Document:

Exhibit
10.53

 

 EXECUTIVE
 EMPLOYMENT AGREEMENT

 

THIS
EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is entered into effective as of December 10, 2021 (the “Effective
Date”), by and between Qualigen Therapeutics, Inc., a Delaware corporation with its principal office at 2042 Corte Del Nogal, Carlsbad,
CA 92011 USA (the “Company”), and Amy Broidrick (the “Executive”), whose address is 1440 Valle Grande, Escondido,
CA 92025 USA.

 

W
I T N E S S E T H:

 

WHEREAS,
the Company has engaged the Executive as its President and Chief Strategy Officer and desires to continue to obtain the benefits of the
Executive’s knowledge, skill and ability in connection with managing the strategy, business development, operations, research and
development, and certain other functions of the Company and to continue to employ the Executive as its President and Chief Strategy Officer
on the terms and conditions hereinafter set forth; and

 

WHEREAS,
the Executive desires to provide her services to the Company and to accept employment by the Company on the terms and conditions set
forth in this Agreement, which supersedes all prior agreements, whether written or oral, including those under any previous employment
agreement between the Executive and the Company;

 

NOW,
THEREFORE, in consideration of the mutual promises set forth in this Agreement and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

		1.	Employment
                                            and Duties; Term.

 

(a) Subject
to the terms and conditions hereinafter set forth, the Company hereby employs the Executive as its President, and she shall have the
duties and responsibilities customarily associated with such positions, including without limitation general responsibility for the management
of the Company’s strategy, business development, operations, research and development, and certain other functions of the Company.
The Executive shall report to the Company’s Chief Executive Officer. The Executive shall also perform such other duties and responsibilities
as may be determined and directed by the Company’s Chief Executive Officer or by the Company’s Board of Directors (the “Board”),
as long as such duties and responsibilities are generally consistent with those of a President.

 

(b) The
Executive shall serve as a director of the Company or any of its subsidiaries, if validly elected or appointed, and in such executive
capacity or capacities with respect to any Affiliate of the Company to which she may be elected or appointed, provided that such duties
are consistent with those of a company’s President. The Executive shall receive no additional compensation for services rendered
pursuant to this Section 1(b).

 

(c) The
Executive’s job location shall be in San Diego County, California, but this provision shall not preclude the Company from moving
its headquarters to a location other than in San Diego County, California. Any such relocation by the Company or failure by the Executive
to relocate shall not breach the terms of this Agreement.

 

(d)
Unless terminated earlier pursuant to any of the provisions of Section 5 of this Agreement, this Agreement shall have an initial
term (the “Initial Term”) of one year, commencing as of December 10, 2021 and expiring on April 30, 2022. Following
completion of the Initial Term, this Agreement shall automatically renew thereafter on a year-to-year basis for successive one-year
periods (i) unless and until terminated by either party pursuant to any of the provisions of Section 5, or (ii) unless the Company
or the Executive delivers to the other party written notice of non-renewal at least 90 days before the expiration of the Initial
Term or any subsequent one-year term (in which event this Agreement shall then terminate upon the expiration of the Initial Term or
such one-year extended term, as applicable). The Initial Term and the one-year extensions are collectively referred to herein as the
“Term.”

 

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		2.	Executive’s
                                            Performance.

 

(a) The
Executive hereby accepts the employment contemplated by this Agreement. During the Term, the Executive shall devote substantially all
of her business time to the performance of her duties under this Agreement, and she shall perform such duties diligently, in good faith
and in a manner consistent with the best interests of the Company and applicable laws. During the Term, the Executive will not, without
the prior written approval of the Board, serve or act as a shareholder (except for passive holdings of not more than 1% of the other
entity’s outstanding stock), employee, agent, consultant, officer, director, partner, member, representative, lender or owner of
any other business entity, nor (if it would require more than an insubstantial amount of business time or attention) of any non-profit
entity.

 

(b) The
Executive shall comply with all applicable governmental laws, rules and regulations and with the Company’s policies applicable
to all employees of the Company.

 

		3.	Compensation
                                            and Other Benefits.

 

(a) Salary.
For her services to the Company during the Term, the Company shall pay the Executive an annual salary (“Salary”) at the rate
of $450,000 per year during the Initial Term. The Company shall make all Salary payments to the Executive less required taxes and other
withholdings and otherwise in accordance with the Company’s general payroll practices and policies, provided that the Company shall
pay installments of Salary to the Executive not less frequently than bi-weekly. The Executive’s Salary shall be reviewed at least
annually by the Board or any compensation committee thereof and (i) may be increased from time to time in the sole discretion of the
Board or any such compensation committee, and (ii) may otherwise be adjusted by mutual written agreement of the Company and the Executive.

 

(b) Potential
bonus payments as approved from time to time in the sole discretion of the Board or any compensation committee thereof.

 

(c) Other
Benefits. The Executive shall be eligible on the same basis as other executive officers and employees of the Company (and subject to
any other eligibility requirements, cost sharing and other terms and conditions) to participate in and receive benefits under any other
bonus plan or any equity or long-term incentive, deferred compensation, retirement, savings, group insurance (including, without limitation,
medical, dental, life, accident and disability insurance), group health or other welfare or benefit plan or program as may be approved
by the Board of the compensation committee thereof and offered to the Company’s executive officers and employees generally; provided,
however, that the severance benefits (if any) payable under Section 5 of this Agreement shall be in lieu of (and not in addition to)
any severance benefits that would otherwise be due to the Executive under any severance policy or plan otherwise in effect at the Company
upon termination of the Executive’s employment; and provided further that the Company shall not have any obligation to maintain
any particular plan or program indefinitely or for any specific period of time. In addition, the Executive shall be entitled to four
weeks paid vacation per full year of service, in accordance with and subject to the Company’s vacation accrual plan and policies.

 

4. Reimbursement
of Expenses. The Company shall reimburse the Executive, upon presentation of proper expense statements, for all authorized, ordinary
and necessary out-of-pocket expenses reasonably incurred by Executive during the Term in connection with the performance of her services
pursuant to this Agreement in accordance with the Company’s expense reimbursement policy.

 

		5.	Termination
                                            of Employment.

 

(a) Resignation
by the Executive. The Executive may terminate this Agreement and her employment hereunder at any time by written resignation. A resignation
for Good Reason shall be treated hereunder as if it were a termination by the Company without Cause and shall have the effects stated
in Section 5(e) with regard to termination without Cause, rather than the effects stated in the sub-subsections of this Section 5(a).

 

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“Good
Reason” means the occurrence of any of the following circumstances, without the Executive’s express consent: the Executive
resigns due to (i) a material reduction of the Executive’s title or authority, (ii) a material reduction in the Executive’s
salary or benefits (other than a reduction that generally applies to the officers at the Executive’s level in the Company or, as
applicable, after a transaction in which the Company or substantially all its assets is acquired, in the successor entity at that time),
(iii) any material breach of this Agreement by the Company which is not cured within 30 days after written notice by the Executive; or
(iv) a change of the principal non-temporary location in which the Executive is required to perform the Executive’s services to
any location exceeding 35 miles from Carlsbad, California. In no event shall a resignation be considered to be with Good Reason unless
the resignation occurs after but within 30 days after the initiation of the item of Good Reason.

 

Termination
of this Agreement and of the Executive’s employment by the Executive for Good Reason shall be without prejudice to any other right
or remedy to which the Executive may be entitled at law, in equity or otherwise under this Agreement.

 

In
any circumstance involving a termination of this Agreement and of the Executive’s employment pursuant to this Section 5(a) (i.e.,
resignation without Good Reason):

 

(i) the
Company shall (A) pay the Executive an amount in cash equal to the Executive’s accrued but unpaid Salary and vacation pay through
the date of termination, (B) pay the Executive an amount in cash equal to any bonus that has been earned by the Executive under Section
3 hereof before the date of termination but that remains unpaid as of such date, and (C) promptly reimburse any expenses incurred by
the Executive through the date of termination and for which the Executive is entitled to receive reimbursement under Section 4 hereof
in accordance with the Company’s expense reimbursement policies (all such payments referenced in this subparagraph (i) being collectively
referred to in this Agreement as the “Base Termination Payments”);

 

(ii) the
Executive shall retain and receive any other rights or benefits (to the extent earned and vested as of the date of termination) under
any Company employee benefit plans or arrangements in accordance with the terms of such plans and arrangements;

 

(iii) the
Executive shall not otherwise be entitled to any severance payments or similar benefits as of the date of termination (except as and
to the extent required by applicable law); and

 

(iv) except
as otherwise expressly provided in this Section 5(a), any and all other rights of the Executive to receive a Salary, bonus or other compensation
or benefits shall terminate as of the effective date of termination.”

 

(b) Non-Renewal
as of End of lnitial or Subsequent Term. Either the Company or the Executive may terminate this Agreement and the Executive’s
employment hereunder effective upon expiration of the Initial Term or any succeeding term by written notice of non-renewal delivered
to the other party at least 90 days’ before the applicable expiration date of the then-current term. In any circumstance involving
a termination of this Agreement and of the Executive’s employment pursuant to this Section 5(b):

 

 (i) the Company shall make the Base Termination Payments (as defined in Section 5(a)(i));

 

(ii) the
Executive shall retain and receive any other rights or benefits (to the extent earned and vested as of the date of termination) under
any Company employee benefit plans or arrangements in accordance with the terms of such plans and arrangements;

 

(iii) the
Executive shall not otherwise be entitled to any severance payments or similar benefits as of the date of termination (except as and
to the extent required by applicable law); and

 

(vi)
except as otherwise expressly provided in this Section 5(b), any and all other rights of the Executive to receive a Salary, bonus or
other compensation or benefits shall terminate as of the effective date of termination.

 

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(c) Death
or Disability of the Executive. This Agreement and the Executive’s employment shall terminate immediately upon the death of
the Executive. In addition, this Agreement and Executive’s employment may be terminated by the Company effective upon delivery
of written notice to the Executive in the event of the Executive’s Disability. For purposes of this Agreement, the term “Disability”
shall mean the Executive’s inability to perform her duties hereunder as President of the Company, as reasonably determined by the
Board, as a result of prolonged absence from work for health reasons or physical or mental disability, illness or incapacity for a continuous
period of 90 days, or for shorter periods aggregating four months in any 12 month period.

 

In
any circumstance involving a termination of this Agreement and of the Executive’s employment pursuant to this Section 5(c):

 

 (i) the Company shall make the Base Termination Payments (as defined in Section 5(a)(i));

 

(ii) the
Executive shall retain and receive any other rights or benefits (to the extent earned and vested as of the date of termination) under
any Company employee benefit plans or arrangements in accordance with the terms of such plans and arrangements;

 

(iii) the
Executive shall not otherwise be entitled to any severance payments or similar benefits as of the date of termination (except as and
to the extent required by applicable law); and

 

(iv) except
as otherwise expressly provided in this Section 5(c), any and all other rights of the Executive to receive a Salary, bonus or other compensation
or benefits shall terminate as of the effective date of termination.

 

		(d)	Termination
                                            by the Company for “Cause.”

 

(i) The
Company, effective upon delivery of written notice to the Executive, may terminate this Agreement and the Executive’s employment
for “Cause.” For purposes of this Agreement, the term “Cause” shall mean any of the following:

 

(A)
a material breach by the Executive of any of Sections 6, 7 or 8 of this Agreement;

 

(B) a
material breach by the Executive of any other provision of this Agreement, if such material breach (if susceptible to cure) has continued
uncured for a period of at least 15 days following delivery by the Company to the Executive of written notice of such material breach;

 

(C) fraud,
dishonesty or other breach of trust whereby the Executive obtains personal gain or benefit at the expense of or to the detriment of the
Company or any of the Company’s subsidiaries or other Affiliates;

 

(D)
a conviction of or plea of nolo contendere or similar plea by the Executive of any felony;

 

(E) a
conviction of or plea of nolo contendere or similar plea by of any other crime involving theft, misappropriation of property, dishonesty
or moral turpitude;

 

(F) a
willful and material violation of applicable law by the Executive in connection with the performance of her duties hereunder;

 

(G) chronic
or repeated substance abuse by the Executive, or any other use by the Executive of alcohol, drugs or illegal substances in such a manner
as to interfere with the performance of her material duties hereunder; or

 

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(H)
failure to comply with the lawful directions of the President and Chief Executive Officer or of the Board which are otherwise consistent
with the terms of this Agreement, which failure has continued for a period of at least IO days after delivery by the Company to the Executive
of written demand by the Board.

 

Termination
of this Agreement by the Company for “Cause” shall be without prejudice to any other right or remedy to which the Company
may be entitled at law, in equity or otherwise under this Agreement.

 

(ii) In
any circumstance involving a termination of this Agreement and of the Executive’s employment pursuant to the preceding Section
5(d)(i):

 

 (A) the Company shall make the Base Termination Payments (as defined in Section 5(a)(i));

 

(B) the
Executive shall retain and receive any other rights or benefits (to the extent earned and vested as of the date of termination) under
any Company employee benefit plans or arrangements in accordance with the terms of such plans and arrangements;

 

(C) the
Executive shall not otherwise be entitled to any severance payments or similar benefits as of the date of termination (except as and
to the extent required by applicable law); and

 

(D) except
as otherwise expressly provided in this Section 5(d)(ii), any and all other rights of the Executive to receive a Salary, bonus or other
compensation or benefits shall terminate as of the effective date of termination.

 

(e) Termination
by the Company Without “Cause.” The Company, in the sole discretion of the Board and effective upon delivery of not less
than 30 days’ advance written notice to the Executive, may terminate this Agreement and the Executive’s employment hereunder
at any time and for any reason, including without “Cause.” In the event that the Company terminates the Executive’s
employment under this Section 5(e):

 

 (i) the Company shall make the Base Termination Payments (as defined in Section 5(a)(i));

 

(ii) subject
to Section 5(f), conditioned upon receipt by the Company of a general release in form reasonably acceptable to the Company and expiration
of any revocation period applicable to such release without the Executive having revoked such release, and in lieu of any severance benefits
that may otherwise be payable under any other severance plan or policy of the Company, the Company (A) shall continue to pay to the Executive
as severance her Salary at the rate then in effect on the date of termination for a period of 12 months following the date of termination,
such payments to be made by the Company at the times, subject to applicable withholdings and otherwise in accordance with the Company’s
general payroll practices and policies, and (B) pay or reimburse the Executive for the cost of COBRA continuation medical and dental
insurance coverage for the Executive for the 12 month severance period (less any required taxes or withholdings); provided, however,
that if the Company determines in its sole discretion that it cannot provide the foregoing COBRA benefits without potentially violating
applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof provide
to the Executive a taxable lump-sum payment in an amount equal to the monthly (or then remaining) COBRA premium that Executive would
be required to pay to continue her group health coverage for herself as in effect on the termination date (which amount shall be based
on the premium for the first month of COBRA coverage) until the date that is 180 days following the Executive’s date of termination.
Notwithstanding the foregoing, any severance payments that otherwise would be required to be made under this subparagraph (iv) within
45 days following the Executive’s date of termination shall instead be made on the Company’s first normal payroll date that
is more than 45 days following the Executive’s date of termination; and

 

(iii) the
Executive shall retain and receive any other rights or benefits (to the extent earned and vested as of the date of termination) under
any Company employee benefit plans or arrangements in accordance with the terms of such plans and arrangements; and

 

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(iv) except
as otherwise expressly provided in this Section 5(e), any and all other rights of the Executive to receive a Salary, bonus or other compensation
or benefits shall terminate as of the effective date of termination.

 

(f) Offset
for Material Breaches of Restrictive Covenants. If the Executive materially breaches any provision contained in either Section 6
or Section 7 of this Agreement, the Company, from the date of such breach going forward, shall no longer be obligated to make any payments
or reimbursements to the Executive or provide any benefits to the Executive under this Section 5, and any rights to receive severance
or COBRA benefits under Section 5(e)(iv).

 

		6.	Trade
                                            Secrets and Proprietary Information.

 

(a) Executive
recognizes and acknowledges that the Company, through the expenditure of considerable time and money, has developed and will continue
to develop in the future information concerning customers, clients, marketing, patents, products, services, business, research and development
activities and operational methods of the Company and its customers or clients, contracts, financial or other data, technical data or
any other confidential or proprietary information possessed, owned or used by the Company, the disclosure of which could or does have
a material adverse effect on the Company, its business, any business it proposes to engage in, its operations, financial condition or
prospects and that the same are confidential and proprietary and considered “Confidential Information” of the Company for
the purposes of this Agreement. In consideration of her employment, the Executive agrees that she will not, during or after the Term,
without the consent of the Board make any disclosure of Confidential Information now or hereafter possessed by the Company, to any person,
partnership, corporation or entity either during or after the term here of, except that nothing in this Agreement shall be construed
to prohibit Executive from using or disclosing such information (i) if such disclosure is necessary in the normal course of the Company’s
business in accordance with Company policies or instructions or authorization from the Board, (ii) such information shall become public
knowledge other than by or as a result of disclosure by a person not having a right to make such disclosure, (iii) complying with legal
process as provided in Section 6(b) of this Agreement, or (iv) subsequent to the Term, if such information shall have either been developed
by Executive independent of any of the Company’s confidential or proprietary information or been disclosed to Executive by a person
not subject to a confidentiality agreement with or other obligation of confidentiality to the Company. For the purposes of Sections 6,
7 and 8 of this Agreement, the term “Company” shall include the Company, its parent, its subsidiaries and other Affiliates.

 

(b) In
the event that any Confidential Information is required to be produced by Executive pursuant to legal process, the Executive shall give
the Company notice of such legal process within a reasonable time, but not later than ten business days before the date such disclosure
is to be made, unless Executive has received less notice, in which event the Executive shall immediately notify the Company. The Company
shall have the right to object to any such disclosure, and if the Company objects (at the Company’s cost and expense) in a timely
manner, the Executive shall not make any disclosure until there has been a court determination on the Company’s objections. If
disclosure is required by a court order, final beyond right of review, or if the Company does not object to the disclosure, the Executive
shall make disclosure only to the extent that disclosure is required by the court order, and the Executive will exercise reasonable efforts
to obtain reliable assurances that confidential treatment will be accorded the Confidential Information.

 

(c) The
Executive shall, upon expiration or termination of the Term, or earlier at the request of the Company, turn over to the Company all documents,
papers, computer disks or other material in the Executive’s possession or under the Executive’s control which may contain
or be derived from Confidential Information. To the extent that any Confidential Information is on Executive’s hard drive or other
storage media, she shall, upon the request of the Company, cause such information to be erased from her computer disks and all other
storage media.

 

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		7.	Covenant
                                            Regarding Improper Use of Confidential Information.

 

(a) During
the period from the date of this Agreement until one year following the date on which Executive’s employment is terminated, Executive
will not, directly or indirectly:

 

(i) Utilize
the Company’s Confidential Information to persuade or attempt to persuade any person or entity which is or was a customer, client
or supplier of the Company to cease doing business with the Company, or to reduce the amount of business it does with the Company (the
terms “customer” and “client” as used in this Section 7 to include any potential customer or client to whom the
Company submitted bids or proposals, or with whom the Company conducted negotiations, during the term of Executive’s employment
or during the 12 months preceding the termination of her employment);

 

(ii) Utilize
the Company’s Confidential Information to solicit for herself or any other person or entity other than the Company the business
of any person or entity which is a customer or client of the Company, or was a customer or client of the Company within one year before
the termination of her employment; or

 

(iii) Persuade
or attempt to persuade any employee of the Company, or any individual who was an employee of the Company during the one year period before
the termination of this Agreement, to leave the Company’s employ, or to become employed by any person or entity other than the
Company.

 

(b) The
Executive acknowledges that the restrictive covenants (the “Restrictive Covenants”) contained in Sections 6 and 7 of this
Agreement are a condition of her employment and are reasonable and valid in geographical and temporal scope and in all other respects.
If any court or arbitrator determines that any of the Restrictive Covenants, or any part of any of the Restrictive Covenants, is invalid
or unenforceable, the remainder of the Restrictive Covenants and parts thereof shall not thereby be affected and shall remain in full
force and effect, without regard to the invalid portion. If any court or arbitrator determines that any of the Restrictive Covenants,
or any part thereof, is invalid or unenforceable because of the geographic or temporal scope of such provision, such court or arbitrator
shall have the power to reduce the geographic or temporal scope of such provision, as the case may be, and, in its reduced form, such
provision shall then be enforceable.

 

		8.	Ownership
                                            of Intellectual Property.

 

(a) “Inventions”
means all inventions, ideas, discoveries, developments, methods, data, information, improvements, original works, know-how, including,
but not limited to, algorithms, technology, trade secrets, processes, codes and hardware (whether or not reduced to practice and whether
or not protectable under the patent, copyright, trade secrecy or similar laws of the United States, the People’s Republic of China
or any applicable foreign country) which:

 

(i) relate
to the Company’s business at the time of conception or reduction to practice or actual or demonstrably anticipated research or
development of Company that were conceived, created or developed by the Executive (whether alone or with others, whether or not during
working hours or on the Company’s premises or whether or not using material or property provided by the Company) during the Term
or having conceived, created or developed before the Term while Executive was employed by the Company; and/or

 

(ii) were
conceived, created or developed by the Executive (whether alone or with others) during the Term, even if having possibly been conceived,
created or developed before the Term but completed while in the employ of the Company, or which result from any work performed by the
Executive for Company.

 

(b) All
Inventions are, will be, and shall constitute “works-for-hire” and the exclusive property of the Company, and the Company
may use and exploit them without restriction or additional compensation to the Executive. The Executive shall promptly and fully disclose
to the Company any and all Inventions. The Executive shall maintain complete written records of all Inventions and of all work or investigations
done or carried out by the Executive at all stages thereof, which records shall be the exclusive property of the Company and will be
treated as Confidential Information for all purposes of this Agreement.

 

(c)
The Executive hereby irrevocably assigns and transfers to the Company, its successors, assigns or Affiliates, as the case may be,
all of Executive’s right, title and interest in and to any Inventions without additional consideration therefor from the
moment of their creation or inception, to be held and enjoyed by the Company, its successors, assigns or Affiliates, as the case may
be, to the full extent of the term for which any intellectual property protection may be granted and as fully as the same would have
been held by Executive had this Agreement, or such assignment or transfer not been made. In addition to the foregoing assignments of
Inventions to the Company, Executive hereby irrevocably assigns and transfers to the Company: (i) all worldwide patents, trademarks,
copyrights, mask works, trade secrets, applications for the foregoing and other intellectual property rights in any Inventions; and
(ii) any and all “Moral Rights” (as defined below) that Executive may have in or with respect to any Inventions.
Executive hereby forever waives and agrees never to assert any and all Moral Rights Executive may have in or with respect to any
such Inventions, even after the termination of Executive’s employment.

 

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(d) “Moral
Rights” means any right to claim authorship of any Inventions, or to withdraw from circulation or control the publication or
distribution of any Inventions, and any similar right, existing under judicial or statutory law of any country in the world, or under
any treaty, regardless of whether or not such right is denominated or generally referred to as a moral right.

 

(e) Executive
agrees to cooperate fully in obtaining patent, copyright or other proprietary protection for such Inventions, all in the name of the
Company, its successors, assigns or Affiliates, as the case may be, and at the Company’s cost and expense, and shall execute and
deliver all requested applications, assignments and other documents and take such other actions as the Company, its successors, assigns
or Affiliates, as the case may be, shall request in order to perfect, enforce and exploit the Company’s, its successors,’
assigns’ or Affiliates,’ as the case may be, right in the Inventions (including transfer of possession to the Company, its
successors, assigns or Affiliates, as the case may be, of all Inventions embodied in tangible materials), including granting Company
a non-revocable, royalty-free license in any pre-existing works. Executive irrevocably designates and appoints the Company and its duly
authorized officers and agents as her agents and attorneys-in-fact to execute and file any and all applications and other necessary documents
and to do all other lawfully permitted acts to further perfect and enforce the Company’s, its successors,’ assigns’
or Affiliates’ (as the case may be) right in the Inventions and to further the prosecution, issuance or enforcement of patents,
copyrights, trade secrets and similar protections related to the Inventions with the same legal force and effect as she had executed
them herself. The Executive shall receive no additional compensation for complying with Executive’s obligations under this Section
8. The Executive agrees that, to the extent this Agreement shall be construed in accordance with any laws that limit the assignability
to the Company, its successors, assigns or Affiliates, as the case may be, of the Inventions, this Agreement shall be interpreted not
to apply to any Invention which a court rules or the Company agrees is subject to such state limitation.

 

California
Labor Code § 2870 provides as follows:

 

a. Any
provision in an employment agreement which provides that an employee shall assign, or offer to assign, any of her or her rights in an
invention to her or her employer shall not apply to an invention that the employee developed entirely on her or her own time without
using the employer’s equipment, supplies, facilities, or trade secret information except for those inventions that either:

 

(1) Relate
at the time of conception or reduction to practice of the invention to the employer’s business, or actual or demonstrably anticipated
research or development of the employer.

 

 (2) Result from any work performed by the employee for her employer.

 

 b. To the extent a provision in an employment agreement purports to require an employee to assign an invention otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of this state and is unenforceable.

 

The
assignment of Inventions under this Agreement, accordingly, shall not extend to those items set forth in Labor Code § 2870.

 

(f) Any
copyrightable work created by the Executive in connection with or during the performance of her employment duties, whether published
or unpublished, shall be the property of the Company as author and owner of copyright in such work.

 

(g) The
Executive warrants and represents that there are no Inventions (whether patentable or not), patents, trade secrets, trademarks, trade
names, copyrights, or other intellectual property owned by her before entering into employment with the Company hereunder, and that she
has not executed and will not execute any document or instrument in conflict herewith.

 

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(h) An
“Affiliate” of the Company shall mean any person or entity which controls, is controlled by or is under common control with
the Company.

 

9. Injunctive
Relief. The Executive agrees that any violation or threatened violation of any of the provisions of Sections 6, 7 or 8 of this Agreement
will cause immediate and irreparable harm to the Company for which money damages would not be an adequate remedy. In the event of any
breach or threatened breach of any of said provisions, the Executive consents to the entry of preliminary and permanent injunctions by
a court of competent jurisdiction prohibiting the Executive from any violation or threatened violation of such provisions and compelling
the Executive to comply with such provisions (without posting a bond or other security). This Section 9 shall not affect or limit, and
the injunctive relief provided in this Section 9 shall be in addition to, any other remedies available to the Company at law or in equity
or in arbitration for any such violation by the Executive. Subject to Section 7(b) of this Agreement, the provisions of Sections 6, 7
and 8 of this Agreement and this Section 9 shall survive any termination of this Agreement and the Executive’s employment.

 

10. Indemnification.
The Executive shall enter into a separate agreement with the Company to provide the Executive with payment of legal fees and indemnification
to the maximum extent permitted by the Company’s Certificate of Incorporation, Bylaws, and Delaware law. The Company shall also
provide officers and directors liability insurance of not less than $5,000,000, and the Company shall be responsible for any deductibles
under such policy.

 

11. Key
Person Insurance. The Executive will cooperate with the Company in connection with any application by ,the Company to obtain key-person
life insurance on her life, on which the Company will be the beneficiary. Such cooperation shall include the execution of any applications
or other documents requiring her signature and submission of insurance applications and submission to a physical examination.

 

		12.	Code
                                            Section 409A Compliance.

 

(a) This
Agreement is intended to comply with the provisions of Section 409A of the Code, and, to the extent practicable, this Agreement shall
be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid or provided in a manner that
is either exempt from or compliant with the requirements Section 409A of the Code and applicable Internal Revenue Service guidance and
Treasury Regulations issued thereunder. Terms used in this Agreement shall have the meanings given such terms under Section 409A of the
Code if, and to the extent required, in order to comply with Section 409A of the Code.

 

(b) The
payment schedules provided hereunder are intended to be exempt from or to comply with the requirements of Section 409A of the Code and
shall be interpreted consistently therewith.

 

(c) Any
payments under Section 5 shall be made or shall commence only after the Executive has a “separation from service” with the
Company, as defined under Section 409A of the Code and the guidance issued thereunder.

 

(d) Notwithstanding
anything to the contrary in this Agreement, to the extent required to avoid additional taxes and interest charged under Section 409A
of the Code, if any of the Company’s stock is publicly traded and the Executive is deemed to be a “specified employee”
as determined by the Company for purposes of Section 409A(a)(2)(B) of the Code, the Executive agrees that any non-qualified deferred
compensation payments due to her under this Agreement in connection with a termination. of employment that would otherwise have been
payable at any time during the six-month period immediately following such termination of employment shall not be paid before, and shall
instead be payable in a lump sum on the first day of the seventh month following the Executive’s separation from service (or, if
the Executive dies during such period, within 30 days after the Executive’s death).

 

(e) Each
payment of termination benefits under Section 5 of this Agreement, including, without limitation, each installment payment, shall be
considered a separate payment, as described in Treasury Regulations Section 1.409A-2(b)(2), for purposes of Section 409A of the Code.

 

    	9

     

    

 

(f) Neither
the Company nor the Executive shall have the right to accelerate or defer the delivery of any payment under this Agreement that constitutes
“nonqualified deferred compensation” subject to Section 409A of the Code, except to the extent specifically permitted or
required by Section 409A of the Code.

 

(g) If
the Executive is entitled to be paid or reimbursed for any expenses under this Agreement, and such payments or reimbursements are includible
in the Executive’s federal gross taxable income, the amount of such expenses reimbursable in any one calendar year shall not affect
the amount reimbursable in any other calendar year, and the reimbursement of an eligible expense must be made no later than December
31 of the year after the year in which the expense was incurred. No right of the Executive to reimbursement of expenses under Section
4 or any other Section of this Agreement shall be subject to liquidation or exchange for another benefit.

 

(h) Whenever
a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within
5 days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion
of the Company.

 

(i) Notwithstanding
any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified
deferred compensation” subject to Section 409A of the Code be subject to offset, counterclaim or recoupment by any other amount
payable to the Executive unless otherwise permitted by Section 409A of the Code.

 

		13.	Certain
                                            Representations, Warranties and Covenants of the Parties.

 

(a) The
Executive hereby represents and warrants to the Company that: (i) the execution, delivery and performance of this Agreement by the Executive
do not and will not conflict with, breach, violate or cause a default under any agreement, contract or instrument to which the Executive
is a party or any judgment, order or decree to which the Executive is subject, (ii) this Agreement constitutes the legal, valid and binding
obligation of the Executive, enforceable in accordance with its terms, and (iii) the Executive has not and will not take any action that
will conflict with, violate or cause a breach of any noncompete, nonsolicitation or confidentiality agreement to which the Executive
is a party or by which the Executive is bound. The Executive hereby acknowledges and represents that she has carefully reviewed this
Agreement, that she has consulted with independent legal counsel regarding her rights and obligations under this Agreement (or, after
carefully reviewing this Agreement, was given the opportunity to, but has freely decided not to, consult with independent legal counsel),
and that she fully understands the terms and conditions contained herein.

 

(b) The
Company represents, warrants and agrees that it has full power and authority to execute and deliver this Agreement and perform its obligations
hereunder.

 

		14.	Miscellaneous.

 

(a) Any
notice, consent or communication required under the provisions of this Agreement shall be given in writing and sent or delivered by hand,
overnight courier or messenger service, against a signed receipt or acknowledgment of receipt, or by registered or certified mail, return
receipt requested, or email or similar means of communication (collectively “electronic communications”) if receipt is acknowledged
or if transmission is confirmed by mail as provided in this Section 14(a), to the parties at their respective addresses set forth at
the beginning of this Agreement or by electronic delivery to the email (if any) set forth on the signature page of this Agreement, with
notice to the Company being sent to the attention of the Chief Executive Officer of the Company. Either party may, by like notice, change
the person, address or electronic communications number or address to which notice is to be sent.

 

(b) This
Agreement shall in all respects be construed and interpreted in accordance with, and the rights of the parties shall be governed by,
the laws of the State of California applicable to agreements executed and to be performed wholly in such state without regard to principles
of conflicts of laws.

 

    	10

     

    

 

(c) If
any term, covenant or condition of this Agreement or the application thereof to any party or circumstance shall, to any extent, be determined
to be invalid or unenforceable, the remainder of this Agreement, or the application of such term, covenant or condition to parties or
circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and each term, covenant
or condition of this Agreement shall be valid and be enforced to the fullest extent permitted by law, and any court or arbitrator having
jurisdiction may reduce the scope of any provision of this Agreement, including the geographic and temporal restrictions set forth in
Section 8 of this Agreement, so that it complies with applicable law.

 

(d) This
Agreement constitutes the entire agreement of the Company and the Executive as to the subject matter hereof, superseding as of the Effective
Date all prior or contemporaneous written or oral understandings or agreements, with respect to the subject matter covered in this Agreement.
This Agreement may not be modified or amended, nor may any right be waived, except by a writing which expressly refers to this Agreement,
states that it is intended to be a modification, amendment or waiver and is signed by both parties in the case of a modification or amendment
or by the party granting the waiver. No course of conduct or dealing between the parties and no custom or trade usage shall be relied
upon to vary the terms of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on any
occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term
or any other term of this Agreement.

 

(e) During
and after the Executive’s employment, the Executive shall cooperate with the Company and its subsidiaries and other Affiliates
in any internal investigation or administrative, regulatory or judicial proceeding as reasonably requested by the Company or its subsidiaries
or affiliates (including the Executive being available to the Company and its subsidiaries and other Affiliates upon reasonable notice
for interviews and factual investigations, appearing at the Company’s or any subsidiary’s or other Affiliate’s reasonable
request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company and its subsidiaries
and other Affiliates all pertinent information and turning over to the Company and its subsidiaries and other Affiliates all relevant
documents that are or may come into the Executive’s possession, all at times and on schedules as reasonably agreed to between the
Company and the Executive. In the event the Company or any of its subsidiaries or other Affiliates requires the Executive’s cooperation
in accordance with this subparagraph, the Company shall reimburse the Executive for the Executive’s reasonable out-of-pocket expenses
incurred in connection therewith (including lodging and meals, upon submission of receipts and compliance with the Company’s expense
reimbursement policies).

 

(f) This
Agreement is personal in nature and neither of the parties hereto will, without the consent of the other, assign, transfer or delegate
this Agreement or any rights or obligations hereunder; provided, however, that the Company may, without the Executive’s consent,
assign its rights and obligations hereunder to (i) any Affiliate of the Company or (ii) any subsequent purchaser of the Company or any
of its businesses or any material portion of its assets (whether such sale is structured as a sale of stock, sale of assets, merger,
recapitalization or otherwise), in each case, in accordance with and as expressly in this Agreement. Without limiting the generality
or effect of the foregoing, the Executive’s right to receive payments hereunder will not be assignable, transferable or delegable,
whether by pledge, creation of a security interest, or otherwise, other than by a transfer by the Executive’s will or by the laws
of descent and distribution and, in the event of any attempted assignment or transfer by the Executive contrary to this subparagraph
(f), the Company will have no liability to pay any amount so attempted to be assigned, transferred or delegated. The Company will require
any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company, by agreement in form and substance reasonably satisfactory to the Executive, to expressly assume and agree
to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession
had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor
to its business and/or assets as aforesaid that executes and delivers the agreement provided for in this subparagraph (f) or that otherwise
becomes bound by all the terms and provisions of this Agreement by operation of law.

 

    	11

     

    

 

(g) Except
for actions, suits, or proceedings taken pursuant to or under Section 6, 7, 8 or 9 of this Agreement, any dispute concerning this Agreement
or the rights of the parties hereunder shall be submitted to binding arbitration in San Diego County, California before a single arbitrator
associated with JAMS (or other mutually agreeable alternative dispute resolution service) in accordance with its Employment Arbitration
Rules & Procedures and subject to JAMS Policy on Employment Arbitration Minimum Standards of Procedural Fairness (the “JAMS
Rules”), a copy of which Rules can be found at www.jamsadr.com or obtained from the Company’s human resources department.
The arbitration provisions of this Agreement will be governed by the Federal Arbitration Act (9 U.S.C. Section 1 et seq.). In all other
respects, this provision will be construed in accordance with the laws of the State of California, without reference to conflicts of
law principles. Included within this provision are any claims based on common law or violation of local, state or federal law, such as
claims for discrimination or civil rights violations under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment
Act, the Older Workers Benefit Protection Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Fair Labor
Standards Act, the California Family Rights Act, the California Fair Employment and Housing Act, the California Labor Code, or similar
statutes. However, claims for unemployment benefits and workers’ compensation claims will not be subject to arbitration. In addition,
either party may seek provisional remedies pursuant to California Code of Civil Procedure Section 1281.S(b). There will be no right or
authority for any claim subject to arbitration to be heard or arbitrated on a class or collective basis, as a private attorney general,
or in a representative capacity on behalf of any other person or entity. If there is a dispute as to whether an issue or claim is arbitrable,
the arbitrator will have the authority to resolve any such dispute, including claims as to fraud in the inducement or execution, or claims
as to validity, construction, interpretation or enforceability.

 

A
neutral arbitrator with experience in arbitrating employment disputes will be chosen by mutual agreement of the parties; however, if
the parties are unable to agree upon an arbitrator within a reasonable period of time (not to exceed 30 days after the delivery of any
demand for arbitration hereunder), then a neutral arbitrator will be appointed in accordance with the arbitrator selection procedure
set forth in the JAMS Rules (or the rules of the selected alternative dispute resolution service). The issue(s) submitted to the arbitrator
shall be set forth in each party’s request for arbitration. The arbitrator selected shall have the authority to grant Executive
or the Company or both all remedies otherwise available by law; provided, however, that the arbitrator shall not have the power or authority
to aware punitive or exemplary damages or to grant injunctive or equitable relief. The arbitrator may not consolidate more than one person’s
claim, and may not otherwise preside over any form of a representative, collective or class proceeding. The parties. will be permitted
to conduct discovery as provided by California Code of Civil Procedure Section 128.05. The arbitration shall provide (i) for written
discovery and depositions adequate to give the parties access to documents and witnesses that are essential to the dispute and (ii) for
a written decision by the arbitrator that includes the essential findings and conclusions upon which the decision is based. The arbitrator’s
decision must be issued no later than 30 days after a dispositive motion is heard and/or an arbitration hearing has been completed. The
award of the arbitrator shall be final, binding and conclusive on all parties, and judgment on such award may be entered in any court
having jurisdiction.

 

The
parties shall each bear their own costs and attorneys’ fees incurred in conducting the arbitration. Where Executive is asserting
a claim under a state or federal statute prohibiting discrimination in employment, a public policy claim arising under a statute, or
where otherwise required by applicable law to achieve the enforceability of this Agreement, the Company will pay the costs and fees charged
by the arbitrator and JAMS (or other mutually selected alternative dispute resolution service) to the extent such costs would not otherwise
be incurred in a court proceeding. In all other circumstances, the Executive and the Company will split equally the fees and administrative
costs charged by the arbitrator and JAMS. To the extent permissible under the law, however, and following the arbitrator’s ruling
on the matter, the arbitrator may rule that the arbitrator’s fees and costs be distributed in an alternative manner. If any party
prevails on a statutory claim and the statute provides that the prevailing party is entitled to payment of attorneys’ fees, the
arbitrator shall award reasonable fees and costs to the prevailing party based on the same standard as such fees and costs would be awarded
if such claim had been asserted in state or federal court.

 

This
mutual arbitration agreement does not prohibit or limit either Party’s right to seek a provisional remedy pursuant to California
Code of Civil Procedure Section 1281.S(b), pending the resolution of a dispute by arbitration. The arbitrator shall have no authority
to add to or to modify the terms described in this Agreement (including this subparagraph) or the Company’s employee handbook,
shall apply all applicable law, and otherwise shall have no lesser and no greater remedial authority than would a court of law resolving
the same claim or controversy.

 

AS
A SPECIFICALLY BARGAINED FOR INDUCEMENT FOR EACH OF THE PARTIES HERETO TO ENTER INTO THIS AGREEMENT (AFTER HAVING THE OPPORTUNITY TO
CONSULT WITH COUNSEL), EACH PARTY HERETO EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY LAWSUIT OR PROCEEDING RELATING TO OR ARISING
IN ANY WAY FROM THIS AGREEMENT OR THE MATTERS CONTEMPLATED HEREBY.

 

    	12

     

    

 

(h) Notwithstanding
the provisions of Section 14(g) of this Agreement, with respect to any claim for injunctive relief or other equitable remedy pursuant
to Section 9 of this Agreement or any claim to enforce an arbitration award or to compel arbitration, each of the parties hereby (i)
consents to the exclusive jurisdiction of the federal and state courts sitting in San Diego County, California, (ii) agrees that any
process in any action commenced in such court under this Agreement may be served upon it or her personally, either (A) by certified or
registered mail, return receipt requested, or by an overnight courier service which obtains evidence of delivery, with the same full
force and effect as if personally served upon her in San Diego County, California, or (B) by any other method of service permitted by
law, and (iii) waives any claim that the jurisdiction of any such court is not a convenient forum for any such action and any defense
of lack of in personam jurisdiction with respect thereof.

 

(i) This
Agreement and all rights of the Executive hereunder shall inure to the benefit of and be enforceable by the Executive’s personal
or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive should
die while any amounts would still be payable to her hereunder if she had continued to live, all such amounts, unless otherwise provided
herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee, or other designee or,
if there be no such designee, to the Executive’s estate.

 

(j) The
headings in this Agreement are for convenience of reference only and shall not affect in any way the construction or interpretation of
this Agreement.

 

(k) The
wording used in this Agreement shall be deemed to be the wording chosen by the parties hereto to express their mutual intent, and no
rule of strict construction shall be applied against any party hereto.

 

(1)
Notwithstanding any termination of the Executive’s employment under this Agreement, Sections 6 through 14 hereof shall survive
and continue in full force until the performance of the obligations thereunder, if any, in accordance with their respective terms.

 

(m) No
delay or omission to exercise any right, power or remedy accruing to either party hereto shall impair any such right, power or remedy
or shall be construed to be a waiver of or an acquiescence to any breach hereof. No waiver of any breach hereof shall be deemed to be
a waiver of any other breach hereof theretofore or thereafter occurring. Any waiver of any provision hereof shall be effective only to
the extent specifically set forth in an applicable writing. All remedies afforded to either party under this Agreement, by law or otherwise,
shall be cumulative and not alternative and shall not preclude assertion by such party of any other rights or the seeking of any other
rights or remedies against any other party.

 

(n) This
Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which together will constitute
one and the same instrument. This Agreement and any agreement or instrument entered into in connection with this Agreement, and any amendments
hereto or thereto, to the extent signed and delivered by e-mail attachment (e.g., PDF), shall be treated in all manner and respects as
an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version
thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto
shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument
shall raise the use of e-mail to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated
through the use of e-mail as a defense to the formation of a contract and each such party forever waives any such defense.

 

[Signatures
on following page]

 

    	13

     

    

 

IN
WITNESS WHEREOF, the parties have executed and delivered this Executive Employment Agreement effective as of the date first above written.

 

	 /s/ AMY BROIDRICK 	 
	 AMY BROIDRICK 	 

 

	QUALIGEN THERAPEUTICS, INC.	 
	 	 	 
	By:	/s/ Michael
    S. Poirier	 
	Name:	Michael
    S. Poirier	 
	Title:	Chairman/CEO	 

 

    	14Exhibit
10.54

 

Second
AMENDMENT TO LEASE

 

THIS
AMENDMENT TO LEASE is made and entered into as of December 15, 2021, by and between Bond Ranch LP, a California Limited
Partnership (“Lessor”) and Qualigen, Inc., A Delaware Corporation (“Lessee”).

 

WHEREAS,
on or about December 7, 2021 a Lease was entered into by and between Lessor and Lessee relating to certain real property commonly
known as (street address, city, state, zip): 2042 Corte del Nogal, Suites A, B and E Carlsbad, California 92011 (the “Premises”),
and

 

WHEREAS,
Lessor and Lessee ☒ have ☐ have not previously amended said Lease, and

 

WHEREAS, the Lessor and Lessee now desire to
amend said Lease,

 

NOW,
THEREFORE, for payment of TEN DOLLARS and other good and valuable consideration to Lessor, the receipt and sufficiency of which
is hereby acknowledged, the parties mutually agree to make the following additions and modifications to the Lease:

 

☒ TERM:
The Expiration Date is hereby ☐ advanced ☒ extended to November 30, 2027.

 

☐ AGREED
USE: The Agreed Use is hereby modified to: ___.

 

☒ BASE
RENT ADJUSTMENT: Monthly Base Rent shall be as follows: 

 

	November 1, 2022 - November 30, 2022	 	$	30,542.40
                                            + NNN	 
	December 1, 2022 - December 31, 2022	 	$	0.00
                                            + NNN	 
	January 1, 2023 - October 31, 2023	 	$	30,542.40
                                            + NNN	 
	November 1, 2023 - October 31, 2024	 	$	31,458.67
                                            + NNN	 
	November 1, 2024 - October 31, 2025	 	$	32,402.43
                                            + NNN	 
	November 1, 2025 - October 31, 2026	 	$	33,374.51
                                            + NNN	 
	November 1, 2026 - October 31, 2027	 	$	34,375.74
                                       + NNN	 
	November 1, 2027 - November 30, 2027	 	$	35,407.01
                                            + NNN.	 

 

☒ OTHER: SUBJECT
PREMISES: The subject premises is 22,624 SF.

 

TENANT
IMPROVEMENTS: All Tenant Improvement work shall be subject to Lessor’s review and written approval. No Tenant Improvement work
shall commence until Lessor has issued written approval. Upon completion of the Tenant Improvements, Lessor shall provide Lessee a
Tenant Improvement Allowance of up to $339,360 to be applied towards the cost of Tenant Improvement construction and all related
fees and expenses, excepting project management fees. Lessee shall provide Lessor written notice of Tenant Improvement completion
and allow inspections by the Property Manager or other Lessor designated professionals to verify satisfactory completion of the
Tenant Improvements. Lessee shall not be obligated to remove or restore the Tenant Improvements in the Premises upon expiration of
the Lease. Upon Lessor verifying satisfactory completion of the Tenant Improvements, Lessee shall submit an itemized list of
expenses to Lessor for reimbursement within thirty (30) days

 

CONSTRUCTION/PLANNING
& DESIGN: Lessee shall competitively bid and negotiate the Tenant Improvement construction, subject to Lessor’s written consent,
from a list of mutually approved contractors. Lessee shall contract directly with contractor, architect, and project manager to complete
the Tenant Improvements. Lessee shall have the right to engage its own architect/space planner/interior designer (and engineers/consultants),
subject to Lessor’s reasonable approval, which shall be paid for as part of the Tenant Improvement Allowance. Lessor shall not
be entitled to charge profit or a project management fee related to the Tenant Improvements. Project management fees shall be Lessee’s
sole responsibility and shall not be reimbursed out of the Tenant Improvement Allowance.

 

BUILDING
CONDITION: Lessor shall warranty the following four (4) HVAC units during the renewal term: A/C-11 Trane Unit, AC-12 Trane Unit 12,
A/C 22 Bryant Unit, and A/C-21 Trane Unit. Building Condition, except as noted above, shall be as per the existing lease agreement. Lessor
agrees to repair and recoat existing foam roof during calendar year 2021.

 

NO
RIGHT OF PREMISES SUBSTITUTION: Lessor, other than in the event of Damage or Destruction, shall have no right to relocate
Lessee’s Premises.

 

COMMISSIONS:
Lessor shall pay a leasing Commission to Hughes Marino of three percent (3%) of the Base Rent, for months 1-60 of paid lease term, and
two percent (2%) for any additional fixed term thereafter. Such Commission shall be paid by the Lessor fifty percent (50%) upon mutual
Lease execution and fifty percent (50%) upon lease commencement.

 

This
Amendment shall not be construed against the party preparing it, but shall be construed as if all parties jointly prepared this Amendment
and any uncertainty and ambiguity shall not be interpreted against any one party. Signatures to this Amendment accomplished by means
of electronic signature or similar technology shall be legal and binding.

 

All
other terms and conditions of this Lease shall remain unchanged and shall continue in full force and effect except as specifically
amended herein.

 

EXECUTED as of the day and year first above written.

 

	By
    Lessor:	 	By
    Lessee:
	 	 	 
	Bond
Ranch LP, a California Limited Partnership	 	Qualigen,
    Inc., A Delaware Corporation

 

	By:	 /s/
                                            Corinne Marteeny 
	 	By:	 /s/
                                            Shishir Sinha 

	 	 	 	 	 

	Name
    Printed:	Corinne
    Marteeny	 	Name
    Printed:	Shishir
    Sinha
	 	 	 	 	 

	Title:	General
    Partner	 	Title:	Vice
    President/ COO
	Phone:	(619)
    588-9913	 	Phone:	

 

	 /s/
                                            CM 
	 	 /s/
                                            SS 

	INITIALS	 	INITIALS

 

    	Page 1 of 2

     

    

 

	Fax:	 	 	Fax:	 
	Email:	 	 	Email:	 
	 	 	 	 	 

	By:		 	By:	
	 	 	 	 	 

	Name
    Printed:	 	 	Name
    Printed:	 
	 	 	 	 	 

	Title:	 	 	Title:	 
	Phone:	 	 	Phone:	 
	Fax:	 	 	Fax:	 
	Email:	 	 	Email:	 

 

	Address:	P.O.
    Box 57, El Cajon, CA 92022	 	Address:	2042
    Corte Del Nogal, Carlsbad, CA 92011
	Federal
    ID No.:		 	Federal
    ID No.:	

 

AIR
CRE * https://www.aircre.com * 213-687-8777 * contracts@aircre.com

NOTICE:
No part of these works may be reproduced in any form without permission in writing.

 

	 /s/
                                            CM 
	 	 /s/
                                            SS 

	INITIALS	 	INITIALS

 

    	Page 2 of 2

     

    

 

OPTION(S)
TO EXTEND TERM

STANDARD
LEASE ADDENDUM

 

	 	Dated:	December
    15, 2021

By and Between  

	 	Lessor:	Bond
    Ranch LP, a California Limited Partnership
	 	Lessee:	Qualigen,
    Inc., A Delaware Corporation
	 	 	 

	 	Property
    Address:	2042
Corte del Nogal, Suites A, B and E Carlsbad, California 92011
	 		(street
    address, city, state, zip)

 

Paragraph: ____
OPTION(S) TO EXTEND TERM. Subject to the terms, conditions and provisions of Paragraph 39, Lessor grants Lessee one (1)
option(s) to extend the term of the Lease (“Extension Option(s)”), with each Extension Option being for a term of sixty
(60) months, commencing when the prior term expires (“Option Term(s)”). In order to exercise an Extension
Option, Lessee must give written notice of such election to Lessor and Lessor must receive such notice at least eight (8) but
not more than twelve (12) months prior to the date that the applicable Option Term would commence, time being of the essence.
If timely and proper notification of the exercise of an Extension Option is not given by Lessee and/or received by Lessor, such
Extension Option shall automatically expire. Except as specifically modified, the terms, conditions and provisions of the Lease
shall apply during Option Terms but the amount of Rent during Option Terms shall be established by using the method(s) selected
below (check method(s) to be used and fill in appropriately):

 

☐ I.
Consumer Price Index.

 

(a) During
the Option Term(s) which start(s) on ___, the monthly Base Rent shall be increased on ___ and every ___ months thereafter during
such Option Term(s) (“Option Term CPI Increase Date(s)”) commensurate with the increase in the Option Term CPI
(as herein defined) determined as follows: the monthly Base Rent scheduled for the month immediately preceding the first occurring
Option Term CPI Increase Date shall be multiplied by a fraction the denominator of which is the Option Term Base CPI (as herein
defined), and the numerator of which is the Option Term Comparison CPI (as herein defined). The amount so calculated shall
constitute the new Base Rent until the next Option Term CPI Increase Date during the applicable Option Term, but in no event shall
any such new Base Rent be less than the Base Rent for the month immediately preceding the applicable Option Term CPI Increase
Date.

 

(b)
The term “Option Term CPI” shall mean the Consumer Price Index of the Bureau of Labor Statistics of the U.S. Department
of Labor for (select one): ☐ CPI W (Urban Wage Earners and Clerical Workers) or ☐ CPI U (All Urban Consumers), for
(fill in Urban Area): ___ or ☐ the area in which the Premises is located, All Items (1982-1984 = 100). The term “Option
Term Comparison CPI” shall mean the CPI of the calendar month which is 2 full months prior to the applicable Option Term CPI
Increase Date. The term “Option Term Base CPI” shall mean the CPI of the calendar month which is 2 full months prior
to (select one): ☐ Commencement Date of the Original Term, ☐ start of the applicable Option Term, ☐ or (fill
in month) ___.

 

 (c) If compilation and/or publication of the CPI is transferred to another governmental department, bureau or agency or is discontinued, then instead the index most nearly the same as the CPI shall be used to calculate the Base Rent increases hereunder. If the Parties cannot agree on such alternative index, then the matter shall be submitted for decision to the American Arbitration Association in accordance with the then rules of said association and the decision of the arbitrators shall be binding upon the parties, with the cost of such arbitration being paid equally by the Parties.

 

☐ II.
Fixed Percentage. During the Option Term(s) which start(s) on ___, the monthly Base Rent shall be increased on ___ and every ___
months thereafter during such Option Term(s) (“Option Term Percentage Increase Date(s)”) by ___ percent ( ___ %)
of the monthly Base Rent scheduled to be paid for the month immediately preceding the applicable Option Term Percentage Increase
Date.

 

 ☒ III. Fair
Market Value.

 

(a)
During the Option Term(s) which start(s) on December 1, 2027 , the amount of Rent shall be the amount forecasted to be the
fair market rental value of the Premises during such Option Term established pursuant to the procedures, terms, assumptions and conditions
set forth herein (“Fair Market Value”); provided, however, regardless of such Fair Market Value, Base Rent during
an Option Term shall not be less than three 3 percent (3%) higher than the Base Rent scheduled as of when the prior term expires. Starting
as of Lessee’s exercise of the applicable Extension Option (but not earlier than six (6) months before start of the applicable
Option Term), the Parties shall for thirty (30) days (“Negotiation Period”) attempt to agree upon the Fair Market
Value. If during the Negotiation Period the Parties do not agree on the Fair Market Value, then the Fair Market Value shall be established
pursuant to the procedures set forth herein, which shall be binding.

 

(b)
Each Party shall, within fifteen (15) days after the end of the Negotiation Period, in writing submit to the other Party such Party’s
determination of the Fair Market Value (“Submitted Value(s)”). If a Party fails to timely provide a Submitted Value,
then the other Party’s Submitted Value shall be the Fair Market Value. If both Parties timely provide Submitted Values, then each
Party shall, within fifteen (15) days after both Parties have exchanged Submitted Values, in writing notify the other Party of such Party’s
selected arbitrator who shall meet the qualifications set forth herein (“Advocate Arbitrator(s)”). Lessor and Lessee
may select an Advocate Arbitrator who is favorable to such Party’s position and may, prior to or after appointment of an Advocate
Arbitrator, consult with such Party’s Advocate Arbitrator. If a Party fails to timely and properly provide notice of such Party’s
chosen Advocate Arbitrator, then the other Party’s Submitted Value shall be the Fair Market Value.

 

(c)
If both Parties timely and properly designate Advocate Arbitrators, then such Advocate Arbitrators shall, within fifteen (15) days
after their selection, choose a third (3rd) neutral arbitrator who shall meet the qualifications set forth herein (“Neutral
Arbitrator”). The Neutral Arbitrator shall be engaged jointly by Lessor and Lessee. If Advocate Arbitrators fail to agree upon
and timely appoint a Neutral Arbitrator, then the President of AIR CRE shall appoint such Neutral Arbitrator within fifteen (15) days
after request by either Party. If the President of AIR CRE does not timely appoint the Neutral Arbitrator, then either Party may file
an appropriate legal action for a judge with competent jurisdiction over the Parties to appoint the Neutral Arbitrator.

 

(d)
The Advocate Arbitrators and the Neutral Arbitrator (“Arbitrator(s)”) shall be duly licensed real estate brokers
or salespersons in good standing in the state in which the Premises is located, shall have been active over the five (5) year period
before their appointment in the leasing of properties similar to the Premises within the general real estate market of the Premises.
The Neutral Arbitrator shall additionally not be related to or affiliated with either Party or Advocate Arbitrator, and shall not
have previously represented in a real estate transaction a Party or anyone related to or affiliated with a Party. All matters to
be determined by the Arbitrators shall be decided by a majority vote of the Arbitrators, with each Arbitrator having one (1) vote. The
Arbitrators may, as the Arbitrators determine, hold hearings and require briefs, including market data and additional information.

 

(e)
Within thirty (30) days after selection of the Neutral Arbitrator, the three Arbitrators shall first reach a decision as to their
own independent opinion of the Fair Market Value established by taking into account the terms, assumptions and conditions set forth herein
(“Arbitrators’ Market Value”), then decide which Party’s Submitted Value is closer in monetary amount
to the Arbitrators’ Market Value (“Selected Market Value”), then provide the Parties a copy of the Arbitrators’
Market Value and finally notify the Parties of the Selected Market Value. The Selected Market Value shall be the Fair Market Value. The
Arbitrators shall have no right to decide a Selected Market Value which is a compromise to (or modification of) the Submitted Values.
The decision of the Arbitrators shall be binding upon the Parties. The Party whose Submitted Value is not the Selected Market Value shall,
within ten (10) days after the Arbitrators decide the Selected Market Value, pay the fees and costs of all three (3) Arbitrators.

 

(f)
If the Fair Market Value has not been established before the start of the applicable Option Term, then Lessee shall continue to pay
to Lessor rent in the amount payable for the month immediately preceding the start of such Option Term and Lessor’s acceptance
of such rent shall not waive, adversely affect or prejudice the Parties’ right to complete establishment of the Fair Market
Value or Lessor’s right to collect the full amount of the Fair Market Value once the Fair Market Value is established. Lessee shall,
within ten (10) days after establishment of the Fair Market Value, pay to Lessor any deficiency in rent then due for the Option Term.
Following establishment of Fair Market Value, the Parties shall, within ten (10) days after request by either Party, sign an amendment
to this Lease to confirm the Fair Market Value and the expiration date of this Lease, but the Parties’ failure to request or to
sign such an amendment shall not affect establishment of the Fair Market Value or extension of the Lease term.

 

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(g)
The Arbitrators, in deciding the Arbitrators’ Market Value, shall take into account rent rates, rent abatements, periodic rent
increases, real property taxes,insurance premiums and other operating expenses, tenant improvement and other applicable allowances, building
services, length of lease term and other factors professional real estate brokers and/or appraisers customarily consider in determining
fair market rent of property in an arm’s length transaction by ready, willing and able parties for space of comparable location,
size, age, condition, quality, parking, visibility, view, signage and accessibility if the Premises were marketed in a normal and customary
manner for a reasonable length of time on the open market to be leased to a tenant with financial strength and credit worthiness comparable
to Lessee and guarantors (if any) of this Lease (as of Lessee’s exercise of the Extension Option) for a term comparable to the
length of the applicable Option Term and used for the Agreed Use (or other reasonably comparable uses). The Arbitrators, in deciding
the Arbitrators’ Market Value, shall not consider as a comparable transaction any of the following: a sublease, lease assignment,
lease renewal or extension; lease with a tenant that has equity, is related to or affiliated with the landlord; or a lease of space
that was subject to a right of first refusal, right of first offer, expansion option or other encumbrances. The Arbitrators, in
deciding the Arbitrators’ Market Value, shall reduce the Fair Market Value on account of Alterations and improvements made by Lessee
to the extent the cost thereof was paid solely by Lessee (in excess of any applicable improvement allowance, abated rent in lieu of improvement
allowance or other consideration provided by Lessor for Lessee’s improvement of the Premises), shall not reduce the Fair Market
Value on account of any real estate brokerage commission savings by Lessor, and shall not reduce the Fair Market Value on account of
deferred maintenance or repair of the Premises for which Lessee was responsible under the Lease but did not perform.

 

☐ IV.
Fixed Rental Adjustment(s) (“FRA”).

 

The
monthly Base Rent shall be increased to the following amounts on the dates set forth below:

 

	On
    (fill in FRA Adjustment Date(s)):	 	The
    new Base Rent shall be:
	___	 	___
	___	 	___
	___	 	___
	___	 	___
	___	 	___
	___	 	___
	___	 	___
	___	 	___
	___	 	___
	___	 	___

 

☐ V.
Continuation of Original Term Adjustments.

 

The
monthly Base Rent during the Option Term(s) which start(s) on ____ shall be increased in accordance with the same formula provided
in the Lease to be used to calculate increases in the Base Rent during the Original Term of the Lease.

 

BROKER’S
FEE: For each adjustment in Base Rent specified above, the Brokers shall be paid a Brokerage Fee in accordance with paragraph 15
of the Lease or if applicable, paragraph 9 of the Sublease.

 

AIR
CRE * https://www.aircre.com * 213-687-8777 * contracts@aircre.com

NOTICE:
No part of these works may be reproduced in any form without permission in writing.

 

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