Document:

EX-4.3

 Exhibit 4.3 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY OTHER SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH SECURITIES UNDER THE SECURITIES ACT AND ANY OTHER
APPLICABLE SECURITIES LAWS, OR (2) AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 
 IN
ADDITION, THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED, OR BE THE SUBJECT OF ANY HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE
EFFECTIVE ECONOMIC DISPOSITION OF SUCH SECURITIES BY ANY PERSON FOR A PERIOD OF ONE HUNDRED EIGHTY (180) DAYS IMMEDIATELY FOLLOWING THE DATE OF EFFECTIVENESS OF THE PUBLIC OFFERING OF THE COMPANY’S SECURITIES PURSUANT TO REGISTRATION
STATEMENT NO.: 333-208694 AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, EXCEPT IN ACCORDANCE WITH FINRA RULE 5110(G)(2). 

PULSE BIOSCIENCES, INC. 

UNDERWRITER WARRANT 

[●] shares of Common Stock 

[            ], 2016 

This UNDERWRITER WARRANT (this “Warrant”) of Pulse Biosciences, Inc., a corporation duly organized and
validly existing under the laws of the State of Nevada (the “Company”), is being issued pursuant to that certain Underwriting Agreement, dated [            ], 2016
(the “Underwriting Agreement”), between the Company and MDB Capital Group, LLC as representative of the underwriters (the “Underwriters”) relating to a firm commitment public offering (the
“Offering”) of shares of common stock, $0.001 par value, of the Company (the “Common Stock”) underwritten by the Underwriters. 

FOR VALUE RECEIVED, the Company hereby grants to
[                    ] and its permitted successors and assigns (collectively, the “Holder”) the right to purchase from the
Company up to [●] shares of Common Stock (such shares underlying this Warrant, the “Warrant Shares”), at a per share purchase price equal to $[125% of the Public Offering Price] (the “Exercise
Price”), subject to the terms, conditions and adjustments set forth below in this Warrant. 

 1. Date of Warrant Exercise. This Warrant shall become exercisable one hundred eighty
(180) days after the Base Date (the “Exercise Date”). As used in this Warrant, the term “Base Date” shall mean [            ], 2016 (the
effective date of the registration statement). Except as otherwise provided for herein or as permitted by applicable rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”), this Warrant and the underlying Warrant
Shares shall not be sold, transferred, assigned, pledged or hypothecated prior to the date that is one hundred eighty (180) days immediately following the Base Date pursuant to FINRA Rule 5110(g)(1), except as permitted under FINRA Rule
5110(g)(2). 
 2. Expiration of Warrant. This Warrant shall expire on the five (5) year anniversary of the Base Date (the
“Expiration Date”). 
 3. Exercise of Warrant. This Warrant shall be exercisable pursuant to the terms of this
Section 3. 
 3.1 Manner of Exercise. 

(a) This Warrant may only be exercised by the Holder hereof on or after the Exercise Date and on or prior to the Expiration Date, in
accordance with the terms and conditions hereof, in whole or in part (but not as to fractional shares) with respect to any portion of this Warrant, during the Company’s normal business hours on any day other than a Saturday or a Sunday or a day
on which commercial banking institutions in New York, New York are authorized by law to be closed (a “Business Day”), by surrender of this Warrant to the Company at its office maintained pursuant to Section 10.2(a) hereof,
accompanied by a written exercise notice in the form attached as Exhibit A to this Warrant (or a reasonable facsimile thereof) duly executed by the Holder, together with the payment of the aggregate Exercise Price for the number of
Warrant Shares purchased upon exercise of this Warrant. Upon surrender of this Warrant, the Company shall cancel this Warrant document and shall, in the event of partial exercise, replace it with a new Warrant document in accordance with
Section 3.3. 
 (b) Except as provided for in Section 3.1(c) below, each exercise of this Warrant must be accompanied by payment
in full of the aggregate Exercise Price in cash by check or wire transfer in immediately available funds for the number of Warrant Shares being purchased by the Holder upon such exercise. 

(c) The aggregate Exercise Price for the number of Warrant Shares being purchased may also, in the sole discretion of the Holder, be paid in
full or in part on a “cashless basis” at the election of the Holder: 
  

	 	(i)	in the form of Common Stock owned by the Holder (based on the Fair Market Value (as defined below) of such Common Stock on the date of exercise); 

 

	 	(ii)	 in the form of Warrant Shares withheld by the Company from the Warrant Shares otherwise to be received upon exercise of this Warrant having an
aggregate Fair Market 

	 	
Value on the date of exercise equal to the aggregate Exercise Price of the Warrant Shares being purchased by the Holder; or 

 

	 	(iii)	by a combination of the foregoing, provided that the combined value of all cash and the Fair Market Value of any shares surrendered to the Company is at least equal to the aggregate Exercise Price for the number of
Warrant Shares being purchased by the Holder. 

 For purposes of this Warrant, the term “Fair Market
Value” means with respect to a particular date, the average closing price of the Common Stock for the five (5) trading days immediately preceding the applicable exercise herein as officially reported by the principal securities
exchange on which the Common Stock is then listed or admitted to trading, or, if the Common Stock is not listed or admitted to trading on any securities exchange as determined in good faith by resolution of the Board of Directors of the Company,
based on the best information available to it. 
 To illustrate a cashless exercise of this Warrant under Section 3.1 (c)(ii) (or for a
portion thereof for which cashless exercise treatment is requested as contemplated by Section 3.1(c)(iii) hereof), the calculation of such exercise shall be as follows: 

X = Y (A-B)/A 
 where: 

 

	 	X =	the number of Warrant Shares to be issued to the Holder (rounded to the nearest whole share). 

  

	 	Y =	the number of Warrant Shares with respect to which this Warrant is being exercised. 

  

	 	A =	the Fair Market Value of the Common Stock. 

  

	 	B =	the Exercise Price. 

 (d) For purposes of Rule 144 and sub-section (d)(3)(ii) thereof, it is
intended, understood, and acknowledged that the Common Stock issuable upon exercise of this Warrant in a cashless exercise transaction as described in Section 3.1(c) above shall be deemed to have been acquired at the time this Warrant was
issued. Moreover, it is intended, understood, and acknowledged that the holding period for the Common Stock issuable upon exercise of this Warrant in a cashless exercise transaction as described in Section 3.1(c) above shall be deemed to have
commenced on the date this Warrant was issued. 
 3.2 When Exercise Effective. Each exercise of this Warrant shall be deemed to have
been effected immediately prior to the close of business on the Business Day on which 

 
this Warrant shall have been duly surrendered to the Company as provided in Sections 3.1 and 12 hereof, and, at such time, the Holder in whose name any certificate or certificates for Warrant
Shares shall be issuable upon exercise as provided in Section 3.3 hereof shall be deemed to have become the holder or holders of record thereof of the number of Warrant Shares purchased upon exercise of this Warrant. 

3.3 Delivery of Common Stock Certificates and New Warrant. As soon as reasonably practicable after each exercise of this Warrant, in
whole or in part, and in any event within three (3) Business Days thereafter, the Company, at its expense (including the payment by it of any applicable issue taxes), will cause to be issued in the name of and delivered to the Holder hereof or,
subject to Sections 9 and 10 hereof, as the Holder (upon payment by the Holder of any applicable transfer taxes) may direct: 
 (a) a
certificate or certificates (with appropriate restrictive legends, as applicable) for the number of duly authorized, validly issued, fully paid and non-assessable Warrant Shares to which the Holder shall be entitled upon exercise; and 

(b) in case exercise is in part only, a new Warrant document of like tenor, dated the date hereof, for the remaining number of Warrant Shares
issuable upon exercise of this Warrant after giving effect to the partial exercise of this Warrant (including the delivery of any Warrant Shares as payment of the Exercise Price for such partial exercise of this Warrant). 

4. Certain Adjustments. For so long as this Warrant is outstanding: 

4.1 Mergers or Consolidations. If at any time after the date hereof there shall be a capital reorganization (other than a combination
or subdivision of Common Stock otherwise provided for herein) resulting in a reclassification to or change in the terms of securities issuable upon exercise of this Warrant (a “Reorganization”), or a merger or consolidation of the
Company with another corporation, association, partnership, organization, business, individual, government or political subdivision thereof or a governmental agency (a “Person” or the “Persons”) (other
than a merger with another Person in which the Company is a continuing corporation and which does not result in any reclassification or change in the terms of securities issuable upon exercise of this Warrant or a merger effected exclusively for the
purpose of changing the domicile of the Company) (a “Merger”), then, as a part of such Reorganization or Merger, lawful provision and adjustment shall be made so that the Holder shall thereafter be entitled to receive, upon
exercise of this Warrant, the number of shares of stock or any other equity or debt securities or property receivable upon such Reorganization or Merger by a holder of the number of shares of Common Stock which might have been purchased upon
exercise of this Warrant immediately prior to such Reorganization or Merger. In any such case, appropriate adjustment shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after the
Reorganization or Merger to the end that the provisions of this Warrant (including adjustment of the Exercise Price then in effect and the number of Warrant Shares) shall be applicable after that event, as near as reasonably may be, in relation to
any shares of stock, securities, property or other assets thereafter deliverable upon exercise of this Warrant. The provisions of this Section 4.1 shall similarly apply to successive Reorganizations and/or Mergers. 

 4.2 Splits and Subdivisions; Dividends. In the event the Company should at any time or
from time to time effectuate a split or subdivision of the outstanding shares of Common Stock or pay a dividend in or make a distribution payable in additional shares of Common Stock or other securities, or rights convertible into, or entitling the
holder thereof to receive, directly or indirectly, additional shares of Common Stock (hereinafter referred to as “Common Stock Equivalents”) without payment of any consideration by such holder for the additional shares of Common
Stock or Common Stock Equivalents (including the additional shares of Common Stock issuable upon conversion or exercise thereof), then, as of the applicable record date (or the date of such distribution, split or subdivision if no record date is
fixed), the per share Exercise Price shall be appropriately decreased and the number of Warrant Shares shall be appropriately increased in proportion to such increase (or potential increase) of outstanding shares; provided, however,
that no adjustment shall be made in the event the split, subdivision, dividend or distribution is not effectuated.
 4.3 Combination of
Shares. If the number of shares of Common Stock outstanding at any time after the date hereof is decreased by a combination of the outstanding shares of Common Stock, the per share Exercise Price shall be appropriately increased and the number
of shares of Warrant Shares shall be appropriately decreased in proportion to such decrease in outstanding shares. 
 4.4 Adjustments for
Other Distributions. In the event the Company shall declare a distribution payable in securities of other Persons, evidences of indebtedness issued by the Company or other Persons, assets (excluding cash dividends or distributions to the holders
of Common Stock paid out of current or retained earnings and declared by the Company’s Board of Directors and excluding any shares of Common Stock issued by the Company in connection with the non-transferable contractual right granted in
connection with the Company’s initial public offering) or options or rights not referred to in Sections 4.2 or 4.3 then, in each such case for the purpose of this Section 4.4, upon exercise of this Warrant, the Holder shall be entitled to
a proportionate share of any such distribution as though the Holder was the actual record holder of the number of Warrant Shares as of the record date fixed for the determination of the holders of Common Stock of the Company entitled to receive such
distribution. 
 5. No Impairment. The Company will not, by amendment of its articles of incorporation or by-laws or through any
consolidation, merger, reorganization, transfer of assets, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in
good faith assist in the carrying out of all of the terms and in the taking of all actions necessary or appropriate in order to protect the rights of the Holder against impairment. 

6. Notice as to Adjustments. With respect to each adjustment pursuant to Section 4 of this Warrant, the Company, at its expense,
will promptly compute the adjustment or re-adjustment in accordance with the terms of this Warrant and furnish the Holder with a certificate certified and confirmed by the Secretary or Chief Financial Officer of the Company setting forth, in
reasonable detail, the event requiring the adjustment or re-adjustment and the amount of such adjustment or re-adjustment, the method of calculation thereof and the facts upon which the 

 
adjustment or re-adjustment is based, and the Exercise Price and the number of Warrant Shares or other securities purchasable hereunder after giving effect to such adjustment or re-adjustment,
which report shall be mailed by first class mail, postage prepaid to the Holder. 
 7. Reservation of Shares. The Company shall,
solely for the purpose of effecting the exercise of this Warrant, at all times during the term of this Warrant, reserve and keep available out of its authorized shares of Common Stock, free from all taxes, liens and charges with respect to the issue
thereof and not subject to preemptive rights of shareholders of the Company, such number of its shares of Common Stock as shall from time to time be sufficient to effect in full the exercise of this Warrant. If at any time the number of authorized
but unissued shares of Common Stock shall not be sufficient to effect in full the exercise of this Warrant, in addition to such other remedies as shall be available to Holder, the Company will promptly take such corporate action as may, in the
opinion of its counsel, be necessary to increase the number of authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes, including without limitation, using its Reasonable Commercial Efforts
(as defined in Section 14 hereof) to obtain the requisite shareholder approval necessary to increase the number of authorized shares of Common Stock. The Company hereby represents and warrants that all shares of Common Stock issuable upon
proper exercise of this Warrant shall be duly authorized and, when issued and paid for upon proper exercise, shall be validly issued, fully paid and nonassessable. 

8. Registration and Listing. 

8.1 Definition of Registrable Securities; Majority. As used herein, the term “Registrable Securities” means any shares
of Common Stock issuable upon the exercise of this Warrant until the date (if any) on which such shares shall have been transferred or exchanged and new certificates for them not bearing a legend restricting further transfer shall have been
delivered by the Company and subsequent disposition of the shares shall not require registration or qualification under the Securities Act or any similar state law then in force. For purposes of this Warrant, the term “Majority
Holders” shall mean in excess of fifty percent (50%) of the then outstanding Warrant Shares. 
 8.2 Demand Registration
Rights. 
 (a) The Company, upon written demand (“Demand Notice”) of the Majority Holders, agrees to register on one
occasion all of the Registrable Securities (a “Demand Right”); provided, however, that the Holders shall have no Demand Right if and only if the Registrable Securities may be sold without any limitations or
restrictions under Rule 144. On such occasion, the Company will file a registration statement or a post-effective amendment to the Registration Statement covering the Registrable Securities within forty-five (45) days after receipt of a Demand
Notice and use its Reasonable Commercial Efforts to have such registration statement or post-effective amendment declared effective as soon as possible thereafter; provided, however, that the Company shall not be required to comply
with a Demand Notice if the Company has filed a registration statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section 8.3 hereof and either: (i) the Holder has elected to participate in
the offering covered by such registration statement or (ii) if such registration 

 
statement relates to an underwritten primary offering of securities of the Company, until the offering covered by such registration statement has been withdrawn or until thirty (30) days
after such offering is consummated. The demand for registration may be made at any time during a period of five years beginning from the Base Date. The Company covenants and agrees to give written notice of its receipt of any Demand Notice by any
Holder(s) to all other registered Holders of the Warrants and/or the Registrable Securities within ten (10) days from the date of the receipt of any such Demand Notice. 

(b) The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 8.2(a), but the
Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. The Company agrees to use its Reasonable Commercial
Efforts to qualify or register the Registrable Securities in such states as are reasonably requested by the Majority Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in
a state in which such registration would cause (i) the Company to be obligated to register, license or qualify to do business in such state, submit to general service of process in such state or would subject the Company to taxation as a
foreign corporation doing business in such jurisdiction or (ii) the principal stockholders of the Company to be obligated to escrow their shares of capital stock of the Company. The Company shall cause any registration statement or
post-effective amendment filed pursuant to the demand right granted under Section 8.2(a) to remain effective for a period of nine consecutive months from the effective date of such registration statement or post-effective amendment. The Holders
shall only use the prospectuses provided by the Company to sell the Registrable Securities covered by such registration statement, and will immediately cease to use any prospectus furnished by the Company if the Company advises the Holder that such
prospectus may no longer be used due to a material misstatement or omission. 
 8.3 Incidental Registration Rights. 

(a) If the Company, for a period of seven (7) years commencing from the Base Date, proposes to register any of its securities under the
Securities Act (other than in connection with a transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to registration on Form S-4 or S-8 or any successor forms) whether for its own account or for the account of any
holder or holders of its shares other than Registrable Securities (any shares of such holder or holders (but not those of the Company and not Registrable Securities) with respect to any registration are referred to herein as, “Other
Shares”), the Company shall at each such time give prompt (but not less than thirty (30) days prior to the anticipated effectiveness thereof) written notice to the holders of Registrable Securities of its intention to do so. The
holders of Registrable Securities shall exercise the “piggy-back” rights provided herein by giving written notice within ten (10) days after the receipt of any such notice (which request shall specify the Registrable Securities
intended to be disposed of by such holder). Except as set forth in Section 8.3(b), the Company will use its Reasonable Commercial Efforts to effect the registration under the Securities Act of all of the Registrable Securities which the Company
has been so requested to register by such holder, to the extent required to permit the disposition of the Registrable Securities so to be registered, by inclusion of such Registrable Securities in the registration statement which covers the
securities which the Company proposes to register. The Company will pay all Registration Expenses in connection with each registration of Registrable Securities pursuant to this Section 8.3. 

 (b) If the Company at any time proposes to register any of its securities under the Securities
Act as contemplated by this Section 8.3 and such securities are to be distributed by or through one or more underwriters, the Company will, if requested by a holder of Registrable Securities, use its Reasonable Commercial Efforts to arrange for
such underwriters to include all the Registrable Securities to be offered and sold by such holder among the securities to be distributed by such underwriters, provided that if the managing underwriter of such underwritten offering shall inform the
Company by letter of its belief that inclusion in such distribution of all or a specified number of such securities proposed to be distributed by such underwriters would interfere with the successful marketing of the securities being distributed by
such underwriters (such letter to state the basis of such belief and the approximate number of such Registrable Securities, such Other Shares and shares held by the Company proposed so to be registered which may be distributed without such effect),
then the Company may, upon written notice to such holder, the other holders of Registrable Securities, and holders of such Other Shares, reduce pro rata in accordance with the number of shares of Common Stock desired to be included in such
registration (if and to the extent stated by such managing underwriter to be necessary to eliminate such effect) the number of such Registrable Securities and Other Shares the registration of which shall have been requested by each holder thereof so
that the resulting aggregate number of such Registrable Securities and Other Shares so included in such registration, together with the number of securities to be included in such registration for the account of the Company, shall be equal to the
number of shares stated in such managing underwriter’s letter. 
 8.4 Registration Procedures. Whenever the holders of
Registrable Securities have properly requested that any Registrable Securities be registered pursuant to the terms of this Warrant, the Company shall use its Reasonable Commercial Efforts to effect the registration for the sale of such Registrable
Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its Reasonable Commercial
Efforts to cause such registration statement to become effective; 
 (b) notify such holders of the effectiveness of each registration
statement filed hereunder and prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to (i) keep such registration statement effective and
the prospectus included therein usable for a period commencing on the date that such registration statement is initially declared effective by the SEC and ending on the date when all Registrable Securities covered by such registration statement have
been sold pursuant to the registration statement or cease to be Registrable Securities, and (ii) comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during
such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration statement; 

 (c) furnish to such holders such number of copies of such registration statement, each amendment
and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus) and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such holders; 
 (d) use its Reasonable Commercial Efforts to register or qualify such Registrable Securities under
such other securities or blue sky laws of such jurisdictions as such holders reasonably request and do any and all other acts and things which may be reasonably necessary or advisable to enable such holders to consummate the disposition in such
jurisdictions of the Registrable Securities owned by such holders; provided, however, that the Company shall not be required to: (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to
qualify but for this subparagraph; (ii) subject itself to taxation in any such jurisdiction; or (iii) consent to general service of process in any such jurisdiction; 

(e) notify such holders, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the
happening of any event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any material fact necessary to make the statements therein, in light of the circumstances in
which they are made, not materially misleading, and, at the reasonable request of such holders, the Company shall prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities,
such prospectus shall not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances in which they are made, not materially misleading; 

(f) provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration
statement; 
 (g) make available for inspection by any underwriter participating in any disposition pursuant to such registration
statement, and any attorney, accountant or other agent retained by any such underwriter, all financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors, managers,
employees and independent accountants to supply all information reasonably requested by any such underwriter, attorney, accountant or agent in connection with such registration statement; 

(h) otherwise use its Reasonable Commercial Efforts to comply with all applicable rules and regulations of the SEC, and make available to its
security holders, as soon as reasonably practicable, an earnings statement of the Company, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and, at the option of the Company, Rule 158 thereunder; 

(i) in the event of the issuance of any stop order suspending the effectiveness of a registration statement, or of any order suspending or
preventing the use of any 

 
related prospectus or suspending the qualification of any Registrable Securities included in such registration statement for sale in any jurisdiction, the Company shall use its Reasonable
Commercial Efforts promptly to obtain the withdrawal of such order; and 
 (j) if the offering is underwritten, use its Reasonable
Commercial Efforts to furnish on the date that Registrable Securities are delivered to the underwriters for sale pursuant to such registration, an opinion dated such date of counsel representing the Company for the purposes of such registration,
addressed to the underwriters covering such issues as are reasonably required by such underwriters. 
 8.5 Listing. The Company shall
secure the listing of the Common Stock underlying this Warrant upon each national securities exchange or automated quotation system upon which shares of Common Stock are then listed or quoted (subject to official notice of issuance) and shall
maintain such listing of shares of Common Stock. The Company shall at all times comply in all material respects with the Company’s reporting, filing and other obligations under the by-laws or rules of The NASDAQ Stock Market (or such other
national securities exchange or market on which the Common Stock may then be listed, as applicable). 
 8.6 Expenses. The Company
shall pay all Registration Expenses relating to the registration and listing obligations set forth in this Section 8. For purposes of this Warrant, the term “Registration Expenses” means: (a) all registration, filing and
FINRA fees, (b) all reasonable fees and expenses of complying with securities or blue sky laws, (c) all word processing, duplicating and printing expenses, (d) the fees and disbursements of counsel for the Company and of its
independent public accountants, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance, (e) premiums and other costs of policies of insurance (if any) against
liabilities arising out of the public offering of the Registrable Securities being registered if the Company desires such insurance, if any, and (f) fees and disbursements of one counsel for the selling holders of Registrable Securities;
provided, however, that, in any case where Registration Expenses are not to be borne by the Company, such expenses shall not include (and such expenses shall be borne by the Company): (i) salaries of Company personnel or general
overhead expenses of the Company, (ii) auditing fees, (iii) premiums or other expenses relating to liability insurance required by underwriters of the Company, or (iv) other expenses for the preparation of financial statements or
other data, to the extent that any of the foregoing either is normally prepared by the Company in the ordinary course of its business or would have been incurred by the Company had no public offering taken place. Registration Expenses shall not
include any underwriting discounts and commissions which may be incurred in the sale of any Registrable Securities and transfer taxes of the selling holders of Registrable Securities. 

8.7 Information Provided by Holders. Any holder of Registrable Securities included in any registration shall furnish to the Company
such information as the Company may reasonably request in writing, including, but not limited to, a completed and executed questionnaire requesting information customarily sought of selling security holders, to enable the Company to comply with the
provisions hereof in connection with any registration referred to in this Warrant. 

 8.8 FINRA Public Offering System Filings. In the event that a registration statement
covering the Registrable Securities is filed, within one (1) Business Day of the filing of such registration statement, the Company will prepare and file the selling stockholder resale offering described in such registration statement for
review by FINRA via the FINRA’s Public Offering System filing system (“Public Offering System Filing”) for the purpose of having the prospectus contained within such registration statement treated as a “base
prospectus” in connection with such resale offering. The Company will use its Reasonable Commercial Efforts to have the Public Offering System Filing approved by FINRA within thirty (30) days of such filing date. The Company shall bear all
expenses of the Public Offering System Filing, including fees and expenses of one counsel or other advisor to the Holder. In all circumstances, the Company shall pay for all FINRA filing fees associated with the Public Offering System Filing. 

8.9 Effectiveness Period. The Company shall use its Reasonable Commercial Efforts to keep each registration statement contemplated
hereunder continuously effective under the Securities Act until the date which is the earlier date of when (i) all Registrable Securities covered by such Registration Statement have been sold or (ii) all Registrable Securities covered by
such Registration Statement may be sold immediately without registration under the Securities Act and without volume restrictions pursuant to Rule 144 under the Securities Act, as determined by the counsel to the Company pursuant to a written
opinion letter to such effect, addressed and reasonably acceptable to the Company’s transfer agent and the affected holders of Registrable Securities. 

8.10 Net Cash Settlement. Notwithstanding anything herein to the contrary, in no event will the Holder hereof be entitled to receive a
net-cash settlement as liquidated damages in lieu of physical settlement in shares of Common Stock, regardless of whether the Common Stock underlying this Warrant is registered pursuant to an effective registration statement; provided,
however, that the foregoing will not preclude the Holder from seeking other remedies at law or equity for breaches by the Company of its registration obligations hereunder. 

9. Restrictions on Transfer. 

9.1 Restrictive Legends. This Warrant and each Warrant issued upon transfer or in substitution for this Warrant pursuant to
Section 10 hereof, each certificate for Common Stock issued upon the exercise of the Warrant and each certificate issued upon the transfer of any such Common Stock shall be transferable only upon satisfaction of the conditions specified in this
Section 9. Each of the foregoing securities shall be stamped or otherwise imprinted with a legend reflecting the restrictions on transfer set forth herein and any restrictions required under the Securities Act or other applicable securities
laws. 

 9.2 Notice of Proposed Transfer. Prior to any transfer of any securities which are not
registered under an effective registration statement under the Securities Act (“Restricted Securities”), which transfer may only occur if there is an exemption from the registration provisions of the Securities Act
and all other applicable securities laws, the Holder will give written notice to the Company of the Holder’s intention to effect a transfer (and shall describe the manner and circumstances of the proposed transfer). The following provisions
shall apply to any proposed transfer of Restricted Securities: 
 (i) If in the opinion of counsel for the Holder reasonably satisfactory
to the Company the proposed transfer may be effected without registration of the Restricted Securities under the Securities Act (which opinion shall state in detail the basis of the legal conclusions reached therein), the Holder shall thereupon be
entitled to transfer the Restricted Securities in accordance with the terms of the notice delivered by the Holder to the Company. Each certificate representing the Restricted Securities issued upon or in connection with any transfer shall bear the
restrictive legends required by Section 9.1 hereof. 
 (ii) If the opinion called for in (i) above is not delivered, the Holder
shall not be entitled to transfer the Restricted Securities until either: (x) receipt by the Company of a further notice from such Holder pursuant to the foregoing provisions of this Section 9.2 and fulfillment of the provisions of clause
(i) above, or (y) such Restricted Securities have been effectively registered under the Securities Act. 
 9.3 Certain Other
Transfer Restrictions. Notwithstanding any other provision of this Warrant: (i) prior to the Exercise Date, this Warrant or the Restricted Securities thereunder may only be transferred or assigned to the persons permitted under FINRA Rule
5110(g), and (ii) subject at all times to FINRA Rule 5110(g), no opinion of counsel shall be necessary for a transfer of Restricted Securities by the holder thereof to any Person employed by or owning equity in the Holder, if the transferee
agrees in writing to be subject to the terms hereof to the same extent as if the transferee were the original purchaser hereof and such transfer is permitted under applicable securities laws. 

9.4 Termination of Restrictions. Except as set forth in Section 9.3 hereof and subject at all times to FINRA Rule 5110(g), the
restrictions imposed by this Section 9 upon the transferability of Restricted Securities shall cease and terminate as to any particular Restricted Securities: (a) which shall have been effectively registered under the Securities Act, or
(b) when, in the opinion of counsel for the Company, such restrictions are no longer required in order to insure compliance with the Securities Act or Section 10 hereof. Whenever such restrictions shall cease and terminate as to any
Restricted Securities, the Holder thereof shall be entitled to receive from the Company, without expense (other than applicable transfer taxes, if any), new securities of like tenor not bearing the applicable legends required by Section 9.1
hereof. 
 10. Ownership, Transfer, Sale and Substitution of Warrant. 

10.1 Ownership of Warrant. The Company may treat any Person in whose name this Warrant is registered in the Warrant Register maintained
pursuant to Section 10.2(b) hereof as the owner and holder thereof for all purposes, notwithstanding any notice to the contrary, except that, if and when any Warrant is properly assigned in blank, the Company may (but shall not be obligated to)
treat the bearer thereof as the owner of such Warrant for all purposes, notwithstanding any notice to the contrary. Subject to Sections 9 and 10 hereof, this Warrant, if properly assigned, may be exercised by a new holder without a new Warrant first
having been issued. 

 10.2 Office; Exchange of Warrant. 

(a) The Company will maintain its principal office at the location identified in the prospectus relating to the Offering or at such other
offices as set forth in the Company’s most current filing (as of the date notice is to be given) under the Securities Exchange Act of 1934, as amended, or as the Company otherwise notifies the Holder. 

(b) The Company shall cause to be kept at its office maintained pursuant to Section 10.2(a) hereof a Warrant Register for the
registration and transfer of the Warrant. The name and address of the holder of the Warrant, the transfers thereof and the name and address of the transferee of the Warrant shall be registered in such Warrant Register. The Person in whose name the
Warrant shall be so registered shall be deemed and treated as the owner and holder thereof for all purposes of this Warrant, and the Company shall not be affected by any notice or knowledge to the contrary. 

(c) Upon the surrender of this Warrant, properly endorsed, for registration of transfer or for exchange at the office of the Company
maintained pursuant to Section 10.2(a) hereof, the Company at its expense will (subject to compliance with Section 9 hereof, if applicable) execute and deliver to or upon the order of the Holder thereof a new Warrant of like tenor, in the
name of such holder or as such holder (upon payment by such holder of any applicable transfer taxes) may direct, calling in the aggregate on the face thereof for the number of shares of Common Stock called for on the face of the Warrant so
surrendered (after giving effect to any previous adjustment(s) to the number of Warrant Shares). 
 10.3 Replacement of Warrant. Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of any such loss, theft or destruction of this Warrant, upon delivery of indemnity reasonably satisfactory to
the Company in form and amount or, in the case of any mutilation, upon surrender of this Warrant for cancellation at the office of the Company maintained pursuant to Section 10.2(a) hereof, the Company will execute and deliver, in lieu thereof,
a new Warrant of like tenor and dated the date hereof. 
 10.4 Opinions. In connection with the sale of the Warrant Shares by Holder,
the Company agrees to cooperate with the Holder, and at the Company’s expense, to have its counsel provide any legal opinions required to remove the restrictive legends from the Warrant Shares in connection with a sale, transfer or legend
removal request of Holder. 
 11. No Rights or Liabilities as Stockholder. No Holder shall be entitled to vote or be deemed the
holder of any equity securities which may at any time be issuable on the exercise hereof, nor shall anything contained herein be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote for
the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par
value, consolidation, merger, conveyance, or otherwise) or to receive notice of meetings until the Warrant shall have been exercised and the shares of Common Stock purchasable upon the exercise hereof shall have become deliverable, as provided
herein. 

 12. Notices. Any notice or other communication in connection with this Warrant shall be
given in writing and directed to the parties hereto as follows: (a) if to the Holder, at the address of the holder in the warrant register maintained pursuant to Section 10 hereof, or (b) if to the Company, to the attention of its
Chief Executive Officer at its office maintained pursuant to Section 10.2(a) hereof; provided that the exercise of the Warrant shall also be effected in the manner provided in Section 3 hereof. Notices shall be deemed properly
delivered and received when delivered to the notice party (i) if personally delivered, upon receipt or refusal to accept delivery, (ii) if sent via facsimile, upon mechanical confirmation of successful transmission thereof generated by the
sending telecopy machine, (iii) if sent by a commercial overnight courier for delivery on the next Business Day, on the first Business Day after deposit with such courier service, or (iv) if sent by registered or certified mail, five
(5) Business Days after deposit thereof in the U.S. mail. 
 13. Payment of Taxes. The Company will pay all documentary stamp
taxes attributable to the issuance of shares of Common Stock underlying this Warrant upon exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any
transfer involved in the transfer or registration of this Warrant or any certificate for shares of Common Stock underlying this Warrant in a name other that of the Holder. The Holder is responsible for all other tax liability that may arise as a
result of holding or transferring this Warrant or receiving shares of Common Stock underlying this Warrant upon exercise hereof. 
 14.
Miscellaneous. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. This
Warrant shall be construed and enforced in accordance with and governed by the laws of the State of California. Each of the parties consents to the exclusive jurisdiction of the Federal or state courts whose districts encompass any part of the
County of Los Angeles located in the City of Los Angeles, California in connection with any dispute arising under this Agreement and hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum
non conveniens, to the bringing of any such proceeding in such jurisdictions. Each party to this Agreement irrevocably consents to the service of process in any such proceeding by any manner permitted by law. The section headings in this
Warrant are for purposes of convenience only and shall not constitute a part hereof. When used herein, the term “Reasonable Commercial Efforts” means, with respect to the applicable obligation of the Company, reasonable
commercial efforts for similarly situated, publicly-traded companies. 
 (Signature on Following Page) 

 IN WITNESS WHEREOF, the Company has caused this Underwriter Warrant to be duly
executed as of the date first above written. 
  

			
	PULSE BIOSCIENCES, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT A 

FORM OF EXERCISE NOTICE 
 [To
be executed only upon exercise of Warrant] 
 To PULSE BIOSCIENCES, INC.: 

The undersigned registered holder of the within Warrant hereby irrevocably exercises the Warrant pursuant to Section 3.1 of the Warrant with respect to
[        ] Warrant Shares, at an exercise price of $[        ] per share, and requests that the certificates for such Warrant Shares be issued, subject to Sections
9 and 10, in the name of and delivered to:
 The undersigned is hereby making payment for the Warrant Shares in the following manner: 

[check one] 
  

	 ̈	by cash in accordance with Section 3.1(b) of the Warrant 

  

	 ̈	via cashless exercise in accordance with Section 3.1(c) of the Warrant in the following manner: 

 The
undersigned hereby represents and warrants that it is, and has been since its acquisition of the Warrant, the record and beneficial owner of the Warrant. 
  

			
	Dated:	 	  

  

					
	  

	Print or Type Name
	
	  

	(Signature must conform in all respects to name of holder as specified on the face of Warrant)
	
	  

	(Street Address)
	
	  

	(City)	 	(State)	 	(Zip Code)

 EXHIBIT B 

FORM OF ASSIGNMENT 
 [To be
executed only upon transfer of Warrant] 
 For value received, the undersigned registered holder of the within Warrant hereby sells, assigns and transfers
unto                                         
[include name and addresses] the rights represented by the Warrant to purchase         shares of Common Stock of PULSE BIOSCIENCES, INC. to which the Warrant relates, and appoints Attorney to make such
transfer on the books of PULSE BIOSCIENCES, INC. maintained for the purpose, with full power of substitution in the premises. 
 Dated: 

 

					
	  

	(Signature must conform in all respects to name of holder as specified on the face of Warrant)
	
	  

	(Street Address)
	
	  

	(City)	 	(State)	 	(Zip Code)

 Signed in the presence of: 
  

					
	  

	(Signature of Transferee)
	
	  

	(Street Address)
	
	  

	(City)	 	(State)	 	(Zip Code)

 Signed in the presence of:EX-10.12

 Exhibit 10.12 

Subject to Confidential Treatment Request 

LICENSE AGREEMENT 

This LICENSE AGREEMENT (“Agreement”) is entered into as of the Effective Date (defined below) by ELECTROBLATE, INC., a Nevada
corporation, having its principal place of business at 401 Wilshire Blvd., Suite 1020, Santa Monica, CA 90401 (“Licensee”), and OLD DOMINION UNIVERSITY RESEARCH FOUNDATION, a Virginia non-stock, IRC 501(c)(3) corporation
(“ODURF”), having offices at 4111 Monarch Way, Norfolk, Virginia and EASTERN VIRGINIA MEDICAL SCHOOL (“EVMS”), a public body politic and corporate and political subdivision of the Commonwealth of Virginia, having offices at 721
Fairfax A venue, Norfolk, Virginia. ODURF and EVMS are referred to collectively herein as the “Licensor.” Licensee, ODURF and EVMS are referred to individually herein as a “Party” and collectively herein as the
“Parties.” 
 RECITALS 

A. ODURF and EVMS jointly own the Licensed ODURF Patents (defined below), which are registered in the name of ODURF, that relate to
intracellular electro-manipulation and, subject to the terms and conditions of this Agreement, ODURF and EVMS are prepared to grant [*** Confidential] license to Licensee to commercialize, exploit and practice the Licensed ODURF Patents,
throughout the world and in the defined field of use, as defined below. 
 B. ODURF and EVMS also jointly own certain know-how related to
the practice of the Licensed ODURF Patents and related generally to intracellular electro-manipulation and, subject to the terms and conditions of this Agreement, are prepared to grant license to Licensee to utilize such related know-how throughout
the world and in the defined field of use, as defined below. 
 C. Licensor is engaged in the development of medical device technology using
bioelectronics to detect and treat disease and had previously entered into license [*** Confidential] agreements for the Licensed ODURF Patents and know-how related generally to intracellular electro-manipulation in certain defined fields of
use with Thelio-Pulse, Inc. (hereinafter “Thelio-Pulse”) with an effective date of February 28, 2012 (hereinafter “Thelio-Pulse License”), and NanoBlate Corporation (hereinafter “NanoBlate”) dated May 31, 2012
(hereinafter “NanoBlate License”) 
 D. Licensor acknowledges that it has been advised by Licensee that Licensee intends to enter
into an agreement with Thelio-Pulse that Licensee will acquire certain assets of Thelio-Pulse subject to the 1) termination of the Thelio-Pulse License and 2) the entering into this Agreement by the parties hereto. 

E. Licensor acknowledges that it has been advised by Licensee that Licensee intends to enter into an agreement with NanoBlate that Licensee
will acquire NanoBlate subject to the 1) termination of the NanoBlate License and 2) the entering into this Agreement by the parties hereto. 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

 F. Licensee wishes to acquire (i) [*** Confidential] license, with right of
sublicencing, under the Licensed ODURF Patents solely for the purpose of practicing the Licensed ODURF Patents in the Licensed Field of Use (as defined below) and (ii) [*** Confidential] license to related know-how for the purpose of
developing, producing and selling Licensed Products within the Licensed Field of Use. 
 G. Licensee additionally wishes to acquire license
rights to Jointly-Derived ODURF Patents (as defined below), Licensor-Derived ODURF Patents (as defined below) and Other Licensed ODURF Patents (as defined below) and the related know-how, solely for the purpose of practicing those patents in the
Licensed Field of Use (as defined below) for the purpose of developing, producing and selling Licensed Products subject to the terms of this Agreement. 

H. Licensor and Licensee wish to enter into a Research Agreement attached hereto as Exhibit D which shall be executed concurrently with this
Agreement. 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

  

	1.	Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

  

	 	1.1	“Affiliate” means any person or entity that owns or controls, is owned or controlled by, or is under common control with the Licensee, where, for purposes of this definition, the term “control” means
the possession, direct or indirect, or the powers to direct or cause the direction of the management and policies of an entity, whether through ownership of voting securities, by contract or otherwise. 

 

	 	1.2	“Claim” shall, unless otherwise specified, mean an issued claim in any of the patents licensed hereunder, which claim has not lapsed, been disclaimed, cancelled or become abandoned and which claim has not been
declared invalid or unenforceable by a final decision of a court of competent jurisdiction or other appropriate body of competent jurisdiction and which decision is not subject to appeal or reversal by a higher court or body. 

 

	 	1.3	 “Confidential Information” means all information concerning the business and proprietary affairs of a Party which a reasonable person would
understand to be confidential, including without limitation, product specifications, data, know-how, formulae, compositions, processes, designs, sketches, photographs, graphs, drawings, samples, inventions and ideas, past, current, and planned
research and development, current and planned manufacturing or distribution methods and processes, market studies, business plans, computer software and programs (including object code and source code), computer software and database technologies,
systems, structures and architectures (and related processes, formulae, composition, devices, inventions, discoveries, concepts, ideas, designs, methods and information); provided, however, that Confidential Information shall not include (a)
information that is in the public domain at the time it is disclosed to a receiving Party or enters the public domain through no fault of a receiving Party; (b) information lawfully obtained by a receiving

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	
Party from a third party not in breach of any obligation of confidentiality or non-use to a disclosing Party; (c) information already known to a receiving Party at the time of disclosure by a
disclosing Party as shown by contemporaneous documentation acknowledging same; and (d) information furnished to others by a Party intended not to have restriction on disclosure. 

 

	 	1.4	“Effective Date” means the date this Agreement has been signed by all Parties hereto. 

  

	 	1.6	“Insolvent” and “Insolvency” means the inability of a person to pay their debts as such debts become due in the ordinary course of business. 

 

	 	1.7	“License Consideration” means the issuance to ODURF of 1,417,500 shares (par value 0.0001 per share) of common stock in Licensee, which without taking into consideration any shares to be issued to New BEM,
Inc. in consideration for the remaining value of the grants held by New BEM, Inc. funded and held by the U.S. National Institute of Health, represents 31.5% of the issued and outstanding shares of common stock immediately after the acquisition of
New BEM, Inc. It is further recognized that as between ODURF and EVMS, the License Consideration shall then be further assigned or distributed with ODURF holding 80% of the License Consideration and EVMS holding 20% of the License Consideration.

  

	 	1.8	“Licensed Field of Use” means apparatuses, methods, products, devices, and systems intended for all human and animal applications, including, but not limited to, the direct or indirect diagnosis, detection,
prevention, treatment or cure of 1) [*** Confidential] of organs, the [*** Confidential] system or [*** Confidential], including but not limited to [*** Confidential] identified or imaged using laparoscope methodology
and/or endoscopic ultrasound methodology, 2) [*** Confidential] of the patient, and 3) disease, injury, or condition of [*** Confidential]. The parties intend this [*** Confidential] field of use to be broadly construed, such
as, by way of example only, to encompass [*** Confidential] including, but not limited to [*** Confidential]. The parties agree that the technologies covered herein are related to pulses of or less than one microsecond.

  

	 	1.9	“Licensed ODURF Patent(s)” means (a) the patents listed in attached Exhibit B which may be amended from time to time, including any United States or foreign patent, or patent application, derived therefrom,
claiming priority thereto, or claiming an invention disclosed therein, including all counterparts, divisionals, continuations, continuations-in-part, requests for continued examination, continued prosecution applications, reexaminations, reissues,
substitutions, patent term extensions and renewals thereof, and (b) any other patents or patent applications now or later (during the Term) owned, controlled, or licensable by Licensor, ODURF, Old Dominion University, or EVMS, that is or would be
infringed by Licensee in exercising its rights under this Agreement but for the license grants under this Agreement. 

  

	 	1.10	 “Licensed Product(s)” shall mean any product, device, system, apparatus, kit, component, method, procedure, application, process or service
the manufacture, use, 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	
sale, offer for sale, commercialization, exploitation, disposition, practice or import which is the subject of the licenses granted in this Agreement within the Licensed Field of Use or utilizes
the Related Know How. 

  

	 	1.11	“Licensed Territory” means the world. 

  

	 	1.12	“Net Sales” means the gross invoice sales price or other gross consideration received from the Sale of Licensed Products based on the Other ODURF Patents by Licensee or its sub-licensees to unaffiliated
third parties, less [*** Confidential]s. For clarity, Net Sales does not include Licensed Products that are Otherwise Disposed Of. 

  

	 	1.13	“Non-affiliate” shall mean any person or entity that is not otherwise the Licensee or an Affiliate. 

  

	 	1.14	“Otherwise Disposed Of” means not Sold but delivered to others without receipt of any consideration such as when product is distributed for use in research, product development, clinical or other experimental
non-commercial trials, 

  

	 	1.15	“Prosecution Matters” mean those steps taken in an effort to have a patent registration issued by the relevant registration authority including, without limitation, the drafting and filing of the initial
application and the drafting and filing of any responses to office actions or other communications from the relevant registration authority. 

  

	 	1.16	“Regulatory Body” means a governmental body such as the United States Food and Drug Administration or other legally-recognized entity that must approve or otherwise license the manufacture, use, testing or
sale of a Licensed Product in any jurisdiction in the Licensed Territory. 

  

	 	1.17	“Related Know How” shall mean Licensor’s unpatented know how, technical data, Trade Secrets, or other information of any kind, owned or licensed by Licensor, which relates to or is useful for the design,
manufacture, operation, use, practice, testing or sale of any Licensed Product but which is not the subject of an issued patent within the Licensed ODURF Patents, Jointly-Derived ODURF Patents, Licensor-Derived ODURF Patents, and Other ODURF
Patents. 

  

	 	1.18	“Research Agreement” the agreement between the Licensor and Licensee attached as Exhibit D. 

  

	 	1.19a	“Jointly-Derived ODURF Patents” means any patents with claims derived jointly by the Licensor and the Licensee pursuant to the Research Agreement, including any United States or foreign patent, or patent
application, derived therefrom, claiming priority thereto, or claiming an invention disclosed therein, including all counterparts, divisionals, continuations, continuations-in-part, requests for continued examination, continued prosecution
applications, reexaminations, reissues, substitutions, patent term extensions and renewals thereof. 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	1.19b	“Licensor-Derived ODURF Patents” means any patents with claims derived solely by the Licensor pursuant to the Research Agreement, including any United States or foreign patent, or patent application, derived
therefrom, claiming priority thereto, or claiming an invention disclosed therein, including all counterparts, divisionals, continuations, continuations-in-part, requests for continued examination, continued prosecution applications, reexaminations,
reissues, substitutions, patent term extensions and renewals thereof. 

  

	 	1.19c	“Other ODURF Patents” means any patents with claims in the Licensed Field of Use, other than the Licensed ODURF Patents, the Jointly-Derived Patents and the Licensor-Derived Patents, including any United
States or foreign patent, or patent application, derived therefrom, claiming priority thereto, or claiming an invention disclosed therein, including all counterparts, divisionals, continuations, continuations-in-part, requests for continued
examination, continued prosecution applications, reexaminations, reissues, substitutions, patent term extensions and renewals thereof. 

  

	 	1.20	“Sale” or “Sold” means to sell or lease for consideration Licensed Products. 

  

	 	1.21	“Sublicensee” shall mean a Non-affiliate to whom Licensee has granted a sublicense, subject to the terms of this Agreement, under the Licensed ODURF Patents, the Jointly-Derived Patents, the Licensor-Derived
Patents or the Other ODURF Patents, which are licensed under this Agreement and any Related Know-How to make, use, sell, offer to sell, practice, exploit, dispose or otherwise commercialize Licensed Product. 

 

	 	1.22	“Trade Secrets” means data, formulae, compositions, processes, graphs, samples, forms, inventions and ideas, existing vendor and supplier lists or prospective vendor and supplier lists, pricing and cost data,
market studies, business plans, computer software and programs (including object code and source code), database technologies, systems, structures and architectures (and related processes, formulae, composition, improvements, devices, inventions,
discoveries, concepts, ideas, designs, methods and information), and any other information, however documented, that is a trade secret within the meaning of Virginia Code § 59.1-336 et seq. 

 

	2.	Term and Termination. 

  

	 	2.1	Term. This Agreement shall become effective as of the Effective Date. Unless terminated earlier in accordance with this Section 2, this Agreement shall terminate on the expiration of the last to expire of the
patents licensed herein, on the abandonment of the last to be abandoned patent application licensed herein, or on the expiration of all royalty obligations, whichever occurs later (such period of time from the Effective Date until the date of
termination being referred to herein as the “Term”). For the purpose of this Agreement, “abandonment” is defined with reference to 37 C.F.R. Sections 1.135, 1.138 or any applicable equivalent foreign patent provisions.

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	2.2	Termination By Licensor. In addition to its rights to enforce the provisions of any other Section of this Agreement, Licensor shall have the right, at its option, to terminate this Agreement, in accordance with
the procedures set forth in Section 2.4, on the occurrence of any one or more of the following events after delivery to Licensee of a written notice specifying such event and the passage of the applicable cure periods specified herein or in the
absence of specified cure periods, the failure to remedy such breach within [*** Confidential] of notice thereof: 

  

	 	2.2.1	On the material breach of or default of this Agreement by Licensee; 

  

	 	2.2.2	For purposes of Section 2.2.1, a material breach or default of this Agreement shall include, but not be limited to, each of the following: (i) Licensee attempts to use, sublicense, transfer or assign its rights or
obligations under this Agreement in violation of Section 3.2 of this Agreement or in violation of Licensor’s proprietary rights in the Licensed ODURF Patents; (ii) Licensee fails to secure or maintain the insurance coverage required by Section
6; (iii) failure by Licensee to pay the License Consideration or any royalty or sublicense fee; (iv) any failure of Licensee to achieve any of the Mandatory Performance Milestones as set forth in Exhibit C (“Mandatory Performance
Milestones”); or (v) any default under the terms of the Research Agreement contained at Exhibit D that remains uncured beyond the allowed cure period or which results in a termination of the Research Agreement. 

2.2.2.1. In the event that Licensor has the right to terminate this Agreement as a result of Licensee’s failure to achieve the Mandatory
Performance Milestones under Exhibit C herein, Licensor at its sole option may, by written notice to Licensee, elect not to terminate this Agreement, but instead to convert Licensee’s rights in the Licensed ODURF Patents and Related Know-how
into non-exclusive rights and ODURF may also sell, transfer, commercialize, exploit and practice the same non-exclusive rights without being in breach of this Agreement and Licensee acknowledges and accepts such joint rights. 

 

	 	2.2.3	Notwithstanding any notice periods required for any other termination, Licensor may terminate this Agreement effective immediately on the postmarked date of mailing of written notice to Licensee if Licensee (i) makes an
assignment for the benefit of creditors, (ii) becomes Insolvent, (iii) has a bankruptcy petition filed by or against it which petition is not vacated or stayed within [*** Confidential], or (iv) a receiver or trustee in bankruptcy or similar
officer is appointed to take charge of all or a material part of Licensee’s property. 

  

	 	2.3	Termination by Licensee. 

  

	 	2.3.1	In addition to its rights to enforce the provisions of any other Section of this Agreement, Licensee shall have the right, at its option, to terminate this Agreement, in accordance with the procedures set forth in
Section 2.4, on Licensor’s material breach and Licensor’s failure to remedy any such material breach within [*** Confidential] after written notice thereof by Licensee. 

 

	 	2.3.2	In addition, without limiting the forgoing and notwithstanding anything to the contrary including Section 2.4 below, Licensee may within its sole discretion terminate this Agreement without cause or for its own
convenience upon providing [*** Confidential] written notice to Licensor. Upon such a termination for convenience or without default, the Licensee may cease the payment of any future payments, fees or royalties under this Agreement, except
for Licensee’s pro rata share of patent prosecution expenses that were due and payable pre-termination, amounts due under the Research Agreement and other cash amounts due hereunder; provided, however, that Licensee shall remain liable for any
pre-termination obligations under this Agreement. 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	2.4	Exercise of Rights By Terminating Party. The Party terminating this Agreement (the “Terminating Party”) may exercise its right of termination, only after giving all notices described herein and the
expiration of all cure periods, if any, by giving the other Party, or its trustees, receivers or assigns, as the case may be (the “Non-Terminating Party”), [*** Confidential] prior written notice of such Terminating Party’s
election to terminate (unless a shorter or longer period is specified in a provision of this Agreement). Such notice shall include a brief description of the basis for such termination, but any inadequacy in the description claimed by the
Non-Terminating Party will not be cause to deny a termination. On expiration of such period, this Agreement shall automatically terminate unless the Non-Terminating Party has elected to pursue the resolution of any controversy in accordance with
Section 13 hereof within the applicable cure period, in which event the question of whether the Terminating Party is entitled to terminate this Agreement shall be determined by the dispute resolution process as provided in Section 13 and this
Agreement shall not be terminated by the Terminating Party until such process has finally determined that the Terminating Party is entitled to terminate this Agreement. 

 

	 	2.5	Other Effects of Termination. 

  

	 	2.5.1	On termination of this Agreement pursuant to Section 2.2 or Section 2.3, Licensee shall destroy all data, writings, and other documents and tangible materials supplied to Licensee by Licensor in respect of the Licensed
ODURF Patents, Licensor-Derived ODURF Patents and Other ODURF Patents and Related Know How, except that Licensee may retain a copy for its archived legal files. In addition, on such termination, Licensor shall have the option for [***
Confidential] to negotiate with Licensee to acquire at [*** Confidential] (x) all drawings and data related to equipment design and manufacture of equipment, which if used by Licensee would infringe on the Licensed ODURF Patents,
Licensor-Derived ODURF Patents and Other ODURF Patents and Related Know How and (y) all equipment, which if used by Licensee would infringe on the Licensed ODURF Patents Licensor-Derived ODURF Patents and Other ODURF Patents and Related Know How.

  

	 	2.5.2	 Licensee, its Affiliates and Sublicensees shall have [*** Confidential] from the date of the expiration or termination of this Agreement, to
sell all 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	
Licensed Product on hand or to sell Licensed Product once its manufacture is completed. On expiration of such [*** Confidential] period, Licensee shall return, or at Licensor’s
written direction, destroy, all Licensed Product on hand. 

  

	 	2.5.3	On any termination of this Agreement, all rights granted to or provided by each Party to the other shall automatically and irrevocably revert to the granting Party or Parties. If this Agreement is terminated or
cancelled (i) by Licensor for any reason other than because of a material breach by Licensee, (ii) is terminated by Licensee because of a material breach by Licensor, or (iii) is mutually terminated by the Licensor and Licensee, then the funding
obligations of Licensee under the Research Agreement will terminate immediately; otherwise, subject to the terms of the Research Agreement, the funding obligations under the Research Agreement will survive termination or cancellation of this
Agreement. 

  

	 	2.6	Achievement of Mandatory Performance Milestones. If Licensee fails to reach any of the Mandatory Performance Milestones set forth on attached Exhibit C, then Licensor shall thereafter have the option to
terminate the Agreement on written notice to Licensee, as provided in Section 2.2. This option must be exercised within [*** Confidential] of the milestone completion date, with any applicable extensions. 

 

	 	2.7	Certain Rights After Termination. Upon any termination of this Agreement, Licensee and its Sublicensees shall have the right to sell inventory in stock as of the date of termination, provided that such sales
shall be subject to the payment of royalties in accordance with the provisions of Section 4. 

  

	3.	Licenses. 

  

	 	3.1	License Grants. Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee, [*** Confidential] transferable, sub-licensable license under the Licensed ODURF Patents and
[*** Confidential] transferable, sub-licensable license in the Related Know-How to the extent not otherwise within the scope of the [*** Confidential] under the Licensed ODURF Patents, in order to make, have made, use, offer to sell,
sell, import, manufacture, practice and otherwise exploit, dispose of and commercialize the Licensed Products solely within the Licensed Field of Use in the Licensed Territory. 

Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee, [*** Confidential] transferable,
sub-licensable license under the Jointly-Derived ODURF Patents and [*** Confidential] transferable, sub-licensable license in the Related Know-How to the extent not otherwise within the scope of [*** Confidential] under the
Jointly-Derived ODURF Patents, in order to make, have made, use, offer to sell, sell, import, manufacture, practice and otherwise exploit, dispose of and commercialize the Licensed Products solely within the Licensed Field of Use in the Licensed
Territory. 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	3.2	Sublicensing. 

  

	 	3.2.1	Generally. Subject to the terms and conditions of this Agreement, Licensee is granted the right to grant sublicenses that are not inconsistent with or which offer terms that are not greater in scope than the
licenses granted to Licensee. Prior to the execution of any sublicense, Licensee shall provide Licensor with a confidential one-page summary of the sublicense agreement to be executed by Licensee and within [*** Confidential] Licensor shall
have the right to interview Licensee to confirm for itself prior to execution that the sublicense to be granted by Licensee does not violate the terms of this Agreement and is being granted on terms that are no greater in scope than the terms of the
Agreement. Licensee shall then supply Licensor with a fully executed copy of each such sublicense agreement within [*** Confidential] after the execution of such sublicense agreement. Licensee shall monitor the performance hereunder of its
Sublicensees, if any, but shall not be a guarantor for such Sublicensees. Licensee reserves the right to redact certain portions of the sublicense agreement if reasonably required by the sublicense. In all sublicenses granted by Licensee hereunder,
Licensee shall include a requirement that the Sublicensee use no less than commercially reasonable efforts to bring the subject matter of the sublicense into commercial use. Licensee shall further provide in such sublicenses that Licensor is named
as an intended third party beneficiary of such sublicense, that such Sublicenses shall terminate upon the termination of the License, and that such sublicenses are subject and subordinate to the terms and conditions of this Agreement.

  

	 	3.2.2	Assignment of Sublicenses. If this Agreement is terminated prior to Term pursuant to Section 2.2, then Licensee shall seek to promptly assign all of its right, title, and interest to all sublicenses to Licensor,
including the right to receive all income from Sublicensees. Licensee shall expressly include this requirement as part of any sublicense agreement. 

  

	 	3.3	Future Patent Licenses to Licensee. 

  

	 	3.3.1	Licensor Derived ODURF Patents. In respect of any Licensor Derived ODURF Patents, the Licensee shall have [*** Confidential] option, commencing on the date of patent issuance, to either 1) obtain
[*** Confidential] license to any such patents and Related Know How, or 2) obtain [*** Confidential] license to such patents and [*** Confidential] license to the Related Know How, subject to the Licensor’s right to use for
educational, non-commercial, and research purposes. The terms of either of these licenses shall be subject to the terms of this Agreement in the same basis as the Licensed ODURF Patents, except that in the case of the license to the patents
being[*** Confidential] license, Licensee shall pay to the Licensor [*** Confidential] and are based on the Licensor Derived ODURF Patents. 

  

	 	3.3.2	Other ODURF Patents. For any Other ODURF Patents, Licensee shall have rights of first negotiation to a patent license provided that, if not exercised, ODU/ODURF shall not enter into a license with any third
party on substantially equivalent or less favorable terms than the last offer made by Licensee without first offering a license to Licensee on equivalent terms. These rights of first negotiation shall be for a period of [***
Confidential] following the termination of the last of any Licensee-funded Research Agreement or of the termination of this Agreement. 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	3.4	Platelet Gel Technology. Licensor agrees that it will, with the advice and counsel of the Licensor, negotiate in good faith with General Electric Corporation, and/or its subsidiaries, to obtain a sub-license,
pursuant to this Agreement, of any patents and Related Know How issued pursuant to PCT/US09/64431 and 2473841 PCT Canada “Activation and Aggregation of Human Platelets and Formation of Platelet Gels by Nanosecond Pulsed Electric Fields”
with terms mutually agreeable to the Licensor and the Licensee. Licensee will be the sub-licensor (under license from ODURF) to GE of the platelet gel IP as part of the ODURF/EVMS agreements with Licensee. 

Licensee shall pay to the Licensor [*** Confidential] of the [*** Confidential] derived from any products based on the GE
patents and Related Know How as set forth above. 
  

	 	3.5	Reservation of Rights. 

  

	 	3.5.1	Licensor reserves all rights not expressly granted to Licensee in this Agreement. Without limiting the generality of the foregoing, Licensee acknowledges and agrees that (a) except as expressly set forth in this
Agreement, Licensor retains all right, title and interest in and to the Licensed ODURF Patents and Related Know How, and Licensee acknowledges and agrees that, except as expressly provided herein, Licensee does not acquire any rights, express or
implied, in or to the Licensed ODURF Patents and Related Know How; and (b) any configuration or commercialization of the Licensed Products shall not affect or diminish Licensor’s right, title, and interest in and to the Licensed ODURF Patents
and Related Know How. 

  

	 	3.5.2	Notwithstanding any other language to the contrary or arguably to the contrary, all licenses granted in Section 3 of this Agreement, including without limitation even [*** Confidential] licenses so granted, are
specifically subject to a reserved [*** Confidential] right of the Licensor to conduct research activities related, directly or indirectly, to the Licensed ODURF Patents and Related Know How in the Licensed Field of Use for academic research
or for scholarly teaching, but not for Sale or distribution to any third party for commercial purposes. 

  

	 	3.5.3	 As noted on Exhibit B, some of the Licensed ODURF Patents were developed with research subject to partial federal sponsorship. Notwithstanding
anything to the contrary contained herein, the granting and exercise of the license in this Agreement is subject to 35 U.S.C. 200 et seq., implementing 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	
regulations thereof (e.g., 37 CFR 401), and Licensors’ obligations under agreements with the U.S. Government for the underlying research. The Licensed ODURF Patents developed from such
research are “subject inventions” as that term is defined under Title 35 United States Code Sections 200 through 204. This Agreement, including the rights granted hereunder, is subject to all of the terms and conditions of Title 35 United
States Code Sections 200 through 204, including an obligation that Licensed Products sold or produced in the United States be “manufactured substantially in the United States,” and Licensee agrees to take all reasonable action necessary on
its part to enable Licensor satisfy its obligations thereunder. Licensor has granted the U.S. Government a non-exclusive, nontransferable, irrevocable, paid-up license to practice or have practiced for or on behalf of the United States the
“subject inventions” throughout the world, and no grant of licenses to Licensee here shall be deemed to be inconsistent with such Government rights. 

  

	 	3.6	Technology Transfer Disclosure Efforts of Licensor. On execution of this Agreement, copies of all technical drawings, software, test data, lab notebooks, patents, patent applications, and all other information,
all prototypes and other hardware for inspection and photographing, in the custody or under the control of any Licensor that constitutes, is useful for or relates to the Licensed ODURF Patents, Licensed Products or Related Know How that is relevant
to the Licensed Field of Use shall be made available to Licensee within a reasonable amount of time upon written request. Additionally, with respect to any Jointly-Derived ODURF Patents and Licensor Derived ODURF Patents and Related Know How,
Licensor will provide to Licensee all technical drawings, software, test data, lab notebooks, patents, patent applications, and all other information, all prototypes and other hardware for inspection and photographing, in the custody or under the
control of any Licensor that constitutes, is useful for or relates thereto, relevant to the Licensed Field of Use, which will be made available within a reasonable amount of time upon written request. 

 

	 	3.7	Commercial Efforts of Licensee. Licensee may, from time to time, engage in the conception, development, manufacture, use, practice, or sale of other products, devices, or methods which may compete with Licensed
Products. 

  

	 	3.8	Right of Review to Other Inventions. Except as Licensor may otherwise be restricted by law, governmental rule or governmental regulation or in a good faith agreement with a third party, Licensor agrees to notify
Licensee, within a reasonable period of time, of any other inventions within or relating to the Licensed Field of Use conceived and/or reduced to practice by ODURF, Old Dominion University and/or EVMS, their respective employees, agents or
contractors during the Term, not otherwise covered by this Agreement so that Licensee is given the right to review the above-referenced invention(s) including an opportunity to then negotiate a license to the invention under commercially reasonable
terms. 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	4.	Fees and Royalties. 

  

	 	4.1	License Consideration. Upon the acquisition of Thelio-Pulse and Nanoblate by Licensee, Licensee shall pay the License Consideration to Licensor. Licensor’s sole remedy for Licensee’s default in its
obligation to pay the License Consideration when due shall be to terminate this Agreement in accordance with Section 2.2 hereof, without further consideration or damages; provided, however, that such limitation shall not apply to other breaches of
this Agreement by Licensee prior to the payment of the License Consideration. 

  

	 	4.2	Expenses. Except as expressly set forth in this Agreement, each Party will bear its own costs and expenses, including without limitation legal fees, related to the performance of its obligations under this
Agreement. 

  

	5.	Government Approvals; Conduct of Studies. 

 As among the Parties,
Licensee shall be solely responsible for the filings, costs and other matters related to establishing compliance of the Licensed Products with all current and future laws, statutes, rules and regulations of any Regulatory Body. Without limiting the
generality of the foregoing, all studies, research and testing done by or on behalf of Licensee, its Affiliates or Sublicensees under this Agreement shall be performed in compliance with any applicable federal, state or local laws, rules, policies
and regulations governing the conduct of the studies, research and testing. 
  

	6.	Insurance. 

  

	 	6.1	[*** Confidential] Liability. Licensee shall obtain within [*** Confidential] of the consummation of the acquisition of Thelio-Pulse and Nanoblate and thereafter carry in full force and effect a
policy of [*** Confidential] liability insurance in an amount [*** Confidential] or such [*** Confidential]higher amount that the Licensee determines in its discretion which is reasonable and appropriate in light of its business
operations. 

  

	 	6.2	[*** Confidential] Liability. Licensee shall, to the extent generally available on commercially reasonable terms, obtain and carry in full force and effect, prior to [*** Confidential] relating to
the Licensed Products and [*** Confidential] of this Agreement, [*** Confidential] liability insurance in an amount deemed reasonably necessary by Licensee, but [*** Confidential] prior to start of [*** Confidential]
prior to start of [*** Confidential], and [*** Confidential] Sale of a Licensed Product in the United States covered by a valid Licensed ODURF Patent for[*** Confidential] and [*** Confidential] respectively, in the
aggregate. 

  

	 	6.3	 General Provisions. All insurance required by this Agreement must be on an [*** Confidential] basis as those terms are understood in the
insurance industry. Coverage shall be obtained by the Licensee only from insurers who are rated [*** Confidential] or better in the then most recent edition of Best’s Insurance Reports. Each insurance policy shall provide for a waiver of
the insurer’s subrogation rights against the Licensor. Each policy shall name Licensor as an additional insured and be endorsed to provide [*** Confidential] notice of cancellation, nonrenewal, or restriction of

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	
coverage. At least annually and at such other times as may be requested by the Licensor, but in any case prior to the commencement of production, sale, or transfer, whichever occurs first, of any
Licensed Product, Licensee shall cause its insurers to deliver to the Licensor certificates of insurance evidencing the existence of the coverages required under this Agreement. 

 

	7.	Prosecution, Infringement and Enforcement. 

  

	 	7.l	Prosecution and Maintenance of Licensed ODURF Patents in the United States. Licensor shall have the sole right to file, prosecute and maintain all Licensed ODURF Patents and Licensor Derived ODURF Patents and
patent applications for Licensed ODURF Patents and Licensor Derived ODURF Patents in the United States within the Licensed Field of Use. In addition, Licensor shall have the right to determine whether or not to file a patent application, abandon the
prosecution of any patent application, or discontinue the maintenance of any Licensed ODURF Patent and Licensor Derived ODURF Patents. Licensor shall promptly provide Licensee with copies of all documents relating to all Prosecution Matters for any
licensed or licensable patent hereunder, patent application, or contemplated patent application filed or considered for filing by Licensor within the Licensed Field of Use prior to the filing of same. Licensee shall have the right for no more than
[*** Confidential] to review such material before it is filed and the right to comment upon all Prosecution Matters for any licensed or licensable patent hereunder or patent application filed by Licensor within the Licensed Field of Use prior
to filing, and Licensor shall make revisions and incorporate comments, as requested by Licensee, if there is a reasonable legal and/or technical basis to do so. 

  

	 	7.2	Right To Assume Prosecution. For any application that is filed anywhere in the world, if Licensor makes a determination that it does not want to file a patent application, continue prosecuting a patent
application or maintain a licensed or licensable patent hereunder within the Licensed Field of Use, Licensor will notify Licensee of same in a timely manner, and Licensee shall have the option, at Licensee’s expense, to assume direction of the
filing, prosecution and/or maintenance of such patent application or licensed or licensable patent without further notification to Licensor. Licensee shall also have the right to bring to Licensor’s attention Licensor inventions relating to
Licensee’s Licensed Field of Use. Licensor may elect not to proceed with the filing of a patent application(s) covering such inventions or to later surrender prosecution or maintenance of a patent based on such invention upon [***
Confidential] written notice to Licensee. If Licensor elects not to proceed with the filing of such patent application or to surrender prosecution or maintenance of a patent, then Licensee may then prosecute and maintain such patent at its own
expense; provided, however, that Licensor shall have the right for no more than [*** Confidential] to review and comment on all Prosecution Matters for any of the licensed or licensable patents hereunder or patent applications to be filed by
Licensee within the Licensed Field of Use. In the event of termination of this Agreement, any such patents shall be promptly transferred or assigned back to Licensor at Licensors’ expense. 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	7.3	Prosecution of Licensed ODURF Patents in Countries Other than the United States. Licensor shall only file, prosecute and maintain all licensed or licensable patents hereunder and patent applications, within the
Licensed Field of Use, in those countries other than the United States as requested by Licensee. Licensor shall promptly provide Licensee with copies of all documents relating to all Prosecution Matters for any such patents, patent application, or
contemplated patent application filed or considered for filing by any Licensor outside of the United States within the Licensed Field of Use prior to filing. Licensee shall have the right to review and the right to comment upon all Prosecution
Matters for any such licensed or licensable patents or patent application, and Licensor shall make revisions and incorporate any comments if there is a reasonable legal and/or technical basis to do so. [*** Confidential] cost of patent
preparation and prosecution in such other countries will be assumed by Licensee. Licensee shall reimburse Licensor for all such patent prosecution expenses reasonably incurred within [*** Confidential] following receipt of invoices from
Licensor. [*** Confidential] shall be subject to [*** Confidential]. Licensee may elect to have Licensor surrender prosecution or maintenance of a licensed or licensable patent in any non-US country upon [*** Confidential]
written notice to Licensor. Such notice shall not relieve Licensee from its responsibility to reimburse Licensor for prosecution or maintenance expenses incurred prior to the expiration of the [*** Confidential] notice period (or such longer
period specified in Licensee’s notice). Licensor may then prosecute and maintain such licensed or licensable [*** Confidential], and Licensee’s [*** Confidential] shall be adjusted accordingly to account for Licensee’s
decision not to have Licensor pursue or maintain patent protection in certain countries. 

  

	 	7.4	Cooperation in the Prosecution of Licensed ODURF Patents. Licensor shall cooperate fully and use their best efforts in the preparation, filing, prosecution and maintenance of the licensed and licensable patents,
and patent applications licensed to Licensee hereunder, executing all papers and instruments or requiring members and inventors of Licensor to execute such papers and instruments needed to apply for, to prosecute and to maintain patent applications
and patents in any country. Licensor shall provide to Licensee prompt notice as to all matters which come to their attention and which may affect the preparation, filing, prosecution or maintenance of any such patent applications or patents.
Licensee must immediately notify Licensor if Licensee or any Affiliate or Sublicensee (or optionee) does not qualify as a “small entity” as provided by the United States Patent and Trademark Office. 

 

	 	7.5	Patent Expenses Incurred After the Effective Date. Licensee shall be responsible for payment of all reasonable and documented costs incurred by Licensor on or after the Effective Date, continuing for the life of
this Agreement, and associated with the preparation, filing, prosecuting, issuance and maintenance of all patent applications and patents included within the patent rights. Said amounts for on-going patent expenses shall be paid to ODURF within
[*** Confidential] of Licensee’s receipt of an invoice from ODURF; such invoices shall be sent to Licensee on a [*** Confidential] basis. Upon request, Licensor shall provide Licensee for its budgeting purposes, an approximate
written estimate of Licensee’s expected [*** Confidential] cost for the future prosecution and maintenance of the licensed and licensable patents, for a given calendar year. 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	7.6	Right To Delay Licensor Publication. Should Licensee be permitted the right to prosecute a patent application under sections 7.1, 7.2 or 7.3, Licensor agrees to delay the publication of any subject matter that is
the subject of publication for a period of [*** Confidential] from written notice to the Licensee of the intent to so publish to enable Licensee to prosecute such patent applications. 

 

	 	7.7	Infringement and Enforcement Actions. 

  

	 	7.7.1	Each Party shall notify the other Party of any suspected infringement(s) of the patents licensed hereunder or Related Know-How and shall inform the other Party of any evidence of such infringement(s). 

 

	 	7.7.2	During the Term, Licensee shall have the first right but not the obligation to institute suit for third party infringement of any Claim in any of the licensed patents hereunder or Related Know-How within the Licensed
Field of Use in the Licensed Territory [*** Confidential]; provided, however, Licensee notifies Licensor no later than [*** Confidential] prior to filing suit or provides notice as soon as practicable when seeking a preliminary or
temporary injunction. The failure to provide any of the foregoing notices will not be a breach hereunder. If Licensee does not institute suit for infringement(s) within [*** Confidential] after receipt of written notice from Licensor of
Licensor’s request that a suit for infringement be filed, then Licensor may[*** Confidential] bring suit or take any other appropriate action. Licensor agrees to join as a party plaintiff [*** Confidential] in any section 7.7 or
7.8 lawsuit initiated or controlled by Licensee, if requested by Licensee or ordered by a court. 

  

	 	7.7.3	Licensee shall control any litigation, claim, action or proceeding it initiates, including the selection of counsel. Licensor may retain additional counsel of its own selection and at its own expense to observe the
litigation and to advise or assist Licensor. Licensee and its counsel will cooperate with and seek the input of Licensor’s counsel in such matters. 

  

	 	7.7.4	Any Party that initiates an affirmative infringement action [*** Confidential] under section 7.7.2 [*** Confidential]. 

 

	 	7.7.5	Neither Party may settle with an infringer without the prior approval of the other Party (with such approval not to be unreasonably withheld or delayed) if such settlement would prejudice the rights of the other Party.

  

	 	7.7.6	Licensor shall provide Licensee with reasonable cooperation in any and all litigation matters or other claim, action or proceedings arising from or relating to the licensed and licensable patents and Related Know How
subject to this Agreement [*** Confidential]. Licensee will [*** Confidential] Licensor with respect to any litigation cooperation. 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	7.8	Claims of Third Party Infringement and Invalidity. 

  

	 	7.8.1	Licensee shall have the right in its sole discretion to control the defense of any claim, action or proceeding (i) where a third party charges or notifies Licensee of a claim of infringement due to Licensee’s
manufacture, use, sale or offer for sale of the Licensed Products, or Licensee’s practice of the licensed and licensable patents and Related Know-How, (ii) where a declaratory judgment action or other related proceeding alleging invalidity,
unenforeceability or noninfringement of any licensed or licensable patent or Related Know How hereunder which is brought, or (iii) when the Licensee becomes aware of the need to obtain a license from a third party. In any of these circumstances,
Licensee may [*** Confidential] Licensor under this Agreement by [*** Confidential] or Licensee may instead [*** Confidential] Licensee in connection with its handling of (i), (ii) and/or (iii). 

 

	8.	Confidentiality. 

  

	 	8.1	Protected Information. Each Party shall regard and preserve as confidential all Trade Secrets and other Confidential Information pertaining to the other Party that has been or may be obtained by a Party by reason
of this Agreement. Except in accordance with this Agreement, a Party shall not disclose, use for its own benefit or purpose, deliver, reproduce or in any way allow any Trade Secrets or Confidential Information to be delivered to, or used by, any
third party without the specific written direction or written consent of a duly authorized representative of the disclosing Party. During or after the termination of this Agreement, no Party shall publish, release or otherwise make available to any
third party any information describing any Trade Secret, or for a period of [*** Confidential] after the termination of this Agreement other Confidential Information without prior specific written authorization of the Disclosing Party. Except
as required by this Agreement, a Party shall not appropriate, retain or copy any Confidential Information or Trade Secrets of another Party. 

  

	 	8.2	Audit Verification Rights. For the purpose of verifying the promises of section 8.1 and for [*** Confidential] period beginning after the termination of this Agreement, Licensor shall have the right
[*** Confidential] to engage an independent third party inspector, not involved with the commercial application of the patents licensed hereunder, Licensed Products or the Licensed Field of Use, to inspect the facilities of Licensee during
regular business hours and on reasonable advance notice, if it has a reasonable and justifiable belief that Licensee is using any part of Licensor’s Trade Secrets or Confidential Information in violation of the terms of this Agreement. All
information uncovered during the inspection shall be regarded as Confidential Information subject to the protection of Section 8; provided, however, that it may be released or utilized in any disputes resolution proceeding between the parties
without the permission of the Disclosing Party. 

  

	 	8.3	 Compelled Disclosure. In the event a receiving Party is required by legal process or applicable law (such as the Federal or Virginia’s or
California’s Freedom of Information Acts or other similar “sunshine” acts or provisions) to disclose such Trade 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	
Secrets or Confidential Information, a receiving Party shall provide the disclosing Party with prompt notice of such request or requirement in order to enable the disclosing Party (a) to seek an
appropriate protective or other remedy or (b) to consult with the receiving Party with respect to the disclosing Party’s taking steps to resist or narrow the scope of such request or legal process. The receiving Party that is subject to the
disclosure request or requirement shall always seek to disclose only that portion of the disclosed information that is legally required to be disclosed. 

  

	9.	Patent Marking; Trademarks; Conflict of Interest. 

  

	 	9.1	Patent Marking. Prior to the issuance of a patent on pending or applied for patents licensed hereunder, Licensee shall mark Licensed Products (or their containers or labels) with the words “Patent
Pending.” Following the issuance of one or more patents, Licensee shall mark Licensed Products as set forth in Section 9.2. 

  

	 	9.2	Patent Notice. Licensee shall place in a conspicuous location on Licensed Products patent notice in accordance with 35 U.S.C. §287 and in accordance with the applicable laws in each jurisdiction of the
Licensed Territory in which the Licensed Products are made, used, sold, offered for sale or Otherwise Disposed Of. Licensee agrees to mark any Licensed Products with the word “patent” or “pat.” and the number of each applicable
licensed patent hereunder, and, with respect to such licensed patents, to respond to any request for disclosure under 35 U.S.C. §287(b)(4)(B) by only notifying Licensor of the request for disclosure. 

 

	 	9.3	Use of Licensor Names and Trademarks. 

  

	 	9.3.1	Licensee shall not, without the prior written consent of Licensor, identify Licensor in any advertising or other promotional materials to be disseminated to the public or use any trademark, service mark, trade name, or
symbol owned by or associated with Licensor. Notwithstanding the foregoing, Licensee may state that it is licensed by Licensor under one or more of the ODURF patents. 

 

	 	9.3.2	If Licensee also wishes to make any use of the name(s) of Licensor in its promotional or marketing materials, then Licensee shall first submit such materials in writing for approval to Licensor which approval shall not
be unreasonably withheld or delayed. 

  

	 	9.3.3	It is understood that Licensee shall not have the right to use the names of any faculty members, students, employees or agents of Licensor in connection with any sales or promotional activities without the express
written consent of the persons involved. 

  

	 	9.4	Conflict of Interest. Licensee acknowledges and agrees that it will notify Licensor when it enters into any contractual relationship with any employee or group of employees of Licensor and provides compensation
to such individual or group for expertise or work that relates to any rights referenced or licensed under this Agreement. 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	10.	Representations, Warranties and Exclusions. As of the respective date of execution by a duly authorized officer, as is hereinafter set forth, ODURF and EVMS each hereby represent and warrant the following:

  

	 	10.1	Title; No Prior or Future Conflicting Licenses. Licensor hereby represents and warrants that Licensor owns all right, title and interest in the Licensed ODURF Patents (except as to the U.S. Government’s
non-exclusive and limited rights in such intellectual property arising from sponsorship of prior research) and during the Term no license or covenant not to sue under any Licensed ODURF Patent, Jointly-Derived ODURF Patents, Licensor-Derived ODURF
Patents or Other ODURF Patents has been or will granted to any third party in the Licensed Field of Use in the Licensed Territory, unless otherwise permitted by the terms of this Agreement. Licensor further represents and warrants that each of the
Licensed ODURF Patents is validly registered with any public authority and is registered in the name of ODURF and no other such and that the public records will demonstrate ODURF as the record owner. The Licensor has obtained from all persons
that were engaged in the development of the Licensed ODURF Patents proper agreements and other documentation that provides that ODURF is the owner of the Licensed ODURF Patents and such persons engaged in the development have no interests in the
Licensed ODURF Patents. 

  

	 	10.2	Litigation. Licensor hereby represents and warrants that, as of the Effective Date, it is not aware of any claims or pending or threatened litigation alleging that the Related Know How or subject matter of the
Licensed ODURF Patents infringe on the proprietary rights of any third party, nor does Licensor have any specific reason to suspect that such a claim may be made or litigation instituted. 

 

	 	10.3	Authority. Each Party represents and warrants to the other Parties that such Party has full right, power and authority to enter into this Agreement. 

 

	 	10.4	No Additional ODURF Patents. Licensor hereby represents that as of September 15, 2014 and to the best of its knowledge, Exhibit A contains all patents and patent applications that are owned, controlled, or
sub-licensable by Licensor and that include a claim related to the technologies being licensed under this Agreement. Licensee hereby represents that it has evaluated the technologies, patents and patent applications listed in Exhibit A and
after performing due diligence has decided that it only needs and wants to license the Licensed ODURF Patents listed in Exhibit B. This section is not intended to and does not reduce the scope of the definition of Licensed Product or the
definition of Licensed ODURF Patents. 

  

	 	10.5	Rights and Commitments. Licensor represents that it has, and at all times during the Term will have, all necessary rights and interests in the Licensed ODURF Patents required to grant Licensee the rights and
licenses granted to Licensee hereunder, that it will not commercially practice or permit others to practice the Licensed ODURF Patents in the Licensed Field of Use for commercial purposes, and that it has not made and will not make, any commitments
to third parties that are inconsistent with or in violation of this Agreement. 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	10.6	Merchantability and Exclusion of Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE PARTIES MAKE NO OTHER REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. THERE ARE NO EXPRESS
OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OF VALIDITY OF INTELLECTUAL PROPERTY RIGHTS, ISSUED OR PENDING, OR THAT THE USE OR PRACTICE OF THE LICENSED ODURF PATENTS OR RELATED KNOW-HOW WILL NOT INFRINGE ANY PATENT,
COPYRIGHT, TRADEMARK, OR OTHER RIGHTS OR ANY OTHER EXPRESS OR IMPLIED WARRANTIES. LICENSOR ASSUMES NO RESPONSIBILITIES WHATEVER WITH RESPECT TO DESIGN, DEVELOPMENT, MANUFACTURE, USE, SALE OR OTHER DISPOSITION OF LICENSED PRODUCTS. 

 

	 	10.7	Infringement and Validity. Licensor hereby represents and warrants, to the best of its knowledge, that all Claims in the Licensed ODURF Patents are valid, that no Claim is currently being infringed, and that no
Claim prior to the Effective Date has been infringed. However, the Parties acknowledge that Licensor has not undertaken, and shall not be required to undertake, any outside independent investigation to confirm the accuracy of this representation.

  

	 	10.8	Validity. Except as set forth in Section 10.2, 10.6, and 10.7, nothing in this Agreement shall be deemed to be a representation or warranty by Licensor of the validity of any of the Licensed ODURF Patents.

  

	11.	Limitation of Liability. In no event shall Licensor be liable for personal injury or tangible property damages, whether direct or otherwise, arising out of Licensee’s practice of the Licensed ODURF Patents,
or Licensee’s commercialization of Licensed Products, whether arising from use by Licensee or any third party of the Licensed ODURF Patents or the Licensed Products. In no event shall a Party be liable for lost or prospective profits, special,
incidental, punitive or consequential damages, whether or not a Party has been advised of the possibility of such damages, nor for any claim by a third party against Licensee for such damages. Notwithstanding the provisions of this Section 11,
Licensor is not relieved of any liability for breaches of the terms of this Agreement, including breaches of the warranties and representations made herein. The foregoing limitations of liability and exclusion of certain damages shall apply
regardless of the success of effectiveness of other remedies and regardless of the expiration or termination of this Agreement for any reason. 

  

	12.	 Indemnification. Licensee shall indemnify and hold Licensor and its officers, directors, agents and employees harmless from and against any and
all costs, expenses, settlements and judgments, including reasonable attorney’s fees, and costs and expenses incidental thereto, (an “Action”) which may be suffered by, accrued against, charged to or recoverable from the indemnified
party or any of its officers, directors, agents or employees, arising out of any personal injuries, death or tangible property damage liability claim related to the manufacture, distribution or use of any Licensed Product or the practicing of the
Licensed ODURF Patents, except to the extent such claim arises out of a breach of this Agreement by Licensor or out of the gross negligence or willful misconduct of Licensor, its officers, directors, employees or agents. Licensee’s
indemnification obligations hereunder shall be subject to (i) receiving 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	
prompt written notice of the existence of any Action; (ii) being able to, at its option, control the defense of such Action and its own expense; (iii) permitting the indemnified party to
participate in the defense of any Action; and (iv) receiving reasonable cooperation of the indemnified parties in the defense thereof. 

  

	13.	Dispute Resolution. 

  

	 	13.1	Negotiation. In the event of any dispute arising out of or in connection with this Agreement, as a condition precedent to any further action brought by either Licensor or Licensee against the other, the aggrieved
party (“Aggrieved Party”) shall give the other party (the “Non-Aggrieved Party”) written notice of the matter which the Aggrieved Party considers to be in dispute. The notice will describe the issue in dispute in reasonable
detail to apprise the Non-Aggrieved Party about the issue in dispute. Within [*** Confidential] of the receipt of the notice (“Notice Date”) delivered in accordance with the notice provisions of this Agreement, the Executive
Director of the ODURF, the Dean of Research of EVMS or, if none, of the Department involved and the Chief Executive Officer of Licensee will meet (either telephonically or in person) in an attempt to resolve the dispute. The parties to this
Agreement agree that they will make reasonable effort to resolve the dispute within [*** Confidential] of the Notice Date so as to avoid arbitration as herein provided. If the dispute is not fully settled by negotiation among the parties
as provided in this section within the thirty day period, then the condition precedent to arbitration shall be deemed satisfied and the dispute (to the extent not resolved) may be submitted to arbitration as herein provided. For clarity, any
documents, discussions and partial settlements exchanged or agreed upon in the negotiations for settlement of the dispute may be admitted or provided to the arbitrators as evidence or statement of facts and position in any arbitration.

  

	 	13.2	Arbitration. Any dispute arising out of or relating to this Agreement, not otherwise resolved, including the interpretation, breach, termination or validity thereof, shall be finally resolved by arbitration in
accordance with the International Institute for Conflict Prevention and Resolution (“CPR”) Rules for Administered Arbitration (“Rules”) by three arbitrators, of whom each party shall designate one, with the third arbitrator to be
designated by the two party-appointed arbitrators. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq. and judgment upon the award rendered by the arbitrators may be entered by any court having
jurisdiction thereof. If the parties do not provide for different notice in respect of any arbitration commenced, then notice under Section 2 of the Rules will be to the persons as provided in Section 13 of this Agreement, otherwise the balance of
Section 2 of the Rules will apply. 

 Notwithstanding anything to the contrary in the Rules, the Licensee and Licensor agree
that the place of arbitration will be in the Clark County, Nevada and each waives any objection to that venue for the arbitration for any action that arises out of the arbitration. The choice of law used in the interpretation of this Agreement shall
be governed by the general laws of the United States with respect to any intellectual property issues and any other issues under this Agreement and, to the extent that such United States law is not clearly defined or is not applicable, then by the
laws of the State of Nevada. 
  

	 	13.3	Sovereign Immunity. Notwithstanding anything to the contrary contained in Section 13.1, nothing in this Agreement, including the use of mediation, shall be construed to waive the sovereign immunity of the
Commonwealth of Virginia or any entities thereof. 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	14.	Export Controls. Licensor and Licensee will each comply with all applicable United States or foreign export or import laws and regulations in connection with the licensing of any of the patents and patentable
technology and Related Know How, Sale of the Licensed Products or sub-license of any technology or technical data relating to the Licensed Products. 

  

	15.	Assignment. 

  

	 	15.1	This Agreement, including its rights and obligations, may not be assigned by a Party without the prior written consent of the Licensor. which consent will not be unreasonably withheld or delayed. Notwithstanding the
foregoing prohibition, Licensee may, without the consent of Licensor, merge into, consolidate with, or transfer substantially all of its assets, business or stock to any entity, so long as the successor-surviving entity in any such merger,
consolidation, reorganization or transfer, assumes in writing the Licensee’s obligations of this Agreement and of the related Research Agreement. Such merger, consolidation, reorganization or transfer shall not constitute a breach of this
Article or default under this Agreement. 

  

	16.	Miscellaneous. 

  

	 	16.1	Severability. The Parties agree that if any part, term, or provision of this Agreement shall be found illegal or in conflict with any valid controlling law, the validity of the remaining provisions shall not be
affected thereby. 

  

	 	16.2	Survival. Sections 2.5, 2.7, 3.2.2, 3.3, 4.4.3, 4.4.4, 4.6, 7.8.1, 8, 10, 11, 12, 13 and 16 shall survive expiration or termination of this Agreement. 

 

	 	16.3	Notices. All notices under this Agreement shall be deemed to have been fully given when done in writing, with reference to this Agreement, and when (a) delivered personally; (b) five (5) days after having been
sent by United States mail, registered or certified, return receipt requested, postage prepaid; or (d) one (1) day after deposit with a nationally recognized commercial overnight carrier, with written verification of receipt. Communications or
notices by other means such as emails, facsimile or email, shall only be effective when received and the sending or notifying party shall have the burden of proving receipt of such communication. All communications will be sent to the addresses
or facsimile numbers set forth below or to such other address as may be designated by a Party by giving written notice to the other Party. 

Old Dominion University Research Foundation 

4111 Monarch Way 
 Norfolk,
Virginia 23508 
 Attention: Executive Director 

Facsimile Number: (757) 683-5290 

Email: 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

 Eastern Virginia Medical School 

721 Fairfax Avenue 
 Norfolk,
Virginia 23508 
 Attention: President 

Facsimile Number: (757) 446-7424 

Email: 
 Chief Executive Officer

 Electroblate, Inc. 
 849
Mitten Rd. Ste. 104 
 Burlingame, CA 94010 

650-697-3939 tel 
 650-697-3737
fax 
 Email: 
  

	 	16.4	Public Statements. Neither Party will issue any news release, publicity, advertising or other form of public announcement relating to this Agreement without the prior written approval of the other Parties which
approval shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, Licensee may make any required public announcement without the prior written approval of any other Party which relates to its business, the terms of this
Agreement, and the patents and Related Know How subject to this Agreement as required by law or determined to be in the best interests of the Licensee to comply with any and all disclosure laws applicable to the Licensee. 

 

	 	16.5	Entire Agreement, Amendment. This Agreement, along with the referenced Research Agreement and other agreements referred to herein, represents the entire understanding between the Parties, and supersedes all other
agreements, express or implied, among the Parties concerning the subject matter hereof. A provision of this Agreement may be altered or amended only by a writing signed by the Parties. 

 

	 	16.6	Waiver. No waiver by a Party of any breach of this Agreement, no matter how long continuing or how often repeated, shall be deemed a waiver of any subsequent breach thereof, nor shall any delay or omission on the
part of a Party to exercise any right, power, or privilege hereunder be deemed a waiver of such right, power or privilege. 

  

	 	16.7	No Agency. The relationship among the Parties is that of independent contractors. Except as otherwise stated herein, neither Party shall be deemed to be an agent of the other in connection with the exercise of
any rights hereunder, and neither shall have any right or authority to assume or create any obligation or responsibility on behalf of the other. 

  

	 	16.8	Construction. This Agreement shall not be construed more strictly against a Party than any other by virtue of the fact that it may have been prepared by counsel for one of the Parties, it being recognized that
all Parties have contributed substantially and materially to the preparation of this Agreement. 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

	 	16.9	Counterparts. This Agreement may be executed simultaneously in more than one counterpart, and each of which shall be deemed an original, but all of which together shall constitute one (1) and the same instrument.
The Agreement will be considered executed when original signatures have been exchanged or when signatures have been exchanged via facsimile or electronic transmission, including, without limitation, signatures delivered in portable document format
(pdf). 

  

	 	16.10	Headings. The headings of the several sections are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 

IN WITNESS WHEREOF the parties have caused this Agreement to be executed by their duly authorized officers on the respective dates hereinafter
set forth. 
  

									
	OLD DOMINION UNIVERSITY RESEARCH FOUNDATION	 		 	EASTERN VIRGINIA MEDICAL SCHOOL
					
	By:	 	/S/ Julian F. Fachende	 		 	By:	 	/S/ Mark Babashanian
					
	Its:	 	Executive Director	 		 	Its:	 	V.P. For Administration and Finance
			
	Dated: 10-1-2014	 		 	Dated: 9-30-2014
				
	ELECTROBLATE, INC.(“Licensee”)	 		 		 	
					
	By:	 	/S/ Christopher A. Marlett	 		 		 	
		 	Christopher A. Marlett	 		 		 	
	Its:	 	President	 		 		 	
	Dated: 11-6-2014	 		 		 	

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC. 

 EXHIBIT C 

Mandatory Performance Milestones 
  

	•	 	Execution of a research agreement (the Research Agreement defined in the License Agreement) with ODURF (Reidy Institute) 

  

	•	 	Management/BOD identified by [*** Confidential] 

  

	•	 	Submission of business plan to BOD by [*** Confidential] 

  

	•	 	At least $[*** Confidential] private funding raised by [*** Confidential] 

  

	•	 	Either [*** Confidential] registration statement or [*** Confidential] by [*** Confidential] 

  

	•	 	Submission of an FDA application, and, to the extent practical, one or more appropriate applications for any related technologies, by December 15, 2018. 

  
 [*** Confidential] indicates material
omitted and subject to a confidential information request, which has been filed separately with the SEC.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]