Document:

Exhibit 10.9

  

EXCLUSIVE LICENSE AGREEMENT

 

TABLE OF CONTENTS

 

	1.	BACKGROUND	1
	 	 	 
	2.	DEFINITIONS	1
	 	 	 
	3.	LICENSE GRANT; OPTION; TERM	6
	 	 	 
	4.	DUE DILIGENCE	7
	 	 	 
	5.	LICENSE ISSUE FEE; LICENSE MAINTENANCE FEE; MILESTONE FEES	10
	 	 	 
	6.	ROYALTY PAYMENTS	10
	 	 	 
	7.	SUBLICENSES	13
	 	 	 
	8.	CONFIDENTIALITY AND PUBLICITY	13
	 	 	 
	9.	REPORTS, RECORDS AND INSPECTIONS	15
	 	 	 
	10.	PATENT PROTECTION	16
	 	 	 
	11.	INFRINGEMENT AND LITIGATION	17
	 	 	 
	12.	USE OF YALE’S NAME	18
	 	 	 
	13.	TERMINATION	19
	 	 	 
	14.	INDEMNIFICATION; INSURANCE; NO WARRANTIES	20
	 	 	 
	15.	NOTICES	23
	 	 	 
	16.	INVENTOR AGREEMENTS	23
	 	 	 
	17.	LAWS, FORUM AND REGULATIONS	23
	 	 	 
	18.	MISCELLANEOUS	23

 

     

     

    

 

THIS AGREEMENT (this “Agreement”) by and between
YALE UNIVERSITY, a corporation organized and existing under and by virtue of a charter granted by the general assembly of the Colony
and State of Connecticut and located in New Haven, Connecticut (“YALE”), and Humacyte, Inc. a corporation organized
and existing under the laws of the State of Delaware and with principal offices located at 2525 E. NC Highway 54 in Durham, NC
(“LICENSEE”) is effective as of August 25, 2019 (“EFFECTIVE DATE”).

 

1. 
BACKGROUND

 

		1.1	In the course of research conducted under YALE auspices, Dr. Laura Niklason and her colleagues at YALE (collectively the “INVENTORS”)
have produced a jointly owned invention with LICENSEE, entitled “Tubular Prostheses” covered by the U.S. provisional
patent application [***], YALE reference No. [***] (the “INVENTION”). INVENTORS have assigned to YALE
all of INVENTORS’ right, title and interest in and to the INVENTION and any resulting patents.

 

		1.2	YALE wishes to have the INVENTION and any resulting patents commercialized to benefit the public good.

 

		1.3	LICENSEE has represented to YALE that it shall act diligently to develop and commercialize the LICENSED PRODUCTS (as defined
below) for public use throughout the LICENSED TERRITORY (as defined below).

 

		1.4	YALE is willing to grant LICENSEE a license and other rights to YALE’S right, title and interest in and to the INVENTION,
subject to the terms and conditions of this Agreement.

 

		1.5	In consideration of these statements and mutual promises, YALE and LICENSEE agree to the terms of this Agreement.

 

2. 
DEFINITIONS

 

The following terms used in this Agreement shall be defined
as set forth below:

 

		2.1	“AFFILIATE” shall mean any entity or person that directly or indirectly controls, is controlled by or is under
common control with LICENSEE. For purposes of this definition, “control” means possession of the power to direct the
management of such entity or person, whether through ownership of more than fifty percent (50%) of voting securities, by contract
or otherwise.

 

		2.2	“CONFIDENTIAL INFORMATION” shall mean all information disclosed by one party to the other during the negotiation
of or under this Agreement in any manner, whether orally, visually or in tangible form, that relates to LICENSED PATENTS, activities
under this Agreement or this Agreement itself, unless such information is subject to an exception described in Article 8.2; provided,
however, that CONFIDENTIAL INFORMATION that is disclosed in tangible form shall be marked “Confidential” at
the time of disclosure and CONFIDENTIAL INFORMATION that is disclosed orally or visually shall be identified as confidential at
the time of disclosure and subsequently reduced to writing, marked confidential and delivered
to the other party within [***] of such disclosure. CONFIDENTIAL INFORMATION shall include, without limitation, materials,
know-how and data, technical or non-technical, trade secrets, inventions, methods and processes, whether or not patentable. Notwithstanding
any other provisions of this Article 2.2, CONFIDENTIAL INFORMATION of LICENSEE that is subject to Article 8 of this Agreement includes
information that LICENSEE supplies pursuant to LICENSEE’s obligations under Articles 4, 7 and 9 of this Agreement, unless
otherwise mutually agreed to in writing by the parties.

 

     

     

    

 

		2.3	“EARNED ROYALTY” is defined in Article 6.1.

 

		2.4	“EFFECTIVE DATE” is defined in the introductory paragraph of this Agreement.

 

		2.5	“FIELD” shall mean all uses in engineered urinary conduits, engineered tracheas/airways, and engineered esophagi.

 

		2.6	“FIRST SALE” shall mean the first arm’s length sale to a third party of any LICENSED PRODUCT in any country
in the LICENSED TERRITORY of such LICENSED PRODUCT in such country (but not including a sale relating to transactions among LICENSEE
and AFFILIATES unless such AFFILIATE is the end-user of the LICENSED PRODUCT).

 

		2.7	“IND” shall mean an investigational new drug application filed with the United States Food and Drug Administration
prior to beginning clinical trials in humans in the United States or any comparable application filed with regulatory authorities
in or for a country or group of countries other than the United States.

 

		2.8	“INVENTION” and “INVENTORS” are defined in Article 1.1.

 

		2.9	“INVENTOR AGREEMENT” shall mean a consulting or other agreement directly between LICENSEE and any of the INVENTORS.

 

		2.10	“INSOLVENT” shall mean that LICENSEE (i) is unable to pay a majority of its debts in the ordinary course of business,
(ii) is declared bankrupt by a court of competent jurisdiction under the United States Federal Bankruptcy Law, as amended from
time to time, or (iii) has voluntarily commenced bankruptcy, reorganization, receivership or insolvency proceedings, or any other
proceeding under any Federal, state or other law for the relief of debtors.

 

		2.11	“LICENSE” refers to the license granted under Article 3.1.

 

		2.12	“LICENSED KNOW HOW” shall mean specific know-how and techniques that are required to practice any INVENTION, including
but not limited to [***].

 

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		2.13	“LICENSED METHOD” shall mean any method, procedure, service or process the practice of which, is claimed by a VALID
CLAIM of a LICENSED PATENT or which uses LICENSED PRODUCT.

 

		2.14	“LICENSED PATENTS” shall mean: (a) the United States or foreign patent application(s) and patents(s) listed in
Appendix A; (b) any patent applications to which such patent application(s) or patent(s) claim priority or directly or indirectly
claiming priority to such patent application(s) and patent(s), including continuations, divisionals, and continuations-in-part
(to the extent the claims of any such continuation-in-part application are directed to subject matter specifically described in
the patent application(s) and patent(s) listed in Appendix A); (c) patents issuing from any of the foregoing patent applications;
(d) any reissues, re-examinations, extensions or substitutes of any of the foregoing; and (e) the relevant international equivalents
of any of the foregoing. Appendix A is incorporated into this Agreement. Upon request from LICENSEE, YALE will update Appendix
A to include patent applications filed and patents issued after the EFFECTIVE DATE that are described in the foregoing subparts
(b) through (e).

 

		2.15	“LICENSED PRODUCT” shall mean any product (including [***]) or component part thereof, if the manufacture,
use, sale, import, export or practice thereof is claimed by a VALID CLAIM of a LICENSED PATENT.

 

		2.16	“LICENSED TERRITORY” shall mean worldwide.

 

		2.17	“NDA” or “BLA” shall mean either a Biologics License Application or New Drug Application filed with
the U.S. Food and Drug Administration to obtain REGULATORY APPROVAL for a LICENSED PRODUCT in the United States, or any comparable
application filed with regulatory authorities in or for a country or group of countries other than the United States. It is anticipated
that the first LICENSED PRODUCT will be regulated as a biologic, since it is a cell therapy.

 

		2.18	“NET SALES” shall mean:

 

		(a)	[***] less the following deductions, provided they actually pertain to the disposition of the LICENSED PRODUCTS or LICENSED
METHODS:

 

		(i)	[***]

 

		(ii)	[***]

 

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		(iii)	[***]

 

		(iv)	[***].

 

No deductions shall be made for any other costs or expenses,
including but not limited to commissions to independents, agents or those on LICENSEE’s, SUBLICENSEE’s or an AFFILIATE’s
payroll or for the cost of collection.

 

		(b)	“NET SALES” shall not include [***].

 

		2.19	“NON-COMMERCIAL PURPOSES” shall mean research, clinical, teaching or other non-commercial purposes, and not purposes
of commercial development, use, manufacture or distribution.

 

		2.20	“PATENT CHALLENGE” shall mean a challenge or opposition to the validity, patentability or enforceability and /or
non-infringement of any of the LICENSED PATENTS, except any such challenge or opposition (or participation therein) that is required
by law.

 

		2.21	“REASONABLE COMMERCIAL EFFORTS” shall mean, with respect to LICENSEE (alone or through its AFFILIATES or SUBLICENSEES),
the efforts and resources (measured at the time such efforts are required to be used under this Agreement) which would be used
by LICENSEE relating to a certain activity or activities, consistent with its normal business practices, for a product owned by
LICENSEE or to which it has rights which such product is at a similar stage of its development or product life and is of a similar
market and profitability potential as a LICENSED PRODUCT and taking into account all relevant factors, including, but not limited
to, financial, technical, medical, clinical, efficacy, safety and manufacturing considerations, product labeling or anticipated
labeling, the patent and other proprietary position of the product, market potential, forecasts for financial return, the regulatory
environment and competitive market conditions.

 

		2.22	“REASONABLE COMPENSATION” shall mean [***].

 

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		2.23	“REGULATORY APPROVAL” shall mean the clearance, waiver, license, registration, authorization or approval of the
United States Food and Drug Administration in the United States or applicable regulatory authorities in or for a country or group
of countries other than the United States that is necessary for the commercial marketing and sale of a LICENSED PRODUCT or LICENSED
METHOD.

 

		2.24	“REGULATORY AUTHORITY” shall mean any national or supranational governmental authority, including without limitation
the United States Food and Drug Administration or European Medicines Agency, which has responsibility over the marketing and sale
of a LICENSED PRODUCT.

 

		2.25	“SUBLICENSE INCOME” shall mean consideration received by LICENSEE or an AFFILIATE that is Reasonably Attributed
to a grant by LICENSEE to any non-AFFILIATE third party or parties of a sublicense, cross-license, option, or other right, license,
privilege or immunity under the LICENSED PATENTS to make, have made, use, sell, have sold, distribute, practice, import or export
LICENSED PRODUCTS, but excluding consideration received based on sales. SUBLICENSE INCOME shall include without limitation any
license signing fee, license maintenance fee, option fee or other payment pursuant to an option, unearned portion of any minimum
royalty payment received by LICENSEE or an AFFILIATE, equity distribution or joint marketing fee, research and development funding
and service fees in excess of customary full-time equivalent rates in the industry for performing similar research and development
and services, in each case Reasonably Attributed to the grant of license, option or other right described and any consideration received for an equity
interest in, extension of credit by or other investment in LICENSEE to the extent such consideration exceeds the fair market value
of the equity or other interest as determined by an independent appraiser mutually agreeable to the parties. SUBLICENSE INCOME
does not include consideration received: (a) from debt financing or sale of equity (including conditional equity such as options,
warrants or convertible debt) at fair market value; (b) as reimbursement of patent prosecution and maintenance costs for the LICENSED
PATENTS; and (c) for manufacture of LICENSED PRODUCTS at fair market price. For purposes of this definition, “Reasonably
Attributed” means reasonably attributed by LICENSEE to any LICENSED PATENT under the applicable grant of rights (e.g., sublicense,
cross-license, option, or other right, license, privilege or immunity) based on the relative fair market value of the LICENSED
PATENT and any other intellectual property (including without limitation any patents, patent applications or trade secrets) that
is the subject of the applicable grant of rights under the applicable agreement.

 

		2.26	“SUBLICENSEE” shall mean any non-AFFILIATE third party sublicensed by LICENSEE under the LICENSED PATENTS to make,
have made, use, sell, have sold, import, export or practice any LICENSED PRODUCT or LICENSED METHOD.

 

		2.27	“TERM” is defined in Article 3.5.

 

		2.28	“VALID CLAIM” shall mean (a) an issued and unexpired claim of a LICENSED PATENT, so long as such claim shall not
have been irrevocably abandoned or declared to be invalid, unpatentable or unenforceable in an unappealable decision of a court
or other authority or competent jurisdiction through no fault or cause of LICENSEE or (b) a pending claim of an application for
a LICENSED PATENT that was filed and is being prosecuted in good faith and has not been abandoned or finally disallowed without
the possibility of appeal or re-filing of the application; provided that such prosecution has not been on-going for more than [***].

 

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3. 
LICENSE GRANT; OPTION; TERM

 

		3.1	Subject to all the terms and conditions of this Agreement, YALE hereby grants to LICENSEE and its AFFILIATES an exclusive,
sublicensable (in accordance with Article 7) license, subject to Article 3.4, under all of YALE’s right, title and interest
in and to the LICENSED PATENTS to make, have made, use, offer for sale, sell, have sold, import and export LICENSED PRODUCTS, to
practice, sell and offer for sale LICENSED METHODS, and to otherwise exploit all of YALE’s right, title and interest in and
to the LICENSED PATENTS within the FIELD in the LICENSED TERRITORY (the “LICENSE”).

 

		3.2	Subject to all the terms and conditions of this Agreement, YALE hereby grants to LICENSEE an exclusive option to obtain
                                                           an exclusive, sublicensable license, subject to Article 3.4, bearing REASONABLE COMPENSATION under YALE’s right, title
                                                           and interest in and to the LICENSED PATENTS to make, have made, use, offer for sale, sell, have sold, import and export
                                                           LICENSED PRODUCTS, to practice, sell and offer for sale LICENSED METHODS, and to otherwise exploit YALE’s right, title
                                                           and interest in and to the LICENSED PATENTS outside the FIELD in the LICENSED
TERRITORY (the “OPTION”), the terms of which license shall, upon exercise of the OPTION by LICENSEE, be negotiated
by LICENSEE and YALE in good faith. LICENSEE may exercise the OPTION at any time by means of notice given to YALE, but the OPTION
shall, if not exercised, expire and be of no further force or effect on [***] the date of LICENSEE’s receipt of a
written request from YALE that LICENSEE exercise the OPTION.

 

		3.3	To the extent that any invention included within the LICENSED PATENTS has been funded in whole or in part by the United States
government, the United States government retains certain rights in such invention as set forth in 35 U.S.C. §200-212 and all
regulations promulgated thereunder, as amended, and any successor statutes and regulations (the “Federal Patent Policy”).
As a condition of the license granted hereby, LICENSEE acknowledges and shall comply with all aspects of the Federal Patent Policy
applicable to the LICENSED PATENTS, including the obligation (if applicable) that LICENSED PRODUCTS used or sold in the United
States be manufactured substantially in the United States. Nothing contained in this Agreement obligates or shall obligate YALE
to take any action that would conflict in any respect with its past, current or future obligations to the United States Government
under the Federal Patent Policy with respect to the LICENSED PATENTS. YALE has taken, and shall continue to take actions necessary
under the Federal Patent Policy to secure ownership of the LICENSED PATENTS for YALE.

 

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		3.4	The LICENSE is expressly made subject to YALE’s reservation of the non-exclusive right, on behalf of itself and all other
non-profit academic research institutions, to make, use and practice the LICENSED PATENTS and LICENSED PRODUCTS for NON-COMMERCIAL
PURPOSES. Without limiting the foregoing, YALE’s exploitation (including by way of a grant of a license to a third party)
of YALE’s right, title and interest in and to the LICENSED PATENTS for any purposes other than NON-COMMERCIAL PURPOSES is
subject to Humacyte’s consent, which consent may be conditioned on YALE and HUMACYTE agreeing upon REASONABLE COMPENSATION
to be paid by Yale to Humacyte in respect of such exploitation but shall not otherwise be unreasonably withheld, conditioned or
delayed.

 

		3.5	Unless terminated earlier as provided in Article 13, the term of this Agreement (the “TERM”) shall commence on
the EFFECTIVE DATE and shall automatically expire, on a country-by-country basis, on the date on which the last of the claims of
the patents and patent applications described in the LICENSED PATENTS in such country expires, lapses or is declared to be invalid
by a non-appealable decision of a court or other authority of competent jurisdiction.

 

		3.6	Nothing in this Agreement shall be construed to grant by implication, estoppel or otherwise any licenses under patents of YALE
other than the LICENSED PATENTS. Except as expressly provided in this Agreement, under no circumstances will LICENSEE, as a result
of this Agreement, obtain any interest in or any other right to any technology, know-how, patents, patent applications, materials
or other intellectual or proprietary property of YALE.

 

		3.7	Notwithstanding anything to the contrary in Article 8, LICENSEE may register the LICENSE granted under this Agreement in any
country in the LICENSED TERRITORY. Upon request by LICENSEE, YALE agrees promptly to execute any “short form” licenses
in substantially the form attached hereto as Exhibit 1 submitted to it by LICENSEE reasonably necessary to effect the foregoing
registration in such country.

 

		3.8	Nothing in this Agreement shall be construed to grant by implication, estoppel or otherwise any licenses, interests or rights
under technology, know-how, patents, patent applications, materials or other intellectual or proprietary property of LICENSEE,
AFFILIATES or SUBLICENSEES.

 

4. 
DUE DILIGENCE

 

		4.1	LICENSEE has designed a plan for developing and commercializing the LICENSED PATENTS that includes a description of research
and development, testing, government approval, manufacturing, marketing and sale or lease of LICENSED PRODUCTS or LICENSED METHODS
(“PLAN”). A copy of the PLAN is attached to this Agreement as Appendix B and incorporated herein by reference.

 

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		4.2	LICENSEE, directly or through its AFFILIATES or SUBLICENSEES, shall use REASONABLE COMMERCIAL EFFORTS to: (a) within [***]
after the EFFECTIVE DATE of this Agreement, begin to implement the PLAN at its sole expense and thereafter to fully implement the
PLAN; and (b) diligently commercialize and develop markets for one or more LICENSED PRODUCTS.

 

		4.3	[***] after the EFFECTIVE DATE of this Agreement, and [***] LICENSEE shall provide YALE with an updated and revised
copy of the PLAN which shall indicate LICENSEE’s progress and problems to date in development and commercialization of LICENSED
PRODUCTS and a forecast and schedule of major events required to market the LICENSED PRODUCTS. Such updated PLAN shall clearly
indicate which of LICENSEE’s products or services are LICENSED PRODUCTS, and which LICENSED PATENTS claim each such LICENSED
PRODUCT.

 

		(a)	No later than [***] after assignment by LICENSEE pursuant to Article 18.6, the assignee shall provide YALE with an updated
and revised copy of the PLAN.

 

		(b)	YALE shall review and by notice in writing to assignee may approve or disapprove of any updated PLAN and the revised PLAN,
provided that YALE shall not unreasonably withhold its approval to any such PLAN that is commercially reasonable. Each updated
and revised PLAN shall be substituted into this Agreement as Appendix B.

 

		4.4	LICENSEE shall promptly notify YALE if at any time LICENSEE abandons or suspends its research, development or marketing
                                                           of the LICENSED PRODUCTS, or its intent to abandon research, develop and market LICENSED PRODUCTS. For purposes of this
                                                           Article 4.4, normal and customary pauses and gaps between or following specific clinical trials or other studies for the
                                                           analysis of data, preparation of reports or design or modification of future clinical trials or studies, preparation of
                                                           regulatory filings or other customary development functions shall not constitute
abandonment or suspension of research or development of the LICENSED PRODUCTS.

 

		4.5	LICENSEE agrees that YALE shall, subject to the final paragraph of this Article 4.5, be entitled to terminate this Agreement
pursuant to Article 13.1(b) upon the occurrence of any of the following:

 

		(a)	LICENSEE shall fail to provide an updated and revised PLAN as stipulated in Article 4.3; or

 

		(b)	LICENSEE shall fail to provide a commercially reasonable updated PLAN as provided in Article 4.3, or an assignee of LICENSEE
shall fail to provide a commercially reasonable PLAN as provided in Article 4.3(a); provided, that if YALE reasonably believes
that any updated PLAN provided by LICENSEE pursuant to Article 4.3 or by an assignee of LICENSEE pursuant to Article 4.3(a) is
not commercially reasonable, then YALE will so notify LICENSEE or such assignee, as applicable, specifying the basis for its belief,
and the parties will meet within [***] after such notice to discuss in good faith YALE’s concern with the applicable
PLAN. If after such good faith discussions the parties are unable to agree upon a commercially reasonable PLAN, then YALE may exercise
its right of termination under Article 13.1(b). YALE acknowledges and agrees that the PLAN attached as Appendix B is commercially
reasonable at the time of execution of this Agreement; or

 

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		(c)	LICENSEE shall fail to implement the PLAN in accordance with this Article or otherwise fails to fulfill any of its obligations
under this Article 4; or

 

		(d)	LICENSEE has failed:

 

		(i)	[***]

 

		(ii)	[***]

 

		(iii)	[***]

 

		(iv)	[***].

 

Notwithstanding the foregoing in this Article 4.5, if LICENSEE’s
failure to comply with this Article 4, including without limitation by failing to employ REASONABLE COMMERCIAL EFFORTS in developing
and selling LICENSED PRODUCTS, relates to a particular country or countries within the LICENSED TERRITORY, but not other countries,
then YALE may terminate the LICENSE pursuant to Article 13 herein only with respect to the country or countries to which the failure
relates. Termination of this Agreement or of the LICENSE on a country-by-country basis, as applicable, shall constitute YALE’s
sole and exclusive remedy with respect to LICENSEE’s non-compliance with this Article 4.

 

		4.6	LICENSEE is dedicated to meeting the unmet medical needs of underserved populations, and in accordance with these values, LICENSEE
agrees to use reasonable efforts to endeavor to make LICENSED PRODUCTS available to patients
in low and lower-middle income countries (as designated by the World Bank (www.worldbank.org)).

 

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5. 
LICENSE ISSUE FEE; LICENSE MAINTENANCE FEE; MILESTONE FEES

 

		5.1	In consideration of the LICENSE and rights granted to LICENSEE in this Agreement, LICENSEE shall pay to YALE within [***]
from the EFFECTIVE DATE a non-refundable license issue fee of [***] Dollars ($[***]).

 

		5.2	During the TERM of this Agreement, LICENSEE agrees to pay to YALE an annual license maintenance fee (“LMF”) commencing
on the first anniversary of the EFFECTIVE DATE and every anniversary thereafter according to the following schedule:

 

	Anniversaries of the 

EFFECTIVE DATE	LMF
	Anniversary 1	$[***]
	Anniversary 2	$[***]
	Anniversary 3	$[***]
	Anniversary 4 and each Anniversary thereafter during the TERM	$[***]

 

		5.3	LICENSEE shall pay the following milestone fees to YALE for the first achievement of the corresponding milestone event by the
first LICENSED PRODUCT developed by LICENSEE, its SUBLICENSEES, or AFFILIATES that achieves such event:

 

		(a)	a non-refundable milestone fee of [***] Dollars ($[***]) when LICENSEE files for REGULATORY APPROVAL for such
LICENSED PRODUCT in the United States or Europe and such filing is accepted for filing by the applicable REGULATORY AUTHORITY.

 

		(b)	a non-refundable milestone fee of [***] Dollars ($[***]) upon the FIRST SALE of such LICENSED PRODUCT in the
United States or Europe.

 

For clarity, the milestone fees payable under this
Article 5.3 shall each be payable only one time, and the aggregate milestone fees payable under this Agreement shall not exceed
[***] Dollars ($[***]).

 

		5.4	Neither the license issue fee set forth in Article 5.1 nor the LMF of Article 5.2 nor the milestone fees set forth in Article
5.3 shall be credited against EARNED ROYALTIES payable under Article 6.1.

 

6. 
ROYALTY PAYMENTS

 

		6.1	During the TERM of this Agreement, as partial consideration for the LICENSE, LICENSEE shall pay to YALE an earned royalty of
[***] percent ([***]%) of worldwide cumulative NET SALES of LICENSED PRODUCTS by LICENSEE
or its SUBLICENSEES or AFFILIATES (“EARNED ROYALTY”).

  

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		6.1.1	The obligation to pay royalties under this Article 6.1 shall be imposed only on the original sale of any individual LICENSED
PRODUCT to the end-user thereof, and the royalty shall be imposed only once on such sale regardless of whether such LICENSED PRODUCT
is covered by more than one patent claim within the LICENSED PATENTS.

 

		6.1.2	In the event that LICENSEE determines that it is necessary to obtain a license from a third party in order to avoid infringing
a third party’s patent(s) by making, having made, using, offering for sale, selling, having sold, importing or exporting
LICENSED PRODUCTS, LICENSEE may reduce its applicable royalty obligation to YALE by an amount which is the lesser of (i) [***]
or (ii) [***].

 

		6.1.3	The multiplier to be used to reduce the running royalties paid by LICENSEE to YALE on a COMBINATION PRODUCT, defined as a product
containing a LICENSED PRODUCT and one or more additional products containing active ingredients sold together as a single product
by LICENSEE, AFFILIATES or SUBLICENSEES, will be calculated by [***].

 

		6.1.4	Notwithstanding the foregoing, in no event shall the operation of Articles 6.1.2 or 6.1.3 result in EARNED ROYALTIES payable
to YALE being reduced to less than [***] percent ([***]%).

 

		6.1.5	Should a compulsory license be granted by LICENSEE or an AFFILIATE to a third party under the applicable laws, rules, regulations,
guidelines, or other directives of any governmental or supranational agency in the LICENSED TERRITORY under the LICENSED PATENTS,
LICENSEE shall notify YALE, including any material information concerning such compulsory license, and the running royalty rates
payable under Article 6.1 for sales of LICENSED PRODUCTS in such country will be adjusted to equal any lower royalty rate granted
to such third party for such country with respect to the sales of LICENSED PRODUCTS therein.

 

		6.2	In the event that (i) LICENSEE or any of its AFFILIATES or SUBLICENSEES brings a PATENT CHALLENGE anywhere in the world, or
(ii) LICENSEE or any of its AFFILIATES or SUBLICENSEES assists another party in bringing a PATENT CHALLENGE anywhere in the world,
and (iii) YALE does not choose to exercise its rights to terminate this Agreement pursuant to Article 13, then the following provisions
shall apply.

 

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		(a)	All payments due to YALE under this Agreement other than patent costs shall be [***] during the pendency of the PATENT
CHALLENGE and shall remain payable to YALE when due.

 

		(b)	If the PATENT CHALLENGE is inconclusive or results in a determination that at least one challenged claim is both valid and
infringed,

 

		(i)	all payments due to YALE under this Agreement other than patent costs shall be [***] for the remainder of the TERM of
the Agreement.

 

		(ii)	LICENSEE shall promptly reimburse YALE for all legal fees and expenses incurred in YALE’s defense against the PATENT
CHALLENGE.

 

		(c)	In the event that such a PATENT CHALLENGE is successful, LICENSEE will have no right to recoup any payments made prior to the
final, non-appealable determination of a court of competent jurisdiction.

 

		6.3	Neither LICENSEE nor any of its AFFILIATES or SUBLICENSEES shall bring a PATENT CHALLENGE without first providing YALE [***]
written notice setting forth (a) precisely which claims and patents are being challenged or claimed not to be infringed, (b)
a clear statement of the factual and legal basis for the challenge, and (c) an identification of all prior art and other matter
believed to invalidate any claim of the LICENSED PATENT or which supports the claim that the LICENSED PATENT is not infringed.

 

		6.4	LICENSEE shall pay all EARNED ROYALTIES accruing to YALE within [***] from the end of each calendar quarter (March 31,
June 30, September 30 and December 31), beginning in the first calendar quarter in which NET SALES occur. Unless YALE requests
otherwise, LICENSEE shall report all EARNED ROYALTIES and other payments accruing to YALE on a quarterly basis, but shall defer
payments accruing to YALE that do not, in total, exceed [***] Dollars ($[***]) in any given quarter until the earlier
of (1) the end of the calendar year, or (2) the quarter upon which the cumulative accrued royalties and other payments exceed [***]
Dollars ($[***]).

 

		6.5	All EARNED ROYALTIES and other payments due under this Agreement shall be paid to YALE in United States Dollars. In the event
that conversion from foreign currency is required in calculating a payment under this Agreement, the exchange rate used shall be
the Interbank rate quoted by Citibank at the time the payment is due. If overdue, the royalties and any other payments due under
this Agreement shall bear interest until payment at a per annum rate [***] percent ([***]%) above the prime rate
in effect at Citibank on the due date. The payment of such interest shall not foreclose YALE from exercising any other right it
may have as a consequence of the failure of LICENSEE to make any payment when due.

 

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7. 
SUBLICENSES

 

		7.1	LICENSEE may sublicense the LICENSE, any license obtained by LICENSEE pursuant to the OPTION, and other rights granted to it
under this Agreement without the prior written consent of YALE. The provisions of Articles 7.2, 7.3 and 7.4 shall apply to any
such sublicenses.

 

		7.2	Any sublicense granted by LICENSEE shall include such provisions as are needed to enable LICENSEE to comply with this
                                                           Agreement. LICENSEE will provide YALE with a copy of each sublicense agreement (and all amendments thereof) promptly after execution. LICENSEE shall also include provisions
in all sublicenses to provide that in the event that SUBLICENSEE brings a PATENT CHALLENGE anywhere in the world or assists another
party in bringing a PATENT CHALLENGE anywhere in the world, then LICENSEE may immediately terminate the sublicense. LICENSEE shall
remain responsible for the payment of any royalties or other payments provided for hereunder, regardless of whether the terms of
any sublicense provide for such amounts to be paid by the SUBLICENSEE directly to YALE. A breach of this provision shall constitute
a material breach that is subject to Article 13.1(b).

 

		7.3	LICENSEE shall pay royalties to YALE on NET SALES of SUBLICENSEES based on the same royalty rate as apply to NET SALES by LICENSEE
and its AFFILIATES, regardless of the royalty rates payable by SUBLICENSEES to LICENSEE under a sublicense agreement. In addition,
LICENSEE shall pay to YALE [***] Per Cent ([***]%) of any SUBLICENSE INCOME.

 

		7.4	LICENSEE agrees that it has sole responsibility to promptly:

 

		(a)	provide YALE with a copy of any amendments to sublicenses granted by LICENSEE under this Agreement and to notify YALE of termination
of any sublicense; and

 

		(b)	summarize all reports provided to LICENSEE by SUBLICENSEES to the extent necessary to comply with Article 9.

 

8. 
CONFIDENTIALITY AND PUBLICITY

 

		8.1	Subject to the parties’ rights and obligations pursuant to this Agreement, YALE and LICENSEE agree that during the term
of this Agreement and for [***] thereafter, each of them:

 

		(a)	will keep confidential and will cause their AFFILIATES to keep confidential and, in the case of LICENSEE, will include provisions
in sublicenses requiring its SUBLICENSEES to keep confidential, CONFIDENTIAL INFORMATION disclosed to it by the other party, by
taking (or including provisions in sublicenses requiring to be taken) whatever action the party receiving the CONFIDENTIAL INFORMATION
would take to preserve the confidentiality of its own CONFIDENTIAL INFORMATION, which in no event shall be less than reasonable
care; and

 

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		(b)	will only disclose the other’s CONFIDENTIAL INFORMATION to its officers, employees or agents, under requirements of confidentiality,
for purposes of carrying out its rights and responsibilities under this Agreement; and

 

		(c)	will not use the other party’s CONFIDENTIAL INFORMATION other than as expressly permitted by this Agreement or disclose
the other’s CONFIDENTIAL INFORMATION to any third parties (other than to agents under requirements of confidentiality) under
any circumstance without advance written permission from the other party; and

 

		(d)	will, within [***] of termination of this Agreement, return all the CONFIDENTIAL INFORMATION disclosed to it by the
other party pursuant to this Agreement except for one copy which may be retained by the recipient for monitoring compliance with
this Article 8 and any surviving clauses.

 

		8.2	The obligations of confidentiality described above shall not pertain to that part of the CONFIDENTIAL INFORMATION that:

 

		(a)	is shown to have been known to or developed by the recipient prior to the disclosure by the disclosing party; or

 

		(b)	is at the time of disclosure or has become thereafter publicly known through no fault or omission attributable to the recipient;
or

 

		(c)	is rightfully given to the recipient from sources independent of the disclosing party; or

 

		(d)	is independently developed by the receiving party without use of or reference to the CONFIDENTIAL INFORMATION of the other
party.

 

		8.3	The terms of this Agreement constitute CONFIDENTIAL INFORMATION of each party.

 

		8.4	Notwithstanding the foregoing, either party may use and disclose any CONFIDENTIAL INFORMATION (including the terms of this
Agreement) of the other party in response to a valid order of a court of competent jurisdiction or other supra-national, federal,
national, regional, state, provincial and local governmental or regulatory body of competent jurisdiction or, if in the reasonable
opinion of the receiving party’s legal counsel, such disclosure is otherwise required by law; provided, however, that the
receiving party will first have given notice to the disclosing party and given the disclosing party a reasonable opportunity to
obtain a protective order.

 

		8.5	Notwithstanding the foregoing, LICENSEE may use and disclose any CONFIDENTIAL INFORMATION (including the terms of this Agreement)
to AFFILIATES, SUBLICENSEES, investors, prospective investors and acquirers, employees, consultants and agents with a need to know,
collaborators, prospective collaborators and other third parties in the chain of manufacturing and distribution, in each case who
are subject to obligations of confidentiality that are at least as protective of CONFIDENTIAL INFORMATION as those provided in
this Article 8. LICENSEE also may disclose CONFIDENTIAL INFORMATION as reasonably necessary in connection with prosecution of any
patent applications or applications for REGULATORY APPROVAL before any REGULATORY AUTHORITY.

 

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9. 
REPORTS, RECORDS AND INSPECTIONS

 

		9.1	LICENSEE shall, within [***] after the calendar year in which NET SALES first occur, and within [***] after each
calendar quarter (March 31, June 30, September 30 and December 31) thereafter, provide YALE with a written report detailing the
NET SALES, if any, made by LICENSEE, its SUBLICENSEES and AFFILIATES
of LICENSED PRODUCTS during the preceding calendar quarter and calculating the payments due pursuant to Article 6. NET SALES of
LICENSED PRODUCTS shall be deemed to have occurred on the date of invoice for such LICENSED PRODUCTS. Each such report shall be
signed by an officer of LICENSEE (or the officer’s designee), and must include:

 

		(a)	[***]

 

		(b)	[***]

 

		(c)	[***]

 

		(d)	[***]

 

		(e)	[***].

 

		9.2	LICENSEE shall keep and maintain complete and accurate records and books containing an accurate accounting of all data in sufficient
detail to enable verification of EARNED ROYALTIES and other payments under this Agreement. LICENSEE shall preserve such books and
records for [***] after the calendar year to which they pertain. Such books and records shall be open to inspection by YALE
or an independent certified public accountant selected by YALE, at YALE’s expense, during normal business hours upon [***]
prior written notice, for the purpose of verifying the accuracy of the reports and computations rendered by LICENSEE; provided,
that LICENSEE shall not be obligated to provide such independent certified public accountant access to any of LICENSEE’S
books and records unless and until such independent certified public accountant executes a confidentiality agreement with LICENSEE
in a form reasonably acceptable to LICENSEE. In the event LICENSEE underpaid the amounts due to YALE with respect to the audited
period by more than [***] percent ([***]%), LICENSEE shall pay the reasonable cost of such examination, together
with the deficiency not previously paid and interest from the due date of such payment, calculated at the rate set forth in Article
6.8, within [***] of receiving notice thereof from YALE.

 

    15 

     

    

 

		9.3	On or before the [***] day following the close of LICENSEE’s fiscal year, LICENSEE shall provide YALE with LICENSEE’s
certified financial statements for the preceding fiscal year including, at a minimum, a balance sheet and an income statement.

 

10. 
PATENT PROTECTION

 

		10.1	LICENSEE shall be responsible for all present and future costs of filing, prosecution and maintenance of all United States
patent applications contained in the LICENSED PATENTS. Any and all such United States patent applications, and resulting issued
patents, shall be jointly owned by LICENSEE and YALE; and, without limiting the operation of Article 3.1, Article 3.2, and Article
3.4, all right, title and interest, and all rights and obligations, of LICENSEE and YALE therein and thereto (including in and
to INVENTIONS claimed thereby) shall be governed by United States patent law, and either party shall, upon the written request
of the other party, take all such actions and make all such assignments as are required to achieve such intended result.

 

		10.2	LICENSEE shall be responsible for all ongoing costs of filing, prosecution and maintenance of all foreign patent applications
and patents contained in the LICENSED PATENTS in the countries outside the United States in the LICENSED TERRITORY selected by
LICENSEE using its reasonable commercial judgment. All such applications or patents shall be jointly owned by LICENSEE and YALE;
and, without limiting the operation of Article 3.1, Article 3.2, and Article 3.4, all right, title and interest, and all rights
and obligations, of LICENSEE and YALE therein and thereto (including in and to INVENTIONS claimed thereby) shall be governed by
United States patent law, and either party shall, upon the written request of the other party, take all such actions and make all
such assignments as are required to achieve such intended result.

 

		10.3	All patent applications under the LICENSED PATENTS shall be prepared, prosecuted, filed and maintained by independent patent
counsel chosen by LICENSEE. Said independent patent counsel shall be ultimately responsible to LICENSEE. LICENSEE shall instruct
patent counsel to keep both YALE and LICENSEE fully informed of the progress of all patent applications and patents, and to give
YALE reasonable opportunity to comment on the filing and prosecution of patent applications in the LICENSED PATENTS, including
the type and scope of useful claims and the nature of supporting disclosures, and including the opportunity to review and comment
on all draft responses to applicable patent offices prior to submission thereof. LICENSEE shall have no liability to YALE for damages,
whether direct, indirect or incidental, consequential or otherwise, allegedly arising from its good faith decisions, actions and
omissions in connection with such prosecution.

 

    16 

     

    

 

		10.4	LICENSEE shall mark, and shall require AFFILIATES and SUBLICENSEES to mark, all LICENSED PRODUCTS, that are tangible products,
with the numbers of all patents included in LICENSED PATENTS that cover the LICENSED PRODUCTS. Without limiting the foregoing,
all LICENSED PRODUCTS shall be marked in such a manner as to conform with the patent marking notices required by the law of any
country where such LICENSED PRODUCTS are made, sold, used or shipped, including, but not limited to, the applicable patent laws
of that country.

 

11. 
INFRINGEMENT AND LITIGATION

 

		11.1	Each party shall promptly notify the other in writing in the event that it obtains knowledge of infringing activity by third
parties, or is sued or threatened with an infringement suit, in any country in the LICENSED TERRITORY as a result of activities
that concern the LICENSED PATENTS, and shall supply the other party with documentation of the infringing activities that it possesses.

 

		11.2	During the TERM of this Agreement:

 

		(a)	LICENSEE shall have the first right (but not the obligation) to defend the LICENSED PATENTS against infringement or
                                                               interference in the FIELD and in the LICENSED TERRITORY by third parties. This right includes bringing any legal action for
                                                               infringement and defending any counter claim of invalidity or action of a third party for declaratory judgment for
                                                               non-infringement or non-interference. If, in the reasonable opinion of LICENSEE’s
counsel, YALE is required to be a named party to any such suit for standing purposes, LICENSEE may join YALE as a party; provided,
however, that (i) YALE shall not be the first named party in any such action, (ii) the pleadings and any public statements about
the action shall state that the action is being pursued by LICENSEE and that LICENSEE has joined YALE as a party; and (iii) LICENSEE
shall keep YALE reasonably apprised of all developments in any such action. LICENSEE may settle such suits solely in its own name
and solely at its own expense and through counsel of its own selection; provided, however, that no settlement shall be entered
without YALE’s prior written consent, such consent not to be unreasonably withheld. Without limiting the foregoing, YALE
may withhold its consent to any settlement that would in any manner affect the validity, scope or enforceability of any LICENSED
PATENT. LICENSEE shall bear the expense of such legal actions. Except for providing reasonable assistance (including joining such
actions as described above), at the request and expense of LICENSEE, YALE shall have no obligation regarding the legal actions
described in Article 11.2 unless required to participate by law. However, YALE shall have the right to participate in any such
action through its own counsel and at its own expense. Any recovery shall first be applied to LICENSEE’s out of pocket expenses
and second shall be applied to YALE’s out of pocket expenses, including legal fees. YALE shall recover [***]% of any
excess recovery over those expenses.

 

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		(b)	In the event LICENSEE fails to initiate and pursue or participate in the actions described in Article 11.2(a) or in lieu of
such actions to initiate negotiations for a sublicense of the infringer, and the infringement has not otherwise abated, within
[***] of notification of infringement from YALE, YALE may, in its sole discretion, convert the LICENSE granted in Article
3 to a non-exclusive license. Additionally, YALE shall have the right to initiate legal action such as that described in Article
11.2(a) at its own expense. If, in the reasonable opinion of YALE’s counsel, LICENSEE is required to be a named party to
any such suit for standing purposes, YALE may join LICENSEE as party plaintiff to uphold the LICENSED PATENTS, provided, however,
that YALE shall keep LICENSEE reasonably apprised of all developments in any such action. In such case, LICENSEE shall provide
reasonable assistance to YALE if requested to do so, at YALE’s expense. YALE may settle such actions solely through its own
counsel any recovery shall be retained by YALE. YALE may terminate the LICENSE in the country where such legal action is taken.

 

		(c)	In the event LICENSEE is permanently enjoined from exercising its LICENSE under this Agreement pursuant to an infringement
action brought by a third party, or if both LICENSEE and YALE elect not to undertake the defense or settlement of a suit alleging
infringement for a period of [***] from notice of such suit, then either party shall have the right to terminate this Agreement
in the country where the suit was filed with respect to the LICENSED PATENT following [***] written notice to the other
party in accordance with the terms of Article 15.

 

12. 
 USE OF YALE’S NAME

 

		12.1	LICENSEE shall not use the name “Yale” or “Yale University,” nor any variation or adaptation thereof,
nor any trademark, tradename or other designation owned by YALE, nor the names of any of its trustees, officers, faculty, students,
employees or agents, for any purpose without the prior written consent of YALE in each instance, such consent to be granted or
withheld by YALE in its sole discretion, except that LICENSEE may state that it has licensed from YALE one or more of the patents
and/or applications comprising the LICENSED PATENTS.

 

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13. 
TERMINATION

 

		13.1	YALE shall have the right to terminate this Agreement upon written notice to LICENSEE in the event LICENSEE:

 

		(a)	fails to make any payment whatsoever due and payable pursuant to this Agreement unless LICENSEE shall make all such payments
(and all interest due on such payments under Article 6.4) within the [***] period after receipt of written notice of such
failure from YALE; or

 

		(b)	commits a material breach of any other provision of this Agreement which is not cured within the [***] period after
receipt of written notice of such breach from YALE ; or

 

		(c)	fails to obtain or maintain adequate insurance as described in Article 14.2, whereupon YALE may terminate this Agreement immediately
upon written notice to LICENSEE of such failure.

 

		(d)	If LICENSEE or any of its AFFILIATES brings a PATENT CHALLENGE against YALE, or assists others in bringing a PATENT CHALLENGE
against YALE, whereupon YALE may terminate this Agreement immediately.

 

		(e)	If a SUBLICENSEE brings a PATENT CHALLENGE or assists another party in bringing a PATENT CHALLENGE, then YALE may send a written
demand to LICENSEE to terminate such sublicense. If LICENSEE fails to so terminate such sublicense within [***] after YALE’s
demand, YALE may immediately terminate this Agreement.

 

		13.2	YALE may terminate this Agreement immediately upon written notice to LICENSEE in the event LICENSEE shall cease to carry on
its business or becomes INSOLVENT, or a petition in bankruptcy is filed against LICENSEE and is consented to, acquiesced in or
remains undismissed for [***] or LICENSEE makes a general assignment for the benefit of creditors, or a receiver is appointed
for LICENSEE.

 

		13.3	LICENSEE shall have the right to terminate this Agreement:

 

		(a)	in its entirety or as to any particular LICENSED PATENT at any time on ninety (90) days’ written notice to YALE, provided
LICENSEE is not in breach and upon payment of all amounts due YALE throughout the
effective date of termination. In the event of termination as to a particular LICENSED PATENT, the terminated patent application
or patent shall no longer be deemed to be included within the LICENSED PATENTS or subject to this Agreement and LICENSEE shall
have no further responsibility for patent prosecution or maintenance costs for such patent application or patent that incurred
after such termination; or

 

		(b)	upon written notice to YALE in the event YALE commits a material breach of any of the provisions of this Agreement and such
breach is not cured (if capable of being cured) within the [***] period after receipt of written notice thereof from LICENSEE,
or upon receipt of such notice if such breach is not capable of being cured.

 

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		13.4	Upon termination (but not expiration) of this Agreement, for any reason, all rights and licenses granted to LICENSEE under
the terms of this Agreement are terminated. Within [***] of the effective date of termination LICENSEE shall return to YALE:

 

		(a)	All CONFIDENTIAL INFORMATION disclosed by YALE and possessed by LICENSEE;

 

		(b)	the last report required under Article 4 or Article 9; and

 

		(c)	all payments incurred up to the effective date of termination.

 

		13.5	If the applicable SUBLICENSEE under any sublicense granted in accordance with Article 7 is not in default with respect to any
of its obligations under such agreement at the time of termination of this Agreement or termination of the applicable license hereunder,
as the case may be, then such sublicense agreement shall continue in full force and effect despite such termination and shall be
deemed to be a direct license by YALE. Notwithstanding the foregoing, YALE shall not be obligated to assume additional obligations
beyond those contained in this Agreement with respect to any sublicense that survives termination of this Agreement.

 

		13.6	Termination (but not expiration) of this Agreement shall not affect any rights or obligations accrued prior to the effective
date of such termination and specifically LICENSEE’s obligation to pay all royalties and other payments specified by Article
5 and Article 6 that accrued before the date of termination. In particular, but without limitation, the following provisions shall
survive any termination: Articles 2, 3.7 and 8, the preservation and inspection obligations of Article 9, Article 12, this Article
13.6, Article 13.7, Article 14, Article 15, Article 17.1, and Article 18. The parties agree that claims giving rise to indemnification
may arise after the TERM or termination of the LICENSE granted herein.

 

		13.7	The rights provided in this Article 13 shall be in addition and without prejudice to any other rights, whether at law or in
equity, which the parties may have with respect to any default or breach of the provisions of this Agreement.

 

		13.8	Waiver by either party of one or more defaults or breaches shall not deprive such party of the right to terminate because of
any subsequent default or breach.

 

14. 
INDEMNIFICATION; INSURANCE; NO WARRANTIES

 

		14.1	LICENSEE shall indemnify, defend by counsel reasonably acceptable to YALE, and hold harmless YALE and its trustees, officers,
employees, and agents (collectively, “YALE Indemnitees”), from and against any third party claim, liability, cost,
expense, damage, deficiency, loss, or obligation, of any kind or nature (including, without limitation, reasonable attorneys’
fees and other costs and expenses of defense) (collectively, “CLAIMS”), including without limitation any cause of action
relating to product liability, or any theory of liability (including without limitation tort, warranty, or strict liability) or
the death, personal injury, or illness of any person or out of damage to any property related in any way to the rights granted
under this Agreement; in each case resulting from the production, manufacture, sale, use, lease, or other disposition or consumption
or advertisement of the LICENSED PRODUCTS by LICENSEE, its AFFILIATES, SUBLICENSEES or any other third-party transferees; or in
connection with any statement, representation or warranty of LICENSEE, its AFFILIATES, SUBLICENSEES or any other third-party transferees
with respect to the LICENSED PRODUCTS. LICENSEE shall not settle or compromise the CLAIM without the prior written consent of YALE,
such consent not to be unreasonably withheld. Without limiting the foregoing, YALE may withhold its consent to any settlement or
compromise that would in any manner constitute or incorporate an admission of liability by YALE or require YALE to take or refrain
from taking any action. The foregoing obligations in this Article 14.1 shall not apply to any CLAIM resulting from YALE’s
gross negligence or willful misconduct or material breach of any of YALE’s representations or warranties set forth in this
Article 14. No YALE Indemnitee shall settle or compromise any CLAIM without the prior written consent of LICENSEE, such consent
not to be unreasonably withheld.

 

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		14.2	LICENSEE shall, in accordance with Article 14.3, purchase and maintain in effect and shall require its SUBLICENSEES to purchase
and maintain in effect a policy of commercial, general liability insurance to protect YALE with respect to events described in
Article 14.1. Such insurance shall:

 

		(a)	list “YALE, its trustees, directors, officers, employees and agents” as additional insured under the policy;

 

		(b)	provide that such policy is primary and not excess or contributory with regard to other insurance YALE may have;

 

		(c)	be endorsed to include product liability coverage in amounts no less than $[***] Dollars per incident and $[***]
Dollars annual aggregate; and

 

		(d)	be endorsed to include contractual liability coverage for LICENSEE’s indemnification under Article 14.1; and

 

		(e)	by virtue of the minimum amount of insurance coverage required under Article 14.2(c), not be construed to create a limit of
LICENSEE’s liability with respect to its indemnification under Article 14.1.

 

		14.3	By signing this Agreement, LICENSEE certifies that the requirements of Article 14.2 will be met on or before the earlier of
(a) the date of FIRST SALE of any LICENSED PRODUCT or (b) the date any LICENSED PRODUCT is tested or used on humans, and will continue
to be met thereafter. Upon YALE’s request, LICENSEE shall furnish a Certificate of Insurance and a copy of the current insurance
policy to YALE. LICENSEE shall secure agreement from its insurer to give [***] written notice to YALE prior to any cancellation
of or material change to the policy.

 

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		14.4	To the best of its knowledge, YALE hereby represents and warrants to LICENSEE that: (i) YALE has the full right and power to
enter into this Agreement and to grant the LICENSE and rights granted to LICENSEE herein; (ii) YALE has not granted any rights
or licenses under the LICENSED PATENTS to any third party; (iii) there are no outstanding agreements, assignments or encumbrances
in existence which are inconsistent with the provisions of this Agreement, and YALE will not grant any rights inconsistent with
the LICENSE and rights granted to LICENSEE herein; and (iv) other than LICENSEE’s right, title and interest in and to the
LICENSED PATENTS (including the INVENTIONS disclosed therein), YALE owns all right, title and interest in and to the LICENSED PATENTS
(including the INVENTIONS disclosed therein), and there have been no inventorship or ownership disputes or interferences, oppositions
or litigation regarding the LICENSED PATENTS. Except as expressly set forth above in this Article 14.4:

 

		(a)	YALE MAKES NO, AND EXPRESSLY DISCLAIMS ALL, REPRESENTATIONS OR WARRANTIES THAT ANY CLAIMS OF THE LICENSED PATENTS, ISSUED OR
PENDING, ARE VALID, OR THAT THE MANUFACTURE, USE, PRACTICE, SALE OR OTHER DISPOSAL OF THE LICENSED PRODUCTS DOES NOT OR WILL NOT
INFRINGE UPON ANY PATENT OR OTHER RIGHTS NOT VESTED IN YALE; AND

 

		(b)	YALE MAKES NO, AND EXPRESSLY DISCLAIMS ALL, REPRESENTATIONS AND WARRANTIES WHATSOEVER WITH RESPECT TO THE LICENSED PATENTS
AND LICENSED PRODUCTS, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE.

 

		14.5	LICENSEE SHALL MAKE NO STATEMENTS, REPRESENTATION OR WARRANTIES WHATSOEVER TO ANY THIRD PARTIES THAT ARE INCONSISTENT WITH
THE DISCLAIMERS BY YALE IN ARTICLE 14.4(a) AND (b).

 

		14.6	IN NO EVENT SHALL YALE, OR ITS TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND AFFILIATES BE LIABLE FOR SPECIAL, INCIDENTAL, CONSEQUENTIAL OR INDIRECT DAMAGES OF ANY KIND HEREUNDER,
INCLUDING ECONOMIC DAMAGE OR INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER YALE SHALL BE ADVISED, SHALL HAVE OTHER
REASON TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING.

 

		14.7	IN NO EVENT SHALL YALE, OR ITS TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND AFFILIATES, BE LIABLE FOR DAMAGES IN EXCESS OF
AMOUNTS YALE HAS RECEIVED FROM LICENSEE UNDER THIS LICENSE.

 

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15. 
NOTICES

 

		15.1	Any monetary payment, notice or other communication required by this Agreement (a) shall be in writing, (b) may be delivered
personally or sent by reputable overnight courier with written verification of receipt or by registered or certified first class
United States Mail, postage prepaid, return receipt requested, (c) shall be sent to the following addresses or to such other address
as such party shall designate by written notice to the other party, and (d) shall be effective upon receipt:

 

	FOR YALE:	FOR LICENSEE:
	
        Managing Director

        YALE UNIVERSITY

        Office of Cooperative Research

        433 Temple Street

        New Haven, CT 06511
	
        Chief Executive Officer

        Humacyte, Inc.

        2525 E. NC Highway 54

        Durham, NC 27713

         

 

16. 
INVENTOR AGREEMENTS

 

		16.1	If LICENSEE and any INVENTORS enter into an INVENTOR AGREEMENT, LICENSEE shall so notify YALE in writing within [***].
The LICENSEE acknowledges that: (i) the INVENTORS are a faculty member, other employee, or student of YALE; (ii) the INVENTORS
are subject to certain policies of YALE, as such policies may be revised from time to time, including policies concerning consulting,
conflicts of interest, and intellectual property (“YALE POLICIES”); (iii) to the extent any provision of the INVENTOR
AGREEMENT conflicts with YALE POLICIES, or imposes obligations or responsibilities compliance with which would require the INVENTORS
to act in violation of YALE POLICIES, such provision shall be void. INVENTORS are third party beneficiaries of this paragraph.

 

17. 
LAWS, FORUM AND REGULATIONS

 

		17.1	Any matter arising out of or related to this Agreement shall be governed by and in accordance with the substantive laws of
the State of Connecticut, without regard to its conflicts of law principles, except where the federal laws of the United States
are applicable and have precedence.

 

		17.2	LICENSEE shall comply, and shall cause its AFFILIATES and include provisions in its sublicenses requiring SUBLICENSEES to comply,
with all foreign and United States federal, state, and local laws, regulations, rules
and orders applicable to the testing, production, transportation, packaging, labeling, export, practice, sale and use of the LICENSED
PRODUCTS. In particular, LICENSEE shall be responsible for assuring compliance with all United States export laws and regulations
applicable to this LICENSE and LICENSEE’s activities under this Agreement.

 

18. 
MISCELLANEOUS

 

		18.1	This Agreement shall be binding upon and inure to the benefit of the parties and their respective legal representatives, successors
and permitted assigns.

 

		18.2	This Agreement constitutes the entire agreement of the parties relating to the LICENSED PATENTS, LICENSED PRODUCTS and LICENSED
METHODS, and all prior representations, agreements and understandings, written or oral, are merged into it and are superseded by
this Agreement.

 

		18.3	The provisions of this Agreement shall be deemed separable. If any part of this Agreement is rendered void, invalid, or unenforceable,
such determination shall not affect the validity or enforceability of the remainder of this Agreement; provided, however, that,
if the absence of such part causes a material adverse change in either the risks or benefits of this Agreement to either party,
the parties shall negotiate in good faith a commercially reasonable substitute or replacement for the void, invalid or unenforceable
part. All remaining portions shall remain in full force and effect as if the original Agreement had been executed without the invalidated,
unenforceable or illegal part.

 

		18.4	Paragraph headings are inserted for convenience of reference only and do not form a part of this Agreement.

 

		18.5	No person not a party to this Agreement, including any employee of any party to this Agreement, shall have or acquire any rights
by reason of this Agreement. Nothing contained in this Agreement shall be deemed to constitute the parties partners or joint venturers
with each other or any third party, and neither party shall be deemed the agent of the other.

 

		18.6	This Agreement may not be amended or modified except by written agreement executed by each of the parties. This Agreement is
personal to LICENSEE and shall not be assigned by LICENSEE without the prior written consent of YALE; provided, however, that LICENSEE
may assign this Agreement without such consent: (a) to an AFFILIATE; or (b) in connection with LICENSEE’s merger, consolidation
or reorganization with a third party or the sale or other transfer of substantially all of LICENSEE’s stock or the sale or
other transfer of LICENSEE’s entire business. Any attempted assignment in contravention of this Article 18.6 shall be null
and void and shall constitute a material breach of this Agreement.

 

		18.7	LICENSEE, or any SUBLICENSEE or assignee, will not create, assume or permit to exist any lien, pledge, security interest or
other encumbrance on the LICENSED PATENTS or any sublicense.

 

		18.8	The failure of any party hereto to enforce at any time, or for any period of time, any provision of this Agreement shall not
be construed as a waiver of either such provision or of the right of such party thereafter to enforce each and every provision
of this Agreement.

 

    23 

     

    

 

		18.9	This Agreement may be executed in any number of counterparts and any party may execute any such counterpart, each of which
when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute but
one and the same instrument.

 

Signature Page Follows

 

    24

     

    

 

IN WITNESS to their Agreement, the parties have caused this
Agreement to be executed in duplicate originals by their duly authorized representatives.

 

	DUKE UNIVERSITY	 	HUMACYTE, INC.
	 	 	 
	By:	/s/ Jon Soderstrom	 	By:	/s/ Douglas Blankenship
	Name: 	E. Jonathan Soderstrom, Ph.D.	 	Name:	Douglas Blankenship
	Title:	Managing Director 

Office of Cooperative Research	 	Title:	Chief Financial Officer
	Date:	28 August 2019	 	Date:	27 August 2019

 

 

25Exhibit
10.10

 

 

 

 

DUKE
UNIVERSITY

 

and

 

HUMACYTE,
INC.

 

EXCLUSIVE
PATENT LICENSE AGREEMENT

 

EXECUTION
COPY

 

MARCH
14, 2006

 

 

 

 

     

     

    

 

Table
of Contents

 

	ARTICLE 1 - DEFINITIONS	1
	 	 	 
	ARTICLE 2 - LICENSE	7
	2.01	Patent Rights License	7
	2.02	Know-How License	7
	2.03	Company to License Third Party Technologies	7
	2.04	Right to Sublicense	7
	2.05	DUKE's Retention of Certain Rights	8
	2.06	No Implied Rights	8
	2.07	U.S. Government Rights	8
	2.08	Limitations Imposed by Federal Law	8
	2.09	Access to DUKE Employee	8
	 	 	 
	ARTICLE 3  - LICENSE FEE, ROYALTIES AND OTHER FEES 	9
	3.01	Consideration to DUKE	9
	3.02	Application of Payments	11
	3.03	Taxes	11
	3.04	Timeliness of Payments; Interest	12
	3.05	No Multiple Royalties	12
	3.06	Payments in US Dollars; Transaction Fees	12
	3.07	Mechanics of Payment	12
	 	 	 
	ARTICLE 4 - DUE DILIGENCE REQUIREMENTS	13
	4.01	Diligent Commercialization Effects	13
	4.02	Reports and Meetings	14
	4.03	SUBLICENSEE or AFFILIATE Performance	14
	 	 	 
	ARTICLE 5 - REPORTS AND RECORDS	14
	5.01	Recordkeeping	14
	5.02	Reports	15
	5.03	NET SALES Reports	15
	 	 	 
	ARTICLE 6 - PATENTS	15
	6.0 l	Patent Prosecution	15
	6.02	Patent Costs	18
	6.03	Product Markup	18
	 	 	 
	ARTICLE 7 - INFRINGEMENT OF THIRD-PARTY RIGHTS	19
	7.01	COMPANY Duty to Indemnify DUKE	19
	7.02	DUKE'S Obligation to Assist; Expenses of DUKE	19
	 	 	 
	ARTICLE 8 - INFRINGEMENT OF PATENT RIGHTS BY THIRD PARTIES	20
	8.01	Obligation to Inform of Alleged Infringement.	20
	8.02	Company Options Upon Knowledge of Alleged Infringement.	20
	8.03	Company Enforcement Action	20

 

    - i -

     

    

 

	8.04	DUKE Enforcement Action	20
	8.05	Duty to Cooperate	21
	8.06	Effect of Invalidity of PATENT RIGHTS	21
	 	 	 
	ARTICLE 9 - GOVERNMENT CLEARANCE, PUBLICATION, EXPORT	21
	9.01	Company Responsibility for Government Regulatory Approvals	21
	9.02	Publication	22
	9.03	Compliance with Export Control Laws	22
	 	 	 
	ARTICLE 10 - DURATION AND TERMINATION	22
	10.01	Term	22
	10.02	Termination by COMPANY	22
	I 0.03	Termination for Fraud, Willful Misconduct, or Illegal Conduct.	22
	I 0.04	Termination for Breach	23
	I 0.05	Termination Upon Insolvency Events	23
	I 0.06	Continuation of Financial Obligations after Termination	23
	I 0.07	Effect of Termination on Sublicenses	23
	10.08	General Effect of Termination	24
	I 0.09	Return or Destruction of Confidential Information	
	 	 	 
	ARTICLE 11 - CONFIDENTIALITY	24
	11.01	Confidentiality Obligation	24
	11.02	Marking of Confidential Information; Reduction to Tangible Medium	25
	11.03	Disclosure Parties	26
	11.04	Confidentiality of Prosecution History	26
	 	 	 
	ARTICLE 12 - NOTICES	26
	 	 	 
	ARTICLE 13 - TRANSFER OF DUKE MATERIALS AND KNOW-HOW TO COMPANY. 	27
	 	 
	ARTICLE 14 - ASSIGNMENT	27
	 	 
	ARTICLE 15 - INDEMNITY, INSURANCE, REPRESENTATIONS, STATUS	28
	15.01	General Indemnification	28
	15.02	Insurance	28
	15.03	Representations and Warranties of DUKE	29
	15.04	No Implied Representations or Warranties	29
	15.05	No Agency	30
	 	 	 
	ARTICLE 16 - USE OF A PARTY'S NAME	30
	 	 	 
	ARTICLE 17 - SEVERANCE AND WAIVER	31
	17.01	Severability	31

 

    - ii -

     

    

 

	17.02	No Implied Waiver.	31
	 	 	 
	ARTICLE 18 - TITLES	31
	 	 	 
	ARTICLE 19-SURVIVAL OF TERMS	31
	 	 	 
	ARTICLE 20 - GOVERNING LAW	31
	 	 	 
	ARTICLE 21 - ENTIRE UNDERSTANDING	31
	 	 	 
	ARTICLE 22 - FORCE MAJEURE	32

 

    - iii -

     

    

 

LICENSE
AGREEMENT

 

THIS
LICENSE AGREEMENT made and entered into this 14th day of March, 2006 (“EFFECTIVE DATE”), by and
between DUKE UNIVERSITY, a nonprofit educational and research institution organized under the laws of North Carolina (“DUKE”),
having its principal office at Durham, North Carolina 27708, and Humacyte, Inc., a corporation organized under the laws of North
Carolina (“COMPANY”), with its corporate headquarters and principal office at 21 Davis Drive, Suite 140, Durham,
NC 27709.

 

WHEREAS,
DUKE owns certain PATENT RIGHTS (as hereinafter defined) relating to the following inventions submitted to the DUKE Office of
Licensing and Ventures (collectively, the “INVENTIONS”, and individually, “INVENTION”):

 

		●	[***]
                                         and

		●	[***]

 

WHEREAS,
DUKE has the right to grant licenses under said PATENT RIGHTS; and

 

WHEREAS,
DUKE desires to have the PATENT RIGHTS developed and commercialized to benefit the public and is willing to grant licenses to
each hereunder; and

 

WHEREAS,
COMPANY desires to obtain licenses under PATENT RIGHTS upon the terms and conditions hereinafter set forth; and

 

WHEREAS,
the INVENTIONS were made with U.S. Government support and, notwithstanding anything to the contrary in this AGREEMENT, the U.
S. Government has certain rights in the INVENTIONS under 37 C.F.R. §§ 401 et seq.

 

NOW
THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereto agree as follows:

 

Article
1 — DEFINITIONS

 

For
the purposes of this AGREEMENT, and solely for that purpose, the terms and phrases set forth below and elsewhere in this AGREEMENT
in capital letters shall be defined as follows:

 

1.01 “AFFILIATE”
means, with respect to any specified PERSON, any other PERSON that directly or indirectly controls, or is under common control
with, or is owned or controlled by, the specified PERSON. For purposes of this definition, (a) “control” means, with
respect to any specified PERSON, either (i) the beneficial ownership of fifty percent (50%) or more of the equity securities issued
by such PERSON or (ii) the power to direct the management and policies of the specified PERSON through the ownership of voting
securities or other equity interests, by contract or otherwise, (b) the terms “controlling,” “control with”
and “controlled by,” etc., shall have meanings correlative to the foregoing, and (c) the shareholders, partners, officers,
and directors of such PERSON shall be deemed to be AFFILIATES of such PERSON.

 

    -1-

     

    

 

1.02 “CONFIDENTIAL
INFORMATION” means any and all confidential information of one party disclosed to the other party including, without
limitation, (a) [***] and (b) [***].

 

1.03 “DUKE
MATERIALS” shall mean biological and other materials whose composition of matter and/or use are covered by one or more
VALID CLAIMS.

 

1.04 “FIELD
OF USE” means all uses.

 

1.05 “HUMACYTE
TRAINING ACTIVITIES” means those activities in which COMPANY personnel educate medical personnel with respect to LICENSED
PRODUCTS and/or LICENSED SERVICES in a hospital, clinic, operating room, or similar setting, including the provision of LICENSED
PRODUCTS and/or LICENSED SERVICES and the assistance of implanting LICENSED PRODUCTS into patients, all with the goals of introducing
LICENSED PRODUCTS and/or LICENSED SERVICES into the marketplace, gaining market acceptance, and penetrating the market. Such activities
may be performed for no or discounted remuneration in order to achieve these goals.

 

1.06 “INVENTOR”
means any individual who is identified as an inventor on one or more of the PATENT RIGHTS (in accordance with applicable patent
law) and whose contribution as an inventor to such PATENT RIGHTS was made as result of his/her association with DUKE, such that
the individual is obligated to assign his/her rights in such PATENT RIGHTS to DUKE.

 

1.07 “KNOW-HOW”
means [***] generated at DUKE prior to the EFFECTIVE DATE by one or more of the appertaining INVENTORS that relates to and is
necessary for the practice of PATENT RIGHTS and is not claimed in the PATENT RIGHTS, including [***] generated at DUKE prior to
the EFFECTIVE DATE and that relate to and are necessary for the practice of the PATENT RIGHTS, but excluding [***]. Further, KNOW-HOW
shall not include [***].

 

    -2-

     

    

 

1.08 “LICENSED
PRODUCT “ means any product or part thereof which:

 

1. is
covered in whole or in part by any VALID CLAIM in the country in which any such product or part thereof is made, used, sold, or
leased; and/or

 

2. is
manufactured by using a process or is employed to practice a process that is covered in whole or in part by a VALID CLAIM in the
country in which any LICENSED PROCESS is used or in which such product or part thereof is used, sold, or leased; and/or

 

3. in
its intended use, practices, incorporates, or otherwise utilizes, in whole, or in part, a VALID CLAIM in the country in which
any such product or part thereof is made, used, sold, or leased.

 

1.09 “LICENSED
PROCESS” means any process that is covered in whole or in part by a VALID CLAIM. For the purposes of this AGREEMENT,
LICENSED PROCESSES shall be deemed to fall within the scope of LICENSED PRODUCTS notwithstanding such process is not literally
a “product.”

  

1.10 “LICENSED
SERVICE” means any service provided by COMPANY, COMPANY AFFILIATES, and/or SUBLICENSEES (as the case may be) to a THIRD
PARTY that utilizes LICENSED PRODUCTS and/or LICENSED PROCESSES.

 

1.11 “NET
SALES” means:

 

(a) in
the case of LICENSED PRODUCTS, [***]; and

 

(b) in
the case of LICENSED SERVICES, [***];

 

and
each of the above (a) and (b) will be less the following:

 

(i) [***]

 

    -3-

     

    

 

(ii) [***]

 

(iii) [***]

 

(iv) [***]

 

(v) [***]
and

 

(vi) [***].

 

In
the event a LICENSED PRODUCT or LICENSED SERVICE is sold as a COMBINATION PRODUCT (as hereinafter defined) NET SALES of the COMBINATION
PRODUCT will be calculated using one of the following methods:

 

(aa) By
multiplying [***]; or

 

(bb) [***]
NET SALES shall be the difference between [***] and [***]; or

 

(cc) [***]
NET SALES will be calculated by multiplying [***] by [***].

 

Notwithstanding
the foregoing (aa), (bb), and (cc) or anything else to the contrary in this AGREEMENT, in no event shall the NET SALES for the
purposes of determining RUNNING ROYALTIES due to DUKE on the subject COMBINATION PRODUCT be less than [***] percent ([***]%) of
actual NET SALES of the COMBINATION PRODUCT calculated under this definition of NET SALES without regard to (aa), (bb),
and/or (cc) above.

 

For
the purposes of this AGREEMENT, “COMBINATION PRODUCT” shall mean any product, process, or service that comprises
a LICENSED PRODUCT or LICENSED SERVICE (as the case may be) and other therapeutically or diagnostically active compounds, components
and/or processes that are not LICENSED PRODUCTS and/or LICENSED SERVICES (such other therapeutically or diagnostically active
compounds, components, and/or processes collectively referred to as “OTHER PRODUCTS”).

 

No
deductions to NET SALES shall be made for [***].

 

1.12 “PATENT
EXPENSES” means all patent-related expenses (including filing and maintenance fees and reasonable fees and expenses
of patent counsel) incurred in connection with the PATENT RIGHTS, including reasonable expenses incurred in connection with transferring
files to and from COMPANY’s legal counsel in connection with COMPANY’s assuming responsibility for PATENT RIGHTS or
transferring some or all of that responsibility back to DUKE.

 

1.13 “PATENT
RIGHTS” means collectively (a) [***] and (b) [***] (hereinafter, the patent applications identified in the preceding
(a) and (b) may be referred to individually or collectively as “INITIAL PATENT APPLICATIONS”); (c) all substitutes,
continuations, continuations-in-part (but only to the extent that the subject matter of each such continuation-in-part application
is described in and enabled by the disclosure of the INITIAL PATENT APPLICATIONS), and divisionals of the foregoing applications;
(d) all foreign patent applications corresponding to the foregoing U.S. applications; (hereinafter, the patent applications identified
in the preceding (a)—(d) may be referred to individually or collectively as “PATENT APPLICATIONS”); and
(e) all U.S. and foreign patents issued or issuing with respect to any of the foregoing applications and all extensions, renewals,
reissues thereof (“PATENTS”). Notwithstanding the foregoing, PATENT RIGHTS shall not include those patent applications
and/or patents that, during the term of this AGREEMENT, cease to be PATENT RIGHTS pursuant to COMPANY declining to financially
support the filing, prosecution, and/or maintenance of the subject patent applications and/or patents. Subject matter that is
developed after the date of this AGREEMENT that is novel and unobvious over subject matter described in the PATENT RIGHTS but
that may fall within the scope of the PATENT RIGHTS is not to be considered part of the PATENT RIGHTS. When any of the foregoing
ceases to be protected pursuant to an issued patent (or in the case of unpatented inventions, the pursuit of the filing or prosecution
of a patent application is abandoned or disallowed without the possibility of appeal or refiling), such rights will no longer
be deemed “PATENT RIGHTS.”

 

    -4-

     

    

 

1.14 “PERSON”
means a natural person or any legal, commercial, or governmental entity, including a corporation, general partnership, joint venture,
limited partnership, limited liability company, trust, business association, group acting in concert, or any person acting in
a representative capacity.

 

1.15 “REORGANIZATION
EVENT” means (a) a merger or consolidation of the COMPANY with or into another entity in which the shareholders of the
COMPANY immediately prior to such merger or consolidation own less than fifty percent (50%) of the voting securities of the surviving
entity; (b) any other transaction or series of related transactions to which the COMPANY is a party as a result of which the shareholders
of the COMPANY immediately prior to such transaction or series of transactions own less than fifty percent (50%) of the voting
securities of the COMPANY or other surviving entity following such transaction or related transactions (other than the sale of
equity securities by the COMPANY in a capital raising transaction); or (c) a sale, lease, or other conveyance of all or substantially
all of the assets of COMPANY.

 

1.16 “SUBLICENSE”
and “SUBLICENSE AGREEMENT” each mean, and include without limitation, any relationship/agreement in which a
THIRD PARTY gains any rights—temporary or otherwise—to any of the rights granted by DUKE to COMPANY and COMPANY AFFILIATES
under this AGREEMENT (including, but not limited to, assignee(s), licensee(s), sublicensee(s), marketing partner(s) and the like,
hereinafter, such THIRD PARTIES referred to as “SUBLICENSEES”), including, but not limited to those granted
via options, rights of first refusal, material transfer agreements, or sublicenses (implied or expressed).

  

1.17 “SUBLICENSE
REVENUES” means [***] received by COMPANY or COMPANY AFFILIATES from SUBLICENSEE as consideration for the grant of rights
in PATENT RIGHTS, including, but not limited to, [***]. It is agreed that COMPANY shall not receive from SUBLICENSEES [***]. In
addition, it is not intended that the above exclusions be a way for SUBLICENSEE to avoid paying [***]% of the consideration received
to DUKE, in accordance with Article 3.01. Therefore, notwithstanding the foregoing, if any of these exceptions, alone or in combination,
constitutes more than [***]% of the consideration received by the LICENSEE from a SUBLICENSEE for a grant of rights in PATENT
RIGHTS, they will no longer be considered exceptions, and will be considered SUBLICENSE REVENUES. It is further agreed that, notwithstanding
the foregoing, advance payments as set forth in (c) and (d) above are exclusions from SUBLICENSE REVENUES only to the extent that
such advance payments are subsequently documented within three (3) years to have been used for payment of research, development
or production costs and expenses directly associated with research, development or production of LICENSED PRODUCTS and/or LICENSED
SERVICES and/or payment of cost of goods directly relating to LICENSED PRODUCTS supplied by COMPANY and/or COMPANY AFFILIATES
to such SUBLICENSEE, and any amounts of subject advance payments not so subsequently documented within three (3) years of receipt
shall be deemed not to fall within the exceptions set forth above and thus shall be deemed to be SUBLICENSE REVENUES at the end
of such 3-year period.

 

    -5-

     

    

 

1.18 “TERMINATION
EVENT” means the failure of COMPANY to achieve one of the MILESTONES within the designated periods set forth in the
Due Diligence Schedule (except as such time period is extended by mutual agreement of COMPANY and DUKE), the COMPANY’s ability
to terminate upon proper notification, termination for breach (including COMPANY’s breach by failure to deliver to DUKE
any financial payment and/or COMMON STOCK certificate due to DUKE within the periods of time designated in the appertaining provisions
of this AGREEMENT), and termination for fraud or illegal misconduct relating to this AGREEMENT.

 

1.19 “TERRITORY”
means the world.

 

1.20 “THIRD
PARTY” means any individual or other entity other than DUKE and/or COMPANY (and/or an AFFILIATE of either).

 

1.21 “OLV”
means the Duke University Office of Licensing and Ventures.

 

1.22 “VALID
CLAIM” shall mean (a) an issued and unexpired claim within the PATENT RIGHTS, as the case may be, that has not been
permanently revoked or held invalid or unenforceable by a decision of a court or other governmental agency of competent jurisdiction
and that has not been dedicated to the public or admitted to be invalid or unenforceable through reissue, disclaimer or otherwise,
or (b) a claim of a pending patent application that was filed in good faith, has not been pending for more than seven (7) years,
and that has not been abandoned or finally disallowed without the possibility of appeal or refiling of such application contained
in the PATENT RIGHTS, as the case may be, in the country in which any such product (or part thereof) or process is made, used,
sold or leased.

  

1.23 USAGE

 

(a) where
appropriate, words denoting a singular number only shall include the plural and vice versa; and

 

(b) “including”
and words of similar import should be read to mean “including, without limitation.”

  

    -6-

     

    

 

Article
2 — LICENSE

 

2.01 Patent
Rights License. DUKE hereby grants to COMPANY and COMPANY hereby accepts from DUKE, subject to the terms and conditions of
this AGREEMENT, an exclusive, sublicenseable license to COMPANY and COMPANY AFFILIATES to DUKE’s rights in the PATENT RIGHTS
for the FIELD OF USE in the TERRITORY to practice under the PATENT RIGHTS to develop, make, have made, use, import, export, lease,
offer for sale, sell, and distribute LICENSED PRODUCTS in and with applications in the FIELD OF USE in the TERRITORY and to develop,
make, have made, use, perform, provide, import, export, lease, offer for sale, sell, and distribute LICENSED SERVICES in the FIELD
OF USE in the TERRITORY (“PATENT RIGHTS LICENSE”) until the end of the term for which the PATENT RIGHTS collectively
are granted unless this AGREEMENT shall be sooner terminated according to the terms hereinafter provided.

 

2.02 Know-How
License. DUKE hereby grants to COMPANY and COMPANY hereby accepts from DUKE, subject to the terms and conditions of this AGREEMENT,
a non¬exclusive license to COMPANY and COMPANY AFFILIATES to DUKE’s rights in KNOW-HOW to use and practice the KNOW-HOW
to develop, make, have made, use, market, import, export, lease, offer for sale, sell, and distribute LICENSED PRODUCTS in and
with applications in the FIELD OF USE, and LICENSED SERVICES for use in the FIELD OF USE in the TERRITORY (“KNOW-HOW
LICENSE”) until the end of the term for which the PATENT RIGHTS collectively are granted unless this AGREEMENT shall
be sooner terminated according to the terms hereinafter provided. KNOW-HOW LICENSE shall be sublicenseable by COMPANY and/or COMPANY
AFFILIATES, but only in connection with the grant by COMPANY and/or COMPANY AFFILIATES (as the case may be) of a SUBLICENSE under
all or some of the appertaining PATENT RIGHTS in the FIELD OF USE. For avoidance of doubt, it is understood and acknowledged that
nothing in this AGREEMENT shall be construed to restrict DUKE from using the KNOW-HOW as it sees fit (which shall include, but
shall not be limited to, the transferring of KNOW-HOW to any THIRD PARTY, provided such transfer does not restrict COMPANY’s
rights granted in this AGREEMENT.).

 

2.03 Company
to License Third Party Technologies. Notwithstanding anything to the contrary in this AGREEMENT, it is understood and agreed
that DUKE encourages COMPANY (and/or COMPANY AFFILIATES and/or SUBLICENSEES, as the case may be) to secure rights under any THIRD
PARTY intellectual property rights required to practice the technology and/or to exercise any and all of the rights practiced
or exercised by COMPANY, COMPANY AFFILIATES, or such SUBLICENSEES (as the case may be) pursuant to Sections 2.01 and 2.02, and
that DUKE shall have no responsibility in securing any such rights.

  

2.04 Right
to Sublicense. Subject to the terms and conditions set forth in this AGREEMENT (including but not limited to those set forth
in Sections 2.02, 2.04, 2.05, and 2.07), COMPANY and COMPANY AFFILIATES shall have the right to grant SUBLICENSES of the PATENT
RIGHTS LICENSE subject to the express written approval of each SUBLICENSE by DUKE, such approval not to be unreasonably delayed
or withheld. Each SUBLICENSE under this AGREEMENT shall be no less favorable to or protective of DUKE than this AGREEMENT except
as expressly stated in this AGREEMENT. SUBLICENSEES will not be given the right to further sublicense any such rights without
the prior written approval of COMPANY and/or COMPANY AFFILIATES (as the case may be), and DUKE, such approval by DUKE not to be
unreasonably delayed or withheld. COMPANY and/or COMPANY AFFILIATES (as the case may be) will provide DUKE with a copy of each
SUBLICENSE granted pursuant to this AGREEMENT within [***] of execution of the subject SUBLICENSE AGREEMENT by all parties involved.
COMPANY and/or COMPANY AFFILIATES and/or SUBLICENSEES (as the case may be) will each use its respective commercially reasonable
efforts to enforce the terms of each SUBLICENSE AGREEMENT.

 

    -7-

     

    

 

2.05 DUKE’s
Retention of Certain Rights. Notwithstanding anything to the contrary in this AGREEMENT, DUKE will retain the rights under
the PATENT RIGHTS to practice the inventions for its own educational, research, and publication purposes without paying royalties
or other fees, including the right to provide the PATENT RIGHTS and materials associated therewith to governmental laboratories,
non-profit research organizations, and other institutions of higher learning without paying royalties or other fees but only for
non-commercial purposes. If DUKE provides DUKE MATERIALS to governmental laboratories, non-profit research organizations, and/or
other institutions of higher learning, DUKE will do so only pursuant to one or more executed materials transfer agreements, a
sample form of which is set forth in APPENDIX A attached hereto (“MTA”). The terms of each such MTA shall not be substantially
modified from the form attached in APPENDIX A without the prior written consent of COMPANY, such consent not to be unreasonably
withheld or delayed. Further, each of those parties performing allowed research under such an MTA shall be deemed to be operating
under the rights retained by DUKE and shall not be deemed to be infringing PATENT RIGHTS in the performance of such research
activities.

 

2.06 No
Implied Rights. The licenses granted under this AGREEMENT will not be construed to confer any rights upon COMPANY and/or COMPANY
AFFILIATES by implication, estoppel or otherwise as to any data, technology, know-how, patents, patent applications or other property
rights held by DUKE (solely or jointly) not specifically set forth herein, regardless of whether such property rights are dominant
or subordinate to any of the PATENT RIGHTS.

 

2.07 U.S.
Government Rights. DUKE hereby discloses to COMPANY and COMPANY acknowledges that the research leading to the INVENTIONS,
PATENT RIGHTS, and KNOW-HOW was funded in part by the U.S. Government, and the parties agree that, notwithstanding any use of
descriptive terms such as “exclusive” in Section 2.01 herein and elsewhere in this AGREEMENT, the U.S. Government
has certain rights in the INVENTIONS, PATENT RIGHTS and KNOW-HOW as set forth in 37 C.F.R. §§ 401 et seq. COMPANY agrees
to comply with all obligations resulting from such government rights, including, but not limited to, the requirement that any
products sold in the United States based upon such technology be substantially manufactured in the United States.

 

2.08 Limitations
Imposed by Federal Law. The license granted hereunder shall be subject to Public Law 96-517 and Public Law 98-620. Any right
granted in this AGREEMENT which is greater than that permitted under Public Law 96-517 and Public Law 98-620 shall be modified
as may be required to conform with the provisions of those laws.

  

    -8-

     

    

 

2.09 Access
to DUKE Employees. Throughout the term of this AGREEMENT, DUKE agrees to provide COMPANY and its designees reasonable opportunity
to confer with those DUKE employees who are identified as INVENTORS of one or more of the PATENT APPLICATIONS and/or patents within
the PATENT RIGHTS regarding the technology described therein and related KNOW-HOW, such discussions to be at times and places
as may be mutually agreed upon between such DUKE employees and COMPANY. COMPANY will make suitable arrangements to compensate
the DUKE employees in full.

 

Article
3 - LICENSE FEE, ROYALTIES AND OTHER FEES

 

3.01 Consideration
to DUKE. In consideration of the rights granted to COMPANY pursuant to this AGREEMENT and subject to the terms and conditions
of this AGREEMENT, COMPANY agrees to pay or otherwise compensate DUKE as follows:

 

(a) Equity
Consideration.In lieu of an advance royalty payment, access fee, or any other upfront payment (except for reimbursement of
PATENT EXPENSES as described below), COMPANY will issue shares of common stock, par value $0.001 per share of the COMPANY (the
“COMMON STOCK”) pursuant to the Restricted Stock Purchase Agreement (attached hereto as APPENDIX D) and shall
deliver the appertaining stock certificate to DUKE within thirty (30) days of the effective date of this AGREEMENT (such stock
hereinafter referred to as “DUKE STOCK”). It is understood and agreed that, notwithstanding anything to the
contrary in this AGREEMENT, such DUKE STOCK is non-refundable. It is further understood and agreed that [***] percent ([***]%)
of the DUKE STOCK shall be deemed to be allocated as upfront equity consideration for the rights granted under this AGREEMENT
to the PATENT RIGHTS arising from [***] that [***] percent ([***]%) of the DUKE STOCK shall be deemed to be allocated as upfront
equity consideration for the rights granted under this AGREEMENT to the PATENT RIGHTS arising from [***]. Moreover, it is understood
and agreed that, subject to the last sentence of this Section 3.01(a) so long as this AGREEMENT remains in effect, DUKE shall
have the rights, in its discretion, to [***]. At any time following the effectiveness of a registration statement for the sale
of the COMPANY’s COMMON STOCK in a firm commitment underwritten public offering registered under the Securities Act of 1933,
the right of DUKE to [***] pursuant to this Section 3.01(a) shall terminate.

 

(b) Royalty
on NET SALES of LICENSED PRODUCTS and LICENSED SERVICES. At the times and in the manner set forth hereinafter, COMPANY will
pay royalties to DUKE on the sale of LICENSED PRODUCTS and LICENSED SERVICES by COMPANY, COMPANY AFFILIATES, and/or SUBLICENSEES
to the extent that the manufacture, use, lease, sale, import, export, performance, and/or provision of each such LICENSED PRODUCT
and/or LICENSED SERVICE is covered or claimed under the claims of one or more VALID CLAIMS. The running royalty rate for NET SALES
of LICENSED PRODUCTS and/or LICENSED SERVICES sold, leased, performed, and/or provided by the COMPANY, COMPANY AFFILIATES and/or
SUBLICENSEES (“RUNNING ROYALTY RATE”) shall be [***] percent ([***]%) (such running royalties hereinafter referred
to as “RUNNING ROYALTIES”); provided, however, that if in the case of any SUBLICENSEE, the rate of running royalties
on NET SALES of LICENSED PRODUCTS and/or LICENSED SERVICES sold, leased, performed, and/or provided by such SUBLICENSEE to be
paid to COMPANY and/or COMPANY AFFILIATES (as the case may be) by the SUBLICENSEE (hereinafter “SUBLICENSEE RUNNING ROYALTY
RATE”) is less than [***] percent ([***]%), then the RUNNING ROYALTY RATE in such case shall be limited to [***] percent
([***]%) of the SUBLICENSEE RUNNING ROYALTY RATE, provided that in no event shall the RUNNING ROYALTY RATE paid to DUKE be less
than [***] percent ([***]%).

 

    -9-

     

    

 

(c) Royalty
on SUBLICENSE Revenues. A royalty of [***] percent ([***]%) of the SUBLICENSE REVENUES received by the COMPANY and/or
COMPANY AFFILIATES (as the case may be) (“SUBLICENSE REVENUE ROYALTIES”) shall be paid to DUKE.

 

(d) Expiration
of Royalty Obligations. The obligation to pay RUNNING ROYALTIES and SUBLICENSE REVENUE ROYALTIES will expire, on a product-by-product
and service-by-service basis, upon the last to expire of the patents included in the PATENT RIGHTS covering or claiming the manufacture,
use, lease, import, export, sale, performance, and/or provision of a subject LICENSED PRODUCT and/or LICENSED SERVICE (as the
case may be) in the appertaining country(ies).

 

(e) Minimum
Royalty Payments. COMPANY shall pay an annual minimum royalty (the “MINIMUM ROYALTY”) of [***] dollars (US$[***])
per year beginning with the calendar year immediately following the fifth anniversary of the EFFECTIVE DATE, which shall increase
to [***] dollars (US$[***]) per year for the remainder of the life of this AGREEMENT beginning with the calendar year immediately
following the first commercial sale of LICENSED PRODUCTS or LICENSED SERVICES (whichever shall first occur). It is understood
and agreed that [***] percent ([***]%) of each [***] dollar (US$[***]) minimum royalty payment shall be deemed to be attributed
to [***] and that [***] percent ([***]%) of each [***] dollar (US$[***]) minimum royalty payment shall be deemed to be attributable
to [***]. The MINIMUM ROYALTY payment shall be due at the end of the respective calendar year to the extent that payments of RUNNING
ROYALTIES have not exceeded the applicable MINIMUM ROYALTY.

 

(f) MILESTONE
PAYMENTS. The COMPANY will make the following payments (the “MILESTONE PAYMENTS”) upon the first achievement
of each of the following MILESTONES for development and market approval of LICENSED PRODUCT and/or LICENSED SERVICE (collectively,
“MILESTONES”):

 

(i) US$[***]

 

(ii) US$[***]

 

    -10-

     

    

 

(iii) US$[***]

 

(iv) US
$[***].

 

Payments
of each MILESTONE PAYMENT will be due within [***] of the first achievement of the subject MILESTONE. For avoidance of doubt,
it is understood and agreed that the MILESTONE PAYMENTS set forth in Sections 3.01 (f) (i)-(iv) above (1) shall be credited only
to the stated MILESTONE and no other, (2) shall not be creditable against RUNNING ROYALTIES, nor against SUBLICENSE REVENUE
ROYALTIES, nor against any other payments, fees, reimbursements, or the like due to DUKE under this AGREEMENT, (3) shall be non-refundable,
and (4) shall not be subject to any stacking or other provision which may diminish the amounts set forth above.

 

3.02 Application
of Payments. Notwithstanding reports, correspondence or other communications from COMPANY, it is understood that DUKE shall,
in accordance with its policies and procedures, apply any amounts received from COMPANY under the terms of this AGREEMENT as follows:

 

1. first
to reimbursable expenses, including but not limited to applicable PATENT EXPENSES as set forth in Article 6 herein; and

 

2. thereafter
to such RUNNING ROYALTIES, SUBLICENSE REVENUE ROYALTIES, MILESTONE PAYMENTS, and other payments as may be due in accordance with
all the terms of this AGREEMENT.

 

Application
of amounts received under (a) above shall in no respect alter the aggregate amount due to DUKE.

 

3.03 Taxes.
Notwithstanding anything to the contrary in this AGREEMENT, except as expressly set forth in Section 1.11, all payments due hereunder
shall be paid in full, without deduction of taxes or other fees which may be imposed by any government and which shall be paid
by COMPANY (and/or appertaining SUBLICENSEES, as the case may be); provided, however, that nothing in this AGREEMENT is intended
to obligate COMPANY, COMPANY AFFILIATES, or SUBLICENSEES to be responsible for any income (including unrelated business taxable
income) or franchise taxes imposed on DUKE pursuant to local, state, or federal governmental authorities.

 

    -11-

     

    

 

3.04 Timeliness
of Payments; Interest. All payments due from COMPANY pursuant to this AGREEMENT shall be due and payable in accordance with
the terms and conditions of this AGREEMENT, and if a payment due pursuant to this AGREEMENT is not paid within [***] of the payment
due date, any such past due amount shall bear interest at the total rate of the prime rate of interest (as established by Wachovia
Bank, N.A., or its successor, as the case may be) plus [***] percent ([***]%) as of the due date of such payment unless such total
rate of interest exceeds the maximum legal limit of interest under appertaining North Carolina law, in which case the maximum
legal limit of interest under appertaining North Carolina law shall apply. The payment of such interest shall not foreclose DUKE
from exercising any other rights it may have as a consequence of the lateness of any payment.

  

3.05 No
Multiple Royalties. No multiple royalties on NET SALES shall be payable to DUKE on a single LICENSED PRODUCT and/or LICENSED
SERVICE based on the fact that such LICENSED PRODUCT and/or LICENSED SERVICE (or the manufacture, having manufactured, use, importation,
export, or sale thereof) practices more than one claim in any of the PATENT RIGHTS, and/or more than one of the PATENT RIGHTS.

 

3.06 Payments
in US Dollars; Transaction Fees. All payments due to DUKE under this AGREEMENT shall be paid in United States Dollars in Durham,
North Carolina, or at such place as DUKE may reasonably designate consistent with the laws and regulations controlling in any
foreign country. If any currency conversion shall be required in connection with such payments due hereunder, such conversion
shall be made by using the exchange rate prevailing at Wachovia Bank, N.A. (or its successor, as the case may be) on the last
business day of the reporting period to which such payments relate. If payments are made by wire, electronic or other transfer
form for which a fee is charged (“PAYMENT TRANSFER FEES”), COMPANY shall be responsible for the full amount
of such PAYMENT TRANSFER FEES (unless the method of payment giving rise to the PAYMENT TRANSFER FEES was requested by DUKE) and
shall use reasonable efforts to pay such fees prior to or at the time of such transfer so that the PAYMENT TRANSFER FEES are not
passed on to DUKE. Except to the extent PAYMENT TRANSFER FEES resulted from the method of payment requested by DUKE, in the event
that any such PAYMENT TRANSFER FEES are paid by DUKE, COMPANY shall pay promptly reimburse DUKE for DUKE’s payment of such
PAYMENT TRANSFER FEES within [***] of COMPANY’s receipt of invoice of the same from DUKE.

 

3.07 Mechanics
of Payment. Payments due to DUKE pursuant to Sections 3.01(b), 3.01(c), 3.01(e), and/or 3.01(f) or otherwise relating to PATENT
RIGHTS shall cite the appertaining OLV file numbers. All payments due to DUKE under this AGREEMENT shall be made payable to “Duke
University.” Payments may be made by check, wire or electronic transfer, provided that an accompanying notice is delivered
with reference to the pertinent DUKE file numbers and PAYMENT TRANSFER FEES associated with any such wire or electronic transfer
are paid in full by COMPANY (and/or appertaining SUBLICENSEES, as the case may be) at the time of such transfer or within [***]
of receipt of invoice from DUKE for the same as set forth in Section 3.06. All payments due to DUKE, as well as reports due to
DUKE in accordance with Sections 5.02 and 5.03, shall be sent to DUKE at the following address:

 

For
delivery via the U.S. Postal Service:

 

Duke
University Office of Licensing & Ventures

Attention:
Financial Administrator

Box
90083 Duke University

Durham,
NC 27708 USA

 

For
delivery via nationally/internationally recognized courier:

 

Duke
University Office of Licensing & Ventures

Attention:
Financial Administrator

3100
Tower Blvd. Suite 1340

Durham,
NC 27707 USA

 

    -12-

     

    

 

For
payment via wire transfer:

 

	BANK:	[***]
	ABA#	[***]
	SWIFT CODE:	[***]
	BENEFICIARY:	[***]
	ACCOUNT NO.:	[***]
	ATTENTION:	[***]

 

Article
4 - DUE DILIGENCE REQUIREMENTS

 

4.01 Diligent
Commercialization Effects. COMPANY shall use its reasonable commercial efforts to develop, register, market and sell LICENSED
PRODUCTS and/or LICENSED SERVICES or enter into one or more SUBLICENSE AGREEMENTS with one or more THIRD PARTIES to do so. In
particular, COMPANY and/or its SUBLICENSEES shall use their respective reasonable commercial efforts to commercialize the PATENT
RIGHTS in accordance with the appertaining milestones set forth in the due diligence schedule set forth in APPENDIX B of this
AGREEMENT (“DUE DILIGENCE SCHEDULE”) (all milestones set forth in the DUE DILIGENCE SCHEDULE hereinafter referred
to as “DUE DILIGENCE MILESTONES”). Variations from the schedule set forth in the DUE DILIGENCE SCHEDULE
shall be expressly approved by DUKE in writing, such approval not to be unreasonably withheld or delayed. If any of the DUE DILIGENCE
MILESTONES are not reached within the stated time periods set forth in the DUE DILIGENCE SCHEDULE, or within those amended periods
of time approved in writing by DUKE, such failure to achieve the subject DUE DILIGENCE MILESTONE shall be a breach for which DUKE
may seek to terminate this AGREEMENT pursuant to Section 10.04. If COMPANY fails to cure such subject breach within the time period
set forth in Section 10.04, then rather that terminate this AGREEMENT, DUKE may, at its sole discretion, convert the exclusive
licenses granted hereunder to non-exclusive licenses, and DUKE may in its sole discretion require COMPANY, and/or COMPANY’s
AFFILIATES (as the case may be) to assign to DUKE any SUBLICENSES for which exclusive rights have previously been granted and,
in the event of such assignment(s), the rights of the. COMPANY and COMPANY AFFILIATES under this AGREEMENT to such rights exclusively
sublicensed under the subject SUBLICENSES shall terminate as of the effective date of the appertaining assignment(s) to DUKE.
For any rights that COMPANY may be permitted to retain, COMPANY will still be responsible to DUKE for all appertaining payments
due to DUKE under this AGREEMENT, including RUNNING ROYALTIES, SUBLICENSE REVENUE ROYALTIES, and MILESTONE PAYMENTS.

 

    -13-

     

    

 

 

4.02 Reports
and Meetings. During the term of this AGREEMENT, COMPANY will submit annual progress reports to DUKE as set forth in Section
5.02. DUKE shall have the right to request one (1) meeting per year to discuss such information with representatives of COMPANY
at mutually acceptable times and places.

 

4.03 SUBLICENSEE
or AFFILIATE Performance. DUKE agrees that any SUBLICENSEE’s or AFFILIATE’s performance of the DUE DILIGENCE MILESTONES
as set forth in a SUBLICENSE or other agreement shall be deemed to be performance by COMPANY of any of COMPANY’s obligations
related to the DUE DILIGENCE MILESTONES, provided, however, that COMPANY shall remain obligated to pay to DUKE any associated
MILESTONE PAYMENTS associated with such DUE DILIGENCE MILESTONES as set forth in Section 3.01(f).

  

Article
5 — REPORTS AND RECORDS

 

5.01 Recordkeeping.
COMPANY and COMPANY AFFILIATES shall keep full, true and accurate books of accounts and other records containing all particulars
which may be necessary to properly ascertain and verify the amounts payable to DUKE hereunder and shall require SUBLICENSEES to
do the same. Said books of account shall be kept at the principal place of business of the COMPANY, COMPANY AFFILIATES, and/or
SUBLICENSEES or the principal place of business of the appropriate division of COMPANY, COMPANY AFFILIATES, and/or SUBLICENSEES
to which this AGREEMENT relates. DUKE shall have the right to audit the appertaining books and records of COMPANY, COMPANY AFFILIATES
and/or SUBLICENSEES periodically (but not more than once per year) for any quarter(s) ending not more than [***] before the date
of such request (or not more than [***] before the date of such report with respect to SUBLICENSEES; provided that COMPANY will
have the right to request that DUKE approve a shorter period for SUBLICENSEES where COMPANY reasonably determines that the risk
of underpayment of, or poor recordkeeping with respect to, royalties is low, with approval by DUKE not to be unreasonably withheld
or delayed). An independent certified public accountant selected by DUKE (except one to whom COMPANY has some reasonable objection)
will conduct such audit at DUKE’s expense. If such audit reveals that the COMPANY has underpaid royalties by [***] percent
([***]%) or more, COMPANY will reimburse DUKE for the cost of the audit in addition to any amounts due to DUKE, such amounts to
be subject to the provisions of Section 3.04.

 

    -14-

     

    

 

5.02 Reports.
COMPANY shall report the status of the development, evaluation, testing, governmental approval, and commercialization of each
LICENSED PRODUCT and LICENSED SERVICE annually to DUKE by February 28th of each year starting February 28, 2007. Each
such report shall also include information on any SUBLICENSES granted and certification of SUBLICENSE REVENUE ROYALTIES due; COMPANY
shall simultaneously pay to DUKE such SUBLICENSE REVENUE ROYALTIES .

 

5.03 NET
SALES Reports. After the first commercial sale of a LICENSED PRODUCT or LICENSED SERVICE (as the case may be), and in addition
to the reports required under Section 5.02, COMPANY shall render to DUKE prior to February 28th and August 31st
of each year a written account of the NET SALES of LICENSED PRODUCTS and/or LICENSED SERVICES (as the case may be) made
by COMPANY, COMPANY AFFILIATES, and/or SUBLICENSEES (as the case may be) during the prior six-month period ending December 31st
and June 30th, respectively, and shall simultaneously pay to DUKE the RUNNING ROYALTIES due on such NET SALES
of LICENSED PRODUCTS and/or LICENSED SERVICES in United States dollars. Reports tendered shall include the calculation of RUNNING
ROYALTIES by product by country in substantially the format provided in APPENDIX C hereto.

 

Article
6 — PATENTS

 

6.01 Patent
Prosecution.

 

(a) Patent
Prosecution by DUKE. Except as expressly set forth in Section 6.01(b), DUKE shall, at its sole discretion, apply for, prosecute,
and maintain the PATENT RIGHTS during the term of this AGREEMENT subject to the, following terms:

 

(i) DUKE
will use reasonable commercial efforts to file, prosecute and maintain the PATENT RIGHTS. DUKE will keep COMPANY advised as to
all developments with respect to, and will promptly deliver to COMPANY (or cause DUKE’s patent counsel promptly to deliver
to COMPANY) all official documents and correspondence relating to the filing and prosecution of PATENT APPLICATIONS and respecting
the maintenance and validity of all PATENTS. COMPANY will have (aa) the right to review PATENT APPLICATIONS and corresponding
filings/correspondence with the U.S. PTO and other patent offices and to make recommendations regarding the content and prosecution
of such PATENT APPLICATIONS and corresponding filings/correspondence with the U.S. PTO and other patent offices, (bb) the right
to receive copies of PATENT APPLICATIONS and corresponding official documentations at such time as to allow a reasonable period
for review thereof prior to any applicable deadline for filing or responding, and (cc) the right to request amendments of PATENT
APPLICATIONS to include claims or arguments as may be appropriate for obtaining patents claiming commercially relevant inventions,
such requests to be given due consideration by DUKE.

 

    -15-

     

    

 

(ii) Upon
request by DUKE and/or its agents, COMPANY shall promptly inform DUKE in writing which non-U.S. countries, if any, in which COMPANY
desires patent protection, such PATENT APPLICATIONS shall be filed, and PATENT RIGHTS shall reflect such designations provided
that COMPANY bears the associated costs. DUKE may elect to seek patent protection in countries not so designated by COMPANY, in
which case DUKE shall notify COMPANY in writing of such election, and from the date of such filing of such patent applications
by DUKE in such undesignated countries, such patent applications and resulting patents shall not be considered PATENT RIGHTS (or
PATENT APPLICATIONS or PATENTS) in such countries and COMPANY shall be deemed to have forfeited all rights under this AGREEMENT
to such patent applications and resulting patents in such countries. Accordingly, DUKE shall be free to license such patent applications
(and resulting patents) to THIRD PARTIES or otherwise dispose of such patent applications (and resulting patents) in such countries
as it deems appropriate.

 

(iii) It
is understood and agreed that all final decisions with respect to filing, prosecution and maintenance of PATENT RIGHTS are reserved
to DUKE.

 

(iv) DUKE
will give notice to COMPANY if DUKE intends to cease prosecution or maintenance of any PATENT RIGHTS. COMPANY shall have the right
to continue prosecution and/or maintenance of any such subject PATENT RIGHTS except that the COMPANY shall not have such right
for any such subject PATENT RIGHTS if any one or more of the following conditions apply at the time that DUKE gives such notice
to the COMPANY: (aa) if COMPANY has previously notified DUKE that it will no longer support the prosecution or maintenance of
the subject PATENT RIGHTS; or (bb) if there is one or more outstanding DUKE invoices to COMPANY for PATENT EXPENSES for the subject
PATENT RIGHTS for which payment to DUKE is over-due by over [***]; or (cc) if within the preceding [***] there were [***] incidents
in which the COMPANY’s payments of DUKE invoices for PATENT EXPENSES for the subject PATENT RIGHTS were not received by
DUKE within [***] of their respective due date.

 

(v) If
COMPANY decides to discontinue the financial support of the maintenance of a subject PATENT and/or prosecution of a subject PATENT
APPLICATION, COMPANY will give DUKE timely written notice at least [***] in advance of the effective date of COMPANY’s decision
(with such effective date to be at least [***] prior to any appertaining deadlines relating to patent maintenance and/or patent
application prosecution) and DUKE will be free to continue maintenance of such PATENT and/or to pursue prosecution of such PATENT
APPLICATION (and maintenance of resulting patents), as the case may be, at DUKE’s sole expense and discretion. As of the
effective date specified in COMPANY’s written notification to DUKE of COMPANY’s decision to discontinue financial
support of the maintenance of a subject PATENT and/or prosecution of a subject PATENT APPLICATION (as the case may be), the subject
PATENT and/or PATENT APPLICATION (and resulting patents) shall not be considered PATENT RIGHTS and COMPANY shall be deemed to
have forfeited all rights under this AGREEMENT to the subject PATENT and/or subject PATENT APPLICATIONS (and resulting patents),
as the case may be. Accordingly, DUKE shall be free to license such patents and subject patent applications (and resulting patents)
to THIRD PARTIES or otherwise dispose of such patent and/or subject patent applications (and resulting patents) as it deems appropriate.

 

    -16-

     

    

 

(b) Patent
Prosecution by COMPANY. Notwithstanding Section 6.01(a), COMPANY shall have the right to assume primary responsibility for
all activities associated with the filing, prosecution and maintenance of PATENT RIGHTS during the term of this AGREEMENT, provided
that it first provides DUKE with written notice of its desire to assume such responsibilities and obtains DUKE’s written
approval of the legal counsel that COMPANY shall retain for such purposes, such approval not to be unreasonably withheld or delayed.
It is understood and agreed that in the event COMPANY assumes such responsibilities the following shall apply:

 

(i) COMPANY
shall keep DUKE advised as to the status of the PATENT RIGHTS and COMPANY’s designated patent attorneys will provide DUKE,
in a timely manner, with copies of all official documents and correspondence relating to the filing, prosecution, maintenance,
and validity of the appertaining PATENT RIGHTS.

 

(ii) COMPANY
shall consult with DUKE in such filing, prosecution and maintenance, shall diligently seek advice of DUKE on all matters pertaining
to the PATENT RIGHTS, and shall diligently seek appropriate claims under the PATENT RIGHTS.

 

(iii) COMPANY
shall inform DUKE in a timely manner (no less than thirty (30) days prior to the appertaining filing deadlines) if COMPANY decides
that it will not pursue patents in any non-US country so that DUKE may pursue such patents if it so desires in which case, from
the date of such filing of such patent applications by DUKE, such patent applications (and resulting patents) shall not be considered
PATENT RIGHTS in such non-U.S. country and COMPANY shall be deemed to have forfeited all rights under this AGREEMENT to such patent
applications and resulting patents in such non-U.S. country. Accordingly, DUKE shall be free to license such patent applications
(and resulting patents) to THIRD PARTIES or otherwise dispose of such patent applications (and resulting patents) in such countries
as it deems appropriate.

  

(iv) COMPANY
shall not abandon prosecution or maintenance of any PATENT RIGHTS without first notifying DUKE in writing of COMPANY’s intention
and reason therefore (such written notice to be given to DUKE at least [***] in advance of the effective date of the COMPANY’s
decision with such effective date to be at least [***] prior to any appertaining deadlines relating to patent application prosecution
and/or patent maintenance), and providing DUKE with reasonable opportunity to assume responsibility for prosecution and maintenance
of the appertaining PATENT RIGHTS (which shall include, but not be limited to, transfer of the applicable files and other information
by COMPANY’s patent counsel to DUKE’s patent counsel within [***] following the effective date specified in COMPANY’s
written notification to DUKE of COMPANY’s decision to abandon prosecution or maintenance of subject PATENT RIGHTS, the cost
associated therewith to fall within the scope of PATENT EXPENSES). As of the effective date specified in COMPANY’s written
notification to DUKE of COMPANY’s decision to abandon prosecution or maintenance of subject PATENT RIGHTS such patent applications
(and resulting patents) and patents shall not be considered PATENT RIGHTS (or PATENT APPLICATIONS or PATENTS) and COMPANY shall
be deemed to have forfeited all rights under this AGREEMENT to such patent applications (and resulting patents) and patents. Accordingly,
DUKE shall be free to license all such patent applications (and resulting patents) and patents to THIRD PARTIES or otherwise dispose
of such patent applications (and resulting patents) and patents as it deems appropriate.

 

    -17-

     

    

 

(v) For
avoidance of doubt, it is understood and agreed that COMPANY shall assume direct and full responsibility for all PATENT EXPENSES
it incurs as a result of its assumption of responsibility for prosecution of PATENT RIGHTS.

 

Notwithstanding
the foregoing or anything to the contrary in this AGREEMENT, it is understood and agreed that all final decisions with respect
to the filing, prosecution and maintenance of the PATENT RIGHTS shall be made by DUKE after due consideration of the COMPANY’s
advice.

 

6.02 Patent
Costs. During the term of this AGREEMENT, payment of all PATENT EXPENSES relating to the filing, prosecution, and maintenance
of the PATENT RIGHTS shall be the responsibility of COMPANY, whether such PATENT EXPENSES were incurred before or after the EFFECTIVE
DATE.

 

(a) COMPANY
shall reimburse DUKE for all PATENT EXPENSES incurred prior to the EFFECTIVE DATE within (i) [***] of the EFFECTIVE DATE or (ii)
[***] of COMPANY’s receipt of the invoice(s) for the same from DUKE, whichever period of time is greater, and failure to
pay such PATENT EXPENSES within such period of time shall be a default hereunder for which DUKE may seek to terminate this AGREEMENT
in accordance with Section 10.04.

 

(b) COMPANY
shall also reimburse DUKE for any ongoing PATENT EXPENSES DUKE incurs during the term of this AGREEMENT. DUKE will periodically
invoice COMPANY for such PATENT EXPENSES, and COMPANY shall pay each such invoice within [***] of receipt and failure to pay each
such invoice within such [***] period shall be a default hereunder for which DUKE may seek to terminate this AGREEMENT in accordance
with Section 10.04. In addition, if at any time COMPANY fails to reimburse DUKE for any PATENT EXPENSES within the [***] period
following receipt of a subject invoice, then henceforth during the term of this AGREEMENT, DUKE may, at its sole discretion, require
COMPANY to make payment to DUKE for estimated associated PATENT EXPENSES (which estimates shall reasonably be made in good faith
by the patent counsel prosecuting the PATENT RIGHTS) prior to DUKE’s incurring such PATENT EXPENSES including PATENT
EXPENSES associated with national phase filings of PATENT APPLICATIONS and preparation and filing of responses to patent office
actions on PATENT RIGHTS, such requirement by DUKE not to preclude DUKE from exercising any other recourse it may have under this
AGREEMENT as regards lack of prompt reimbursement of PATENT EXPENSES by COMPANY.

  

6.03 Product
Markup. COMPANY, COMPANY AFFILIATES, and SUBLICENSEES shall mark the LICENSED PRODUCTS, and/or their containers, labels, and/or
other packaging (as the case may be), in such a manner as .to conform to the patent laws and regulations of the country of manufacture
or sale, as appropriate.

 

    -18-

     

    

 

Article
7 - INFRINGEMENT OF THIRD-PARTY RIGHTS

 

7.01 COMPANY
Duty to Indemnify DUKE. In the event that DUKE, COMPANY, COMPANY AFFILIATE, and/or SUBLICENSEE is charged with infringement
of a patent by a THIRD PARTY or is made a party in a civil action as a result of the activity of COMPANY, COMPANY AFFILIATE and/or
a SUBLICENSEE (and not from the activity of DUKE or its AFFILIATES other than the granting of the LICENSES to COMPANY) as a result
(directly or indirectly) of the LICENSES granted hereunder to COMPANY and COMPANY AFFILIATES, COMPANY:

 

(a) must
defend and/or settle any such claim of infringement or civil action;

 

(b) shall
have the right to control the defense of any such claim or action;

 

(c) must
assume all costs, expenses, damages, and other obligations for payments incurred as a consequence of such charges of infringement
and/or civil action;

 

(d) must
indemnify and hold DUKE harmless from any and all damages, losses, liability, and costs resulting from a charge of infringement
or civil action which shall be brought against DUKE and attributable to technology added to, incorporated into or sold with a
LICENSED PRODUCT and/or LICENSED SERVICE by COMPANY, COMPANY AFFILIATES and/or SUBLICENSES (as the case may be) or to manufacturing
processes utilized by COMPANY, COMPANY AFFILIATES, and/or SUBLICENSEES (as the case may be); and

 

(e) may,
if such claim of infringement or civil action shall be based on patent claims contained in any pending or issued patent included
in the PATENT RIGHTS, terminate this AGREEMENT (or may exclude such patent claims from this AGREEMENT) effective immediately upon
DUKE’s receipt of written notice of termination.

 

For
avoidance of doubt, COMPANY, COMPANY AFFILIATES, and SUBLICENSEES shall have no obligation to indemnify, defend, or hold harmless
DUKE from or against any claims, damages, or civil actions to the extent, and only to the extent, that such claims, damages, and/or
civil actions are caused by the negligence or willful misconduct of DUKE, DUKE employees, DUKE faculty members, students, and/or
agents acting solely within the performance of their respective responsibilities at DUKE.

 

7.02 DUKE’S
Obligation to Assist; Expenses of DUKE. DUKE will give COMPANY reasonable assistance, at COMPANY’s expense, in the defense
of any such infringement charge or lawsuit, as may be reasonably required. COMPANY shall reimburse DUKE for such expenses (such
expenses to specifically exclude employee salary and related expenses and overhead charges, except for such salary and related
employee expenses for employees retained by DUKE specifically to work on the defense of such infringement charge or lawsuit) within
[***] of receiving an invoice for the same, and failure to pay each such invoice within such [***] period shall be a default hereunder
for which DUKE may seek to terminate this AGREEMENT in accordance with Section 10.04. COMPANY shall conduct and control the defense
of any such infringement charge or lawsuit and the disposition of such claim, suit, or action (including all decisions relative
to litigation, appeal, and settlement); provided, however, that DUKE shall have the right to retain its own separate counsel in
any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of DUKE.
COMPANY agrees to keep DUKE informed of the progress in the defense and disposition of such claim and to consult with DUKE with
regard to any proposed settlement.

 

    -19-

     

    

 

Article
8 - INFRINGEMENT OF PATENT RIGHTS BY THIRD PARTIES

 

8.01 Obligation
to Inform of Alleged Infringement. Each party to this AGREEMENT will be obligated to inform the other promptly in writing
of any alleged infringement of which it becomes aware and of any available evidence of infringement by a THIRD PARTY of any PATENTS.
In addition, COMPANY AFFILIATES and SUBLICENSEES shall be obligated to inform COMPANY promptly in writing of any alleged infringement
of which they become aware and of any available evidence of infringement by a THIRD PARTY of any PATENTS, and COMPANY shall promptly
convey such information to DUKE.

 

8.02 Company
Options Upon. Knowledge of Alleged Infringement. If during the term of this AGREEMENT, COMPANY becomes aware of any alleged
infringement by a THIRD PARTY of any PATENT RIGHTS, COMPANY shall have the right, but not the obligation, to either:

 

(a) settle
the infringement suit by sublicensing the alleged infringer or by other means; or

 

(b) prosecute
at its own expense any infringement of the PATENT RIGHTS. In the event COMPANY prosecutes such infringement of PATENT RIGHTS,
COMPANY may, for such purposes, request to use the name of DUKE as party plaintiff. DUKE, at its sole discretion, may agree to
become a party plaintiff, and all costs associated therewith shall be borne by COMPANY.

 

8.03 Company
Enforcement Action. In the event that COMPANY undertakes the enforcement and/or defense of the PATENT RIGHTS by litigation,
including any declaratory judgment action, the total cost of any such action commenced or defended solely by COMPANY shall be
borne by COMPANY. Any recovery of damages by COMPANY as a result of such action shall be applied first [***] and second [***].
If applicable, COMPANY shall receive an amount equal to [***]. Any balance remaining from such recovery shall be distributed
between COMPANY and DUKE within [***] following receipt (except as is otherwise mutually agreed upon by the parties) with COMPANY
receiving [***] percent ([***]%) and DUKE receiving [***] percent ([***]%).

 

8.04 DUKE
Enforcement Action. In the event COMPANY does not undertake action to prevent the infringing activity within [***] of having
been made aware and notified thereof, DUKE shall have the right, but not the obligation, to prosecute at its own expense any such
infringements of the PATENT RIGHTS and, in furtherance of such right, DUKE may use the name of COMPANY as a party plaintiff in
any such suit without expense to COMPANY. The total cost of any such infringement action commenced or defended solely by DUKE
shall be borne by DUKE. Any recovery of damages by DUKE for any infringement shall be applied first [***] and second [***].
Any balance remaining from such recovery shall be distributed between COMPANY and DUKE within [***] following receipt (except
as is otherwise mutually agreed upon by the parties) with DUKE receiving [***] percent ([***]%) and COMPANY receiving [***] percent
([***]%).

 

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8.05 Duty
to Cooperate. In any infringement suit instituted by either party to enforce the PATENT RIGHTS, the other party hereto shall,
at the request and expense of the party initiating such suit, reasonably cooperate in all respects and, to the extent reasonably
possible, have its employees testify when requested and make available relevant records, papers, information, samples, specimens,
and the like.

 

8.06 Effect
of Invalidity of PATENT RIGHTS. Any of the foregoing notwithstanding, if at any time during the term of this AGREEMENT any
of the PATENT RIGHTS are held invalid or unenforceable in a decision which is not appealable or is not appealed within the time
allowed, COMPANY shall have no further obligations to DUKE with respect to its future use or sale of any LICENSED PRODUCT and/or
LICENSED SERVICE covered solely by such PATENT RIGHTS, including the obligation of paying appertaining RUNNING ROYALTIES, SUBLICENSE
REVENUE ROYALTIES, and MILESTONE PAYMENTS. For avoidance of doubt, it is understood and agreed that in such event, COMPANY shall
not have any damage claim or any claim for refund or reimbursement against DUKE for any amounts previously paid to DUKE under
this AGREEMENT, including, but not limited to, the issuance of the DUKE STOCK.

 

Article
9 - GOVERNMENT CLEARANCE, PUBLICATION, EXPORT

 

9.01 Company
Responsibility for Government Regulatory Approvals. Insofar as such clearance is required, COMPANY, COMPANY AFFILIATES, and
SUBLICENSEES shall use their respective reasonable commercial efforts to have their respective LICENSED PRODUCTS and/or LICENSED
SERVICES (as the case may be) cleared for marketing by the responsible government agencies requiring such clearance in those countries
in which COMPANY, COMPANY AFFILIATES, and/or SUBLICENSEES (as the case may be) intend to sell LICENSED PRODUCTS. To accomplish
said clearances at [***] COMPANY, COMPANY AFFILIATES, and/or SUBLICENSEES (as the case may be) shall file or have filed any necessary
data with said government agencies as quickly as is commercially reasonable. DUKE shall provide reasonable cooperation to COMPANY
in respect of COMPANY’s pursuit of all regulatory approvals to market and sell any LICENSED PRODUCT or LICENSED SERVICE,
provided that all such activities (including those of DUKE in this regard) shall be undertaken at the sole expense of COMPANY.

 

    -21-

     

    

 

9.02 Publication.
The right of publication/public disclosure of the subject matter of the PATENT RIGHTS shall reside in the INVENTORS, faculty,
staff, and students of DUKE. Notwithstanding anything else in this AGREEMENT to the contrary, if COMPANY desires to have filed
a patent application pursuant to subject matter of the proceeding sentence and COMPANY has not taken over patent prosecution pursuant
to Section 6.01(b) hereof, then DUKE shall, subject to reimbursement of PATENT EXPENSES, file such application as requested by
COMPANY, provided that such patent application shall fall within the definition of the PA PENT RIGHTS.

 

9.03 Compliance
with Export Control Laws. This AGREEMENT is subject to all of the United States laws and regulations controlling the export
of technical data, computer software, laboratory prototypes and other commodities and technology. It is understood that DUKE is
subject to United States laws and regulations controlling the export of technical data, computer software, laboratory prototypes
and other commodities (including the Arms Export Control Act, as amended and the Export Administration Act of 1979), and that
its obligations hereunder are contingent on compliance with applicable United States export laws and regulations. The transfer
of certain technical data and commodities may require a license from the cognizant agency of the United States Government and/or
written assurances by COMPANY that COMPANY shall not export data or commodities to certain foreign countries without prior approval
of such agency. DUKE neither represents that a license shall not be required nor that, if required, it shall be issued.

 

Article
10 — DURATION AND TERMINATION.

 

10.01 Term.
This AGREEMENT shall become effective upon the EFFECTIVE DATE, and shall remain in full force and effect until the earlier to
occur of (i) a TERMINATION EVENT or (ii) the last to expire or become abandoned of the PATENT RIGHTS.

 

10.02 Termination
by COMPANY. COMPANY may terminate this AGREEMENT by giving DUKE written notice at least three (3) months prior to the effective
date of such termination. It is understood that COMPANY shall remain responsible for the timely payment of all amounts due DUKE
under this AGREEMENT through the effective date of such termination.

 

10.03 Termination
for Fraud, Willful Misconduct, or Illegal Conduct. Either party may immediately terminate this AGREEMENT upon any judgment
or conviction by a court of competent jurisdiction holding that the other party has committed fraud, willful misconduct, or illegal
conduct of the other party, in all such cases with respect to the subject matter of this AGREEMENT, upon written notice of same
to that other party.

 

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10.04 Termination
for Breach. If either party fails to materially fulfill any of its obligations under this AGREEMENT (including, but not limited
to, lack of payment due to DUKE by the time set forth in this AGREEMENT) the non-breaching party may terminate this AGREEMENT,
upon written notice to the breaching party, as provided below. Such notice must contain a full description of the event or occurrence
constituting a material breach of the AGREEMENT. The party receiving notice of the material breach will have the opportunity to
cure that breach within thirty (30) days of receipt of notice. If the breach is not cured within that time, the termination will
be effective as of the thirty-first (31st) day after receipt of notice. A party’s ability to cure a breach will apply only
to the first [***] breaches properly noticed under the terms of this AGREEMENT, regardless of the nature of those breaches. Any
subsequent material breach by that party will entitle the other party to terminate this AGREEMENT upon receipt of notice by the
breaching party, where such notice must contain a full description of the event or occurrence constituting a material breach of
this AGREEMENT.

 

10.05 Termination
Upon Insolvency Events. If during the term of this AGREEMENT, COMPANY shall (a) voluntarily declare or seek protection under
bankruptcy or insolvency laws, (b) have an involuntary petition in bankruptcy filed against it, which petition is not dismissed
within sixty (60) days following its filing, (c) have its business placed in the hands of a receiver or trustee and the appointment
of such receiver or trustee if not dissolved within sixty (60) days, or if (d) COMPANY shall cease to exist as an active business
except as a result of a REORGANIZATION EVENT, then this AGREEMENT shall immediately terminate.

 

10.06 Continuation
of Financial Obligations after Termination. Notwithstanding anything to the contrary in this AGREEMENT, neither the expiration
nor any termination of this AGREEMENT shall remove any financial obligations to DUKE that COMPANY incurred under this AGREEMENT
prior to or as of the effective date of any expiration or termination.

 

10.07 Effect
of Termination on Sublicenses. In the event that this AGREEMENT is terminated, all SUBLICENSES in good standing shall be assigned
to and assumed by DUKE. For avoidance of doubt, all SUBLICENSES in existence as of the effective date of any termination that
shall be assumed by DUKE pursuant to this Article 10.07 shall be unaffected by such termination other than the assignment and
assumption provided for in this Section 10.07. (SUBLICENSEES under SUBLICENSES not assumed by DUKE pursuant to this Article 10.07
hereinafter referred to as “TERMINATED SUBLICENSEES”).

 

10.08 General
Effect of Termination. On or before the effective date of any termination of this AGREEMENT, COMPANY, COMPANY AFFILIATES,
and TERMINATED SUBLICENSEES shall cease all uses of the PATENT RIGHTS and KNOW-HOW including the manufacture, use, practice, lease,
sale, provision and other commercialization of LICENSED PRODUCTS and LICENSED SERVICES; provided, however, COMPANY, COMPANY AFFILIATES,
and TERMINATED SUBLICENSEES may, during such thirty-day period, sell any remaining inventory of LICENSED PRODUCTS (provided that
any RUNNING ROYALTIES due DUKE are timely paid and provided that any unsold LICENSED PRODUCTS are destroyed and certified as such
within the [***] as set forth in the following sentence ). Further, within [***] of such termination, COMPANY, COMPANY AFFILIATES,
and TERMINATED SUBLICENSEES shall destroy LICENSED PRODUCTS under their respective control and shall each provide DUKE with a
written statement signed by an authorized representative of each of the COMPANY, COMPANY AFFILIATES, and TERMINATED SUBLICENSEES
certifying the destruction, in a safe and legal manner, of all such LICENSED PRODUCTS.

 

    -23-

     

    

 

10.09 Return
or Destruction of Confidential Information. Within [***] of any termination of this AGREEMENT (unless such termination is
a result of the expiration of all PATENT RIGHTS), COMPANY, COMPANY AFFILIATES, and TERMINATED SUBLICENSEES shall return to DUKE
or destroy, at COMPANY’s option as directed by DUKE, all information, data, and any relevant materials (including KNOW-HOW
and DUKE MATERIALS) provided directly to them via DUKE or DUKE’s agents during the term of this AGREEMENT. As regards any
information, data, and/or relevant materials that DUKE so directs COMPANY, COMPANY AFFILIATES, and TERMINATED SUBLICENSEES to
destroy, within such [***] period, COMPANY, COMPANY AFFILIATES, and TERMINATED SUBLICENSEES shall each provide DUKE with
a written statement signed by an authorized representative of each of the COMPANY, COMPANY AFFILIATES, and TERMINATED SUBLICENSEES
certifying the destruction, in a safe and legal manner, of all such information, data, and/or relevant materials.

 

Article
11 — CONFIDENTIALITY

 

11.01 Confidentiality
Obligation. DUKE and COMPANY each agree to treat any CONFIDENTIAL INFORMATION disclosed to it by the other party under this
AGREEMENT with reasonable care and to avoid disclosure of such CONFIDENTIAL INFORMATION to any other PERSON, except AFFILIATES
bound by the obligations of confidentiality and restricted use set forth in this Article 11, and either party shall be liable
for unauthorized disclosure or failure to exercise such reasonable care. Further, the receiving party will not use the disclosing
party’s CONFIDENTIAL INFORMATION other than for the benefit of the parties hereto and in connection with such receiving
party’s performance of its obligations under this AGREEMENT. These obligations of non-disclosure and restricted use shall
remain in effect for each subject disclosure of CONFIDENTIAL INFORMATION for a period of time of [***] from such disclosure; however,
neither party shall have an obligation, with respect to CONFIDENTIAL INFORMATION disclosed to it, or any part thereof, to the
extent that such CONFIDENTIAL INFORMATION:

 

(a) is
already known to the receiving party at the time of the disclosure;

 

(b) becomes
publicly known without the wrongful act or breach of this AGREEMENT by the receiving party;

 

(c) is
rightfully received by the receiving party from a THIRD PARTY on a non-confidential basis;

 

(d) is
subsequently and independently developed by employees or agents of the receiving party who had no knowledge of the CONFIDENTIAL
INFORMATION, as verified by written records;

 

(e) is
approved for release by prior written authorization of the party disclosing the CONFIDENTIAL INFORMATION;

 

(f) is
required to be disclosed pursuant to applicable securities laws in the reasonable opinion of counsel; or

 

    -24-

     

    

 

(g) is
disclosed pursuant to any judicial or government request, requirement or order, provided that the party so disclosing has first
provided timely notice to the other party in order to provide the other party with an opportunity to contest such request, requirement
or order or to seek a protective order and provided that such disclosed CONFIDENTIAL INFORMATION otherwise remains subject to
confidentiality and non-use obligations set forth in this Article 11.

 

If
either party discloses CONFIDENTIAL INFORMATION directly to Dr. Laura Niklason, such CONFIDENTIAL INFORMATION shall not be deemed
to have been received by the other party.

 

11.02 Marking
of Confidential Information; Reduction to Tangible Medium. DUKE and COMPANY agree that, notwithstanding anything to the contrary
in this AGREEMENT, any information to be treated as CONFIDENTIAL INFORMATION under this Article 11 must be disclosed in writing
or other tangible medium, dated, and clearly marked “CONFIDENTIAL”. CONFIDENTIAL INFORMATION disclosed orally must
be identified as “CONFIDENTIAL” at the time of the oral disclosure and thereafter summarized and reduced to writing
or other tangible medium, dated with the date of the oral disclosure, marked “CONFIDENTIAL”, and communicated to the
other party within thirty (30) days of such disclosure. For avoidance of doubt, electronic transmissions of CONFIDENTIAL INFORMATION
shall be deemed to have been disclosed in a tangible medium.

 

    -25-

     

    

 

11.03 Disclosure
Parties. Notwithstanding the foregoing, COMPANY shall have the right to use and disclose any CONFIDENTIAL INFORMATION related
to the PATENT RIGHTS to investors, prospective investors, employees, consultants and agents with a need to know, collaborators,
prospective collaborators and other THIRD PARTIES in the chain of manufacturing and distribution provided that COMPANY obtains
from such parties written confidentiality agreements, the provisions of which are at least as restrictive and protective of DUKE’s
CONFIDENTIAL INFORMATION as those provided in this Article 11.

 

11.04 Confidentiality
of Prosecution History. Subject to the exceptions set forth in Section 11.01, but not notwithstanding anything else to the
contrary in this AGREEMENT, all information relating to filing, prosecution, maintenance, defense, infringement, and the like
regarding the PATENT RIGHTS (no matter how disclosed), shall be considered CONFIDENTIAL INFORMATION of DUKE and subject to the
obligations of restricted use and non-disclosure set forth in this Article 11.

 

Article
12 - NOTICES

 

12.01 It
shall be a sufficient giving of any notice, request, report, statement, disclosure or other communication hereunder, if the party
giving the same shall

 

1. hand
deliver such communication; or

 

2. mail
such a communication, postage prepaid, first class, certified mail, return receipt requested; or

 

3. send
such communication, shipping prepaid by national/international courier service guaranteeing next-business-day delivery

 

to
the party to receive such communication at the address given below or as given in Section 3.07, in the case of payments and/or
reports due in accordance with Sections 3.01, 3.06, 4.01, 4.02, 5.01, 5.02, 5.03, 6.02, and 6.03 or such other address as may
hereafter be designated by notice in writing by the appertaining party.

 

	DUKE	COMPANY

 

For
delivery via the U.S. Postal Service:

	

        Duke
        University Office of

        Licensing
        & Ventures

        Attention:
        Financial Administrator

        Box
        90083 Duke University

        Durham,
        NC 27708 USA
	Humacyte,
        Inc.

        P.O.
        Box 12016

        21
        Davis Drive, Suite 140

        Research
        Triangle Park, NC 27709

 

For
delivery via nationally/internationally recognized courier:

 

Duke
University Office of

Licensing
& Ventures

Attention:
Financial Administrator

3100
Tower Blvd. Suite 1340

Durham,
NC 27707 USA

 

		cc:	(if
                                         of a legal nature, which such copy shall not constitute notice in the case of COMPANY
                                         or DUKE)

 

	Office
of University Counsel

        Duke
        University

        2400
        Pratt Street, Suite 4000

        Durham,
        NC 27710 USA
	Bradford
        R. Lenox, Esq.

        DLA
        Piper Rudnick Gray Cary US LLP

        4700
        Six Forks Road, Suite 200

        Raleigh,
        NC 27609

 

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12.02 The
date of giving any such notice, request, report, statement, disclosure or other communications, and the date of making any payment
hereunder required (provided such payment is received), shall be the actual date of receipt.

 

Article
13 — TRANSFER OF DUKE MATERIALS AND KNOW-HOW TO COMPANY

 

13.01 Transfer
to COMPANY of DUKE MATERIALS and/or KNOW-HOW of a tangible biological and/or chemical nature (that is, not KNOW-HOW in a written
or electronic form) shall be transferred subject to the terms set forth in this Article 13 and elsewhere in this AGREEMENT including
those terms set forth in a material transfer agreement as shall be agreed to by the parties and shall not be transferred to COMPANY
until after the full execution by appropriate and authorized representatives of the respective parties of an appertaining material
transfer record form that expressly identifies all of the subject DUKE MATERIALS and/or KNOW-HOW to be transferred at that point
in time.

 

Article
14 - ASSIGNMENT

 

14.01 This
AGREEMENT shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto. However,
notwithstanding the foregoing, neither party may assign its rights in this AGREEMENT without approval by the other party, such
approval not to be unreasonably withheld or delayed, provided, however, that such consent shall not be required in connection
with a REORGANIZATION EVENT if (a) the acquiring entity first provides to DUKE express, written notification that it agrees to
undertake, perform and comply with all of the terms and conditions of this AGREEMENT and (b) DUKE receives the REORGANIZATION
EVENT ASSIGNMENT FEE (as hereinafter defined), within thirty (30) days of the effective date of such REORGANIZATION EVENT; provided, however,
that no REORGANIZATION EVENT ASSIGNMENT FEE will be payable in the case of (1) an assignment to a COMPANY AFFILIATE or (2) a bona
fide joint venture where (i) the joint venture requires the transfer of this AGREEMENT to a separate entity; (ii) the counterparty
to the joint venture (aa) is a publicly reporting company under the Securities Exchange Act of 1934 with a market capitalization
of at least $[***] or (bb) has annual revenues in its most recently completed fiscal year of at least $[***]; and (iii) the composition
of the shareholders of the COMPANY immediately prior to such REORGANIZATION EVENT does not materially change as a result of the
REORGANIZATION EVENT. In case of a REORGANIZATION EVENT whereby the COMPANY attempts to assign this AGREEMENT or its rights hereunder,
DUKE will be entitled to receive US$[***] or such financial equivalent in stock or other financial instrument as DUKE may approve
in writing (such approval not to be unreasonably withheld or delayed) (the “REORGANIZATION EVENT ASSIGNMENT FEE”).

 

    -27-

     

    

 

Article
15 - INDEMNITY, INSURANCE, REPRESENTATIONS, STATUS

 

15.01 General
Indemnification. DUKE, and its trustees, officers, employees, faculty members, students, and agents (the “INDEMNITEES”)
will be indemnified, defended by counsel reasonably acceptable to DUKE, and held harmless by COMPANY and appertaining COMPANY
AFFILIATES and/or SUBLICENSEES (as the case may be) from and against any claim, liability, cost, expense, damage, deficiency,
loss or obligation, of any kind or nature (including, without limitation, reasonable attorneys’ fees and other costs and
expenses of defense) (collectively, “CLAIMS”) based upon, arising out of, or otherwise relating to this AGREEMENT
including, but not limited to, (a) any action relating to product liability, and (b) any CLAIM that a LICENSED PRODUCT, and/or
LICENSED SERVICE and/or practice of any of the PATENT RIGHTS and/or KNOW-HOW infringes the intellectual property of a THIRD PARTY.
However, the foregoing indemnity shall not apply to CLAIMS to the extent that they are (y) caused by the negligence or willful
misconduct of DUKE, DUKE employees, DUKE faculty members, students, and/or agents acting solely within the performance of their
respective responsibilities at DUKE, and/or (z) acts of God or other events for which COMPANY and appertaining COMPANY AFFILIATES
and/or SUBLICENSEES (as the case may be) have no control. The INDEMNITEES agree to provide COMPANY with prompt written notice
of any claim, suit, action, demand, or judgment for which indemnification is sought under this AGREEMENT. The INDEMNITEES shall
provide reasonable cooperation to COMPANY in such defense and will permit COMPANY to conduct and control such defense and the
disposition of such claim, suit, or action (including all decisions relative to litigation, appeal, and settlement); provided,
however, that any INDEMNITEE shall have the right to retain its own separate counsel in any such action and participate in the
defense thereof, but the fees and expenses of such counsel shall be at the expense of such INDEMNITEE. The COMPANY shall not be
liable for the fees and expenses of more than one counsel for the INDEMNITEES. COMPANY agrees to keep DUKE informed of the progress
in the defense and disposition of such claim and to consult with DUKE with regard to any proposed settlement.

 

15.02 Insurance.
COMPANY, COMPANY AFFILIATES and SUBLICENSEES shall purchase and maintain in effect, at their respective sole expense, with reputable
insurance companies, appropriate insurance policies, including, but not limited to a policy of product liability insurance and
a policy of general commercial liability insurance, in such amounts as is reasonably sufficient and commercially reasonable to
protect against the liabilities imposed pursuant to Section 15.01 above; provided, however, that no product liability insurance
shall be required by any PERSON until the first use, sale, or transfer of a LICENSED PRODUCT developed, licensed, or manufactured
by such PERSON or a LICENSED SERVICE licensed from or provided by such PERSON with a human patient (the “PRODUCT LIABILITY
INSURANCE DEFERRAL”). Further, COMPANY and/or COMPANY AFFILIATES (as the case may be) will require that each SUBLICENSEE,
purchase and maintain in effect, at its sole expense, with reputable insurance companies, appropriate insurance policies, including,
but not limited to a policy of product liability insurance (subject to the same PRODUCT LIABILITY INSURANCE DEFERRAL) and a policy
of general liability insurance, in such amounts as is reasonably sufficient and commercially reasonable to protect against their
respective liability as regards Section 15.01 above. DUKE shall have the right to ascertain from time to time that any required
coverage under this Section 15.02 exists, such right to be exercised by DUKE in a reasonable manner.

 

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15.03 Representations
and Warranties of DUKE. DUKE represents and warrants that, to the best knowledge of OLV,

 

(a) DUKE
has the authority to enter into this AGREEMENT;

 

(b) DUKE
has the authority to grant the PATENT RIGHTS LICENSE and KNOW-HOW LICENSE herein without the consent of any THIRD PARTY;

 

(c) DUKE
owns all right, title, and interest in and to the PATENT RIGHTS; and

 

(d) the
execution, delivery and performance of this AGREEMENT by DUKE do not violate any covenant or agreement to which DUKE is a party
or by which it is bound.

 

In
addition, DUKE represents and warrants that it will use its reasonable best efforts to have all DUKE faculty members, employees,
and students who are identified as INVENTORS assign to DUKE their respective rights in the appertaining PATENT RIGHTS in accordance
with DUKE’s patent policies.

 

15.04 No
Implied Representations or Warranties. EXCEPT AS EXPRESSLY SET FORTH IN SECTION 15.03, DUKE MAKES NO REPRESENTATIONS NOR EXTENDS
ANY WARRANTIES OF ANY KIND. IN PARTICULAR, THERE ARE NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OR THAT THE USE OF THE PATENT RIGHTS AND/OR KNOW-HOW DOES NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER RIGHTS.
IN ADDITION, NOTHING IN THIS AGREEMENT SHALL BE DEEMED TO BE A REPRESENTATION OR WARRANTY BY DUKE OF THE VALIDITY OF ANY OF THE
PATENT RIGHTS OR THE ACCURACY, SAFETY, EFFICACY, OR USEFULNESS, FOR ANY PURPOSE, OF THE PATENT RIGHTS OR KNOW-HOW. DUKE SHALL
HAVE NO OBLIGATION, EXPRESS OR IMPLIED, TO SUPERVISE, MONITOR, REVIEW OR OTHERWISE ASSUME RESPONSIBILITY FOR THE PRODUCTION, MANUFACTURE,
TESTING, MARKETING OR SALE OF ANY LICENSED PRODUCT AND/OR LICENSED SERVICE. (FOR AVOIDANCE OF DOUBT, IT IS UNDERSTOOD AND AGREED
THAT ANY SUCH ACTIVITY DESCRIBED IN THE PRECEDING SENTENCE BY, ONE OR MORE OF THE INVENTORS OR ANY OTHER DUKE TRUSTEE, FACULTY
MEMBER, EMPLOYEE, STUDENT, AND/OR AGENT SHALL BE DEEMED TO BE OUTSIDE THEIR RESPECTIVE CAPACITY AS A DUKE TRUSTEE, FACULTY MEMBER,
EMPLOYEE, STUDENT, AND/OR AGENT, AS THE CASE MAY BE.) FURTHER, DUKE SHALL HAVE NO LIABILITY WHATSOEVER TO COMPANY, COMPANY AFFILIATES,
SUBLICENSEES, OR ANY THIRD PARTIES FOR OR ON ACCOUNT OF ANY INJURY, LOSS, OR DAMAGE, OF ANY KIND OR NATURE, SUSTAINED BY, OR ANY
DAMAGE ASSESSED OR ASSERTED AGAINST, OR ANY OTHER LIABILITY INCURRED BY OR IMPOSED UPON COMPANY OR ANY OTHER PERSON OR ENTITY,
ARISING OUT OF OR IN CONNECTION WITH OR RESULTING FROM:

 

(a) the
production, use, practice, offering, lease, or sale of any LICENSED PRODUCT and/or LICENSED SERVICES;

 

(b) the
use of the PATENT RIGHTS, DUKE MATERIALS, and/or KNOW-HOW (the latter to the extent used by or related to the activities of COMPANY,
COMPANY AFFILIATES, or SUBLICENSEES); or

 

(c) any
advertising or other promotional activities with respect to any of the foregoing.

 

    -29-

     

    

 

15.05 No
Agency. Neither party hereto is an agent of the other party for any purpose whatsoever.

 

Article
16 - USE OF A PARTY’S NAME

 

16.01 No
party will, without the prior written consent of the other party:

 

(a) use
in any publication, advertising, publicity, press release, promotional activity or otherwise, any trade-name, personal name, trademark,
trade device, service mark, symbol, image, icon, or any abbreviation, contraction or simulation thereof owned by the other party;

 

(b) use
the name or image of any employee, faculty member, student, or agent of the other party in any publication, publicity, advertising,
press release, promotional activity or otherwise; or

 

(c) represent,
either directly or indirectly, that any product or service of the other party is a product or service of the representing party
or that it is made in accordance with, or utilizes the information or documents of, the other party.

 

The
restrictions on use of DUKE’s name set forth in this provision shall also be included in all SUBLICENSE AGREEMENTS.

 

Notwithstanding
the foregoing, COMPANY will be permitted to use DUKE’s name and the name of [***] (provided that COMPANY shall first have
secured written permission of [***] to use her name) in connection with: (i) COMPANY’s business plan; (ii) in other investor-related
documents to the extent required by applicable law; and (iii) information directed to prospective SUBLICENSEES or strategic alliance
partners. COMPANY may also state that the LICENSES have been granted to COMPANY by DUKE. DUKE shall not prevent its employees
from consenting to use their respective names, so long as such use does not represent to be endorsement by DUKE or an official
DUKE position. COMPANY shall not represent that any product or service is endorsed by DUKE.

 

    -30-

     

    

 

Article
17 — SEVERANCE AND WAIVER

 

17.01 Severability.
Each clause of this AGREEMENT is a distinct and severable clause and if any clause is deemed illegal, void or unenforceable, the
validity, legality or enforceability of any other clause or portion of this AGREEMENT will not be affected thereby.

 

17.02 No
Implied Waiver. No waiver of this AGREEMENT or any of the provisions herein contained is valid unless made in writing and
signed by a duly authorized representative of the party waiving. The failure of a party in any instance to insist upon the strict
performance of the terms of this AGREEMENT will not be construed to be a waiver or relinquishment of any of the terms of this
AGREEMENT, either at the time of the party’s failure to insist upon strict performance or at any time in the future, and
such terms will continue in full force and effect.

 

Article
18 - TITLES

 

18.01 All
titles and article headings contained in this AGREEMENT are inserted only as a matter of convenience and reference. They do not
define, limit, extend or describe the scope of this AGREEMENT or the intent of any of its provisions.

 

Article
19 — SURVIVAL OF TERMS

 

19.01 The
provisions of Articles 1, 3.01(b), (d), (e) (but with respect to 3.01(e), only with respect to the year in which expiration or
termination occurs), 3.03, 3.04, 3.05, 3.06, 3.07, 5.01, 5.03 (but only with respect to the year in which expiration or termination
occurs), 7, 8 (only to the extent that such infringement occurs during the term of this Agreement), 10, 11, 12, and 15 through
22 shall survive the expiration or termination of this AGREEMENT. Notwithstanding anything in this Agreement, anything that by
its nature must survive termination will survive.

 

Article
20 — GOVERNING LAW

 

20.01 This
AGREEMENT shall be construed as having been entered into in the State of North Carolina and shall be interpreted in accordance
with and its performance governed by the laws of the State of North Carolina, without regard to any choice-of-law or conflict-of-law
provision that would dictate the application of the law of another jurisdiction. Notwithstanding the foregoing, questions affecting
the construction and effect of any patent in PATENT RIGHTS shall be determined by the law of the country in which the patent was
granted.

 

Article
21 - ENTIRE UNDERSTANDING

 

21.01 This
AGREEMENT and this AGREEMENT’s recitals and all Appendices and Exhibits (all of which are incorporated herein by reference),
represent the entire understanding between the parties, and supersede all other agreements, express or implied, between the parties
concerning the subject matter hereof. This AGREEMENT shall not be subject to any change or modification except by the execution
of a written instrument subscribed to by the parties hereto.

 

    -31-

     

    

 

Article
22 — FORCE MAJEURE

 

22.01 Neither
party will be responsible for delays resulting from causes beyond the reasonable control of such party, including without limitation
failure to perform by counterparties, fire, explosion, flood, war, strike, or riot, provided that the nonperforming party uses
commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under this AGREEMENT
with reasonable dispatch whenever such causes are removed.

 

[Remainder
of Page Left Blank Intentionally]

 

    -32-

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this AGREEMENT on the dates set forth below.

 

	DUKE UNIVERSITY	 	HUMACYTE, INC.
	 	 	 	 	 
	By:	/s/ Rose Ritts	 	By:	/s/ Juliana Blum
	 	Rose Ritts, Ph.D	 	 	Juliana Blum
	 	Executive Director	 	 	Vice President
	 	Office of Licensing and Ventures	 	 
	 	 	 	 	 
	Date:	3/22/06	 	Date:	3/10/06

 

[Signature Page
to Exclusive Patent License Agreeinent between Duke University and Humacyte, Inc] 

 

     

     

    

 

APPENDICES

 

APPENDIX
A— SAMPLE MATERIAL TRANSFER AGREEMENT

 

APPENDIX
B— DUE DILIGENCE SCHEDULE

 

APPENDIX
C— ROYALTY REPORT FORM (SAMPLE)

 

APPENDIX
D—FORM OF RESTRICTED STOCK PURCHASE AGREEMENT

 

[Appendix List] 

 

     

     

    

 

APPENDIX
A

 

SAMPLE
MATERIAL TRANSFER AGREEMENT

 

[***]

 

    A-1

     

    

 

APPENDIX
B

 

DUE
DILIGENCE SCHEDULE

 

[***]

 

    B-1

     

    

 

APPENDIX
C

 

ROYALTY
REPORT FORM (SAMPLE)

 

[***]

 

    C-1

     

    

 

APPENDIX
D

 

FORM
OF RESTRICTED STOCK PURCHASE AGREEMENT

 

 

 

D-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}]]