Document:

Exhibit
10.43

 

CONFIDENTIAL

 

Certain
identified information has been excluded from the exhibit because it is both not material and would likely cause competitive harm
if publicly disclosed.

 

Amended
and Restated Non-Exclusive License Agreement

 

This
Amended and Restated Non-Exclusive License Agreement (this “Agreement”) is made effective as of the 1st
day of April, 2017 (the “Effective Date”) by and between iPS Academia Japan, Inc., a Japan corporation, with a principal
office at 207 International Science Innovation Building East Wing, Kyoto University, 36-1 Yoshida-honmachi, Sakyo-ku, Kyoto, 606-8501
(“AJ”) and StemoniX, Inc., a Minnesota corporation, with a principal place of business at 13300 67th Ave N, Maple
Grove, MN 55311, U.S.A. (“LICENSEE”). This Agreement amends and restates that certain Non-Exclusive License Agreement
between AJ and LICENSEE effective as of December 22, 2015, as amended to date. AJ and LICENSEE may be referred to individually
as a “Party” or collectively as the Parties”.

 

Recitals

 

WHEREAS,
AJ is the owner of license rights under certain intellectual property relating to induced pluripotent stem cell (“iPSCs”)
technologies and has the right to grant licenses under the Licensed Patents I, which have been granted to AJ by Kyoto University
under the license agreement dated September 10, 2008, as amended (hereinafter referred to as “Kyoto Agreement”);

 

WHEREAS,
AJ is also the owner of license rights under certain intellectual property relating to induced pluripotent stem cell technologies
and has the right to grant licenses under the Licensed Patents II, which have been granted to AJ by Osaka University under the
license agreement dated October 13, 2010, as amended (hereinafter referred to as “Osaka Agreement”);

 

WHEREAS,
AJ desires to have the intellectual property relating to iPS cell technologies developed and commercialized worldwide as soon
as possible;

 

WHEREAS,
LICENSEE desires to obtain license rights under the intellectual property relating to iPSC technologies for LICENSEE’s use
in commercialization of its services in the Territory; and

 

WHEREAS,
LICENSEE wishes to obtain from AJ, and AJ is willing to grant to LICENSEE, a license under the Licensed Patents for the development,
manufacture, use and sale of the Licensed Products and provision of Licensed Services in the Territory in accordance with the
provisions of this Agreement (all capitalized terms as defined herein).

 

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NOW
THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein, the Parties intending
to be legally bound agree as follows:

 

1.
Definitions

 

For
the purpose of this Agreement, the terms set forth hereinafter shall be defined as follows:

 

1.1
“Affiliate” means any corporation or other entity that directly or indirectly Controls, is Controlled by, or is under
common Control with, another corporation or entity.

 

1.2
“Agreement” means this Amended and Restated Non-Exclusive License Agreement only.

 

1.3
“Commercial Use” means any activity by a User including at least one of following activities:

 

(i)
use of the Pluripotent Cells or Progeny, for manufacture of related products distributed and/or sold to a third party including
but not limited to culture medium and equipment;

(ii)
use of the Pluripotent Cells, Progeny or Modifications to provide a service, information or data to a third party for Financial
Gain;

(iii)
use of the Pluripotent Cells, Progeny or Modifications for screening small molecular compounds, antibodies, proteins, peptides,
and large-molecular compounds as potential pharmaceutical compounds. For avoidance of misunderstanding, target discovery, target
validation or assay development are excluded. Moreover, use of the Pluripotent Cells, Progeny or Modifications for screening by
not-for-profit organizations solely for academic, educational and not-for-profit purposes is not considered as Commercial Use,
but industry-sponsored screening conducted by not-for-profit organization is considered as Commercial Use;

(iv)
sale, lease, distribution or transfer of Pluripotent Cells, Progeny or Modifications to third parties for Financial Gain; or

(v)
sale, lease, distribution or transfer of Pluripotent Cells and Progeny to for-profit organizations not for Financial Gain.

 

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For
clarity, “Financial Gain” means any financial benefit or gain earned by User which consideration or revenue of a transaction
exceeds its Cost of operating the transaction, and “Cost” means a direct material cost of Pluripotent Cells, Progeny
or Modifications.

 

1.4
“Control” means (a) direct or indirect ownership of fifty percent (50%) or more (or the maximum ownership interest
permitted by applicable laws) of the stock or shares having the right to vote for the election of directors of such corporate
entity or (b) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of an entity, whether through the ownership of voting securities, by contract or otherwise.

 

1.5
“Confidential Information” means any and all confidential information of a Party, including without limitation any
knowledge, practice, process or other proprietary information, disclosed by a Party to the other Party solely in furtherance of
this Agreement and is conspicuously marked “confidential” or “proprietary”, or if disclosed orally, confirmed
in writing within thirty (30) days after the disclosure date in order to be treated as confidential information.

 

1.6
“Effective Date” means the date first above written.

 

1.7
“User’s Field of Use” means User’s internal research only, excluding any research involving administration
and use of Licensed Products in (1) human subjects for human clinical use for therapeutic, diagnostic or prophylactic purposes
or (2) animals for veterinary use for therapeutic, diagnostic or prophylactic purposes, including but not limited to clinical
applications, cell therapy, transplantation, and/or regenerative medicines.

 

1.8
“Licensed Differentiated Cells” means mammalian differentiated cells from Licensed iPSCs by LICENSEE as listed in
Appendix A attached hereto.

 

1.9
“Licensed iPSCs” means mammalian iPSCs the manufacture, use or sale of which is covered by the Licensed Patents.

 

1.10
“Licensed Patents I” means the pending patent applications and/or issued patents which are licensable by AJ as of
Effective Date under the Kyoto Agreement, as defined in Appendix B attached hereto, and any and all foreign and
corresponding patents and applications to those pending patent applications and/or issued patents in the Territory including divisions,
substitutions, continuations, continuations-in-part, renewals, reissues, re-examinations and extensions.

 

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1.11
“Licensed Patents II” means the pending patent applications and/or issued patents which are licensable by AJ as of
Effective Date under the Osaka Agreement, as defined in Appendix B attached hereto, and any and all foreign and
corresponding patents and applications to those pending patent applications and/or issued patents in the Territory including divisions,
substitutions, continuations, continuations-in-part, renewals, reissues, re-examinations and extensions.

 

1.12
“Licensed Patents” means Licensed Patents I and/or Licensed Patents II.

 

1.13
“Licensed Products” means Licensed iPSCs and/or Licensed Differentiated Cells.

 

1.14
“Licensed Services” means Licensed Services I and Licensed Services II.

 

1.15
“Licensed Services I” means services provided by LICENSEE to generate Licensed iPSCs and to transfer or deliver such
Licensed iPSCs to Users for the benefit of Users for the User’s Field of Use.

 

1.16
“Licensed Services II” means services provided by LICENSEE to make and/or grow the Licensed iPSCs, then differentiate
the Licensed iPSCs into Licensed Differentiated Cells and either (a) to transfer or deliver such Licensed Differentiated Cells
to Users for the benefit of Users for the User’s Field of Use, or (b) to perform services other than Licensed Services II
described in clause (a) above, including but not limited to screening, disease modeling and assay development, using such Licensed
Differentiated Cells and without using Licensed iPSCs for the benefit of Users for the User’s Field of Use. LICENSEE shall
report a brief summary of any Licensed Services II described in clause (b) above in a written royalty statement to be submitted
to AJ under Section 6.1.

 

1.17
“Modifications” mean derivatives which are created by User or created through the use of the Pluripotent Cells or
Progeny, but which (i) do not differentiate into cell types from all three germ layers and (ii) are not in an undifferentiated
state.

 

1.18
“Net Sales” means [******************************].

 

1.19
“Option Term” means the period beginning on December 22, 2015 and ending on December 21, 2020.

 

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1.20
“Pluripotent Cells” mean Licensed iPSCs provided by Licensee.

 

1.21
“Progeny” means derivatives from the Pluripotent Cells which retain the ability to self replicate themselves, retain
ability to differentiate into cell types from all three germ layers and remain in an undifferentiated state. Progeny includes,
but is not limited to, genetically modified and cloned cell lines which retain the ability to self replicate themselves, retain
ability to differentiate into cell types from all three germ layers and remain in an undifferentiated state.

 

1.22
“Reporting Period” has the meaning set forth in Section 3.2.1 hereof.

 

1.23
“Term” has the meaning set forth in Section 10.1 hereof.

 

1.24
“Territory” means (i) the United States of America (the “U.S.A.”) to the extent that the Option Right
has not been exercised under the Section 3.1 of this Agreement or (ii) worldwide including the U.S.A. to the extent that the Option
Right has been exercised under the Section 3.1 of this Agreement.

 

1.25
“Third Party” means any person or entity that is not a Party to this Agreement or an Affiliate of a Party to this
Agreement.

 

1.26
“User” means LICENSEE’s customer who purchases Licensed Services or Licensed Products or who wishes to purchase
the Licensed Services or Licensed Products.

 

1.27
“Valid Claim” means, any claim from (a) an issued and unexpired patent that has not lapsed, been revoked or cancelled,
or held unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction that has not
been reversed in relevant part or that has not been disclaimed, denied or admitted to be invalid or unenforceable through reissue,
or disclaimer or otherwise; or (b) a pending patent application being prosecuted in good faith that has not been cancelled, withdrawn,
abandoned, finally rejected.

 

2.
Grant

 

2.1
License. Subject to the terms and conditions of this Agreement, AJ hereby grants to LICENSEE, and LICENSEE hereby
accepts,

[*******************************************************]

(i)
[*******************************************************]

(ii)
[*******************************************************].

 

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2.2
Use restriction.

[***********************************************************************************************

************************************************************************************************

************************************************************************************************

*****************************************************]

 

2.3
User Notice.

[***********************************************************************************************

************************************************************************************************

************************************************************************************************

**********************************************]
no other right, express or implied, is conveyed by the sale of Licensed iPSCs or the provision of Licensed Service I.

 

LICENSEE
shall deliver the User Notice above by providing the document specified in Appendix C to User at the purchase of
Licensed Products or Licensed Services, and shall request Users to deliver the document specified in Appendix C
to other Users if that User transfers material, which may be accomplished by a transfer of a copy of the limited use label license
that accompanies the sales of Licensed Products or the provision of Licensed Services. If LICENSEE wishes to revise the document
in Appendix C, LICENSEE shall provide a draft of the revised version at least thirty (30) days before the implementation
of such revised version for AJ’s prior written approval, such approval not to be unreasonably withheld, conditioned or delayed.

 

2.4

[***********************************************************************************************
************************************************************].

 

2.5
Scope of grant. Each Party acknowledges that the rights and licenses granted under this Article 2 and elsewhere
in this Agreement are limited to the scope expressly granted. Accordingly, except for the rights expressly granted under this
Agreement, no right, title, or interest of any nature whatsoever is granted whether by implication, estoppel, reliance, or otherwise,
by either Party to the other Party. All rights with respect to intellectual property rights that are not specifically granted
herein are reserved to the owners thereof.

 

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2.6
Due diligence. LICENSEE shall utilize commercially reasonable due diligence in developing and marketing Licensed
Products and Licensed Services in the Territory. LICENSEE shall submit an annual report to AJ on the progress of developing Licensed
Products and Licensed Services during the previous calendar year at the latest January 31 of each calendar year.

 

2.7
Product marking. Prior to the issuance of patents under Licensed Patents, LICENSEE shall mark Licensed Products
(or their containers, labels, packing slips or invoices) made, sold, or otherwise disposed of by LICENSEE under the license granted
in this Agreement with the words “Patent Pending,” and following the issuance of one or more patents, with the numbers
of any applicable Licensed Patents.

 

3.
Option

 

3.1
Subject to the terms and conditions of this Agreement, AJ hereby grants to LICENSEE, and LICENSEE hereby accepts, a royalty bearing,
non-exclusive and non-transferrable right (hereinafter refereed as to “Option Right”), under the Licensed Patents,
exercisable at LICENSEE’s sole discretion during the Option Term, to expand the Territory to worldwide with respect to the
Licensed Patents I, the Licensed Patents II, or both, either at the same time or different times; it being understood that, as
of the Effective Date, LICENSEE has validly exercised the Option Right hereunder with respect to the Licensed Patents I but not
the Licensed Patents II.

 

3.2
During the Option Term, LICENSEE shall provide a written prior notice to AJ for its intention to exercise the Option Right with
specific date when LICENSEE wishes the expansion of the Territory under the Option Right to be effective (“Exercise Date”).

 

3.3
If the Option Term has expired, the Option Right granted under the Section 3.1 shall be terminated at the date of expiration of
the Option Term, and the related Sections 1.15, 1.18 (ii) and 4.4 shall be terminated at the date of expiration of the Option
Term accordingly.

 

4.
Fees and Royalties

 

4.1
Upfront fee. In consideration of the rights and licenses granted under this Agreement, LICENSEE shall pay to AJ
a non-creditable and non-refundable upfront fee as defined in the Appendix D by the due date designated in the Appendix D.

 

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4.2

 

4.2.1
Running royalties. In further consideration of the grant under this Agreement, LICENSEE shall pay to AJ a non-refundable
running royalty for each quarter of a calendar year payable by LICENSEE within thirty (30) days after the close of each quarter
of a calendar year (hereinafter each quarter of a calendar year defined as a “Reporting Period”) as defined in the
Appendix D. For clarity, if the Licensed Services which include a transfer of Licensed Products are provided on
behalf of a User who already has an appropriate patent license from AJ regarding the Licensed Patents covering the Licensed Services,
under such User’s right with sufficient such User’s instructions to complete the Licensed Services, LICENSEE need
not pay the running royalties set forth in this Section 4.2.1 for the provision of such Licensed Services to such User.

 

4.2.2

[************************************************************************************************
*************************************************]

 

4.3
Annual Minimum Royalty. In consideration of the licenses granted under this Agreement, beginning for the year 2017,
and within thirty (30) days after the end of each calendar year during the Term (i.e., beginning in January 2018 and in each January
thereafter during the Term), LICENSEE shall pay to AJ the balance between Annual Minimum Royalty (as defined in Appendix
D) and the total amount of the running royalties in the preceding four (4) Reporting Periods (“Creditable Running
Royalties”) only if the Creditable Running Royalties do not exceed the Annual Minimum Royalty. For avoidance of misunderstanding,
LICENSEE shall pay the balance between [***************] of Annual Minimum Royalty set forth in Appendix D and Creditable
Running Royalties earned in calendar year of 2017 by January 30 of 2018 if Creditable Running Royalties for 2017 do not exceed
Annual Minimum Royalty.

 

4.4
Option fee. In consideration of the license and rights granted under this Agreement by LICENSEE’s exercise
of the Option Right, within thirty (30) days after Exercise Date with respect to the Licensed Patents II, LICENSEE shall pay to
AJ a non-creditable and non-refundable option fee as defined in the Appendix D.

 

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5.
Payment

 

5.1
Running royalties referred to in Section 4.2 shall be determined on a country-by-country and product-by-product basis and shall
only be due with respect to Licensed Products and Licensed Services in the applicable country in the Territory, so long as either
the development, manufacture, sale, offer for sale or distribution of the Licensed Products, or either the performance, offer
for provision or provision of the Licensed Services is covered by a Valid Claim of a Licensed Patent in the applicable country
in the Territory.

 

5.2
All the payments to AJ under this Agreement shall be made in United States dollars. Any wire transfer initiation fees resulting
from any payments by LICENSEE hereunder shall be borne by LICENSEE. Both Parties hereto shall claim any applicable exemptions
from withholdings of income tax regarding any payment to AJ under any applicable tax treaty from time to time in effect. In the
event that LICENSEE determines that any amounts are required under U.S.A. or other laws to be withheld from payments otherwise
due to AJ, LICENSEE shall so notify AJ, obtain appropriate documentation of such requirement, deduct from payments to AJ the appropriate
amount of withholding taxes imposed hereunder, and pay such taxes on behalf of AJ. LICENSEE shall provide AJ with receipts or
certificates showing the payment of the amounts withheld pursuant to this Section 5.2 within thirty (30) days of each such payment.
LICENSEE shall use reasonable commercial efforts to cooperate with AJ in its efforts to obtain all forms, documents, and/or other
information necessary to comply with or reduce any taxes payable pursuant to this Section 4.2 or necessary to establish AJ’s
right to a tax credit in respect of any such taxes. Any other taxes (other than any based on AJ’s income) levied by any
authorities in the Territory shall be for the account of LICENSEE. The Parties acknowledge that, as of the Effective Date, Article
12 of the Convention between Japan and the United State of America for the Avoidance of Double Taxation and the Prevention of
Fiscal Evasion with respect to Taxes on Income and Capital Gain (the “Convention”) effective as of November 6, 2003,
provides that U.S.A. taxes should not be imposed on royalties received by a resident of Japan. In the event the Convention expires,
changes or otherwise becomes unenforceable, the Party responsible under the then current law shall pay all taxes related to royalties.

 

5.3
If Licensed Services or Licensed Products are sold for compensation other than United States dollars, conversion of foreign currency
to United States dollars will be made in the same manner as the LICENSEE converts all of its other revenues, provided that (a)
such manner is consistent with United States generally accepted accounting principles, and (b) the exchange rates employed are
those quoted by New York Closing Snapshot (as quoted at 4 p.m. Eastern Standard Time) in The Wall Street Journal (U.S. edition)
as of the last business day of each month of a calendar year (“business day” in this section means business day
which the New York foreign exchange market opens and New York Closing Snapshot provides the currency rate of the day). Such payments
from LICENSEE to AJ will be without deduction of any exchange charges.

 

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5.4
The royalty and other payments set forth in this Agreement shall, if overdue, bear interest until paid at a per annum rate of
[***************] above the applicable prime interest rate in effect at the New York Closing Snapshot (as quoted at 4 p.m. Eastern
Standard Time) in The Wall Street Journal (U.S. edition) on the due date. The payment of such interest shall not foreclose
AJ from exercising any other rights it may have as a consequence of the lateness of any payment.

 

5.5
Payments under this Agreement shall be made to AJ by wire transfer, to the following account:

 

	 	Name: 	[***************]
	 	Bank Name:	[***************]
	 	Branch Name: 	[***************]
	 	Address: 	[***************]
	 	Account No.: 	[***************]
	 	SWIFT code: 	[***************]

 

6.
Reports and Records

 

6.1
On or before each due date of the running royalties set forth in Section 4.2 of this Agreement, LICENSEE shall submit to AJ a
written royalty statement showing:

 

(a)
Types of Licensed Services including a brief summary of services in the case of Licensed Services II(b) under Section 1.16 or
Licensed Products and quantity sold by LICENSEE during the preceding Reporting Period in each country of the Territory;

(b)
[***************]; and

(c)
[***************].

 

[***********************************************************************].

 

6.2
On or before the due date of the balance between Annual Minimum Royalties and Creditable Running Royalties set forth in Section
4.3 of this Agreement, LICENSEE shall submit to AJ a written payment statement showing the balance between Annual Minimum Royalties
and Creditable Running Royalties. LICENSEE shall use the payment statement format example in Appendix F attached
hereto, which may be modified under mutual agreement.

 

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6.3
LICENSEE shall keep records in sufficient detail to enable the fees and royalties payable by LICENSEE hereunder to be determined.
Such records will be maintained for no less than five (5) years after the year to which they pertain. LICENSEE shall permit said
records to be inspected at the cost of AJ, during regular business hours and on reasonable written notice, by an independent auditor
selected by AJ and acceptable to LICENSEE for this purpose, but only to the extent necessary to verify the amount of the fees
and royalties payable hereunder to AJ; provided, however, should any inspection lead to the discovery of a greater than [***************]
understatement in reporting of royalties or other payments due hereunder, LICENSEE shall pay the full costs and expense of such
inspection, and the underpayment. The auditor making such inspection shall report to AJ only the information LICENSEE is required
to show on a royalty statement as well as fees referred to in Articles 3 and 4 hereunder. Such audit may be conducted no more
frequently than once per calendar year during the Term, and once thereafter.

 

7.
Representations and Warranties

 

7.1
AJ makes (i) no warranty or representation as to the validity, scope, or enforceability of the Licensed Patents, and (ii) no warranty
or representation that LICENSEE’s exercise of licenses granted in this Agreement will not infringe any patents or any intellectual
property owned by any Third Party.

 

7.2
Each Party represents and warrants to the other that (i) such Party is a company or corporation duly organized, validly existing
and in good standing under the laws of the jurisdiction in which it is organized; (ii) such Party has the legal power and authority
to execute, deliver and perform this Agreement; (iii) the execution, delivery and performance by such Party of this Agreement
has been duly authorized by all necessary corporate action; (iv) this Agreement constitutes the legal, valid and binding obligation
of such Party, enforceable against such Party in accordance with its terms and conditions; and (v) the execution, delivery and
performance of this Agreement will not cause or result in a violation of any law of such Party’s charter documents, or of
any contract by which such Party is bound.

 

7.3
Except as expressly set forth herein, AJ MAKES NO REPRESENTATIONS AND EXPRESSES NO WARRANTIES OF ANY KINDS, EXPRESS OR IMPLIED,
TO LICENSEE, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, THAT THE DEVELOPMENT, MANUFACTURE, OR USE OF LICENSED PRODUCTS
OR PROVISION OF LICENSED SERVICES SHALL NOT INFRINGE ANY PATENT OR OTHER RIGHTS OF A THIRD PARTY.

 

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7.4
EXCEPT (A) FOR ANY CLAIMS RELATED TO A BREACH OF ARTICLE 8 OR (B) TO THE EXTENT OF ANY INDEMNIFICATION OBLIGATIONS UNDER ARTICLE
10 BELOW, IN NO EVENT SHALL EITHER PARTY OR ITS AFFILIATES BE LIABLE HEREUNDER TO THE OTHER PARTY OR ANY OTHER PERSON OR ENTITY
FOR SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY OR OTHER INDIRECT DAMAGES (INCLUDING, BUT NOT LIMITED TO, LOSS OF PROFITS OR
LOSS OF USE DAMAGES) ARISING FROM MANUFACTURE, USE OR SALE OF LICENSED PRODUCTS AND/OR PROVISION OF LICENSED SERVICE, EVEN IF
SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES.

 

8.
Confidentiality

 

8.1
During the Term and for a period of five (5) years thereafter, each Party (i) shall maintain the Confidential Information furnished
to it by the other Party in strict confidence, (ii) shall not disclose such Confidential Information to any Third Party, and (iii)
shall use such Confidential Information only to the extent necessary to perform this Agreement, except that these obligations
shall not apply to information that:

 

(a)
is within the public domain prior to the time of the disclosure by the disclosing Party to the receiving Party or thereafter becomes
within the public domain other than as a result of disclosure by the receiving Party or any of its representatives in violation
of this Agreement;

(b)
was, on or before the date of disclosure in the possession of the receiving Party, as evidenced by records, however maintained;

(c)
is acquired by the receiving Party from a Third Party not under an obligation of confidentiality; or

(d)
is hereafter independently developed by the receiving Party, as evidenced by records, however maintained.

 

The
terms and conditions of this Agreement shall be considered Confidential Information of both Parties. Upon the expiration or early
termination of this Agreement, the receiving Party shall return or destroy (and certify to the disclosing Party that it has destroyed)
all Confidential Information it has received from the disclosing Party under this Agreement, as may be requested by the disclosing
Party, except that one copy of such Confidential Information may be kept by the receiving Party in its confidential files for
record keeping purposes only.

 

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8.2
If the receiving Party is compelled to disclose Confidential Information of the disclosing Party by order of a court of competent
jurisdiction, any such disclosure shall not be a breach hereunder, provided that reasonable advance notice (as permissible under
applicable law) is given to the disclosing Party to permit the disclosing Party an opportunity to ensure that such disclosure
is subject to all applicable governmental or judicial protection available for like material.

 

8.3
Notwithstanding the above, AJ may (i) disclose all of the terms and conditions of this Agreement to the owners of the Licensed
Patents for their records, and (ii) disclose the status of implementation of this Agreement to the owners of the Licensed Patents,
including the amount of payments and reports under Articles 5 and 6 hereof under the appropriate confidentiality protection set
forth in the Kyoto Agreement or the Osaka Agreement.

 

9.
Patent Enforcement

 

9.1
AJ or the owners of the Licensed Patents shall have, at their expense, the sole right to file for, prosecute and maintain the
Licensed Patents, using patent counsel of their choice. It is the present intention of AJ or the owners of the Licensed Patents,
as the case may be, to pursue prosecution of applications of, and maintain the Licensed Patents. However, LICENSEE acknowledges
that neither AJ nor the owners of the Licensed Patents shall, in any event, be responsible to LICENSEE for any act or omission
relating to the preparation, prosecution and maintenance of any and all patent applications or patents of the Licensed Patents.

 

9.2
AJ or the owner of the Licensed Patents intends to enforce Licensed Patents against infringers or otherwise act to eliminate infringement,
when, in AJ’s or such owners’ sole judgment, such action may be reasonably necessary, proper, and justified and makes
reasonable business sense considering all factors. In the event that LICENSEE believes there is infringement of any Licensed Patent
under this Agreement which is to LICENSEE’s substantial detriment, LICENSEE may, subject to any of its obligations of confidentiality,
provide AJ with notification and reasonable evidence of such infringement. If AJ takes action to remedy the infringement, LICENSEE
shall provide commercially reasonable assistance as requested by AJ. Nonetheless, AJ or the owners of the Licensed Patents is
under no obligation to bring any action or proceeding against any entity for infringing of the Licensed Patents.

 

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10.
Indemnification

 

10.1
LICENSEE shall, except to the extent that the same can be shown to have been caused by the AJ Indemnified Entities (as defined
below), defend, indemnify and hold harmless AJ, its Affiliates, the owners of the Licensed Patents, the inventors of the Licensed
Patents and directors, officers, employees, and agents of AJ and its Affiliates (together, the “AJ Indemnified Entities”)
from and against any and all claims, liabilities, losses, damages or expenses (including but not limited to reasonable attorneys’
fees and other costs of defending any action) that any of the AJ Indemnified Entities may sustain or incur as a result of any
claim of a Third Party based on the negligence, recklessness or willful misconduct of the LICENSEE, or any of its employees or
agents in performing its obligations or exercising the license granted pursuant to this Agreement, including any breach of the
confidentiality provisions hereof.

 

10.2
AJ shall, except to the extent that the same can be shown to have been caused by the LICENSEE Indemnified Entities (as defined
below), defend, indemnify and hold harmless LICENSEE, its Affiliates, and directors, officers, employees, and agents of LICENSEE
and its Affiliates (together, the “LICENSEE Indemnified Entities”) from and against any and all claims, liabilities,
losses, damages or expenses (including but not limited to reasonable attorneys’ fees and other costs of defending any action)
that any of the LICENSEE Indemnified Entities may sustain or incur as a result of any claim of a Third Party based on the negligence,
recklessness or willful misconduct of AJ, or any of its employees or agents in performing its obligations or exercising the license
granted pursuant to this Agreement, including any breach of the confidentiality provisions hereof.

 

11.
Term and Termination

 

11.1
This Agreement shall be effective on the Effective Date and, unless terminated sooner as provided herein below or by a mutual
agreement, shall remain in force and shall expire upon the expiration of the last to expire patent within Licensed Patents (“Term”)
in the Territory.

 

11.2
Either Party shall have the right to remedy a breach of this Agreement where such breach is capable to be remedied within a reasonable
period of time, but in no event later than sixty (60) days after the first written notification of the breach by the non-breaching
Party.

 

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11.3
Termination by AJ. This Agreement may be terminated by AJ,

 

(i)
upon ten (10) days prior written notice to LICENSEE for LICENSEE’s material breach of this Agreement and LICENSEE’s
failure to cure such material breach during the period in Section 11.2, or

(ii)
if LICENSEE becomes insolvent, files a petition under any bankruptcy or insolvency act, or has any such petition filed against
it or any of its assets, to the extent permitted by law; or

(iii)
immediately by giving a written notice if LICENSEE, directly or indirectly, brought any legal or administrative action challenging
validity of all or part of Licensed Patents at any competent judicial or administrative organization in any country;

 

In
the event that AJ terminates this Agreement under Section 11.3(i) for LICENSEE’s unremedied material breach of this Agreement,
LICENSEE shall have the right to make Licensed Products available to its Users during said ten (10) day notice period, and shall
thereafter discontinue all sales of Licensed Products, subject to LICENSEE’s continuing obligation to make all payments
due under Articles 3 and 4, including royalties on sales during such ten (10) day notice period.

 

11.4
Termination by LICENSEE. LICENSEE may terminate this Agreement without cause upon ninety (90) days written notice
to AJ.

 

11.5

[***********************************************************************************************
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********************************]

 

11.6
Change of Control. Subject to the provision of Section 13.2, upon a change of Control of LICENSEE (for example,
through a stock purchase or sale, merger, acquisition, or any other form of corporate transaction), LICENSEE shall provide written
notice to AJ sixty (60) days prior to the occurrence of such change of Control. If (i) LICENSEE fails to provide such prior notice,
or (ii) a party which directly or indirectly takes LICENSEE’s Control is in any legal dispute or licensing conflict with
AJ and/or the owners of the Licensed Patents at the time of the occurrence of such change of Control, this Agreement may be terminated
by AJ effective on the effective date of such change of Control.

 

    	15

    	CONFIDENTIAL

    

  

12.
Effect of Termination

 

All
rights and obligations of the Parties set forth herein that expressly or by their nature survive the expiration or termination
of this Agreement, including, without limitation, the provisions of Articles 1 (Definition), 4 (Fees and Royalties), 5 (Payment),
6 (Reports and Records), 7 (Representations and Warranties), 8 (Confidentiality), 10 (Indemnification), 11 (Term and Termination),
12 (Effect of Termination), 13 (Miscellaneous), Sections 2.2, 2.3 and 2.4 shall continue in full force and effect subsequent to
and notwithstanding the expiration or termination of this Agreement until they are satisfied or by their nature expire and shall
bind the Parties and their legal representatives, successors, and permitted assigns.

 

13.
Miscellaneous

 

13.1
Relationship of Parties. The relationship of the Parties is that of independent contractors, and nothing herein
shall be construed as establishing one Party or any of its employees as the agent, legal representative, joint venture, partner,
employee, or servant of the other. Except as set forth herein, neither Party shall have any right, power or authority to assume,
create or incur any expense, liability or obligation, express or implied, on behalf of the other.

 

13.2
Assignment. This Agreement is personal to each of the Parties and may not be assigned by one Party without the prior
consent of the other Party, with such consent not to be unreasonably withheld, conditioned or delayed; provided however, AJ shall
have the right to assign this Agreement as part of a sale or transfer of all or substantially all of the entire business of AJ
relating to this Agreement, to its Affiliates.

 

13.3
Amendment. This Agreement shall not be amended except by an instrument in writing executed by both Parties.

 

13.4
Entire Agreement. This Agreement, including any appendix hereto, constitutes the entire, full, and complete agreement
between the Parties concerning the subject matter hereof, and supersedes all prior agreements, negotiations, representations,
and discussions, written or oral, express or implied, between the Parties in relation thereto.

 

13.5
Governing Law. This Agreement shall be interpreted and enforced in accordance with laws of Japan without regard
to its conflicts of laws or rules, provided, that those matters pertaining to the validity or enforceability of Licensed Patents
shall be interpreted and enforced in accordance with the laws of the territory in which such patent rights exist.

 

    	16

    	CONFIDENTIAL

    

  

13.6
Dispute. Any dispute, controversy or claim arising under, out of or relating to this Agreement and any subsequent
amendments of this Agreement, including, without limitation, its formation, validity, binding effect, interpretation, performance,
breach or termination, as well as non-contractual claims, shall be submitted to binding arbitration in accordance with the arbitration
rules then in effect of the International Chamber of Commerce (“ICC Rules”), as amended. Any such arbitration shall
be conducted in Tokyo, Japan, if submitted by LICENSEE, and in New York, USA, if submitted by AJ, respectively. The arbitration
proceeding shall be conducted in English and by one arbitrator.

 

13.7
Press Release. Neither Party shall issue any press release or other public announcements relating to this Agreement
without obtaining the other Party’s written approval, which approval will not be unreasonably withheld, conditioned or delayed.

 

13.8
Notices. All communication concerning this Agreement, including payments, notices, demands or requests required
or permitted hereunder shall be given in English and in writing and shall be personally delivered or sent by registered or certified
mail, return receipt requested, postage prepaid; facsimile transmission (receipt verified); or express courier service (signature
requested), in each case to the respective address specified below, or such other address or fax number as may be specified in
writing to the other Party hereto:

 

	 	LICENSEE:	[***************]
	 	 	[***************]
    
	 	 	[***************]
	 	 	 
	 	 	 
	 	AJ:	[***************]
	 	 	[***************]
	 	 	[***************]

 

13.9
Waiver. The terms and conditions of this Agreement may be waived only by a written instrument executed by the Party
waiving compliance. The failure of either Party at any time or times to require performance of any provision hereof shall in no
manner affect its rights at a later time to enforce the same. No waiver by either Party of any term or condition shall be deemed
as a continuing waiver of such terms or condition or of another term or condition.

 

    	17

    	CONFIDENTIAL

    

  

13.10
Gender and Number. All terms used herein in any one gender or number mean and include any other gender and number
as the facts, context, or sense of this Agreement may require.

 

13.11
Headings. Headings used herein are for descriptive purposes only and shall not control or alter the meaning of this
Agreement as set forth in the text.

 

13.12
Severability. In the event that any provision of this Agreement shall be held invalid or unenforceable for any reason,
such invalidity or unenforceability shall not affect any other provision of this Agreement, and the Parties shall negotiate in
good faith to modify this Agreement to preserve (to the extent possible) their original intent.

 

13.13
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
permitted successors and assigns.

 

13.14
Force Majeure. Neither Party will be responsible for delays resulting from causes beyond the reasonable control
of such Party, including without limitation, fire, explosion, flood, war, strike, or riot, provided that the nonperforming Party
uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under this Agreement
with reasonable dispatch whenever such causes are removed.

 

13.15
Counterparts. This Agreement may be signed in counterparts, both of which together shall constitute one and the
same Agreement, binding on the Parties as if each had signed the same document.

 

13.16
Compliance of law. LICENSEE shall ensure that any activity including research, marketing and sales conducted under
this Agreement will comply with all applicable laws and governmental regulations in force and effect. LICENSEE shall comply with
and provide all information and assistance necessary to comply with any governmental requests relating to this Agreement.

 

[Remainder
of this page is intentionally blank]

 

    	18

    	CONFIDENTIAL

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date below and this Agreement is effective as
of the Effective Date.

 

	iPS
    Academia Japan, Inc. 	 	StemoniX,
    Inc.
	 	 	 	 	 
	By:
    	/s/
    Mitsuomi Shirahashi 	 	By:
    	/s/
    Yung-Ping Yeh
	 	Mitsuomi
    Shirahashi	 	 	Yung-Ping
    Yeh
	 	 	 	 	 
	Title:
    	President
    & CEO	 	Title:	President
    & CEO
	 	 	 	 	 
	Date:
    May 13, 2019	 	Date:
    May 15, 2019

 

    	19

    	CONFIDENTIAL

    

 

Appendix
A

(Licensed
Differentiated Cells)

 

    	20

    	CONFIDENTIAL

    

 

Appendix
B

(Licensed
Patents)

 

    	21

    	CONFIDENTIAL

    

  

Appendix
C

(User
Notice)

 

    	22

    	CONFIDENTIAL

    

 

Appendix
D

(Fees
and Royalties)

 

    	23

    	CONFIDENTIAL

    

 

Appendix
E

(Royalty
Statement Format example)

 

    	24

    	CONFIDENTIAL

    

  

Appendix
F

(Annual
Minimum Royalty statement/ format example)

 

    	25Exhibit 10.44

 

Certain
identified information has been excluded from the exhibit because it is both not material and would likely cause competitive harm
if publicly disclosed.

 

NON-EXCLUSIVE
LICENSE AGREEMENT

 

This
Agreement is made effective as of the 19th day of January, 2016 (“Effective Date”) by and between StemoniX, Inc.,
a Minnesota corporation, with a principal place of business at 9081 Waverly Court, Eden Prairie, MN 55347, USA (hereinafter referred
to as “LICENSEE”) and ID Pharma Co., Ltd., a Japan corporation, with a principal office at 6 Ohkubo, Tsukuba, Ibaraki
300-2611, Japan (hereinafter referred as “IDP”). LICENSEE and IDP may be referred to individually as a “Party”
or collectively as the “Parties.”

 

Recitals

 

WHEREAS,
IDP is the owner of license rights under certain intellectual property relating to Sendai virus vector technologies including
those contained within the patents listed in Appendix A and has the right to grant licenses under the Licensed Patents;

 

WHEREAS,
LICENSEE desires to obtain license right under the intellectual property relating to Sendai virus vectors contained in the CytoTuneTM–iPS
kit for the commercialization of its products in the Territory; and

 

WHEREAS,
LICENSEE wishes to obtain from IDP, and IDP is willing to grant to LICENSEE a license under the Licensed Patents for the development,
manufacture, use and sale of the Licensed Products or the provision of Licensed Services in the Territory in accordance with the
provisions of this Agreement (all capitalized terms as defined herein).

 

NOW
THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein, the Parties intending
to be legally bound agree as follows:

 

1.
Definitions

 

For
the purpose of this Agreement, the terms set forth hereinafter shall be defined as follows:

 

1.1
“Affiliate” means any corporation or other entity that directly or indirectly Controls, is Controlled by, or is under
common Control with, another corporation or entity.

 

1.2
“Agreement” means this NON-EXCLUSIVE LICENSE AGREEMENT (including the appendices hereto) only.

 

1.3
“Anniversary Date” means the anniversary of the Effective Date in any given year.

 

1.4
“Control” means (a) direct or indirect ownership of fifty percent (50%) or more (or the maximum ownership interest
permitted by applicable laws) of the stock or shares having the right to vote for the election of directors of such corporate
entity or (b) the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of an entity, whether through the ownership of voting securities, by contract or otherwise.

 

    	 

     

    

 

1.5
“Commercial Use” means any activity by a Customer including at least one of following activities:

 

	(i)	use
    of products or services provided by the LICENSEE for the manufacture of related products distributed and/or sold to a third
    party including but not limited to culture media and equipment,
	 	 
	(ii)	use
    of products or services provided by the LICENSEE to provide a service, information or data to a third party for Financial
    Gain,
	 	 
	(iii)	sale,
    lease, distribution or transfer of products or services provided by the LICENSEE to third parties for Financial Gain, provided,
    however, that any such transfer by a not-for-profit organization to another not-for-profit organization solely for its internal
    research purposes is not considered Commercial Use, or
	 	 
	(iv)	sale,
    lease, distribution or transfer of products or services provided by the LICENSEE to for-profit organizations not for Financial
    Gain. For clarity, the transfer by a not-for-profit organization to a for-profit organization not for Financial Gain requires
    the receiving for-profit organization to take license from IDP.

 

For
the purpose of the definition of “Commercial Use”, “Financial Gain” means any financial benefit or gain
earned by the Customer where the consideration or revenue of a transaction exceeds its Cost of operating the transaction, and
“Cost” means a direct material cost of Licensed Products or Licensed Services.

 

1.6
“Confidential Information” means any and all confidential information of a Party, including without limitation any
knowledge, practice, process or other proprietary information, disclosed by a Party to the other Party under this Agreement.

 

1.7
“Creditable Running Royalties” means the running royalties set forth in Section 3.2 hereof.

 

1.8
“Customers” means any persons or entities that purchase Licensed Products or Licensed Services.

 

1.9
“Effective Date” has the meaning set forth in the preamble.

 

1.10
“Licensed Patents” means the pending patent applications and/or issued patents which are licensable by IDP as of Effective
Date, as defined in Appendix A attached hereto, and any and all corresponding patents and applications to those
pending patent applications and/or issued patents in the Licensed Territory including divisionals, continuations, continuations-in-part,
renewals, reissues, re-examinations and extensions, provided, however that continuations-in-part hereunder shall be restricted
to the scope of the disclosure of such continuations-in-part application that is entitled to the priority date of the patent application
or patent above.

 

1.11
“Licensed Products” means (1) induced pluripotent stem cells (PSCs) and pluripotent progeny thereof and (2) differentiated
cells and any of their derivatives made by LICENSEE from cells established by use of Licensed Technology.

 

1.12
“Licensed Services” means services using the Licensed Technology to be provided to Customers for a fee. Some non-limiting
representative examples of Licensed Services include, generation of Licensed Products on behalf of Customers, as well as use of
Licensed Products in activities such as data generation, conventional and high-throughput screening, hit identification, hit-to-lead
generation, lead optimization, safety testing etc. For clarification, Licensed Services would also include other services requested
by Customers, except those in which Licensed Products or cells derived therefrom are administered to humans or animals for therapeutic,
diagnostic and prophylactic purposes.

 

    	 

     

    

 

1.13
“Licensed Technology” means the Licensed Patents and the CytoTuneTM-iPS kit, comprised of Sendai virus vectors
expressing four reprogramming factors, OCT3/4, SOX2, KLF4, and c-MYC.

 

1.14
“Licensed Territory” means initially one country (the United States), and upon exercise of the Option set forth in
Section 2.2 below, all areas (Worldwide).

 

1.15
“Net Sales” means [**************************************************************************************************

**************************************************]

 

1.16
“Research Activities” means (1) use of products or services provided by the LICENSEE to a Customer for internal research
including drug screening and cell banking. and (2) use of products or services provided by the LICENSEE to a Customer that is
a not-for-profit organization solely for its internal research use for non-commercial purposes.

 

1.17
“Reporting Period” means the period set forth in Section 3.2 hereof.

 

1.18
“Term” means the term set forth in Section 10.1 hereof.

 

1.19
“Third Party” means any person or entity that is not a Party to this Agreement or an Affiliate of a Party to this
Agreement.

 

1.20
“Valid Claim” means, any claim from (1) an issued and unexpired patent that has not lapsed, been revoked or cancelled,
or held unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction that has not
been reversed in relevant part or that has not been disclaimed, denied or admitted to be invalid or unenforceable through reissue,
or disclaimer or otherwise; or (2) a pending patent application being prosecuted in good faith that has not been cancelled, withdrawn,
abandoned, or finally rejected.

 

2.
Grant

 

2.1
IDP hereby grants to LICENSEE, and LICENSEE hereby accepts [**************] license in the Licensed Territory, during the Term,
under the Licensed Technology, without the right to grant or authorize sublicenses, to use Licensed Technology to generate induced
pluripotent stem cells (iPSCs) and/or their related cells, for the purpose of providing Licensed Services to Customers for a fee
and to make, use, sell and have sold (including through one or more distributors) Licensed Products except for iPSCs and pluripotent
progeny thereof to Customers including the rights to convey to Customers the right to use Licensed Products for their own Research
Activities. To avoid misunderstanding, under the license granted herein, LICENSEE is granted the right to generate iPSCs using
Licensed Technology but not the right to sell iPSCs generated using Licensed Technology to Customers or pluripotent progeny thereof.

 

2.2
At any time during the Term of this Agreement, LICENSEE may exercise the option to change the Licensed Territory from one country
(United States) to all areas (Worldwide) (hereinafter the “Option”). In furtherance of the foregoing, during the Term
of this Agreement, IDP will (a) not grant an exclusive license to the Licensed Technology anywhere outside the United States without
the prior written consent of LICENSEE, and (b) upon exercise of the Option, LICENSEE shall be deemed to have been granted by IDP,
without any further action by either Party, a royalty bearing, non-exclusive and non-transferable license to all areas outside
of the United States, without the right to grant or authorize sublicenses, to use Licensed Technology to generate induced pluripotent
stem cells (iPSCs) and/or pluripotent progeny thereof, for the purpose of providing Licensed Services to Customers for a fee and
to sell Licensed Products except for iPSCs and pluripotent progeny thereof to Customers including the rights to convey to Customers
the right to use Licensed Products for their own Research Activities, which license shall entitle LICENSEE to use the Licensed
Technology outside of the United States only during periods for which payment of any applicable license fees described below in
Article 3 is not overdue.

 

    	 

     

    

 

2.3
Moreover, notwithstanding the provision of Section 2.1, the license granted in Section 2.1 does not extend to the Commercial Use
by Customers of Licensed Products or Licensed Services. LICENSEE acknowledges that the Customers will be required to be notified
of these limitations when offering to sell and selling the Licensed Products or Licensed Services by means of a Limited Use License,
or “User Notice.” Such User Notice will be in the form specified in Appendix B. LICENSEE will notify
Customer when offering to sell and selling the Licensed Products or Licensed Services in a manner it deems appropriate and consistent
with its business practices. If LICENSEE wishes to revise the notice, LICENSEE shall also provide a draft of the revised notice
at least thirty (30) days before the first disclosure to a Customer of the revised User Notice for IDP’s prior written approval,
such approval not to be unreasonably withheld, conditioned or delayed.

 

2.4
Each Party acknowledges that the rights and licenses granted under this Article 2 and elsewhere in this Agreement are limited
to the scope expressly granted. Accordingly, except for the rights expressly granted under this Agreement, no right, title, or
interest of any nature whatsoever is granted whether by implication, estoppel, reliance, or otherwise, by either Party to the
other Party. All rights with respect to intellectual property rights that are not specifically granted herein are reserved to
the owner thereof.

 

2.5
LICENSEE shall make commercially reasonable efforts to mark Licensed Products or the results of Licensed Services (or their containers,
labels, packing slips or invoices) made, sold, distributed, provided or otherwise disposed of by LICENSEE under the license granted
in this Agreement or to mark product literature such as product specification sheet, brochure or leaflets with the words “Patent
Pending,” and following the issuance of one or more patents, with the numbers of any applicable Licensed Patents.

 

2.6
The license granted hereunder does not include the right of LICENSEE to apply or administer any component of the CytoTuneTM-iPS
kit, Licensed Products or cells derived therefrom to humans or animals for whatever purpose in whatever manner.

 

2.7
Nothing contained herein shall limit the ability of Licensee to rely on any other
commercial license granted by IDP to Licensee or any third party partners of Licensee
in order for Licensee to benefit from the terms of such other commercial
licenses. In other words, no royalties shall be due from Licensee hereunder to
the extent that Licensee operates under another commercial license to the Licensed
Technology, whether such other commercial license is held by Licensee or a third
party.

 

3.
Fees and Royalties

 

3.1
Upfront Fee. In consideration of the rights and licenses granted under this Agreement, LICENSEE shall pay to IDP
a non-creditable and non-refundable upfront fee of [*********************] for one country (United States) as the Licensed Territory,
which shall be paid within sixty (60) days of the Effective Date. Upon exercise of the Option set forth in Section 2.2, LICENSEE
shall pay to IDP an additional non-creditable and non-refundable upfront fee of [*********************] within sixty (60) days
after the exercise of the Option.

 

    	 

     

    

 

3.2
Running Royalties. In further consideration of the license granted under this Agreement, LICENSEE shall pay to IDP
a creditable and non-refundable running royalty in each year payable by LICENSEE within sixty (60) days after the close of each
consecutive 12 month period after the Effective Date (hereinafter defined as “Reporting Period”) at the rate of [*********************]
on Net Sales of Licensed Products or Licensed Services (hereinafter defined as “Creditable Running Royalties”).

 

3.3
Annual Minimum Royalty. In consideration of the licenses granted under this Agreement, LICENSEE shall pay to IDP
a creditable and non-refundable Annual Minimum Royalty of [*********************] for one country (United States) as the Licensed
Territory within sixty (60) days after the start of each Reporting Period (i.e. within sixty (60) days after the Effective Date
for the first year and within sixty (60) days after each Anniversary Date for the second year and years thereafter) during the
Term of this Agreement.

 

If
the total amount of the Creditable Running Royalties for the preceding Reporting Period calculated according to Section 3.2 exceeds
the Annual Minimum Royalty already paid for the same Reporting Period, LICENSEE shall pay to IDP only the balance between the
paid Annual Minimum Royalty and the total amount of the Creditable Running Royalties for said Reporting Period within sixty (60)
days after the start of the following Reporting Period. Upon exercise of the Option set forth in Section 2.2, the Annual Minimum
Royalty shall be [*********************] for each complete Reporting Period thereafter. LICENSEE shall pay to IDP an additional
[*********************] within sixty (60) days after the exercise of the Option for the Reporting Period in which the Option is
exercised.

 

For
avoidance of misunderstanding, LICENSEE shall pay, within sixty (60) days after the start of each Reporting Period, the Annual
Minimum Royalty for the current Reporting Period PLUS the amount, if any, by which Creditable Running Royalties earned in the
preceding Reporting Period exceeded the Annual Minimum Royalty paid for such Reporting Period.

 

4.
Payment

 

4.1
Running royalties referred to in Section 3.2 shall be determined on a product-by-product and country by country basis, and shall
be due with respect to any and all Net Sales of Licensed Products and Licensed Services in the Licensed Territory.

 

4.2
All the payments to IDP under this Agreement shall be made in Japanese Yen. Any wire transfer initiation fees resulting from any
payments by LICENSEE hereunder shall be borne by LICENSEE. Both Parties hereto shall claim any applicable exemptions from withholdings
of income tax regarding any payment to IDP under any applicable tax treaty from time to time in effect. In the event that LICENSEE
determines that any amounts are required under the USA or other laws to be withheld from payments otherwise due to IDP, LICENSEE
shall so notify IDP, obtain appropriate documentation of such requirement, deduct from payments to IDP the appropriate amount
of withholding taxes imposed hereunder, and pay such taxes on behalf of IDP. LICENSEE shall provide IDP with receipts or certificates
showing the payment of the amounts withheld pursuant to this Section 4.2 within thirty (30) days of each payment. LICENSEE shall
use reasonable commercial efforts to cooperate with IDP to obtain all forms, documents, and/or other information necessary to
comply with or reduce any taxes payable pursuant to this Section 4.2 or necessary to establish IDP’s right to a tax credit
in respect of any such taxes. Any other taxes (other than any based on IDP’s income) levied by any authorities in the Territory
shall be for the account of LICENSEE. The Parties acknowledge that, as of the Effective Date, the Convention between the Government
of the United States of America and the Government of Japan for the Avoidance of Double Taxation and the Prevention of Fiscal
Evasion with respect to Taxes on Income (the “Convention”) signed on November 6, 2003 provides that United States
taxes should not be imposed on royalties received by a resident of Japan. In the event the Convention expires, changes or otherwise
becomes unenforceable, the Party responsible under the then current law shall pay all taxes related to royalties.

 

    	 

     

    

 

4.3
When the Licensed Products are sold and/or made or the Licensed Service is provided for compensation for other than Japanese Yen,
conversion of foreign currency to Japanese Yen will be made in the same manner as the LICENSEE converts all of its other revenues,
provided that (a) such manner is consistent with United States generally accepted accounting principles, and (b) the exchange
rates employed are those quoted by New York Closing Snapshot (as quoted at 4 p.m. Eastern Standard Time) in The Wall Street Journal
(U.S. edition) as of the last business day of each month of a calendar year (“business day” in this section means
business day which the New York foreign exchange market opens and New York Closing Snapshot provides the currency rate of the
day). Such payments from LICENSEE to IDP will be without deduction of exchange charges.

 

4.4
Payments under this Agreement shall be made to IDP by wire transfer, to the following account:

 

Name:

Bank
Name:

Branch
Name:

Address:

Account
No.: 

SWIFT
code: 

 

4.5
In the event that LICENSEE fails to make timely payment of the running royalties or other consideration due under this Agreement,
LICENSEE shall pay to IDP a late payment charge at a per annum rate [*********************] on any outstanding amount for the
period, including the amount of underpayment discovered by the inspection of LICENSEE’s records as set forth in Section

 

5.3,
from the date on which the sum becomes delinquent until same is fully paid. Such interest shall be IDP’s sole remedy for
late payment.

 

5.
Reports and Records

 

5.1
On or before the due date of the running royalties set forth in Section 3.2 of this Agreement, LICENSEE shall submit to IDP a
written royalty statement showing:

 

	 	(a)	Gross
    receipts and Net Sales of such Licensed Products and/or Licensed Services and the royalty amount due for such Reporting Period,
    product by product, in each country of the Territory; and
	 	(b)	Total
    royalty amount due.

 

LICENSEE
shall submit to IDP a written royalty statement even if there are no actual sales of Licensed Products and/or Licensed Services
during the Reporting Period. LICENSEE shall use the royalty statement format example in Appendix C attached hereto,
which may be modified under mutual written agreement.

 

5.2
On or before the due date for payment of the amount, if any, by which Creditable Running Royalties exceed Annual Minimum Royalties
set forth in Section 3.3 of this Agreement, LICENSEE shall submit to IDP a written payment statement showing the amount, if any,
by which Creditable Running Royalties exceed Annual Minimum Royalties. LICENSEE shall use the payment statement format example
in Appendix D attached hereto, which may be modified under mutual written agreement.

 

    	 

     

    

 

5.3
LICENSEE shall keep records in sufficient detail to enable the fees and royalties payable by LICENSEE hereunder to be determined.
Such records shall be maintained for no less than five (5) years after the year to which they pertain. LICENSEE shall permit said
records to be inspected at the cost of IDP during regular business hours and on reasonable written notice by an independent auditor
selected by IDP and acceptable to LICENSEE for this purpose, but only to the extent necessary to verify the amount of the fees
and royalties payable hereunder to IDP; provided, however, should any inspection lead to the discovery of a greater than five
percent (5%) understatement in reporting of royalties or other payments due hereunder, LICENSEE shall pay the reasonable costs
and expense of such inspection and the underpayment. The auditor making such inspection shall report to IDP only the information
LICENSEE is required to show on a royalty statement as well as fees referred to in Articles 3 and 4 hereunder. Such audit may
be conducted no more frequently than once per calendar year during the Term, and once during the first twelve (12) month period
after the Term.

 

6.
Representations and Warranties

 

6.1
IDP makes (i) no warranty or representation as to the validity, scope, or enforceability of the Licensed Patents, and (ii) no
warranty or representation that LICENSEE’s exercise of licenses granted in this Agreement will not infringe any patents
or any intellectual property owned by any Third Party.

 

6.2
Each Party represents and warrants to the other that (i) such Party is a company or corporation duly organized, validly existing
and in good standing under the laws of the jurisdiction in which it is organized; (ii) such Party has the legal power and authority
to execute, deliver and perform this Agreement; (iii) the execution, delivery and performance by such Party of this Agreement
has been duly authorized by all necessary corporate action; (iv) this Agreement constitutes the legal, valid and binding obligation
of such Party, enforceable against such Party in accordance with its terms; and (v) the execution, delivery and performance of
this Agreement will not cause or result in a violation of any law of such Party’s charter documents, or of any contract
by which such Party is bound.

 

6.3
Except as expressly set forth herein, IDP MAKES NO REPRESENTATIONS AND EXPRESSES NO WARRANTIES OF ANY KINDS, EXPRESS OR IMPLIED,
TO LICENSEE, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, THAT THE DEVELOPMENT, MANUFACTURE, USE OR SALE OF LICENSED
PRODUCTS OR PROVISION OF LICENSED SERVICES SHALL NOT INFRINGE ANY PATENT OR OTHER RIGHTS OF A THIRD PARTY.

 

6.4
EXCEPT (A) FOR ANY CLAIMS RELATED TO A BREACH OF SECTION 7 OR (B) TO THE EXTENT OF ANY INDEMNIFICATION OBLIGATIONS UNDER SECTION
9 BELOW, IN NO EVENT SHALL EITHER PARTY OR ITS AFFILIATES BE LIABLE HEREUNDER TO THE OTHER PARTY OR ANY OTHER PERSON OR ENTITY
FOR SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY OR OTHER INDIRECT DAMAGES (INCLUDING, BUT NOT LIMITED TO, LOSS OF PROFITS OR
LOSS OF USE DAMAGES) ARISING FROM MANUFACTURE, USE OR SALE OF LICENSED PRODUCTS, OR PROVISION OF LICENSED SERVICES, OR OTHERWISE
EVEN IF THE SECOND PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES.

 

    	 

     

    

 

7.
Confidentiality

 

7.1
During the Term, each Party, (i) shall maintain the other Party’s Confidential Information in strict confidence, (ii) shall
limit dissemination to those of its employees who require such Confidential Information in order to perform this Agreement, (iii)
shall not disclose such Confidential Information to any other person, and (iv) shall use such Confidential Information only to
the extent necessary to perform this Agreement, except that these obligation shall not apply to information that:

 

(a)
is within the public domain prior to the time of the disclosure by the disclosing Party to the receiving Party or thereafter becomes
within the public domain other than as a result of disclosure by the receiving Party or any of its representatives in violation
of this Agreement;

(b)
was on or before the date of disclosure in the possession of the receiving Party, as evidenced by records, however maintained;

(c)
is acquired by the receiving Party from a Third Party not under an obligation of confidentiality; or

(d)
is hereafter developed by the receiving Party independently and without reference or access to any Confidential Information communicated
to the receiving Party by the disclosing Party, as evidenced by records, however maintained.

 

The
obligations under this Section 7.1 shall continue for five (5) years after the expiration or termination of the Term. The terms
of this Agreement shall be considered Confidential Information of both Parties. Upon the expiration or early termination of this
Agreement, the receiving Party shall return or destroy (and certify to the disclosing Party that it has destroyed) all Confidential
Information it has received from the disclosing Party under this Agreement, as may be requested by the disclosing Party, except
that one copy of such Confidential Information may be kept by the receiving Party in its confidential files for record keeping
purposes only.

 

7.2
If the receiving Party is compelled to disclose Confidential Information of the disclosing Party by law, regulation or any governmental
or competent regulatory authority or by order of a court of competent jurisdiction, any such disclosure shall not be a breach
hereunder, provided that reasonable advance notice (as permissible under applicable law) is given to the disclosing Party to permit
the disclosing Party an opportunity to ensure that such disclosure is subject to all applicable governmental or judicial protection
available for like material.

 

8.
Patent Enforcement

 

8.1
IDP shall, at its expense, use commercially reasonable efforts to file for, prosecute and maintain the Licensed Patents, using
patent counsel of its choice. It is the present intention of IDP to pursue prosecution of applications of, and maintain the Licensed
Patents. However, LICENSEE acknowledges that IDP, in any event, be responsible to LICENSEE for any act or omission relating to
the preparation, prosecution and maintenance of any and all patent applications or patents of the Licensed Patents. LICENSEE shall
have no obligation to prosecute or maintain any of the Licensed Patents.

 

8.2
IDP intends to enforce Licensed Patents against infringers or otherwise act to eliminate infringement, when, in IDP’s
sole judgment, such action may be reasonably necessary, proper, and justified and makes reasonable business sense considering
all factors. In the event that LICENSEE believes there is infringement of any Licensed Patent under this Agreement which is
to LICENSEE’s detriment, LICENSEE may, subject to any of its obligations of confidentiality, provide IDP with
notification and reasonable evidence of such infringement. If IDP takes action to remedy the infringement, IDP shall use
commercially reasonable efforts, shall provide LICENSEE with prompt written notice of same, and LICENSEE shall provide
commercially reasonable assistance as requested by, and at the expense of, IDP. Nonetheless, IDP is under no obligation to
bring any action or proceeding against any entity for infringement of the Licensed Patents.

 

    	 

     

    

 

9.
Indemnification

 

LICENSEE
shall, except to the extent that the same can be shown to have been caused by the IDP Indemnified Entities (as defined below),
defend, indemnify and save harmless IDP, its Affiliates, the inventors of the Licensed Patents and directors, officers, employees,
and agents of IDP and its Affiliates (together, the “IDP Indemnified Entities”) from and against any and all claims,
liabilities, losses, damages or expenses (including but not limited to reasonable attorneys’ fees and other costs of defending
any action) that any of the IDP Indemnified Entities may sustain or incur as a result of any claim of a Third Party based on the
negligence, recklessness or willful misconduct of LICENSEE or any of its employees or agents in performing its obligations or
exercising the license granted pursuant to this Agreement, including any breach of the confidentiality provisions hereof.

 

IDP
shall, except to the extent that the same can be shown to have been caused by the LICENSEE Indemnified Entities (as defined below),
defend, indemnify and hold harmless LICENSEE, its Affiliates, and directors, officers, employees, and agents of LICENSEE and its
Affiliates (together, the “LICENSEE Indemnified Entities”) from and against any and all claims, liabilities, losses,
damages or expenses (including but not limited to reasonable attorneys’ fees and other costs of defending any action) that
any of the LICENSEE Indemnified Entities may sustain or incur as a result of any claim of a Third Party based on the negligence,
recklessness or willful misconduct of IDP, or any of its employees or agents in performing its obligations hereunder, including
any breach of the confidentiality provisions hereof, or any allegation that any claims under the Licensed Patents are invalid
and/or that the Licensed Patents and/or Licensed Products infringe the intellectual property rights of any Third Party.

 

10.
Term and Termination

 

10.1
This Agreement shall be effective on the Effective Date and, unless terminated sooner as provided herein below or by a mutual
agreement, shall remain in force and shall expire upon the expiration of the last to expire patent within Licensed Patents (“Term”).

 

10.2
Either Party may unilaterally terminate this Agreement upon the breach of any material provision hereof by the other Party if
the breaching Party has not cured the breach within forty-five (45) days after the receipt of written notice thereof. In the event
of any such termination, the paid minimum annual fee shall not be refundable, and LICENSEE shall pay any outstanding balance due
to IDP within sixty (60) days after the termination if 3.0% of Net Sales of Licensed Products is higher than the paid minimum
annual fee.

 

10.3
Termination by IDP. This Agreement may be terminated by IDP:

 

	(i)	upon
    ten (10) days prior written notice to LICENSEE for LICENSEE’s material breach of this Agreement and LICENSEE’s
    failure to cure such material breach within the period in Section 10.2, or
	 	 
	(ii)	if
    LICENSEE becomes insolvent, files a petition under any bankruptcy or insolvency act, or has any such petition filed against
    it or any of its assets, to the extent permitted by law and not vacated or dismissed within sixty (60) days of filing, or
	 	 
	(iii)	immediately
    by giving a written notice if LICENSEE, directly or indirectly, brought any legal or administrative action challenging validity
    of all or part of Licensed Patents at any competent judicial or administrative organization in any country, or

 

    	 

     

    

 

	(iv)	upon
    ten (10) days prior written notice to LICENSEE if IDP decides to terminate after the receipt of notice of a change of Control
    subject to the provision of Section 10.5 below.

 

In
the event that IDP terminates this Agreement under Section 10.3(i) for LICENSEE’s unremedied material breach of this Agreement,
LICENSEE shall have the right to make Licensed Products and Licensed Services available to its Customers during said ten (10)
day notice period, and shall thereafter discontinue all sales of Licensed Products and provision of Licensed Services, subject
to LICENSEE’s continuing obligation to make all payments due under Articles 3 and 4, including royalties on sales during
such ten (10) day notice period. Upon termination of this Agreement by IDP under Section 10.3(ii)-(iv), LICENSEE shall upon termination
cease any use of the Licensed Technology and cease generating, using and selling Licensed Products and providing Licensed Services.

 

10.4
Termination by LICENSEE. LICENSEE may terminate this Agreement without cause upon ninety (90) days written notice
to IDP. In the event that LICENSEE terminates this Agreement under this Section 10.4, LICENSEE shall upon the effective date of
such termination cease any use of the Licensed Technology and cease manufacturing, using and selling Licensed Products and providing
Licensed Services.

 

10.5
Change of Control. Subject to the provision of Section 12.2, upon a change of Control of LICENSEE (for example,
through a stock purchase or sale, merger, acquisition, or any other form of corporate transaction), LICENSEE shall provide written
notice to IDP thirty (30) days following the occurrence of such change of Control. If (i) LICENSEE fails to provide such notice,
or (ii) a party which directly or indirectly takes LICENSEE’s Control is in any legal dispute or licensing conflict with
IDP and/or the owner of the Licensed Patents at the time of the occurrence of such change of Control, IDP may terminate this Agreement
at IDP’s sole discretion effective immediately upon delivery of the written notice contemplated under Section 10.3(iv) (i.e.,
the ten (10) day written notice period will not apply).

 

11.
Effect of Termination

 

All
rights and obligations of the Parties set forth herein that expressly or by their nature survive the expiration or termination
of this Agreement, including, without limitation, the provisions of Articles 1 (Definition), 3 (Fees and Royalties), 4 (Payment),
5 (Reports and Records), 6 (Representations and Warranties), 7 (Confidentiality), 9 (Indemnification), 10 (Term and Termination),
11 (Effect of Termination), and 12 (Miscellaneous) shall continue in full force and effect subsequent to and notwithstanding the
expiration or termination of this Agreement until they are satisfied or by their nature expire and shall bind the Parties and
their legal representatives, successors, and permitted assigns. For clarity, in the case of termination pursuant to Sections 10.3
or 10.4, the paid Annual Minimum Royalty shall not be refundable, and LICENSEE shall pay any outstanding balance due to IDP within
sixty (60) days after the termination if the Creditable Running Royalties up to the date of termination calculated according to
Section 3.2 is higher than the paid Annual Minimum Royalty.

 

12.
Miscellaneous

 

12.1
Relationship of Parties. The relationship of the Parties is that of independent contractors, and nothing herein
shall be construed as establishing one Party or any of its employees as the agent, legal representative, joint venture, partner,
employee, or servant of the other. Except as set forth herein, neither Party shall have any right, power or authority to assume,
create or incur any expense, liability or obligation, express or implied, on behalf of the other.

 

    	 

     

    

 

12.2
Assignment. This Agreement is personal to each of the Parties and may not be assigned by one Party without the prior
consent of the other Party, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that
either Party shall have the right to assign this Agreement as part of a sale or transfer of all or substantially all of its assets.
For the purpose of providing the prior consent to a proposed assignment by LICENSEE, IDP shall have the right to meet with the
proposed assignee to confirm they are not currently engaged in any legal dispute or licensing conflict with IDP regarding the
Licensed Patents.

 

12.3
Amendment. This Agreement shall not be amended except by an instrument in writing executed by both Parties.

 

12.4
Entire Agreement. This Agreement, including any appendix hereto, constitutes the entire, full, and complete agreement
between the Parties concerning the subject matter hereof, and supersedes all prior agreements, negotiations, representations,
and discussions, written or oral, express or implied, between the Parties in relation thereto.

 

12.5
Governing Law. This Agreement shall be interpreted and enforced in accordance with laws of Japan, without regard
to its conflicts of laws or rules, provided, that those matters pertaining to the validity or enforceability of Licensed Patents
shall be interpreted and enforced in accordance with the laws of the territory in which such patent rights exist.

 

12.6
Dispute. Any dispute, controversy or claim arising under, out of or relating to this Agreement and any subsequent
amendments of this Agreement, including, without limitation, its formation, validity, binding effect, interpretation, performance,
breach or termination, as well as non-contractual claims, shall be submitted to binding arbitration in accordance with the arbitration
rules then in effect of the World Intellectual Property Organization (“WIPO Arbitration Rules”), as amended. Any such
arbitration shall be conducted in Tokyo, Japan, if submitted by LICENSEE, and in New York, USA, if submitted by IDP. The arbitration
proceeding shall be conducted in English and by one arbitrator.

 

12.7
Press Release. Neither Party shall issue any press release or other public announcements relating to this Agreement
without obtaining the other Party’s written approval, which approval will not be unreasonably withheld, conditioned or delayed.

 

12.8
Notices. All communication concerning this Agreement, including payments, notices, demands or requests required
or permitted hereunder shall be given in English and in writing and shall be personally delivered or sent by registered or certified
mail, return receipt requested, postage prepaid; facsimile transmission (receipt verified); email (confirmation of receipt requested);
or express courier service (signature requested), in each case to the respective address specified below, or such other address
or fax number as may be specified in writing to the other Party hereto:

 

LICENSEE:

[*******************************************************************************************

***************************************************]

 

IDP:

[*******************************************************************************************

***************************************************]

 

    	 

     

    

 

12.9
Waiver. The terms and conditions of this Agreement may be waived only by a written instrument executed by the Party
waiving compliance. The failure of either Party at any time or times to require performance of any provision hereof shall in no
manner affect its rights at a later time to enforce the same. No waiver by either Party of any condition or term shall be deemed
as a continuing waiver of such condition or terms or of another condition or term.

 

12.10
Gender and Number. All terms used herein in any one gender or number mean and include any other gender and number
as the facts, context, or sense of this Agreement may require.

 

12.11
Headings. Headings used herein are for descriptive purposes only and shall not control or alter the meaning of this
Agreement as set forth in the text.

 

12.12
Severability. In the event that any provision of this Agreement shall be held invalid or unenforceable for any reason,
such invalidity or unenforceability shall not affect any other provision of this Agreement, and the Parties shall negotiate in
good faith to modify this Agreement to preserve (to the extent possible) their original intent.

 

12.13
Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
permitted successors and assigns.

 

12.14
Force Majeure. Neither Party will be responsible for delays resulting from causes beyond the reasonable control
of such Party, including without limitation, fire, explosion, flood, earthquake, war, strike, or riot, provided that the nonperforming
Party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under this
Agreement with reasonable dispatch whenever such causes are removed.

 

12.15
Counterparts. This Agreement may be signed in counterparts, both of which together shall constitute one and the
same Agreement, binding on the Parties as if each had signed the same document.

 

12.16
Compliance of law. LICENSEE shall ensure that any activity including research, marketing and sales conducted under
this Agreement will comply with all applicable laws and governmental regulations in force and effect.

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date below and this Agreement is effective as
of the Effective Date.

 

	StemoniX,
    Inc.	 	ID
    Pharma Co., Ltd.
	 	 	 	 	 
	By:
    	/s/
    Yung-Ping Yeh	 	By:
    	/s/
    Toyotaka Mori
	 	 	 	 	 
	Name:	Yung-Ping
    Yeh	 	Name:	Toyotaka
    Mori
	Title:	CEO	 	Title:	Chairman
    of the Board
	 	 	 	 	 
	Date:
    	May
    7, 2016	 	Date:
    	February 23, 2016

 

    	 

     

    

 

Appendix
A

(Licensed
Patents)

 

    	 

     

    

 

Appendix
B

(User
Notice)

 

    	 

     

    

 

Appendix
C

(Running
Royalty Statement/ format example)

 

    	 

     

    

 

Appendix
D

(Annual
Minimum Royalty statement/ format example)

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