the extent that notice was not
previously provided: (i) the submission of any filings or applications to any Regulatory Authority for Regulatory Approval
of the Distribution Product in the EU/Japan in the Field; and (ii) receipt or denial of Regulatory Approval for any such filings
or applications for the Distribution Product in the EU/Japan; [***] such materials or summary will be provided electronically;
provided, however, that Humacyte will inform Fresenius of such event [***] prior to public disclosure of such event by Humacyte.
In addition, on a country-by-country basis for each country in the EU/Japan, (A) prior to receipt of initial Regulatory Approval
for the Distribution Product in the Field in such country, Humacyte [***] provide Fresenius with a copy of all proposed material
regulatory filings for the Distribution Product in the Field in respect of such country [***] and (B) following receipt of initial
Regulatory Approval for the Distribution Product in the Field in such country, Humacyte will thereafter [***] provide Fresenius
with a copy of all proposed material regulatory filings for the Distribution Product in the Field in respect of such country [***].

 

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6.5 Pharmacovigilance
in the EU/Japan. The Parties will cooperate with regard to the reporting and handling of safety information involving the Distribution
Product in accordance with the applicable regulatory Laws and regulations on pharmacovigilance and clinical safety in each country
in the EU/Japan in which Fresenius Commercializes Distribution Product. Within such time to ensure that all regulatory requirements
are met (but in no event later than EU/Japan Launch Date in a particular country), the Parties will negotiate in good faith and
enter into a SDEA for the applicable country, which will define the pharmacovigilance responsibilities of the Parties and include
safety data exchange procedures governing the exchange of information affecting the Distribution Product (e.g., Serious
Adverse Events, emerging safety issues) to enable each Party (and its Related Parties, if any) to comply with all of its legal
and regulatory obligations related to the Distribution Product in such country in the EU/Japan. Without limiting the foregoing,
the Parties will reasonably cooperate and coordinate their respective pharmacovigilance activities, including integration of and
access to relevant databases, so as to facilitate compliance with applicable regulatory Laws and regulations on pharmacovigilance
and clinical safety in respect of the Distribution Product on a worldwide basis.

 

6.6 Costs
of Regulatory Affairs in the EU/Japan. Humacyte will bear all expenses associated with applying for, obtaining and maintaining
Regulatory Approval with respect to the Distribution Product in the Field in the EU/Japan, and related regulatory affairs activities
as set forth in this Section 6; provided that Fresenius will be responsible for its expenses associated with exercising
rights or satisfying obligations under this Section 6.

 

7. DEVELOPMENT
IN THE ROW.

 

7.1 Development
of Distribution Product for the ROW.

 

7.1.1 [***]

 

7.2 Evaluation.

 

7.2.1 Following
the Effective Date, Fresenius [***] to evaluate, in consultation with Humacyte, whether to Develop and Commercialize the Distribution
Product in the Field in a particular country in the ROW. Fresenius will be responsible for drafting the business plans and economic
models for Developing and Commercializing the Distribution Product in the Field in each Listed Country in the ROW [***] (the “ROW
Plans”). The Parties will each use Commercially Reasonable Efforts to achieve the Market Entry Criteria with respect
to (a) each of the Listed Countries in the ROW and (b) any other country in the ROW for which the Parties mutually agree in writing
to expend such efforts as are contemplated by Section 7.2.3 and Section 7.2.4.

 

7.2.2 Promptly
after the Effective Date, Fresenius will identify and assign executives to lead the efforts to develop the ROW Plans. From time
to time, Fresenius will present to the JSC the results of the ROW Plans for review as to adequacy and for discussion and consideration.
The JSC will, from time to time upon the request of either Party, discuss [***] contemplated by Section 7.2.1 and this Section
7.2.2; provided that the Parties will mutually decide on [***].

 

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7.2.3 For
each country in the ROW for which the Market Entry Criteria are satisfied, and for any country in the ROW for which the Market
Entry Criteria are not satisfied but with respect to which the Parties mutually agree in writing to conduct the activities contemplated
by this Section 7.2.3 and Section 7.2.4, in each case, Fresenius will be responsible for all Development activities
in such country and will use Commercially Reasonable Efforts to conduct the Market Entry Activities for such country. There
is no guarantee of achieving the Market Entry Criteria in any particular country, and neither Party will have any obligations regarding
the ROW other than as expressly set forth herein.

 

7.2.4 Humacyte
will use Commercially Reasonable Efforts to support Fresenius in connection with completion of the Market Entry Activities
in the ROW, as agreed upon by the Parties. Such support may include: [***].

 

7.3 Development
Reports for the ROW. Fresenius will keep the JSC informed regarding the progress of Development activities for the Distribution
Product in the ROW. In addition, during the ROW Development Term, Fresenius will provide to the JSC reasonably in advance of each
meeting of the JSC a written report, in a format agreed upon by the JSC, reviewing results, Development activities performed since
the last report, and Development activities planned to be undertaken [***] in each case, with respect to such country, [***] (each
such report, an “ROW Development Report”). During the ROW Development Term for a particular country, Fresenius
[***].

 

7.4 Scientific
Records for the ROW. Fresenius will maintain scientific records in sufficient detail and in good scientific manner appropriate
for patent and regulatory purposes, including in accordance with good documentation practices, and in compliance with GLP, cGMP,
and GCP with respect to activities intended to be submitted in regulatory filings for the Distribution Product for the ROW, all
of which records will fully and accurately reflect all work done and results achieved in the performance of the Development activities
and Clinical Studies by or on behalf of Fresenius with respect to the Distribution Product.

 

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8. REGULATORY
MATTERS in the ROW.

 

8.1 Regulatory
Activities in the ROW. Except as otherwise agreed by the Parties in a subsequent written agreement, Fresenius will be solely
responsible for obtaining, and shall use Commercially Reasonable Efforts to obtain, Regulatory Approval and Pricing Approval, in
each case, where required, of the Distribution Product in the Field in the ROW. Fresenius will own all INDs, Regulatory Approvals,
Regulatory Materials, and related regulatory documents, and all Pricing Approvals in the ROW with respect to the Distribution Product
in the Field, regardless of who creates, files or receives any of the foregoing. Humacyte hereby assigns, and agrees to assign,
to Fresenius all right, title and interest in and to all INDs, Regulatory Approvals, Regulatory Materials, and related regulatory
documents, and all Pricing Approvals in the ROW with respect to the Distribution Product in the Field.

 

8.2 Communications
with Regulatory Authorities in the ROW. Fresenius will provide the JSC for its review and discussion a brief description in
English of the principal issues raised in each Material Communication with Regulatory Authorities in the ROW with respect to the
Distribution Product. Fresenius will provide such descriptions of such Material Communications to the JSC within [***] after receipt
thereof. With respect to any Material Communication with a Regulatory Authority in the ROW related to the Distribution Product,
Fresenius will allow Humacyte a reasonable opportunity to review and comment on such proposed response to such Material Communication
in advance of the transmission of such response, and Fresenius will reasonably consider all comments timely provided by Humacyte
in connection therewith but shall be under no obligation to follow any recommendations or satisfy any requests contained in such
comments.

 

8.3 Regulatory
Meetings in the ROW. 

 

8.3.1 
Fresenius will notify Humacyte within [***] of Fresenius’ receipt of any meeting, visit or inspection notice from any Regulatory
Authority in the ROW pertaining to the Distribution Product [***]. To the extent permitted by Laws and the applicable Regulatory
Authority, Humacyte [***].

 

8.3.2 Humacyte
will notify Fresenius within [***] of Humacyte’s receipt of any meeting, visit or inspection notice from any Regulatory Authority
in the ROW pertaining to the Distribution Product in the Field [***]. To the extent permitted by Laws and the applicable
Regulatory Authority, Fresenius [***].

 

8.4 Submissions
in the ROW. Fresenius will provide Humacyte, through the JSC, with written notice of each of the following events with
regard to the Distribution Product (a) within [***] following the occurrence thereof to the extent that notice was not previously
provided: (i) the submission of any filings or applications to any Regulatory Authority for Regulatory Approval of the Distribution
Product in the ROW; and (ii) receipt or denial of Regulatory Approval for any such filings or applications for the Distribution
Product in the ROW; [***] will be provided electronically; provided, however, that Fresenius will inform Humacyte of such event
[***] prior to public disclosure of such event by Fresenius. In addition, on a country-by-country basis in the ROW, Fresenius will
[***] to provide Humacyte with a copy of all proposed material regulatory filings for the Distribution Product in the ROW [***].

 

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8.5 Pharmacovigilance
in the ROW. The Parties will cooperate with regard to the reporting and handling of safety information involving the Distribution
Product in accordance with the applicable regulatory Laws and regulations on pharmacovigilance and clinical safety in each country
in the ROW in which Fresenius Commercializes Distribution Product. Within such time to ensure that all regulatory requirements
are met (but in no event later than the ROW Launch Date in a particular country), the Parties will negotiate in good faith and
enter into a SDEA for the applicable country, which will define the pharmacovigilance responsibilities of the Parties and include
safety data exchange procedures governing the exchange of information affecting the Distribution Product (e.g., Serious
Adverse Events, emerging safety issues) to enable each Party (and its Related Parties, if any) to comply with all of its legal
and regulatory obligations related to the Distribution Product in such country in the ROW. Without limiting the foregoing, the
Parties will reasonably cooperate and coordinate their respective pharmacovigilance activities, including integration of and access
to relevant databases, so as to facilitate compliance with applicable regulatory Laws and regulations on pharmacovigilance and
clinical safety in respect of the Distribution Product on a worldwide basis.

 

8.6 Costs
of Regulatory Affairs in the ROW. Fresenius will bear all expenses associated with applying for, obtaining and maintaining
Regulatory Approval and Pricing Approval with respect to the Distribution Product in the Field in the ROW, and related regulatory
affairs activities as set forth in this Section 8; provided that Humacyte will be responsible for its expenses associated
with exercising rights or satisfying obligations under this Section 8.

 

9. COMMERCIALIZATION.

 

9.1 Generally.

 

9.1.1 Appointment
of Distributor. Except as otherwise expressly set forth in this Agreement, Humacyte hereby appoints Fresenius as the sole and
exclusive (even as to Humacyte and its Affiliates) distributor of (including the right to Commercialize) the Distribution Product
in the Field in the Territory; provided that Humacyte will retain those rights necessary for Humacyte to exercise its rights and
perform its obligations under this Section 9.

 

9.1.2 Commercialization
Activities in the Territory.

 

9.1.2.1 Except
as set forth in Section 9.1.3, Fresenius will be solely responsible for all Commercialization activities in the Field
in the Territory for the Distribution Product, including setting all re-sale prices for Distribution Product in the Territory,
handling all returns, order processing, invoicing and collection, booking of sales, inventory and receivables, and managed and
government pricing programs; provided that (a) Fresenius will not engage a Third Party to carry out the following customer-facing
Commercialization activities in the US: [***] and (b) Fresenius will carry out Commercialization activities, whether itself or
through a Third Party, in each country in the EU/Japan and ROW in a manner and pursuant to arrangements consistent with Fresenius’
ordinary course of business in such country [***]. For the avoidance of doubt, clause (a) of the foregoing sentence does not apply
to [***].

 

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9.1.2.2 Humacyte
will not accept orders for Distribution Product in the Field in the Territory or make sales for its own account or for Fresenius’
account of Distribution Product in the Field in the Territory, and if Humacyte receives any order for the Distribution Product
in the Field in the Territory, then it will refer such orders to Fresenius for acceptance or rejection. If Humacyte learns that
any Third Party to whom Humacyte or any of its Related Parties sold Distribution Product for use outside the Field or inside the
Field but outside the Territory is using the Distribution Product in the Field in the Territory, Humacyte will [***] to stop any
such use of the Distribution Product and if Humacyte is unable to stop such use, it will take steps to cease sales of Distribution
Product by itself and its Related Parties to such Third Party.

 

9.1.2.3 Fresenius
will not accept orders for Distribution Product outside the Field or outside the Territory, and if Fresenius receives any order
for the Distribution Product outside the Field or outside the Territory, then it will refer such orders to Humacyte for acceptance
or rejection. If Fresenius learns that any Third Party to whom any Selling Party sold Distribution Product for use in the Field
in the Territory is using the Distribution Product outside the Field or outside the Territory, Fresenius will [***] to stop any
such use of the Distribution Product and, if Fresenius is unable to stop such use, it will take steps to cease sales of Distribution
Product by the Selling Parties to such Third Party.

 

9.1.2.4 [***]

 

9.1.3 Humacyte
Co-Promotional Activities.

 

9.1.3.1 During
the Term for the US, Humacyte will have the limited commercial right to co-promote the Distribution Product in the Field in the
US (i.e. Humacyte may not sell the Distribution Product in the Field) in accordance with this Agreement and the terms of a co-promotion
agreement entered into by the Parties upon such election by Humacyte, subject to compliance with Laws. For clarity, following the
termination or expiration of the Term for the US, Humacyte may sell the Distribution Product in the Field in the US. [***]

 

9.1.3.2 If
Humacyte is developing a US-based sales force for Distribution Product outside the Field, (a) Fresenius will cooperate with Humacyte
on Humacyte’s training of the Humacyte sales force by allowing such sales force to participate in Fresenius training activities
involving the Commercialization of the Distribution Product in the Field in the US and (b) for the [***] period following the US
Launch Date, the Humacyte sales force that is trained pursuant to the foregoing clause (a) would be permitted to independently
promote Distribution Product in the Field in the US; provided that in each case of (a) and (b), [***]. All Humacyte personnel who
participate in such activities pursuant to this Section 9.1.3.2 must be bound by a written non-compete agreement that
would prevent each such person from competing with Fresenius in the Field for a period of time, such agreement to be mutually acceptable
to the Parties and enforceable by Fresenius.

 

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9.1.3.3 Fresenius
will specify the conduct and content of details (including detail scripts) for the Distribution Product in the Field in the US.
Humacyte will cause each of its sales personnel assigned to promote the Distribution Product in the Field in the US to attend and
complete the training program developed by Fresenius for the Distribution Product to assure a consistent, compliant and focused
promotional strategy and message as and to the extent consistent with Laws.

 

9.1.3.4 Each
Party will be solely responsible for recruiting, hiring and maintaining its sales force of sales personnel for promotion of the
Distribution Product in accordance with its standard procedures and the requirements of this Agreement. Each Party will be responsible
for the activities of its sales personnel, including compliance with training and detailing requirements and the tracking and reporting
of payments or other data under transparency or Sunshine laws. In particular, each Party will provide its sales personnel assigned
to the Distribution Product with the level of oversight, management, direction and sales support with respect to the promotion
of the Distribution Product necessary to effectively and efficiently promote the Distribution Product in accordance with the terms
of this Agreement and Laws.

 

9.1.3.5 Each
Party will be solely responsible for any compensation that is payable to its sales personnel. Humacyte represents and warrants
to Fresenius that Humacyte’s compensation programs for its sales personnel do not, and covenants that such programs will
not, provide financial incentives that, to its knowledge, facilitate the promotion, sales, and marketing of the Distribution Product
in violation of Laws.

 

9.1.4 Records.
Each Party will maintain records and otherwise establish procedures to ensure compliance with all Laws and professional requirements
that apply to the promotion and marketing of the Distribution Product.

 

9.2 Commercialization
Expenses. Each Party will bear the Commercialization expenses incurred by such Party in the performance of Commercialization
activities related to the Distribution Product in the Field in the Territory.

 

9.3 Diligence
Obligations.

 

9.3.1 In
each country in the Territory in which the applicable Launch Date has occurred, Fresenius will thereafter [***] to Commercialize
the Distribution Product in the Field in such country. Fresenius will not be obligated to Commercialize the Distribution Product
in any country prior to the Launch Date in such country.

 

9.3.2 As
of the US Launch Date, Fresenius’ purchase commitment for the first Product Year in the US as described in Section 11.3.1.1
will be binding and Fresenius will fund and maintain a dedicated commercial sales team with respect to the Distribution Product
in the Field in the US, targeted as of the Effective Date after ramp-up to include [***] commercial sales personnel (the “US
Team Diligence Obligation”).

 

9.3.3 Upon
satisfaction of each of the following conditions, Fresenius will [***] to promote the Distribution Product in the Field in the
US as the preferred standard of care in the US (the “US Promotion Diligence Obligation”): Humacyte has demonstrated
[***] (collectively, the “US Promotion Contingencies”). If at any time either (A) [***] or (B) [***] then, in
each case, the US Promotion Diligence Obligation will automatically be suspended until such time as all US Promotion Contingencies
are again satisfied; [***].

 

9.4 Advertising
and Promotional Materials.

 

9.4.1 Branding.
Fresenius will lead and develop (and thereafter modify and update) a Branding Strategy for the Distribution Product in the Field
in the Territory. [***].

 

9.4.2 Trademark
License. Humacyte hereby grants to Fresenius a non-exclusive, worldwide, royalty-free, fully paid-up, sublicensable (through
multiple tiers in accordance with Section 12.3) right and (sub)license to use and display [***] for purposes of Commercializing
the Distribution Product in the Field in the Territory. The Parties acknowledge that [***] has established goodwill, and acknowledge
the importance of Humacyte’s control over the quality of the use of [***] so as to preserve the continued validity of [***]
and to protect the goodwill associated therewith. All goodwill resulting from Fresenius’ use of [***] will inure to
the benefit of Humacyte. If Humacyte determines that Fresenius is using or displaying [***] in a manner that is or may be detrimental
to Humacyte’s interest, Humacyte may issue reasonable instructions to Fresenius concerning the manner, if any, in which Fresenius
may continue to use [***] Fresenius will promptly comply with such instructions.

 

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9.4.3 Promotional
Materials.

 

9.4.3.1 Except
as otherwise agreed by the Parties in a subsequent written agreement, Fresenius will, subject to Section 9.4.3.3, be responsible
for the creation, preparation, production, reproduction, review (medical, legal, and regulatory), and filing with the applicable
Regulatory Authorities, of Promotional Materials relating to the Distribution Product in the Field in the Territory. All such Promotional
Materials will be compliant with Laws. Fresenius will own all rights, title, and interest, in and to any and all Promotional Materials
in the Territory.

 

9.4.3.2 Humacyte
will not produce marketing materials for the Distribution Product in the Field in the Territory; however, upon Humacyte’s
request or as required by Laws, Fresenius will include Humacyte’s name on the marketing materials (including marketing materials
to be used by Humacyte in connection with Humacyte’s co-promotion right, as described in Section 9.1.3). Humacyte’s
use of marketing materials for the Distribution Product in the Field in the Territory will be limited to use in connection with
Humacyte’s co-promotion right, as described in Section 9.1.3. To the extent Humacyte is co-promoting the Distribution
Product in the Field in the US pursuant to Section 9.1.3, Humacyte will utilize only Promotional Materials that have
been provided by Fresenius as limited by the Fresenius-approved uses and audiences for those Promotional Materials. All detailing
activities conducted by Humacyte will be consistent in all material respects with the Promotional Materials so provided. Humacyte
will train and instruct its sales personnel to make only those statements and claims regarding the Distribution Product in the
Field, including as to efficacy and safety, that are consistent with such product labeling and accompanying inserts and the Promotional
Materials.

 

9.4.3.3 Prior
to the use by any Selling Party of a particular claim or group of claims in respect of the Distribution Product in the Field (a
“Promotional Claim”) in any Promotional Materials in connection with the Commercialization of the Distribution
Product in the Field in the Territory, Fresenius shall provide such Promotional Claim (including proposed amendments to a Promotional
Claim that may already have been approved by Humacyte) to Humacyte from time to time during the Term as part of the approval process
for such Promotional Claim in order to allow Humacyte to review such Promotional Claim for accuracy. Humacyte shall provide comments
regarding the accuracy of such Promotional Claim to Fresenius within [***] after receipt thereof by Humacyte pursuant to procedures
mutually agreed by the Parties. Fresenius shall [***] facilitate such review, including by making Fresenius representatives reasonably
available to answer questions from Humacyte regarding such Promotional Claim and by providing such communications with applicable
Regulatory Authorities with respect to such Promotional Claim as would be reasonably helpful for such review, [***] and provided
[***] (a) [***] or (b) [***] The Parties shall [***] agree on a final version of such Promotional Claim within [***] after receipt
by Fresenius of Humacyte’s accuracy-related comments with respect to such Promotional Claim in accordance with this Section
9.4.3.3, provided that Humacyte may only withhold its agreement with respect to such final version for accuracy-related reasons.
For clarity, Fresenius shall ensure that no Selling Party uses any Promotional Materials containing any Promotional Claim except
for final versions of Promotional Claims to the extent mutually agreed upon by the Parties pursuant to this Section 9.4.3.3.
Once a Promotional Claim is approved in accordance with this Section 9.4.3.3, Fresenius may [***].

 

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9.4.4 Distribution
Product Packaging. Notwithstanding anything in this Agreement to the contrary, Humacyte will be responsible for container labeling
and packaging in accordance with Laws.

 

9.4.5 No
Qualification. The provisions of this Section 9.4 shall not in any way limit or qualify the obligations of Fresenius
under Section 9.9.

 

9.5 Recalls,
Market Withdrawals, or Corrective Actions. The Party who holds the Regulatory Approval of the Distribution Product in the Field
in a particular country will be responsible for complaint handling and investigation and will have the sole right to decide whether
to conduct any recall or other similar market withdrawal or other action for the Distribution Product in such country, will decide
the manner in which any such action will be conducted (including any action requested by a Regulatory Authority) and will be responsible
for conducting the same. Such Party will [***]. If a Party incurs expenses under this Section 9.5 for which such Party
is not responsible, such Party may [***]. Each Party will reasonably cooperate with the other Party with respect to the
conduct of any recall or other similar market withdrawal or other action for the Distribution Product.

 

9.6 Price
Reporting Obligations in the US. Prior to the Launch Date in the US, the Parties will determine which Party will be responsible
for price reporting obligations in respect of the Distribution Product in the Field in the US (including for Medicare, Medicaid,
and the United States Department of Veterans Affairs); the Parties acknowledge that such obligations should rest with the entity
whose labeler code is included in the National Drug Code(s) for the Distribution Product as sold by Humacyte to Fresenius hereunder.
Fresenius may [***] any price reporting obligations that may be assigned to Fresenius by the Parties pursuant to this Section
9.6. [***]

 

9.7 Medicare
Pricing. Humacyte will be solely responsible for all activities required to obtain Medicare coverage and payment recognition
(including, to the extent applicable, a payment rate) for the Distribution Product. It is acknowledged that the Party determined
by the Parties to be responsible for price reporting obligations pursuant to Section 9.6 may influence Medicare coverage
and payment rates. Each Party will use, in connection with its allocated responsibilities under Section 9.6 and this Section
9.7, [***] to obtain and maintain, as applicable, the Medicare coverage and payment rates with respect to the Distribution
Product in the Field that would be most favorable to the Parties after taking into account the terms of this Agreement. The Parties
will cooperate with each other in seeking such Medicare coverage and payment recognition (including, to the extent applicable,
a payment rate).

 

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9.8 Post-Marketing
Commitments. The Parties acknowledge that Fresenius’ rights and responsibilities hereunder in respect of Commercialization
of the Distribution Product in the Field in the Territory, including under Section 9.1.1 and Section 9.1.2.1,
include such rights and responsibilities in respect of the design and conduct of (a) Post-Marketing Commitments in respect of the
Distribution Product in the Field and (b) other post-approval Clinical Studies in respect of the Distribution Product in the Field
not required to obtain, support, or maintain Regulatory Approval (other than Pricing Approval) for the Distribution Product, and
agree that the design and conduct of any corresponding Clinical Study will be determined [***] if such Clinical Study is in the
Field. However, Fresenius will not conduct any such Clinical Study outside of the Field without obtaining Humacyte’s prior
written consent.

 

9.9 Commercialization
Standards of Conduct.

 

9.9.1 Fresenius
shall, and shall cause its Related Parties to, in all material respects comply with all Laws in Commercializing the Distribution
Product hereunder, including, to the extent applicable, the FD&C Act; the PHSA, as amended; the United States Prescription
Drug Marketing Act of 1987, as amended; US Anti-Kickback Statute; the United States Health Insurance Portability and Accountability
Act of 1996, as amended; and all federal, state and local “fraud and abuse”, consumer protection, and false claims
statutes and regulations in the United States, including the Medicare and State Health Program Anti-Fraud and Abuse Amendments
of the Social Security Act and the “Safe Harbor Regulations” found at 42 C.F.R. §1001.952 et seq.; the United
States Office of the Inspector General’s Compliance Guidance Program; and all equivalents of the foregoing in any Ex-US country
or territory.

 

9.9.2 Fresenius
shall not, and shall cause its Related Parties not to, Promote the Distribution Product in any country in the Territory for any
use or indication not approved by the applicable Regulatory Authorities in such country or otherwise in contravention of any Laws.

 

9.9.3 Fresenius
shall, and shall cause its Related Parties to, ensure that all sales representatives Promoting the Distribution Product in a country
in the Territory (a) have skills, training and experience generally consistent with industry standards in such country applicable
to the Promotion of a prescription biological product in such country and (b) have satisfactorily completed Distribution Product-specific
training and ethics and compliance training consistent with industry standards in such country and Fresenius’ internal practices,
standard operating procedures, and standards.

 

9.9.4 Fresenius
shall not, and shall cause its Related Parties not to, (a) make any statement, representation, or warranty, oral or written, concerning
the Distribution Product in any country in the Territory, or use any labeling, literature, Promotional Materials or other marketing
materials for the Distribution Product in such country, that (i) is contrary to or inconsistent with the Regulatory Approval for
the Distribution Product in such country in a manner that violates any Laws in such country or (ii) violates any Laws in such country,
or (b) without limiting Fresenius’ obligations under Section 14.4, make any arrangements with, make payments to, or
provide gifts or other incentives to, any healthcare professionals in any country in the Territory in violation of Laws in such
country relating thereto.

 

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9.9.5 Fresenius
shall, and shall cause its Related Parties to, ensure that its and their sales representatives are familiar with the procedures,
obligations, responsibilities and rights for which provision is made in this Agreement as applicable to the performance of Promotion
activities in respect of the Distribution Product.

 

10. PAYMENTS.

 

10.1 Purchase
Price Payments.

 

10.1.1 Purchase
Price Payments for Distribution Product in the US.

 

10.1.1.1 For
the Units of Distribution Product sold by any Selling Party for use in the US, Fresenius will pay to Humacyte an aggregate purchase
price of [***] for such sales; provided that during the first [***] in the US, with respect to sales by a Selling Party to Specified
Payors, Fresenius will pay Humacyte a purchase price per each applicable Unit of Distribution Product equal to the greater of (a)
[***] of Net Sales for such Unit or (b) the amount equal to COGS plus [***] for such Unit.

 

10.1.1.2 Notwithstanding
Section 10.1.1.1, if during the first [***] in the US the average price paid by Specified Payors per Unit of the Distribution
Product sold by the Selling Parties for use in the US for any one (1) Calendar Quarter is less than the amount equal to COGS plus
[***] then the Parties will convene a meeting of the JSC to discuss forecasts and purchase commitments. Following such meeting,
Fresenius may decrease its purchase obligation with respect to the US [***].

 

10.1.1.3 Notwithstanding
Section 10.1.1.1, if any Unit of Distribution Product is used [***] or [***] Fresenius will pay Humacyte a purchase
price for such Unit equal to COGS plus [***] for such Unit.

 

10.1.2 Purchase
Price Payments for Distribution Product in the Ex-US.

 

10.1.2.1 For
each Unit of Distribution Product sold by any Selling Party for use in an Ex-US country, (i) [***] for such Ex-US country, Fresenius
will pay Humacyte (or, if directed by Humacyte, any of Humacyte’s Related Parties, to the extent permitted by Law) a purchase
price for such Unit equal to COGS plus [***] and (ii) [***] for an Ex-US country, Fresenius will pay Humacyte (or, if directed
by Humacyte, any of Humacyte’s Related Parties, to the extent permitted by Law) a purchase price of [***] of Net Sales for
such Unit.

 

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10.1.2.2 Notwithstanding
Section 10.1.2.1, if any Unit of Distribution Product is used (a) [***] (b) [***] or (c) [***] Fresenius will pay Humacyte
(or, if directed by Humacyte, any of Humacyte’s Related Parties, to the extent permitted by Law) a purchase price for such
Unit equal to [***].

 

10.1.3 [***]

 

10.1.3.1 [***]

 

10.1.3.2 [***]

 

10.1.4 Only
One Payment. Only one payment will be due with respect to the same Unit of Distribution Product, even if the manufacture, use,
sale, offer for sale, or importation of such Distribution Product infringes more than one claim of the Humacyte Patents.

 

10.1.5 COGS.
[***] commencing upon [***] and continuing for [***] within [***] after the end of [***], Humacyte will furnish to Fresenius a
written report that shows the calculation of COGS per Unit of Distribution Product [***]. From time to time, upon Fresenius’
request, Humacyte will provide to Fresenius the calculation of COGS per Unit of Distribution Product, [***].

 

10.2 Payment
Terms.

 

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10.2.1 Manner
of Payment. All payments to be made by a Party hereunder will be made in Dollars by wire transfer to such bank account as the
other Party may designate. Fresenius may make any payment hereunder from Fresenius or any of its Affiliates.

 

10.2.2 Reports,
Invoices, and Payments for Sales. [***] commencing upon [***] and continuing for [***] within [***] after the end of [***],
Fresenius will furnish to Humacyte a written report that includes the following information for such [***]: (a) [***] (b) [***]
(c) [***] (d) [***] and (e) [***] (each, a “Sales Report”). All such reports will be treated
as Confidential Information of Fresenius. Upon receipt of a Sales Report, Humacyte will issue an invoice to Fresenius for the amount
of aggregate purchase price set forth in such Sales Report. Fresenius will pay the aggregate purchase price for [***] set forth
in any such invoice within [***] after receipt of such invoice.

 

10.2.3 Invoices
and Payments for [***]. Within [***] after the end of [***], Humacyte will issue an invoice to Fresenius for the amount of
the [***] for such [***]. Fresenius will pay such amount within [***] after receipt of such invoice. Upon Fresenius’ request,
Humacyte will provide documentation of [***].

 

10.2.4 Records
and Audits. Each Party will keep complete, true, and accurate books and records in relation to this Agreement in accordance
with its Accounting Standards. Each Party will keep such books and records for at least [***] following the Calendar Quarter to
which they pertain. Each Party (the “Auditing Party”) may, upon written request, cause an internationally-recognized
independent accounting firm (the “Auditor”) that is reasonably acceptable to the other Party (the “Audited
Party”) to inspect the relevant records of such Audited Party and its Affiliates to verify the payments made by and to
the Audited Party and the related reports, statements and books of accounts, as applicable, including, with respect to Humacyte
as the Audited Party, the calculation of COGS; provided that [***] whichever is earlier, Humacyte’s rights under this Section
10.2.4 [***] and Fresenius hereby agrees to keep records in the United States [***] as are necessary for Humacyte to exercise its
rights under this Section 10.2.4. Before beginning its audit, the Auditor will execute an undertaking acceptable to the
Audited Party by which the Auditor agrees to keep confidential all information reviewed during the audit. Each Party and its Affiliates
will make their records available for inspection by the Auditor during regular business hours at such place or places where such
records are customarily kept, upon receipt of reasonable advance notice from the Auditing Party. The Auditor will review the records
solely to verify the accuracy of the Audited Party’s compliance with the financial terms of this Agreement. Such inspection
right will not be exercised more than [***] in any [***] and not more frequently than [***] with respect to records covering any
specific period of time. In addition, the Auditing Party will only be entitled to audit the books and records of the Audited Party
from the [***] prior to the [***] in which the audit request is made. The Auditing Party agrees to hold in strict confidence all
information received and all information learned in the course of any audit or inspection, except to the extent necessary to enforce
its rights under this Agreement or to the extent required to comply with any Laws, regulation or judicial order. The Auditor will
provide its audit report and basis for any determination to the Audited Party at the time such report is provided to the Auditing
Party before it is considered final. In the event that the final result of the inspection reveals an undisputed underpayment or
overpayment by either Party, the underpaid or overpaid amount will be settled promptly. The Auditing Party will pay for such inspections,
as well as its expenses associated with enforcing its rights with respect to any payments hereunder provided that if the Auditor
determines that the Audited Party has over reported costs or underpaid any amounts due hereunder, in either case by more than [***]
of the total costs or payments due hereunder for the applicable [***] as applicable, then the fees and expenses charged by the
Auditor will be paid by Audited Party.

 

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10.2.5 Currency
Exchange. Amounts invoiced in a currency other than Dollars will be converted into Dollars by using calculated using [***]
as applied in [***] Fresenius will [***] to invoice customers for Distribution Product in Dollars.

 

10.2.6 Taxes.

 

10.2.6.1 VAT.
It is understood and agreed between the Parties that any payments made under this Agreement are exclusive of VAT. Where VAT is
properly added to a payment made under this Agreement, the Party making the payment will pay the amount of such VAT only on receipt
of a valid Tax invoice (or, where there is no provision in the legislation for the jurisdiction concerned that a VAT invoice is
required to be issued, a written demand containing such information as is customary in that jurisdiction) issued in accordance
with the Laws and regulations of the country in which the VAT is chargeable.

 

10.2.6.2 Withholding
Taxes. In the event any payments made pursuant to this Agreement become subject to withholding Taxes under the Law or regulations
of any jurisdiction, the Party making such payment will deduct and withhold the amount of such Taxes for the account of the payee
to the extent required by Law or regulations and such amounts payable to the payee will be reduced by the amount of Taxes deducted
and withheld. Any such withholding Taxes required under Law or regulations to be paid or withheld will be an expense of, and borne
solely by, the payee, and the payee will indemnify and hold harmless the Party making any payment pursuant to this Agreement for
any such withholding Taxes (including, for the avoidance of doubt, any additional amounts of Taxes later determined by a Tax authority
to have been required to be withheld).

 

10.2.6.3 No
Other Reductions. Subject to Section 10.2.6.2 and [***] the amounts payable hereunder will not be reduced on account
of any Taxes, unless required by Laws.

 

10.2.6.4 Tax
Exemptions and Credits. The Parties will cooperate with each other in seeking any tax exemption or credits that may be available
with respect to the Distribution Product.

 

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10.2.6.5 Tax
Cooperation. To the extent that the Party making a payment is required to deduct and withhold Taxes on any payments under this
Agreement, the Party making such payment will pay the amounts of such Taxes to the proper Tax authority in a timely manner and
promptly transmit to the payee an official Tax certificate or other evidence of such withholding sufficient to enable the payee
to claim such payments of Taxes. To the extent that the Party making a payment under this Agreement is required to deduct and withhold
Taxes on any such payment, such Party will provide the payee with written notice of the required withholding as promptly as reasonably
practical (and in any event, no later than [***]) prior to making such payment and will cooperate with the payee as provided in
this Section 10.2.6.5 in order to mitigate the imposition of such withholding Taxes, and the payee will provide any
Tax forms to the Party making such payment that may be reasonably necessary in order for such Party not to withhold Tax or to withhold
Tax at a reduced rate under an applicable bilateral income Tax treaty. The payee will [***] provide any such Tax forms to the Party
making the payment at least [***] prior to the due date for any payments for which the payee desires that the Party making the
payment apply a reduced withholding rate. Each Party will provide the other with reasonable assistance to minimize, as permitted
by Law, withholding Taxes, VAT, or similar obligations resulting from payments made under this Agreement. Each Party will also
provide the other with reasonable assistance to enable the recovery, as permitted by Law, of withholding Taxes, VAT, or similar
obligations resulting from payments made under this Agreement, such recovery to be for the benefit of the Party bearing such withholding
Tax or VAT.

 

10.2.7 Blocked
Payments. In the event that, by reason of Laws in any country, it becomes impossible or illegal for a Party to transfer, or
have transferred on its behalf, payments owed the other Party hereunder, such Party will promptly notify the other Party of the
conditions preventing such transfer and such payments will be deposited in local currency in the relevant country to the credit
of the other Party in a recognized banking institution designated by the other Party or, if none is designated by the other Party
within a period of [***] in a recognized banking institution selected by the transferring Party, as the case may be, and identified
in a written notice given to the other Party.

 

11. MANUFACTURING
AND SUPPLY.

 

11.1 Manufacturing
Responsibilities. Humacyte will be solely responsible for Manufacturing (or having Manufactured) all Distribution Product and
will [***] Manufacture (or have Manufactured) Distribution Product in sufficient quantities as required for completion of the activities
contemplated under this Agreement, including (a) for the performance of all Development activities, including all Clinical
Studies, and (b) as required by a Fresenius binding forecast, provided that such Manufacturing obligations shall not apply
with respect to the Manufacture of Distribution Product [***] unless and until the Parties mutually agree, following discussion
through the JSC, including in light of the expected [***] and the availability to Humacyte of any information necessary for Humacyte
to Manufacture Distribution Product for sale in the Field [***] that is compliant with Law, that such obligations will apply with
respect to [***]. Notwithstanding anything in this Agreement to the contrary, in addition to all other conditions for a Launch
Date to occur [***] no such Launch Date will occur prior to the satisfaction of the conditions in the previous sentence with respect
to [***]. Humacyte will Manufacture all Distribution Product to be supplied hereunder at the Facility. Each Unit of Distribution
Product delivered to Fresenius will have a shelf life, measured by reference to the end of [***] carried out on the last calendar
day of [***] of at least [***],

 

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11.2 Development
Supply to Fresenius. For all Development activities to be conducted by Fresenius hereunder in the ROW, the Parties will agree
[***] in such activities and a delivery schedule for such Units.

 

11.3 Forecasts.

 

11.3.1 Forecasts
for US. In respect of Distribution Product to be supplied by Humacyte to Fresenius hereunder for resale for use in the US:

 

11.3.1.1 On
or before that the date that is [***] prior to the reasonably anticipated US Launch Date, the Parties will agree on a delivery
schedule for at least [***] Units of Distribution Product to be delivered by Humacyte during the [***] in the US for resale for
use in the US, such schedule to be broken down by [***] with Humacyte to have sufficient flexibility in supplying quarterly requirements
for Distribution Product as is necessary to reasonably accommodate [***] in the US.

 

11.3.1.2 On
or before the date that is the [***] of the US Launch Date, Fresenius will deliver to Humacyte a binding forecast for Distribution
Product to be delivered by Humacyte during the [***] in the US for resale for use in the US.

 

11.3.1.3 On
or before the date that is [***] following the [***] of the US Launch Date, Fresenius will deliver to Humacyte a binding forecast
for Distribution Product to be delivered by Humacyte during the [***] in the US for resale for use in the US, such schedule to
be broken down by [***].

 

11.3.1.4 During
the remainder of the Term for the US, on or before the date that is [***] following the [***] and [***] of the US Launch Date,
Fresenius will deliver to Humacyte a binding forecast for Distribution Product to be delivered by Humacyte during [***] in the
US for resale for use in the US, such schedule to be broken down by [***].

 

11.3.1.5 Subject
to adjustment as set forth in Section 10.1.1.2, each forecast delivered to Humacyte in accordance with this Section 11.3
will be binding on Fresenius; provided that, in the event of a Supply Failure or Serious Adverse Event, Fresenius shall have the
right, upon written notice to and after consultation with Humacyte, to adjust its binding forecasts to reasonably decrease the
amount of Distribution Product to be delivered [***].

 

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11.3.2 Forecasts
for Ex-US. Prior to launching the Distribution Product in a country in the Ex-US, the Parties will agree on the forecast requirements
for such country.

 

11.3.3 Orders
in Excess of a Forecast. In the event that Fresenius orders Distribution Product from Humacyte in excess of the applicable
forecast, Humacyte will [***] deliver such Distribution Product in accordance with the schedule requested by Fresenius; provided
that, in the event of a Supply Failure or Serious Adverse Event, Fresenius shall have the right, upon written notice to and after
consultation with Humacyte, to adjust its forecasts to reasonably decrease the amount of Distribution Product ordered in excess
of a forecast [***].

 

11.4 Shortages.
In the event of a shortage of (a) any materials required to Manufacture Distribution Product or (b) Distribution Product, Humacyte
will allocate the available materials to the Manufacture of Distribution Product for sale to Fresenius and will allocate the available
Distribution Product for sale to Fresenius, in each case ((a) or (b)), to the extent of any binding forecasts then in place pursuant
to Section 11.3 [***]. Prior to the Launch Date in the US, Humacyte will, for each raw material needed to Manufacture
the Distribution Product in the Field, [***] either (a) at least [***] such raw material to Humacyte or (b) [***] for such raw
material under which [***] for the manufacture of such raw material.

 

11.5 Facility
Capacity. Humacyte will build out its manufacturing capability such that by the date that is the [***] of the US Launch Date
Humacyte will have the capacity to produce, [***] at the Facility, the lesser of (a) [***] Units of Distribution Product and (b)
the volume of Distribution Product reflected in the binding forecast for the US provided by Fresenius pursuant to Section 11.3.1
in respect of the [***] in effect as of the [***] anniversary of the US Launch Date. [***]

 

11.6 Supply
Failure and Technology Transfer. If there is a Supply Failure with respect to the Distribution Product, then, [***] Humacyte
will either (a) build and qualify an additional manufacturing facility that will be capable of providing such Distribution Product
in accordance with this Agreement or (b) conduct a manufacturing technology transfer to a Third Party contract manufacturer identified
by Humacyte such that the Third Party manufacturer will be able to manufacture such Distribution Product and supply it to Humacyte.
In the event that Humacyte conducts a manufacturing technology transfer to a Third Party pursuant to this Section 11.6,
Humacyte will [***].

 

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11.7 Delivery.
Unless otherwise agreed by the Parties, Distribution Product will be delivered to Fresenius EXW (Incoterms 2010) the Facility.
Unless otherwise agreed upon by the Parties, title to, and risk of loss, of Distribution Product will pass to Fresenius [***].

 

11.8 Testing
and Acceptance of Distribution Product.

 

11.8.1 Specifications.
From time to time, Humacyte may amend or supplement the Specifications [***]. Humacyte will notify Fresenius in writing prior to
adopting or implementing any such amendments or supplements and will consider in good faith any comments Fresenius may have regarding
such amendments or supplements. If the Parties do not agree on the adoption or implementation of a material amendment or supplement
to the Specifications, prior to Humacyte implementing or adopting the same, [***] notwithstanding anything therein to the contrary,
Humacyte may adopt or implement the relevant amendment or supplement to the Specifications. If Humacyte has complied with this
Section 11.8.1, the amended or supplemental Specifications will be the “Specifications” for the purposes of
this Agreement from the date of adoption or implementation thereof by Humacyte until the date on which, if any, Humacyte adopts
or implements further amended or supplemented Specifications in accordance with this Section 11.8.1.

 

11.8.2 Testing
by Humacyte. The Distribution Product to be supplied by Humacyte hereunder will be Manufactured in accordance with the Manufacturing
Process and cGMP. Each Batch of such Distribution Product will be sampled and tested by Humacyte as required by the Specifications,
and the quality assurance department of Humacyte will review the documentation relating to the Manufacture of the Batch and will
assess if the Manufacture has taken place in compliance with the Manufacturing Process and cGMP. In all events, Humacyte will test
at least [***] pursuant to this Agreement.

 

11.8.3 Provision
of Records. If, based upon such tests and documentation review, a Batch of Distribution Product conforms to the Specifications
and was Manufactured in accordance with the Manufacturing Process and cGMP, then a Certificate of Compliance will be completed
and approved by the quality assurance department of Humacyte. The Batch Documentation for each Batch of Distribution Product will
be (a) made available to Fresenius for downloading by Fresenius on a secure managed server and (b) delivered to Fresenius by a
reputable overnight courier or by registered or certified mail, postage prepaid, return receipt required to verify delivery date.
[***] Upon request, Humacyte will also deliver to Fresenius [***]. If Fresenius requires additional copies of such Batch Documentation
[***].

 

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11.8.4 Review
of Batch Documentation; Acceptance. Fresenius will review [***]. Fresenius will notify Humacyte in writing of its acceptance
or rejection of such Batch within [***] of receipt of the complete Batch Documentation relating to such Batch. During this review
period, the Parties agree to respond promptly, but in any event within [***] to any reasonable inquiry or request for a correction
or change by the other Party with respect to such Batch Documentation. Fresenius has no obligation to accept a Batch if such Batch
does not comply with the Specifications and/or was not Manufactured in accordance with the Manufacturing Process and cGMP.

 

11.8.5 Disputes.
In case of any disagreement between the Parties as to whether Distribution Product conforms to the applicable Specifications or
cGMP, the quality assurance representatives of the Parties will attempt in good faith to resolve any such disagreement and Fresenius
and Humacyte will follow their respective standard operating procedures to determine the conformity of the Distribution Product
to the Specifications and cGMP. If the foregoing discussions do not resolve the disagreement in a reasonable time (which will not
exceed [***]), a representative sample of such Distribution Product and/or relevant documentation [***] such Distribution Product
conforms with such Specifications and/or cGMP. [***] meet cGMP. The [***] and [***] will not be unreasonably withheld, conditioned
or delayed by either Party. Such [***] will use the test methods contained in the applicable Specifications. The determination
of conformance [***] as applicable, with respect to all or part of such Distribution Product will be final and binding on the Parties
absent manifest error. The fees and expenses [***] incurred in making such determination will be paid by [***].

 

11.8.6 Remedies
for Non-Conforming Product. If a Batch of Distribution Product fails to conform to the Specifications or was not Manufactured
in accordance with the Manufacturing Process and cGMP (collectively, “Non-Conforming Product”), then Humacyte
will Manufacture a new Batch of Distribution Product that conforms to Specifications, and is Manufactured in accordance with the
Manufacturing Process and cGMP.

 

11.9 Disposition of
Distribution Product and Non-Conforming Distribution Product. The final decision as to whether to release and ship Distribution
Product, will (a) [***] and (b) [***] Humacyte will be responsible for the disposal of Non-Conforming Product.

 

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11.10 Quality Agreements.
For each country in the Territory, within time to ensure that all regulatory requirements are met (but in no event later than the
Launch Date for such country), the Parties will negotiate in good faith and either (a) enter into a quality agreement that describes
the relationship of the Parties and the responsibilities of each Party regarding quality systems practices and activities concerning
the Distribution Product for such country or (b) amend a quality agreement that was previously entered into pursuant to clause
(a) of this Section 11.10 in order to include such country (all such quality agreements, the “Quality Agreements”).
Each Quality Agreement entered into pursuant to the foregoing sentence will be reviewed, revised and approved by senior quality
assurance representatives from both Parties on a periodic basis, as appropriate. In the event of a conflict between the terms and
conditions of this Agreement and any Quality Agreement, the terms and conditions of such Quality Agreement will control with respect
to quality matters, and the terms and conditions of this Agreement will control with respect to all other matters.

 

12. LICENSES.

 

12.1 License Grants
to Fresenius.

 

12.1.1 Commercialization.
Subject to the terms and conditions of this Agreement, Humacyte hereby grants to Fresenius and its Affiliates an exclusive (even
as to Humacyte and its Affiliates), non-transferable (except as provided in Section 18.1), sublicensable (in accordance
with Section 12.3) (sub)license (including a right of reference) under the Humacyte Technology to Commercialize the
Distribution Product in the Field in the Territory; provided that (a) Humacyte will retain those rights under such (sub)license
grant for Humacyte and its Related Parties to perform Humacyte’s obligations under this Agreement, and (b) such (sub)license
grant will be co-exclusive with Humacyte solely to the extent necessary to allow Humacyte to carry out its obligations and exercise
its rights under Section 9.1.3.

 

12.1.2 Development.
Subject to the terms and conditions of this Agreement, Humacyte hereby grants to Fresenius and its Affiliates a non-exclusive,
non-transferable (except as provided in Section 18.1), sublicensable (in accordance with Section 12.3)
(sub)license (including a right of reference) under the Humacyte Technology to carry out Fresenius’ Development-related obligations,
and exercise Fresenius’ Development-related rights, in respect of the Distribution Product in the Field in the Territory.

 

12.1.3 Distribution
Product Technology. Subject to the terms and conditions of this Agreement, Humacyte hereby grants to Fresenius and its Affiliates
a perpetual, irrevocable, fully paid-up, non-exclusive, transferable, freely sublicensable (through multiple tiers) license (including
a right of reference) under the Distribution Product Technology created, conceived or developed solely or jointly by or on behalf
of Fresenius for any and all purposes.

 

12.2 License Grants
to Humacyte.

 

12.2.1 Subject to the
terms and conditions of this Agreement, Fresenius hereby grants Humacyte a non-exclusive, non-transferable (except as provided
in Section 18.1), non-sublicensable license in the Field in the US to use, distribute and display the Fresenius Promotional
Materials solely in connection with exercising Humacyte’s rights and performing its obligations under Section 9.1.3.

 

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12.2.2 Subject to the
terms and conditions of this Agreement, Fresenius hereby grants Humacyte a non-exclusive, non-transferable (except as provided
in Section 18.1), sublicensable (in accordance with Section 12.3) license (including a right of reference)
under the Fresenius Technology solely (a) to Develop and Manufacture the Distribution Product in the Field anywhere in the world
for sale to the Selling Parties in the Territory and (b) to exercise Humacyte’s rights and perform its obligations under
Section 9.1.3.

 

12.2.3 Subject to the
terms and conditions of this Agreement, Fresenius hereby grants Humacyte a non-exclusive, non-transferable (except as provided
in Section 18.1), non-sublicensable license under the Fresenius Technology to Exploit the Distribution Product in the
Territory but solely outside the Field.

 

12.3 Sublicensing
Terms.

 

12.3.1 Sublicensing
Rights. Without the prior consent of Humacyte, but subject to Section 9.1.2.1 and this Section 12.3, Fresenius
will have the right to sublicense (through multiple tiers) any of its rights under Section 12.1 to any Third Party.
Without the prior consent of Fresenius, but subject to Section 9.1.3 and this Section 12.3, Humacyte will
have the right to sublicense (through multiple tiers) any of its rights under Section 12.2 to any Third Party.

 

12.3.2 Sublicensing
Agreements. Each sublicense granted by a Party pursuant to this Section 12.3 will be subject and subordinate to
this Agreement and will contain provisions consistent with the terms and conditions of this Agreement. As soon as reasonably practicable
thereafter, the Party granting a sublicense will provide the other Party with a copy of any executed sublicense agreement covering
a material sublicense granted hereunder (which copy may be redacted to remove provisions that are not necessary to monitor compliance
with this Section 12.3), and will contain a requirement that the Sublicensee comply with the confidentiality and non-use
provisions of Section 13 with respect to the other Party’s Confidential Information.

 

12.3.3 Liability.
Notwithstanding any sublicense, each Party will remain primarily liable to the other Party for the performance of all of its obligations
under, and compliance with all provisions of, this Agreement.

 

12.3.4 Certain Covenants
in respect of Humacyte In-Licenses.

 

12.3.4.1
Sublicensing. Notwithstanding anything to the contrary in this Section 12.3, if the consent of one or more entities is required
in order for Fresenius to grant a sublicense of its rights under a Humacyte In-License, Fresenius shall not, and shall ensure that
its Sublicensees shall not, grant any such sublicense without first obtaining the consent of such entities with respect to such
sublicense.

 

12.3.4.2
No Breach. Fresenius shall not, and shall ensure that its Affiliates and Sublicensees shall not, take or fail to take any
action if doing so would cause Humacyte to be in material breach of any Humacyte In-License; provided, however, (a) that Humacyte
must have provided Fresenius with a true and accurate copy of such Humacyte In-License prior to the occurrence of the alleged breach
and (b) [***].

 

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12.4 Bankruptcy.
All rights and licenses granted under or pursuant to this Agreement by a Party to the other are and will otherwise be deemed to
be, for purposes of Section 365(n) of the Bankruptcy Code, licenses of right to “intellectual property” as defined
under Section 101 of the Bankruptcy Code. The Parties agree that the Parties and Fresenius’ Sublicensees, as Sublicensees
of such rights under this Agreement, will retain and may fully exercise all of their rights and elections under the Bankruptcy
Code and any foreign counterpart thereto. The Parties further agree that upon commencement of a bankruptcy proceeding by or against
a Party (the “Bankrupt Party”) under the Bankruptcy Code, the other Party (the “Non-Bankrupt Party”)
will be entitled to a complete duplicate of, or complete access to (as the Non-Bankrupt Party deems appropriate), all such intellectual
property and all embodiments of such intellectual property. Such intellectual property and all embodiments of such intellectual
property will be promptly delivered to the Non-Bankrupt Party (a) upon any such commencement of a bankruptcy proceeding and
upon written request by the Non-Bankrupt Party, unless the Bankrupt Party elects to continue to perform all of its obligations
under this Agreement, or (b) if not delivered under clause (a) above, upon the rejection of this Agreement by or on behalf
of the Bankrupt Party and upon written request by the Non-Bankrupt Party. The Bankrupt Party (in any capacity, including debtor-in-possession)
and its successors and assigns (including any trustee) agree not to interfere with the exercise by the Non-Bankrupt Party of its
rights and licenses to such intellectual property and such embodiments of intellectual property in accordance with this Agreement,
and agrees to assist the Non-Bankrupt Party in obtaining such intellectual property and such embodiments of intellectual property
in the possession or Control of Third Parties as are reasonably necessary or desirable for the Non-Bankrupt Party to exercise such
rights and licenses in accordance with this Agreement. The foregoing provisions are without prejudice to any rights the Non-Bankrupt
Party may have arising under the Bankruptcy Code or other Laws.

 

12.5 No Other Rights.

 

12.5.1 Except as otherwise
expressly provided in this Agreement, under no circumstances will a Party or any of its Affiliates, as a result of this Agreement,
obtain any ownership interest, license or other right in or to any Know-How, Patents or other intellectual property of the other
Party. No rights or obligations not explicitly set forth in this Agreement are intended to be granted or imposed, whether by implication
or otherwise, by virtue of this Agreement or the transactions and arrangements contemplated hereby on or in favor of either Party.

 

12.5.2 For the avoidance
of doubt, subject only to Fresenius’ rights under Section 12.6 and the restrictions on Humacyte activities set
forth in Section 14.6.8, Humacyte retains rights to (a) Exploit the Distribution Product outside the Field and (b)
Exploit products other than the Distribution Product in or outside the Field anywhere in the world.

 

12.6 Additional Product
Distribution Agreements; Follow-On Distribution Agreement.

 

12.6.1 On an Additional
Product-by-Additional Product basis, Humacyte hereby grants Fresenius an exclusive first right of first negotiation to negotiate
during the applicable Additional Product Negotiation Period for exclusive, worldwide distribution rights with respect to the Additional
Products. [***] During each Additional Product Negotiation Period, the Parties will engage in good faith negotiation to reach agreement
on the applicable Additional Product Distribution Agreement.

 

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12.6.2 Humacyte hereby
grants Fresenius an exclusive first right of first negotiation to negotiate during the Follow-On Negotiation Period (subject to
extension by Humacyte) for exclusive, worldwide distribution rights with respect to Distribution Product for use outside the Field.
[***] During the Follow-On Negotiation Period, the Parties will engage in good faith negotiations to reach agreement on the Follow-On
Distribution Agreement.

 

12.6.3 The provisions
of this Section 12.6 do not limit the right of Humacyte at any time to pursue discussions regarding, or provide information
with respect to, or enter into, a transaction involving a Change of Control of Humacyte.

 

13. CONFIDENTIALITY
AND PUBLICATION.

 

13.1 Nondisclosure
and Non-Use Obligations.

 

13.1.1 All Confidential
Information disclosed by or on behalf of one Party to the other Party under this Agreement will, during any Term and for a period
of [***] after the end of all Terms, be maintained in confidence by the receiving Party and will not be disclosed to a Third Party
or used for any purpose except to exercise its rights or to perform its obligations hereunder, or as otherwise set forth herein,
without the prior written consent of the disclosing Party. The existence and terms of this Agreement are the Confidential Information
of each Party. All information exchanged between the Parties regarding the Prosecution and Maintenance and enforcement and defense
of the Patents under Section 16 will be the Confidential Information of the disclosing Party. All
reports delivered by Fresenius or its Affiliates to Humacyte or its Affiliates hereunder will be the Confidential Information of
Fresenius; and all reports delivered by Humacyte or its Affiliates to Fresenius or its Affiliates hereunder will be the Confidential
Information of Humacyte. 

 

13.1.2 Exceptions
to Confidentiality. The obligations of nondisclosure and non-use set forth in this Section 13.1 will not apply
to the extent that such Confidential Information:

 

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13.1.2.1
is known by the receiving Party at the time of its receipt, and not through a prior disclosure by the disclosing Party, as documented
by the receiving Party’s business records;

 

13.1.2.2
is known to the public before its receipt from the disclosing Party, or thereafter becomes generally known to the public through
no breach of this Agreement by the receiving Party;

 

13.1.2.3
is subsequently disclosed to the receiving Party by a Third Party who is not known by the receiving Party to be under an obligation
of confidentiality to the disclosing Party; or

 

13.1.2.4
is developed by the receiving Party independently of Confidential Information received from the disclosing Party, as documented
by the receiving Party’s business records.

 

13.1.3 Permitted
Disclosures. Notwithstanding the obligations of confidentiality and non-use set forth above, a receiving Party may provide
Confidential Information disclosed to it, and disclose the existence and terms of this Agreement as may be reasonably required
in order to perform its obligations or exercise its rights under this Agreement, and specifically to (a) Related Parties,
and their employees, directors, agents, consultants, or advisors to the extent necessary for the potential or actual performance
of its obligations or exercise its rights under this Agreement in each case who are under an obligation of confidentiality with
respect to such information that is no less stringent than the terms of this Section 13.1.3; (b) Regulatory Authorities
or other Governmental Authorities in order to obtain patents or perform its obligations or exercise its rights under this Agreement,
provided that such Confidential Information will be disclosed only to the extent reasonably necessary to do so, and where permitted,
subject to confidential treatment; (c) the extent required by Law, including by the rules or regulations of the United States
Securities and Exchange Commission or similar regulatory agency in a country other than the United States or of any stock exchange
or listing entity; and (d) with respect to the terms of this Agreement only, any bona fide actual or prospective Acquirers,
underwriters, financial advisors, investors, lenders, or other non-strategic financing sources and any bona fide actual
or prospective collaborators, licensors, Sublicensees, licensees, or strategic partners and to employees, directors, agents, consultants,
and advisers of any such Third Party, in each case, who are under obligations of confidentiality and non-use with respect to such
information that is no less stringent than the terms of this Section 13.1.3 (but of duration customary in confidentiality
agreements entered into for a similar purpose with underwriters, financial advisors, investors, lenders, or other non-strategic
financing sources but not less than [***]). If a Party is required by Law to disclose Confidential Information of the other Party
that is subject to the confidentiality or non-disclosure provisions of this Section 13, then if legally permitted,
such Party will promptly inform the other Party of the disclosure that is being sought in order to provide the other Party an opportunity
to challenge or limit the disclosure. Notwithstanding Section 13.1.2, Confidential Information that is permitted or
required to be disclosed will remain otherwise subject to the confidentiality and non-use provisions of this Section 13.1.3.
If either Party concludes that a copy of this Agreement must be filed with the United States Securities and Exchange Commission
or similar regulatory agency in a country other than the United States, then such Party will, a reasonable time prior to any such
filing, provide the other Party with a copy of such agreement showing any provisions hereof as to which the Party proposes to request
confidential treatment, will provide the other Party with an opportunity to comment on any such proposed redactions and to suggest
additional redactions, and will take such Party’s reasonable comments into consideration before filing such agreement and
[***] have terms identified by such other Party afforded confidential treatment by the applicable regulatory agency.

 

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13.1.4 Publication
and Publicity.

 

13.1.4.1
Publication. Except for disclosures permitted in accordance with Section 13.1.3, either Party wishing to make
a publication or public presentation that contains the Confidential Information of the other Party or any results of activities
under this Agreement will deliver to the other Party a copy of the proposed written publication or presentation at least [***]
prior to submission for publication or presentation. The reviewing Party will have the right to (a) propose modifications
to the publication or presentation for patent reasons or trade secret reasons or to remove Confidential Information of the reviewing
Party or its Related Parties, and the publishing Party will remove all Confidential Information of the reviewing Party if requested
by the reviewing Party and otherwise use good faith efforts to reflect such Party’s reasonable comments, or (b) request
a reasonable delay in publication or presentation in order to protect patentable information. If the reviewing Party requests a
delay to enable the reviewing Party to file patent applications protecting such Party’s right in such information, then the
publishing Party will delay such submission or presentation for a period of [***] (or such shorter period as may be mutually agreed
by the Parties). All publications made pursuant to this Section 13.1.4.1 will be prepared, presented, and published
in accordance with pharmaceutical industry accepted guidelines.

 

13.1.5 Publicity.
Except as set forth in Section 13.1.2, Section 13.1.3, Section 13.1.4 or Section 13.2, the terms
of this Agreement may not be disclosed by either Party. Neither Party will use the name, Trademark, trade name or logo of the other
Party or its employees in any publicity, news release or disclosure relating to this Agreement or the activities of the Parties
hereunder, in each case, without the prior express written permission of the other Party, except (a) as may be required by
Laws, including by the rules or regulations of the United States Securities and Exchange Commission or similar regulatory agency
in any country other than the United States or of any stock exchange or listing entity, provided that the Party making such disclosure
or use of the name, Trademark, trade name, or logo of the other Party or its employees, gives the other Party reasonable prior
written notice and otherwise complies with Section 13.1.3, or (b) as expressly permitted by the terms hereof. [***]

 

13.2 Press Releases.
Except as provided in Section 13.1.5, neither Party will issue any press release or public announcement relating to
this Agreement without the prior written approval of the other Party (such approval will not be unreasonably withheld, conditioned
or delayed), except that a Party may (a) once a press release or other public statement is approved in writing by both Parties,
make subsequent public disclosure of the information contained in such press release or other written statement without the further
approval of the other Party (so long as such information remains true and correct), and (b) issue a press release or public
announcement as required by Laws (including a press release corresponding to any securities disclosure, such as pursuant to a Form
8-K), including by the rules or regulations of the United States Securities and Exchange Commission or similar regulatory agency
in a country other than the United States or of any stock exchange or listing entity, provided that the Party issuing such press
release gives reasonable prior notice to the other Party of and the opportunity to comment on the press release or public announcement,
and otherwise complies with this Section 13.

 

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14. REPRESENTATIONS,
WARRANTIES AND COVENANTS.

 

14.1 Mutual Representations
and Warranties as of the Effective Date. Each Party represents and warrants to the other Party, as of the Effective Date, that:

 

14.1.1 such Party is
a corporation duly organized, validly existing, and in good standing under the Laws of its jurisdiction of incorporation or formation;

 

14.1.2 such Party has
all requisite corporate power and corporate authority to enter into this Agreement and to carry out its obligations under this
Agreement;

 

14.1.3 all requisite
corporate action on the part of such Party, its directors and stockholders required by Laws for the authorization, execution and
delivery by such Party of this Agreement, and the performance of all obligations of such Party under this Agreement, has been taken;

 

14.1.4 the execution,
delivery and performance of this Agreement, and compliance with the provisions of this Agreement, by such Party do not and will
not: (a) violate any provision of Laws or any ruling, writ, injunction, order, permit, judgment or decree of any Governmental
Authority, (b) constitute a breach of, or default under (or an event which, with notice or lapse of time or both, would become
a default under) or conflict with, or give rise to any right of termination, cancellation or acceleration of, any agreement, arrangement
or instrument, whether written or oral, by which such Party or any of its assets are bound, or (c) violate or conflict with
any of the provisions of such Party’s organizational documents (including any articles or memoranda of organization or association,
charter, bylaws or similar documents); and

 

14.1.5 no consent,
approval, authorization or other order of, or filing with, or notice to, any Governmental Authority or other Third Party is required
to be obtained or made by such Party in connection with the authorization, execution and delivery by such Party of this Agreement.

 

14.2 Representations
and Warranties by Humacyte. Humacyte represents and warrants to Fresenius, as
of the Effective Date, that:

 

14.2.1 Humacyte
Technology.

 

14.2.1.1
Humacyte has sufficient legal or beneficial title and ownership of, or sufficient license rights under and authority to grant to
Fresenius and its Affiliates, the licenses, and other rights set forth in this Agreement under the Humacyte Technology. Without
limiting the generality of the foregoing, Humacyte has obtained all necessary consents and fulfilled all necessary conditions applicable
to Humacyte, if any, to sublicense to Fresenius under this Agreement all Humacyte Technology.

 

14.2.1.2
Schedule 14.2.1 sets forth a list of Humacyte Patents as of the Effective Date, and accurately indicates (a) whether any
such Patent is solely owned by Humacyte, (b) whether any such Patent is jointly owned by Humacyte with another Person, and the
name of any such other Person, and (c) whether any such Patent is the subject of a Humacyte In-License, and the date of, parties
to and title of any such Humacyte In-License.

 

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14.2.1.3
Humacyte has delivered to Fresenius a true and accurate copy of each Humacyte In-License set forth on Schedule 14.2.1. Except
[***] Fresenius does not need a sublicense under any Humacyte In-License to exercise any of Fresenius’ rights or perform
any of Fresenius’ obligations under this Agreement.

 

14.2.1.4
Neither Humacyte nor any of its Affiliates owns, in-licenses, or has an option or other right to any Patents or Know-How that (a) are
necessary or reasonably useful to Exploit the Distribution Product in the Territory and, (b) as of the Effective Date, are
not Controlled by Humacyte.

 

14.2.2 Conflicting
Agreements. Other than (a) non-commercial, non-exclusive licenses, (b) government march-in rights, and (c) manufacture in America
restrictions, Humacyte has not granted any of its Affiliates or any Third Party, including any academic organization or agency,
rights that would interfere or be inconsistent with Fresenius’ rights hereunder and there are no agreements or arrangements
to which Humacyte or any of its Affiliates is a party relating to Humacyte Technology that would (i) limit the rights granted
to Fresenius under this Agreement or (ii) restrict or result in a restriction on Fresenius’ ability to Exploit the Distribution
Product in accordance with this Agreement.

 

14.2.3 Breach of
Humacyte In-License. Neither Humacyte nor its Affiliates are in material breach or default under any Humacyte In-License, and
neither Humacyte nor any of its Affiliates has received any written notice of material breach or default with respect to any such
Humacyte In-License.

 

14.2.4 Ownership
of Humacyte Technology. With respect to any Humacyte Technology owned by Humacyte, Humacyte and its Affiliates have obtained
from all employees and independent contractors who participated in any respect in the invention or authorship thereof, valid and
enforceable assignments of all ownership rights of such employees and independent contractors in such Humacyte Technology, either
pursuant to written agreement or by operation of law. All of Humacyte’s and its Affiliates’ employees, officers, contractors
and consultants have executed agreements, or have existing obligations under Law, requiring assignment to Humacyte or its Affiliate,
as applicable, of all right, title, and interest in and to inventions made during the course of and as the result of this Agreement;
and, no officer or employee of Humacyte or its Affiliate is subject to any agreement with any other Third Party that requires such
officer or employee to assign any interest in any Humacyte Technology to any Third Party. No Third Party whom Humacyte or any of
its Affiliates has engaged for research, development, manufacturing or other services related to the Distribution Product owns
or controls any technology that is necessary for the Exploitation of the Distribution Product where such ownership or control arose
out of the services performed by the applicable Third Party on behalf of Humacyte, except for any such technology as to which Humacyte
has obtained a license from the applicable Third Party and such license is either sublicensed to Fresenius hereunder or is not
required by Fresenius for the Exploitation of Distribution Product as contemplated by this Agreement.

 

14.2.5 Confidential
Information. All employees, officers, and consultants of Humacyte and its Affiliates have executed agreements, or have existing
obligations under Laws, obligating the individual to maintain as confidential Humacyte’s Confidential Information as well
as confidential information of other parties (including of Fresenius and its Affiliates) that such individual may receive in the
conduct of this Agreement, to the extent required to support Humacyte’s obligations under this Agreement and Humacyte and
its Affiliates have taken all reasonable precautions to preserve the confidentiality of the Humacyte Know-How.

 

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14.2.6 Government
Funding. Other than (a) non-commercial, non-exclusive licenses, (b) government march-in rights, and (c) manufacture in America
restrictions, (i) neither Humacyte nor any of its Affiliates has entered into a government funding relationship that would result
in rights to the Distribution Product or any other Humacyte Technology residing in the United States government, National Institutes
of Health, National Institute for Drug Abuse or other agency, and (ii) the licenses granted hereunder are not subject to overriding
obligations to the United States government as set forth in Public Law 96 517 (35 U.S.C. 200 204), as amended, or any similar obligations
under the Laws of any other country.

 

14.2.7 Validity
and Enforceability. Humacyte does not know of any facts that, in Humacyte’s reasonable opinion, indicate that any of
the Humacyte Patents are not, or, upon issuance, will not be, valid and enforceable patents. There are no oppositions, nullity
actions, interferences, inter-partes reexaminations, inter-partes reviews, post-grant reviews, derivation proceedings,
or other proceedings pending or threatened (but excluding office actions or similar communications issued by any Patent Offices
in the ordinary course of prosecution of any patent application) that challenge the scope, validity, or enforceability of the Humacyte
Patents owned by Humacyte or, to Humacyte’s knowledge, the Humacyte Patents that are licensed to Humacyte. Humacyte has filed
and prosecuted patent applications within the Humacyte Patents owned by Humacyte in good faith and has complied with all duties
of disclosure with respect thereto. Humacyte has not committed any act, or omitted to commit any act, that may cause the Humacyte
Patents owned by Humacyte (or, to Humacyte’s knowledge, any Humacyte Patents that are licensed to Humacyte) to expire prematurely
or be declared invalid or unenforceable. Humacyte has timely paid all application, registration, maintenance, and renewal fees
in respect of the Humacyte Patents owned by Humacyte and has filed with the applicable Patent Office(s) all necessary documents
and certificates for the purpose of maintaining such Humacyte Patents.

 

14.2.8 No Claims.
The owned Humacyte Technology and, to Humacyte’s knowledge, the in-licensed Humacyte Technology is not subject to any judgment
or settlement that would reasonably be expected to materially restrict the use thereof or otherwise would reasonably be expected
to adversely affect the validity or enforceability thereof.

 

14.2.9 Non-Infringement.
To Humacyte’s knowledge, the Exploitation by Fresenius or its Related Parties or Humacyte or its Related Parties of the Distribution
Product does not and will not infringe any valid, issued patent of any Third Party or misappropriate any Know-How of any Third
Party. There are no claims, demands, suits, proceedings, arbitrations, or other legal actions of any nature, civil, criminal, regulatory
or otherwise, pending or, to Humacyte knowledge, threatened against Humacyte or any of its Related Parties alleging or asserting
any of the foregoing.

 

14.2.10 Compliance
with Laws.

 

14.2.10.1
Humacyte has conducted and will conduct the Development and Manufacture of the Distribution Product in material compliance with
all Laws, including current governmental regulations concerning, GLP, GCP, and cGMP.

 

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14.2.10.2
Humacyte has provided to Fresenius true and complete copies of all INDs filed with respect to the Distribution Product, including
all amendments and supplements thereto. Humacyte is the lawful holder of all rights with respect to all INDs filed with respect
to the Distribution Product.

 

14.2.10.3
Humacyte is currently and, for the past [***] has been in compliance in all material respects with all Health Care Laws to the
extent applicable to the Development and Manufacture of the Distribution Product. Humacyte is not currently and has not been the
subject of any enforcement, regulatory or administrative proceedings against or affecting Humacyte relating to or arising under
any Health Care Laws, and, to the knowledge of Humacyte, no such enforcement, regulatory or administrative proceeding has been
threatened in writing. Humacyte is not a party to any corporate integrity agreements, monitoring agreements, deferred prosecution
agreements, consent decrees, settlement orders, or similar agreements imposed by any Regulatory Authority or other Governmental
Authority.

 

14.2.10.4
Humacyte has never been and, to the best of its knowledge after reasonable inquiry, none of its employees have ever been (a) debarred
or threatened to be debarred or otherwise excluded or disqualified, or convicted for a crime for which a person can be debarred,
under §306 of the United States Food Drug and Cosmetic Act or any comparable law or regulation in or outside the United States,
(b) ineligible to receive investigational drugs under 21 CFR 312.70, (c) excluded, debarred, suspended, or rendered otherwise ineligible
to participate in healthcare programs or in procurement or non-procurement programs (as that term is defined in 42 U.S.C. §1320a-7b(f))
or from similar programs in or outside the United States, (d) convicted of a criminal offense related to the provision of healthcare
items or services, or (e) otherwise subject to any restrictions or sanctions by the FDA, CMS, or any other Regulatory Authority
((a) through (e), collectively are referred to as “Debarred”).

 

14.2.10.5
Humacyte has been and is currently in material compliance, to the extent applicable, with (a) HIPAA and (b) all Laws governing
the privacy, security, integrity, accuracy, creation, transmission, receipt, maintenance, use, disclosure, or other protection
of individually identifiable information created, received, maintained, transmitted, or destroyed by Humacyte, to the extent not
preempted by HIPAA. To Humacyte’s knowledge, no breach has occurred with respect to any unsecured protected health information
maintained by Humacyte that is subject to the notification requirements of 45 C.F.R. §§ 164.406 or 164.408(b), and, to
Humacyte’s knowledge, no information security or privacy breach event has occurred that would require notification under
any similar Laws.

 

14.2.10.6
All documents, submissions, reports, records and notices required to be maintained or filed with any Regulatory Authority or other
Governmental Authority by Humacyte with respect to its Development or Manufacture of the Distribution Product pursuant to any Permit
or Laws have been so maintained or filed on a timely basis and were complete and accurate in all material respects as of the date
of preparation and filing if necessary, or were subsequently updated, changed, corrected, or modified prior to the date hereof.
To Humacyte’s knowledge, no such records or filings with any Regulatory Authority or other Governmental Authority contain
any materially false, misleading or otherwise inaccurate statements or information, whether express or due to omission of material
information, as of the date of filing. No material action has been taken, or material statements made or failed to be made, by
Humacyte or, to Humacyte’s knowledge, any director, officer, employee, clinical investigator or agent of Humacyte with respect
to the Development or Manufacture of the Distribution Product that could reasonably be expected to provide a basis for any Regulatory
Authority or other Governmental Authority to invoke its Application Integrity Policy, FDA’s 1991 policy on Fraud, Untrue
Statements of Material Facts, Bribery, and Illegal Gratuities, or any similar governmental policy or Laws.

 

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14.2.10.7
Neither Humacyte nor any of its officers, directors, employees, agents or clinical investigators has received any written notices
or communications, nor, to Humacyte’s knowledge, are any such notices or communications threatened, from any Regulatory Authority
or other Governmental Authority, including any warning or untitled letter, notice of adverse finding, notice of deficiency, or
notice of inspection observations, that alleges that Humacyte is not in material compliance with any applicable requirements under
the FD&C Act, the PHSA, FDA regulations promulgated thereunder, or any similar Laws of foreign jurisdictions in which Humacyte
currently conducts activities.

 

14.2.10.8
Humacyte holds all permits, licenses, and registrations necessary to allow Humacyte to Develop and Manufacture the Distribution
Product as and where such Distribution Product is currently Developed or Manufactured (the “Permits”). Humacyte
is and has been in material compliance with the Permits, and no material suspension, limitation, adverse modification, revocation
or cancellation of any such Permit is pending or threatened. All applications that are required to have been filed for the renewal
or upkeep of any Permit have been duly filed on a timely basis, or with appropriate extensions, each with the appropriate Regulatory
Authority or other Governmental Authority and all fees or other amounts required to be paid in connection therewith have been paid
to the appropriate Regulatory Authority or other Governmental Authority.

 

14.2.10.9
As stated in its Code of Ethics and Business Conduct, Fresenius upholds the values of quality, honesty and integrity, innovation
and improvement, respect and dignity, as well as lawful conduct, especially with regard to anti-bribery and anti-corruption. Fresenius
upholds these values in its own operations, as well as in its relationships with business partners. Fresenius’ continued
success and reputation depends on a common commitment to act accordingly. Together with Fresenius, Humacyte is committed to uphold
these fundamental values by adherence to Laws.

 

14.3 Representations
and Warranties by Fresenius. Fresenius represents and warrants to Humacyte, as of the Effective Date, that:

 

14.3.1 Conflicting
Agreements. Fresenius has not granted any of its Affiliates or any Third Party, including any academic organization or agency,
rights that would interfere or be inconsistent with Humacyte’s rights hereunder.

 

14.3.2 Confidential
Information. All employees, officers, and consultants of Fresenius and its Affiliates have executed agreements, or have existing
obligations under Laws, obligating the individual to maintain as confidential Fresenius’ Confidential Information as well
as confidential information of other parties (including of Humacyte and its Affiliates) that such individual may receive in the
conduct of this Agreement, to the extent required to support Fresenius’ obligations under this Agreement.

 

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14.3.3 Compliance
with Laws. Fresenius and its Affiliates are currently, and, for the past [***] have been, in compliance in all material respects
with all Health Care Laws except to the extent not reasonably likely to have an adverse effect on the performance by Fresenius
of activities under this Agreement. Neither Fresenius nor any of its Affiliates is currently, and, for the past [***] neither Fresenius
nor its Affiliates has been, the subject of any enforcement, regulatory or administrative proceedings against or affecting Fresenius
or its Affiliates relating to or arising under any Health Care Laws that is reasonably likely to have an adverse effect on the
performance by Fresenius of activities under this Agreement, and, to the knowledge of Fresenius, no such enforcement, regulatory
or administrative proceeding is currently threatened in writing that is reasonably likely to have an adverse effect on the execution
and performance by Fresenius and its Affiliates under this Agreement. Neither Fresenius nor any of its Affiliates is a party to
any corporate integrity agreements, monitoring agreements, deferred prosecution agreements, consent decrees, settlement orders,
or similar agreements imposed by any Regulatory Authority or other Governmental Authority that is reasonably likely to have an
adverse effect on the performance by Fresenius of activities under this Agreement. Fresenius and its Affiliates are not, and, to
the best of Fresenius’ knowledge after reasonable inquiry, its and their employees are not, Debarred.

 

14.3.4 No Blocking
Patents. To Fresenius’ knowledge, neither Fresenius nor any of its Affiliates owns or controls any issued or filed Patents
in the Territory that would be infringed by Humacyte’s Development or Manufacture of the Distribution Product as contemplated
by this Agreement.

 

14.4 Fresenius Compliance
Regarding Anti-Bribery/Anti-Corruption. Fresenius represents, warrants and covenants to Humacyte that:

 

14.4.1 Fresenius has
adopted and implemented an anti-corruption compliance program reasonably designed and operated to prevent and detect bribery and
corruption that is appropriate to its business operations.

 

14.4.2 In connection
with Fresenius’ activities under and relating to this Agreement, neither Fresenius nor any of its Affiliates, equity holders,
partners, members, officers, directors, employees, representatives, servants, sub-contractors, or other agents shall, directly
or indirectly, offer, pay, promise to pay, or authorize the payment of any money, or offer, give, promise to give, or authorize
the giving of any financial or other advantage or anything else of value to:

 

(i) any Government Official
or health care professional for the purpose of (a) improperly influencing or rewarding any act or decision of such official, employee,
person, party, candidate, or health care professional, (b) inducing such Government Official or health care professional to do
or omit to do any act in violation of his or her lawful duty, (c) securing any improper advantage for Humacyte, or (d) improperly
inducing such Government Official or healthcare professional to use his or her influence with a government or instrumentality thereof
to affect or influence any act or decision of such government or instrumentality.

 

(ii) any officer, employee,
agent, or representative of another company or organization, without that company’s or organization’s knowledge and
consent, with the intent to influence the recipient’s action with respect to his or her company’s business, or to gain
a commercial benefit to the detriment of the recipient’s company or organization, or to induce the recipient to violate a
duty of loyalty to his employer.

 

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14.4.3 Fresenius shall
at all times be bound by and comply with all Laws concerning bribery, money laundering, or corrupt practices or which in any manner
prohibit the giving of anything of value to any Government Official, health care professional, or to any officer, director, employee
or representative of any other organization.

 

14.4.4 Fresenius shall
maintain true, accurate and complete books and records with respect to all payments made to third parties in connection with its
activities under and relating to this Agreement.

 

14.4.5 No employee,
owner, officer, director, agent, sub-contractor, or other representative of Fresenius that is known to be a subject or target of
the Foreign Corrupt Practices Act investigations by the Department of Justice or Securities and Exchange Commission disclosed in
Fresenius’ securities filings shall participate in the distribution of the Distribution Product or any other activity under
or relating to this Agreement.

 

14.4.6 Fresenius shall
require any subcontractors or other persons or entities that provide services to Fresenius in connection with Fresenius’
obligations under this Agreement, and are in a government-facing or customer-facing role, to agree in writing to abide by warranties
and covenants similar to those set forth in Section 14.4.1, Section 14.4.2, Section 14.4.3, Section 14.4.4,
and Section 14.4.5, in each case, to the extent commercially reasonable.

 

14.4.7 Fresenius shall
cooperate fully with Humacyte in connection with the investigation of any allegation, event, fact or occurrence which reasonably
calls into question Fresenius’ material compliance with any representation, warranty, or covenant in Section 14.4.1,
Section 14.4.2, Section 14.4.3, Section 14.4.4, or Section 14.4.5.

 

14.4.8 To the extent
permitted by Law, Fresenius shall promptly notify Humacyte of (a) the occurrence of any fact or event that would render any representation,
warranty, covenant or undertaking in Section 14.4.2, Section 14.4.3, Section 14.4.4, or Section 14.4.5
materially incorrect or materially misleading, (b) any notice, subpoena, demand or other communication (whether oral or written)
from any Governmental Authority regarding Fresenius’ material actual or alleged violation of, or failure to comply with,
any Laws governing bribery, money laundering, or other corrupt payments in connection with its activities under and relating to
this Agreement, and (c) any governmental investigation, audit, suit or proceeding (whether civil, criminal or administrative) regarding
Fresenius’ violation of, or failure to comply with, any such Laws in connection with its activities under and relating to
this Agreement that is not disclosed in Fresenius’ securities filings as of the Effective Date; provided that Fresenius will
not be obligated to make a disclosure under this clause (c) prior to the public disclosure by Fresenius of any such investigation,
audit, suit or proceeding if the making of such disclosure would, in the view of Fresenius’s legal counsel (whether outside
or in-house), carry a risk of loss of attorney-client privilege in respect of the information disclosed or could be expected to
interfere with Fresenius’s proper conduct of such investigation, audit, suit or proceeding.

 

14.4.9 Before entering
into a country-specific distribution agreement pursuant to which Fresenius will Commercialize the Distribution Product in a particular
Ex-US country, Fresenius will certify or represent in writing to Humacyte that it has implemented and will continue to maintain
in such country an anti-corruption compliance program reasonably designed and operated to prevent and detect bribery and corruption.

 

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14.5 Warranty Disclaimer.
EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTY OF ANY
KIND, EITHER EXPRESS OR IMPLIED, TO THE OTHER PARTY WITH RESPECT TO THE DISTRIBUTION PRODUCT OR OTHER SUBJECT MATTER OF THIS AGREEMENT
AND HEREBY DISCLAIMS ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE OR NONINFRINGEMENT WITH
RESPECT TO ANY AND ALL OF THE FOREGOING.

 

14.6 Certain Covenants.

 

14.6.1 Compliance
with Laws. Each Party and its Related Parties will conduct the Exploitation of the Distribution Product in a good scientific
manner and in accordance with all Laws, including governmental regulations concerning GLP, GCP, and cGMP and, without limiting
Section 14.4, any applicable anti-corruption or anti-bribery Laws of any Governmental Authority with jurisdiction over the activities
performed by such Party or its Related Parties in furtherance of such obligations.

 

14.6.2 Know-How.
Commencing on the Effective Date and continuing until the end of all Terms, Humacyte will not relinquish Control of any Know-How
that is used by Humacyte in the Exploitation of the Distribution Product.

 

14.6.3 Conflicting
Transactions. Commencing on the Effective Date and continuing until the end of all Terms, neither Party will, and each Party
will cause its Affiliates not to, enter into any agreement granting a license or other right that is inconsistent with the options
and rights granted to the other Party under this Agreement.

 

14.6.4 In-Licenses.
Commencing on the Effective Date and continuing until the end of all Terms, Humacyte or its Affiliate will maintain Control of
all Patents and Know-How licensed to Humacyte or any of its Affiliates that would [***] for Humacyte or Fresenius to Develop or
Commercialize the Distribution Product as and to the extent contemplated by this Agreement. Humacyte will not, and will cause its
Affiliates not to, materially breach or be in material default under any Humacyte In-License that would [***] for Humacyte or Fresenius
to Develop or Commercialize the Distribution Product as and to the extent contemplated by this Agreement. Humacyte will not, and
will cause its Affiliates not to, terminate any Humacyte In-License in a manner that would terminate rights that are sublicensed
to Fresenius hereunder or otherwise diminish the scope or exclusivity of the licenses granted to Fresenius under the technology
licensed to Fresenius hereunder. In the event that Humacyte or any of its Affiliates receives notice of an alleged breach by Humacyte
or any of its Affiliates under a Humacyte In-License, where termination of such Humacyte In-License or any diminishment of the
scope or exclusivity of the licenses granted to Fresenius under the applicable technology licensed hereunder is being or could
be sought by the counterparty, then Humacyte will promptly, but no later than [***] thereafter, provide written notice thereof
to Fresenius and grant Fresenius the right (but not the obligation) to cure such alleged breach. [***] Humacyte will promptly,
but in no event less than [***] before, provide written notice thereof to the Fresenius. Fresenius will have the right (but not
the obligation), in its commercially reasonable discretion, to [***]. Humacyte will pay all amounts due to a licensor under any
Humacyte In-License or any other in-license to which Humacyte is a party, including the MIT License.

 

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14.6.5 Prospective
Licenses. In the event that, after the Effective Date, a Party reasonably determines that a license to any Third Party intellectual
property is reasonably necessary in connection with the exercise of rights or performance of obligations under this Agreement,
such Party will notify the other Party and the Parties will discuss the same. Following such discussion, if the Parties agree that
such a license (a “Prospective License”) is reasonably necessary, Humacyte will [***] enter into a license agreement
with the relevant Third Party, which will include the right to grant Fresenius a sublicense under such license agreement (subject
to Fresenius agreeing to conform to the requirements of such license agreement) sufficient to establish the relevant intellectual
property as Humacyte Technology and accordingly as subject to the licenses granted by Humacyte to Fresenius under Section 12.1.
Humacyte will [***]. If the Parties do not agree that a Prospective License is reasonably necessary, but Fresenius believes such
Prospective License is reasonably necessary, Fresenius will [***]. If the Parties do not agree that a Prospective License is reasonably
necessary, but Humacyte believes such Prospective License is reasonably necessary, Humacyte will [***] enter into a license agreement
with the relevant Third Party, which will include the right to grant Fresenius a sublicense under such license agreement.

 

14.6.6 Permits,
Licenses, Registrations, Etc.

 

14.6.6.1
Each Party will maintain all permits, licenses, registrations and other forms of governmental authorizations and approvals required
to be obtained and maintained in order for it to conduct the activities and perform the obligations that it is required to conduct
and perform under this Agreement.

 

14.6.6.2
Humacyte will obtain and maintain all permits, licenses, registrations and other forms of governmental authorization and approvals,
and comply with all government requirements, in each case, that are required with respect to the Facility in connection with Commercializing
the Distribution Product in each country in which Fresenius will Commercialize the Distribution Product in accordance with this
Agreement, except to the extent that two or more of such requirements should be in conflict, in which case the Parties shall discuss
and agree on a reasonable approach to achieving compliance with such conflicting requirements.

 

14.6.7 Delivery
of Distribution Product. In connection with each delivery of Distribution Product to Fresenius hereunder, Humacyte will represent
and warrant to Fresenius as follows:

 

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14.6.7.1
At the time of delivery of Distribution Product to Fresenius, each Unit of Distribution Product will be not more than [***] relative
to the end of [***] carried out on the [***] for such Unit.

 

14.6.7.2
At the time of delivery of Distribution Product to Fresenius, (a) the Distribution Product will have been Manufactured in accordance
with cGMP and all other Laws, the Manufacturing Process, the applicable quality agreement and Specifications, (b) the Distribution
Product will not be adulterated or misbranded under the FD&C Act or other Laws, (c) the Distribution Product will have been
Manufactured, handled, stored and prepared for transport in accordance with all Laws with respect to such actions, including the
FD&C Act and (d) Humacyte will convey good title to Fresenius to the Distribution Product and such Distribution Product will
be delivered to Fresenius free from any lawful security interest, lien, claim or encumbrance.

 

This Section 14.6.7
will continue in full force and effect notwithstanding transfer of title to any Distribution Product and will survive the inspection,
acceptance and payment for Distribution Product.

 

14.6.8 Exclusivity.
For the period commencing on the Effective Date and continuing until the end of all Terms, Humacyte will not, and will cause its
Affiliates not to, alone or with any Third Parties (including by grant of (sub)license, option or other rights), anywhere in the
Territory, except in respect of the Distribution Product as contemplated by, and subject to the rights of Fresenius set forth in,
this Agreement, (a) Commercialize a product in the Field in the Territory, (b) Develop a product in the Field for Commercialization
in the Territory, (c) seek Regulatory Approval for a product in the Field in the Territory or otherwise make any submission
to any Regulatory Authority in the Territory for Developing a product in the Field for Commercialization in the Territory, or (d)
Manufacture any product for any prohibited activities in the foregoing clauses (a), (b) or (c).

 

14.6.9 Compliance
Program. Humacyte will, within a reasonable time following the Effective Date, (a) develop and publish to its employees a Code
of Conduct, (b) create and implement separate compliance policies covering key risk areas, which policies will describe a process
to facilitate confidential, anonymous reporting of compliance concerns, and (c) conduct reasonable compliance audits of contract
research organizations engaged by Humacyte.

 

14.6.10 No Exclusion.

 

14.6.10.1
Humacyte. Neither Humacyte nor any of its Affiliates will be Debarred or knowingly hire, retain or use, in connection with
the obligations set forth in this Agreement, any individual or entity that is Debarred; Humacyte will provide Fresenius with written
notice within [***] if during a Term Humacyte or any of its Affiliates becomes Debarred or knowingly hires, retains or uses, in
connection with the obligations set forth in this Agreement, any individual or entity that is Debarred. The terms of the preceding
sentence shall survive the termination or expiration of this Agreement for a period of [***].

 

14.6.10.2
Fresenius. Neither Fresenius nor any of its Affiliates will be Debarred or knowingly hire, retain or use, in connection
with the obligations set forth in this Agreement, any individual or entity that is Debarred; Fresenius will provide Humacyte with
written notice within [***] if during a Term Fresenius or any of its Affiliates becomes Debarred or knowingly hires, retains or
uses, in connection with the obligations set forth in this Agreement, any individual or entity that is Debarred. The terms of the
preceding sentence shall survive the termination or expiration of this Agreement for a period of [***].

 

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15. INDEMNIFICATION;
LIMITATION OF LIABILITY; INSURANCE.

 

15.1 General Indemnification
by Humacyte. Humacyte will indemnify, hold harmless, and defend Fresenius Indemnitees from and against any and all Losses arising
out of or resulting from, directly, or indirectly, (a) any breach of, or inaccuracy in, any representation or warranty made
by Humacyte in this Agreement, or any breach or violation of any covenant or agreement of Humacyte in, or in the performance of,
this Agreement, (b) the negligence or willful misconduct by or of Humacyte and any of its Related Parties, or any of their
respective directors, officers, employees or agents in the performance of Humacyte’s obligations under this Agreement, (c) [***]
or (d) [***] Notwithstanding the foregoing, Humacyte will have no obligation to indemnify the Fresenius Indemnitees to the extent
that the Losses arise out of or result from, directly or indirectly, matters for which Fresenius is obligated to indemnify Humacyte
under Section 15.2.

 

15.2 General Indemnification
by Fresenius. Fresenius will indemnify, hold harmless, and defend Humacyte Indemnitees from and against any and all Losses
arising out of or resulting from, directly or indirectly, (a) any breach of, or inaccuracy in, any representation or warranty
made by Fresenius in this Agreement, or any breach or violation of any covenant or agreement of Fresenius in, or in the performance
of, this Agreement, (b) the negligence or willful misconduct by or of Fresenius or any of its Related Parties, or any of their
respective directors, officers, employees or agents in the performance of Fresenius’ obligations under this Agreement, or
(c) [***]. Notwithstanding the foregoing, Fresenius will have no obligation to indemnify the Humacyte Indemnitees to the extent
that the Losses arise out of or result from, directly or indirectly, matters for which Humacyte is obligated to indemnify Fresenius
under Section 15.1.

 

15.3 Indemnification
Procedure. The Party entitled to indemnification under this Section 15 (an “Indemnified Party”)
will notify the Party responsible for such indemnification (the “Indemnifying Party”) in writing promptly upon
being notified of or having knowledge of any claim or claims asserted or threatened against the Indemnified Party that could give
rise to a right of indemnification under this Agreement; provided that the failure to give such notice will not relieve the Indemnifying
Party of its indemnity obligation hereunder except to the extent that such failure materially prejudices the Indemnifying Party.
The Indemnifying Party will have the right to defend, at its sole cost and expense, any such claim by all appropriate proceedings;
provided that the Indemnifying Party may not enter into any compromise or settlement unless (a) such compromise or settlement
imposes only a monetary obligation on the Indemnifying Party and which includes as an unconditional term thereof, the giving by
each claimant or plaintiff to the Indemnified Party of a release from all liability in respect of such claim; or (b) the Indemnified
Party consents to such compromise or settlement, which consent will not be unreasonably withheld, conditioned or delayed unless
such compromise or settlement involves (i) any admission of legal wrongdoing by the Indemnified Party, (ii) any payment
by the Indemnified Party that is not indemnified under this Agreement, or (iii) the imposition of any equitable relief against
the Indemnified Party (in which case, (i) through (iii), the Indemnified Party may withhold its consent to such settlement in its
sole discretion). If the Indemnifying Party does not elect to assume control of the defense of a claim, then the Indemnified Party
will have the right, at the expense of the Indemnifying Party, upon at least [***] prior written notice to the Indemnifying Party
of its intent to do so, to undertake the defense of such claim for the account of the Indemnifying Party (with counsel reasonably
selected by the Indemnified Party and approved by the Indemnifying Party, such approval will not be unreasonably withheld, conditioned
or delayed); provided that the Indemnified Party will keep the Indemnifying Party apprised of all material developments with respect
to such claim. The Indemnified Party may not enter into any compromise or settlement without the prior written consent of the Indemnifying
Party, such consent will not be unreasonably withheld, conditioned or delayed. The Indemnified Party will cooperate with the Indemnifying
Party and may participate in, but not control, any defense or settlement of any claim controlled by the Indemnifying Party pursuant
to this Section 15.3 and will bear its own costs and expenses with respect to such participation; provided that the Indemnifying
Party will bear such costs and expenses if counsel for the Indemnifying Party will have reasonably determined that such counsel
may not properly represent both the Indemnifying Party and the Indemnified Party.

 

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15.4 Limitation of
Liability. NEITHER PARTY WILL BE LIABLE FOR SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES ARISING OUT OF THIS AGREEMENT,
OR THE EXERCISE OF ITS RIGHTS OR THE PERFORMANCE OF ITS OBLIGATIONS HEREUNDER, INCLUDING LOST PROFITS ARISING FROM OR RELATING
TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF SUCH DAMAGES, EXCEPT AS A RESULT OF (A) A PARTY’S GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT, (B) A BREACH OF SECTION 13, OR (C) A BREACH OF ANY OF THE LICENSES GRANTED
IN THIS AGREEMENT. NOTHING IN THIS SECTION 15.4 IS INTENDED TO LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS
OF EITHER PARTY UNDER THIS AGREEMENT.

 

15.5 Insurance.
Each Party will obtain and maintain insurance during any Term and for a period of at least [***] after the [***] by such Party,
with a reputable, solvent insurer in an amount appropriate for its business and products of the type that are the subject of this
Agreement, and for its obligations under this Agreement. Specifically, each Party will maintain (a) worker’s compensation
insurance with statutory limits in compliance with the worker’s compensation Laws of the state or states in which the Party
has employees in the United States, (b) employer’s liability coverage with a minimum limit of [***] per occurrence and (c)
general liability insurance, including clinical trial insurance, with a minimum limit of [***] per occurrence and [***] in the
aggregate. Beginning at least [***] prior to [***], general liability insurance will also include product liability insurance of
[***]. Upon request, each Party will provide the other Party with evidence of the existence and maintenance of such insurance coverage.
[***]

 

16. INTELLECTUAL
PROPERTY.

 

16.1 Inventorship.

 

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16.1.1 Determinations
of Inventorship. Inventorship for inventions and discoveries (including Know-How) first made during the course of the performance
of activities pursuant to this Agreement will be determined in accordance with United States patent Laws for determining inventorship.

 

16.1.2 JRA Exception.
Notwithstanding anything to the contrary in this Agreement, each Party will have the right to invoke the America Invents Act Joint
Research Agreement exception codified at 35 U.S.C. § 102(c) (the “JRA Exception”) when exercising its rights
under this Agreement, but only with prior written consent of the other Party in its sole discretion. In the event that a Party
intends to invoke the JRA Exception, once agreed to by the other Party if required by the preceding sentence, it will notify the
other Party and the other Party will cooperate and coordinate its activities with such Party with respect to any filings or other
activities in support thereof. The Parties acknowledge and agree that this Agreement is a “joint research agreement”
as defined 35 U.S.C. § 100(h).

 

16.2 Ownership.

 

16.2.1 Ownership
of Distribution Product Technology. Notwithstanding anything herein to the contrary, Humacyte shall own and retain all right,
title, and interest in all Know-How and all Patents arising therefrom that primarily relate to the Distribution Product or its
Manufacture that were created, conceived or developed by or on behalf of either Party (whether solely, jointly with the other Party,
or jointly with a Third Party) in the performance of any activities under this Agreement (such Know-How and Patents, the “Distribution
Product Technology”).

 

16.2.2 Ownership
of Technology. Subject to Section 16.2.1, ownership of all Know-How, Materials (including Regulatory Materials
and clinical data), and all Patents and other intellectual property rights arising therefrom, created, conceived or developed by
or on behalf of a Party (whether solely, jointly with the other Party, or jointly with a Third Party) in the performance of any
activities under this Agreement will be determined by inventorship.

 

16.2.3 Joint Technology.
Each Party [***]. Each Party will exercise its ownership rights in and to such Joint Technology, including the right to license
and sublicense or otherwise to exploit, transfer, or encumber its ownership interest, without an accounting or obligation to, or
consent required from, the other Party, but subject to the licenses hereunder and the other terms and conditions of this Agreement.
At the reasonable written request of a Party, the other Party will in writing grant such consents and confirm that no such accounting
is required to effect the foregoing regarding Joint Technology.

 

16.2.4 Assignment
of Technology. Each Party shall, and does hereby, assign, and shall cause its Related Parties to so assign, to the other Party,
without additional compensation, such right, title and interest in and to any applicable intellectual property as is necessary
to fully effect the ownership allocation provided for in this Section 16.2.

 

16.3 Disclosure of
Technology.

 

16.3.1 Joint Technology.
The Parties will promptly disclose to each other any Joint Technology created, conceived or developed during any Term, but no later
than [***] after the applicable Party’s intellectual property department receives notice of such development or conception.

 

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16.3.2 Distribution
Product Technology. Fresenius will promptly disclose to Humacyte any Distribution Product Technology created, conceived or
developed during any Term, but no later than [***] after Fresenius’ intellectual property department receives notice of such
development or conception.

 

16.4 Prosecution and
Maintenance of Patents.

 

16.4.1 Humacyte
Patents.

 

16.4.1.1
General. Subject to the remainder of this Section 16.4.1, as between the Parties, Humacyte will have
the [***] to Prosecute and Maintain all Humacyte Patents, other than the Joint Patents [***]. Humacyte will [***] for the Prosecution
and Maintenance of all such Humacyte Patents. Humacyte will furnish Fresenius, via electronic mail or such other method as mutually
agreed by the Parties, copies of proposed filings and documents received from patent counsel in the course of Prosecuting and Maintaining
such Patents, and copies of documents filed with the relevant Patent Offices with respect to such Patents and such other documents
related to the Prosecution and Maintenance of such Patents, and as applicable in sufficient time prior to filing such document
or making any payment due thereunder to allow for review and comment by Fresenius. Humacyte will consider in good faith timely
comments from Fresenius thereon. Humacyte will furnish Fresenius, via electronic mail or such other method as mutually agreed by
the Parties, copies of documents filed with the relevant Patent Offices with respect to such Patents.

 

16.4.1.2
Abandonment by Humacyte. In the event that Humacyte elects not to Prosecute and Maintain (or continue to Prosecute and Maintain,
including filing a Patent claiming priority to a Patent prior to its issuance), any Humacyte Patent in the Territory that Covers
the Exploitation of the Distribution Product, Humacyte will notify Fresenius at least [***] before any such Patent would become
abandoned, no longer available, or otherwise forfeited, whereupon at the written request of Fresenius the Parties will meet to
discuss any such decision by Humacyte. Fresenius will have the right (but not the obligation) to Prosecute and Maintain in the
Territory such Patent in the name of Humacyte (which right will include the right to file additional Patents claiming priority
to such Patent) [***] and Fresenius will [***]. Fresenius will furnish Humacyte, via electronic mail or such other method as mutually
agreed by the Parties, copies of documents filed with the relevant Patent Offices with respect to such Patents.

 

16.4.2 Fresenius
Patents. As between the Parties, Fresenius will have the [***] right (but not the responsibility) to Prosecute and Maintain
all Fresenius Patents, other than the Joint Patents, in Fresenius’ name [***].

 

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16.4.3 Joint Patents.

 

16.4.3.1
[***] First Right. Subject to the remainder of this Section 16.4.3.1, as between the Parties, [***] will have
the first right (but not the obligation), [***] to Prosecute and Maintain the Joint Patents anywhere in the world, in the names
of both Parties. [***] will consult [***]. [***] will furnish [***], via electronic mail or such other method as mutually agreed
by the Parties, copies of proposed filings and documents received from patent counsel in the course of Prosecuting and Maintaining
such Patents, and copies of documents filed with the relevant Patent Offices with respect to such Patents and such other documents
related to the Prosecution and Maintenance of such Patents and, as applicable, [***]. [***] will consider in good faith any timely
comments from [***] thereon. [***] will furnish [***], via electronic mail or such other method as mutually agreed by the Parties,
copies of documents filed with the relevant Patent Offices with respect to such Patents. [***]

 

16.4.3.2
[***] Step-In Right. In the event that [***] elects not to Prosecute and Maintain (or continue to Prosecute and Maintain,
including filing a Patent claiming priority to a Patent prior to its issuance) any Joint Patent anywhere in the world, then [***]
will notify [***] at least [***] before any such Patent would become abandoned, no longer available, or otherwise forfeited, whereupon
[***] the Parties will meet to discuss any such decision [***]. [***] will have the right (but not the obligation) to Prosecute
and Maintain worldwide such Patent (which right will include the right to file additional Patents claiming priority to such Patent)
[***]. [***] will furnish [***], via electronic mail or such other method as mutually agreed by the Parties, copies of documents
filed with the relevant Patent Offices with respect to such Patents.

 

16.4.4 Patent Assistance.
Each Party hereby agrees: (a) to [***] make its employees, attorneys, agents, and consultants reasonably available to the
other Party (or to the other Party’s authorized attorneys, agents or representatives), to the extent reasonably necessary
to enable such Party to undertake any Prosecution and Maintenance activities described in this Section 16.4; (b) to
sign, [***] all legal documents as are reasonably necessary to allow the other Party to undertake any Prosecution and Maintenance
described herein; and (c) to reasonably cooperate in any such Prosecution and Maintenance activities by the other Party.

  

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16.5 Third Party Infringement
and Defense.

 

16.5.1 Notices.
Each Party will promptly report in writing to the other Party through the JSC any Competitive Infringement of which such Party
(or any of its Affiliates or Sublicensees) becomes aware, and will provide the other Party with all available evidence of such
Competitive Infringement in such Party’s control. Subject to the terms of this Section 16.5, the JSC will discuss
in good faith strategies for abating such Competitive Infringement.

 

16.5.2 Rights to
Enforce.

 

16.5.2.1
As between the Parties, [***] will have the first right (but not the obligation), at [***] through counsel of its choosing which
is reasonably acceptable to [***] to seek to abate any Competitive Infringement by enforcing any [***] Technology or Joint Technology.
If [***] does not take steps to abate such Competitive Infringement within a commercially reasonable period of time (such period
of time will not be less than [***]) after receipt of written notice of such Competitive Infringement (or such shorter period of
time as is required to comply with the provisions of Section 16.5.2.2 or any other Laws in the Territory to not waive
any statutory rights), [***] will provide [***] with notice of such decision and [***] will have the rights set forth in Section 16.5.4;
provided that prior to exercising any rights under Section 16.5.4, (a) the Parties will meet to discuss [***] decision
with respect to the relevant Competitive Infringement, (b) [***] will consider in good faith the reasons provided by [***] for
such decision and (c) if following such meeting, the Parties do not agree as to whether [***] should exercise rights under Section 16.5.4,
such matter will be considered a Dispute and either Party may refer such Dispute for resolution pursuant to Section 18.3.2
(but such matter will not be subject to resolution pursuant to Section 18.3.3 or Section 18.3.8) and if the Dispute
is not resolved pursuant to Section 18.3.2, notwithstanding anything therein to the contrary, [***] may exercise rights
under Section 16.5.4. Each Party will pay all costs incurred by such Party for such enforcement.

 

16.5.2.2
Notwithstanding Section 16.5.2.1, if either Party (or any of its Related Parties) receives a copy of a Biosimilar Application
naming the Distribution Product as a reference product or otherwise becomes aware that such a Biosimilar Application has been filed
(such as in an instance described in Section 351(1)(9)(C) of the PHSA), such Party will promptly notify the other Party. If
either Party receives any equivalent or similar certification or notice in the United States or any other jurisdiction, either
Party will, promptly, notify and provide the other Party copies of such communication. Regardless of the Party that is the “reference
product sponsor” for purposes of such Biosimilar Application:

 

		(a)	The Party with the enforcement rights under Section 16.5.2.1
(the “Lead Party” for the remainder of this Section 16.5.2.2) will designate pursuant to Section 351(l)(1)(B)(ii)
of the PHSA the outside counsel and in-house counsel who will receive confidential access to the Biosimilar Application. The Lead
Party will pay all out-of-pocket costs incurred by such Party for such enforcement under this Section 16.5.2.2.

 

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		(b)	The Lead Party will have the right, after consulting
with the other Party, to list any Patents for which the enforcement rights in Section 16.5.2.1 are applicable, insofar
as they meet the statutory requirements pursuant to Section 351(l)(1)(3)(A), Section 351(l)(5)(b)(i)(II), or Section 351(l)(7)
of the PHSA, to respond to any communications with respect to such lists from the filer of the Biosimilar Application, and to
negotiate with the filer of the Biosimilar Application as to whether to utilize a different mechanism for information exchange
other than that specified in Section 351(l) of the PHSA.

 

		(c)	The Lead Party will have the right, after consulting
with the other Party, to identify Patents for which the enforcement rights in Section 16.5.2.1 are applicable, or
respond to relevant communications under any equivalent or similar listing to those described in the preceding 16.5.2.2(b)
in any other jurisdiction outside of the United States. If required pursuant to Laws, upon the Lead Party’s request,
the other Party will assist in the preparation of such list and make such response after consulting with the Lead Party.

 

		(d)	The other Party will (i) within [***] after the Lead
Party’s written request, provide to the Lead Party all information, including a list of Patents Controlled by such other
Party and for which the enforcement rights in Section 16.5.2.1 are applicable, that is necessary or reasonably useful
to enable the Lead Party to make any lists or communications with respect to such Patents that are described in the foregoing
Section 16.5.2.2(b) or Section 16.5.2.2(c), and (ii) cooperate with the Lead Party’s reasonable
requests in connection therewith to the extent required or not prohibited by Laws. The Lead Party will consult with the other
Party prior to identifying any Patents controlled by such other Party as contemplated by this Section 16.5.2.2. The
Lead Party will consider in good faith advice and suggestions with respect thereto received from the other Party, and will notify
the other Party of any such lists or communications promptly after they are made.

 

		(e)	The Parties recognize that procedures other than those
set forth in this Section 16.5.2.2 may be applicable to Biosimilar Applications that are not governed by the PHSA.
As a result, in the event that the Parties acting in good faith mutually determine that certain provisions of Law in the United
States or in any other country in are applicable to actions taken by the Parties with respect to Biosimilar Applications under
this Section 16.5.2.2 in such country, the Parties will comply with any such Laws in such country (and any relevant
and reasonable procedures established by the) in exercising their rights and obligations with respect to Biosimilar Applications
under this Section 16.5.2.2.

 

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16.5.3 Defense.
As between the Parties, the Party controlling the Prosecution and Maintenance of any Patent under Section 16.4 will
have the right (but not the obligation), [***] to defend against a declaratory judgment action or other action challenging any
such Patent (a “Third Party Action”), other than with respect to (a) any counter-claims in any enforcement action
brought by the other Party pursuant to Section 16.5.2 or (b) any action by a Third Party in response to an enforcement
action brought by the other Party, which in both cases ((a) and (b)) will be controlled by such other Party. If the Party controlling
such Prosecution and Maintenance of Patents under Section 16.4 does not defend such Patent under this Section 16.5.3
within [***] (or such shorter period of time as is required to comply with the provisions of Section 16.5.2.2 or any
other Laws in the Territory to not waive any statutory rights), or elects not to continue any such defense (in which case it will
promptly provide notice thereof to the other Party), then the other Party will have the right (but not the obligation), [***] to
defend, as applicable, the [***] Patents and Joint Patents against any such Third Party Action.

 

16.5.4 Withdrawal,
Cooperation and Participation. With respect to any infringement or defensive action identified above in Section 16.5,
but subject to Section 16.5.2.1, as applicable, and subject to the terms of this Section 16.5.4:

 

16.5.4.1
If the controlling Party ceases to pursue or withdraws from such action (the “Withdrawing Party”), it will promptly
notify the other Party in sufficient time to enable the other Party to meet any deadlines by which any action must be taken to
preserve any rights in such infringement or defensive action (including any such period of time as is required to comply with the
provisions of Section 16.5.2.2) and the other Party will have the right (but not the obligation) to substitute itself
for the Withdrawing Party in any infringement or defensive action identified above in Section 16.5 and proceed under
the terms and conditions of this Section 16.5 (the substituting Party, the “New-Controlling Party”).

 

16.5.4.2
The Withdrawing Party will cooperate with the New-Controlling Party controlling any such action (as may be reasonably requested
by the New-Controlling Party), including, [***] (a) providing access to relevant documents and other evidence, (b) using [***]
to make its and its Affiliates and licensees and Sublicensees and all of their respective employees, subcontractors, consultants
and agents available at reasonable business hours and for reasonable periods of time, but only to the extent relevant to such action,
and (c) [***] by being joined as a party or bringing suit at the request of the New-Controlling Party, subject for this clause
(c) [***] in connection with such joinder. The New-Controlling Party controlling any such action will keep the Withdrawing Party
reasonably updated with respect to any such action, including providing copies of all materials received or filed in connection
with any such action.

 

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16.5.4.3
The Withdrawing Party will have the right to consult with the New-Controlling Party regarding any such action controlled by such
New-Controlling Party, in each case [***]. If the Withdrawing Party elects to so be involved, the New-Controlling Party will provide
such Withdrawing Party and its counsel with an opportunity to consult with the New-Controlling Party and its counsel regarding
the prosecution of such action (including reviewing the contents of any correspondence, legal papers or other documents related
thereto), and the New-Controlling Party will take into account reasonable and timely requests of the Withdrawing Party regarding
such enforcement or defense. Nothing in this Section 16.5.4.3 will limit the New-Controlling Party’s ability
to prosecute any such action.

 

16.5.5 Settlement.
With respect to any infringement or defensive action identified above in this Section 16.5, the Party controlling such
action will have the right to settle or otherwise dispose of such action on such terms as such Party will determine [***] including
by granting a license or sublicense to a Third Party under the rights granted to such Party in Section 12; provided
that, notwithstanding the foregoing, no such settlement or other disposition will (a) impose any monetary restriction or obligation
on or admit fault of the other Party or (b) adversely affect the other Party’s rights under this Agreement to any such Patent
then being enforced or defended, in each case ((a) and (b)) without the prior written consent of the other Party, not to be unreasonably
withheld, conditioned or delayed.

 

16.5.6 Damages.
Unless otherwise agreed by the Parties, all monies recovered upon the final judgment or settlement of any action described in Section 16.5
will be used first to reimburse the controlling Party for its out-of-pocket costs arising from the action, with the balance of
any such recovery to be divided as follows: [***].

 

16.5.7 [***] Technology.
[***]

 

16.6 Patent Extensions.
Humacyte will have the right to elect and file for patent term restoration or extension, supplemental protection certificate, or
any of their equivalents with respect to Patents Covering the Distribution Product. The Parties will cooperate and Humacyte will
[***] whether to obtain such patent term restoration, extension, supplemental protection certificate, or equivalent. Upon a request
by Humacyte, Fresenius will reasonably cooperate in the implementation of Humacyte’s decision made in accordance with this
Section 16.6.

 

16.7 Patent Listings.
With respect to any filings made to Regulatory Authorities with respect to the Distribution Product, including as required or allowed
in connection with in the United States, the FDA’s Purple Book, if applicable, or outside the United States, other international
equivalents, but subject to Section 16.5.2.2, Humacyte will have the right to list any such Patents as may be required
by Laws. Humacyte will [***] which Patents to list in accordance with this Section 16.7.

 

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16.8 Third Party Rights.
Notwithstanding the foregoing provisions of this Section 16, each Party’s rights and obligations with respect
to any Patent under this Section 16 will be subject to any Third Party rights and obligations (including under any
in-license of a Party applicable to such Party’s licensed intellectual property rights hereunder).

 

16.9 Common Interest.
All information exchanged between the Parties regarding the Prosecution and Maintenance, and enforcement and defense, of Patents
under this Section 16 will be deemed Confidential Information of the disclosing Party. In addition, the Parties acknowledge
and agree that, with regard to such Prosecution and Maintenance, and enforcement and defense, the interests of the Parties as collaborators
and licensor and licensee are to obtain the strongest patent protection possible, and as such, are aligned and are legal in nature.
The Parties agree and acknowledge that they have not waived, and nothing in this Agreement constitutes a waiver of, any legal privilege
concerning the Patents under this Section 16, including privilege under the common interest doctrine and similar or
related doctrines. Notwithstanding anything to the contrary contained herein, to the extent a Party has a good faith belief that
any information required to be disclosed by such Party to the other Party under this Section 16 is protected by attorney-client
privilege or any other applicable legal privilege or immunity, such Party will not be required to disclose such information and
the Parties will in good faith cooperate to agree upon a procedure (including entering into a specific common interest agreement,
disclosing such information on a “for counsel eyes only” basis or similar procedure) under which such information may
be disclosed without waiving or breaching such privilege or immunity.

 

16.10 Defense Against
Infringement Claims. If a Third Party makes a claim that the manufacture, use, sale, offer to sell or import of Distribution
Product infringes or misappropriates any Patents or Know-How of such Third Party, then, without limiting any other rights or remedies
of either Party hereunder, the Parties will meet and discuss such claim. The defense of such claim, absent further agreement of
the Parties, will be jointly controlled by the Parties.

 

17. TERM AND TERMINATION.

 

17.1 Term. This
Agreement will be effective as of the Effective Date and, unless terminated earlier, will continue, on a country-by-country basis
until the later of (a) the tenth (10th) anniversary of the Launch Date in such country or (b) the expiration of the last-to-expire
Valid Claim of the Humacyte Patents in such country (the “Term”); provided that if at any time from or after
the third (3rd) anniversary of the US Launch Date, (i) the Term for all countries in which there has then occurred a Launch Date
has expired, (ii) neither Party has determined that the Market Entry Criteria are satisfied with respect to any additional country
and (iii) the Parties have not otherwise agreed to conduct the Market Entry Activities with respect to any additional country,
then this Agreement will expire in its entirety.

 

17.2 Termination for
Convenience.

 

17.2.1 At any time
after the start of the third (3rd) Product Year in the US, the Parties may mutually agree to terminate this Agreement
with respect to the US, such termination to be effective no sooner than [***].

 

17.2.2 On a country-by-country
basis with respect to any country in the Territory, Fresenius may terminate this Agreement with respect to such country upon not
less that twelve (12) months prior written notice, such notice not to be given prior to the end of the second (2nd)
Product Year in such country. For the avoidance of doubt, termination by Fresenius of this Agreement with respect any country pursuant
to this Section 17.2.2 will not also terminate this Agreement with respect to any other country.

 

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17.3 Termination for
Cause.

 

17.3.1 Right to
Terminate for Material Breach.

 

17.3.1.1
Termination by Fresenius for Humacyte’s Breach. Subject to the remainder of this Section 17.3.1 and Section 17.3.2,
Fresenius will have the right to terminate this Agreement in the entirety or with respect to any affected country, in each case,
upon delivery of written notice to Humacyte in the event of any material breach of this Agreement by Humacyte, such notice to be
effective upon receipt with respect to any such material breach that is not capable of cure; provided that in the event such breach
is capable of cure, no such termination will be effective if such breach has been cured within [***] after written notice thereof
is given by Fresenius to Humacyte specifying the nature of the alleged breach (or, if such default cannot be cured within such
first [***] period, such termination will not be effective if such breach has been cured within [***] after such notice if Humacyte
commences actions to cure such default within such [***] provided, however, that to the extent such material breach involves the
failure to make a payment when due, such breach must be cured within [***] after written notice thereof is given by Fresenius to
Humacyte. The Parties hereby agree that it will be a material breach of this Agreement by Humacyte if Humacyte breaches its obligations
under [***].

 

17.3.1.2
Termination by Humacyte for Fresenius’ Breach. Subject to the remainder of this Section 17.3.1 and Section 17.3.2,
Humacyte will have the right to terminate this Agreement in the entirety or with respect to any affected country, in each case,
upon delivery of written notice to Fresenius in the event of any material breach of this Agreement by Fresenius, such notice to
be effective upon receipt with respect to any such material breach that is not capable of cure; provided that in the event such
breach is capable of cure, no such termination will be effective if such breach has been cured within [***] after written notice
thereof is given by Humacyte to Fresenius specifying the nature of the alleged breach (or, if such default cannot be cured within
such first [***] period, such termination will not be effective if such breach has been cured within [***] after such notice if
Fresenius commences actions to cure such default within such [***] provided, however, that to the extent such material breach involves
the failure to make a payment when due, such breach must be cured within [***] after written notice thereof is given by Humacyte
to Fresenius. The Parties hereby agree that it will be a material breach of this Agreement by Fresenius if Fresenius breaches its
obligations under Section 14.6.10.2.

 

17.3.1.3
Country-by-Country. If the material breach that is grounds for termination under Section 17.3.1.1 or 17.3.1.2
primarily relates to one or more specific countries, but not the entire Territory, the termination, if any, will be limited to
the country or countries to which such breach primarily relates.

 

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17.3.2 Disputed
Breach. If the alleged breaching Party disputes in good faith the existence or materiality of a breach specified in a notice
provided by the other Party in accordance with Section 17.3.1 and such alleged breaching Party provides the other Party
notice of such Dispute within such [***] or [***] period, as applicable, then the cure periods set forth in Section 17.3.1
will be tolled during the pendency of the dispute resolution process as set forth in Section 18.3 and the non-breaching
Party will not have the right to terminate this Agreement under Section 17.3.1 unless and until such dispute resolution
process has been completed (including the tolling and cure periods set forth therein), provided that any such Dispute relating
to the obligation of the alleged breaching Party to pay money in connection with this Agreement to the non-breaching Party will,
following the negotiations and consultations contemplated by Section 18.3.2, be resolved solely in accordance with Section
18.3.8, and the Parties will be deemed to have agreed to [***].

 

17.4 Termination for
Insolvency. If, at any time during any Term (a) a case is commenced by or against either Party under the Bankruptcy Code
and, in the event of an involuntary case under the Bankruptcy Code, such case is not dismissed within [***] after the commencement
thereof, (b) either Party files for or is subject to the institution of bankruptcy, liquidation or receivership proceedings
(other than a case under the Bankruptcy Code), (c) either Party assigns all or a substantial portion of its assets for the
benefit of creditors, (d) a receiver or custodian is appointed for either Party’s business, or (e) a substantial
portion of either Party’s business is subject to attachment or similar process; then, in any such case ((a), (b), (c), (d)
or (e)), the other Party may terminate this Agreement upon written notice to the extent permitted under Laws.

 

17.5 Termination for
Withdrawal of Regulatory Approval. At any time upon written notice to Humacyte, Fresenius may terminate this Agreement, in
its entirety or on a country-by-country basis, if a Regulatory Authority withdraws Regulatory Approval for the Distribution Product
in the Field in the Territory, unless such withdrawal is due to the action or omission of any Selling Party, and provided that
in the event such withdrawal is capable of cure, no such termination will be effective if such withdrawal has been cured within
[***] after written notice thereof is given by Fresenius to Humacyte.

 

17.6 Termination for
Termination or Expiration of a Humacyte In-License. At any time upon written notice to Humacyte, Fresenius may terminate this
Agreement in its entirety or on a country-by-country basis if any Humacyte In-License that is necessary for the exercise of Fresenius’
rights or the satisfaction of Fresenius’ obligations under this Agreement is terminated or expired, provided that in the
event such termination or expiration of such Humacyte In-License is capable of cure, no such termination will be effective if such
termination or expiration of such Humacyte In-License has been cured within [***] after written notice thereof is given by Fresenius
to Humacyte.

 

17.7 Effects of Termination
or Expiration.

 

17.7.1 In the event
of termination or expiration of this Agreement in its entirety, the following provisions will apply:

 

17.7.1.1
Except as otherwise set forth in this Section 17.7 or Section 17.8, all rights, licenses, and obligations of the
Parties hereunder shall immediately terminate.

 

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17.7.1.2
Except in the event of a termination by Fresenius pursuant to (a) Section 17.3.1.1 or (b) Section 17.5 as the
result of a withdrawal of Regulatory Approval by a Regulatory Authority for the Distribution Product that occurs as a result of
or is based upon a Safety Concern, effective upon the effective date of termination or expiration, Fresenius shall, and hereby
does, grant to Humacyte a perpetual, irrevocable, royalty-free, non-exclusive, sublicensable (through multiple tiers) license under
the Fresenius Technology to Exploit the Distribution Product in the Terminated Territory, solely (i) to the extent used in and
necessary for the Exploitation of the Distribution Product in the Terminated Territory on the effective date of such termination
or expiration and (ii) as the Distribution Product exists in the Terminated Territory on the effective date of such termination
or expiration (it being understood that with respect to any such Fresenius Technology that is in-licensed by Fresenius or any of
its Affiliates, Humacyte will be responsible for any payments due to a Third Party with respect thereto and Humacyte’s rights
thereunder will be subject to the terms and conditions of the applicable Third Party agreement and Humacyte agreeing to be bound
thereby).

 

17.7.1.3
Except in the event of a termination by Fresenius pursuant to (a) Section 17.3.1.1 (b) Section 17.5 as the result
of a withdrawal of Regulatory Approval by a Regulatory Authority for the Distribution Product that occurs as a result of or is
based upon a Safety Concern, Fresenius shall, and hereby does effective as of the effective date of termination or expiration,
assign to Humacyte all of Fresenius’ right, title and interest in and to all Regulatory Materials owned or Controlled by
Fresenius, or held on trust by Fresenius for the benefit of Humacyte pursuant to Section 6.1, to the extent applicable to
the Distribution Product, and Fresenius shall cause any and all Related Parties of Fresenius to assign to Humacyte any such Regulatory
Materials then owned or Controlled by such Related Parties; provided that Fresenius will retain rights under such Regulatory Materials
to the extent necessary for Fresenius to exercise its rights under Section 17.7.1.4 or to exercise its rights with respect
to any other product, process or service that is the subject of any such Regulatory Materials.

 

17.7.1.4
Each Selling Party may continue to sell its existing inventory of Distribution Product until Fresenius’ completion of the
transfer of Regulatory Materials pursuant to Section 17.7.3.2(a) and such Selling Party’s completion of performance
under all then-existing contracts with Third Parties for the Commercialization of the Distribution Product. If Fresenius completes
the transfer of Regulatory Materials pursuant to Section 17.7.3.2(a) prior to the sale of all of the Selling Parties’
inventories of Distribution Product, then Fresenius shall, and shall cause each applicable Selling Party to return to Humacyte
[***] all of such inventories.

 

17.7.1.5
Except in the event of a termination by Fresenius pursuant to (a) Section 17.3.1.1 or (b) Section 17.5 as the
result of a withdrawal of Regulatory Approval by a Regulatory Authority for the Distribution Product that occurs as a result of
or is based upon a Safety Concern, upon Humacyte’s request, Fresenius will, subject to any obligations of confidentiality,
provide Humacyte with a list of all customers with whom Fresenius had an active supply agreement for Distribution Product in effect
immediately prior to the termination or expiration of this Agreement.

 

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17.7.1.6
Subject to any Confidential Information required to be retained to exercise rights or satisfy obligations under this Agreement,
each Party will destroy all Confidential Information of the other Party that is in such Party’s possession; provided that
neither Party will be obligated to destroy Confidential Information of the other Party contained in such Party’s secure computer
backup systems that was made in accordance with such Party’s standard procedures for computer backups.

 

17.7.1.7
In no event may Humacyte sell any Distribution Product marked with an NDC or CE mark, or similar mark or labeler code, obtained
by or on behalf of Fresenius.

 

17.7.1.8
The Parties will enter into a Transition Agreement in accordance with Section 17.7.3.

 

17.7.2 Application
of Section 17.7.1 to the Terminated Territory. In the event of expiration or termination of this Agreement with respect to
a country (but not all countries), Section 17.7.1 will apply as necessary to give effect to Section 17.7 with respect
to the Terminated Territory while continuing to give effect to the rest of this Agreement with respect to all other countries in
the Territory.

 

17.7.3 Transition
Agreement.

 

17.7.3.1
In the event of an expiration or termination of this Agreement, whether in its entirety or solely with respect to a country, Humacyte
and Fresenius will negotiate in good faith the terms and conditions of a written transition agreement (a “Transition Agreement”)
pursuant to which Fresenius and Humacyte will effectuate and coordinate a smooth and efficient transition of relevant obligations
and rights to Humacyte as reasonably necessary for Humacyte to Exploit the Distribution Product in the Terminated Territory after
such expiration or termination to the extent set forth in this Section 17.7.3.

 

17.7.3.2
The Transition Agreement will provide that Fresenius will:

 

		(a)	where permitted by Laws and solely to the extent required
by Sections 17.7.1.3 and 17.7.2, transfer to Humacyte all of its right, title, and interest in all Regulatory Materials;

 

		(b)	notify the applicable Governmental Authorities and take
any other action reasonably necessary to effect the transfer set forth in Section 17.7.3.2(a);

 

		(c)	unless expressly prohibited by any Governmental Authority,
at Humacyte’s written request, transfer control to Humacyte of all Clinical Studies being conducted by Fresenius in or for
the Terminated Territory as of the effective date of termination or expiration and continue to conduct such Clinical Studies for
up to [***] to enable such transfer to be completed without interruption of any such Clinical Study; provided that (i) Humacyte
shall [***] and (ii) with respect to each Clinical Study for which such transfer is expressly prohibited by the applicable
Governmental Authority, if any, Fresenius shall, upon Humacyte’s written request, [***]

 

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		(d)	except in the event of a termination by Fresenius pursuant
to (a) Section 17.3.1.1 or (b) Section 17.5 as the result of a withdrawal of Regulatory Approval by a Regulatory
Authority for the Distribution Product in the Field in the Territory that occurs as a result of or is based upon a Safety Concern,
at Humacyte’s request, assign (or cause its Affiliates to assign) to Humacyte any or all agreements with any Third Party
for the conduct of pre-clinical development activities or Clinical Studies for the Distribution Product in or for the Terminated
Territory, including agreements with contract research organizations, clinical sites, and investigators, unless, with respect
to any such agreement, such agreement expressly prohibits such assignment [***] and

 

		(e)	adhere, for purposes of the Transition Agreement, to
obligations substantially equivalent to those set forth in Section 18.15.

 

17.8 Survival.
In addition to the termination consequences set forth in Section 17.7, those provisions that by their terms or intended
effect survive the expiration or termination of this Agreement shall so survive any expiration or termination of this Agreement
and, in addition and without limiting the foregoing, the following provisions shall survive expiration or termination of this Agreement
for any reason: Sections 1, 10.2.4, 12.1.3, 13, 14.6.4 (but only with respect to amounts due
to Third Parties), 14.6.5 (but only with respect to amounts due to Third Parties), 14.6.10, 15, 16.2.3,
16.3.1, 16.4.3, 16.10 and 18. Expiration or termination of this Agreement for any reason will not relieve
the Parties of any liability or obligation which accrued hereunder prior to the effective date of such termination or expiration,
nor preclude either Party from pursuing all rights and remedies it may have hereunder or at law or in equity, with respect to any
breach of this Agreement. For the avoidance of doubt, termination of this Agreement will not affect any SDEA, which will continue
to survive so long as any Distribution Product is being Commercialized.

 

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18. MISCELLANEOUS.

 

18.1 Assignment.

 

18.1.1 In General.
Except as expressly provided in this Agreement, this Agreement may not be assigned or otherwise transferred, nor may any right
or obligation hereunder be delegated, assigned or transferred, by either Party without the written consent of the other Party.
Notwithstanding the foregoing, either Party may, without the other Party’s written consent, assign this Agreement and its
rights and obligations hereunder in whole to a party that acquires, by or otherwise in connection with, merger, sale of assets,
or otherwise, all or substantially all of the business of the assigning Party to which the subject matter of this Agreement relates.
The assigning Party will remain responsible for the performance by its assignee of any obligation hereunder so assigned. Any purported
assignment in violation of this Section 18.1.1 will be null, void, and of no legal effect.

 

18.1.2 Certain Exclusions
of Prior IP of Assignees and Acquirers.

 

18.1.2.1
With Respect to Fresenius. The rights to Patents, Know-How or Regulatory Materials (a) Controlled by a Third Party permitted
assignee of Fresenius, which Patents, Know-How or Regulatory Materials were Controlled by such assignee immediately prior to such
assignment, or (b) Controlled by an Affiliate of Fresenius who becomes an Affiliate through any Change of Control of Fresenius,
which Patents, Know-How or Regulatory Materials were Controlled by such Affiliate immediately prior to such Change of Control,
in each case, (a) and (b), shall, except to the extent Fresenius, such assignee, or such Affiliate actually uses or practices such
Patents, Know-How or Regulatory Materials in or with respect to any Distribution Product, [***].

 

18.1.2.2
With Respect to Humacyte. The rights to Patents, Know-How or Regulatory Materials (a) Controlled by a Third Party permitted
assignee of Humacyte, which Patents, Know-How or Regulatory Materials were Controlled by such assignee immediately prior to such
assignment, or (b) Controlled by an Affiliate of Humacyte who becomes an Affiliate through any Change of Control of Humacyte, which
Patents, Know-How or Regulatory Materials were Controlled by such Affiliate immediately prior to such Change of Control, in each
case, (a) and (b), shall, except to the extent Humacyte, such assignee, or such Affiliate actually uses or practices such Patents,
Know-How or Regulatory Materials in or with respect to any Distribution Product or Additional Product, [***]. The rights to Patents,
Know-How or Regulatory Materials Controlled by any Person who is an Affiliate of Humacyte purely as a financial investor in Humacyte,
or any Person that is Affiliated with any such Person but is not otherwise Affiliated with Humacyte, shall not by virtue of such
Affiliation be deemed for purposes of this Agreement to be Controlled by Humacyte or an Affiliate of Humacyte and [***].

 

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18.2 Governing Law.
This Agreement will be construed and the respective rights of the Parties determined in accordance with the substantive Laws of
the State of Delaware and the patent Laws of the relevant jurisdiction, notwithstanding any Laws governing conflicts of Laws to
the contrary.

 

18.3 Dispute Resolution.

 

18.3.1 Disputes.
Except as otherwise expressly set forth in this Agreement, Disputes will be resolved pursuant to this Section 18.3.

 

18.3.2 Resolution
by Executive Officers. In the event of any Dispute, either Party may give the other Party written notice thereof and the Parties
will then seek to resolve such Dispute informally through good faith negotiation. If such Dispute is not so resolved on an informal
basis within [***] from receipt of the written notice of a Dispute, then any Party may, by written notice to the other, have such
Dispute referred to the Executive Officers (or their designee, which designee is required to have decision-making authority on
behalf of such Party), who will attempt to resolve such Dispute by good faith negotiation and consultation for a [***] period following
receipt of such written notice. Except as otherwise set forth in this Agreement, a Party may, in its sole discretion, seek resolution
of any and all Disputes that are not resolved under this Section 18.3.2 in accordance with Section 18.3.3.

 

18.3.3 Litigation.
Any unresolved Dispute that was subject to Section 18.3.2 must be brought exclusively in any state or federal court
sitting within the State of Delaware or in the Court of Chancery of the State of Delaware, and in no other jurisdiction. Each Party
hereby consents to personal jurisdiction and venue in, and agrees to service of process issued or authorized by, any such court.

 

18.3.4 Jurisdiction.
Each Party to this Agreement, by its execution hereof, (a) hereby irrevocably submits to the exclusive jurisdiction of the
state or federal courts sitting within the State of Delaware or in the Court of Chancery of the State of Delaware for the purpose
of any and all unresolved Disputes which were subject to Section 18.3.2, (b) hereby waives to the extent not prohibited
by Laws, and agrees not to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject
personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that
any such action brought in one of the above-named courts in such jurisdiction should be dismissed on grounds of forum non conveniens,
should be transferred to any court other than one of the above-named courts, or should be stayed by reason of the pendency of some
other proceeding in any other court other than one of the above-named courts, or that this Agreement or the subject matter hereof
may not be enforced in or by such court, and (c) hereby agrees not to commence any such action other than before one of the
above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any
such action to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding
the foregoing, application may be made to any court of competent jurisdiction with respect to the enforcement of any judgment or
award.

 

18.3.5 Injunctive
Relief. Notwithstanding the foregoing, in the event of an actual or threatened breach hereunder, the aggrieved Party may seek
equitable relief (including restraining orders, specific performance or other injunctive relief) in any court or other forum, without
first submitting to the dispute resolution procedures set forth in Section 18.3.2.

 

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18.3.6 Waiver of
Right to Jury Trial. IN CONNECTION WITH THE PARTIES’ RIGHTS UNDER SECTION 18.3.3, EACH PARTY, TO THE EXTENT
PERMITTED BY APPLICABLE LAWS, KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY ACTION OR OTHER
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS IT CONTEMPLATES. THIS WAIVER APPLIES TO ANY
ACTION OR LEGAL PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE.

 

18.3.7 Confidentiality.
Any and all activities conducted under this Section 18.3, including any and all non-public proceedings and decisions
under Section 18.3.3, will be deemed Confidential Information of each of the Parties, and will be subject to the terms
of Section 13.

 

18.3.8 Expedited
Arbitration. Notwithstanding Section 18.3.3, following the negotiations and consultations contemplated by Section
18.3.2 any Dispute (a) [***] (b) [***] and (c) any other matter agreed upon the Parties for resolution pursuant to this Section 18.3.8,
in each case ((a)-(c)), shall be referred, and the Parties may agree to refer any other Dispute, to expedited arbitration (an “Expedited
Dispute”) to the exclusion in respect of such Dispute of the procedures contemplated in Section 18.3.3. In
such case, the Parties will follow the expedited dispute resolution process in this Section 18.3.8 (and not the litigation
process in Section 18.3.3) (“Expedited Arbitration”). The Expedited Dispute will be submitted to
fast-track, binding arbitration in accordance with the following:

 

18.3.8.1
Arbitration will be conducted in New York, New York under the rules of the AAA for the resolution of commercial disputes in the
most expedited manner permitted by such rules. The Parties will appoint a single arbitrator to be selected by mutual agreement.
If the Parties are unable to agree on an arbitrator, the Parties will request that the AAA select the arbitrator. The arbitrator
will be a [***]. Except in a proceeding to enforce the results of the arbitration or as otherwise required by Laws, neither Party
nor any arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written agreement
of the other Party or the Parties, as applicable.

 

18.3.8.2
Within [***] after such matter is referred to arbitration, each Party will provide the arbitrator with a position as to the resolution
of the matter that is the subject of the Expedited Dispute and written memorandum in support of its position regarding the Expedited
Dispute, as well as any documentary evidence it wishes to provide in support thereof (each, a “Brief”) and the
arbitrator will provide each Party’s Brief to the other Party after it receives it from each Party. Each Brief will be limited
to [***].

 

18.3.8.3
Within [***] after a Party submits its Brief, the other Party will have the right to respond in writing thereto. The response (such
response will be limited to [***]) and any material in support thereof will be provided to the arbitrator and the other Party.

 

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18.3.8.4
The arbitrator will have the right to meet with the Parties as necessary to inform the arbitrator’s determination and to
perform independent research and analysis. [***] Within [***] after the receipt by the arbitrator of both Parties’ responses
(or expiration of the [***] period if any Party fails to submit a response), then the arbitrator will deliver his/her decision
regarding the Expedited Dispute in writing. [***]

 

18.3.9 Tolling.
The Parties agree that all applicable statutes of limitation and time-based defenses (such as estoppel and laches), as well as
all time periods in which a Party must exercise rights or perform obligation hereunder, will be tolled once any dispute resolution
procedures set forth in this Section 18.3 (including, for clarity, any Expedited Arbitration) initiated in good faith
have been initiated and for so long as such dispute resolution procedures are pending, and the Parties will cooperate in taking
all actions reasonably necessary to achieve such a result. In addition, during the pendency of any Dispute under this Agreement
initiated in good faith before the end of any applicable cure period, including under Section 17.3, (a) this Agreement
will remain in full force and effect, (b) the provisions of this Agreement relating to termination for material breach with
respect to such Dispute will not be effective, (c) the time periods for cure under [***] as to any termination notice given
prior to the filing of a complaint or the initiation of arbitration, as the case may be, will be tolled, (d) any time periods
to exercise rights or perform obligations will be tolled; and (e) neither Party will issue a notice of termination pursuant
to this Agreement based on the subject matter of the litigation or arbitration, as the case may be, in each case ((a) – (e)),
until the applicable court or arbitral tribunal has confirmed the material breach and the existence of the facts claimed by a Party
to be the basis for the asserted material breach; provided that if such breach can be cured by (i) the payment of money, then
the defaulting Party will have an additional [***] after its receipt of the court’s or arbitral tribunal’s, as the
case may be, decision to pay such amount, or (ii) the taking of specific remedial actions, the defaulting Party will have
a commercially reasonable period to diligently undertake and complete such remedial actions within such commercially reasonable
period or any specific timeframe established by such court’s or arbitral tribunal’s decision before any such notice
of termination can be issued. Further, with respect to any time periods that have run during the pendency of the Dispute, the applicable
Party will have a commercially reasonable period of time or any specific timeframe established by such court’s or arbitral
tribunal’s decision to exercise any rights or perform any obligations affected by the running of such time periods.

 

18.4 Entire Agreement;
Amendments. This Agreement (including Schedules attached hereto), together with the SDEA and the Quality Agreements, contains
the entire understanding of the Parties with respect to the subject matter hereof, and supersedes all previous arrangements with
respect to the subject matter hereof, whether written or oral, including, effective as of the Effective Date, that Mutual Non-Disclosure
Agreement between the Parties dated as of October 3, 2017 (provided that all information disclosed or exchanged under such agreement
will be treated as Confidential Information hereunder). This Agreement may be amended, or any term hereof modified, only by a written
instrument duly-executed by authorized representatives of both Parties.

 

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18.5 Severability.
If any provision hereof should be held invalid, illegal or unenforceable in any respect in any jurisdiction, the Parties will substitute,
by mutual consent, valid provisions for such invalid, illegal or unenforceable provisions, which valid provisions in their economic
effect are sufficiently similar to the invalid, illegal or unenforceable provisions that it can be reasonably assumed that the
Parties would have entered into this Agreement with such valid provisions. In case such valid provisions cannot be agreed upon,
the invalid, illegal or unenforceable nature of one or several provisions of this Agreement will not affect the validity of this
Agreement as a whole, unless the invalid, illegal or unenforceable provisions are of such essential importance to this Agreement
that it is to be reasonably assumed that the Parties would not have entered into this Agreement without the invalid, illegal or
unenforceable provisions.

 

18.6 Headings.
The captions to the Sections hereof are not a part of this Agreement, but are merely for convenience to assist in locating and
reading the several Sections hereof.

 

18.7 Waiver of Rule
of Construction. Each Party has had the opportunity to consult with counsel in connection with the review, drafting and negotiation
of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement will be construed against the drafting
Party will not apply.

 

18.8 Interpretation.
Except where the context expressly requires otherwise, (a) the use of any gender herein will be deemed to encompass references
to either or both genders, and the use of the singular will be deemed to include the plural (and vice versa); (b) the words
“include”, “includes” and “including” will be deemed to be followed by the phrase “without
limitation” and will not be interpreted to limit the provision to which it relates; (c) the word “shall”
will be construed to have the same meaning and effect as the word “will”; (d) any definition of or reference to
any agreement, instrument or other document herein will be construed as referring to such agreement, instrument or other document
as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein); (e) any reference herein to any Person will be construed to include the Person’s successors
and assigns; (f) the words “herein,” “hereof,” and “hereunder,” and words of similar import,
will be construed to refer to this Agreement in each of their entirety, as the context requires, and not to any particular provision
hereof; (g) all references herein to Sections or Schedules will be construed to refer to sections or schedules of this Agreement,
and references to this Agreement include the Schedules hereto; (h) the word “notice” means notice in writing (whether
or not specifically stated) and will include notices, consents, approvals and other written communications contemplated under this
Agreement; (i) provisions that require that a Party, the Parties or any committee hereunder “agree,” “consent,”
or “approve” or the like will require that such agreement, consent or approval be specific and in writing, whether
by written agreement, letter, approved minutes or otherwise (but excluding e-mail and instant messaging); (j) references to
any specific Laws, rule or regulation, or article, section or other division thereof, will be deemed to include the then-current
amendments thereto or any replacement or successor Laws, rule or regulation thereof; (k) the term “or” will be
interpreted in the inclusive sense commonly associated with the term “and/or”; and (l) unless otherwise specified,
“day” means a calendar day.

 

18.9 No Implied Waivers;
Rights Cumulative. No failure on the part of a Party to exercise, and no delay in exercising, any right, power, remedy or privilege
under this Agreement, or provided by statute or at Law or in equity or otherwise, will impair, prejudice or constitute a waiver
of any such right, power, remedy or privilege or be construed as a waiver of any breach of this Agreement or as an acquiescence
therein, nor will any single or partial exercise of any such right, power, remedy or privilege preclude any other or further exercise
thereof or the exercise of any other right, power, remedy or privilege.

 

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18.10 Notices.
All notices which are required or permitted hereunder will be in writing and sufficient if delivered personally, sent by nationally-recognized
overnight courier or sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows:

 

		If to Fresenius, to:	Fresenius Medical Care Holdings, Inc.

920 Winter Street

Waltham, MA 02451

Attention: President of RTG

 

		With a copy to:	Fresenius Medical Care Holdings, Inc.

920 Winter Street

Waltham, MA 02451

Attention:
General Counsel

 

		With a copy to:	Goodwin Procter LLP

100 Northern Avenue

Boston, Massachusetts 02210

Attention: Kingsley L. Taft,
Esq.

 

		If to Humacyte, to:	Humacyte, Inc.

2525 East North Carolina Highway
54

Durham, North Carolina 27713-2201

Attention: Chief Financial Officer

 

		With a copy to:	Covington & Burling LLP

One CityCenter

850 Tenth Street, NW

Washington, DC 20001

Attention: Kerry S. Burke

 

or
to such other address as the Party to whom notice is to be given may have furnished to the other Party in writing in accordance
herewith. Any such notice will be deemed to have been given: (a) when delivered if personally delivered on a Business Day
(or if delivered on a non-Business Day, then on the next Business Day); (b) on the Business Day of receipt if sent by overnight
courier (or if received on a non-Business Day, then on the next Business Day); or (c) on the Business Day of receipt if sent
by mail (or if received on a non-Business Day, then on the next Business Day).

 

18.11 Compliance with
Export Regulations. Neither Party will export any technology licensed to it by the other Party under this Agreement except
in compliance with United States export Laws and regulations.

 

18.12 Force Majeure.
Neither Party will be held liable to the other Party nor be deemed to have defaulted under or breached this Agreement for failure
or delay in performing any obligation under this Agreement to the extent that such failure or delay is caused by or results from
causes beyond the reasonable control of the affected Party, potentially including embargoes, war, acts of war (whether war be declared
or not), insurrections, riots, civil commotions, strikes, lockouts, or other labor disturbances, fire, earthquakes, floods, or
other acts of God. The affected Party will notify the other Party of such force majeure circumstances as soon as reasonably practical,
and will promptly undertake all reasonable efforts necessary to cure such force majeure circumstances and resume performance of
its obligations hereunder.

 

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18.13 Independent
Parties. It is expressly agreed that the Parties will be independent contractors and that, except as otherwise required by
Laws, the relationship between the Parties will not constitute a partnership (including for United States federal Tax purposes),
joint venture, or agency. Humacyte will not have the authority to make any statements, representations, or commitments of any kind,
or to take any action, that will be binding on Fresenius, without the prior written consent of Fresenius, and Fresenius will not
have the authority to make any statements, representations, or commitments of any kind, or to take any action, that will be binding
on Humacyte, without the prior written consent of Humacyte.

 

18.14 Counterparts.
This Agreement may be executed in two or more counterparts, including by facsimile or PDF signature pages, each of which will be
deemed an original, but all of which together will constitute one and the same instrument.

 

18.15 Further Assurances.
The Parties agree to reasonably cooperate with each other in connection with any actions required to be taken as part of their
respective obligations under this Agreement, and will (a) furnish to each other such further information; (b) execute
and deliver to each other such other documents; and (c) do such other acts and things (including working collaboratively to
correct any clerical, typographical, or other similar errors in this Agreement), all as the other Party may reasonably request
for the purpose of carrying out the intent of this Agreement.

 

18.16 Performance
by Affiliates. Each Party acknowledges and accepts that the other Party may exercise its rights and perform its obligations
(including granting or continuing licenses and other rights) under this Agreement either directly or through one or more of its
Affiliates; it being recognized that Fresenius’ Renal Therapies Group may not promote any off-label use of the Distribution
Product. A Party’s Affiliates will have the benefit of all rights (including all licenses and other rights) of such Party
under this Agreement. Accordingly, in this Agreement “Fresenius” will be interpreted to mean “Fresenius or its
Affiliates” and “Humacyte” will be interpreted to mean “Humacyte or its Affiliates” where necessary
to give each Party’s Affiliates the benefit of the rights provided to such Party in this Agreement and the ability to perform
its obligations (including granting or continuing licenses and other rights) under this Agreement; provided, however, that in any
event each Party will remain responsible for the acts and omissions, including financial liabilities, of its Affiliates. In no
event will the knowledge of one Affiliate of a Party be imputed or attributed to such Party or another Affiliate of such Party.

 

18.17 Binding Effect;
No Third Party Beneficiaries. As of the Effective Date, this Agreement will be binding upon and inure to the benefit of the
Parties and their respective permitted successors and permitted assigns. Except as expressly set forth in this Agreement, no Person
other than the Parties and their respective Affiliates and permitted assignees hereunder will be deemed an intended beneficiary
hereunder or have any right to enforce any obligation of this Agreement.

 

18.18 Use of Third
Party Services.

 

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18.18.1 By Humacyte.
Except as otherwise expressly prohibited by this Agreement (including by the scope of the license rights granted to Humacyte) Humacyte
may utilize the services of Third Parties to exercise its rights or perform its obligations under this Agreement; provided that
(a) Humacyte will require that each such Third Party operates in a manner consistent with the terms of this Agreement, and
(b) Humacyte will remain at all times fully liable for its responsibilities under this Agreement and for the acts and omissions
of such Third Party in connection with this Agreement. Humacyte will ensure that any agreement entered into by Humacyte and such
Third Party after the Effective Date provides for an appropriate assignment or exclusive license to Humacyte, as Humacyte may determine
in its reasonable discretion, of any Know-How or Patents that are developed by such Third Party in the performance of its obligations
under such agreement and are necessary to Exploit the Distribution Product in the Field in the Territory. Humacyte will be solely
responsible for direction of and communications with such Third Party, and Humacyte will provide Fresenius through the JSC with
reasonably detailed updates regarding any such activities from time to time.

 

18.18.2 By Fresenius.
Except as otherwise expressly prohibited by this Agreement (including by Section 9.1.2.1), Fresenius may utilize the
services of Third Parties to exercise its rights or perform its obligations under this Agreement; provided that (a) Fresenius
will require that each such Third Party operates in a manner consistent with the terms of this Agreement, and (b) Fresenius
will remain at all times fully liable for its responsibilities under this Agreement and for the acts and omissions of such Third
Party in connection with this Agreement. Fresenius will ensure that any agreement entered into by Fresenius and such Third Party
after the Effective Date (i) includes confidentiality and non-use provisions that are no less stringent than those set forth
in Section 13.1 (but of duration customary in confidentiality agreements entered into for a similar purpose); and (ii) provides
for an appropriate assignment or exclusive license to Fresenius, as Fresenius may determine in its reasonable discretion, of any
Know-How or Patents that are developed by such Third Party in the performance of its obligations under such agreement and are necessary
to Exploit the Distribution Product in the Field in the Territory. Fresenius will be solely responsible for direction of and communications
with such Third Party, and Fresenius will provide Humacyte through the JSC with reasonably detailed updates regarding any such
activities from time to time.

 

[THE REMAINDER OF THIS PAGE HAS BEEN
LEFT INTENTIONALLY BLANK]

 

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IN WITNESS WHEREOF,
the Parties have caused this Agreement to be executed by their duly authorized representatives as of the Effective Date.

 

	Fresenius Medical Care Holdings, Inc.	 	Humacyte, Inc.
	 	 	 
	BY:	/s/ William J. Valle	 	BY:	/s/ Paul A. Boyer
	 	 	 
	NAME: 	William J. Valle	 	NAME: 	Paul A. Boyer
	 	 	 
	TITLE:	Chief Executive Officer of FMCNA	 	TITLE:	Chief Financial Officer

 

[Signature
Page for Distribution Agreement]

 

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Schedule 9.4.2

 

[***]

 

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Schedule 10.1

 

COGS

 

I. “COGS”
means Humacyte’s average cost of Manufacturing the Distribution Product. COGS includes [***].

 

For such purposes:

 

[***]

 

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Schedule 14.2.1

 

Humacyte Patents

 

[***]

 

    

     

    

 

Schedule 14.2.1

 

Humacyte In-Licenses

 

[***]

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