Document:

Exhibit
10.2

 

REGISTRATION
RIGHTS AGREEMENT

 

This
Registration Rights Agreement (this “Agreement”) is made and entered into as of September 16, 2020 between
Innovative Payment Solutions, Inc. a Nevada corporation (the “Company”) and Iroquois Master Fund Ltd.. (“Purchaser”).

 

WHEREAS,
the Company and the Purchaser are parties to that certain Securities Purchase Agreement, dated as of the date of this Agreement
(the “Purchase Agreement”), pursuant to which the Purchaser is purchasing the Note and Warrants of the Company;
and

 

WHEREAS,
in connection with the consummation of the transactions contemplated by the Purchase Agreement, and pursuant to the terms of the
Purchase Agreement, the parties desire to enter into this Agreement in order to grant certain registration rights to the Purchasers
as set forth below.

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual and dependent covenants hereinafter set forth, the parties agree as
follows:

 

1.
Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 

 

“Advice”
shall have the meaning set forth in Section 6(d).

 

“Agreement”
shall have the meaning set forth in the Preamble.

 

“CDI
612.09” means Section 612.09 of the Commission’s Compliance and Disclosure Interpretations.

 

“Closing”
means the closing of the purchase and sale of the Notes and Warrants pursuant to the Purchase Agreement.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.0001 per share, issuable under the Note and Warrants, and
any other class of securities into which such securities may hereafter be reclassified or changed into.

 

“Company”
shall have the meaning set forth in the Preamble.

 

“Effectiveness
Date” means, with respect to the Initial Registration Statement required to be filed hereunder or any other Registration
Statement, 105 days following the Closing; provided, however, that in the event the Company is notified by the Commission
that one or more of the Registration Statements will not be reviewed or is no longer subject to further review and comments, the
Effectiveness Date as to such Registration Statement shall be the fifth Trading Day following the date on which the Company is
so notified if such date precedes the date otherwise required above.

 

“Effectiveness
Period” shall have the meaning set forth in Section 2(a).

 

“Event”
shall have the meaning set forth in Section 2(b).

 

“Event
Date” shall have the meaning set forth in Section 2(b).

 

     

     

    

 

“Exchange
Act” means the Securities Exchange Act of 1934.

 

“Filing
Date” means, with respect to the Initial Registration Statement required hereunder, 90 days following the Closing, and
with respect to any additional Registration Statements which may be required pursuant to Section 2, the earliest practical date
on which the Company is permitted by SEC Guidance to file such additional Registration Statements related to the Registrable Securities.

 

“Holder”
or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

 

“Indemnified
Party” shall have the meaning set forth in Section 5(c).

 

“Indemnifying
Party” shall have the meaning set forth in Section 5(c).

 

“Initial
Registration Statement” means the initial Registration Statement filed pursuant to this Agreement.

 

“Losses”
shall have the meaning set forth in Section 5(a).

 

“Notes”
means the Original Issue Discount Convertible Promissory Notes issued to the Purchaser, under the Purchase Agreement.

 

“Person”
means an individual, corporation, partnership, joint venture, limited liability company, governmental authority, unincorporated
organization, trust, association or other entity.

 

“Plan
of Distribution” shall have the meaning set forth in Section 2(a).

 

“Proceeding”
means any action, claim, suit, investigation or legal proceeding (including, without limitation, an informal investigation or
partial proceeding, such as a deposition), whether commenced or threatened.

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
by the Commission pursuant to the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments
and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to
be incorporated by reference in such Prospectus.

 

“Purchaser”
shall have the meaning set forth in the Preamble.

 

“Purchase
Agreement” shall have the meaning set forth in the Recitals.

 

“Registrable
Securities” means (a) all of the shares of Common Stock issuable under the Note and Warrants issued pursuant to the
Purchase Agreement and (b) any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization
or similar event with respect to the foregoing.

 

“Registration
Statement” means any registration statement required to be filed hereunder pursuant to Section 2(a) and any additional
registration statements contemplated by Section 3(b), including (in each case) the Prospectus, amendments and supplements to any
such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material
incorporated by reference or deemed to be incorporated by reference in any such registration statement.

 

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“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“SEC
Guidance” means (i) any publicly-available written or oral guidance (including CDI 612.09), comments, requirements or
requests of the Commission staff and (ii) the Securities Act.

 

“Securities
Act” means the Securities Act of 1933.

 

“Selling
Stockholder Questionnaire” shall have the meaning set forth in Section 3(a).

 

“Trading
Day” means a day on which the New York Stock Exchange is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on
the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market,
the New York Stock Exchange or the OTC Markets (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement, the Purchase Agreement, all schedules and exhibits thereto and hereto, and the Warrant
Agreement and any other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer
Agent” means Nevada Agency & Transfer Company, the transfer agent of the Company, with a mailing address of 50 West
Liberty Street, Suite 880, Reno, Nevada 89501, and a facsimile number of (775) 322-5623, and any successor transfer agent of the
Company.

 

“Warrants”
means, collectively, the Common Stock purchase warrants delivered to the Purchasers in accordance with the Purchase Agreement.

 

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2.
Shelf Registration.

 

(a)
On or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the
resale of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering
to be made on a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder shall be on Form S-1 and shall
contain a description of the Holders planned distribution (unless otherwise directed by at least an [85]% majority in interest
of the Holders) substantially in the form of “Plan of Distribution” attached hereto as Annex A. The
Company shall respond to any comments from the staff of the Commission within 7 days of the receipt of such comments. In the event
the amount of Registrable Securities which may be included in the Registration Statement is limited due to SEC Guidance (provided
that, the Company shall use diligent efforts to advocate with the Commission for the registration of all of the Registrable Securities
in accordance with the SEC Guidance, including without limitation, the CDI 612.09) the Company shall use its best efforts to register
such maximum portion of the Registrable Securities as permitted by SEC Guidance. Subject to the terms of this Agreement, the Company
shall use its best efforts to cause a Registration Statement to be declared effective under the Securities Act as promptly as
possible after the filing thereof, but in any event prior to the applicable Effectiveness Date, and shall use its best efforts
to keep such Registration Statement continuously effective under the Securities Act until all Registrable Securities covered by
such Registration Statement have been sold, or may be sold pursuant to Rule 144 without the volume or other limitations of such
rule, or not required to be registered in reliance upon the exemption in Section 4(a)(1) or 4(a)(7) under the Securities Act,
in either case as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and
acceptable to the Transfer Agent and the affected Holders (the “Effectiveness Period”). Provided, however,
during any period of time that the Company's financial statements contained in a prospectus do not meet the requirements of Securities
Act Section 10(a)(3) and the remaining period until the date its Form 10-K is required to be filed (excluding any extended period
of time permitted by rule of the SEC) does not exceed 60 days, the Company shall be excused from amending or supplementing its
prospectus for the remaining period until the date its Form 10-K is required to be filed (including any extended period of time
permitted by rule of the SEC). The Company shall telephonically request effectiveness of a Registration Statement as of 5:00 p.m.
New York City time on a Trading Day. The Company shall immediately notify the Holders via facsimile or by e-mail of the effectiveness
of a Registration Statement on the same Trading Day that the Company telephonically confirms effectiveness with the Commission,
which shall be the date requested for effectiveness of such Registration Statement. The Company shall file a final Prospectus
with the Commission as required by Rule 424. Notwithstanding any other provision of this Agreement, if any SEC Guidance sets forth
a limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement (and notwithstanding
that the Company used diligent efforts to advocate with the Commission for the registration of all or a greater portion of Registrable
Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities
to be registered on such Registration Statement will be reduced on a pro rata basis based on the total number of unregistered
Registrable Securities purchased by the Purchasers pursuant to the Purchase Agreement with the Warrant Shares being cutback prior
to any Conversion Shares. In the event of a cutback hereunder, the Company shall give the Holder at least five Trading Days prior
written notice along with the calculations as to such Holder’s allotment.

 

(b)
If a Registration Statement registering for resale all of the Registrable Securities (i) is not declared effective by the Commission
by the Effectiveness Date of the Initial Registration Statement or any other Registration Statement (unless the sole reason
for such non-registration of all or any portion of the Registrable Securities is solely as a result of SEC Guidance under Rule
415 or similar rule and CDI 612.09 which limits the number of Registrable Securities which may be included in a registration statement
with respect to the Holders), or (ii) after the effective date of a Registration Statement, such Registration Statement ceases
for any reason to remain continuously effective as to all Registrable Securities included in such Registration Statement, or the
Holders are otherwise not permitted to utilize the Prospectus therein to resell such Registrable Securities, for more than 30
calendar days during any 12-month period (any such failure or breach being referred to as an “Event”, and the
date on which such Event occurs, being referred to as “Event Date”), then, in addition to any other rights
the Holders may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each such Event
Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall pay
to each Holder an amount in cash , as partial liquidated damages and not as a penalty, equal to 1% of the purchase price paid
by such Holder pursuant to the Purchase Agreement, during which such Event continues uncured. The partial liquidated damages pursuant
to the terms hereof shall apply on a daily pro rata basis for any portion of a month prior to the cure of an Event. Provided,
however, the foregoing liquidated damages shall not accrue or be otherwise charged during any period in which the Investor
is eligible to sell the Shares on any given day under Rule 144 without the volume or other limitations of such rule, or in reliance
upon the exemption in Section 4(a)(1) under the Securities Act, or after such Investor has publicly sold its Registrable Securities.

 

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3.
Registration Procedures.

 

In
connection with the Company’s registration obligations hereunder, the Company shall:

 

(a)
Not less than five Trading Days prior to the filing of each Registration Statement and not less than one Trading Day prior to
the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated
or deemed to be incorporated therein by reference), the Company shall (i) furnish to the Holders copies of all such documents
proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject
to the review of the Holders or counsel for the Holders, and (ii) cause its officers and directors, counsel and independent registered
public accountants to respond to such inquiries as shall be necessary to conduct a reasonable investigation within the meaning
of the Securities Act. The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements
thereto to which the Holders of a majority of the Registrable Securities shall reasonably object in good faith, provided that,
the Company is notified of such objection in writing no later than five Trading Days after the Holders have been so furnished
copies of a Registration Statement or two Trading Days after the Holders have been so furnished copies of any related Prospectus
or amendments or supplements thereto. Each Holder agrees to furnish to the Company a completed questionnaire in the form attached
to this Agreement as Annex B (a “Selling Stockholder Questionnaire”) on a date that is not less than
two Trading Days prior to the Filing Date or by the end of the fourth Trading Day following the date on which such Holder receives
draft materials in accordance with this Section.

 

(b)

 

(i)
prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the
applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission such additional Registration
Statements in order to register for resale under the Securities Act all of the Registrable Securities,

 

(ii)
cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this
Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424,

 

(iii)
respond to any comments received from the Commission with respect to a Registration Statement or any amendment thereto within
seven days of the receipt of such comments, and provide as promptly as reasonably possible to the Holders true and complete copies
of all correspondence from and to the Commission relating to a Registration Statement (provided that, the Company may excise any
information contained therein which would constitute material non-public information as to any Holder which has not executed a
confidentiality agreement with the Company), and

 

(iv)
comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities
covered by a Registration Statement during the applicable period in accordance (subject to the terms of this Agreement) with the
intended methods of disposition by the Holders thereof set forth in such Registration Statement as so amended or in such Prospectus
as so supplemented.

 

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(c)
Notify the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi) hereof, be
accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as
reasonably possible (and, in the case of (i)(A) below, not less than one Trading Day prior to such filing) and (if requested by
any such Person) confirm such notice in writing no later than one Trading Day following the day (i)(A) when a Prospectus or any
Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be filed, (B) when the Commission
notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments
in writing on such Registration Statement, and (C) with respect to a Registration Statement or any post-effective amendment, when
the same has become effective, (ii) of any request by the Commission or any other federal or state governmental authority for
amendments or supplements to a Registration Statement or Prospectus or for additional information, (iii) of the issuance by the
Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration
Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the
receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such
purpose, (v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration
Statement ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration
Statement, Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus, as the case may be,
it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading and (vi) of
the occurrence or existence of any pending corporate development with respect to the Company that the Company believes may be
material and that, in the determination of the Company, makes it not in the best interest of the Company to allow continued availability
of a Registration Statement or Prospectus, provided that, any and all of such information shall remain confidential to each Holder
until such information otherwise becomes public, unless disclosure by a Holder is required by law; provided, further,
that notwithstanding each Holder’s acknowledgement to keep such information confidential, each such Holder makes no acknowledgement
that any such information is material, non-public information.

 

(d)
Use its best efforts to avoid the issuance of, or, if issued, obtain the withdrawal of (i) any order stopping or suspending the
effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any
of the Registrable Securities for sale in any jurisdiction, at the earliest practicable moment.

 

(e)
Furnish to each Holder, without charge, at least one conformed copy of each such Registration Statement and each amendment thereto,
including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to
the extent requested by such Person, and all exhibits to the extent requested by such Person (including those previously furnished
or incorporated by reference) promptly after the filing of such documents with the Commission; provided, that any such item which
is available on the EDGAR system need not be furnished in physical form, and such number of copies of the current Prospectus as
each Holder may reasonably request.

 

(f)
Subject to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or supplement
thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such
Prospectus and any amendment or supplement thereto, except after the giving of any notice pursuant to Section 6(f).

 

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(g)
The Company shall cooperate with any broker-dealer through which a Holder proposes to resell its Registrable Securities in effecting
a filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110 and 5190 and NASD Rule 2710, as requested by
any such Holder, and the Company shall pay the filing fee required by such filing within two Trading Days of request therefor.

 

(h)
Prior to any resale of Registrable Securities by a Holder, use its commercially reasonable efforts to register or qualify or cooperate
with the selling Holders in connection with the registration or qualification (or exemption from the Registration or qualification)
of such Registrable Securities for the resale by the Holder under the securities or Blue Sky laws of such jurisdictions within
the United States as any Holder reasonably requests in writing, to keep each registration or qualification (or exemption therefrom)
effective during the Effectiveness Period and to do any and all other acts or things reasonably necessary to enable the disposition
in such jurisdictions of the Registrable Securities covered by each Registration Statement; provided, that, the Company shall
not be required to qualify generally to do business in any jurisdiction where it is not then so qualified, subject the Company
to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in
any such jurisdiction.

 

(i)
If requested by a Holder, cooperate with such Holders to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free,
to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable Securities to be
in such denominations and registered in such names as any such Holder may request.

 

(j)
If the Company notifies the Holders in accordance with clauses (iii) through (vi) of Section 3(c) above to suspend the use of
any Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall suspend use of such Prospectus.
The Company will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.

 

(k)
Comply with all applicable rules and regulations of the Commission.

 

(l)
The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common
Stock beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive
control over the shares. The Company shall not be liable for any damages during any periods that the Company is unable to meet
its obligations hereunder with respect to the registration of the Registrable Securities solely because any Holder fails to furnish
such information within three Trading Days of the Company’s request.

 

4.
Registration Expenses. All fees and expenses incident to the performance of or compliance with this Agreement by the Company
shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees
and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including,
without limitation, fees and expenses of the Company’s counsel, independent registered public accountants and transfer agent)
(A) with respect to filings made with the Commission, (B) with respect to filings required to be made with any Trading Market
on which the Common Stock is then listed for trading, (C) in compliance with applicable state securities or Blue Sky laws reasonably
agreed to by the Company in writing (including, without limitation, fees and disbursements of counsel for the Company in connection
with Blue Sky qualifications or exemptions of the Registrable Securities) and (D) if not previously paid by the Company in connection
with an issuer filing, with respect to any filing that may be required to be made by any broker-dealer through which a Holder
intends to make sales of Registrable Securities pursuant to FINRA Rule 5110 and 5190 and NASD Rule 2710, so long as the broker-dealer
is receiving no more than a customary brokerage commission in connection with such sale, (ii) printing expenses (including, without
limitation, expenses of printing certificates for Registrable Securities), and (iii) messenger, telephone and delivery expenses,
(iv) fees and disbursements of counsel for the Company. In addition, the Company shall be responsible for all of its internal
expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation,
all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit
and the fees and expenses incurred in connection with the listing of the Registrable Securities on any Trading Market as required
hereunder. In no event shall the Company be responsible for any broker-dealer or similar commissions of any Holder or, except
to the extent provided for in the Transaction Documents, any legal fees or other costs of the Holders.

 

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5.
Indemnification.

 

(a)
Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and hold
harmless each Holder, the officers, directors, members, partners, agents and employees (and any other Persons with a functionally
equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each of them, each
Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act)
and the officers, directors, members, stockholders, partners, agents and employees (and any other Persons with a functionally
equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each such controlling
Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities,
costs (including, without limitation, reasonable attorneys’ fees and costs of investigation and preparation) and expenses
(collectively, “Losses”), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement
of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement
thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto,
in light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company
of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection with
the performance of its obligations under this Agreement, except to the extent that (i) such untrue statements or omissions are
based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein,
or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable
Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such
Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this
purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(c)(iii)-(vi), the use by such Holder
of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or
defective and prior to the receipt by such Holder of the Advice contemplated in Section 6(d). The Company shall notify the Holders
promptly of the institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated
by this Agreement of which the Company is aware.

 

(b)
Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, each
director of the Company, each officer of the Company who shall sign such Registration Statement, each underwriter, broker or other
Person acting on behalf of the holders of Registrable Securities and each Person who controls any of the foregoing Persons within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, to the fullest extent permitted by applicable
law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: (x) such Holder’s failure
to comply with the prospectus delivery requirements of the Securities Act or (y) any untrue or alleged untrue statement of a material
fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading (i) to the extent, but only to the extent, that such untrue statement
or omission is contained in any information so furnished in writing by such Holder to the Company specifically for inclusion in
such Registration Statement or such Prospectus or (ii) to the extent that such information relates to such Holder’s proposed
method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for
use in a Registration Statement (it being understood that the Holder has approved Annex A hereto for this purpose), such Prospectus
or in any amendment or supplement thereto or (ii) in the case of an occurrence of an event of the type specified in Section 3(c)(iii)-(vi),
the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus
is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 6(d). In no event shall
the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds (after underwriting
fees, commissions, or discounts) actually received by such Holder upon the sale of the Registrable Securities giving rise to such
indemnification obligation.

 

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(c)
Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity
is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume
the defense thereof, including the employment of one law firm reasonably satisfactory to the Indemnified Party and the payment
of all fees and expenses incurred in connection with defense thereof except as otherwise provided in this Section 5(c); provided,
that, the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or
liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent
jurisdiction (which determination is not subject to appeal or further review) that such failure shall have materially prejudiced
the Indemnifying Party.

 

An
Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof,
but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying
Party has agreed in writing to pay such fees and expenses, (2) the Indemnifying Party shall have failed promptly to assume the
defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding, or
(3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying
Party, and counsel to the Indemnified Party shall reasonably believe that a material conflict of interest is likely to exist if
the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party
notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party,
the Indemnifying Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more
than one separate counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any
settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld or delayed.
No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending
Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such
Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

 

Subject
to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses
to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with
this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice thereof to the Indemnifying
Party; provided, that, the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and
expenses applicable to such actions for which such Indemnified Party is judicially determined not to be entitled to indemnification
hereunder.

 

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(d)
Contribution. If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient
to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party shall contribute to the amount paid or payable
by such Indemnified Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified
Party in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among
other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission
or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party
or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such action, statement or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include,
subject to the limitations set forth in this Agreement, any reasonable attorneys’ or other fees or expenses incurred by
such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if
the indemnification provided for in this Section was available to such party in accordance with its terms.

 

The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by
pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred
to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required to
contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from
the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.

 

The
indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying Parties
may have to the Indemnified Parties.

 

6.
Miscellaneous.

 

(a)
Remedies. In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement,
each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under
this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. The
Company and each Holder agree that monetary damages would not provide adequate compensation for any Losses incurred by reason
of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific
performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

 

(b)
Prohibition on Filing Other Registration Statements. Neither the Company nor any of its security holders (other than the
Holders in such capacity pursuant hereto) may include securities of the Company in any Registration Statements other than the
Registrable Securities and shares issued in connection with the Equity Investment (as defined in the Purchase Agreement). The
Company shall not file any other registration statements until all Registrable Securities are registered pursuant to a Registration
Statement that is declared effective by the Commission, provided that this Section 6(b) shall not prohibit the Company from filing
amendments to registration statements filed prior to the date of this Agreement. In the event that, under SEC Guidance, there
is a limitation on the number of Registrable Securities that may be included in a Registration Statement, securities of the Company
that have been registered on an effective registration statement of the Company as of the date of this Agreement shall be registered
prior to any of the Registrable Securities. Thereafter, the Holders shall have priority over any other security holders with outstanding
registration rights. Any reduction pursuant to this Section 6(b) in the number of Registrable Securities registered shall be done
on a pro rata basis in accordance with the Holders’ investment made pursuant to the Purchase Agreement.

 

    10

     

    

 

(c)
Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities
Act as applicable to it in connection with sales of Registrable Securities pursuant to a Registration Statement.

 

(d)
Discontinued Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice
from the Company of the occurrence of any event of the kind described in Section 3(c)(iii) through (vi), such Holder will immediately
discontinue disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company
will use its best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable.

 

(e)
Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall
be in writing and signed by the Company and the Holders of more than 50% of the Registrable Securities including the Lead Investor.
If a Registration Statement does not register all of the Registrable Securities pursuant to a waiver or amendment done in compliance
with the previous sentence, then the number of Registrable Securities to be registered for each Holder shall be reduced pro rata
among all Holders and each Holder shall have the right to designate which of its Registrable Securities shall be omitted from
such Registration Statement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect
to a matter that relates exclusively to the rights of a Holder or some Holders and that does not directly or indirectly affect
the rights of other Holders may be given by such Holder or Holders of all of the Registrable Securities to which such waiver or
consent relates; provided, however, that the provisions of this sentence may not be amended, modified, or supplemented
except in accordance with the provisions of the first sentence of this Section 6(e).

 

(f)
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be delivered as set forth in the Purchase Agreement.

 

(g)
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns
of each of the parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its rights
or obligations hereunder without the prior written consent of all of the Holders of the then outstanding Registrable Securities.
Each Holder may assign their respective rights hereunder in the manner and to the Persons as permitted under the Purchase Agreement.

 

(h)
No Inconsistent Agreements. Neither the Company nor any of its Subsidiaries has entered, as of the date hereof, nor shall
the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities,
that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions
hereof. Neither the Company nor any of its Subsidiaries has previously entered into any agreement granting any registration rights
with respect to any of its securities to any Person that have not been satisfied in full.

 

    11

     

    

 

(i)
Execution and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together
shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and
delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any
signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature
shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same
force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

(j)
Governing Law. All questions concerning the choice of law and venue, construction, validity, enforcement and interpretation
of this Agreement shall be determined in accordance with the provisions of the Purchase Agreement.

 

(k)
Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any other remedies provided by law.

 

(l)
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

(m)
Headings. The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall
not be deemed to limit or affect any of the provisions hereof.

 

(n)
Independent Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and not
joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of
the obligations of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any
closing, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership,
an association, a joint venture or any other kind of entity, or create a presumption that the Holders are in any way acting in
concert with respect to such obligations or the transactions contemplated by this Agreement. Each Holder shall be entitled to
protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary
for any other Holder to be joined as an additional party in any proceeding for such purpose.

 

[Signature
Pages Follow]

 

    12

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	Innovative Payment Solutions,
    Inc.
	 	 
	 	By:	/s/ William
    Corbett
	 	 	Name: 	William Corbett
	 	 	Title:	Chief Executive Officer

  

[Signature Page to Registration Rights
Agreement]

 

     

     

    

 

	Name of
    Holder:	Iroquois
    Master Fund Ltd	 

 

	Signature of Authorized Signatory
    of Holder:	/s/ Rich Abbe	 

 

	Name of Authorized Signatory:	Rich
Abbe	 

 

	Title of Authorized Signatory:	Managing Member	 

 

[SIGNATURE
PAGES CONTINUE]

 

[Signature
Page to Registration Rights Agreement]

 

     

     

    

 

Annex
A

 

Plan
of Distribution

 

Each
Selling Stockholder (the “Selling Stockholders”) of the Common Stock and any of their pledgees, assignees and
successors-in-interest may, from time to time, sell any or all of their shares of Common Stock on the OTC Markets or any other
stock exchange, market or trading facility on which the shares are traded or in private transactions. These sales may be at fixed
or negotiated prices. A Selling Stockholder may use any one or more of the following methods when selling shares:

 

		●	ordinary
                                         brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		●	block
                                         trades in which the broker-dealer will attempt to sell the shares as agent but may position
                                         and resell a portion of the block as principal to facilitate the transaction;

 

		●	purchases
                                         by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		●	an
                                         exchange distribution in accordance with the rules of the applicable exchange;

 

		●	privately
                                         negotiated transactions;

 

		●	settlement
                                         of short sales entered into after the effective date of the registration statement of
                                         which this prospectus is a part;

 

		●	broker-dealers
                                         may agree with the Selling Stockholders to sell a specified number of such shares at
                                         a stipulated price per share;

 

		●	through
                                         the writing or settlement of options or other hedging transactions, whether through an
                                         options exchange or otherwise;

 

		●	a
                                         combination of any such methods of sale; or

 

		●	any
                                         other method permitted pursuant to applicable law.

 

The
Selling Stockholders may also sell shares under Rule 144 under the Securities Act of 1933, as amended (the “Securities
Act”), if available, rather than under this prospectus.

 

Broker-dealers
engaged by the Selling Stockholders may arrange for other brokers or dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the Selling Stockholders (or, if any broker-dealer acts as agent for the purchaser of shares, from
the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case of an agency
transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2121 or NASD Rule 2440; and in the
case of a principal transaction a markup or markdown in compliance with NASD IM-2440.

 

    A-1

     

    

 

In
connection with the sale of the Common Stock or interests therein, the Selling Stockholders may enter into hedging transactions
with broker-dealers or other financial institutions, which may in turn engage in short sales of the Common Stock in the course
of hedging the positions they assume. The Selling Stockholders may also sell shares of the Common Stock short and deliver these
securities to close out their short positions, or loan or pledge the Common Stock to broker-dealers that in turn may sell these
securities. The Selling Stockholders may also enter into option or other transactions with broker-dealers or other financial institutions
or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution
of shares offered by this prospectus, which shares such broker-dealer or other financial institution may resell pursuant to this
prospectus (as supplemented or amended to reflect such transaction).

 

The
Selling Stockholders and any broker-dealers or agents that are involved in selling the shares may be deemed to be “underwriters”
within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers
or agents and any profit on the resale of the shares purchased by them may be deemed to be underwriting commissions or discounts
under the Securities Act. Each Selling Stockholder has informed the Company that it does not have any written or oral agreement
or understanding, directly or indirectly, with any person to distribute the Common Stock. In no event shall any broker-dealer
receive fees, commissions and markups which, in the aggregate, would exceed eight percent.

 

The
Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the shares. The Company
has agreed to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities
under the Securities Act.

 

Because
Selling Stockholders may be deemed to be “underwriters” within the meaning of the Securities Act, they will be subject
to the prospectus delivery requirements of the Securities Act including Rule 172 thereunder. In addition, any securities covered
by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than
under this prospectus. There is no underwriter or coordinating broker acting in connection with the proposed sale of the resale
shares by the Selling Stockholders.

 

The
shares will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws.
In addition, in certain states, the shares may not be sold unless they have been registered or qualified for sale in the applicable
state or an exemption from

the
registration or qualification requirement is available and is complied with.

 

Under
applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the shares may not simultaneously
engage in market making activities with respect to the Common Stock for the applicable restricted period, as defined in Regulation
M, prior to the commencement of the distribution. In addition, the Selling Stockholders will be subject to applicable provisions
of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases
and sales of shares of the Common Stock by the Selling Stockholders or any other person. We will make copies of this prospectus
available to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser
at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

 

    A-2

     

    

 

Annex
B

 

Selling
Stockholder Notice and Questionnaire

 

The
undersigned beneficial owner of Common Stock (the “Registrable Securities”) of General Innovative Payment Solutions,
Inc. a Nevada corporation (the “Company”), understands that the Company has filed or intends to file with the
Securities and Exchange Commission (the “Commission”) a registration statement (the “Registration
Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities
Act”), of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement (the “Registration
Rights Agreement”) to which this document is annexed. A copy of the Registration Rights Agreement is available from
the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings
ascribed thereto in the Registration Rights Agreement.

 

Certain
legal consequences arise from being named as a selling stockholder in the Registration Statement and the related prospectus. Accordingly,
holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the
consequences of being named or not being named as a selling stockholder in the Registration Statement and the related prospectus.

 

NOTICE

 

The
undersigned beneficial owner (the “Selling Stockholder”) of Registrable Securities hereby elects to include
the Registrable Securities owned by it in the Registration Statement.

 

    B-1

     

    

 

The
undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

		1.	Name.

 

		(a)	Full
Legal Name of Selling Stockholder

 

 

 

		(b)	Full
                                         Legal Name of Registered Holder (if not the same as (a) above) through which Registrable
                                         Securities are held:

 

 

 

		(c)	Full
                                         Legal Name of Natural Control Person (which means a natural person who directly or indirectly
                                         alone or with others has power to vote or dispose of the securities covered by this Questionnaire):

 

 

 

		2.	Address
for Notices to Selling Stockholder:

	 
	 
	 
	Telephone:	 
	Fax:	 
	Contact Person: 	 

 

		3.	Broker-Dealer
Status:

 

		(a)	Are
                                         you a broker-dealer?

Yes   ☐            No   ☐

 

		(b)	If
                                         “yes” to Section 3(a), did you receive your Registrable Securities as compensation
                                         for investment banking services to the Company?

Yes   ☐            No   ☐

 

		Note:	If
                                         “no” to Section 3(b), the Commission’s staff has indicated that you
                                         should be identified as an underwriter in the Registration Statement.

 

		(c)	Are
                                         you an affiliate of a broker-dealer?

Yes   ☐            No   ☐

 

		(d)	If
                                         you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable
                                         Securities in the ordinary course of business, and at the time of the purchase of the
                                         Registrable Securities to be resold, you had no agreements or understandings, directly
                                         or indirectly, with any person to distribute the Registrable Securities?

Yes   ☐            No   ☐

 

		Note:	If
                                         “no” to Section 3(d), the Commission’s staff has indicated that you
                                         should be identified as an underwriter in the Registration Statement.

 

    B-2

     

    

 

		4.	Beneficial
Ownership of Securities of the Company Owned by the Selling Stockholder.

 

Except
as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company
other than the securities issuable pursuant to the Purchase Agreement.

 

		(a)	Type
                                         and Amount of other securities beneficially owned by the Selling Stockholder:

 

 

 

 

 

		5.	Relationships
with the Company:

 

Except
as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners
of 5% of more of the equity securities of the undersigned) has held any position or office or has had any other material relationship
with the Company (or its predecessors or affiliates) during the past three years.

 

State
any exceptions here:

 

 

 

 

 

The
undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur
subsequent to the date hereof at any time while the Registration Statement remains effective.

 

By
signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through
5 and the inclusion of such information in the Registration Statement and the related prospectus and any amendments or supplements
thereto. The undersigned understands that such information will be relied upon by the Company in connection with the preparation
or amendment of the Registration Statement and the related prospectus.

 

IN
WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered
either in person or by its duly authorized agent.

 

	Date:	 	 	Beneficial Owner:	 
	 	 	 	 
	 	By:	 
	 	 	 	 	Name:	 
	 	 	Title:	 

 

PLEASE
EMAIL A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO:

 

 

B-3Exhibit 10.1

 

SPONSORED RESEARCH AGREEMENT

between

 

HOTH THERAPEUTICS, INC.

and

THE GEORGE WASHINGTON UNIVERSITY

 

This sponsored research agreement (“Agreement”),
effective as of September 1, 2020 (“Effective Date”), is entered into by and between Hoth Therapeutics, Inc., a State
of Nevada corporation, having offices at One Rockefeller Plaza Suite 1039, New York, NY 10020 (“Sponsor”) and the George
Washington University, a congressionally chartered nonprofit corporation located in Washington, DC (“GW”), each a “Party”
and collectively the “Parties”.

 

WITNESSETH:

 

WHEREAS, the research contemplated by this
Agreement is of mutual interest and benefit to GW and Sponsor, and will further the instructional and research objectives of GW
in a manner consistent with its mission;

 

NOW, THEREFORE, in consideration of the
mutual covenants, agreements, representations and warranties of the Parties and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows:

 

ARTICLE I: Scope of Work

 

GW agrees to perform the work set forth
in the Scope of Work appended hereto and incorporated as Appendix A (the “Project”). The Scope of Work shall not be
changed except by duly executed amendment to this Agreement. To the extent there are any inconsistencies between the Scope of Work
and this Agreement, this Agreement shall control.

 

ARTICLE II: Period of Performance

 

The period of performance for this Agreement
shall commence on the Effective Date and shall continue through July 31, 2021 (“End Date”), unless the End Date is
extended by mutual agreement in writing between the Parties, or unless this Agreement is earlier terminated as provided in Article
XIV.

 

ARTICLE III: Project Direction

 

The research shall be supervised by Mona
Zaghloul, PhD (“Principal Investigator”). Jeanne Jordan, PhD, will act as Co-Principal Investigator. If for any reason
the Principal Investigator withdraws or is otherwise unable to continue to serve as Principal Investigator, GW shall appoint a
new Principal Investigator, subject to the approval of Sponsor, which approval shall not be unreasonably withheld, delayed or conditioned.
If the Parties are unable to agree on a successor Principal Investigator, either Party may terminate the Agreement pursuant to
Article XIV herein.

 

    	 	-1-	 

     

    

 

ARTICLE IV: Consideration
and Payment

 

As consideration and compensation for the
research conducted under this Agreement as described in Appendix A, Sponsor agrees to pay GW on a cost-reimbursable basis for all
direct and indirect costs incurred in the performance of the research, not to exceed [*]. GW may request additional funds
from Sponsor, which Sponsor may elect to provide at its discretion. Any such additional funds shall be subject to the written mutual
consent of the Parties.

 

Invoices shall be prepared in GW’s
standard format, and may be sent via e-mail or U.S. mail to the Sponsor representative identified in Article VI. Payments shall
be made within thirty (30) days of receipt of invoice, and sent via wire or ACH transfer to (preferred payment method):

	
         

        Beneficiary Account Number:
	 
	Beneficiary Account Name:	 
	Beneficiary Address:	 
	Bank Name:	 
	Bank Address:	 
	ABA # (for Wires):	 
	ABA # (for ACH):	 
	SWIFT#:	 
	Remitters Text:	 

 

If payment is made by check, make checks payable to The George
Washington University and mail checks to:

 

George Washington University-GCAS

PO Box 829896

Philadelphia, PA 19182-9896

 

If by overnight courier:

 

PNC Bank c/o George Washington University-GCAS

Lockbox Number 829896

312 W Route 38

Moorestown, NJ 08057

(571)553-4356

Email: ttaube@gwu.edu

 

A final financial accounting of all costs
incurred and funds received shall be submitted to Sponsor within ninety (90) days of the End Date, along with any unexpended funds.

 

ARTICLE V: Technical Report

 

GW agrees to provide to Sponsor a final
technical report, which shall summarize the research program accomplishments and significant research findings. No other reports
or deliverables are required to be submitted. The final technical report shall be submitted to Sponsor within ninety (90) days
of the termination or expiration of this Agreement.

 

    	 	-2-	 

     

    

 

ARTICLE VI: Notices

 

All notices and matters affecting the terms
of this Agreement or the administration thereof shall be in writing and delivered by confirmed e-mail, or by certified mail, return
receipt requested, and in each instance shall be deemed given upon receipt. Either Party may change its address for notices under
this Agreement by giving written notice to the other Party by the means specified in this Article VI. All communications shall
be sent to:

 

Sponsor:

 

Robb Knie, CEO

Hoth Therapeutics

One Rockefeller Plaza Suite 1039

New York, NY 10020

201-446-7900

robb@hoththerapeutics.com

 

GW:

 

Director, Sponsored Projects

The George Washington University

Office of the Vice President for Research

1922 F Street NW, 4th Floor

Washington, DC 20052

202-994-0728

osr@gwu.edu

 

ARTICLE VII: Confidential
Information

 

a. During
the term of this Agreement, each Party may be given access to proprietary information, technology, data, samples, inventions, software,
know-how and/or trade secrets, business, financial, personnel, technical and scientific information, and commercialization, clinical
and research strategies (hereinafter the “Confidential Information”) of the other Party. The Party receiving such Confidential
Information may use such Confidential Information only for the purposes provided for in this Agreement. The receiving Party shall
not, at any time, use Confidential Information for any other purpose or disclose Confidential Information to third parties. Confidential
Information does not include any information that the receiving Party can demonstrate:

 

		(i)	is or becomes publicly known and made generally available to the public through no fault of the receiving Party;

 

    	 	-3-	 

     

    

 

		(ii)	was already in the possession of the receiving Party at the time of disclosure by the disclosing Party, as evidenced by contemporaneous
written records of the receiving Party;

 

		(iii)	becomes available to the receiving Party from a source other than the disclosing Party which source is not bound by any obligation
of confidentiality to the disclosing Party in relation to such information;

 

		(iv)	is independently developed by the receiving Party after receiving the Confidential Information by personnel who have not had
any access to any Confidential Information and without using or referring to the Confidential Information as demonstrated by contemporaneous
records;

 

		(v)	is required to be disclosed pursuant to any legal, administrative or regulatory proceeding or requirement, provided, however,
that the receiving Party, if legally permitted to do so, promptly provides to the disclosing Party prior written notice of any
such requirement, such that the disclosing Party may seek a protective order or other appropriate remedy to prevent or limit such
disclosure, and reasonable assistance in protecting the disclosing Party’s Confidential information from public disclosure;
or

 

		(vi)	is approved in writing for public release by the disclosing Party.

 

b. The
disclosing Party shall clearly mark or label Confidential Information as “Confidential.” If the Confidential Information
is disclosed orally or visually, the disclosing Party shall identify it as such at the time of disclosure and shall confirm in
writing within 10 days after disclosure the Confidential Information disclosed and the date of oral disclosure.

 

c. The
receiving Party shall protect the confidentiality of the Confidential Information in at least the same manner that it protects
the confidentiality of its own proprietary and confidential information, and in any event shall take all reasonable measures to
prevent improper disclosure of the Confidential Information or any portion thereof.

 

d. The
obligations set forth in this Article VII shall survive for a period of three (3) years after the expiration or early termination
of this Agreement.

 

ARTICLE VIII: Export Control

 

Each Party shall comply with applicable
U.S. export control requirements, including under the Export Administration Regulations (“EAR”), the International
Traffic in Arms Regulations (“ITAR”), and the controls under the regulations of the Department of Energy and the Nuclear
Regulatory Commission (“NRC”).

 

    	 	-4-	 

     

    

 

Prior to one Party providing the other Party
with technical data, technology, software, commodities, defense articles, or defense services that are subject to U.S. export controls,
the disclosing Party will provide advance written notice to the receiving Party regarding the relevant export control jurisdiction
and classification and the receiving Party must issue written approval to the disclosing Party prior to transmission to the receiving
Party. Such notice is not required for the following:

 

a. Technology or software that arises during,
or results from, fundamental research under EAR Section 734.8;

 

b. Information
concerning general scientific, mathematical, or engineering principles commonly taught in schools, colleges, and universities under
ITAR Section 120.10(b);

 

c. Information
that is in the public domain under ITAR Section 120.11;

 

d. Information
or software that: (1) is published under Section 734.7 of the EAR, (2) appears in a patent or patent application under EAR Section
734.3(b)(3)(iv), (3) is released by instruction in a catalog course or associated teaching laboratory of an academic institution
under EAR Section 734.3(b)(3)(iii), (4) is non-proprietary system descriptions, or (5) telemetry data or items that are not subject
to the EAR under Section 734.3(b)(2);

 

e. Basic
marketing information on function or purpose or general system descriptions of ITAR-controlled defense articles; or

 

f. EAR99
technology, software, or commodities.

 

Notwithstanding any other provision of this Agreement, the receiving
Party is under no obligation to accept from the disclosing Party technical data, technology, software, commodities, defense articles,
or defense services that are subject to U.S. export controls.

 

ARTICLE IX: Publication

 

GW shall have the right to publish, disseminate,
create derivative works or otherwise utilize any and all data and results of research created or collected in connection with this
Agreement. GW shall furnish to Sponsor a copy of any proposed publication, thirty (30) days prior to submission for publication.
At Sponsor’s request, GW shall reasonably modify or correct the manuscript to prevent disclosure of any of Sponsor’s
Confidential Information. Under no circumstances shall Sponsor request GW to defer or to further delay the submission of a manuscript
for publication beyond the review period of thirty (30) days. If no response is received by GW from Sponsor within the thirty (30)
day review period, it is conclusively presumed that publication may proceed without any additional obligation placed upon GW. Each
publication shall appropriately acknowledge Sponsor’s partial or complete support of the research work to be published (as
applicable).

 

ARTICLE X: Intellectual
Property

 

a. Definitions

 

“GW Background Intellectual Property”
means all technical information, data, and tangible material, whether or not patentable or copyrightable, that GW conceived, reduced
to practice, made or created prior to the Effective Date of this Agreement or outside the scope of this Agreement.

 

    	 	-5-	 

     

    

 

“GW Project IP” means all Project
Intellectual Property conceived and reduced to practice or created solely by GW personnel.

 

“Joint Project IP” means all
Project Intellectual Property conceived and reduced to practice or created jointly by Sponsor and GW.

 

“Project Intellectual Property”
means all technical information, inventions, developments, discoveries, methods, processes, and techniques that are conceived and
reduced to practice or created in conducting the Project during the term of the Agreement, and all formulas, data, information,
works of authorship, trademarks, service marks, mask works, trade secrets, moral rights, patent rights (including, but not limited
to, patent applications and disclosures), and all material and information, including computer software, whether or not patentable
or copyrightable, and all other intellectual property rights recognized in any country or jurisdiction in the world that are created
or collected in conducting the Project during the term of this Agreement.

 

“Sponsor Background Intellectual Property”
means all technical information, data, and tangible materials, whether or not patentable or copyrightable, that the Sponsor conceived,
reduced to practice, made or created prior to the Effective Date of this Agreement or outside the scope of this Agreement.

 

“Sponsor Project IP” means all
Project Intellectual Property conceived and reduced to practice or created solely by Sponsor personnel.

 

b. Ownership
of Project IP. All right, title and interest in and to GW Project IP will remain exclusively with GW. All right, title and
interest in and to Sponsor Project IP will remain exclusively with Sponsor. All rights, title and interest in Joint Project IP
are jointly owned by GW and Sponsor whereby the parties have an undivided interest in the entirety of all Joint Project IP.

 

c. License
to GW. Sponsor hereby grants to GW a fully-paid up, non-exclusive, royalty-free license to Sponsor Project IP for GW’s
non-commercial internal research and educational purposes with the right to permit other not-for-profit institutions to use the
Sponsor Project IP for their own non-commercial internal educational and research purposes.

 

d. License
to Sponsor. GW hereby grants to Sponsor a non-exclusive, royalty-free, license to GW’s rights in GW Project IP for Sponsor’s
non-commercial internal research use only, without the right to sublicense or redistribute.

 

e. Ownership
of Background Intellectual Property. GW has and retains all right, title and interest in GW Background Intellectual Property
and the ownership of such property is not affected by this Agreement. Sponsor retains all right, title and interest in Sponsor
Background Intellectual Property and the ownership of such property is not affected by this Agreement.

 

ARTICLE XI: Equipment and
Supplies

 

Title to any equipment or supplies purchased
or manufactured in the performance of this Agreement shall vest in GW upon acquisition.

 

    	 	-6-	 

     

    

 

ARTICLE XII: Warranties

 

ANY PROJECT INTELLECTUAL PROPERTY, PATENT
RIGHTS, LICENSED PRODUCTS AND ANY OTHER TECHNOLOGY LICENSED UNDER THIS AGREEMENT ARE PROVIDED ON AN “AS IS” BASIS.
UNIVERSITY MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY OF ACCURACY, COMPLETENESS,
PERFORMANCE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, COMMERCIAL UTILITY, NON-INFRINGEMENT, ABSENCE OF LATENT OR OTHER
DEFECTS, WHETHER OR NOT DISCOVERABLE, OR TITLE.

 

Each party shall be responsible for any
and all costs, damages, claims, liabilities or judgments which arise as a result of the negligence or intentional wrongdoing of
its employees or other agents. GW WILL NOT BE LIABLE TO SPONSOR , ITS AFFILIATES, SUBLICENSEES, SUCCESSORS OR ASSIGNS, OR ANY THIRD
PARTY WITH RESPECT TO ANY CLAIM: ARISING FROM SPONSOR’S USE OF ANY PROJECT INTELLECTUAL PROPERTY, PATENT RIGHTS, LICENSED
PRODUCTS OR ANY OTHER TECHNOLOGY LICENSED UNDER THIS AGREEMENT; OR ARISING FROM THE DEVELOPMENT, TESTING, MANUFACTURE, USE OR SALE
OF LICENSED PRODUCTS. GW WILL NOT BE LIABLE TO SPONSOR, ITS AFFILIATES, SUBLICENSEES, SUCCESSORS OR ASSIGNS, OR ANY THIRD PARTY
FOR LOST PROFITS, BUSINESS INTERRUPTION, OR INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OF ANY KIND.

 

ARTICLE XIII: Indemnification

 

Each Party shall defend, indemnify and hold
the other Party, its officers, trustees, agents and employees harmless from and against any and all liability, loss, expense (including
reasonable attorneys’ fees) or claims for injury or damages arising out of the performance of this agreement, but only in
proportion to and to the extent of any negligence or fault by the indemnifying party, its officers, agents or employees. The obligations
under this paragraph shall survive the termination of this agreement.

 

ARTICLE XIV: Termination

 

This Agreement may be terminated by either
Party upon thirty (30) days written notice to the other Party. Upon receipt of notice of termination, GW shall proceed to terminate
any outstanding commitments and stop the research as soon as practicable. GW shall be reimbursed for non-cancellable obligations
incurred prior to the effective date of termination, including the full cost of each employee, student, and faculty member supported
hereunder, through the end of such commitments. Nothing in this paragraph is intended to abrogate the Parties’ rights to
mutually terminate this Agreement on such terms as may be agreed upon. GW will furnish any necessary report of research completed
or in progress through the date of termination.

 

ARTICLE XV: Governing Law
and Dispute Resolution

 

a. Governing
Law. This Agreement shall be governed and construed, and the rights and obligations of the Parties shall be determined, in
accordance with the laws of the District of Columbia, without regard to conflict of laws issues.

 

    	 	-7-	 

     

    

 

b. Dispute
Resolution. Any dispute arising from this Agreement shall be resolved by good faith negotiations between the Parties. If the
Parties cannot resolve the dispute via negotiations, either Party may file suit solely in the local or federal courts of the District
of Columbia, and all Parties hereby consent to the personal jurisdiction and venue of such courts for any such action, regardless
of where they may reside or work at the time of such dispute.

 

ARTICLE XVI: Use of Names

 

Neither Party will use the name, logos,
trademarks, or other identifiers of the other Party, or the names of the other Party’s employees, without the prior written
permission of the other Party in each instance. For the avoidance of doubt, GW is permitted to disclose the existence of this Agreement
in any GW listing of sponsored research projects.

 

ARTICLE XVII: Independent
Inquiry.

 

Nothing in this Agreement shall be construed
to limit GW from engaging in similar or other inquiries made independently or with parties other than Sponsor.

 

ARTICLE XVIII: General Provisions

 

a. Independent
Contractor. The Parties are strictly independent contractors and are not, in any way, employees, partners, joint venturers
or agents of the other and shall not hold themselves out to be the agent, employer, or partner of the other. Nothing contained
herein shall be construed to give either Party any authority, right or ability to bind or commit the other in any way. Neither
shall, in any way, bind the other in any way unless such Party has received the written consent of the other.

 

b. Modification.
No amendment, alteration, or modification of this Agreement shall be valid unless executed in writing by authorized signatories
of both Parties.

 

c. Assignment.
Neither Party may assign or subcontract the rights or obligations under this Agreement without the other Party’s prior written
consent.

 

d. Force
Majeure. Neither Party shall be responsible for any failure or delay in its performance under this Agreement due to causes
beyond its reasonable control, including but not limited to labor strife including strikes, lockouts, shortages of or inability
to obtain labor, energy, raw materials or supplies, war, riot, acts of terrorism, civil unrest, an act of God (including but not
limited to fire, flood, earthquakes or other natural disasters) or governmental action (including but not limited to any law, regulation,
Decree or denial of visas or residence permits). In the event that either Party wishes to invoke force majeure, that Party shall
send written notice of such event to the other Party. In the event that a force majeure event prevents either Party’s performance
for a period of thirty (30) days or more, either Party shall be entitled to terminate this Agreement upon written notice to the
other Party. The provisions of this paragraph shall not apply to the payment of any amount due for research already performed.
The Parties will work in good faith to prevent one Party from unfairly benefitting from the force majeure event.

 

    	 	-8-	 

     

    

 

e. Waivers.
There shall be no waiver of any term, provision or condition of this Agreement unless the waiver is set forth in a written document
signed by the waiving Party. No such waiver shall be deemed to be or construed as a continuing waiver of any such term, provision
or condition unless the written waiver states to the contrary. The waiver by either Party of its rights or remedies under this
Agreement in a particular instance shall only apply to matters arising from or in connection with this Agreement. Either Party’s
failure to enforce any provision shall not prejudice such Party from later enforcing or exercising the same or any other provision
of the Agreement.

 

f. Titles.
All titles and article headings contained in this Agreement are used only for reference and convenience and are not to define,
limit, extend or otherwise describe the scope of the Agreement or the meaning or intent of its provisions.

 

g. Severability.
If any part, term or provision of this Agreement is held unlawful by an adjudicative body with jurisdiction over the Parties, the
validity of the remaining portions or provisions shall not be affected and will be interpreted so as to best effect the original
intent of the Parties.

 

h. Survivorship.
The terms of Articles VII - XVIII shall survive the expiration or termination of this Agreement.

 

i. Counterparts.
This Agreement may be executed in one or more counterparts, each of which will be an original and all of which will constitute
together the same document.

 

j. Electronic
Signature. The Parties acknowledge and agree that this Agreement may be executed or accepted using electronic or facsimile
signatures, and that such a signature shall be legally binding to the same extent as a written signature by a Party’s authorized
representative. Each Party waives any legal requirement that this Agreement be embodied, stored or reproduced in tangible media,
and agrees that an electronic reproduction shall be given the same legal force and effect as a signed writing.

 

k. Entire
Agreement. This Agreement and all attachments and appendices constitutes the entire understanding between the Parties with
respect to the subject matter hereof and may not be amended except by an agreement signed by authorized representatives of Sponsor
and GW.

 

    	 	-9-	 

     

    

 

IN WITNESS WHEREOF, the Parties hereto have
executed this Agreement on the dates specified below.

 

	SPONSOR	 	THE GEORGE WASHINGTON 
 UNIVERSITY
	 	 	 	 	 
	By:	/s/ Robb Knie	 	By:	/s/ Charles T. Maples
	 	 	 	 	 
	Name:	Robb Knie	 	Name:	Charles T. Maples
	 	 	 	 	 
	Title:	CEO	 	Title:	Sr. Contracting Officer, Sponsored Projects
	 	 	 	 	 
	Date:	9-17-20	 	Date:	9-14-20

 

    	 	-10-	 

     

    

 

	
        

         

        
	
        Appendix A

         

        

		Office of the Vice President
        for Research

 

September 2, 2020

 

Hayley Springer

Vice President of Operations

Hoth Therapeutics

646-756-2997

hayley@hoththerapeutics.com

 

Dear Ms. Springer,

 

This letter declares The George Washington University’s
intent to collaborate in the project entitled “A Smartphone-based Direct Virus Sensing System for SARS-CoV-2,” through
Hoth Therapeutics with Dr. Mona Zaghloul, Professor, for the George Washington University.

 

Attached is a description of the effort and resources that The
George Washington University (GW) will commit to this project, along with a budget. The proposed period of performance is from
9/1/2020 to 7/31/2021. The total budget for the George Washington University is [*].

 

Should you have any technical questions, please contact Dr.
Mona Zaghloul at 202-994-3772 or zaghloul@gwu.edu. Contractual matters should be addressed to me, at 202-994-0728 or email at osr@gwu.edu.

 

Sincerely,

 

Sylvia Ezekilova

Interim Director, Office of Sponsored Projects

 

	
        1922 F Street, NW –
        4th Floor | Washington, DC 20052

        t 202-994-0728 | f 202-994-9137 | research.gwu.edu

 

    	 	-11-	 

     

    

 

Project Title:

A Smartphone-based Direct Virus Sensing System for SARS-CoV-2

 

The objective of this funded project is to design and assess
the analytical performance of the Au Nano sensor from Dr. Zaghloul’s lab that directly detects SARS-CoV-2 virus and distinguishing
that binding from other human coronaviruses (i.e., 229e and OC43). The sensor developed is a nanohole array (NHA)-based plasmonic
sensing system. It shows high levels of sensitivity and selectivity for detecting and analyzing analytes, especially mixtures of
chemicals/biochemicals.

 

We have filed a joint patent between GWU and NIST for the technology
(US2019277762A1). This proposal will leverage this patented technology for an infectious disease application. We propose to build
microfluidic channel on top of the NHA for sample input and fluid output to detect SARS-CoV-2 virus and distinguish that the binding
analyte from other human coronaviruses (i.e., 229e and OC43) The proposed work is summarized in the following steps:

 

Step1: Guide and immobilize inactivated virus
contained within a liquid to the sensing area through a microfluidic channel.

 

Step 2: Detect the virus using the NHA sensing
system

 

The most challenging thing is how to identify and combine SARS-CoV-2
on the NHA sensor to eliminate the impact of other strains of coronavirus on the experiment as much as possible. Because the specificity
of binding is critical and must be thoroughly assessed so to reduce the risk of false-positive results being generated from the
binding of a non-SARS-CoV-2 coronavirus. If this specificity problem can be solved, combined with our existing high-sensitivity
NHA sensor system, it will greatly increase the accuracy and efficiency of SARS-CoV-2 virus detection. The simple to use, low-cost
device with its high-efficiency platform will be very competitive and could even replace the current nucleic acid detection methods.
Its huge commercial potential lies in the possibility of developing testing applications for detecting a variety of different infectious
pathogens in the future.

 

The NHA sensing platform works in optical mode. Due to the specially
designed patterns (nanoholes with a diameter of 200 nm and a period of 400 nm), our NHA sensor shows a plasmonic spectrum in the
visible wavelength. When the virus is detected, the local refractive index will change due to the existence of the virus. As a
result, the visible spectrum of the sensor will shift, i.e., the color of the sensor will slightly change, which can be captured
by a CMOS camera. In our previous work, a smartphone camera is powerful enough to monitor the slight color change. Our procedure
will be first testing the sensor using a spectrometer to record the spectra of the sensor. The spectra will be used as references
to calculate the local refractive index change caused by the virus. After that, we will use a CMOS camera to acquire images of
the bare sensor, sensor with receptors, and sensor with the virus. The acquired images will be labeled with the corresponding conditions
and saved in the server for system training.

 

Step 3: Design and train an ANN-based algorithm
to classify the SARS-CoV-2 virus

 

We will use open-source machine learning libraries such as TensorFlow
and Pytorch to train the ANN with the images acquired in S2b. The purpose of this step is to classify SARS-CoV-2 with more than
90% accuracy. We will modify the ANN structure and optimize the hyperparameters to achieve a 90% accuracy of COVID-19 recognition
using machine learning and a Smartphone. developed a nanohole array (NHA)-based plasmonic sensing system.

 

    	 	-12-	 

     

    

 

Assay Design:

 

The final design will have a sensor containing two to three
channels. Each channel will be functionalized with one of the following reagents:

 

		·	ACE2 protein (binds SARS-C0V-2)

 

		·	Anti-SARS-CoV-2 receptor binding domain (RBD) S1 spike protein (binds
SARS-CoV-2)

 

		·	Anti-human IgA antibody (Internal control if oral saliva samples are
tested)

 

Two channels are designed to bind SARS-CoV-2 virus particles
from saliva specimens. We may find that one of these two proteins (ACE2 or anti-RBD antibody) has significantly better analytical
performance characteristics than the other. In that case, we would design the device with one channel for virus binding and one
channel for the internal control (IC). The IC is critical for evaluating specimen adequacy. For the SARS-CoV-2 test result to be
considered valid, the IC result needs to be positive. This is especially important when SARS-CoV-2 virus is not detected in the
specimen, or is present below the limit of detection, so you can have confidence to say a negative result is a true negative and
not a false negative.

 

We will begin by focusing our efforts on assessing the ability
of ACE2 protein and anti-RBD of S1 spike protein to bind to the Au nanosensor. To accomplish this, we will use fluorescently-labeled
proteins so that the extent of the coating process can be visualized using a fluorescent microscope (GWU Imaging Facility, B2 level,
SEH building). We have found commercial sources of the following fluorescently-labeled reagents:

 

		·	FITC-labeled anti-RBD S1 spike protein nanobody

 

		·	FITC-labeled anti-human IgA1 Fc antibody (mouse monoclonal or rabbit
polyclonal designed for ELISA-based tests)

 

We have not yet found a source of fluorescently-labeled ACE2
protein. This situation may require my lab or a commercial vendor to conjugate a fluorophore to a purified source of human ACE2
protein.

 

Once we demonstrate adequate binding of these various proteins
to the Au nanosurface, we will proceed to functionalize the Au nanosensor using unlabeled proteins. These proteins include:

 

		·	Purified recombinant human ACE2 protein (SARS-CoV-2 binding)

 

		·	Anti-RBD S1 spike protein nanobody (SARS-CoV-2 binding)

 

		·	Anti-human IgA antibody (IC)

 

We need to determine the optimal concentrations of the ACE2
protein and the anti-RBD S1 spike protein nanobody to use to coat the channels for optimal sensitivity. Depending upon the stock
concentration of the reagent, serial 2-fold, 5-fold or 10-fold dilutions of the two coating proteins will be used to functionalize
the surface of the Au nanosensor. These two reagents will be assessed individually when determining the optimal concentrations
to use. Inactivated virus will then be added to these functionalized Au nanosensors to look for a change in wavelength as an indicator
of binding of the virus to the protein. We have chosen to work with gamma irradiated SARS-CoV-2 virus rather than heat inactivated
virus so as to avoid working with denatured viral proteins, which could negatively impact binding of virus with the ACE2 protein
and the SARS-CoV-2 anti-RBD antibody.

 

    	 	-13-	 

     

    

 

Serial 10-fold dilutions of each virus stock will be made I
1X PBS, and then tested in triplicate on these functionalized Au nanosensors to determine limit of detection for this device. Specificity
of binding to these functionalized proteins will be assessed using similar concentrations of UV-irradiated cultured stocks of common
human coronaviruses (229E and OC43). Gamma irradiated human coronavirus 229E and OC43 are not available, so UV irradiated virus
will be used instead to perform the specificity studies.

 

Once we have determined limit of detection for SARS-CoV-2 virus,
and assessed assay specificity, we will work on designing the internal control channel(s). Here we will work in parallel functionalizing
one channel on the device using fluorescently labeled reagents to assess coating of the Au surface (see list above). Once that
is established, we will coat the Au surface with unlabeled reagents; mouse anti-human IgA antibody. Again, serial 2-fold, 5-fold
or 10-fold dilutions of each of these antibodies will be made for functionalizing the Au nanosensor. We will begin using purified
human IgA to do these experiments. After those experiments, we can introduce working with saliva matrices for detection of human
IgA.

 

Ultimately, this device is being designed to be used both as
a point of care test and for at home testing to detect SARS-CoV-2 virus antigen(s). A breath sample type (or equivalent) can also
be investigated for technical feasibility, but not required under the existing scope of work.

 

Rationale for choosing S1 domain, which contains the receptor
binding domain (RBD) over the S2 domain of the spike protein in designing assay:

 

There is less amino acid homology for S1 compared to S2 between
SARS-CoV and SARS-CoV-2 (64% vs. 91%).

 

The S1 subunit is found not only on intact virus (prefusion)
prior to binding to ACE2 receptors, but can be found as free S1 subunits that are shed from the virus after binding to the ACE2
receptors (postfusion).

 

    	 	-14-	 

     

    

 

	
        Title:

        PI:

        Sponsor:

        Period of Performance:
	
        A Smartphone-based Direct Virus Sensing System for SARS-CoV-2

        Mona Zaghloul

        Hoth Therapeutics

        9/1/2020to 7/31/2021

	 	12/01/2020 – 07/31/2021	TOTAL
	Period 1
	A.	Senior Personnel*	 	 	 	 	 	 	 
	 	 	Base Salary	Monthly	Effort	Appointment	Person Months	 	 
	 	PI (SMR): Mona Zaghloul	 	 	 	 	 	 	 
	 	Co-PI (CY): Jeanne Jordan	 	 	 	 	 	 	 
	Total Senior Personnel	[*]	[*]
	B.	Other Personnel*	 	 	 	 	 	 	 
	 	 	Base Salary	Monthly	Effort	Appointment	Person Months	 	 
	 	Research  Scientist:	 	 	 	 	 	 	 
	Total Senior Personnel	[*]	[*]
	C.	Graduate Research and Temporary Personnel*	 	 
	 	 	Base Salary	Monthly	Effort	Appointment	Person Months	 	 
	 	Graduate Research Assistant	 	 	 	 	 	 	 
	 	Graduate Research Assistant	 	 	 	 	 	 	 
	 	Graduate Research Assistant	 	 	 	 	 	 	 
	Total Graduate Research and Temporary Personnel	[*]	[*]
	TOTAL SALARIES & WAGES	 	 
	D.	Fringe Benefits**	 	 
	 	Senior Personnel	 	 	 	 	 	 	 
	 	Other Personnel	 	 	 	 	 	 	 
	 	Graduate Research and Temporary Personnel	 	 	 	 	 	 	 
	Total Fringe Benefits	[*]	[*]
	TOTAL SALARIES, WAGES, & FRINGE BENEFITS	 	 
	E.	Other Direct Costs - included in MTDC	 	 
	 	Materials & Laboratory Supplies	 	 
	 	Cleanroom	 	 
	Total Other Direct Costs – included in MTDC	[*]	[*]
	F.	Other Direct Costs - not included in MTDC	 	 	Credits	Rate	# of Students	 	 
	 	Tuition	 	 	 	 	 	 	 
	Total Other Direct Costs – not included in MTDC	[*]	[*]
	G.	Modified Total Direct Costs (MTDC)	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	H.	Total Direct Costs	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	I.	Indirect Costs (F&A, Facilities & Administrative Costs)	 	 	 	 	 	 	 
	 	Rate Negotiated with DHHS***	 	 	 	 	 	 	 
	J.	TOTAL REQUESTED	[*]	[*]

 

		*	Salaries are projected to increase 4% effective January
1, annually, except on NIH capped salaries.

		**	Fringe is calculated at 25.10% for regular staff and 6.50%
for temporary staff, per DHHS Agreement, dated 1/14/2020, effective through 6/30/2021, provisional thereafter

		***	Indirect costs are calculated at 59.5% MTDC- On Campus,
per DHHS Agreement dated 1/14/2020,effective through 6/30/2019, provisional thereafter

 

    	 	-15-	 

     

    

 

BUDGET JUSTIFICATION

 

Senior Personnel –

 

Dr. Mona Zaghloul will be supported on this grant as
the Principal Investigator overseeing the work performed and supervising personnel.

 

The PI will take 100% of two summer months effort, or the equivalent
of 2 person months. Professor Zaghloul will supervise the clean room work to fabricate the microfluidic parts to fit the gold Nano-sensor
to be able to add the protein ACE2 and antibody protein on top if the sensor to attach to the sensor surface. She will also supervise
the extra sensors fabrication as needed. She will work on generating several data measurements in the laboratory to be able to
identify the virus. She will work with her students to develop algorithms to transfer the data. She will work with her students
to do all required tasks.

 

Dr. Jeanne Jordan will be supported on this grant as
a Co-Principal Investigator.

 

The Co-PI will take 25% of 8 calendar months or the equivalent
of 2 person months. Dr. Jordan will work to develop Assay Design needed to detect the presence of virus within the biologic sample.
The final design will integrate a sensor containing two to three channels. Each channel will be functionalized with one of the
specified reagents, she will begin her experiments with fluorescently labeled reagents and work with the Imaging Facility in B2
SEH to verify the functionalization of the proteins to the gold nanosurface. She will then work with Dr. Zaghloul and her students
to verify the attachment of the microfluidic device which will deliver the biologic specimen to the top of the Nano sensor and
verify the functionalization of the sensor surface and verify the attachment of the virus.

 

Other Personnel –

 

We are also requesting support for a research scientist, Dr.
Kamwing Jair, who will take 40% of 8 months effort. He will work closely with Dr. Jordan and support her work in her laboratory
to optimize assay conditions to achieve the most sensitive and specific assay possible for direct detection of the SARS-CoV-2 virus
from the biological specimen. We will need to assess analytical performance criteria of the assay including sensitivity and specificity.
Limit of detection (LOD) of the SARS-CoV-2 virus within a relevant sample matrix will also need to be determine. Lastly, we will
need to build an internal control into the device, in order to assess the validity of test results.

 

Graduate Research and Temporary Personnel –

 

Three graduate research assistants (GRAs) will be 50% full time
equivalent (FTE) and be supported for 6 academic and 2 summer months. The GRAs will work at Dr. Zaghloul laboratory and at the
SHE clean room to fabricate the microfluidic channels, and to fabricate the new sensors as needed. The measure and characterize
the sensors and the microfluidic part

 

    	 	-16-	 

     

    

 

Fringe Benefits –

 

Fringe benefit rates of [*]% for full-time employees and [*]%
for temporary employees and students is fixed through 6/30/2021, and provisional thereafter per DHHS agreement dated 1/14/2020.

 

Other Direct Costs – included in MTDC –

 

We are requesting funds for needed materials to use in the fabrication
at the SHE clean room, for needed reagents to functionalize the gold Nano sensor as well as the materials used in the measuring
of the microfluidic and the gold Nano sensor. Spectrometer is needed to measure the spectrum of the plasmonic sensor and to identify
the attachment of the virus to the sensor.

 

Other Direct Costs – not included in MTDC –

 

The project will support two GRAs with 9 credit hours of tuition
per year at [*] per credit

 

Modified Total Direct Costs (MTDC) –

 

Total Direct Costs – 

 

Indirect Costs (Facilities & Administrative Costs) –

 

The F&A rate of [*]% is predetermined through 6/30/2019
and provisional thereafter per DHHS agreement dated 01/14/2020.

 

TOTAL REQUESTED – [*]

 

 

    	 	-17-	 

     

    

 

COLLEGES AND UNIVERSITIES RATE AGREEMENT

 

	
        EIN:

        ORGANIZATION:

        George Washington University

        44983 Knoll Square, 2nd Floor

        Ashburn, VA 20147
	
        DATE: 01/14/2020

        FILING REF.: The preceding agreement was dated 01/22/2019

 

The rates approved in this agreement are for use on grants,
contracts and other agreements with the Federal Government, subject to the conditions in Section III.

 

	SECTION I: INDIRECT COST RATES

 

	RATE TYPES:	FIXED	FINAL	PROV.	(PROVISIONAL)	PRED.	(PREDETERMINED)

 

	 	 	EFFECTIVE PERIOD	 	 	 	 	 	 
	TYPE	 	FROM	 	TO	 	RATE (%)	 	LOCATION	 	APPLICABLE TO
	PRED.	 	07/01/2015	 	06/30/2016	 	 	 	On-Campus	 	Organized Research (1)
	PRED.	 	07/01/2015	 	06/30/2016	 	 	 	On-Campus	 	Organized Research (2)
	PRED.	 	07/01/2016	 	06/30/2019	 	 	 	On-Campus	 	Organized Research (3)
	PRED.	 	07/01/2015	 	06/30/2019	 	 	 	Off-Campus	 	Organized 

Research – Biostatistics (4)
	PRED.	 	07/01/2015	 	06/30/2019	 	 	 	Off-Campus	 	Organized 

Research
	PRED.	 	07/01/2015	 	06/30/2019	 	 	 	On-Campus	 	Other Sponsored Activities
	PRED.	 	07/01/2015	 	06/30/2019	 	 	 	Off-Campus	 	Other Sponsored Activities
	PROV.	 	07/01/2019	 	Until Amended	 	 	 	 	 	Use same rates and conditions as those cited for fiscal year ending June 30, 2019.

 

    	 	-18-	 

     

    

 

*BASE

 

Modified total direct costs, consisting of all salaries and
wages, fringe benefits, materials, supplies, services, travel and subgrants and subcontracts up to the first [*] of each subgrant
or subcontract (regardless of the period covered by the subgrant or subcontract). Modified total direct costs shall exclude equipment,
capital expenditures, charges for patient care, student tuition remission, rental costs of off-site facilities, scholarships, and
fellowships as well as the portion of each subgrant and subcontract in excess of [*].

 

		(1)	Rates apply to University projects, excluding Medical Center
Schools.

		(2)	Rates apply to Medical Center Schools, which includes the
School of Medicine and Health Sciences, School of Public Health and Health Services, and the School of Nursing, excluding University.

		(3)	Effective 10/29/2015, school will utilize one blended organized
research rate for the University Projects and Medical Center for fiscal year starting 7/1/2016.

		(4)	Organized Research Biostatistics rates exclude all Departmental
Administrative Costs other than the Deans’ office.

 

    	 	-19-	 

     

    

 

	
        SECTION I: FRINGE BENEFIT RATES**

 

	TYPE	 	FROM	 	TO	 	RATE (%)	 	LOCATION	 	APPLICABLE TO
	FIXED	 	7/1/2020	 	6/30/2021	 	 	 	All	 	
        Regular

        Employees

	FIXED	 	7/1/2020	 	6/30/2021	 	 	 	All	 	
        Temps &

        Students

	PROV.	 	7/1/2021	 	Until 

amended	 	 	 	 	 	Use same rates and conditions as those cited for fiscal year ending June 30, 2021.

 

** DESCRIPTION OF FRINGE BENEFITS RATE BASE:

 

Salaries and wages.

 

    	 	-20-	 

     

    

 

	SECTION II:   SPECIAL REMARKS

 

TREATMENT OF FRINGE BENEFITS:

 

The fringe benefits are charged using the rate(s) listed in
the Fringe Benefits Section of this Agreement. The fringe benefits included in the rate(s) are listed below.

 

TREATMENT OF PAID ABSENCES

 

Vacation, holiday, sick leave pay and other paid absences are
included in salaries and wages and are claimed on grants, contracts and other agreements as part of the normal cost for salaries
and wages. Separate claims are not made for the cost of these paid absences.

 

OFF-CAMPUS DEFINITION: For all activities performed in facilities
not owned by the institution and to which rent is directly allocated to the project(s) the off-campus rate will apply. Grants or
contracts will not be subject to more than one F&A cost rate. If more than 50% of a project is performed off-campus, the off-campus
rate will apply to the entire project.

 

Fringe Benefits include: FICA, Retirement, Disability Insurance,
Life Insurance, Tuition Remission, Workers’ Compensation, Unemployment Insurance, Health & Dental Insurance, Death Benefits,
Sabbatical Leave, and Post Retirement Benefits.

 

An equipment means an article of nonexpendable tangible personal
property having a useful life of more than one year, and an acquisition cost of [*] or more per unit.

 

Next Fringe Benefits rates proposal for fiscal year ending 06/30/2020
is due in our office by 12/31/2020.

 

*This rate agreement updates the Fringe Benefits rates section
only.*

 

    	 	-21-	 

     

    

  

	SECTION III:  GENERAL

 

A. LIMITATIONS:

 

The rates in this Agreement are subject to any statutory or
administrative limitations and apply to a given grant, contract or other agreement only to the extent that funds are available.
Acceptance of the rates is subject to the following conditions: (1) Only costs incurred by the organization were included in its
facilities and administrative cost pools es finally accepted: such costs are legal obligations of the organization and are allowable
under the governing cost principles; (2) The same costs that have been treated as facilities and administrative costs are not claimed
as direct costs; (3) Similar types of costs have been accorded consistent accounting treatment; and (4) The information provided
by the organization which was used to establish the rates is not later found to be materially incomplete or inaccurate by the Federal
Government. In such situations the rate(s) would be subject to renegotiation at the discretion of the Federal Government.

 

B. ACCOUNTING CHANGES:

 

This Agreement is based on the accounting system purported by
the organization to be in effect during the Agreement period. Changes to the method of accounting for costs which affect the amount
of reimbursement resulting from the use of this Agreement require prior approval of the authorized representative of the cognizant
agency. Such changes include, but are not limited to, changes in the charging of a particular type of cost from facilities and
administrative to direct. Failure to obtain approval may result in cost disallowances.

 

C. FIXED RATES:

 

If a fixed rate is in this Agreement, it is based on an estimate
of the costs for the period covered by the rate. When the actual costs for this period are determined, an adjustment will be made
to a rate of a future year(s) to compensate for the difference between the costs used to establish the fixed rate and actual costs.

 

D. USE BY OTHER
FEDERAL AGENCIES:

 

The rates in this Agreement were approved in accordance with
the authority in Title 2 of the Code of Federal Regulations, Part 200 (2 CFR 200), and should be applied to grants, contracts and
other agreements covered by 2 CFR 200, subject to any limitations in A above. The organization may provide copies of the Agreement
to other Federal Agencies to give them early notification of the Agreement.

 

E. OTHER:

 

If any Federal contract, grant or other agreement is reimbursing
facilities and administrative costs by a means other than the approved rate(s) in this Agreement, the organization should (1) credit
such costs to the affected programs, and (2) apply the approved rate(s) to the appropriate base to identify the proper amount of
facilities and administrative costs allocable to these programs.

 

	BY THE INSTITUTION:	ON BEHALF OF THE FEDERAL GOVERNMENT:
	 	 
	George Washington University	DEPARTMENT OF HEALTH AND HUMAN SERVICES
	 	 
	____________________________________________	____________________________________________
	(INSTITUTION)	(AGENCY)
	 	 
	____________________________________________	____________________________________________
	(SIGNATURE)	(SIGNATURE)
	 	 
	____________________________________________	____________________________________________
	(NAME)	(NAME)
	 	 
	____________________________________________	____________________________________________
	(TITLE)	(TITLE)
	 	 
	____________________________________________	____________________________________________
	(DATE)	(DATE)
	 	 
	 	HHS REPRESENTATIVE: ________________
	 	 
	 	TELEPHONE: ________________

 

    	 	-22-	 

     

    

 

THE GEORGE WASHINGTON UNIVERSITY

ADMINISTRATIVE DATA SHEET

 

	EIN 	DUNS #043990498	CAGE Code#4L405
	FICE #001444	NAICS 611310	Congressional District 01

 

	Applicant Organization: The George Washington University

    Address all correspondence to:

    Sylvia Ezekilova

    Interim Director, Sponsored Projects

    The George Washington University

    Office of the Vice President for Research

    1922 F Street, NW - 4th Floor

    Washington, D.C. 20052-0042

    (202) 994-0728

    Email: osr@gwu.edu	Address all billing matters and mail checks to:

George Washington University— GCAS

PO Box 829896

Philadelphia, PA 19182-9896

Overnight Courier Deliveries:

PNC Bank c/o George Washington University—GCAS

Lockbox Number 

525 Fellowship Road, Suite 330

Mt. Laurel, NJ 08054-3415

(571) 553-4356

Email: ttaube@gwu.edu

 

Preferred Payment Method: Payment by ACH and Wire
transfers should be sent to:

 

	
        Beneficiary Acct No

        Beneficiary Acct Name:

        Beneficiary Address:

        ABA # for ACH:

        ABA # for Wires:

        SWIFT#
	 
	 	 
	
        If necessary, make checks payable to:

        Credit to: Award/Invoice# 
	The George Washington University

 

Officials Authorized to Negotiate:

 

	Sylvia Ezekilova

Interim Director

(202) 994-0728

osr@gwu.edu	Charles Maples

Sr. Contracting Officer

(202) 994-3909

cmaples@gwu.edu	Jennifer Liasson

Sr. Contracting Officer

(202) 994-1514

jliasson@gwu.edu	Lisa O’Neill

Contracting Officer

(202) 994-7525

loneill@gwu.edu
	 	 	 	 
	Ronald Wilson 

    Contracting Officer 

    (202) 994-0760 

    ronaldwilson@gwu.edu	 	 	 

 

Officials Authorized to Commit GW:

 

	Sylvia Ezekilova (AORa)

Interim Director, Sponsored Projects (SP)

osr@gwu.edu	Charles Maples

Sr. Contracting Officer, SP	Jennifer Liasson

Sr. Contracting Officer, SP
	Gina Lohr

Sr. Associate Vice Provost Research

glohr@gwu.edu	 	 

 

	Cognizant Audit Agency:	DHHS, Region III

330 Independence Ave, SW, Rm 1067

Washington, DC 20201-0003

(301) 492-4855	 

 

The George Washington University has the necessary financial
capacity, working capital and other resources to undertake the project without assistance from any other outside source.

 

GW policy prohibits acceptance of projects which prevent the
open dissemination of research results or which restrict the access by the academic community to research programs of its students.
Under this policy, the results of University research projects must be publishable and researchers must be permitted to present
their results at symposia and professional meetings, and to publish in journals, theses or dissertations, or otherwise of their
own choosing, the methods and results of such projects.

 

 

a Authorized Organizational Representative

 

- 23 -

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