Document:

Exhibit
10.2

 

CONFIDENTIAL

 

EXCLUSIVE
LICENSE AGREEMENT

 

This
EXCLUSIVE LICENSE AGREEMENT (“Agreement”) is entered into as of April 1, 2017 (the “Effective Date”),
between NATIVIS, INC., a company incorporated under the laws of the State of Washington, U.S. (“Nativis”),
and having a principal place of business at 425 Pontius Avenue North, Suite 200, Seattle, WA 98109, U.S., and TEIJIN LIMITED,
a company organized under the laws of Japan, and having a principal place of business at 6-7, Minami-Hommachi 1- chome, Chuo-ku, Osaka
541-8587, Japan (“Teijin”). Nativis and Teijin may be referred to herein as a “Party” and collectively
as the “Parties”.

 

RECITALS

 

Whereas,
Nativis is a development company focusing on the research and development of innovative treatments for diseases, including brain and
other cancers, and owns or controls certain patents, know-how, and other intellectual property relating to its proprietary medical treatment
product currently identified as the Nativis Voyager® ulRFETM system; and

 

Whereas,
Teijin desires to obtain from Nativis certain exclusive rights and licenses to develop, use, import, and commercialize Nativis’
proprietary medical treatment product for use in the treatment of glioblastoma multiforme in Japan, and Nativis is willing to grant to
Teijin such rights and licenses, all on the terms and conditions set forth in this Agreement.

 

Now,
Therefore, in consideration of the foregoing premises
and the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Nativis and Teijin hereby agree as follows:

 

ARTICLE
1 DEFINITIONS

 

As
used in this Agreement, the following terms have the meanings set out in this Article 1 unless the context clearly and unambiguously
dictates otherwise.

 

1.1
“Adjustable Milestone Amount” has the meaning set forth in Section 7.2.

 

1.2
“Affiliate” of a Party means any Person that, directly or indirectly, through one or more intermediaries, controls,
is controlled by, or is under common control with such Party, as the case may be, but for only so long as such control exists. As used
in this Section 1.2, “control” means (a) direct or indirect beneficial ownership of at least 50% (or such lesser percentage
which is the maximum allowed to be owned by a foreign Person in a particular jurisdiction) of the voting share capital or other equity
interest in such Person, or (b) the power to direct the management of such Person by contract or otherwise.

 

1.3
“Applicable Laws” means the applicable provisions of any and all national, supranational, regional, state, and
local laws, treaties, statutes, rules, regulations, administrative codes, guidance, ordinances, judgments, decrees, directives, injunctions,
orders, permits (including Regulatory Approvals) of or from any court, arbitrator, Regulatory Authority, or governmental agency or authority
having jurisdiction over or related to the subject item.

 

    	 

    	 

    

 

CONFIDENTIAL

 

1.4
“Auditor” has the meaning set forth in Section 8.5.

 

1.5
“Bankruptcy Laws” has the meaning set forth in Section 13.2(d).

 

1.6
“Budget” means the budget included within the applicable Development Plan for conducting the clinical or non-clinical
studies, regulatory activities (including making Regulatory Filings), and other activities under such Development Plan.

 

1.7
“Business Day” means a day that is not a Saturday, Sunday, or a day on which banking institutions in Tokyo, Japan,
or Seattle, Washington, are required by law to remain closed.

 

1.8
“Calendar Quarter” means a period of three consecutive months during a Calendar Year beginning on and including
January 1st, April 1st, July 1st or October 1st; provided, however that (a) the first Calendar
Quarter of the Term will extend from the Effective Date to the last day of the Calendar Quarter in which the Effective Date falls; and
(b) the last Calendar Quarter of the Term will end upon the expiration or termination of this Agreement.

 

1.9
“Calendar Year” means a period of twelve consecutive months beginning on and including January 1st
and ending on December 31st; provided however, that (a) the first Calendar Year of the Term will extend from the Effective
Date to the last day of the Calendar Year in which the Effective Date falls; and (b) the last Calendar Year of the Term will end upon
the expiration or termination of this Agreement.

 

1.10
“Claim” has the meaning set forth in Section 12.1.

 

1.11
“Clinical Supply Agreement” has the meaning set forth in Section 6.1.

 

1.12
“Cognates” means digitized data which simulates the electromagnetic or magnetic field signal or ultralow radio
frequency energy (“ulRFE”) of particular chemicals, biochemical or biological agents or molecules which is used to provide
therapeutic treatment of the Indication, and any improvements or updates of the digitized data for the Indication that are developed
using the Licensed Product during the term of this Agreement.

 

1.13
“Coil” means a flexible coil unit that is placed externally over the prescribed target area (e.g., around the
head or over another body part) and which transmits the magnetic field encoded by Cognates into the target area for the treatment of
the Indication developed and used in the Licensed Product during the term of this Agreement.

 

1.14
“Commercially Reasonable Efforts” means, with respect to a Party in the performance of its obligations hereunder
in relation to Licensed Products, the application by or on behalf of such Party of a level of efforts that a similarly-situated pharmaceutical,
biotechnology, or medical device company, as the case may be, would apply to such activities in relation to a similar medical treatment
product owned by it or to which it has exclusive rights, which product is at a similar stage in its development or product life and is
of similar market potential and strategic value (in each case as compared to the Licensed Product) taking into account efficacy, safety,
expected labeling, the competitiveness of alternative products in the marketplace sold by Third Parties, the patent and other proprietary
position of the product, the likelihood of regulatory approval given the regulatory structure involved, the expected and actual profitability
of the product including the royalties payable to licensors, and other relevant factors, based on then- current conditions.

 

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CONFIDENTIAL

 

1.15
“Commercial Supply Agreement” has the meaning set forth in Section 6.1.

 

1.16
“Commercialization” means any and all activities undertaken before and after obtaining Regulatory Approval relating
specifically to the pre-launch, launch, promotion, marketing, sale, lease, rental, and distribution (including importing, exporting,
transporting, customs clearance, warehousing, invoicing, handling, and delivering the Licensed Product to customers) of the Licensed
Product, including: (a) strategic marketing, sale, lease, rentals force detailing, advertising, medical education and liaison, and market
and product support within the Field; (b) any post-approval clinical trials, and (c) all customer support, invoicing, and sale, lease,
rentals activities within the Field. “Commercialize” means to engage in Commercialization activities.

 

1.17
“Confidential Information” means all information of a confidential or proprietary nature disclosed by a Party
to the other Party under this Agreement, including any such information related to any scientific, clinical, engineering, manufacturing,
marketing, financial, or personnel matters relating to a Party, or related to a Party’s present or future products, sale, lease,
rentals, suppliers, customers, employees, investors, business plans, Know-How, regulatory filings, data, compounds, research projects,
work in progress, future developments or business, in all such cases whether disclosed in oral, written, graphic, or electronic form,
and whether or not specifically marked as confidential or proprietary, where under the circumstances in which such disclosure was made
or given the nature of information disclosed, a reasonable person would consider such information confidential; provided, however, that
in any event, Confidential Information excludes any information that (a) is known by the recipient at the time of disclosure, and not
through a prior disclosure by or on behalf of the disclosing Party, as documented by written records; (b) is or becomes properly in the
public domain through no fault of the receiving Party; (c) is subsequently rightfully disclosed to the receiving Party by a Third Party
who is not directly or indirectly under an obligation of confidentiality to the disclosing Party, as documented by written records in
existence prior to the disclosure of such information to the receiving Party; or (d) is developed by the receiving Party independently
of, and without reference to or use of, the information received from the disclosing Party. Without limiting the foregoing, Confidential
Information will include:

(y)
the terms and conditions of this Agreement; and (z) Confidential Information disclosed by either Party pursuant to the Confidentiality
Agreement.

 

1.18
“Confidentiality Agreement” means that certain Non-Disclosure Agreement between the Parties dated January 20,
2016.

 

1.19
“Control” means with respect to any Know-How, Patent, or other intellectual property right, possession of the
right, whether directly or indirectly, and whether by ownership, license, or otherwise, to grant a license, sublicense, or other right
to or under such Know-How, Patent, or other intellectual property right as provided for herein without violating the terms of any agreement
or other arrangements with any Third Party at the time when such license, sublicense, or other right is granted hereunder. “Controlled”
has a correlative meaning.

 

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CONFIDENTIAL

 

1.20
“Controller” means the controller-amplifier device that is used to deliver the Cognates consisting of a processor, data
file storage, a digital to analog converter, a current/voltage output stage and a battery unit that is developed and used in the Licensed
Product during the term of this Agreement.

 

1.21
“Data” means any and all scientific, technical (including ultra-low radio frequency energy (ulRFE)),
test, marketing, or sale, lease, rentals data pertaining to any Licensed Product that is generated by or on behalf of Nativis or its
Affiliates, or Teijin, its Affiliates, and Sublicensees, including research data, radio frequency data, pre-clinical data, clinical data,
clinical study reports, or submissions made in association with an IDE or an MAA with respect to any Licensed Product.

 

1.22
“Development” means all development activities for the Licensed Product that are directed to obtaining Regulatory
Approval(s) of the Licensed Product, including all non-clinical, preclinical, and clinical testing and studies of the Licensed Product;
statistical analyses; assay development; protocol design and development; the preparation, filing, and prosecution of any MAA for the
Licensed Product; development activities conducted after receipt of Regulatory Approval; and all regulatory affairs related to any of
the foregoing. “Develop” and “Developing” have correlative meanings.

 

1.23
“Development Plan” has the meaning set forth in Section 4.2

 

1.24
“Disclosing Party” has the meaning set forth in Section 10.1.

 

1.25
“Distributor” means a Third Party or an Affiliate of Teijin to whom Teijin or an Affiliate of Teijin has granted
the right to market, promote, advertise, retail, sell, lease, rent, and distribute (but not Develop) the Licensed Product in the Field
in the Territory.

 

1.26
“FDA” means the U.S. Food and Drug Administration, or any successor agency thereto.

 

1.27
“Field” means the treatment or palliation of the Indication.

 

1.28
“First Commercial Sale” means, with respect to the Territory, the first commercial lease, rental or sale, under
this Agreement by Teijin, its Affiliates, or its Sublicensees of any Licensed Product to an end user or prescriber for use or resale,
lease, rental in the Territory after obtaining Regulatory Approval for such Licensed Product. For the avoidance of doubt, leases, rentals
or sales, of Licensed Products to an Affiliate or sublicensee of Teijin will not constitute a First Commercial Sale unless such Affiliate
or sublicensee is an end user of the Licensed Product.

 

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CONFIDENTIAL

 

1.29
“Gross Sales” means the gross amounts invoiced by or on behalf of Teijin, its Affiliates, and/or Sublicensees
for sales, leases, and/or rentals of Licensed Product to Third Parties (other than Sublicensees), excluding taxes and other charges separately
invoiced to the customer apart from the selling price of the Licensed Products. For clarity, the computation of Gross Sales will exclude
any deductions actually incurred, allowed, paid, or accrued, or otherwise specifically identified as related to the Licensed Product
by Teijin, its Affiliates, and/or Sublicensees. Sales, leases, or rentals of Licensed Product between Teijin and its Affiliates or Sublicensees
for resale, lease, and/or rental will be excluded from the computation of Gross Sales, but the subsequent resale, lease, rental of such
Licensed Product by an Affiliate or Sublicensee, as applicable, to a Third Party will be included within the computation of Gross Sales.
Notwithstanding anything to the contrary herein, sale, lease, rental, disposal, or use of the Licensed Product for marketing, regulatory,
development, or charitable purposes, such as clinical trials, preclinical trials, compassionate use, named patient use, or indigent patient
programs, without consideration, will not be deemed to be a sale, lease, rental hereunder.

 

1.30
“GMP” means the then-current good manufacturing practices required by the FDA or an applicable governmental agency
in the Territory, as set forth in the U.S. Federal Food, Drug and Cosmetic Act, as amended, and the regulations promulgated thereunder,
for the Manufacture of medical treatment products, and comparable laws or regulations applicable to the Manufacture of medical treatment
products in the Territory, as they may be updated from time to time.

 

1.31
“IDE” means an Investigational Device Exemption.

 

1.32
“Indication” means glioblastoma multiforme in humans.

 

1.33
“Inventions” means any and all inventions, discoveries, and developments, whether or not patentable, discovered,
made, conceived, or reduced to practice in the course of activities contemplated by this Agreement.

 

1.34
“Japan Reimbursement Rate” has the meaning set forth in Section 4.9.

 

1.35
“Joint Inventions” means any and all Inventions discovered, conceived or reduced to practice jointly by or on
behalf Teijin or its Affiliates, on the one hand, and by or on behalf of Nativis or its Affiliates, on the other hand.

 

1.36
“Joint Know-How” means all Know-How included in Joint Inventions, other than any Joint Patent.

 

1.37
“Joint Patents” means all Patents claiming any Joint Invention.

 

1.38
“JSC” has the meaning set forth in Section 3.1(a).

 

1.39
“Know-How” means all tangible and intangible scientific, technical, clinical, regulatory, trade, marketing, commercial,
financial, or business information and materials, including compounds, solid state forms, compositions of matter, formulations, devices,
techniques, processes, methods, trade secrets, formulae, procedures, tests, data, results, analyses, documentation, reports, information
(including pharmacological, toxicological, non-clinical (including chemistry, manufacturing and control)), and clinical test design,
methods, protocols, data, results, analyses, and conclusions, quality assurance and quality control information, regulatory documentation,
information and submissions pertaining to, or made in association with, filings with any Regulatory Authority, knowledge, know-how, skill,
and experience.

 

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CONFIDENTIAL

 

1.40
“Knowledge” of a Party means the actual or constructive knowledge of the senior executives of such Party, including
the chief executive officer, and any vice president, the general counsel, or the chief medical officer of a Party, or any personnel holding
positions equivalent to such job titles (but only to the extent such positions exist at such Party).

 

1.41
“Licensed Product” means that certain medical treatment product referred to as Nativis Voyager ulRFE system
(which, for clarity, includes any improvements or successors to such Licensed Product for which Nativis seeks Regulatory Approval in
the United States for the Indication): (a) which is composed of the Controller, connective data cables, and the Coil, (b) which is capable
of delivering Cognates and (c) the use, sale, lease, rental, importation or manufacture of which would, but for the license granted to
Teijin hereunder, infringe a Valid Claim of the Nativis Patents or use Nativis Know-How in the Territory.

 

1.42
“Losses” has the meaning set forth in Section 12.1.

 

1.43
“MAA” means a Marketing Authorization Application or equivalent application, and all amendments and supplements
thereto, filed with the applicable Regulatory Authority.

 

1.44
“MAA Approval” means approval of an MAA by the applicable Regulatory Authority for marketing and sale, lease,
rental of the Licensed Product.

 

1.45
“Manufacture” means all operations and processes involved in the manufacturing, quality control testing (including
in-process, release and testing), assembling, testing, releasing, labeling, packaging, shipping, inspection, handling, and storage of
the Licensed Product or any component thereof. “Manufacture” and “Manufacturing” have correlative meanings.

 

1.46
“Manufacturing Cost” means the fully burdened Manufacturing cost of Licensed Product expressed on a per unit basis,
which will be the sum of: (i) the Direct Manufacturing Costs and (ii) the Indirect Manufacturing Costs. For the purposes of this definition:

 

(a)
“Direct Manufacturing Costs” means the direct costs incurred in connection with the Manufacture of the Licensed
Product, including (i) those material expenses captured in invoices and the like which are specifically attributable to the Manufacture
of the Licensed Product, including costs of raw materials, manufacturing supplies, packaging, labels, and other materials used in production,
(ii) labor expenses captured in time sheets and the like, including salaries and fringe benefits (but not overhead) for personnel directly
involved in Manufacturing the Licensed Product or any component thereof or purchasing or managing the materials used in the Manufacture
thereof or maintaining equipment necessary to support the Manufacture thereof, (iii) expenses arising out of quality assurance requirements
(e.g., GMP) such as production, quality control, quality assurance, and other similar departments that are reasonably necessary and participate
directly in the production of the Licensed Product or any component thereof, and (iv) equipment and facility depreciation and other allocations
of fixed assets in use to support the Manufacture of the Licensed Product or any component thereof, but in any event excluding any administrative
overhead (e.g., costs associated with human resources, business development, and executive management). Direct expenses also include
reasonable out-of-pocket payments to Third Parties (without mark-up) for services related to the Manufacture of the Licensed Product
or any component thereof.

 

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CONFIDENTIAL

 

(b)
“Indirect Manufacturing Costs” means the reasonable and allocated internal costs and out-of-pocket costs, incurred
or accrued by Nativis in connection with the Manufacture of the Licensed Product or any component thereof, including costs arising from
or associated with (i) freight, carrier insurance, and other transportation charges directly related to the delivery or distribution
of the Licensed Product, (ii) storage and warehousing, (iii) taxes, duties, or other governmental charges (including any tax such as
a value added or similar tax, other than any taxes based on income), but excluding indirect and overhead costs (e.g., costs associated
with human resources, business development, and executive management).

 

For
clarity, to the extent that a Third Party manufacturer Manufactures all or a portion of the Licensed Product, then the actual cost of
the Third Party expense shall be billed at direct cost without mark-up, and in any event no double-counting of expenses will apply with
respect to costs included in the calculation of Manufacturing Costs.

 

1.47
“Medical Affairs Activities” means: (a) the coordination of medical information requests in the Territory with
respect to the Licensed Product commercially launched in the Territory; and (b) those clinical studies conducted in or for the Territory
after Regulatory Approval of the Licensed Product has been obtained which are neither intended nor designed to support a Regulatory Filing
including medical affairs studies, post marketing studies, and investigator and physician-initiated studies, in all such cases initiated
by or under the control or direction of Teijin.

 

1.48
“MHLW” has the meaning set forth in Section 4.9.

 

1.49
“Nativis Indemnitees” has the meaning set forth in Section 12.1.

 

1.50
“Nativis Know-How” means all Know-How that is necessary or reasonably useful for the Development, use or Commercialization
of the Licensed Product in the Field in the Territory, which Know-How is Controlled by Nativis or any of its Affiliates with respect
to the Licensed Product as of the Effective Date or during the Term. For the avoidance of doubt, Nativis Know-How will not include any
Joint Know-How.

 

1.51
“Nativis Patents” means all Patents that are necessary or reasonably useful for the Development, use, or Commercialization
of the Licensed Product in the Field in the Territory, which Patents are Controlled by Nativis or any of its Affiliates as of the Effective
Date or during the Term. For the avoidance of doubt, Nativis Patents will not include any Joint Patents. A list of Nativis Patents as
of the Effective Date is set forth in Exhibit 1.51, which list will be updated from time to time upon written agreement
by the Parties.

 

1.52
“Nativis Technology” means the Nativis Know-How, Nativis Patents, and Nativis’ interest in the Joint Patents
and Joint Know-How.

 

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CONFIDENTIAL

 

1.53
“Nativis Trademarks” means Nativis’ Trademarks related to the Licensed Product, including Nativis®,
Nativis Voyager® and ulRFETM. A list of Nativis Trademarks as of the Effective Date is set forth in Exhibit 1.53.

 

1.54
“Patent(s)” means (a) all patents, certificates of invention, applications for certificates of invention, priority
patent filings, and patent applications, and (b) any renewal, division, continuation (in whole or in part), or request for continued
examination of any of such patents, certificates of invention and patent applications, and any and all patents or certificates of invention
issuing thereon, and any and all reissues, reexaminations, extensions, divisions, renewals, substitutions, confirmations, registrations,
revalidations, revisions, and additions of or to any of the foregoing.

 

1.55
“Patent Term Extension” means any term extensions, supplementary protection certificates, regulatory exclusivity,
and equivalents thereof offering patent protection beyond the initial term with respect to any issued Patents.

 

1.56
“Person” means any individual, corporation, partnership, limited liability company, trust, governmental entity,
or other legal entity of any nature whatsoever.

 

1.57
“Pharmacovigilance Agreement” has the meaning set forth in Section 4.8(c).

 

1.58
“Receiving Party” has the meaning set forth in Section 10.1.

 

1.59
“Regulatory Approval” means approval by a Regulatory Authority to manufacture, distribute and sell or have sold
or have manufactured medical treatments in the Field.

 

1.60
“Regulatory Authority” means any applicable government regulatory authority involved in granting approvals for
the Manufacture, Commercialization and/or Reimbursement Approval of the Licensed Product. “Regulatory Authority” in the Territory
includes Japan’s Ministry of Health, Labour and Welfare, the Japanese Pharmaceuticals and Medical Devices Agency, or any successor
agency of the foregoing having regulatory jurisdiction over the manufacture, distribution, and sale, lease, rental of medical devices
or pharmaceutical products in the Territory.

 

1.61
“Regulatory Filings” means all applications, approvals, licenses, registrations, notifications, submissions, and
authorizations made to or received from a Regulatory Authority in a country necessary for the manufacture, commercialization, use, storage,
promotion, marketing, sale, lease, rental, offering for sale, lease, rental, and import of the Licensed Product in such country, including
without limitation any IDEs, MAAs, MAA Approvals, and amendments and supplements of any of the foregoing, as well as the contents of
any minutes from meetings (whether in person or by audio conference or videoconference) with a Regulatory Authority.

 

1.62
“Reimbursement Approval” means the governmental decision establishing the cumulative price for the Licensed Product
to be paid by the customer, whether health care provider, hospital or the individual end-consumer or patient.

 

1.63
“Royalty Term” has the meaning set forth in Section 7.4(c).

 

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CONFIDENTIAL

 

1.64
“Senior Executives” has the meaning set forth in Section 14.1.

 

1.65
“Specifications” means the specifications and quality control testing procedures for Manufacturing of the Licensed
Product, as may be modified from time to time by the Parties in accordance with the terms of the Clinical Supply Agreement or the Commercial
Supply Agreement.

 

1.66
“Sublicensee” means a Third Party or an Affiliate of Teijin, other than a Distributor, to whom Teijin or an Affiliate
of Teijin has granted a sublicense under the Nativis Technology as permitted under Section 2.3 of this Agreement.

 

1.67
“Teijin Housemark” means any trademark or trade name, and registrations and applications therefor, Controlled
by Teijin in the Territory and covering Teijin’s (or its Affiliate’s) corporate name or company logo.

 

1.68
“Teijin Indemnitees” has the meaning set forth in Section 12.2.

 

1.69
“Teijin Know-How” means all Know-How that is Controlled by Teijin as of the Effective Date or during the Term,
and that is generated by or on behalf of Teijin or any of its Affiliates in connection with the Development, use or Commercialization
of the Licensed Product hereunder. For the avoidance of doubt, Teijin Know-How will not include any Joint Know-How.

 

1.70
“Teijin Patents” means all Patents that claim Inventions that relate to the Licensed Product and that are conceived,
made, or generated by or on behalf of Teijin or any of its Affiliates during the Term pursuant to this Agreement. For the avoidance of
doubt, Teijin Patents will not include any Joint Patents.

 

1.71
“Teijin Technology” means all Teijin Know-How, Teijin Patents, and Teijin’s interest in the Joint Patents
and Joint Know-How. For the avoidance of doubt, (a) all and any of Teijin’s know-how and Teijin’s patents which are unrelated
to Licensed Products and (b) all and any know-how or patents of Teijin that are developed, identified or conceived without the use of
Nativis Confidential Information or outside of the use of the Licensed Product (i.e., independently developed) are excluded from Teijin
Technology.

 

1.72
“Term” has the meaning set forth in Section 13.1.

 

1.73
“Territory” means Japan.

 

1.74
“Third Party” means any Person other than Nativis, Teijin, and their respective Affiliates.

 

1.75
“TPM” means Teijin’s Affiliate, Teijin Pharma Limited, a company organized under the laws of Japan, and having
a principal place of business at 2-1, Kasumigaseki 3-chome, Chiyoda-ku, Tokyo 100-8585, Japan.

 

1.76
“Trademarks” means trademarks, trade names, trade dresses, domain names, logos, and brandings of a Party.

 

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CONFIDENTIAL

 

1.77
“Transfer Price” means the Manufacturing Cost of a unit of Licensed Product plus ten percent (10%); provided that
in the Commercial Supply Agreement, the Transfer Price will be adjusted to reflect, in the Manufacturing Cost of a unit of Licensed Product,
certain R&D expenses for development of Nativis Technology totaling $5.4 million (“R&D Reimbursement Amount”)
until such time as the total $5.4 million has been paid, and thereafter the per unit Transfer Price shall not include any R&D Reimbursement
Amount. For clarity, the R&D Reimbursement Amount shall not otherwise be reimbursed, except through the Transfer Price, and in any
event shall not be subject to a ten percent (10%) mark-up.

 

1.78
“U.S.” means the United States of America, including its territories and possessions and the District of Columbia.

 

1.79
“Valid Claim” means (a) a claim of an issued and unexpired patent that has not been revoked or held unenforceable,
unpatentable, or invalid by a decision of a court or other governmental agency of competent jurisdiction that is not appealable or has
not been appealed within the time allowed for appeal, and that has not been abandoned, disclaimed, denied, or admitted to be invalid
or unenforceable through reissue, re-examination, or disclaimer or otherwise, or (b) a claim of a pending patent application that has
not been cancelled, withdrawn, or abandoned or finally rejected by an administrative agency action from which no appeal can be taken
and that has not been pending for more than ten (10) years.

 

1.80
“Withholding Tax Action” has the meaning set forth in Section 8.3(c).

 

ARTICLE
2

GRANT
OF LICENSE

 

2.1
License Grants to Teijin.

 

(a)
Licensed Technology. Subject to the terms and conditions of this Agreement, Nativis hereby grants to Teijin an exclusive, royalty-bearing
license under the Nativis Technology to Develop, use, sell, offer for sale, lease, rent, import, and otherwise Commercialize the Licensed
Product in the Field in the Territory. In addition, subject to the terms and conditions of this Agreement, Nativis hereby grants to Teijin
an exclusive, royalty-bearing license under the Nativis Technology to ship, label and package Licensed Product for use in the Field in
the Territory.

 

(b)
Trademarks. Subject to the terms and conditions of this Agreement, Nativis hereby grants to Teijin a non-exclusive, royalty-free
license under the Nativis Trademarks solely to Commercialize, use, sell, offer for sale, lease, rental, and import Licensed Product in
the Field in the Territory. For clarity, if a Nativis Trademark is not used exclusively with the Licensed Product in the Territory at
the time of First Commercial Sale of the Licensed Product, then Nativis has the right to use such Nativis Trademark with any other product
in the Territory.

 

2.2
Patent License Registration. Nativis agrees to register by itself or to cooperate with Teijin to register, in each case at Teijin’s
expense, the exclusive license of the Nativis Patents granted under Section 2.1(a) to Teijin in the Territory as a “Senyo Jisshiken”
in accordance with Article 77 of the Japanese Patent Law of 1959, or a “Kari-Senyo Jisshiken” in accordance with Article
34-2 thereof, in Japan, at Teijin’s request and expense.

 

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CONFIDENTIAL

 

2.3
License Grants to Nativis. Subject to the terms and conditions of this Agreement, Teijin hereby grants to Nativis a royalty-free,
fully-paid, perpetual, irrevocable, non-exclusive license, with the right to grant sublicenses (in accordance with Section 2.4) through
multiple tiers, under the Teijin Technology to research, develop, make, have made, commercialize, use, sell, offer for sale, lease, rent,
and import (a) the Licensed Product outside the Field in the Territory and for any use outside the Territory, and (b) any other product
other than the Licensed Product. For clarity, in the Territory, the foregoing right in Section 2.3(b) shall only be subject to use outside
of the Field.

 

2.4
Sublicensees; Distributors. Subject to the terms and conditions of this Agreement, Teijin will have the right to sublicense the rights
granted to it under Section 2.1 to:

 

(a)
Any of its Affiliates without Nativis’ consent, provided that (i) Teijin provides Nativis with prior notice of the name of
the Affiliate and the rights to be sublicensed; (ii) such Affiliate agrees with Nativis in writing to comply with the terms and conditions
of this Agreement that are applicable to such Affiliate’s activities under such sublicense; and (iii) Teijin remains fully liable
for the performance of such Affiliate in accordance with this Agreement. Any sublicense granted by Teijin to one of its Affiliates will
terminate if such entity is no longer an Affiliate of Teijin and Nativis’ approval is not obtained for the continuation of such
sublicense in accordance with subsection 2.3(b) below.

 

(b)
Third Parties with Nativis’ prior consent, such consent not to be unreasonably withheld, conditioned, or delayed; provided,
that (i) such sublicensee agrees with Nativis in writing to comply with the term and conditions of this Agreement that are applicable
to such Sublicensee’s activities under such sublicense; and (ii) Teijin remains fully liable for the performance of such sublicensee
in accordance with this Agreement.

 

(c)
Distributors without Nativis’ consent, provided that Teijin will remain responsible for the performance of its Distributors
hereunder, including without limitation the compliance with Applicable Laws by such Distributors in connection with the distribution
of the Licensed Product hereunder. In the event of termination of this Agreement pursuant to Section 13.2(c) for breach by Teijin, Nativis
will reasonably consider and discuss with each such Distributor potential continuation of the Distributor agreement directly with Nativis
if such Distributor is not then in breach of its Teijin Distributor agreement.

 

2.5
No Implied License. Neither Party grants to the other Party any rights or licenses in or to any intellectual property, whether by
implication, estoppel, or otherwise, other than the licenses and rights that are expressly granted under this Agreement. For clarity,
no rights to Manufacture are granted to Teijin except pursuant to a separate, written agreement between the Parties, and the Parties
expressly contemplate such back-up Manufacturing right in the Commercial Supply Agreement.

 

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2.6
Retained Rights. Nativis hereby expressly retains:

 

(a)
the right under the Nativis Technology to exercise its rights and perform its obligations under this Agreement, whether directly
or through one or more licensees (other than Teijin) or subcontractors, including the right to manufacture, and export the Licensed Product
in the Territory; and

 

(b)
all rights to practice and to grant licenses under the Nativis Technology outside of the scope of the license granted in Section
2.1(a), including the exclusive right to make and have made the Licensed Product anywhere in the world, and the exclusive right to practice
the Nativis Technology with respect to products other than the Licensed Product.

 

2.7
Exclusivity Obligations. During the Term, unless otherwise agreed in writing by the Parties, Teijin agrees that it will not acquire,
develop, manufacture, sell, lease, rent, import, distribute, or otherwise commercialize in the Territory any medical treatment product
for use in the Field other than a pharmaceutical product (including, but not limited to, biopharmaceutical products) or medical devices
delivering pharmaceutical products (including, but not limited to, biopharmaceutical products), or the Licensed Product, either by itself
or through any of its Affiliates or any Third Party. In furtherance of the license and exclusivity grant to Teijin herein, Nativis covenants
that during the Term it will not grant rights to any Third Party to use Cognates in the Field in the Territory.

 

ARTICLE
3

GOVERNANCE

 

3.1
Joint Steering Committee.

 

(a)
Establishment. Within thirty (30) days following the Effective Date, Nativis and Teijin will establish a committee (the “JSC”)
to oversee, review, and coordinate the Development, supply, regulatory strategy, and Commercialization of the Licensed Product in the
Field in the Territory.

 

(b)
Duties. The JSC will:

 

(i)
provide a forum for the Parties to discuss material Development, regulatory, and manufacturing matters pertaining to the Licensed
Product in the Territory;

 

(ii)
provide a forum for the Parties to exchange information and coordinate their respective activities with respect to Development, regulatory,
and manufacturing matters pertaining to the Licensed Product in the Field in the Territory and outside the Field or Territory;

 

(iii)
review Teijin’s Development and Commercialization plans and discuss Teijin’s proposed activities with respect to obtaining
Regulatory Approval, Reimbursement Approval and prelaunch, launch, and subsequent Commercialization plans for the Licensed Product; and

 

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(iv)
perform such other duties as are specifically assigned by the Parties to the JSC pursuant to this Agreement.

 

3.2
Membership. Promptly after the Effective Date, each Party will designate three (3) representatives with appropriate expertise to
serve as members of the JSC. The Parties may elect to vary the participating member and number of representatives that serve on the JSC,
provided that in all cases the JSC maintains an equal number of representatives from each Party. Each Party may replace its representatives
on the JSC at any time upon written notice to the other Party.

 

3.3
Chairperson; Minutes. One member of the JSC will serve as the chairperson, who will be responsible for organizing meetings, preparing
and circulating an agenda in advance of each meeting, and preparing minutes of each meeting. Each JSC representative will review and
approve such minutes in writing; provided that if a representative does not object to the accuracy of such minutes within fifteen (15)
days after the circulation of such minutes, such minutes will be deemed approved by such representative. Teijin will appoint the chairperson
for an initial one (1) year term and thereafter the Parties will alternate in appointing the chairperson for twelve (12) month terms.

 

3.4
Meetings. Until Reimbursement Approval for the Licensed Product is received in the Territory, the JSC will hold meetings on a Calendar
Quarter basis. Thereafter, the JSC will hold meetings at least three (3) times each Calendar Year (i.e., approximately every four (4)
months), or more frequently as the Parties may agree. Meetings of the JSC will be effective only if at least one (1) representative of
each Party is present or participating. The JSC may meet either (i) in person at either Party’s facilities or at such locations
as the Parties may otherwise agree; or (ii) by audio or video teleconference. With the prior consent of the other Party’s representatives
(such consent not to be unreasonably withheld or delayed), each Party may invite non-members to participate in the discussions and meetings
of the JSC, provided that such participants will have no vote and will be subject to the confidentiality provisions set forth in Article
10. Additional JSC meetings may be held with each Party’s consent, or as required under this Agreement, and neither Party will
unreasonably withhold or delay its consent to hold such an additional meeting.

 

3.5
Decision-Making.

 

(a)
The JSC will make good faith efforts to make all decisions on matters before it by consensus. Subject to the terms of this Section
3.5, actions to be taken by the JSC will be taken only following a unanimous vote with each Party’s representatives collectively
having one (1) vote. If the JSC fails to reach unanimous consent on a particular matter within thirty (30) days of a Party having requested
a formal vote on such matter (or, if such matter is urgent, within ten (10) days of such request), then either Party may submit such
matter for resolution to the Senior Executives pursuant to Section 14.1, except as provided in Section 3.5(b).

 

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(b)
If the JSC is unable to reach a decision by unanimous vote pursuant to Section 3.5(a), then the Party listed below will have the
final say on the following matters:

 

(i)
Teijin will have final decision making authority with respect to matters pertaining to obtaining Regulatory Approval of the Licensed
Product in the Field in the Territory.

 

(ii)
Teijin will have final decision making authority with respect to Commercialization of the Licensed Product in the Field in the Territory.

 

(iii)
Notwithstanding the foregoing or any other term of this Agreement, in the event that Nativis reasonably believes that there is a
reasonable likelihood that Teijin’s intended activity or conduct with respect to the Development or Commercialization or Regulatory
Approval or Reimbursement Approval of the Licensed Product could have a material adverse effect on Nativis’ Development or Commercialization
activities, including receiving regulatory approval, with respect to the Licensed Product outside the Territory, such issue will be submitted
to the Senior Executives for attempted resolution pursuant to Section 14.1. If the Senior Executives are unable to resolve any such dispute,
Nativis will have final decision making authority with respect to such dispute.

 

(iv)
In the event that Teijin reasonably believes that there is a reasonable likelihood that Nativis’ intended activity or conduct
with respect to the Development or Commercialization of the Licensed Product outside the Territory could have a material adverse effect
on Teijin’s Development or Commercialization activities, including receiving Regulatory Approval or Reimbursement Approval with
respect to the Licensed Products in the Field in the Territory, such issue will be submitted to the Senior Executives for attempted resolution
pursuant to Section 14.1.

 

(c)
For the avoidance of doubt, any dispute regarding the interpretation of this Agreement, the performance or alleged nonperformance
of a Party’s obligations under this Agreement, or any alleged breach of this Agreement will be resolved in accordance with the
terms of Article 14 and will not be subject to the JSC’s decision-making authority.

 

3.6
Expenses. Each Party will be responsible for all of its own travel and other costs and expenses for its respective members, designees,
and non-member invitees to attend meetings of, and otherwise participate on, the JSC and any subcommittees or working groups.

 

3.7
Subcommittees. From time to time, the JSC may establish subcommittees to oversee particular projects or activities within the JSC’s
scope of authority, as it deems necessary or advisable. Each subcommittee will consist of such number of representatives of each Party
as the JSC determines is appropriate from time to time, and will meet with such frequency as the JSC determines.

 

3.8
Discontinuation of Participation. The JSC will continue to exist until the first to occur of: (a) the Parties mutually agreeing to
disband the committee; or (b) Nativis providing to Teijin written notice of its intention to disband and no longer participate in such
committee. Upon Nativis’ delivery to Teijin of such written notice, the JSC will have no further obligations under this Agreement
and any matters that would previously have been addressed by the JSC will be handled by the Parties in accordance with the terms of this
Agreement.

 

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3.9
Alliance Managers. Promptly after the Effective Date, each Party will appoint an individual who will be an employee of such Party
having appropriate qualification and experience to act as the alliance manager for such Party (the “Alliance Manager”).
Each Alliance Manager will be responsible for coordinating and managing processes and interfacing between the Parties on a day-to-day
basis throughout the Term. The Alliance Manager will ensure communication to the JSC of all relevant matters raised at any joint subcommittees
or working groups. Each Alliance Manager will be permitted to attend meetings of the JSC as non-voting participants. The Alliance Managers
will be the primary contact for the Parties regarding the activities contemplated by this Agreement and will facilitate all such activities
hereunder. Each Party may replace its Alliance Manager with an alternative representative at any time with prior written notice to the
other Party. Any Alliance Manager may designate a substitute to temporarily perform the functions of that Alliance Manager. Each Alliance
Manager will be charged with creating and maintaining a collaborative work environment within the JSC and its subcommittees. Each Party
will be responsible for all of its own costs with respect to its Alliance Manager.

 

ARTICLE
4

DEVELOPMENT
AND REGULATORY ACTIVITIES

 

4.1
Overview. Subject to the terms and conditions of this Agreement, the Parties will collaborate with respect to the Development and
Manufacture of the Licensed Product in the Field and share the Data resulting from such collaboration to facilitate the Development and
Manufacture of the Licensed Product in the Field in the Territory and outside the Territory.

 

4.2
Development Plan; Diligence. Teijin will be responsible for the conduct and cost of all clinical trials and other Development efforts
in the Territory necessary to support Regulatory Approval and Reimbursement Approval of the Licensed Product in the Field in the Territory.
Teijin will submit to the JSC for review and discussion a development plan setting forth the Teijin’s planned Development activities
with respect to the Licensed Product in the Field in the Territory, together with the Budget in connection therewith (the “Development
Plan”). Teijin will conduct all Development activities in accordance with such Development Plan and will use Commercially Reasonable
Efforts to conduct and complete the studies and activities set forth therein in accordance with the timelines specified therein. Teijin
will consult with and provide regular updates to Nativis through the JSC regarding Teijin’s Development activities and will discuss
coordination of Development activities in the Field in the Territory with activities outside the Territory.

 

4.3
Nativis Development Responsibilities. Nativis will be responsible for the conduct and cost of all U.S. clinical trials necessary
to support Regulatory Approval of the Licensed Product in the Field in the U.S. Nativis will use Commercially Reasonable Efforts to obtain
Regulatory Approval of the Licensed Product for use in the Field in the U.S.

 

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4.4
Development Records. Each Party will maintain records, in sufficient detail and in good scientific manner appropriate for patent
and regulatory purposes, that will fully and properly reflect all work done and results achieved by or on behalf of such Party in the
performance of its Development activities under this Agreement. Each Party will keep the JSC appropriately informed of the status of
such Party’s clinical development program and other activities with respect to the Licensed Product in the Field. Without limiting
the generality of the foregoing, upon request by the JSC from time to time, each Party will promptly provide the JSC with summaries of
data and results and, if requested by the JSC, all supporting data and results generated or obtained in the course of such Party’s
performance of studies and activities conducted hereunder. Upon reasonable prior written notice, each Party has the right to inspect
records and notebooks reflecting the work done and results achieved by or on behalf of the other Party or its Affiliates in the performance
of its Development activities with respect to the Licensed Product in the Field pursuant to this Agreement.

 

4.5
Technology and Data Transfer.

 

(a)
Data and Know-How as of the Effective Date. Within thirty (30) days after the Effective Date, Nativis will, at Nativis’ cost,
make available to Teijin personnel of Nativis who are knowledgeable or experienced in the use of the Licensed Product in the Field to
facilitate the transfer of Nativis Know-How (other than manufacturing Know-How) existing as of the Effective Date with a goal to effect
transfer within ninety (90) days of the Effective Date. Teijin will cooperate with such transfer and will promptly undertake to complete
the transfer and will be responsible for costs and expenses related to any travel expenses for available personnel and delays or failure
to affect transfer on a reasonable and mutually agreed schedule for transfer within the ninety (90)-day period.

 

(b)
Data and Know-How Generated During the Term. Except for Data subject to Section 4.6, on a Calendar Quarter basis during the Term,
and subject to Applicable Laws, each Party will provide to the other Party, to the extent not already provided and at no additional cost
to such other Party, electronic access to all Data generated by or on behalf of the Party with respect to the Licensed Product, which
are necessary or reasonably useful for such other Party to obtain or maintain Regulatory Approval of the Licensed Product in the Field
in its respective territory. Such other Party will have the right to use and reference any and all such Data to obtain and maintain Regulatory
Approval for the Licensed Product in the Field and otherwise Commercialize the Licensed Product in the Field in its respective territory
in accordance with the terms of this Agreement.

 

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4.6
Additional Development Activities.

 

(a)
New Studies. If either Party (the “Proposing Party”) intends to conduct additional Development activities with
respect to the Licensed Product for use in the Territory (in the case of Teijin) or outside the Territory (in the case of Nativis, solely
to the extent that such Development would, in the opinion of Nativis, impact the Licensed Product in the Field in the Territory) beyond
what is provided for in Sections 4.2 and 4.3 (i.e., studies or other Development related to modification any component of the Licensed
Product other than the Controller), in all cases the “New Studies”, then the Proposing Party will provide the other
Party (the “Non- Proposing Party”) with a written detailed plan and Budget for such New Studies (the “Development
Proposal”). Within thirty (30) days of receipt of any such Development Proposal, the JSC will meet to review the Development
Proposal and permit the Non-Proposing Party the opportunity to ask questions and request additional information from the Proposing Party
related to the New Studies, including whether such New Studies are reasonably likely to have a material and adverse effect on the Development
or Commercialization of the Licensed Product in the Non- Proposing Party’s territory. In the event that the Parties agree to jointly
conduct the work set forth in the Development Proposal (the “Joint Development Work”), the costs of such Joint Development
Work (the “Joint Work Costs”) will be shared by the Parties as set forth below in Section 4.6(b)(i). If the Non-Proposing
Party decides not to jointly conduct the work set forth in the Development Proposal with the Proposing Party, subject to Section 3.5(b),
the Proposing Party may conduct such work in its respective territory solely (the “Independent Development Work”)
and the Development Costs of such Independent Development Work (the “Independent Work Costs”) will be subject to Section
4.6(b)(ii) below.

 

(b)
New Studies Funding.

 

(i)
Joint Work Costs. With respect to all Joint Development Work, the Parties will reimburse, based on the agreed share of Joint Work
Costs allocated to each Party, one another for the Joint Development Costs depending on which of the Parties pays for the Joint Development
Work in the first instance. If the Proposing Party pays for the Joint Development Work, a mutually agreed upon share of the aggregate
Joint Work Costs will be reimbursed by the Non-Proposing Party based on the share agreed in accordance with Section 7.5(a). Provided
the Party not paying directly for the Joint Development Costs reimburses the other Party for its mutually agreed upon share of such Joint
Work Costs, such reimbursing Party will be entitled to access and use such Data as set forth below in Section 4.6(c)(i).

 

(ii)
Independent Work Costs. With respect to all Independent Development Work, the Proposing Party will be solely responsible for all
Independent Work Costs associated with such Independent Development Work; provided, however, that if the Non- Proposing Party wishes
to access and use any Data generated by such Independent Development Work, the Non-Proposing Party will be entitled to do so, but only
upon reimbursing the Proposing Party for a mutually agreed upon share of the Independent Work Costs of such Independent Development Work
in accordance with Section 7.5(b). Upon the Non-Proposing Party reimbursing the Proposing Party for its mutually agreed upon share of
such Independent Work Costs, the Non-Proposing Party will be entitled to access and use such Data as set forth below in the last sentence
of Section 4.6(c)(ii).

 

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(c)
Data Sharing. On a Calendar Quarter basis during the Term, and subject to the terms set forth in this Section 4.6 and Applicable
Laws, each Party will provide to the other Party, to the extent not already provided and at no additional cost to such other Party:

 

(i)
With respect to Joint Development Work, copies of all Data generated by or on behalf of the Party with respect to and in the course
of conducting Joint Development Work. The Party receiving the Data from the other Party’s performance of Joint Development Work
will have the right to use and reference any and all such Data to obtain and maintain Regulatory Approval for the Licensed Product and
otherwise Commercialize the Licensed Product in its respective territory in accordance with the terms of this Agreement.

 

(ii)
With respect to Independent Development Work, copies of all safety and pharmacovigilance Data generated by or on behalf of the Party
with respect to and in the course of conducting Independent Development Work. The Party receiving the Data from the other Party’s
performance of Independent Development Work will have the right (A) to use such Data solely to the extent reasonably necessary for the
receiving Party to comply with its regulatory reporting and compliance obligations, including safety reporting obligations, in its territory,
and (B) of reference to all Regulatory Filing in and outside the Territory, as the case may be, but will not have the right to use such
Data to apply for Regulatory Approval or in support of any Commercialization activities, unless and until the Non-Proposing Party reimburses
the Proposing Party for its share of Independent Work Costs as provided in Section 7.4(b). Upon reimbursing the Proposing Party as provided
in Section 7.5(b), the Non-Proposing Party will have the right to use and reference any and all Data (including efficacy Data) resulting
from the other Party’s Independent Development Work, to obtain and maintain Regulatory Approval for the Licensed Product and otherwise
Commercialize the Licensed Product in its respective territory in accordance with the terms of this Agreement.

 

4.7
Regulatory Responsibilities for the Licensed Product. Subject to the terms and conditions of this Agreement and all Applicable Laws,
Teijin will, at its expense, use Commercially Reasonable Efforts to take all actions necessary to file all Regulatory Filings required
to obtain Regulatory Approval for the Licensed Product for use in the Field in the Territory, provided, however that Nativis will, at
its expense, use Commercially Reasonable Efforts to take all actions necessary to obtain or cause its Third Party contract manufacturer
to obtain a foreign manufacture accreditation for the Licensed Products in the Territory. Subject to Section 3.5, Teijin will have final
decision-making authority over all activities with respect to Regulatory Filings in the Territory. Through the JSC, Teijin will keep
Nativis reasonably informed of all material events and developments occurring in the course of obtaining Regulatory Approval for the
Licensed Product for use in the Field in the Territory.

 

4.8
Regulatory Activities.

 

(a)
Holder of Regulatory Filings; Copies. Teijin will hold title to all Regulatory Filings (including MAAs) and Regulatory Approvals
with respect to the Licensed Product in the Field in the Territory. Teijin will provide to Nativis: (i) electronic copies of each Regulatory
Filing as submitted to Regulatory Authorities promptly following such submission, and a summary (in English) of each such filing, (ii)
summaries (in English) of written communications to Teijin from any Regulatory Authority in the Territory with respect to Regulatory
Filings, promptly following receipt thereof (taking into account the time required to prepare such summaries after such submission of
such Regulatory Filings), and (iii) a brief statement (in English) of any material changes in the final Regulatory Filings from the summaries
previously provided by Teijin to Nativis.

 

(b)
Regulatory Communications. Teijin will timely inform Nativis of all of its scheduled meetings with Regulatory Authorities in the
Territory, invite Nativis to attend in such meetings as an observer, and, if Nativis elects not to attend such meetings, provide Nativis
with summaries (in English) of such meetings promptly thereafter. In addition, Teijin will promptly provide Nativis with copies of all
written communications and summary of material oral discussions with any Regulatory Authority with respect to the Licensed Product in
the Territory. Without limiting the generality of the foregoing, Teijin will timely provide Nativis with summaries of any of its communications
and correspondence with the Regulatory Authorities in the Territory regarding safety and pricing reimbursement issues with respect to
the Licensed Product for use in the Field in the Territory and Nativis will timely provide Teijin with summaries of any of its communications
and correspondence with any Regulatory Authorities regarding safety and manufacturing issues with respect to the Licensed Product for
use outside the Field in the Territory or for use outside the Territory.

 

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(c)
Pharmacovigilance. Nativis will be responsible for the maintenance of the global safety database for the Licensed Product; provided,
however, that the JSC will reasonably allocate the costs for such maintenance between Teijin and Nativis in connection therewith. Teijin
will be responsible, at its sole cost and expense, for collecting all pharmacovigilance and other safety Data for the Licensed Product
in the Territory as required by Applicable Laws, and for reporting all such Data to the applicable Regulatory Authorities in the Territory
and to Nativis (in English) for entry into the global safety database. Each Party will cooperate, and will cause its Affiliates, licensees,
Distributors, and Sublicensees to cooperate, in implementing a pharmacovigilance mutual alert process with respect to the Licensed Product
to comply with all applicable legal obligations of Regulatory Authorities. The Parties will enter into a pharmacovigilance agreement
(the “Pharmacovigilance Agreement”) as soon as reasonably practicable after the Effective Date setting forth specific
details and processes pursuant to which the Parties will share adverse event and other safety Data, which agreement will include terms
such as (i) providing detailed procedures regarding the maintenance of core safety information and the exchange of safety data relating
to the Licensed Product worldwide within appropriate timeframes and in an appropriate format to enable each party to meet both expedited
and periodic regulatory reporting requirements, and (ii) ensuring compliance with the reporting requirements of all applicable Regulatory
Authorities on a worldwide basis.

 

4.9
Reimbursed Pricing in Japan. Subject to the terms and conditions of this Agreement and all Applicable Laws, Teijin will, at its expense,
use Commercially Reasonable Efforts to take all actions necessary to obtain Reimbursement Approval from the Japanese Ministry of Health
Labor and Welfare (“MHLW”). At the time of initial Reimbursement Approval determination by MHLW, the Parties will
determine the reimbursement rate for the Territory (the “Japan Reimbursement Rate”) which estimated reimbursed price
per patient in Japan, which will be calculated as follows:

 

(a)
In the case that the reimbursed pricing is determined on a lump sum basis, such lump sum amount will be the Japan Reimbursement Rate,

 

(b)
In the case that the reimbursed pricing is determined on a monthly basis:

 

(x)
the monthly reimbursed pricing as established in the Reimbursement Approval

 

multiplied
by

 

(y)
a mutually agreed average duration of therapy for patients in the Field in the Territory based on the clinical data from the pivotal
trials in the Field. If no pivotal trials are required for the Territory, the Parties will substitute the average duration of therapy
for patients in the U.S. from U.S. pivotal trials.

 

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(c)
Promptly following Reimbursement Approval, the Parties shall meet, and within thirty (30) days thereafter, agree upon (i) the average
duration of therapy for patients in the Field in the Territory (only in the case of the above (b)); and (ii) confirm the currency conversion
rate from the Japan Reimbursement Rate into U.S. dollars, which rate shall be the average U.S. dollar conversion rate for the Japanese
yen as published by The Wall Street Journal, Western U.S. Edition, for the ninety (90) day period prior to the date of the Japan
Reimbursement Rate determination. For clarity, the Japan Reimbursement Rate shall be established following initial Reimbursement Approval
and thereafter not subject to adjustment during the Term, except and only to the extent that additional indications other than the Indication
are agreed by the Parties pursuant to a separate, subsequent agreement or amendment hereto.

 

ARTICLE
5

COMMERCIALIZATION

 

5.1
Overview and Diligence. Subject to, and in accordance with, the terms and conditions of this Agreement and all Applicable Laws, Teijin,
at its expense, will be solely responsible for Commercializing the Licensed Product for the Field in the Territory. Teijin will use Commercially
Reasonable Efforts to achieve the First Commercial Sale in the Territory reasonably promptly after obtaining Regulatory Approval for
such Licensed Product in the Territory, but not later than three (3) months after the date on which Reimbursement Approval is granted
for such Licensed Product in the Territory; provided, however, that such three (3)-month period may be extended by written agreement
of the Parties.

 

5.2
Commercialization Plan. At least six (6) months prior to the date on which Teijin reasonably expects to receive Regulatory Approval
for the Licensed Product in the Territory, Teijin will submit to the JSC for review and discussion a commercialization plan setting forth
the goals, strategies, and plans for Teijin’s prelaunch activities, launch, and subsequent Commercialization of the Licensed Product
in the Field in the Territory and the level of anticipated sales force and promotion efforts dedicated to the Licensed Product, together
with the budget in connection therewith (the “Commercialization Plan”). Teijin will conduct all Commercialization
activities in accordance with such Commercialization Plan. Teijin will consult with and provide regular updates to Nativis through the
JSC regarding the Commercialization strategies and will discuss coordination of commercial activities in the Field in the Territory with
activities outside the Territory.

 

5.3
Reports. Teijin will present written reports to the JSC annually summarizing Teijin’s significant Commercialization activities
with respect to the Licensed Product in the Territory pursuant to this Agreement and including a forecast for the following year’s
sales, leases, and rentals of the Licensed Product in the Territory. Such reports will cover subject matter at a level of detail reasonably
sufficient to enable Nativis to determine Teijin’s compliance with its diligence obligations pursuant to this Article 5.

 

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5.4
Approval for Certain Marketing Activities. To the extent that any marketing or Medical Affairs Activities by Teijin for Commercialization
of the Licensed Product in the Territory relate to or require activities outside of the Territory, including without limitation, initiation
of investigator initiated studies, scientific publications, and the education of medical practitioners and caregivers outside the Territory,
the JSC will be responsible for coordinating and approving such marketing activities or proposed publications.

 

5.5
Marketing and Promotional Literature. Teijin will prepare all marketing and promotional literature related to Licensed Product for
use in the Territory in accordance with Applicable Laws. Nativis will be presented and described as the Party who developed and manufactured
the Licensed Product in a manner to be determined by the JSC on, by way of example, all labels, packaging, packaging inserts, and promotional
literature related to the Licensed Product, in each case to the extent permitted by Applicable Laws.

 

5.6
Labeling and Patent Rights Marking. Subject to, and in accordance with, Applicable Laws, Teijin will identify Nativis as the licensor
or manufacturer of the Licensed Product using the Nativis Trademarks designated by Nativis for such use in certain mutually agreed promotional
materials for the Licensed Products in the Territory where such identification is appropriate, in a manner approved in advance in writing
by both Parties, and in accordance with (and subject to) the Trademark License set forth in Section 2.1(b). To the extent permitted by
Applicable Law and customary in the industry for such products, Teijin will mark all Licensed Products sold in the Territory by Teijin,
its Affiliates, or Sublicensees with appropriate Nativis Trademarks and patent numbers. Teijin may, in its sole discretion, include any
Teijin Housemark on the Licensed Product, and on the labels, packaging, promotional materials, and other materials therefor, subject
to Applicable Law.

 

ARTICLE
6

SUPPLY

 

6.1
Supply and Purchase of the Licensed Product. Subject to the terms of this Agreement, during the Term, Nativis will Manufacture and
supply all of Teijin’s requirements of the Licensed Product exclusively to Teijin or its Affiliates (including their Sublicensees
and Distributors) for use in the Field for the Territory, and Teijin or its Affiliates will purchase exclusively from Nativis, all of
Teijin’s and its Affiliates’ and their Sublicensees’ and Distributors’ requirements of Licensed Product for (a)
Development use in the Field for the Territory in such quantities as Teijin or its Affiliates will order pursuant to and in accordance
with a separate clinical supply agreement to be entered into between TPM and Nativis (the “Clinical Supply Agreement”)
within ninety (90) days of the Effective Date, at the Transfer Price for such Licensed Product, and (b) Commercialization use in the
Field for the Territory in such quantities as Teijin will order pursuant to and in accordance with a separate commercial supply agreement
to be entered into between TPM and Nativis (the “Commercial Supply Agreement”) at the Transfer Price for such Licensed
Product. The Parties will negotiate in good faith to enter into the Commercial Supply Agreement on commercially reasonable terms, which
agreement will in any event include an expansion of the license to Manufacture Licensed Product in the Field and for use, sale, lease,
rental and import in the Territory to be exercisable in the event of customary supply failure provisions by Nativis and continuation
of such license in the event of bankruptcy as provided in Section 13.6 of this Agreement, within ninety (90) days following receipt of
Regulatory Approval for the Licensed Product for use in the Field in the U.S. Following the execution of such Commercial Supply Agreement,
the Parties will negotiate in good faith to enter into a quality agreement to be entered into between TPM and Nativis governing the Specifications
and other technical aspects of such commercial supply of the Licensed Product.

 

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CONFIDENTIAL

 

ARTICLE
7

FINANCIAL
TERMS

 

7.1
Upfront Payment. In consideration for the licenses and rights granted to Teijin hereunder, Teijin will pay to Nativis a non-refundable,
non-creditable payment in the amount of three million dollars (US$3,000,000) by wire transfer of immediately available funds into an
account designated by Nativis within ten (10) business days from an approval by tax authority in Japan after Teijin’s receipt of
the tax forms mentioned below.

 

7.2
Determination of Milestones Based on Reimbursed Pricing. At the time of first reimbursement fee determination by MHLW, as specified
in Section 4.9, the Parties will meet and agree upon the Japan Reimbursement Rate. At that same time, the applicable milestone payment
amounts (the “Adjustable Milestone Amount”) payable under Section 7.3 will be calculated as follows:

 

(a)
If Japan Reimbursement Rate is less than or equal to US$13,500, then Adjustable Milestone Amount = US$0; or

 

(b)
If Japan Reimbursement Rate is greater than US$13,500, then Adjustable Milestone Amount =

 

(i)
US$5,000,000 multiplied by

 

(ii)
(Japan Reimbursement Rate divided by US$57,500).

 

7.3
Milestone Payments. In further consideration for the licenses and rights granted to Teijin hereunder, Teijin will pay to Nativis
the following non-refundable, non-creditable milestone payments set forth in the table below (as determined in accordance with Section
7.2) within thirty (30) days of the first achievement of the corresponding milestone.

 

	Milestone
    Event	 	Milestone
    Payment (in US$)
	Upon
    receipt of MAA Approval for the Licensed Product in the U.S.	 	$1,000,000
	 	 	 
	Upon
    receipt of Reimbursement Approval for the Licensed Product for use in the Field in the Territory	 	Adjustable
    Milestone Amount
	 	 	 
	First
    achievement of aggregate Calendar Year Gross Sales of the Licensed Product in the Field in the	 	Adjustable
    Milestone Amount
	 	 	 
	Territory
    exceeding fifteen million dollars ($15,000,000)	 	 
	 	 	 
	First
    achievement of aggregate Calendar Year Gross Sales of the Licensed Product in the Field in the Territory exceeding thirty million
    dollars ($30,000,000)	 	Adjustable
    Milestone Amount

 

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CONFIDENTIAL

 

Any
milestone payment payable by Teijin pursuant to this Section 7.3 will be made no more than once with respect to the achievement of each
such milestone event.

 

7.4
Royalty Payments.

 

(a)
Royalty Rate. Subject to this Section 7.4 and the other terms and conditions of this Agreement, in further consideration for the
licenses and rights granted to Teijin under this Agreement, Teijin will pay to Nativis, on a Calendar Quarter basis, royalties on the
quarterly Gross Sales of the Licensed Product in the Territory multiplied by the applicable percentage royalty rate as follows:

 

	Reimbursement
    Approval for the Licensed Product in the Territory	 	Royalty
    Rate	 
	If Japan Reimbursement Rate is
    less than or equal to US$13,500	 	 	0	%
	 	 	 	 	 
	If Japan Reimbursement Rate is greater than
    US$13,500	 	 	10	%

 

(b)
Third Party Licenses. If, during the Term, Teijin determines that it is necessary to obtain a license from any Third Party to any
Patent(s) in order to research, Develop, import, use, sell, Manufacture, have sold, or offer for sale, lease, rental the Licensed Product
for use in the Field in the Territory, an amount equal to fifty percent (50%) of any license fees, royalties, milestone payments, and
other payments paid to such Third Party under such license will be deducted from royalties otherwise due to Nativis under this Agreement;
provided that in no event will such deduction reduce the royalties otherwise payable to Nativis under this Agreement by more than an
amount equal to fifty percent (50%) in any Calendar Quarter. For clarity, any of such payments remaining unpaid as not fully deducted
in a Calendar Quarter will be deducted in subsequent Calendar Quarters until they are deducted in full.

 

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CONFIDENTIAL

 

(c)
Royalty Term. Teijin’s obligation to make royalty payments pursuant to this Section 7.4 will commence upon Reimbursement Approval
by MHLW and continue until the tenth (10th) anniversary of the Reimbursement Approval by MHLW of such Licensed Product (the
“Initial Royalty Term”). Upon the ninth (9th) anniversary of the Reimbursement Approval by MHLW of the
Licensed Product, the Parties will commence negotiating in good faith whether to extend the term of Teijin’s license granted in
Section 2.1 beyond the Initial Royalty Term and the royalty rate for such extension (any extension of the term beyond the Initial Royalty
Term, the “Extended Royalty Term”; and the Initial Royalty Term and Extended Royalty Term together, the “Royalty
Term”). The Parties will each appoint managers from their respective business teams to negotiate in good faith the length of
the Extended Royalty Term and the royalty rate for such Extended Royalty Term for a period of up to three (3) months. If the business
managers are unable to reach an agreement by the end of the three (3)-month period, either Party may refer the matter to the Parties’
senior executives for resolution. If the senior executives are unable to resolve the matter within thirty (30) days of the matter being
referred to them, then the matter shall be resolved in accordance with Section 14.3.

 

7.5
Reimbursements of Joint and Independent Work Costs.

 

(a)
Joint Work Costs. No later than thirty (30) days after the beginning of each Calendar Quarter during which a Proposing Party will
perform and pay in the first instance for any Joint Development Work, such Proposing Party will submit to the Non-Proposing Party a statement
setting forth the Joint Work Costs incurred, including the Non-Proposing Party’s share (calculated in accordance with Section 4.6(b)(i))
of (i) estimated Joint Work Costs for the then current Calendar Quarter; (ii) variances from prior invoiced estimates and actual Joint
Work Costs; and (iii) Joint Work Costs incurred by or on account of such Proposing Party in the past Calendar Quarter not previously
invoiced. Such invoice will include a reasonably detailed report for such Joint Work Costs, including supporting documents. The Non-Proposing
Party will pay the amount invoiced within thirty (30) days after receipt of such invoice. To the extent that the Parties have agreed
to share the Joint Work Costs or the Non-Proposing Party performs and pays for any Joint Development Work, then the reconciliation and
invoicing of Joint Work Costs shall apply mutatis mutandis.

 

(b)
Independent Work Costs. Except as set forth in this Section 7.4(b), a Proposing Party will be solely responsible for all Independent
Work Costs associated with such Party’s Independent Development Work. If the Non-Proposing Party elects to reimburse the Proposing
Party for access and use of the Data generated by such Independent Development Work as provided in Section 4.6(b)(ii), the Non-Proposing
Party will provide the Proposing Party written notice thereof. Upon the Proposing Party’s receipt of such notice, the Proposing
Party will submit to the Non-Proposing Party a reasonably detailed invoice setting forth the Independent Work Costs incurred, including
the Non-Proposing Party’s share (calculated in accordance with Section 4.6(b)(ii)). Such invoice will include a reasonably detailed
report for such Independent Work Costs, including supporting documents. The Non-Proposing Party will pay the amount invoiced within thirty
(30) days after receipt of such invoice.

 

7.6
Obligations under Existing Third Party Agreements. Nativis will be solely responsible for any and all payments, fees, or other costs
payable under its agreements with Third Parties existing as of the Effective Date.

 

7.7
Taxes. All amounts payable to Nativis shall be paid without any reduction or offset for taxes. If any withholding taxes or stamp,
VAT, foreign exchange, or other transfer taxes apply to payments payable to Nativis, then Teijin shall pay such taxes directly and shall
increase the amounts payable to Nativis so that Nativis receives the full amount it would have received if no such taxes applied, provided
that Nativis shall submit Teijin applicable tax forms in advance of the invoice for the avoidance of double taxation, in accordance with
the Income Tax Convention between the United States and Japan.

 

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CONFIDENTIAL

 

ARTICLE
8

PAYMENTS,
BOOKS, AND RECORDS

 

8.1
Payment; Royalty Reports. Royalty payments due by Teijin to Nativis under Section 7.4 will be calculated and reported for each Calendar
Quarter. All royalty payments due under Section 7.4 will be paid within thirty (30) days after the end of each Calendar Quarter and will
be accompanied by a report setting forth the Gross Sales of the Licensed Product by Teijin and its Affiliates and Sublicensees in the
Territory in sufficient detail to permit confirmation of the accuracy of the royalty payment made, including, the number of Licensed
Products sold, the Gross Sales of Licensed Products, the royalties payable, the method used to calculate the royalties, the exchange
rates used, any adjustments to royalties in accordance with Section 7.4(b), and whether any commercial milestone under Section 7.3 has
been achieved. Promptly after the Effective Date, the Parties will agree on the form of royalty report. Teijin will submit a single report
for all Gross Sales, including units of Licensed Product sold, during a Calendar Quarter, including all Teijin’s, its Affiliates’
and Sublicensees’ Gross Sales but will separately identify the Gross Sales and other information applicable to each entity.

 

8.2
Payment Currency; Currency Conversion. All references to dollars and “$” herein will refer to U.S. dollars. All payments
hereunder will be payable in U.S. dollars. With respect to conversion of Gross Sales in Japanese yen to U.S. dollars, such conversion
will be at the exchange rate equal to the U.S. dollar conversion rate for the Japanese yen as published by The Wall Street Journal,
Western U.S. Edition, as published on the last business day of the Calendar Quarter in which the applicable Gross Sales were made. All
payments owed under this Agreement will be made by wire transfer in immediately available funds to a bank and account designated in writing
by Nativis, unless otherwise specified in writing by Nativis.

 

8.3
Taxes.

 

(a)
Taxes on Income. Except as otherwise provided in this Section 8.3, each Party will be solely responsible for the payment of all taxes
imposed on its share of income arising directly or indirectly from the activities of the Parties under this Agreement.

 

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(b)
Tax Cooperation. The Parties agree to cooperate with one another and use reasonable efforts to avoid or reduce tax withholding, transfer
taxes, or similar obligations with respect to milestone payments, royalty payments, and other payments made by Teijin to Nativis under
this Agreement. To the extent Teijin is required by Applicable Laws to deduct and withhold taxes on any payment to Nativis, Teijin will
pay the amounts of such taxes to the proper governmental authority in a timely manner and promptly transmit to Nativis an official tax
certificate or other evidence of such payment sufficient to enable Nativis to claim such payment of taxes. Nativis will provide Teijin
any tax forms that may be reasonably necessary in order for Teijin to not withhold tax or to withhold tax at a reduced rate under an
applicable bilateral income tax treaty, to the extent legally able to do so. Nativis will use reasonable efforts to provide any such
tax forms to Teijin in advance of the due date provided that Nativis may direct Teijin to temporarily hold a payment otherwise payable
in order to avoid withholding taxes if Nativis is waiting for a required tax form to be issued by a governmental authority. Teijin will
provide Nativis with reasonable assistance to enable the recovery, as permitted by Applicable Laws, of withholding taxes, transfer taxes,
or similar obligations resulting from payments made under this Agreement, such recovery to be for the benefit of Nativis. Each Party
agrees to assist the other Party in claiming exemption from such deductions or withholdings under double taxation or similar agreement
or treaty from time to time in force and in minimizing the amount required to be so withheld or deducted.

 

(c)
Taxes Resulting From a Party’s Action. Subject to Nativis submitting to Teijin applicable tax forms in advance of the invoice
for the avoidance of double taxation in accordance with the Income Tax Convention between the United States and Japan, Teijin represents
and warrants that, as of the Effective Date, (i) Teijin is not required by Applicable Law to deduct or withhold taxes on the upfront
payment, milestone payments, royalty payments, and other payments payable to Nativis under this Agreement and (ii) no transfer taxes
will be imposed on the foregoing payments under the laws of Japan. If a Party takes any action of its own discretion (i.e., not required
by a Regulatory Authority), including any assignment, sublicense, change of place of incorporation, or failure to comply with Applicable
Laws or filing or record retention requirements, which results in a withholding or deduction obligation or a transfer tax (“Withholding
Tax Action”), then such Party will pay the sum associated with such Withholding Tax Action. For clarity, if Teijin undertakes
a Withholding Tax Action, then the sum payable by Teijin (in respect of which such deduction or withholding is required to be made) will
be increased to the extent necessary to ensure that Nativis receives a sum equal to the sum which it would have received had no such
Withholding Tax Action occurred. Otherwise, the sum payable by Teijin (in respect of which such deduction or withholding is required
to be made) will be made to Nativis after deduction of the amount required to be so withheld or deducted. If a change in Applicable Laws
results in a withholding or deduction obligation absent either Party taking a Withholding Tax Action, then the amount of such withholding
or deduction obligation will be paid by Teijin to the applicable governmental authority on behalf of Nativis in accordance with the provisions
of Section 8.3(b). The Parties will use commercially reasonable efforts to invoke the application of any applicable bilateral income
tax treaty that would reduce or eliminate otherwise applicable taxes with respect to payments payable pursuant to this Agreement.

 

8.4
Records. Teijin will keep, and require its Affiliates and Sublicensees to keep, complete, true, and accurate books of accounts and
records for the purpose of determining the amounts payable to Nativis pursuant to this Agreement. Such books and records will be kept
for such period of time required by law, but no less than at least five (5) years following the end of the Calendar Quarter to which
they pertain. Such records will be subject to inspection in accordance with Section 8.5.

 

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8.5
Audits. Upon not less than ten (10) days’ prior written notice, Teijin will permit an independent, certified public accountant
selected by Nativis and reasonably acceptable to Teijin, which acceptance will not be unreasonably withheld or delayed (for the purposes
of this Section 8.5, the “Auditor”), to audit or inspect those books or records of Teijin, its Affiliates, and Sublicensees
that relate to Gross Sales, Royalty Reports, Joint Work Costs, and Independent Work Costs for the sole purpose of verifying (a) the royalties
payable hereunder in respect of Gross Sales, (b) the withholding taxes, if any, required by Applicable Law to be deducted as a payment
by Teijin in respect of such Gross Sales, (c) the exchange rates used in determining the amount of U.S. dollars, and (d) the Joint Work
Costs and Independent Work Costs payable hereunder. The Auditor will disclose to Nativis only the amount and accuracy of payments reported
and actually paid or otherwise payable under this Agreement. The Auditor will send a copy of the report to Teijin at the same time it
is sent to Nativis. Such inspections may be conducted during normal business hours no more than once each Calendar Year, and no more
than once with respect to any particular period of time. Nativis will bear the full cost of such audit unless such audit discloses an
underpayment of the amount actually owed of more than five percent (5%), in which case Teijin will bear the full out-of-pocket, external
cost of such audit. Within thirty (30) days from the auditor’s report, Teijin will submit to Nativis any underpayment discovered
in such audit, or Nativis will refund any amounts shown to have been overpaid, in each case as applicable.

 

8.6
Late Payment. Any amounts not paid when due under this Agreement will be subject to interest from and after the date payment is due
through and including the date upon which such Party makes such payment at the annual interest rate of one and a half (1.5) percent (1.5%)
compounded monthly; provided, however, that in no event will such rate exceed the maximum legal annual interest rate. The payment of
such interest will not limit the Party entitled to receive payment from exercising any other rights it may have as a consequence of the
lateness of any payment.

 

ARTICLE
9

INTELLECTUAL
PROPERTY

 

9.1
Ownership of Intellectual Property.

 

(a)
Nativis Technology and Teijin Technology. Nativis has and will retain all right, title, and interest in and to, the Nativis Technology.
Teijin has and will retain all right, title, and interest in and to, the Teijin Technology.

 

(b)
Ownership of Inventions. Ownership of all Inventions will be based on inventorship, as determined in accordance with the rules of
inventorship under U.S. patent laws. Each Party will solely own any Inventions made solely by its or its Affiliates’ employees,
agents, or independent contractors (“Sole Inventions”). The Parties will jointly own any Inventions that are made
jointly by employees, agents, or independent contractors of one Party or its Affiliates together with employees, agents, or independent
contractors of the other Party or its Affiliates (“Joint Inventions”). If a Teijin Sole Invention or a Joint Invention
covers or is related to the Controller (collectively, the “Controller Inventions”), such Controller Inventions will
be owned solely by Nativis and Teijin shall and hereby does assign to Nativis its right and interest in such Controller Inventions and
such assigned Controller Inventions shall be included in the Nativis Technology licensed to Teijin pursuant to Section 2.1(a). To the
extent a Party believes that any ownership or assignment of Controller Inventions pursuant to this Section 9.1(b) contravenes Applicable
Laws, the Parties shall in good faith discuss the basis for such belief with appropriate experts at the time such issue arises.

 

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9.2
Patent Prosecution and Maintenance.

 

(a)
Nativis Patents. Except as otherwise provided in this Section 9.2, Nativis will have the sole right and authority to prepare, file,
prosecute, and maintain the Nativis Patents on a worldwide basis. Nativis will bear all costs of preparation, filing, prosecution, and
maintenance of the Nativis Patents in the Territory. Nativis will provide Teijin reasonable opportunity to review and comment on such
efforts, including by providing Teijin with a copy of material communications from any patent authority in the Territory regarding such
Nativis Patents, and by providing drafts of any material filings or responses to be made to such patent authorities in advance of submitting
such filings or responses.

 

(b)
Nativis Abandonment. If Nativis determines in its sole discretion to abandon or not maintain any such Nativis Patent(s) in the Territory,
then Nativis will provide Teijin with written notice of such determination within a period of time reasonably necessary to allow Teijin
to determine its interest in such Nativis Patent(s). In the event Teijin provides written notice expressing its interest in obtaining
such Nativis Patent(s), Nativis will assign and transfer, without any compensation, to Teijin the ownership of, and interest in, such
Nativis Patent(s) in the Territory, at Teijin’s sole expense. Teijin will thereafter bear all costs of preparation, filing, prosecution,
and maintenance of such assigned and transferred Patents in the Territory. In the event that Teijin decides to abandon or not maintain
any such Patent(s), Teijin will promptly provide Nativis with written notice of such decision.

 

(c)
Teijin Patents. Except as otherwise provided in this Section 9.2, Teijin will have the sole right and authority, in its sole discretion,
to prepare, file, prosecute, and maintain the Teijin Patents on a worldwide basis at its own expense. Teijin will provide Nativis reasonable
opportunity to review and comment on such efforts regarding Teijin Patents claiming any Teijin Inventions outside the Territory, including
by providing Nativis with a copy of material communications from any patent authority regarding such Teijin Patents outside the Territory,
and by providing drafts of any material filings or responses to be made to such patent authorities in advance of submitting such filings
or responses.

 

(d)
Teijin Abandonment. If Teijin determines in its sole discretion to abandon or not maintain any such Patent within the Teijin Patents
anywhere in the world, then Teijin will provide Nativis with written notice of such determination within a period of time reasonably
necessary to allow Nativis to determine its interest in such Teijin Patent(s). In the event Nativis provides written notice expressing
its interest in obtaining such Teijin Patent(s), Teijin will assign and transfer, without any compensation, to Nativis the ownership
of, and interest in, such Teijin Patent(s) in the applicable jurisdiction at Nativis’ sole expense. Nativis will thereafter bear
all costs of preparation, filing, prosecution, and maintenance of such assigned and transferred Patent(s). For the avoidance of doubt,
such transferred Patent(s) will be a part of the Nativis Patents licensed hereunder to Teijin upon Teijin’s payment to Nativis
of the patent expenses incurred by Nativis in the Territory related thereto. In the event that Nativis decides to abandon or not maintain
any such transferred Patent(s), Nativis will promptly provide Teijin with written notice of such decision.

 

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CONFIDENTIAL

 

(e)
Joint Patents.

 

(i)
Initial Responsibility. Nativis will be responsible for the preparation, filing, prosecution, and maintenance of Joint Patents worldwide,
subject to the rest of this Section 9.2(e). Nativis will be responsible for preparing, filing, prosecuting, and maintaining all Joint
Patents, using a patent counsel selected by Nativis and reasonably acceptable to Teijin; provided that Teijin and Nativis will share
equally the cost and expenses of the preparation, filing, prosecution, and maintenance of Joint Patents, and Teijin will reimburse Nativis
for Teijin’s portion of such costs and expenses incurred by Nativis within thirty (30) days from the date of invoice for such costs
and expenses by Nativis.

 

(ii)
Cooperation. Nativis will consult with Teijin in preparing Joint Patent applications and will consider and adopt in good faith Teijin’s
comments and suggestions prior to the filing of any Joint Patent application. Nativis will keep Teijin fully informed of progress with
regard to the preparation, filing, prosecution, and maintenance of the Joint Patents in and outside the Territory. Nativis will:

 

(1)
provide Teijin with a copy of the final draft of any proposed application at least thirty (30) days prior to filing the same in any
patent office worldwide, unless otherwise agreed by patent counsel for both parties, and Nativis will consider in good faith any comments
or revisions suggested by Teijin or its counsel;

 

(2)
promptly provide Teijin with a copy of each patent application as filed, together with a notice of its filing date and serial number;

 

(3)
provide Teijin with a copy of any action, communication, letter, or other correspondence issued by the relevant patent office within
at least ten (10) days of receipt thereof, and Nativis will consult with Teijin regarding responding to the same and will consider in
good faith any comments, strategies, and the like proposed by Teijin;

 

(4)
provide Teijin with a copy of any response, amendment, paper, or other correspondence filed with the relevant patent office within
ten (10) days of Nativis’ receipt of the as-filed document;

 

(5)
promptly notify Teijin of the allowance, grant, or issuance of such Joint Patents; and

 

(6)
consult with Teijin regarding the countries to be filed and maintained, the payment of annuities, taxes and maintenance fees for
any such Joint Patents.

 

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(iii)
Joint Patent Abandonment. In the event that Nativis desires to abandon or cease prosecution and/or maintenance of any Joint Patent,
Nativis will provide reasonable prior written notice to Teijin of such intention to abandon (which notice will, to the extent possible,
be given no later than ninety (90) calendar days prior to the next deadline for any action that must be taken with respect to such Joint
Patent in the relevant patent office). In such case or if Nativis refuses to pay its share of costs related to any such Joint Patent,
at Teijin’s sole discretion, upon written notice from Teijin, Teijin may elect to continue prosecution and/or maintenance of any
such Joint Patent at its own expense, and Nativis will execute such documents and perform such acts, at Nativis’ expense, as may
be reasonably necessary to effect an assignment of Nativis’ entire right, title, and interest in and to such Joint Patent to Teijin.
Any such assignment will be completed in a timely manner to allow Teijin to continue prosecution and/or maintenance of any such Joint
Patent. Any Patents so assigned will no longer be considered Joint Patents and will become Teijin Patents.

 

(iv)
Teijin Declines Responsibility. If Teijin refuses to pay its share of costs related to any Joint Patent, upon written notice from
Nativis, Teijin will assign its entire right, title, and interest in and to any such Joint Patent to Nativis. Any Patents so assigned
will no longer be considered Joint Patents and will become Nativis Patents.

 

9.3
Infringement by Third Parties.

 

(a)
Notice. In the event that either Nativis or Teijin becomes aware of any infringement or threatened infringement by a Third Party
of any Patents that are subject to the prosecution, maintenance, or enforcement by a Party under this Agreement, it will notify the other
Party in writing to that effect. Any such notice will include evidence to support an allegation of infringement or threatened infringement
by such Third Party.

 

(b)
Nativis Patents. Subject to this Section 9.3(b), Nativis has the first right, as between Nativis and Teijin, to bring and control
any action or proceeding with respect to infringement of any Nativis Patent worldwide, at its own expense and by counsel of its own choice.
Teijin has the right, at its own expense, to be represented in any such action by counsel of its own choice, and Nativis and its counsel
will reasonably cooperate with Teijin and its counsel in strategizing, preparing, and presenting any such action or proceeding. If Nativis
fails to bring an action or proceeding with respect to infringement of any Nativis Patent described in the preceding sentence within
(i) one hundred twenty (120) days following the notice of alleged infringement or (ii) ten (10) days before the time limit, if any, set
forth in the appropriate laws and regulations for the filing of such actions, whichever comes first, Teijin has the right, but not the
obligation, to bring and control any such action at its own expense and by counsel of its own choice. Upon Teijin’s request, Nativis
will timely join any such litigation and cooperate with Teijin in connection with such infringement action. Except as otherwise agreed
to by the Parties as part of a cost-sharing arrangement, any recovery or damages realized as a result of such action or proceeding will
be used first to reimburse the Parties’ documented out-of-pocket legal expenses relating to the action or proceeding, and any remaining
damages relating to the Licensed Product (including without limitation, lost sales, leases, rentals or lost profits with respect to the
Licensed Product) will be retained by the Party bringing suit, and if such Party is Teijin, such remaining damages will be deemed Gross
Sales subject to the royalty provisions of Section 7.4.

 

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(c)
Teijin Patents. Subject to this Section 9.3(c), Teijin has the first right (but not the obligation), as between Nativis and Teijin,
to bring and control any action or proceeding with respect to infringement of any Teijin Patent worldwide, at its own expense and by
counsel of its own choice and the right to retain all damages resulting from its enforcement action.

 

(d)
Joint Patents. Any action or proceeding with respect to infringement of any Joint Patent worldwide may only be brought by both Parties,
with the costs to be shared equally between the Parties. Except as otherwise agreed to by the Parties as part of a cost-sharing arrangement,
any recovery or damages from an action or proceeding relating to Joint Patents will be used first to reimburse the Parties’ documented
out-of-pocket legal expenses relating to the action or proceeding, and any remaining damages will be shared equally between the Parties.

 

(e)
Cooperation. In the event a Party brings an infringement action in accordance with this Section 9.3, the other Party will cooperate
fully, including, if required to bring such action, the furnishing of a power of attorney or being named as a party to such action.

 

9.4
Infringement of Third Party Rights. Each Party will promptly notify the other in writing of any allegation by a Third Party that
the activity of either of the Parties pursuant to this Agreement infringes or may infringe the intellectual property rights of such Third
Party. Nativis has the sole right to control any defense of any such claim involving alleged infringement of Third Party rights by Nativis’
activities at its own expense and by counsel of its own choice, and Teijin has the right, at its own expense, to be represented in any
such action by counsel of its own choice. Teijin has the sole right to control any defense of any such claim involving alleged infringement
of Third Party rights by Teijin’s activities at its own expense and by counsel of its own choice, and Nativis has the right, at
its own expense, to be represented in any such action by counsel of its own choice.

 

9.5
Consent for Settlement. Neither Party will enter into any settlement or compromise of any action or proceeding under this Article
9 which would materially alter, diminish, or be in derogation of the other Party’s rights under this Agreement without the prior
written consent of such other Party, which consent will not be unreasonably withheld.

 

9.6
Patent Term Extensions. The Parties will discuss and recommend for which, if any, of the Patents within the Nativis Patents and Teijin
Patents the Parties should seek Patent Term Extensions in the Territory. Nativis, in the case of the Nativis Patents, and Teijin in the
case of the Teijin Patents, has the final decision-making authority with respect to applying for any such Patent Term Extensions in the
Territory; provided, however, that if in a particular country or jurisdiction in the Territory only one such Patent may obtain a Patent
Term Extension, then the Parties will consult in good faith to determine which such Patent should be the subject of efforts to obtain
a Patent Term Extension, and in any event Nativis’ decision on such matter will control in the case of a disagreement. The Party
that does not apply for an extension hereunder will cooperate fully with the other Party in making such filings or actions, for example
and without limitation, making available all required regulatory data and information and executing any required authorizations to apply
for such Patent Term Extension. All expenses incurred in connection with activities of each Party with respect to the Patent(s) for which
such Party seeks Patent Term Extensions pursuant to this Section 9.6 will be entirely borne by such Party.

 

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CONFIDENTIAL

 

9.7
Patent Marking. Teijin (or its Affiliate, Sublicensee, or Distributor) will mark Licensed Products marketed and sold by Teijin (or
its Affiliate, Sublicensee, or Distributor) hereunder with appropriate patent numbers or indicia designed by Nativis to the extent such
markings or such notices would impact recoveries of damages or equitable remedies available under Applicable Law with respect to infringements
of patents in the Territory.

 

9.8
Trademarks. Teijin will use the Nativis Trademarks selected by Nativis to Commercialize the Licensed Product in the Territory. Where
Teijin reasonably believes the Nativis Trademark is not appropriate for commercial use, or if such Nativis Trademark is not approved
for use in the Territory by the applicable Regulatory Authority, the Parties will agree on an alternative product trademark for such
country and such alternative product trademark will be deemed a Nativis Trademark. In addition, unless prohibited by Applicable Laws,
Teijin will include Nativis’ corporate trademark on the packaging and product information of the Licensed Products sold in the
Territory to indicate that the Licensed Product is licensed from Nativis. All use of the Nativis Trademarks and Nativis corporate trademark
will comply with Applicable Laws and regulations and will be subject to Nativis’ review and approval. For clarity, Teijin will
also include its (or its Affiliate’s or Sublicensee’s) corporate logo in the Licensed Product sold in the Territory.

 

ARTICLE
10

CONFIDENTIALITY

 

10.1
Nondisclosure. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing by the Parties, during
the Term and for seven (7) years thereafter, the receiving Party (the “Receiving Party”) will keep confidential and
will not publish or otherwise disclose and will not use for any purpose other than as expressly provided for in this Agreement any Confidential
Information of the other Party (the “Disclosing Party”), and both Parties will keep confidential and, subject to Sections
10.2, 10.3, and 10.4, will not publish or otherwise disclose the terms of this Agreement. Notwithstanding the foregoing, the Receiving
Party’s obligation of confidentiality and restriction on use with respect to the Disclosing Party’s Confidential Information
which derives economic value from not being generally known to public and is identified in writing by the Disclosing Party as trade secrets
will continue perpetually for so long as such Confidential Information is unpublished by the Disclosing Party and no provision of Section
10.2(b), (c), or (d) applies to such Confidential Information. Each Party may use the other Party’s Confidential Information solely
to the extent required to accomplish the purposes of this Agreement, including exercising such Party’s rights or performing its
obligations under this Agreement. Each Party will use at least the same standard of care as it uses to protect proprietary or confidential
information of its own (but no less than reasonable care) to ensure that its employees, agents, consultants, contractors, and other representatives
do not disclose or make any unauthorized use of the Confidential Information of the other Party. Each Party will promptly notify the
other Party upon discovery of any unauthorized use or disclosure of the Confidential Information of the other Party.

 

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CONFIDENTIAL

 

10.2
Authorized Disclosure. The Receiving Party may disclose Confidential Information belonging to the Disclosing Party only to the extent
such disclosure is reasonably necessary in the following instances:

 

(a)
filing or prosecuting Patents as permitted by this Agreement;

 

(b)
filing Regulatory Filings in order to obtain or maintain Regulatory Approvals;

 

(c)
prosecuting or defending litigation, including responding to a subpoena in a Third Party litigation;

 

(d)
complying with Applicable Laws or regulations (including regulations promulgated by securities exchanges) or court or administrative
orders;

 

(e)
to its Affiliates, Sublicensees or prospective Sublicensees, Third Party Partners, subcontractors or prospective subcontractors,
payors, consultants, agents, and advisors on a “need-to-know” basis in order for the Receiving Party to exercise its rights
or fulfill its obligations under this Agreement, each of whom prior to disclosure must be bound by obligations of confidentiality and
restrictions on use of such Confidential Information that are no less restrictive than those set forth in this Article 10; provided,
however, that, in each of the above situations, the Receiving Party will remain responsible for any failure by any Third Party who receives
Confidential Information pursuant to this Section 10.2 to treat such Confidential Information as required under this Article 10; or

 

(f)
to bona fide potential and actual investors, acquirors, merger partners, licensees, and other financial or commercial partners solely
for the purpose of evaluating or carrying out an actual or potential investment, acquisition, or collaboration, in each case under written
obligations of confidentiality and non-use at least as stringent as those herein.

 

(g)
Notwithstanding the foregoing, in the event a Party is required to make a disclosure of the other Party’s Confidential Information
pursuant to Sections 10.2(b), (c), or (d), it will, except where impracticable, give at least thirty (30) days’ advance notice
to the other Party of such disclosure, reasonably consider the comments of the other Party with respect to limiting such disclosure,
and use efforts to secure confidential treatment of such Confidential Information at least as diligent as such Party would use to protect
its own confidential information, but in no event less than reasonable efforts. In any event, the Parties agree to take all reasonable
action to avoid disclosure of Confidential Information hereunder. Any information disclosed pursuant to Sections 10.2(b), (c), or (d)
will remain the Confidential Information of the Disclosing Party and subject to the restrictions set forth in this Agreement, including
the foregoing provisions of this Article 10.

 

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CONFIDENTIAL

 

10.3
Public Announcements. The Parties agree to issue a joint press release substantially in a form agreed by the Parties and attached
to this Agreement as Exhibit 10.3 announcing the signature of this Agreement at or shortly after the Effective Date, but
in any event within the time-period as required by relevant securities laws. It is understood that each Party may desire or be required
to issue subsequent press releases relating to this Agreement or activities hereunder. The Parties agree to consult with each other reasonably
and in good faith with respect to the text and timing of any such press release prior to the issuance thereof, to the extent practicable,
provided that a Party may not unreasonably withhold, condition, or delay consent to such releases by more than five (5) Business Days,
and that either Party may issue such press releases or make such disclosures to the SEC or other applicable agency as it determines,
based on advice of counsel, as reasonably necessary to comply with Applicable Laws or for appropriate market disclosure. Each Party will
provide the other Party with advance notice of legally required disclosures to the extent practicable. The Parties will consult with
each other on the provisions of this Agreement to be redacted in any filings made by a Party with the SEC or as otherwise required by
Applicable Laws; provided that each Party will have the right to make any such filing as it reasonably determines necessary under Applicable
Laws. In addition, following the initial joint press release announcing this Agreement, either Party will be free to disclose, without
the other Party’s prior written consent, the existence of this Agreement, the identity of the other Party, and those terms of the
Agreement which have already been publicly disclosed in accordance herewith.

 

10.4
Publications. Prior to public disclosure or submission for publication of a proposed publication describing the results of any scientific
or clinical activity relating to the Licensed Product in the Field in the Territory, the Party disclosing or submitting such proposed
publication (the “Publishing Party”) will send the other party (the “Reviewing Party”) a copy of
the proposed publication to be submitted and will allow the Reviewing Party a reasonable time period (but no less than thirty (30) days
from the date of confirmed receipt) in which to determine whether the proposed publication contains subject matter for which patent protection
should be sought (prior to publication of such proposed publication) for the purpose of protecting an Invention, or whether the proposed
publication contains the Confidential Information of the Reviewing Party. If the Reviewing Party believes that the subject matter of
the proposed publication or other disclosure contains Confidential Information or a patentable invention of the Reviewing Party, then
prior to the expiration of the applicable time period for review, the Reviewing Party will notify the Publishing Party in writing of
its determination that such proposed publication or other disclosure, as applicable, contains such information or subject matter for
which patent protection should be sought. Upon receipt of such written notice from the Reviewing Party, the Publishing Party will delay
public disclosure of such information or submission of the proposed publication for an additional period of sixty (60) days (or such
other time period mutually agreed by the Parties in writing) to permit preparation and filing of a patent application on the disclosed
subject matter. The Publishing Party will thereafter be free to publish or disclose such information, except that the Publishing Party
may not disclose any Confidential Information of the Reviewing Party in violation of Section 10.1.

 

ARTICLE
11

REPRESENTATIONS,
WARRANTIES AND COVENANTS

 

11.1
Mutual Representations and Warranties. Each Party represents and warrants to the other that, as of the Effective Date: (a) it is
duly incorporated and validly existing under the laws of its jurisdiction of incorporation or formation, and has full corporate or other
power and authority to enter into this Agreement and to carry out the provisions hereof, (b) it is duly authorized to execute and deliver
this Agreement and to perform its obligations hereunder, and the person or persons executing this Agreement on its behalf has been duly
authorized to do so by all requisite corporate or partnership action, (c) this Agreement is legally binding upon it, enforceable in accordance
with its terms, and does not conflict with any agreement, instrument, or understanding, oral or written, to which it is a Party or by
which it may be bound, nor violate any material law or regulation of any court, governmental body, or administrative or other agency
having jurisdiction over it, and (d) it has the right to grant the licenses granted by it under this Agreement.

 

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CONFIDENTIAL

 

11.2
Debarment. Each Party represents, warrants, and covenants to the other Party that it is not debarred or disqualified under the U.S.
Federal Food, Drug and Cosmetic Act, as may be amended, or comparable laws in any country or jurisdiction other than the U.S., and it
does not, and will not during the Term, employ or use the services of any person who is debarred or disqualified, in connection with
activities relating to any Licensed Product. In the event that either Party becomes aware of the debarment or disqualification or threatened
debarment or disqualification of any person providing services to such Party, including the Party itself or its Affiliates or Sublicensees,
that directly or indirectly relate to activities contemplated by this Agreement, such Party will immediately notify the other Party in
writing and such Party will cease employing, contracting with, or retaining any such person to perform any such services.

 

11.3
Additional Teijin Covenants. Teijin covenants as follows:

 

(a)
Teijin will comply in all material respects with all Applicable Laws related to its Commercialization of the Licensed Products.

 

(b)
Teijin will Commercialize the Licensed Products solely within the Territory for use in the Field pursuant to the authority, rights,
and licenses granted to Teijin under this Agreement. During the Term Teijin will not (i) Commercialize any Licensed Product outside of
the Territory, (ii) provide any Licensed Product to any Third Party or Affiliate if Teijin has actual knowledge or reasonably believes
that such Third Party or Affiliate, either directly or indirectly, is selling, or intends to sell such Licensed Product outside the Territory
and (iii) expressly provide in each agreement with its Distributor that such Distributor will be subject to immediate termination in
the event of a breach of the covenants in this Section 11.3(b) and (iv) immediately terminate any Distributor for a breach of the requirements
of Section 11.3(b)(iii).

 

11.4
Additional Nativis Representations, Warranties, and Covenants. Nativis represents and warrants to Teijin that as of the Effective
Date:

 

(a)
Nativis Patent; Nativis Technology. Except as set forth on Schedule 11.4, Nativis owns, or has an exclusive license to, the Nativis
Patents listed on Exhibit 1.51, and Exhibit

1.51
is a complete list of all patents and patent applications owned or Controlled by Nativis as of the Effective Date which claim or
cover the Licensed Product, or any component thereof, or the use thereof in the Territory.

 

(b)
Title; Encumbrances. Nativis has sufficient legal and/or beneficial title, ownership, or license, free and clear from any mortgages,
pledges, liens, security interests, conditional and installment sale, lease, rental agreements, encumbrances, charges or claims of any
kind, of the Nativis Technology to grant the licenses to Teijin as purported to be granted pursuant to this Agreement.

 

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CONFIDENTIAL

 

(c)
No Conflict. Nativis has not granted any assignment, license, covenant not to sue, or other similar interest or benefit, exclusive
or otherwise, to any Third Party relating to any patent, know-how, or other proprietary right that conflicts with or limits the rights
granted to Teijin hereunder or which falls within the scope of the licenses granted in Section 2.1.

 

(d)
Non-Infringement of Third Party’s IP Rights. To Nativis’ Knowledge, the import, sale, lease, rental, or use of the Licensed
Product in the Territory does not infringe any intellectual property rights of any Third Party existing as of the Effective Date.

 

(e)
Non-Infringement of Nativis Technology by Third Parties. To Nativis’ Knowledge, Nativis is not aware of any activities by Third
Parties that constitute infringement or misappropriation of the Nativis Technology within the Territory.

 

(f)
No Claims of Third Party Rights. Nativis has not received any written notice, claim, or demand from any person or entity asserting
that the research, development, use, or sale, lease, rental of the Licensed Product infringes a patent of a Third Party in the Territory.

 

(g)
No Action or Claim. To Nativis’ Knowledge, there are no actual, pending, alleged, or threatened adverse actions, suits, claims,
interferences, or formal governmental investigations involving the Licensed Product by or against Nativis, any of its Affiliates, distributors,
licensees, or contractors in or before any court, governmental entity, or Regulatory Authority.

 

(h)
Compliance. To Nativis’ Knowledge, Nativis, its Affiliates, distributors, licensees, and contractors have performed in all
material respects development work, including manufacturing, supply, packaging, and distribution of clinical supplies, in compliance
with all Applicable Laws; and there is no actual, pending, alleged, or threatened adverse action of any Regulatory Authority with respect
to the Licensed Product.

 

(i)
Disclaimer. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, OR ANY OTHER AGREEMENT CONTEMPLATED HEREUNDER, NEITHER PARTY MAKES ANY
REPRESENTATIONS OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, AND EACH PARTY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES
OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE OR USE, NON-INFRINGEMENT, VALIDITY AND ENFORCEABILITY OF PATENTS, OR THE PROSPECTS
OR LIKELIHOOD OF DEVELOPMENT OR COMMERCIAL SUCCESS OF THE PRODUCT.

 

ARTICLE
12

INDEMNIFICATION

 

12.1
Indemnification of Nativis. Teijin will indemnify, defend and hold harmless each of Nativis and its Affiliates and their respective
directors, shareholders, officers, and employees (collectively, the “Nativis Indemnitees”) from and against any and
all losses, liabilities, damages, penalties, fines, costs, and expenses (including reasonable attorneys’ fees and other expenses
of litigation) (“Losses”) from any Third Party claims, actions, suits, or proceedings (each, a “Claim”)
incurred by any Nativis Indemnitee, arising from, or occurring as a result of (a) the negligence or willful misconduct of Teijin, its
Affiliates, Sublicensees, Distributors or other subcontractors; (b) the research, Development, and regulatory activities relating to
the Licensed Product conducted by Teijin, its Affiliates, or Sublicensees, and (c) any breach of any representations, warranties, or
covenants by Teijin under this Agreement; except in each case to the extent such Claim falls within the scope of Nativis’ indemnification
obligations set forth in Section 12.2.

 

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CONFIDENTIAL

 

12.2
Indemnification of Teijin. Nativis will indemnify, defend and hold harmless each of Teijin and its Affiliates and their respective
directors, officers, employees, and agents (collectively, the “Teijin Indemnitees”), from and against any and all
Losses from any Third Party Claims incurred by any Teijin Indemnitee, arising from, or occurring as a result of (a) the negligence or
willful misconduct of Nativis or its Affiliates; and (b) any breach of any representations, warranties, or covenants by Nativis under
this Agreement; except in each case to the extent such Claim falls within the scope of the indemnification obligations of Teijin set
forth in Section 12.1.

 

12.3
Procedure. Each Party’s agreement to indemnify, defend, and hold harmless the other Party is conditioned on the indemnified
Party: (a) providing written notice to the indemnifying Party of any Claim for which it is seeking indemnification hereunder promptly
after the indemnified Party has knowledge of such Claim; (b) permitting the indemnifying Party to assume full responsibility to investigate,
prepare for, and defend against any such Claim, except that the indemnified Party may cooperate in the defense at its own expense using
its own counsel; (c) assisting the indemnifying Party, at the indemnifying Party’s reasonable expense, in the investigation of,
preparation for, and defense of any such Claim; and (d) not compromising or settling such Claim without the indemnifying Party’s
written consent. The indemnifying Party will not settle any Claim without the prior written consent of the indemnified Party, not to
be unreasonably withheld, unless the settlement involves only the payment of money. If the indemnifying Party does not assume and conduct
the defense of the Claim as provided above, (y) the indemnified Party may defend against and consent to the entry of any judgment or
enter into any settlement with respect to the Claim in any manner the indemnified Party may deem reasonably appropriate (and the indemnified
Party need not consult with, or obtain any consent from, the indemnifying Party in connection therewith), and (z) the indemnifying Party
will remain responsible to indemnify the indemnified Party as provided in this Article 12. The failure to promptly notify the indemnifying
Party after the commencement of any action with respect to a Claim will only relieve the indemnifying Party of its obligations under
this Article 12 if and to the extent the indemnifying Party is actually prejudiced thereby.

 

12.4
Insurance. Each Party will procure and maintain insurance, including product liability insurance, adequate to cover its obligations
hereunder and which are consistent with normal business practices of prudent companies similarly situated at all times during which any
Licensed Product is being clinically tested in human subjects or commercially distributed or sold by such Party. It is understood that
such insurance will not be construed to create a limit of either Party’s liability with respect to its indemnification obligations
under this Article 12. Each Party will provide the other Party with written evidence of such insurance upon request. Each Party will
provide the other Party with written notice at least thirty (30) days prior to the cancellation, non-renewal, or material change in such
insurance or self-insurance which materially adversely affects the rights of the other Party hereunder.

 

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12.5
Limitation of Liability. NEITHER PARTY WILL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, EXEMPLARY, PUNITIVE,
OR INDIRECT DAMAGES ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES.
NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 12.5 IS INTENDED TO OR WILL LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS
OF ANY PARTY UNDER SECTION 12.1 OR SECTION 12.2, OR DAMAGES AVAILABLE FOR A PARTY’S BREACH OF CONFIDENTIALITY OBLIGATIONS IN ARTICLE
10.

 

ARTICLE
13

Term
and Termination

 

13.1
Term. This Agreement will commence on the Effective Date, and unless terminated earlier as provided in this Article 13, will continue
in full force and effect until the end of the Royalty Term (the “Term”). The Clinical Supply Agreement and Commercial
Supply Agreement, as applicable, will terminate upon any termination or expiration of this Agreement.

 

13.2
Early Termination.

 

(a)
Mutual Agreement. The Parties may terminate this Agreement at any time by mutual written agreement of the Parties.

 

(b)
By Teijin for Convenience. Teijin shall have the right to terminate this Agreement in its entirety, for any or no reason, upon one
hundred eighty (180) days written notice to Nativis, provided that Teijin shall not have the right to exercise such right to terminate
prior to Nativis’ receipt of the first FDA response specifying the potential approvability of the Licensed Product in the U.S.
(including but not limited to an approval order, an approvable letter, a not approvable order and an order denying approval).

 

(c)
Material Breach. Nativis will have the right to terminate this Agreement upon written notice to Teijin if Teijin, after receiving
written notice from Nativis identifying a material breach by Teijin, fails to cure such breach within sixty (60) days from the date of
such notice (or within thirty (30) days’ notice for any payment breach). Teijin will have the right to terminate this Agreement
upon written notice to Nativis if Nativis, after receiving written notice identifying a material breach by Nativis of its obligations
under this Agreement, fails to cure such breach within sixty (60) days from the date of such notice.

 

(d)
Bankruptcy. Each Party will have the right to terminate this Agreement immediately in its entirety upon written notice to the other
Party if such other Party makes a general assignment for the benefit of creditors, files an insolvency petition in bankruptcy, petitions
for or acquiesces in the appointment of any receiver, trustee, or similar officer to liquidate or conserve its business or any substantial
part of its assets, commences under the laws of any jurisdiction (the “Bankruptcy Laws”) any proceeding involving
its insolvency, bankruptcy, reorganization, adjustment of debt, dissolution, liquidation or any other similar proceeding for the release
of financially distressed debtors or becomes a party to any proceeding or action under the Bankruptcy Laws and such proceeding is not
dismissed within sixty (60) days after the commencement thereof.

 

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CONFIDENTIAL

 

(e)
Termination for Safety Reasons. Teijin may terminate this Agreement in its entirety at any time during the Term immediately upon
providing written notice to Nativis if any Regulatory Authority in the Territory requests that Teijin withdraw the Licensed Product from
the market due to safety concerns.

 

13.3
Effects of Termination by Teijin for Safety Reasons. In the event this Agreement is terminated by Teijin pursuant to Section 13.2(e):

 

(a)
Winding-Down of Development Activities. In the event there are any on- going clinical trials of the applicable Licensed Product(s)
in the Field in the Territory,

 

(i)
The Parties will negotiate in good faith and adopt a plan to wind- down the Development activities in an orderly fashion, with due
regard for patient safety and the rights of any subjects that are participants in any clinical trials of the Licensed Products and take
any actions it deems reasonably necessary or appropriate to avoid any human health or safety problems and in compliance with all Applicable
Laws;

 

(ii)
Each Party will perform its outstanding non-cancellable obligations under this Agreement that existed or accrued prior to the notice
date of termination; and

 

(iii)
All costs and expenses incurred in winding-down the Development activities with respect to the applicable Licensed Product(s) will
be borne by Teijin; provided, however, that in no case will Teijin be obligated to pursue or support such activities for a period exceeding
twelve (12) months after the date of notice of such termination.

 

(b)
Teijin Regulatory Filings (including Marketing Approvals). Upon Nativis’ request and to the extent permitted by Applicable
Laws, Teijin will transfer to Nativis or its designee any and all Regulatory Filings (including Marketing Approvals) that are owned by
Teijin for the Licensed Products.

 

(c)
License Grant by Teijin to Nativis. Teijin hereby grants Nativis, effective upon the effective date of such termination, a fully
paid, royalty free, perpetual, irrevocable, exclusive license, with the right to grant Sublicensees (through multiple tiers), under any
and all Patents and Know-How Controlled by Teijin or its Affiliates and incorporated into the Licensed Product at the time of such termination
for Nativis to develop, make, have made, use, sell, offer for sale, lease, rental, and import Licensed Products in the Territory.

 

(d)
Clinical Supply. Teijin has the right to cancel its order of the applicable Licensed Product under the Clinical Supply Agreement
or Commercial Supply Agreement, as applicable, and Nativis may purchase back from Teijin any remaining supply of the Licensed Product
at the same purchase price paid by Teijin.

 

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CONFIDENTIAL

 

13.4
Effects of Termination for Cause by Nativis or Termination by Teijin Voluntarily. Upon the early termination of this Agreement by
Teijin under Section 13.2(b) or termination by Nativis under Section 13.2(c) or 13.2(d), the following will apply:

 

(a)
Winding Down of Development Activities. In the event there are any on- going clinical trials of the applicable Licensed Product in
the Field in the Territory,

 

(i)
The Parties will work together in good faith to adopt, and Nativis has the final decisional power with respect to, a plan to wind
down the Development activities in an orderly fashion, with due regard for patient safety and the rights of any subjects that are participants
in any clinical trials of the Licensed Products and take any actions it deems reasonably necessary or appropriate to avoid any human
health or safety problems and in compliance with all Applicable Laws;

 

(ii)
Each Party will perform its outstanding non-cancellable obligations under this Agreement that existed or accrued prior to the notice
date of termination; and

 

(iii)
All costs and expenses incurred from the effective date of the termination notice in winding down the Development activities with
respect to the applicable Licensed Product will be borne solely by Teijin; provided, however, that in no case will Teijin be obligated
to pursue or support such activities for a period exceeding twelve (12) months after the date of notice of such termination.

 

(b)
Inventory. Teijin, its Affiliates, Distributors, and Sublicensees will continue, to the extent that Teijin, its Affiliates, Distributors,
and Sublicensees continue to have stocks of usable Licensed Product, to fulfill orders received from customers for the Licensed Product
in the Field in the Territory for up to six (6) months after the effective date of termination. Teijin will pay royalties to Nativis
in accordance with Section 7.4 on the amount of Gross Sales of Licensed Product sold by Teijin, its Affiliates, Distributors, or Sublicensees
after notice of termination and after the effective date of termination.

 

(c)
Assignment of Regulatory Filings (including Marketing Approvals). At Nativis’ option, which will be exercised by written notice
to Teijin, to the extent permitted under Applicable Laws, Teijin will assign or cause to be assigned to Nativis or its designee (or to
the extent not assignable, Teijin will take all reasonable actions to make available to Nativis or its designee the benefits of) all
Regulatory Filings (including INDs, NDAs, and Marketing Approvals) for the Licensed Product in the Territory, including all such Regulatory
Filings made or owned by its Affiliates or Sublicensees. Nativis will notify Teijin before the effective date of termination whether
the Regulatory Filings should be assigned to Nativis or its designee, and if the latter, identify the designee, and provide Teijin with
all necessary details to enable Teijin to effect the assignment (or availability). If Nativis fails to provide such notification prior
to the effective date of termination, Teijin has no obligation to assign the Regulatory Filings to Nativis.

 

(d)
License Grant by Teijin to Nativis. Teijin hereby grants Nativis, effective upon the effective date of such termination, a fully
paid, royalty free, perpetual, irrevocable, exclusive license, with the right to grant sublicensees (through multiple tiers), under any
and all Patents and Know-How Controlled by Teijin or its Affiliates and incorporated into the Licensed Product at the time of such termination
for Nativis to make, have made, use, sell, offer for sale, lease, rental and import Licensed Products in the Territory.

 

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CONFIDENTIAL

 

(e)
Supply. The Clinical Supply Agreement and, if applicable, Commercial Supply Agreement, will terminate upon the effective date of
the termination of this Agreement.

 

(f)
Transition. Teijin will use Commercially Reasonable Efforts to cooperate with Nativis and/or its designee to effect a smooth and
orderly transition in the Development, sale, lease, rental and marketing, promotion, and Commercialization of the Licensed Product in
the Territory during the notice and the wind-down periods.

 

13.5
Effects of Termination for Cause by Teijin. Upon termination of this Agreement by Teijin under Section 13.2(c) or 13.2(d) the following
will apply (in addition to any other rights and obligations under this Agreement with respect to such termination):

 

(a)
Winding Down of Development Activities. In the event there are any on- going clinical trials of the applicable Licensed Product(s)
in the Field in the Territory,

 

(i)
The Parties will work together in good faith to adopt, and Teijin will have the final decisional making authority with respect to,
a plan to wind down the Development activities in an orderly fashion, with due regard for patient safety and the rights of any subjects
that are participants in any clinical trials of the Licensed Products and take any actions it deems reasonably necessary or appropriate
to avoid any human health or safety problems and in compliance with all Applicable Laws;

 

(ii)
Each Party will perform its outstanding non-cancellable obligations under this Agreement that existed or accrued prior to the notice
date of termination; and

 

(iii)
All costs and expenses incurred from the effective date of the termination notice in winding down the Development activities with
respect to the applicable Licensed Product will be borne solely by Nativis; provided, however, that in no case will Nativis be obligated
to pursue or support such activities for a period exceeding twelve (12) months after the date of notice of such termination.

 

(b)
License under Nativis Technology. All licenses granted by Nativis to Teijin pursuant to Section 2.1 will terminate; provided, however,
that Teijin may elect to have all or any portion of the licenses granted to Teijin pursuant to Section 2.1 (and pursuant to the Clinical
Supply Agreement or Commercial Supply Agreement, if applicable) continue, in which case Teijin’s obligations to Nativis under Article
7 of this Agreement and Nativis’ rights under Article 7 will continue; provided that in such event Teijin may offset the amount
of Teijin’s Losses resulting from Nativis’ breach of this Agreement against any amounts owed to Nativis pursuant to Article
7 of this Agreement.

 

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CONFIDENTIAL

 

13.6
Rights Upon Bankruptcy. All rights and licenses granted under or pursuant to this Agreement by Nativis (and pursuant to the Clinical
Supply Agreement or Commercial Supply Agreement, if applicable) are, and will otherwise be deemed to be, for purposes of Section 365(n)
of the U.S. Bankruptcy Code (the “Bankruptcy Laws”), licenses of right to “intellectual property” as defined
under Section 101 of the Bankruptcy Laws. The Parties agree that Teijin, as licensee of such rights under this Agreement, will retain
and may fully exercise all of its rights and elections under the Bankruptcy Laws. The Parties further agree that, in the event of the
commencement of a bankruptcy proceeding by or against Nativis under the Bankruptcy Laws, Teijin will be entitled to a complete duplicate
of (or complete access to, as appropriate) any such intellectual property and all embodiments of such intellectual property, which, if
not already in Teijin’s possession, will be promptly delivered to it (a) upon any such commencement of a bankruptcy proceeding
upon Teijin’s written request therefor, unless Nativis elects to continue to perform all of its obligations under this Agreement
or (b) if not delivered under clause (a), following the rejection of this Agreement by Nativis upon written request therefor by Teijin.

 

13.7
Return of Confidential Information. Upon termination or expiration of this Agreement, except to the extent necessary or reasonably
useful for a Party to exercise its rights under any license surviving such termination or expiration, each Party will promptly return
to the other Party, or delete or destroy, all relevant records and materials in such Party’s possession or control containing Confidential
Information of the other Party; provided that such Party may keep one copy of such materials for archival purposes only.

 

13.8
Survival. The following provisions will survive any expiration or termination of this Agreement: Articles 1 (Definitions), 10 (Confidentiality),
12 (Indemnification), 14 (Dispute Resolution), and 15 (General Provisions), and Sections 2.3 (License Grant to Nativis), 2.6 (No Implied
License), 8.4 (Records), 8.5 (Audits), 9.1 (Ownership of Intellectual Property), 13.3-13.5 (Effects of Termination; in each case to the
extent applicable), and 13.8 (Survival).

 

ARTICLE
14

DISPUTE
RESOLUTION

 

14.1
Dispute Resolution Process. The Parties recognize that disputes as to certain matters may from time to time arise during the Term
that relate to interpretation of a Party’s rights and/or obligations hereunder or any alleged breach of this Agreement. If the
Parties cannot resolve any such dispute within thirty (30) days after written notice of a dispute from one Party to another, either Party
may, by written notice to the other Party, have such dispute referred to the Chief Executive Officer of Nativis and the General Manager
of Healthcare Business Group of Teijin (collectively, the “Senior Executives”). The Senior Executives will negotiate
in good faith to resolve the dispute within thirty (30) days.

 

14.2
Arbitration. If the Senior Executives are not able to resolve such dispute referred to them under Section 14.1 within such thirty
(30) day period, such dispute will be resolved through binding arbitration, which arbitration may be initiated by either Party at any
time after the conclusion of such period, on the following basis:

 

(a)
The arbitration will be conducted in accordance with the JAMS’ Streamlined Arbitration Rules and Procedures then in effect
(the “JAMS Rules”), and judgment on the arbitration award may be entered in any court having jurisdiction thereof.
The arbitrator will have the right to conduct discovery in accordance with the provisions as would be permitted by the U.S. Federal Rules
of Civil Procedure. The arbitration will be governed by the procedural and substantive law set forth in this Section 14.2 and will be
governed by the United States Arbitration Act, 9 U.S.C. §§1-16 to the exclusion of any inconsistent state laws.

 

    	42

    	 

    

 

CONFIDENTIAL

 

(b)
The arbitrators shall have no additional authority or power to grant an award or hand down a decision or judgment other than enforcement
of the rights that may accrue or have accrued to a Party pursuant to the express terms of this Agreement with respect to the matters
that are the subject of the arbitration.

 

(c)
The arbitration will be conducted by a panel of three persons experienced in the pharmaceutical business: within thirty (30) days
after initiation of arbitration, each Party will select one person to act as arbitrator and the two Party-selected arbitrators will select
a third arbitrator within thirty (30) days of their appointment. If the arbitrators selected by the Parties are unable or fail to agree
upon the third arbitrator, the third arbitrator will be appointed by JAMS. The place of arbitration will be San Francisco, California,
and all proceedings and communications will be in English.

 

(d)
Either Party may apply to the arbitrators for interim injunctive relief until the arbitration award is rendered or the controversy
is otherwise resolved. Either Party also may, without waiving any remedy under this Agreement, seek from any court having jurisdiction
any injunctive or provisional relief necessary to protect the rights or property of that Party pending the arbitration award. The arbitrators
have no authority to award punitive or any other type of damages not measured by a Party’s compensatory damages.

 

(e)
Each Party will bear its own costs and expenses and attorneys’ fees and an equal share of the arbitrators’ fees and any
administrative fees of arbitration.

 

(f)
Except to the extent necessary to confirm an award or as may be required by Applicable Law, neither Party nor any arbitrator may
disclose the existence, content, or results of an arbitration without the prior written consent of both Parties.

 

(g)
In no event will an arbitration be initiated after the date when commencement of a legal or equitable proceeding based on the dispute,
controversy, or claim would be barred by the applicable California statute of limitations.

 

(h)
The Parties agree that, in the event of a dispute over the nature or quality of performance under this Agreement, neither Party may
terminate this Agreement until final resolution of the dispute through arbitration or other judicial determination. The Parties further
agree that any payments made pursuant to this Agreement pending resolution of the dispute will be refunded if an arbitrator or court
determines that such payments are not due.

 

(i)
Notwithstanding the foregoing, this Section 14.2 will not apply to any dispute, controversy, or claim that concerns the validity,
enforceability, or infringement of any patent, trademark, or copyright.

 

    	43

    	 

    

 

CONFIDENTIAL

 

14.3
Baseball Arbitration. If the senior executives are unable to resolve any matter relating to the Royalty Extension Term as provided
for in Section 7.4(c), such matter shall be finally decided by “baseball-style” arbitration in accordance with the following
procedures:

 

(a)
Either Party may send the other Party a written notice that it wishes to resolve the matter by using a neutral Third Party who is
an expert with at least fifteen (15) years of experience in area of the matter (the “Neutral Expert”). The date of
the other Party’s receipt of such written notices shall be the “Notice Date.”

 

(b)
Within fifteen (15) Business Days of the Notice Date, each Party shall notify the other Party in writing of its appointed expert
(each, a “Representative Expert”). The Representative Expert for each Party shall jointly appoint the Neutral Expert
within fifteen (15) Business Days.

 

(c)
Within ten (10) Business Days after the appointment of the Neutral Expert, each Party shall submit to the other Party and the Neutral
Expert a written summary regarding its position with respect to the matter (the “Proposal”), along with a memorandum
in support thereof (the “Support Memorandum”). Within fifteen (15) Business Days after receipt of the other Party’s
Support Memorandum, each Party may submit to the Neutral Expert (with a copy to the other Party) a rebuttal to the other Party’s
Support Memorandum. Neither Party may have communications (either written or oral) with the Neutral Expert other than for the sole purpose
of engaging the Neutral Expert or as expressly permitted in this Section 14.3 or as directed by the Neutral Expert. Within fifteen (15)
Business Days following receipt of each Party’s rebuttal to the other Party’s Support Memorandum, the Neutral Expert shall
hold a hearing of such manner and duration as the Neutral Expert may determine, including testimony and cross-examination as the Neutral
Expert may direct. Within ten (10) Business Days following the conclusion of such hearing, the Neutral Expert shall select in whole the
Proposal that he or she believes most accurately reflects industry norms for a similar arm’s-length transaction. The decision of
the Neutral Expert shall be final, binding, and not appealable.

 

(d)
The Party whose submission is not selected shall be solely responsible for the expenses and fees of the Neutral Expert.

 

ARTICLE
15

GENERAL
PROVISIONS

 

15.1
Governing Law. This Agreement and all questions regarding the existence, validity, interpretation, breach, or performance of this
Agreement, will be governed by, and construed and enforced in accordance with, the laws of the State of New York, United States, without
reference to its conflicts of law principles.

 

    	44

    	 

    

 

CONFIDENTIAL

 

15.2
Force Majeure. A Party will be excused from the performance of its obligations under this Agreement, other than the obligation to
make monetary payments, and neither Party will be held liable or responsible to the other Party nor be deemed to have defaulted under
or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement, to the extent that such performance
is prevented by force majeure and the nonperforming Party promptly provides notice thereof to the other Party. Such excuse will be continued
so long as the condition constituting a force majeure event continues and the nonperforming Party uses reasonable efforts to remove the
condition. For purposes of this Agreement, a force majeure event will include conditions beyond the reasonable control and without the
fault of a Party, such as an act of God, voluntary or involuntary compliance with any regulation, law, or order of any government, war,
an act of terrorism, civil commotion, labor strike or lock-out, epidemic, failure or default of public utilities or common carriers,
destruction of production facilities or materials by fire, earthquake, storm, or like catastrophe, inability to procure necessary raw
materials in a commercially reasonable manner or default of suppliers or sub-contractors; provided, however, the payment of invoices
due and owing hereunder may not be delayed by the payor because of a force majeure affecting the payor.

 

15.3
Waiver of Breach. No delay or waiver by either Party of any condition or term hereunder in any one or more instances will be construed
as a further or continuing waiver of such condition or term or of any other condition or term in this Agreement. Any waiver by a Party
of a particular term or condition will be effective only if set forth in a written instrument duly executed by or on behalf of the Party
waiving such term or condition.

 

15.4
Further Actions. Each Party agrees to execute, acknowledge, and deliver such further instruments, and to perform all such other acts,
as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

15.5
Affiliates; Continuing Responsibility. Each Party may discharge any obligation and exercise any right hereunder through any of its
Affiliates (without an assignment of this Agreement); provided that with respect to Teijin, Section 2.4(a) will apply with respect to
Teijin’s exercise of any of its licensed rights hereunder.

 

15.6
Severability. In the event any provision of this Agreement is adjudicated invalid, illegal, or unenforceable by a court of competent
jurisdiction, the Parties will use their best efforts to replace the invalid, illegal, or unenforceable provision with a valid, legal,
and enforceable provision that most closely reflects the original intent of the Parties. All other provisions of this Agreement will
not in any way be affected or impaired by such adjudication and will remain in full force and effect.

 

15.7
Entire Agreement; Amendment. This Agreement, including the exhibits, contains the entire understanding of the Parties with respect
to the subject matter herein. This Agreement supersedes all prior and contemporaneous agreements and communications of the Parties, whether
oral, written, or otherwise, concerning any and all matters contained herein. Except as expressly set forth herein, this Agreement may
be amended or modified only by a written instrument executed by authorized representatives of each Party.

 

    	45

    	 

    

 

CONFIDENTIAL

 

15.8
Notices. Any notice or communication required or permitted under this Agreement will be in writing in the English language, delivered
personally, sent by facsimile (and promptly confirmed by personal delivery, registered or certified mail or overnight courier), sent
by internationally-recognized courier or sent by registered or certified mail, postage prepaid to the following addresses of the Parties
(or at any address such Party may designate by prior written notice to the other Party in accordance with this Section 15.8):

 

If
to Nativis, notices must be addressed to:

 

Nativis,
Inc.

425
Pontius Avenue North, Suite 200

Seattle,
WA 98109 U.S.A

Attention:
President and CEO Tel: +1 206-708-2288, ext. 122

Fax:
+1 206-238-9669

 

With
a copy to (which will not constitute notice):

 

Nativis,
Inc.425 Pontius Avenue North, Suite 200

Seattle,
WA 98109

U.S.A

Attention:
SVP General Counsel

Tel:
+1 206-708-2288, ext. 105

Fax:
+1 206-238-9669

 

If
to Teijin, notices must be addressed to:

 

Teijin
Pharma Limited

2-1,
Kasumigaseki 3-chome, Chiyoda-ku,

Tokyo
100-8585, Japan

Attention:
General Manager of Home Healthcare Business Planning Department

Tel:
+81 3-3506-4458

Fax:
+81 3-3506-4440

 

With
a copy to (which will not constitute notice):

 

Squire
Patton Boggs (US) LLP

275
Battery Street, Suite 2600

San
Francisco, CA 94111-3492

Attn:
Noriyuki Shimoda, Esq.

Tel:
(415) 383-9894

Fax
(415) 393-9887

 

Any
such notice will be deemed to have been given (a) when delivered if personally delivered; (b) on the next Business Day after dispatch
if sent by confirmed facsimile or by internationally-recognized overnight courier; and/or (c) on the fifth (5th) Business
Day following the date of mailing if sent by mail or other internationally-recognized courier. Notices hereunder will not be deemed sufficient
if provided only between or among each Party’s representatives on the JSC.

 

    	46

    	 

    

 

CONFIDENTIAL

 

15.9
Assignment. Neither this Agreement nor any obligation of a Party hereunder may be assigned by either Party without the prior written
consent of the other Party; provided, however, that either Party may assign this Agreement in its entirety without such consent to (i)
any of its Affiliates, or (ii) any purchaser of all, or substantially all, of its assets to which this Agreement relates, or (iii) any
successor corporation resulting from any merger, consolidation, share exchange, or other similar transaction provided that any such successor
corporation will assume all obligations of its assignor under this Agreement and provided further that either Party may assign or sell
its rights to receive any amounts due hereunder. This Agreement will inure to the benefit of Nativis and Teijin and their respective
successors and permitted assigns. Any assignment of this Agreement that is not made in accordance with this Section 15.9 will be null
and void and of no legal force or effect.

 

15.10
Relationship of the Parties. Nothing in this Agreement or any action which may be taken pursuant to its terms is intended, or will
be deemed, to establish a joint venture, agency, or partnership between Teijin and Nativis. Neither Party to this Agreement has any express
or implied right or authority to assume or create any obligations on behalf of, or in the name of, the other Party, or to bind the other
Party to any contract, agreement or undertaking with any Third Party, without the prior written consent of the other Party.

 

15.11
Interpretation. The headings of clauses contained in this Agreement preceding the text of the sections, subsections, and paragraphs
hereof are inserted solely for convenience and ease of reference only and will not constitute any part of this Agreement, or have any
effect on its interpretation or construction. All references in this Agreement to the singular will include the plural where applicable.
Unless otherwise specified, references in this Agreement to any Article will include all Sections, subsections, and paragraphs in such
Article, references to any Section will include all subsections and paragraphs in such Section, and references in this Agreement to any
subsection will include all paragraphs in such subsection. The word “including” and similar words means including without
limitation. The word “or” means “and/or” unless the context dictates otherwise because the subject of the conjunction
are mutually exclusive. The words “herein,” “hereof,” and “hereunder” and other words of similar
import refer to this Agreement as a whole and not to any particular Section or other subdivision. All references to days in this Agreement
mean calendar days, unless otherwise specified. Ambiguities and uncertainties in this Agreement, if any, will not be interpreted against
either Party, irrespective of which Party may be deemed to have caused the ambiguity or uncertainty to exist. This Agreement has been
prepared in the English language and the English language will control its interpretation. In addition, all notices required or permitted
to be given hereunder, and all written, electronic, oral, or other communications between the Parties regarding this Agreement will be
in the English language.

 

15.12
Counterparts. This Agreement may be executed in any number of counterparts each of which will be deemed an original, and all of which
together will constitute one and the same instrument.

 

15.13
Specific Performance. Each Party hereto acknowledges that the other Party hereto will have no adequate remedy at law if it fails
to perform any of its obligations under this Agreement. In such event, each of the Parties hereto agrees that the other Party hereto
will have the right, in addition to any other rights it may have (whether at law or in equity), to specific performance of this Agreement
without the necessity of posting a bond or proving the inadequacy of monetary damages as a remedy and to obtain injunctive relief against
any breach of this Agreement. In the event of a breach, the Parties further agree not to assert that a remedy of specific performance
is unenforceable, invalid, contrary to applicable law or inequitable for any reason.

 

{Signature
Page Follows}

 

    	47

    	 

    

 

CONFIDENTIAL

 

IN
WITNESS WHEREOF, the Parties have executed this Exclusive License Agreement as of the Effective Date.

 

	Nativis,
    Inc.	 	Teijin
                                            Limited

	 	 	 	 	 
	By:	 	 	By:	 
	Name:
    	Chris E. Rivera	 	Name:	Hiroshi
    Uno
	Title:
    	President and CEO	 	Title:	General
    Manager of Healthcare Business Group

 

{Signature
Page to Exclusive License Agreement}

 

    	 

     

    

 

Exhibit
1.51

Nativis
Patents

 

	COUNTRY	 	SERIAL
    NO.	 	FILING
    DATE	 	PAT.
    NO.	 	ISSUE
    DATE	 	TITLE	 	STATUS
	 	 	 	 	 	 	 	 	 	 	 	 	 
	

    Japan
	 	2003-580829	 	March
    28, 2003	 	4425639	 	December
    18, 2009	 	SYSTEM
    AND METHOD FOR CHARACTERIZING A SAMPLE BY LOW-FREQUENCY SPECTRA	 	Granted
	Japan	 	2006-534425	 	October
    8, 2004	 	4425922	 	December
    18, 2009	 	SYSTEM
    AND METHOD FOR CHARACTERIZING A SAMPLE BY LOW-FREQUENCY SPECTRA	 	Granted
	Japan	 	2007523775	 	July
    27, 2005	 	5624708	 	October
    3, 2014	 	SYSTEM
    AND METHOD FOR PRODUCING CHEMICAL OR BIOCHEMICAL SIGNALS	 	Granted
	Japan	 	2007-523767	 	July
    27, 2005	 	4726900	 	April
    22, 2011	 	SYSTEM
    AND METHOD FOR COLLECTING, STORING, PROCESSING, TRANSMITTING AND PRESENTING VERY LOW AMPLITUDE SIGNALS	 	Granted
	Japan	 	2015-521824	 	July
    9, 2015; July 11, 2013 (parent PCT filing date)	 	 	 	 	 	MINIATURIZED
    MOLECULAR INTERROGATION AND DATA SYSTEM	 	Pending
	Japan	 	2016-503310	 	September
    14, 2015; March 15, 2014 (parent PTC filing date)	 	 	 	 	 	CONTROLLER
    AND FLEXIBLE COILS FOR ADMINISTERING THERAPY, SUCH AS FOR CANCER THERAPY	 	Pending

 

    	 

     

    

 

Exhibit
1.53

Nativis
Trademarks

 

	

    1)
	

    

	 	 
	

    2)
	

	 	 
	3)
	

 

    	 

     

    

 

EXCLUSIVE
LICENSE AGREEMENT

 

Exhibit
10.3

Form
of Press Release

 

 

Nativis
Enters Into Exclusive Licensing Agreement for Glioblastoma Multiforme in Japan

 

Seattle,
Washington, April 4, 2017 – Nativis Inc. (Nativis), a clinical stage life science bio- electronic company developing non-invasive,
safe and highly effective treatments for cancers and other serious diseases, today announced that the company has entered into an exclusive
licensing agreement for the development and commercialization of Nativis’ proprietary ultra-low Radio Frequency Energy (ulRFETM)
technology for the potential treatment of Glioblastoma Multiforme (GBM) in the Japanese market, with Teijin Limited (Teijin), a comprehensive
Japanese company expanding businesses in high-performance materials, pharmaceuticals, home healthcare, product converting and information
technology.

 

Under
the terms of the agreement, Teijin will receive an exclusive license to the Nativis Voyager® System for the indication of GBM in
Japan. Nativis will receive an undisclosed upfront payment, payments based on the achievement of specific regulatory and commercial milestones,
and royalties on the sales of the product in Japan. Teijin will sublicense its rights under the agreement to Teijin Pharma Limited (Teijin
Pharma), Teijin’s wholly-owned subsidiary and the core company of Teijin Group’s healthcare business, under which Teijin
Pharma will develop and commercialize the licensed technology in Japan.

 

Nativis
and Teijin also anticipate expansion of the scope of the alliance and will continue discussions for potential licensing opportunities
of the Nativis ulRFETM technology for other indications in Japan.

 

“We
are very pleased to enter into this exclusive licensing agreement with Teijin for GBM; the company has a strong track record of successfully
commercializing pharmaceuticals and medical devices in Japan. We believe that this partnership further validates our technology, while
their investment in Nativis reinforces our belief in the broader potential of the Voyager platform. With their support, we look forward
to further developing and refining the Voyager System for GBM, as well as additional indications in the future,” commented Chris
Rivera, President and Chief Executive Officer of Nativis. “This agreement also brings us one step closer to reaching our goal of
becoming cash flow positive through strategic partnerships and licenses, and we are excited to work closely with Teijin to bring the
Voyager System to market in Japan.”

 

    	 

     

    

 

About
the Teijin Group

 

Teijin
(TSE: 3401) is a technology-driven global group offering advanced solutions in the areas of environmental value; safety, security and
disaster mitigation; and demographic change and increased health consciousness. Its main fields of operation are high-performance fibers
such as aramid, carbon fibers & composites, healthcare, films, resin & plastic processing, polyester fibers, products converting
and IT. The group has some 150 companies and around 19,000 employees spread out over 20 countries worldwide. It posted consolidated sales
of JPY790.7 billion (USD 7.4 billion) and total assets of JPY 823.4 billion (USD 7.7 billion) in the fiscal year ending March 31, 2016.

 

About
Nativis, Inc.

 

Founded
in 2002 and headquartered in Seattle, WA, Nativis is a clinical-stage bio-electronics company. Nativis has invented and patented a groundbreaking
technology that utilizes precisely targeted, ultra-low radio frequency energy (ulRFE) to specifically regulate metabolic
pathways on the molecular and genetic levels – without chemicals, radiation or drugs – delivered via a simple- to-use non-invasive
device called Nativis Voyager®. The company’s goal is to transform disease treatment on a global scale with ulRFE that
can potentially be applied to a wide range of conditions and other human health-related needs (together with other applications including
agriculture, bio- fuels and veterinary medicine, to name a few). Nativis’ initial focus is on the treatment of patients with brain
cancer (initially, recurrent glioblastoma), who are not well served by conventional standard of care therapies, which often result in
poor outcomes and devastating side effects. Additional pre-clinical work is being completed for melanoma, lung cancer, liver cancer,
inflammatory disease and chronic pain.

 

Nativis
Contact:

Corporate
Communications

Nativis,
Inc.

corporate@nativis.com

 

    	 

     

    

 

Schedule
11.4

 

Non-exclusive
license agreement dated March 16, 2004 between Nativis (formerly known as WavBank, Inc.) and DigiBio S.A.Exhibit
10.3

 

CONFIDENTIAL

 

EXCLUSIVE
LICENSE AGREEMENT

 

This
Exclusive License Agreement (“Agreement”) is entered into as
of April 21, 2021, between EMulate Therapeutics, Inc., a company incorporated under
the laws of the State of Washington, U.S. (“EMulate”), and having a principal place of business at 425 Pontius Avenue
North, Suite 200, Seattle, WA 98109, U.S., and Hapbee Technologies, Inc., a company
existing under the laws of the province of British Columbia, Canada, and having a principal place of business at 700 West Georgia Street,
25th Floor, Vancouver, BC V7Y 1B3, Canada (“Hapbee”). EMulate and Hapbee are sometimes each referred to
herein as a “Party” and sometimes referred to herein together as the “Parties.”

 

RECITALS

 

Whereas,
EMulate has developed an innovative technology that uses ultra-low radio frequency energy (ulRFE®) to produce some
or all of the biological activity of a broad range of molecules, and owns or controls certain patents, know-how, and other intellectual
property relating to its proprietary ulRFE technology; and

 

Whereas,
Hapbee desires to obtain from EMulate certain exclusive rights and licenses to develop, use, import, and commercialize a product using
the EMulate Technology (as defined herein), which product will be designed to emulate the biological activity associated with one or
more of those molecules identified to the Cognate (as defined herein), and EMulate is willing to grant to Hapbee such rights and licenses,
all on the terms and conditions set forth in this Agreement.

 

Now,
Therefore, in consideration of the mutual covenants
contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, EMulate
and Hapbee hereby agree as follows:

 

Article
1

DEFINITIONS

 

As
used in this Agreement, the following terms have the meanings set out in this Article 1 unless the context clearly and unambiguously
requires otherwise.

 

1.1
“Applicable Laws” means the applicable provisions of any and all national, supranational, regional, state, and
local laws, treaties, statutes, rules, regulations, administrative codes, guidance, ordinances, judgments, decrees, directives, injunctions,
orders, permits of or from any court, arbitrator, or governmental agency or authority having jurisdiction over or related to the subject
item.

 

1.2
 “Auditor” has the meaning set forth in Section 8.5.

 

1.3
“Authorized Product” means any product (a) that is composed of components authorized for use by EMulate, (b) that
transmits the magnetic field encoded by the Cognate in a manner approved by EMulate, and (c) the use, sale, lease, rental, importation
or manufacture of which would, but for the license granted to Hapbee hereunder, either infringe a Valid Claim of the EMulate Patents
or use EMulate Know-How in the Territory.

 

    	 

    	 

    

 

CONFIDENTIAL

 

1.4
“Bankruptcy Laws” has the meaning set forth in Section 13.2(d).

 

1.5
“Business Day” means a day that is not a Saturday, Sunday, or a day on which banking institutions in Vancouver,
Canada, or Seattle, Washington, are required by law to remain closed.

 

1.6
“Calendar Quarter” means a period of three consecutive months during a Calendar Year beginning on and including
January 1st, April 1st, July 1st or October 1st; provided, however that (a) the first Calendar
Quarter of the Term will extend from the Effective Date to the last day of the Calendar Quarter in which the Effective Date falls; and
(b) the last Calendar Quarter of the Term will end upon the expiration or termination of this Agreement.

 

1.7
“Calendar Year” means a period of twelve consecutive months beginning on and including January 1st
and ending on December 31st; provided however, that (a) the first Calendar Year of the Term will extend from the Effective
Date to the last day of the Calendar Year in which the Effective Date falls; and (b) the last Calendar Year of the Term will end upon
the expiration or termination of this Agreement.

 

1.8
“Claim” has the meaning set forth in Section 12.1.

 

1.9
“Cognate” means digitized data that emulates the electromagnetic or magnetic field signal or ultra-low radio frequency
energy (“ulRFE”) of one or more chemicals, biochemical or biological agents or molecules as designated pursuant to
Section 2.8.

 

1.10
“Cognate Inventions” has the meaning set forth in Section 9.1(b).

 

1.11
“Commercial Supply Agreement” has the meaning set forth in Section 6.1.

 

1.12
“Commercialization” means any and all activities undertaken relating specifically to the pre-launch, launch, promotion,
marketing, use, sale, lease, rental, and distribution (including importing, exporting, transporting, customs clearance, warehousing,
invoicing, handling, and delivering the Authorized Product to customers) of the Authorized Product in the Territory, including: (a) strategic
marketing, sale, lease, rentals force detailing, advertising, education and liaison, and market and product support within the Field
and (b) all customer support, invoicing, and sale, lease, rental and subscription activities within the Field. “Commercialize”
means to engage in Commercialization activities.

 

    	2

    	 

    

 

CONFIDENTIAL

 

1.13
“Confidential Information” means all information of a confidential or proprietary nature disclosed by a Party
to the other Party under this Agreement, including, without limitation, any such information related to any scientific, engineering,
manufacturing, marketing, financial, or personnel matters relating to a Party, or related to a Party’s present or future products,
sale, lease, rentals, suppliers, customers, employees, investors, business plans, Know-How, data, research projects, work in progress,
future developments or business, in all such cases whether disclosed in oral, written, graphic, or electronic form, and whether or not
specifically marked as confidential or proprietary, where under the circumstances in which such disclosure was made or given the nature
of information disclosed, a reasonable person would consider such information confidential; provided, however, that in any event, “Confidential
Information” excludes any information that (a) is known by the recipient at the time of disclosure, and not through a prior disclosure
by or on behalf of the disclosing Party, as documented by written records; (b) is or becomes properly in the public domain through no
fault of the receiving Party; (c) is subsequently rightfully disclosed to the receiving Party by a Third Party who is not directly or
indirectly under an obligation of confidentiality to the disclosing Party, as documented by written records in existence prior to the
disclosure of such information to the receiving Party; or (d) is developed by the receiving Party independently of, and without reference
to or use of, the information received from the disclosing Party. Without limiting the foregoing, Confidential Information will include
the terms and conditions of this Agreement.

 

1.14
“Control” means with respect to any Know-How, Patent, or other intellectual property right, possession of the
right, whether directly or indirectly, and whether by ownership, license, or otherwise, to grant a license, sublicense, or other right
to or under such Know-How, Patent, or other intellectual property right as provided for herein without violating the terms of any agreement
or other arrangements with any Third Party at the time when such license, sublicense, or other right is granted hereunder. “Controlled”
has a correlative meaning.

 

1.15
“Disclosing Party” has the meaning set forth in Section 10.1.

 

1.16
“Distributor” means any Third Party to whom Hapbee or a Sublicensee of Hapbee has granted the right to market,
promote, advertise, retail, sell, lease, rent, and distribute the Authorized Product in the Field in the Territory.

 

1.17
“EMulate Commercial Supply Agreement” has the meaning set forth in Section 2.3.

 

1.18
 “EMulate Indemnitees” has the meaning set forth in Section 12.1.

 

1.19
“EMulate Know-How” means all Know-How that is necessary or reasonably useful for the use or Commercialization
of the Authorized Product in the Field in the Territory, which Know-How is Controlled by EMulate with respect to the Authorized Product
as of the Effective Date or during the Term. For the avoidance of doubt, EMulate Know-How will not include any Joint Know-How.

 

1.20
“EMulate Material Breach” may include, but will not be limited to, one or more of the following events (together
with any breach of this Agreement determined to be material by a judicial tribunal of competent jurisdiction):

 

(a)
Failure by EMulate to perform its obligations under Section 2.8;

 

(b)
Failure by EMulate to supply the Cognate for the Authorized Product exclusively to Hapbee or its Sublicensees and Distributors for
use in the Field in the Territory, as required by Section 6.1; and

 

(c)
Failure by EMulate to perform its indemnification and other obligations pursuant to Article 12.

 

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CONFIDENTIAL

 

1.21
“EMulate Patents” means all Patents that are necessary or reasonably useful for the use or Commercialization of
the Authorized Product in the Field in the Territory, which Patents are Controlled by EMulate as of the Effective Date or during the
Term. For the avoidance of doubt, EMulate Patents will not include any Joint Patents.

 

1.22
“EMulate Technology” means the EMulate Know-How, EMulate Patents and EMulate’s interests in the Joint Patents
and Joint Know-How.

 

1.23
“EMulate Trademarks” means EMulate’s Trademarks related to the Authorized Product, including ulRFE®.

 

1.24
 “Field” means the recreational and/or non-medical use (i.e., use that is not regulated by any governmental body
under Applicable Laws) in humans of the Authorized Product.

 

1.25
“First Commercial Sale” means, with respect to the Territory, the first commercial lease, rental, subscription
or sale, under this Agreement by Hapbee, its Sublicensees or Distributors of any Authorized Product to an end user for use or resale,
lease, rental in the Field in the Territory.

 

1.26
 “Hapbee Housemark” means any trademark or trade name, and registrations and applications therefor, Controlled
by Hapbee in the Territory and covering Hapbee’s corporate name or company logo or product brand name.

 

1.27
“Hapbee Indemnitees” has the meaning set forth in Section 12.2.

 

1.28
“Hapbee Know-How” means all Know-How that is Controlled by Hapbee as of the Effective Date or during the Term,
and that is generated by or on behalf of Hapbee or any of its Sublicensees or Distributors in connection with the use or Commercialization
of the Authorized Product hereunder. For the avoidance of doubt, Hapbee Know-How will not include any Joint Know-How.

 

1.29
“Hapbee Manufacturing Cost” means the fully burdened manufacturing cost of Authorized Product expressed on a per
unit basis, as supported by Hapbee’s reasonably detailed invoices therefor, which will be the sum of: (i) the Direct Manufacturing
Costs and (ii) the Indirect Manufacturing Costs. For the purposes of this definition:

 

(a)
“Direct Manufacturing Costs” means the direct costs incurred in connection with the manufacture of the Authorized
Product, including (i) those material expenses captured in invoices and the like that are specifically attributable to the manufacture
of the Authorized Product, including costs of raw materials, manufacturing supplies, packaging, labels, and other materials used in production,
(ii) labor expenses captured in time sheets and the like, including salaries and fringe benefits (but not overhead) for personnel directly
involved in manufacturing the Authorized Product or any component thereof or purchasing or managing the materials used in the manufacture
thereof or maintaining equipment necessary to support the manufacture thereof, (iii) expenses arising out of quality assurance requirements
(e.g., good manufacturing practices) such as production, quality control, quality assurance, and other similar departments that are reasonably
necessary and participate directly in the production of the Authorized Product or any component thereof, and (iv) equipment and facility
depreciation and other allocations of fixed assets in use to support the manufacture of the Authorized Product or any component thereof,
but in any event excluding any administrative overhead (e.g., costs associated with human resources, business development, and executive
management). Direct expenses also include reasonable out-of-pocket payments to Third Parties (without mark-up) for services related to
the manufacture of the Authorized Product or any component thereof.

 

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CONFIDENTIAL

 

(b)
“Indirect Manufacturing Costs” means the reasonable and allocated internal costs and out-of-pocket costs, incurred
or accrued by Hapbee in connection with the manufacture of the Authorized Product or any component thereof, including costs arising from
or associated with (i) freight, carrier insurance, and other transportation charges directly related to the delivery or distribution
of the Authorized Product, (ii) storage and warehousing, (iii) taxes, duties, or other governmental charges (including any tax such as
a value added or similar tax, other than any taxes based on income), but excluding indirect and overhead costs (e.g., costs associated
with human resources, business development, and executive management).

 

1.30
“Hapbee Material Breach” may include, but will not be limited to, one or more of the following events (together
with any breach of this Agreement determined to be material by a judicial tribunal of competent jurisdiction):

 

(a)
Hapbee’s failure to manufacture and supply to EMulate or Third Parties products, other than the Authorized Product, designated
by EMulate for use outside the Field pursuant to Section 2.3;

 

(b)
Hapbee’s sublicensing or attempting to sublicense the rights granted to it under Section 2.1 contrary to the provisions of
Section 2.4(a);

 

(c)
Failure by Hapbee to provide all marketing and promotional literature to EMulate for review and authorization pursuant to Section
5.4;

 

(d)
Failure by Hapbee to timely calculate, report and make royalty payments and late payment interest to EMulate as required by Article
7 and Article 8;

 

(e)
Failure by Hapbee to perform its obligations related to the Commercialization of Authorized Product under Section 11.2; and

 

(f)
Failure by Hapbee to perform its indemnification and other obligations pursuant to Article 12.

 

1.31
“Hapbee Patents” means all Patents that claim Inventions that relate to the Authorized Product and that are conceived,
made, or generated by or on behalf of Hapbee during the Term pursuant to this Agreement. For the avoidance of doubt, Hapbee Patents will
not include any Joint Patents.

 

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CONFIDENTIAL

 

1.32
“Hapbee Technology” means all Hapbee Know-How, Hapbee Patents, and Hapbee’s interests in the Joint Patents
and Joint Know-How. For the avoidance of doubt, (a) all and any of Hapbee’s know-how and Hapbee’s patents which are unrelated
to Authorized Products and (b) all and any know-how or patents of Hapbee that are developed, identified or conceived without the use
of EMulate Confidential Information or outside of the use of the Authorized Product (i.e., independently developed) are excluded from
Hapbee Technology.

 

1.33
“Inventions” means any and all inventions, discoveries, and developments, whether or not patentable, discovered,
made, conceived, or reduced to practice in the course of activities contemplated by this Agreement.

 

1.34
“Joint Inventions” means any and all Inventions discovered, conceived or reduced to practice jointly by or on
behalf Hapbee, on the one hand, and by or on behalf of EMulate, on the other hand.

 

1.35
“Joint Know-How” means all Know-How included in Joint Inventions, other than any Joint Patent.

 

1.36
“Joint Patents” means all Patents claiming any Joint Invention.

 

1.37
“JSC” has the meaning set forth in Section 3.1(a).

 

1.38
“Know-How” means all tangible and intangible scientific, technical, trade, marketing, commercial, financial, or
business knowledge and information, formulations, devices, techniques, processes, methods, trade secrets, formulae, procedures, tests,
data, results, analyses, documentation, reports, know-how, skill, and experience related to the marketing, sale and Commercialization
of the Authorized Product in the Field.

 

1.39
“Knowledge” of a Party means the actual or constructive knowledge of the Senior Executives of such Party, including
the chief executive officer, and any vice president, the general counsel, or the chief medical officer of a Party, or any personnel holding
positions equivalent to such job titles (but only to the extent such positions exist at such Party).

 

1.40
“Losses” has the meaning set forth in Section 12.1.

 

1.41
“Net Income” means the gross amounts invoiced by or on behalf of Hapbee or otherwise chargeable to Hapbee’s
customers, Sublicensees and Distributors for use (e.g., subscriptions for), sales, leases and/or rentals of Authorized Product or the
Cognate to Third Parties, reduced only by, with respect to the relevant Authorized Product, the actual cost of manufacturing, shipping,
handling and merchant credit card processing for such Authorized Product, it being understood that gross amounts invoiced for subscriptions
for the use of the Authorized Product or the Cognate will be net of app store processing fees. For clarity, Net Income will not be reduced
by marketing and promotional expenditures, charges by online platforms or distribution platforms or channels on which the Authorized
Product or the Cognate is sold, or any incentives, rebates, spiffs or commissions provided by Hapbee to online platforms or Distributors
to promote any Authorized Product or the Cognate, or the use, sale, lease, and/or rental thereof. For purposes of calculating Net Income,
any amount originally invoiced for any Authorized Product that is returned during any specific period during the Term may be deducted
by Hapbee from the gross amounts invoiced by Hapbee for Authorized Product during the same period. All charges solely for clothing, jewelry,
necklaces, pillows, hats and other apparel that are not Authorized Products will not be included in “Net Income.”

 

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CONFIDENTIAL

 

By
way of example and for purposes of clarification only, (i) if Hapbee sells an Authorized Product to a Distributor for resale to Third
Parties for $200 and the Distributor resells the Authorized Product to a Customer for $300, Hapbee’s “Net Income” on
such Authorized Product will be $200 minus (if applicable to such resale to the Distributor) costs of manufacturing, shipping, handling
and merchant credit card processing for the Authorized Product; and (ii) if Hapbee itself sells an Authorized Product on an online platform
to a Third Party for $300 and that platform charges Hapbee $60 for the use of its platform, Hapbee’s “Net Income” will
be $300 minus costs of manufacturing, shipping, handling and merchant credit card processing for the Authorized Product.

 

By
way of further example and for purposes of clarification only, if Hapbee decides that its wholesale or retail prices being charged for
any particular Authorized Product are either too high or too low to achieve optimal revenue, Hapbee may elect to adjust the wholesale
or retail price it is charging for an Authorized Product and the Net Income attributable to such Authorized Product will be adjusted
proportionately. Such adjustments may be made in circumstances such as the following: Group sales discounts such as “Buy Four,
Get One 50% Off” offers; special holiday pricing involving reduced prices for a limited time; friends and family discounts; investor
discounts; and offers of free subscriptions for a limited time. Examples of price adjustments that would not affect the Net Income attributable
to an Authorized Product would be rebates offered to customers who, after paying the full advertised purchase price, would receive cash
back following the submission of a rebate card to Hapbee.

 

1.42
“Patent(s)” means (a) all patents, certificates of invention, applications for certificates of invention, priority
patent filings, and patent applications, and (b) any renewal, division, continuation (in whole or in part), or request for continued
examination of any of such patents, certificates of invention and patent applications, and any and all patents or certificates of invention
issuing thereon, and any and all reissues, reexaminations, extensions, divisions, renewals, substitutions, confirmations, registrations,
revalidations, revisions, and additions of or to any of the foregoing.

 

1.43
“Person” means any individual, corporation, partnership, limited liability company, trust, governmental entity,
or other legal entity of any nature whatsoever.

 

1.44
“Receiving Party” has the meaning set forth in Section 10.1.

 

1.45
“Senior Executives” has the meaning set forth in Article 14.

 

1.46
“Sublicensee” means a Third Party , other than a Distributor, to whom Hapbee has granted a sublicense under the
EMulate Technology as permitted under Section 2.4.

 

1.47
“Term” has the meaning set forth in Section 13.1.

 

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CONFIDENTIAL

 

1.48
“Territory” means worldwide; provided, that “worldwide” excludes any national/federal, provincial/regional/state,
or local jurisdiction that, with respect to the Cognate in question, does not or ceases to permit the use of such Cognate as contemplated
in this Agreement or otherwise, directly or indirectly, limits the full and free exercise of all of the rights with respect to such Cognate
granted to ETI under this Agreement.

 

1.49
“Third Party” means any Person other than EMulate and Hapbee. “Third-Party” is used in this
Agreement as the adjectival form of Third Party.

 

1.50
“Trademarks” means trademarks, trade names, trade dresses, domain names, logos, and brandings of a Party.

 

1.51
“Transfer Price” means the Hapbee Manufacturing Cost of a unit of Licensed Product plus fifteen percent (15%).

 

1.52
“Upfront Amount” has the meaning set forth in Section 7.1.

 

1.53
“U.S.” means the United States of America, including its territories and possessions and the District of Columbia.

 

1.54
“Valid Claim” means (a) a claim of an issued and unexpired patent that has not been revoked or held unenforceable,
unpatentable, or invalid by a decision of a court or other governmental agency of competent jurisdiction that is not appealable or has
not been appealed within the time allowed for appeal, and that has not been abandoned, disclaimed, denied, or admitted to be invalid
or unenforceable through reissue, re-examination, or disclaimer or otherwise, or (b) a claim of a pending patent application that has
not been cancelled, withdrawn, or abandoned or finally rejected by an administrative agency action from which no appeal can be taken
and that has not been pending for more than ten (10) years.

 

1.55
“Withholding Tax Action” has the meaning set forth in Section 8.3(c).

 

Article
2

GRANT OF LICENSE

 

2.1
License Grants and Hapbee Product Purchases.

 

(a)
Licensed Technology. Subject to the terms and conditions of this Agreement, EMulate hereby grants to Hapbee an exclusive, royalty-bearing
license under the EMulate Technology to use, sell, offer for sale, lease, rent, import, and otherwise Commercialize the Authorized Product
in the Field in the Territory during the Term. In addition, subject to the terms and conditions of this Agreement, EMulate hereby grants
to Hapbee an exclusive, royalty-bearing license under the EMulate Technology to ship, label and package Authorized Product for use in
the Field in the Territory.

 

(b)
Trademarks. Subject to the terms and conditions of this Agreement, EMulate hereby grants to Hapbee a non-exclusive, royalty-free
license under the EMulate Trademarks solely to Commercialize, use, sell, offer for sale, lease, rental, and import Authorized Product
in the Field in the Territory during the Term. For clarity, if a EMulate Trademark is not used exclusively with the Authorized Product
in the Territory at the time of First Commercial Sale of the Authorized Product, then EMulate has the right to use such EMulate Trademark
with any other product in the Territory.

 

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CONFIDENTIAL

 

2.2
License Grants to EMulate. Subject to the terms and conditions of this Agreement, Hapbee hereby grants to EMulate a royalty-free,
fully-paid, perpetual, irrevocable, non-exclusive license, with the right to grant sublicenses (in accordance with Section 2.3) through
multiple tiers, in, to and under the Hapbee Technology to research, develop, make, have made, commercialize, use, sell, offer for sale,
lease, rent, and import any product other than Authorized Product.

 

2.3
Purchase of Product from Hapbee. During the Term, Hapbee will manufacture and supply EMulate such product, other than the Authorized
Product, to EMulate or Third Parties designated by EMulate for use outside the Field anywhere in the world, in such quantities as EMulate
will order and Hapbee will accept pursuant to and in accordance with a separate commercial supply agreement to be entered into between
Hapbee and EMulate (the “EMulate Commercial Supply Agreement”) at the Transfer Price for such product, which Transfer
Price will be specified in the EMulate Commercial Supply Agreement. The Parties will negotiate in good faith to enter into the EMulate
Commercial Supply Agreement on commercially reasonable terms (other than the Transfer Price).

 

2.4
Sublicensees; Distributors. Subject to the terms and conditions of this Agreement, Hapbee will have the right to sublicense the rights
granted to it under Section 2.1 to:

 

(a)
Third Parties with EMulate’s prior consent, such consent not to be unreasonably withheld, conditioned, or delayed; provided,
that (i) such sublicensee agrees with EMulate in writing to comply with the term and conditions of this Agreement that are applicable
to such Sublicensee’s activities under such sublicense; and (ii) Hapbee remains fully liable for the performance of such sublicensee
in accordance with this Agreement.

 

(b)
Distributors without EMulate’s consent, provided that Hapbee will remain responsible for the performance of its Distributors
hereunder, including without limitation the compliance with Applicable Laws by such Distributors in connection with the distribution
of the Authorized Product hereunder. In the event of termination of this Agreement pursuant to Section 13.2(b) for breach by Hapbee,
EMulate will reasonably consider and discuss with each such Distributor potential continuation of the Distributor agreement directly
with EMulate if such Distributor is not then in breach of its Hapbee Distributor agreement, a complete copy of which Hapbee will provide
to EMulate upon request.

 

2.5
No Implied License. Neither Party grants to the other Party any rights or licenses in or to any intellectual property, whether by
implication, estoppel, or otherwise, other than the licenses and rights that are expressly granted under this Agreement.

 

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CONFIDENTIAL

 

2.6
Retained Rights. EMulate hereby expressly retains:

 

(a)
the right under the EMulate Technology to exercise its rights and perform its obligations under this Agreement, whether directly
or through one or more licensees (other than Hapbee) or subcontractors; and

 

(b)
all rights to practice and to grant licenses under the EMulate Technology outside of the scope of the license granted in Section
2.1(a), including without limitation the exclusive right to make and have made cognates other than the Cognate anywhere in the world,
and the exclusive right to practice the EMulate Technology with respect to products other than the Authorized Product.

 

2.7
Exclusivity Obligations. During the Term, unless otherwise agreed in writing by the Parties, Hapbee agrees that it will not acquire,
develop, manufacture, sell, lease, rent, import, distribute, or otherwise Commercialize in the Territory any product for use in the Field
other than the Authorized Product, either by itself or through any Third Party. In furtherance of the license and exclusivity grant to
Hapbee herein, EMulate covenants that during the Term it will not grant rights to any Third Party to use the Cognate in the Field in
the Territory or acquire, develop, manufacture, sell, lease, rent, import, distribute, or otherwise Commercialize the Authorized Product
in the Territory in the Field.

 

2.8
Designation of Cognate. EMulate has, pursuant to one or more agreements between the Parties (each, an “Evaluation Agreement”),
provided Hapbee the opportunity to evaluate (or to have evaluated) for safety one (1) cognate that emulates the electromagnetic or magnetic
field signal or ulRFE of adenosine. Based on the results of the evaluations performed, Hapbee hereby designates to EMulate such
one (1) cognate, which will, subject to the other provisions of this Section 2.8, hereafter be deemed to be the “Cognate”
for purposes of this Agreement.

 

Article
3

GOVERNANCE

 

3.1
Joint Steering Committee.

 

(a)
Establishment. Within thirty (30) days following the Effective Date, EMulate and Hapbee will establish a committee (the “JSC”)
to oversee, review, and coordinate the supply and Commercialization of the Authorized Product in the Field in the Territory.

 

(b)
Duties. The JSC will:

 

(i)
provide a forum for the Parties to discuss material marketing, sales, lease, rental, subscription and manufacturing matters pertaining
to the Authorized Product in the Territory;

 

(ii)
provide a forum for the Parties to exchange information and coordinate their respective activities with respect to marketing, sales,
lease, rental, subscription and manufacturing matters pertaining to the Authorized Product in the Field in the Territory and outside
the Field or Territory;

 

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CONFIDENTIAL

 

(iii)
review Hapbee’s Commercialization plans and discuss Hapbee’s proposed activities with respect to realizing Commercialization
plans for the Authorized Product; and

 

(iv)
perform such other duties as are specifically assigned by the Parties to the JSC pursuant to this Agreement.

 

3.2
Membership. Promptly after the Effective Date, each Party will designate up to three (3) representatives with appropriate expertise
to serve as members of the JSC. The Parties may elect to vary the participating member and number of representatives that serve on the
JSC, provided that in all cases the JSC maintains an equal number of representatives from each Party. Each Party may replace its representatives
on the JSC at any time upon written notice to the other Party.

 

3.3
Chairperson; Minutes. One member of the JSC will serve as the chairperson, who will be responsible for organizing meetings, preparing
and circulating an agenda in advance of each meeting, and preparing minutes of each meeting. Each JSC representative will review and
approve such minutes in writing; provided that if a representative does not object to the accuracy of such minutes within fifteen (15)
days after the circulation of such minutes, such minutes will be deemed approved by such representative. Hapbee will appoint the chairperson
for an initial one (1) year term and thereafter the Parties will alternate in appointing the chairperson for twelve (12) month terms.

 

3.4
Meetings. The JSC will hold meetings on a Calendar Quarter basis or on such other schedule to which the Parties may mutually agree.
Meetings of the JSC will be effective only if at least one (1) representative of each Party is present or participating. The JSC may
meet either (i) in person at either Party’s facilities or at such locations as the Parties may otherwise agree; or (ii) by audio
or video teleconference. With the prior consent of the other Party’s representatives (such consent not to be unreasonably withheld
or delayed), each Party may invite non-members to participate in the discussions and meetings of the JSC, provided that such participants
will have no vote and will be subject to the confidentiality provisions set forth in Article 10. Additional JSC meetings may be held
with each Party’s consent, or as required under this Agreement, and neither Party will unreasonably withhold or delay its consent
to hold such an additional meeting.

 

3.5
Decision-Making.

 

(a)
The JSC will make good faith efforts to make all decisions on matters that are within the scope of its decision-making authority
by consensus. Subject to the terms of this Section 3.5, actions to be taken by the JSC will be taken only following a unanimous vote
with each Party’s representatives collectively having one (1) vote. If the JSC fails to reach unanimous consent on a particular
matter that is within the scope of its decision-making authority within thirty (30) days of a Party having requested a formal vote on
such matter (or, if such matter is urgent, within ten (10) days of such request), then either Party may submit such matter for resolution
to the Senior Executives pursuant to Article 14.

 

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CONFIDENTIAL

 

(b)
The scope of the JSC’s decision making authority is limited to coordination of operational and planning matters that relate
to the performance by the Parties of this Agreement. For the avoidance of doubt, any dispute regarding the interpretation of this Agreement,
the performance or alleged nonperformance of a Party’s obligations under this Agreement, or any alleged breach of this Agreement
(including but not limited to the alleged occurrence of a Hapbee Material Breach of an EMulate Material Breach)will be resolved in accordance
with the terms of Article 14 and are outside the scope of the JSC’s decision-making authority.

 

3.6
Expenses. Each Party will be responsible for all of its own travel and other costs and expenses for its respective members, designees,
and non-member invitees to attend meetings of, and otherwise participate on, the JSC and any subcommittees or working groups.

 

3.7
Subcommittees. From time to time, the JSC may establish subcommittees to oversee particular projects or activities within the JSC’s
scope of authority, as it deems necessary or advisable. Each subcommittee will consist of such number of representatives of each Party
as the JSC determines is appropriate from time to time, and will meet with such frequency as the JSC determines.

 

3.8
Discontinuation of Participation. The JSC will continue to exist until the first to occur of: (a) the Parties mutually agreeing to
disband the committee; or (b) EMulate providing to Hapbee written notice of its intention to disband and no longer participate in such
committee. Upon EMulate’s delivery to Hapbee of such written notice, the JSC will have no further obligations under this Agreement
and any matters that would previously have been addressed by the JSC will be handled by the Parties in accordance with the terms of this
Agreement.

 

3.9
Alliance Managers. Promptly after the Effective Date, each Party will appoint an individual who will be an employee of such Party
having appropriate qualification and experience to act as the alliance manager for such Party (the “Alliance Manager”).
Each Alliance Manager will be responsible for coordinating and managing processes and interfacing between the Parties on a day-to-day
basis throughout the Term. The Alliance Manager will ensure communication to the JSC of all relevant matters raised at any joint subcommittees
or working groups. Each Alliance Manager will be permitted to attend meetings of the JSC as non-voting participants. The Alliance Managers
will be the primary contact for the Parties regarding the activities contemplated by this Agreement and will facilitate all such activities
hereunder. Each Party may replace its Alliance Manager with an alternative representative at any time with prior written notice to the
other Party. Any Alliance Manager may designate a substitute to temporarily perform the functions of that Alliance Manager. Each Alliance
Manager will be charged with creating and maintaining a collaborative work environment within the JSC and its subcommittees. Each Party
will be responsible for all of its own costs with respect to its Alliance Manager.

 

Article
4

COMMERCIALIZATION ACTIVITIES

 

4.1
Diligence. Hapbee will be responsible for the conduct and cost of all activities and efforts in the Territory necessary to support
the Commercialization of the Authorized Product in the Field in the Territory. Hapbee will submit to the JSC for review and discussion
a plan setting forth Hapbee’s planned Commercialization activities with respect to the Authorized Product in the Field in the Territory.
Hapbee will consult with and provide regular updates to EMulate through the JSC regarding Hapbee’s Commercialization activities
and efforts.

 

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CONFIDENTIAL

 

4.2
Records. Hapbee will maintain detailed and accurate records regarding its Commercialization activities and efforts with respect to
the Authorized Product in the Field pursuant to this Agreement. Upon request by EMulate from time to time, Hapbee will promptly provide
the JSC with summaries of such Commercialization activities and efforts to date. Upon reasonable prior written notice, EMulate will have
the right (subject to Article 10) to inspect the books and records of Hapbee and its Sublicensees and Distributors reflecting the work
done and results achieved by or on behalf of Hapbee or its Sublicensees or Distributors in the performance of its Commercialization activities
and efforts for the sole purpose of determining compliance by Hapbee with this Agreement.

 

Article
5

COMMERCIALIZATION

 

5.1
Overview and Diligence; Failure to Commercialize. Subject to, and in accordance with, the terms and conditions of this Agreement
and all Applicable Laws, Hapbee, at its expense, will be solely responsible for Commercializing the Authorized Product for the Field
in the Territory. Hapbee will use commercially reasonable efforts to achieve the First Commercial Sale in the Territory within six (6)
months after the Effective Date; provided, however, that (a) such 6-month period may be extended by written agreement of the Parties;
(b) such 6-month period will be extended if, in EMulate’s sole reasonable determination, Hapbee is making substantial progress
towards entering into agreements with one or more third parties for the purpose of Commercializing the Authorized Product in the Field
in the Territory, and (c) if Hapbee does not achieve the First Commercial Sale in the Territory within such 6-month period (if such period
has not been extended), then EMulate will have the right to terminate the licenses granted by EMulate pursuant to Section 2.1 and all
rights granted to Hapbee under such licenses and under this Agreement with respect thereto will upon such termination immediately revert
to EMulate. EMulate will exercise such right of termination by providing written notice thereof to Hapbee.

 

5.2
Commercialization Plan. Upon EMulate’s reasonable request, Hapbee will submit to EMulate for review and discussion at the next
scheduled JSC meeting a commercialization plan setting forth the goals, strategies, and plans for Hapbee’s prelaunch activities,
launch, and subsequent Commercialization of the Authorized Product in the Field in the Territory and the level of anticipated sales force
and promotion efforts dedicated to the Authorized Product, together with the budget in connection therewith (the “Commercialization
Plan”). Hapbee will conduct all Commercialization activities in accordance with such Commercialization Plan; provided, that,
Hapbee may, upon providing notice thereof to EMulate, modify the Commercialization Plan from time to time to the extent that such modification
(a) would improve Commercialization of the Authorized Product in the Field in the Territory, (b) would not constitute a breach by Hapbee
of any of its obligations under this Agreement, or (c) would not limit any of the rights of EMulate under this Agreement or any benefits
that EMulate would have otherwise received under this Agreement but for such modification. Hapbee will consult with and provide regular
updates to EMulate regarding its Commercialization strategies.

 

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5.3
Reports. Hapbee will present written reports to the JSC annually summarizing Hapbee’s significant Commercialization activities
with respect to the Authorized Product in the Territory pursuant to this Agreement and including a forecast for the following year’s
sales, leases, rentals and subscriptions of or for the Authorized Product in the Territory. Such reports will cover subject matter at
a level of detail reasonably sufficient to enable EMulate to determine Hapbee’s compliance with its diligence obligations pursuant
to this Article 5.

 

5.4
Marketing and Promotional Literature. Hapbee will prepare all marketing and promotional literature related to Authorized Product
for use in the Territory in accordance with Applicable Laws. All such marketing and promotional literature will be subject to the review
and authorization of EMulate. EMulate will provide feedback regarding such literature within five (5) business days following receipt
thereof, and failure to provide feedback within such period will be deemed to be authorization thereof. At the request of EMulate, EMulate
will be presented and described as the Party who developed and manufactured the Authorized Product in a manner satisfactory to both EMulate
and Hapbee on, by way of example, all labels, packaging, packaging inserts, and promotional literature related to the Authorized Product,
in each case to the extent permitted by Applicable Laws, for example by use of phrases like “powered by EMulate Therapeutics.”
Without limiting any other provision of this Agreement, Hapbee will have the sole right to brand the Authorized Product for Commercialization
in any manner consistent with Applicable Laws that Hapbee deems appropriate, including using Hapbee Housemarks and similar trademarks
or trade names of any Hapbee Sublicensee.

 

5.5
Labeling and Patent Rights Marking. Subject to, and in accordance with, Applicable Laws, Hapbee will identify EMulate as the licensor
or producer of the Cognate used in the Authorized Product using the EMulate Trademarks designated by EMulate for such use in certain
mutually agreed promotional materials for Authorized Product in the Territory where such identification is appropriate, in a manner approved
in advance in writing by both Parties, and in accordance with (and subject to) the Trademark License set forth in Section 2.1(b). To
the extent permitted by Applicable Law and customary in the industry for such products, Hapbee will mark all Authorized Product sold,
leased or rented in the Territory by Hapbee, its Sublicensees or Distributors with appropriate EMulate Trademarks and patent numbers
and the appropriate Hapbee Housemarks and patent numbers. Hapbee may, in its sole discretion, include any Hapbee Housemark on the Authorized
Product, and on the labels, packaging, promotional materials, and other materials therefor, subject to Applicable Law.

 

Article
6

SUPPLY

 

6.1
Supply and Purchase of the Cognate for the Authorized Product. Subject to the terms of this Agreement, during the Term, EMulate will
produce and supply the Cognate for the Authorized Product exclusively to Hapbee or its Sublicensees and Distributors for use in the Field
in the Territory, and Hapbee or its Sublicensees and Distributors will purchase exclusively from EMulate, all of Hapbee’s and its
Sublicensees’ and Distributors’ requirements of the Cognate used in the Authorized Product for Commercialization use in the
Field in the Territory in such quantities as Hapbee will order and EMulate will accept pursuant to and in accordance with a separate
commercial supply agreement to be entered into between Hapbee and EMulate (the “Commercial Supply Agreement”). The
Parties will negotiate in good faith to enter into the Commercial Supply Agreement on commercially reasonable terms.

 

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Article
7

FINANCIAL TERMS

 

7.1
Upfront Payment. In consideration for the licenses and rights granted to Hapbee under this Agreement with respect to the Cognate
designated by and provided to Hapbee pursuant to this Agreement, Hapbee will pay to EMulate, within ten (10) days following the Effective
Date, a non-refundable, non-creditable payment in an amount equal to ten thousand US dollars (US$10,000.00) (the “Upfront Amount”).
Such payment will be made by wire transfer of immediately available funds into an account designated by EMulate.

 

7.2
Royalty Payments.

 

(a)
Royalty Rate. Subject to this Section 7.2 and the other terms and conditions of this Agreement, in further consideration for the
licenses and rights granted to Hapbee under this Agreement, Hapbee will pay to EMulate, on a Calendar Quarter basis, royalties on the
quarterly Net Income from (i) sales, lease or rental of the Authorized Product in the Territory multiplied by a percentage royalty rate
equal to twenty percent (20%), and (ii) use of (e.g., subscriptions for) the Authorized Product in the Territory multiplied by a percentage
royalty rate equal to twenty percent (20%); provided, that the percentage royalty rate on the first ten million US dollars (US$10,000,000.00)
of Net Income from use of (e.g., subscriptions for) Authorized Product will be equal to twenty-five percent (25%).

 

(b)
Royalty Term. Hapbee’s obligation to make royalty payments pursuant to this Section 7.2 will commence upon the Effective Date
and will continue throughout the term of this Agreement.

 

7.3
Taxes. All amounts payable to EMulate will be paid without any reduction or offset for taxes. If any withholding taxes or stamp,
VAT, foreign exchange, or other transfer taxes apply to payments payable to EMulate, then Hapbee will pay such taxes directly and will
increase the amounts payable to EMulate so that EMulate receives the full amount it would have received if no such taxes applied.

 

7.4
Expenses Related to Cognate. The amount of all costs and expenses incurred by EMulate for producing the Cognate (e.g., costs of measuring,
recording and optimizing such Cognate) will be for the account of Hapbee.

 

Article
8

PAYMENTS, BOOKS, AND RECORDS

 

8.1
Payment; Royalty Reports. Royalty payments due by Hapbee to EMulate under Section 7.2 will be calculated and reported for each Calendar
Quarter. All royalty payments due under Section 7.2 will be paid within thirty (30) days after the end of each Calendar Quarter and will
be accompanied by a report setting forth the Net Income from sales, lease, rental or subscription of or for the Authorized Product by
Hapbee and its Sublicensees and Distributors in the Territory in sufficient detail to permit confirmation of the accuracy of the royalty
payment made, including, the number of Authorized Product sold, the Net Income from sales, lease, rental or subscription of or for Authorized
Product, the royalties payable, the method used to calculate the royalties, and the exchange rates used. Prior to commencement of Commercialization
of Authorized Product, the Parties will agree on the form of royalty report. Hapbee will submit a single report for all Net Income from
sales, lease, rental, subscription of or for Authorized Product during a Calendar Quarter, including by Hapbee, its Sublicensees and
Distributors, but will separately identify the Net Income and other information applicable to each entity.

 

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8.2
Payment Currency; Currency Conversion. All references to dollars and “$” herein will refer to U.S. dollars. All payments
hereunder will be payable in U.S. dollars. With respect to conversion of Net Income in any non-U.S. currency to U.S. dollars, such conversion
will be at the exchange rate equal to the U.S. dollar conversion rate for such currency as published by The Wall Street Journal,
Western U.S. Edition, as published on the last business day of the Calendar Quarter in which the applicable Net Income was invoiced.
All payments owed under this Agreement will be made by wire transfer in immediately available funds to a bank and account designated
in writing by EMulate from time to time for such purpose.

 

8.3
Taxes.

 

(a)
Taxes on Income. Except as otherwise provided in this Section 8.3, each Party will be solely responsible for the payment of all taxes
imposed on its share of income arising directly or indirectly from the activities of the Parties under this Agreement.

 

(b)
Tax Cooperation. The Parties agree to cooperate with one another and use reasonable efforts to avoid or reduce tax withholding, transfer
taxes, or similar obligations with respect to milestone payments, royalty payments, and other payments made by Hapbee to EMulate under
this Agreement. To the extent Hapbee is required by Applicable Laws to deduct and withhold taxes on any payment to EMulate, Hapbee will
pay the amounts of such taxes to the proper governmental authority in a timely manner and promptly transmit to EMulate an official tax
certificate or other evidence of such payment sufficient to enable EMulate to claim such payment of taxes. EMulate will provide Hapbee
any tax forms that may be reasonably necessary in order for Hapbee not to withhold tax or to withhold tax at a reduced rate under an
applicable bilateral income tax treaty, to the extent legally able to do so. EMulate will use reasonable efforts to provide any such
tax forms to Hapbee in advance of the due date; provided, that EMulate may direct Hapbee to temporarily hold a payment otherwise payable
in order to avoid withholding taxes if EMulate is waiting for a required tax form to be issued by a governmental authority. Hapbee will
provide EMulate with reasonable assistance to enable the recovery, as permitted by Applicable Laws, of withholding taxes, transfer taxes,
or similar obligations resulting from payments made under this Agreement, such recovery to be for the benefit of EMulate. Each Party
agrees to assist the other Party in claiming exemption from such deductions or withholdings under double taxation or similar agreement
or treaty from time to time in force and in minimizing the amount required to be so withheld or deducted.

 

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(c)
Taxes Resulting From a Party’s Action. If a Party takes any action, including any assignment, sublicense, change of place of
incorporation, or failure to comply with Applicable Laws or filing or record retention requirements, which results in a withholding or
deduction obligation or a transfer tax (“Withholding Tax Action”), then such Party will pay the sum associated with
such Withholding Tax Action. For clarity, if Hapbee undertakes a Withholding Tax Action, then the sum payable by Hapbee (in respect of
which such deduction or withholding is required to be made) will be increased to the extent necessary to ensure that EMulate receives
a sum equal to the sum which it would have received had no such Withholding Tax Action occurred. Otherwise, the sum payable by Hapbee
(in respect of which such deduction or withholding is required to be made) will be made to EMulate after deduction of the amount required
to be so withheld or deducted. If a change in Applicable Laws results in a withholding or deduction obligation absent either Party taking
a Withholding Tax Action, then the amount of such withholding or deduction obligation will be paid by Hapbee to the applicable governmental
authority on behalf of EMulate in accordance with the provisions of Section 8.3(b). The Parties will use commercially reasonable efforts
to invoke the application of any applicable bilateral income tax treaty that would reduce or eliminate otherwise applicable taxes with
respect to payments payable pursuant to this Agreement.

 

8.4
Records. Hapbee will keep, and require its Sublicensees and Distributors to keep, complete, true, and accurate books of accounts
and records for the purpose of determining the amounts payable to EMulate pursuant to this Agreement. Such books and records will be
kept for such period of time required by law, but no less than at least five (5) years following the end of the Calendar Quarter to which
they pertain. Such records will be subject to inspection in accordance with Section 8.5.

 

8.5
Audits. Upon not less than ten (10) days’ prior written notice, Hapbee will permit an independent, certified public accountant
selected by EMulate and reasonably acceptable to Hapbee, which acceptance will not be unreasonably withheld or delayed (for the purposes
of this Section 8.5, the “Auditor”), to audit or inspect those books or records of Hapbee, its Sublicensees and Distributors
that relate to Net Income, or Royalty Reports for the sole purpose of verifying (a) the royalties payable hereunder in respect of Net
Income, (b) the withholding taxes, if any, required by Applicable Law to be deducted as a payment by Hapbee in respect of such Net Income,
and (c) the exchange rates used in determining the amount of U.S. dollars. The Auditor will disclose to EMulate only the amount and accuracy
of payments reported and actually paid or otherwise payable under this Agreement. The Auditor will send a copy of the report to Hapbee
at the same time it is sent to EMulate. EMulate will bear the full cost of such audit unless such audit discloses an underpayment of
the amount actually owed of more than five percent (5%), in which case Hapbee will bear the full out-of-pocket, external cost of such
audit. Within thirty (30) days from the auditor’s report, Hapbee will submit to EMulate any underpayment discovered in such audit,
or EMulate will refund any amounts shown to have been overpaid, in each case as applicable.

 

8.6
Late Payment. Any amounts not paid when due under this Agreement will be subject to interest from and after the date payment is due
through and including the date upon which such Party makes such payment at the annual interest rate of one and a half (1.5) percent (1.5%)
compounded monthly; provided, however, that in no event will such rate exceed the maximum legal annual interest rate. The payment of
such interest will not limit the Party entitled to receive payment from exercising any other rights it may have as a consequence of the
lateness of any payment.

 

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Article
9

INTELLECTUAL PROPERTY

 

9.1
Ownership of Intellectual Property.

 

(a)
EMulate Technology and Hapbee Technology. EMulate owns and will retain all rights, title, and interests in and to the EMulate Technology.
Hapbee will own and retain all rights, title and interests in and to the Hapbee Technology.

 

(b)
Ownership of Inventions. Ownership of all Inventions will be based on inventorship, as determined in accordance with the rules of
inventorship under U.S. patent laws. Each Party will solely own any Inventions made solely by its or its employees, agents, or independent
contractors (“Sole Inventions”). The Parties will jointly own any Inventions that are made jointly by employees, agents,
or independent contractors of one Party together with employees, agents, or independent contractors of the other Party (“Joint
Inventions”). If an Hapbee Sole Invention or a Joint Invention covers or is related to the Cognate (collectively, the “Cognate
Inventions”), such Cognate Inventions will be owned solely by EMulate, and Hapbee will and hereby does assign to EMulate its
right and interest in such Cognate Inventions and such assigned Cognate Inventions will be included in the EMulate Technology licensed
to Hapbee pursuant to Section 2.1(a).

 

9.2
Patent Prosecution and Maintenance.

 

(a)
EMulate Patents. Except as otherwise provided in this Section 9.2, EMulate will have the sole right and authority to prepare, file,
prosecute, and maintain the EMulate Patents on a worldwide basis. EMulate will bear all costs of preparation, filing, prosecution, and
maintenance of the EMulate Patents in the Territory.

 

(b)
EMulate Abandonment. If EMulate determines in its sole discretion to abandon or not maintain any such EMulate Patent(s) in the Territory,
then EMulate will provide Hapbee with written notice of such determination within a period of time reasonably necessary to allow Hapbee
to determine its interest in such EMulate Patent(s). In the event Hapbee provides written notice expressing its interest in obtaining
such EMulate Patent(s), EMulate will assign and transfer, without any compensation, to Hapbee the ownership of, and interest in, such
EMulate Patent(s) in the Territory, at Hapbee’s sole expense. Hapbee will thereafter bear all costs of preparation, filing, prosecution,
and maintenance of such assigned and transferred Patents in the Territory. In the event that Hapbee decides to abandon or not maintain
any such Patent(s), Hapbee will promptly provide EMulate with written notice of such decision.

 

(c)
Hapbee Patents. Except as otherwise provided in this Section 9.2, Hapbee will have the sole right and authority, in its sole discretion,
to prepare, file, prosecute, and maintain the Hapbee Patents within the Territory at its own expense.

 

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(d)
Hapbee Abandonment. If Hapbee determines in its sole discretion to abandon or not maintain any such Patent within the Hapbee Patents
anywhere in the world, then Hapbee will provide EMulate with written notice of such determination within a period of time reasonably
necessary to allow EMulate to determine its interest in such Hapbee Patent(s). In the event EMulate provides written notice expressing
its interest in obtaining such Hapbee Patent(s), Hapbee will assign and transfer, without any compensation, to EMulate the ownership
of, and interest in, such Hapbee Patent(s) in the applicable jurisdiction at EMulate’s sole expense. EMulate will thereafter bear
all costs of preparation, filing, prosecution, and maintenance of such assigned and transferred Patent(s). For the avoidance of doubt,
such transferred Patent(s) will be a part of the EMulate Patents licensed hereunder to Hapbee upon Hapbee’s payment to EMulate
of the patent expenses incurred by EMulate in the Territory related thereto. In the event that EMulate decides to abandon or not maintain
any such transferred Patent(s), EMulate will promptly provide Hapbee with written notice of such decision.

 

(e)
Joint Patents.

 

(i)
Initial Responsibility. EMulate will be responsible for the preparation, filing, prosecution, and maintenance of Joint Patents worldwide,
subject to the rest of this Section 9.2(e). EMulate will be responsible for preparing, filing, prosecuting, and maintaining all Joint
Patents, using a patent counsel selected by EMulate and reasonably acceptable to Hapbee; provided, that Hapbee and EMulate will share
equally the cost and expenses of the preparation, filing, prosecution, and maintenance of Joint Patents, and Hapbee will reimburse EMulate
for Hapbee’s portion of such costs and expenses incurred by EMulate within thirty (30) days from the date of invoice for such costs
and expenses by EMulate.

 

(ii)
Cooperation. EMulate will consult with Hapbee in preparing Joint Patent applications and will consider and adopt in good faith Hapbee’s
comments and suggestions prior to the filing of any Joint Patent application. EMulate will keep Hapbee fully informed of progress with
regard to the preparation, filing, prosecution, and maintenance of the Joint Patents in and outside the Territory. EMulate will:

 

(1)
provide Hapbee with a copy of the final draft of any proposed application at least thirty (30) days prior to filing the same in any
patent office worldwide, unless otherwise agreed by patent counsel for both parties, and EMulate will consider in good faith any comments
or revisions suggested by Hapbee or its counsel;

 

(2)
promptly provide Hapbee with a copy of each patent application as filed, together with a notice of its filing date and serial number;

 

(3)
provide Hapbee with a copy of any action, communication, letter, or other correspondence issued by the relevant patent office within
at least ten (10) days of receipt thereof, and EMulate will consult with Hapbee regarding responding to the same and will consider in
good faith any comments, strategies, and the like proposed by Hapbee;

 

(4)
provide Hapbee with a copy of any response, amendment, paper, or other correspondence filed with the relevant patent office within
ten (10) days of EMulate’s receipt of the as-filed document;

 

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(5)
promptly notify Hapbee of the allowance, grant, or issuance of such Joint Patents; and

 

(6)
consult with Hapbee regarding the countries to be filed and maintained, the payment of annuities, taxes and maintenance fees for
any such Joint Patents.

 

(iii)
Joint Patent Abandonment. In the event that EMulate desires to abandon or cease prosecution and/or maintenance of any Joint Patent,
EMulate will provide reasonable prior written notice to Hapbee of such intention to abandon (which notice will, to the extent possible,
be given no later than ninety (90) calendar days prior to the next deadline for any action that must be taken with respect to such Joint
Patent in the relevant patent office). In such case or if EMulate refuses to pay its share of costs related to any such Joint Patent,
at Hapbee’s sole discretion, upon written notice from Hapbee, Hapbee may elect to continue prosecution and/or maintenance of any
such Joint Patent at its own expense, and EMulate will execute such documents and perform such acts, at EMulate’s expense, as may
be reasonably necessary to effect an assignment of EMulate’s entire right, title, and interest in and to such Joint Patent to Hapbee.
Any such assignment will be completed in a timely manner to allow Hapbee to continue prosecution and/or maintenance of any such Joint
Patent. Any Patents so assigned will no longer be considered Joint Patents and will become Hapbee Patents.

 

(iv)
Hapbee Declines Responsibility. If Hapbee refuses to pay its share of costs related to any Joint Patent, upon written notice from
EMulate, Hapbee will assign its entire right, title, and interest in and to any such Joint Patent to EMulate. Any Patents so assigned
will no longer be considered Joint Patents and will become EMulate Patents.

 

9.3
Infringement by Third Parties.

 

(a)
Notice. In the event that either EMulate or Hapbee becomes aware of any infringement or threatened infringement by a Third Party
of any Patents that are subject to the prosecution, maintenance, or enforcement by a Party under this Agreement, it will notify the other
Party in writing to that effect. Any such notice will include evidence to support an allegation of infringement or threatened infringement
by such Third Party.

 

(b)
EMulate Patents. Subject to this Section 9.3(b), EMulate has the first right, as between EMulate and Hapbee, to bring and control
any action or proceeding with respect to infringement of any EMulate Patent worldwide, at its own expense and by counsel of its own choice.
Hapbee has the right, at its own expense, to be represented in any such action by counsel of its own choice, and EMulate and its counsel
will reasonably cooperate with Hapbee and its counsel in strategizing, preparing, and presenting any such action or proceeding. If EMulate
fails to bring an action or proceeding with respect to infringement of any EMulate Patent described in the preceding sentence within
(i) one hundred twenty (120) days following the notice of alleged infringement or (ii) ten (10) days before the time limit, if any, set
forth in the appropriate laws and regulations for the filing of such actions, whichever comes first, Hapbee has the right, but not the
obligation, to bring and control any such action at its own expense and by counsel of its own choice. Upon Hapbee’s request, EMulate
will timely join any such litigation and cooperate with Hapbee in connection with such infringement action. Except as otherwise agreed
to by the Parties as part of a cost-sharing arrangement, any recovery or damages realized as a result of such action or proceeding will
be used first to reimburse the Parties’ documented out-of-pocket legal expenses relating to the action or proceeding, and any remaining
damages relating to the Authorized Product (including without limitation, lost sales, leases, rentals or lost profits with respect to
the Authorized Product) will be retained by the Party bringing suit, and if such Party is Hapbee, such remaining damages will be deemed
Net Income subject to the royalty provisions of Section 7.3.

 

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(c)
Hapbee Patents. Hapbee has the first right (but not the obligation), as between EMulate and Hapbee, to bring and control any action
or proceeding with respect to infringement of any Hapbee Patent worldwide, at its own expense and by counsel of its own choice and the
right to retain all damages resulting from its enforcement action.

 

(d)
Joint Patents. Any action or proceeding with respect to infringement of any Joint Patent worldwide may only be brought by both Parties,
with the costs to be shared equally between the Parties. Except as otherwise agreed to by the Parties as part of a cost-sharing arrangement,
any recovery or damages from an action or proceeding relating to Joint Patents will be used first to reimburse the Parties’ documented
out-of-pocket legal expenses relating to the action or proceeding, and any remaining damages will be shared equally between the Parties.

 

(e)
Cooperation. In the event either Party brings an infringement action in accordance with this Section 9.3, the other Party will cooperate
fully, including, if required to bring such action, the furnishing of a power of attorney or being named as a party to such action.

 

9.4
Infringement of Third-Party Rights. Each Party will promptly notify the other in writing of any allegation by a Third Party that
the activity of either of the Parties pursuant to this Agreement infringes or may infringe the intellectual property rights of such Third
Party. EMulate has the sole right to control any defense of any such claim involving alleged infringement of Third-Party rights by EMulate’s
activities at its own expense and by counsel of its own choice, and Hapbee has the right, at its own expense, to be represented in any
such action by counsel of its own choice. Hapbee has the sole right to control any defense of any such claim involving alleged infringement
of Third-Party rights by Hapbee’s activities at its own expense and by counsel of its own choice, and EMulate has the right, at
its own expense, to be represented in any such action by counsel of its own choice.

 

9.5
Consent for Settlement. Neither Party will enter into any settlement or compromise of any action or proceeding under this Article
9 which would materially alter, diminish, or be in derogation of the other Party’s rights under this Agreement without the prior
written consent of such other Party, which consent will not be unreasonably withheld.

 

9.6
Patent Marking. Hapbee (or its Sublicensees, or Distributors) will mark Authorized Product marketed and sold by Hapbee (or its Sublicensees,
or Distributors) hereunder with appropriate patent numbers or indicia designed by EMulate to the extent such markings or such notices
would impact recoveries of damages or equitable remedies available under Applicable Law with respect to infringements of patents in the
Territory.

 

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9.7
Trademarks. Without limiting any of Hapbee’s rights to brand the Authorized Product as provided for in Section 5.4, Hapbee
will use the EMulate Trademarks selected by EMulate to Commercialize the Authorized Product in the Territory. Where Hapbee reasonably
believes the EMulate Trademark is not appropriate for commercial use, or if such EMulate Trademark is not approved for use in the Territory
by the applicable Regulatory Authority, the Parties will agree on an alternative product trademark for such country and such alternative
product trademark will be deemed a EMulate Trademark. In addition, unless prohibited by Applicable Laws, Hapbee will include EMulate’s
corporate trademark on the packaging and product information of the Authorized Product sold in the Territory to indicate that the Authorized
Product is licensed from EMulate. All use of the EMulate Trademarks and EMulate corporate trademark will comply with Applicable Laws
and regulations and will be subject to EMulate’s review and approval. For clarity, Hapbee may also include its (or its Sublicensee’s)
corporate logo Hapbee Housemarks and similar trademarks or trade names of any Hapbee Sublicensee in the Authorized Product sold in the
Territory.

 

Article
10

CONFIDENTIALITY

 

10.1
Nondisclosure. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing by the Parties, during
the Term and for seven (7) years thereafter, the receiving Party (the “Receiving Party”) will keep confidential and
will not publish or otherwise disclose and will not use for any purpose other than as expressly provided for in this Agreement any Confidential
Information of the other Party (the “Disclosing Party”), and both Parties will keep confidential and, subject to Sections
10.2, 10.3, and 10.4, will not publish or otherwise disclose the terms of this Agreement. Notwithstanding the foregoing, the Receiving
Party’s obligation of confidentiality and restriction on use with respect to the Disclosing Party’s Confidential Information
which derives economic value from not being generally known to public and is identified in writing by the Disclosing Party as trade secrets
will continue perpetually for so long as such Confidential Information is unpublished by the Disclosing Party and no provision of Section
10.2(b), (c), or (d) applies to such Confidential Information. Each Party may use the other Party’s Confidential Information solely
to the extent required to accomplish the purposes of this Agreement, including exercising such Party’s rights or performing its
obligations under this Agreement. Each Party will use at least the same standard of care as it uses to protect proprietary or confidential
information of its own (but no less than reasonable care) to ensure that its employees, agents, consultants, contractors, other representatives
and, in the case of Hapbee, Sublicensees and Distributors do not disclose or make any unauthorized use of the Confidential Information
of the other Party. Each Party will promptly notify the other Party upon discovery of any unauthorized use or disclosure of the Confidential
Information of the other Party.

 

10.2
Authorized Disclosure. The Receiving Party may disclose Confidential Information belonging to the Disclosing Party only to the extent
such disclosure is reasonably necessary in the following instances:

 

(a)
filing or prosecuting Patents as permitted by this Agreement;

 

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(b)
prosecuting or defending litigation, including responding to a subpoena in a Third-Party litigation;

 

(c)
complying with Applicable Laws or regulations (including regulations promulgated by securities exchanges) or court or administrative
orders;

 

(d)
to its Sublicensees or prospective Sublicensees, Distributors, Third-Party Partners, subcontractors or prospective subcontractors,
payors, consultants, agents, and advisors on a “need-to-know” basis in order for the Receiving Party to exercise its rights
or fulfill its obligations under this Agreement, each of whom prior to disclosure must be bound by obligations of confidentiality and
restrictions on use of such Confidential Information that are no less restrictive than those set forth in this Article 10; provided,
however, that, in each of the above situations, the Receiving Party will remain responsible for any failure by any Third Party who receives
Confidential Information pursuant to this Section 10.2 to treat such Confidential Information as required under this Article 10; or

 

(e)
to bona fide potential and actual investors, acquirors, merger partners, licensees, and other financial or commercial partners solely
for the purpose of evaluating or carrying out an actual or potential investment, acquisition, or collaboration, in each case under written
obligations of confidentiality and non-use at least as stringent as those herein.

 

(f)
Notwithstanding the foregoing, in the event a Party is required to make a disclosure of the other Party’s Confidential Information
pursuant to Sections 10.2(b), (c), or (d), it will, except where impracticable, give at least thirty (30) days’ advance notice
to the other Party of such disclosure, reasonably consider the comments of the other Party with respect to limiting such disclosure,
and use efforts to secure confidential treatment of such Confidential Information at least as diligent as such Party would use to protect
its own confidential information, but in no event less than reasonable efforts. In any event, the Parties agree to take all reasonable
action to avoid disclosure of Confidential Information hereunder. Any information disclosed pursuant to Sections 10.2(b), (c), or (d)
will remain the Confidential Information of the Disclosing Party and subject to the restrictions set forth in this Agreement, including
the foregoing provisions of this Article 10.

 

10.3
Public Announcements. At the election of EMulate with respect to any or all of the Authorized Product, the Parties agree to issue
a joint press release in form and substance reasonably satisfactory to both Parties announcing the signature of this Agreement at or
shortly after the Effective Date, but in any event within the time-period as required by Applicable Laws. It is understood that either
Party may make such disclosures as it determines, based on advice of counsel, is reasonably necessary to comply with Applicable Laws
or for appropriate market disclosure. Each Party will provide the other Party with advance notice of legally required disclosures to
the extent practicable. The Parties will consult with each other on the provisions of this Agreement to be redacted in any filings made
by a Party as required by Applicable Laws; provided, that each Party will have the right to make any such filing as it reasonably determines
necessary under Applicable Laws. In addition, following any initial joint press release announcing this Agreement, either Party will
be free to disclose, without the other Party’s prior written consent, the existence of this Agreement, the identity of the other
Party, and those terms of the Agreement which have already been publicly disclosed in accordance herewith.

 

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Article
11

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

11.1
Mutual Representations and Warranties. Each Party represents and warrants to the other that, as of the Effective Date: (a) it is
duly incorporated and validly existing under the laws of its jurisdiction of incorporation or formation, and has full corporate or other
power and authority to enter into this Agreement and to carry out the provisions hereof, (b) it is duly authorized to execute and deliver
this Agreement and to perform its obligations hereunder, and the person or persons executing this Agreement on its behalf has been duly
authorized to do so by all requisite corporate or partnership action, (c) this Agreement is legally binding upon it, enforceable in accordance
with its terms, and does not conflict with any agreement, instrument, or understanding, oral or written, to which it is a Party or by
which it may be bound, nor, to the knowledge of the indemnifying Party, violate any material law or regulation of any court, governmental
body, or administrative or other agency having jurisdiction over it, and (d) it has the right to grant the licenses granted by it under
this Agreement.

 

11.2
Additional Hapbee Covenants. Hapbee covenants as follows:

 

(a)
Hapbee will comply in all material respects with all Applicable Laws related to its Commercialization of Authorized Product.

 

(b)
Hapbee will Commercialize all Authorized Product solely within the Territory for use in the Field pursuant to the authority, rights,
and licenses granted to Hapbee under this Agreement. During the Term Hapbee will not (i) Commercialize any Authorized Product outside
of the Field or of the Territory, (ii) provide any Authorized Product to any Third Party if Hapbee has actual knowledge or reasonably
believes that such Third Party, either directly or indirectly, is selling, renting, leasing, or intends to sell, rent or lease such Authorized
Product outside the Field or the Territory and (iii) expressly provide in each agreement with its Distributor that such Distributor will
be subject to immediate termination in the event of a breach of the covenants in this Section 11.2(b) and (iv) immediately terminate
any Distributor for a breach of the requirements of Section 11.2(b)(iii).

 

(c)
At EMulate’s request with respect to any jurisdiction in the Territory, Hapbee will cause its special counsel, reasonably acceptable
to EMulate, to deliver to EMulate a legal opinion, in form and substance satisfactory to EMulate, stating (among other things) that the
transactions contemplated by the Exclusive License Agreement are the legal, valid and binding obligations of Hapbee enforceable against
Hapbee in accordance with the terms of such agreement and that the commercial transactions by Hapbee as contemplated in such jurisdiction
in the Exclusive License Agreement will not violate any Applicable Laws in the Territory.

 

    	24

    	 

    

 

CONFIDENTIAL

 

11.3
Additional EMulate Representations, Warranties, and Covenants. EMulate represents and warrants to Hapbee that as of the Effective
Date:

 

(a)
EMulate Patents. EMulate owns, or has an exclusive license to, the EMulate Patents.

 

(b)
Title; Encumbrances. EMulate has sufficient legal and/or beneficial title, ownership, or license, free and clear from any mortgages,
pledges, liens, security interests, conditional and installment sale, lease, rental agreements, encumbrances, charges or claims of any
kind, of the EMulate Technology to grant the licenses to Hapbee as purported to be granted pursuant to this Agreement.

 

(c)
No Conflict. EMulate has not granted any assignment, license, covenant not to sue, or other similar interest or benefit, exclusive
or otherwise, to any Third Party relating to any patent, know-how, or other proprietary right that conflicts with or limits the rights
granted to Hapbee hereunder or which falls within the scope of the licenses granted in Section 2.1.

 

(d)
Non-Infringement of Third Party’s IP Rights. The EMulate Technology and the import, sale, lease, rental, or use of the Authorized
Product in the Territory does not and will not infringe any intellectual property rights of any Third Party existing as of the Effective
Date.

 

(e)
Non-Infringement of EMulate Technology by Third Parties. EMulate is not aware of any activities by Third Parties that constitute
infringement or misappropriation of the EMulate Technology within the Territory.

 

(f)
No Claims of Third-Party Rights. EMulate has not received any written notice, claim, or demand from any person or entity asserting
that the research, development, use, or sale, lease, rental of the Authorized Product infringes a patent of a Third Party in the Territory,
nor is EMulate aware of the threat of such claim.

 

(g)
No Action or Claim. To EMulate’s Knowledge as of the Effective Date, there are no actual, pending, alleged, or threatened adverse
actions, suits, claims, interferences, or formal governmental investigations involving the Authorized Product by or against EMulate or
distributors in or before any court or governmental entity.

 

(h)
Disclaimer. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, OR ANY OTHER AGREEMENT CONTEMPLATED HEREUNDER, NEITHER PARTY MAKES ANY
REPRESENTATIONS OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, AND EACH PARTY EXPRESSLY DISCLAIMS ALL IMPLIED WARRANTIES
OF MERCHANTABILITY AND OF FITNESS FOR A PARTICULAR PURPOSE OR USE, NON-INFRINGEMENT, VALIDITY AND ENFORCEABILITY OF PATENTS, OR THE PROSPECTS
OR LIKELIHOOD OF COMMERCIAL SUCCESS OF THE AUTHORIZED PRODUCT.

 

11.4
No Representation Regarding Cognate. The Parties agree that (without limiting any provision in Section 11.3(h)) EMULATE MAKES NO
REPRESENTATIONS, WARRANTIES OR GUARANTEES WITH RESPECT TO (A) THE SAFETY OR EFFECTIVENESS OF THE COGNATE, (B) THE CAPABILITY OR SUITABILITY
OF THE COGNATE FOR COMMERCIALIZATION, OR (C) FROM AND AFTER THE EFFECTIVE DATE, THAT THE USE OF THE COGNATE AS CONTEMPLATED IN THIS AGREEMENT
OR OTHERWISE, OR THE EXERCISE OF ANY OF ETI’S RIGHTS WITH RESPECT TO SUCH COGNATE UNDER THIS AGREEMENT WILL NOT VIOLATE ANY MATERIAL
LAW OR REGULATION OF ANY COURT, GOVERNMENTAL BODY, OR ADMINISTRATIVE OR OTHER AGENCY HAVING JURISDICTION OVER IT OR WILL NOT BE SUBJECT
TO THE JURISDICTION OF ANY GOVERNMENTAL AUTHORITY.

 

    	25

    	 

    

 

CONFIDENTIAL

 

Article
12

INDEMNIFICATION

 

12.1
Indemnification of EMulate. Hapbee will indemnify, defend and hold harmless each of EMulate and its directors, shareholders, officers,
and employees (collectively, the “EMulate Indemnitees”) from and against any and all losses, liabilities, damages,
penalties, fines, costs, and expenses (including reasonable attorneys’ fees and other expenses of litigation) (“Losses”)
from any Third-Party claims, actions, suits, or proceedings (each, a “Claim”) incurred by any EMulate Indemnitee,
arising from, or occurring as a result of (a) the negligence or willful misconduct of Hapbee, its Sublicensees, Distributors or other
subcontractors, and (b) any breach of any representations, warranties, or covenants by Hapbee under this Agreement; except in each case
to the extent such Claim falls within the scope of EMulate’s indemnification obligations set forth in Section 12.2.

 

12.2
Indemnification of Hapbee. EMulate will indemnify, defend and hold harmless each of Hapbee and its Sublicensees and Distributors
and their respective directors, officers, employees, and agents (collectively, the “Hapbee Indemnitees”), from and
against any and all Losses from any Third-Party Claims incurred by any Hapbee Indemnitee, arising from, or occurring as a result of (a)
the negligence or willful misconduct of EMulate; and (b) any breach of any representations, warranties, or covenants by EMulate under
this Agreement; except in each case to the extent such Claim falls within the scope of the indemnification obligations of Hapbee set
forth in Section 12.1.

 

12.3
Procedure. Each Party’s agreement to indemnify, defend, and hold harmless the other Party is conditioned on the indemnified
Party: (a) providing written notice to the indemnifying Party of any Claim for which it is seeking indemnification hereunder promptly
after the indemnified Party has knowledge of such Claim; (b) permitting the indemnifying Party to assume full responsibility to investigate,
prepare for, and defend against any such Claim, except that the indemnified Party may cooperate in the defense at its own expense using
its own counsel; (c) assisting the indemnifying Party, at the indemnifying Party’s reasonable expense, in the investigation of,
preparation for, and defense of any such Claim; and (d) not compromising or settling such Claim without the indemnifying Party’s
written consent. The indemnifying Party will not settle any Claim without the prior written consent of the indemnified Party, not to
be unreasonably withheld, unless the settlement involves only the payment of money. If the indemnifying Party does not assume and conduct
the defense of the Claim as provided above, (y) the indemnified Party may defend against and consent to the entry of any judgment or
enter into any settlement with respect to the Claim in any manner the indemnified Party may deem reasonably appropriate (and the indemnified
Party need not consult with, or obtain any consent from, the indemnifying Party in connection therewith), and (z) the indemnifying Party
will remain responsible to indemnify the indemnified Party as provided in this Article 12. The failure to promptly notify the indemnifying
Party after the commencement of any action with respect to a Claim will only relieve the indemnifying Party of its obligations under
this Article 12 if and to the extent the indemnifying Party is actually prejudiced thereby.

 

    	26

    	 

    

 

CONFIDENTIAL

 

12.4
Insurance. Each Party will procure and maintain insurance, including product liability insurance, adequate to cover its obligations
hereunder and which are consistent with normal business practices of prudent companies similarly situated at all times during the Term.
It is understood that such insurance will not be construed to create a limit of either Party’s liability with respect to its indemnification
obligations under this Article 12. Each Party will provide the other Party with written evidence of such insurance upon request. Each
Party will provide the other Party with written notice at least thirty (30) days prior to the cancellation, non-renewal, or material
change in such insurance or self-insurance which materially adversely affects the rights of the other Party hereunder.

 

12.5
Limitation of Liability. NEITHER PARTY WILL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, EXEMPLARY, PUNITIVE,
OR INDIRECT DAMAGES ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES.
NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 12.5 IS INTENDED TO OR WILL LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS
OF ANY PARTY UNDER SECTION 12.1 OR SECTION 12.2, OR DAMAGES AVAILABLE FOR A PARTY’S BREACH OF CONFIDENTIALITY OBLIGATIONS IN ARTICLE
10.

 

Article
13

Term and Termination

 

13.1
Term. This Agreement will commence on the Effective Date, and unless terminated earlier as provided in this Article 13, will continue
in full force and effect until the twentieth (20th) anniversary of the Effective Date (the “Term”); provided,
that if the Cognate has been determined pursuant to Section 2.8 not to be safe for its intended Commercial use, the Term of this Agreement
with respect to such Cognate will terminate as of the date of such determination. The Commercial Supply Agreement, as applicable, will
terminate upon any termination or expiration of this Agreement.

 

13.2
Early Termination.

 

(a)
Mutual Agreement. The Parties may terminate this Agreement at any time by mutual written agreement of the Parties.

 

(b)
Material Breach. EMulate will have the right to terminate this Agreement upon written notice to Hapbee if Hapbee, after receiving
written notice from EMulate identifying a Hapbee Material Breach, fails to cure such Hapbee Material Breach within sixty (60) days from
the date of such notice (or within thirty (30) days’ notice for any payment breach). Hapbee will have the right to terminate this
Agreement upon written notice to EMulate if EMulate, after receiving written notice identifying an EMulate Material Breach, fails to
cure such EMulate Material Breach within sixty (60) days from the date of such notice.

 

    	27

    	 

    

 

CONFIDENTIAL

 

(c)
Bankruptcy. Each Party will have the right to terminate this Agreement immediately in its entirety upon written notice to the other
Party if such other Party makes a general assignment for the benefit of creditors, files an insolvency petition in bankruptcy, petitions
for or acquiesces in the appointment of any receiver, trustee, or similar officer to liquidate or conserve its business or any substantial
part of its assets, commences under the laws of any jurisdiction (the “Bankruptcy Laws”) any proceeding involving
its insolvency, bankruptcy, reorganization, adjustment of debt, dissolution, liquidation or any other similar proceeding for the release
of financially distressed debtors or becomes a party to any proceeding or action under the Bankruptcy Laws and such proceeding is not
dismissed within sixty (60) days after the commencement thereof.

 

(d)
License Grant by Hapbee to EMulate. Hapbee hereby grants EMulate, effective upon the effective date of an early termination pursuant
to this Section 13.2, a fully paid, royalty free, perpetual, irrevocable, exclusive license, with the right to grant sublicenses (through
multiple tiers), under any and all Patents and Know-How Controlled by Hapbee at the time of such termination for EMulate to develop,
make, have made, use, sell, offer for sale, lease, rental, and import Authorized Product in the Territory.

 

13.3
Effects of Termination. Upon the early termination of this Agreement by EMulate under Section 13.2(b) or 13.2(c), the following will
apply:

 

(a)
Inventory. Hapbee, its Distributors, and Sublicensees will continue, to the extent that Hapbee, its Distributors, and Sublicensees
continue to have stocks of usable Authorized Product, to fulfill orders received from customers for the Authorized Product in the Field
in the Territory for up to six (6) months after the effective date of termination. Hapbee will pay royalties to EMulate in accordance
with Section 7.2 on the amount of Net Income from the use, sale, lease and rental of Authorized Product sold by Hapbee after notice of
termination and after the effective date of termination.

 

(b)
License Grant by Hapbee to EMulate. Hapbee hereby grants EMulate, effective upon the effective date of such termination, a fully
paid, royalty free, perpetual, irrevocable, exclusive license, with the right to grant sublicenses (through multiple tiers), under any
and all Patents and Know-How Controlled by Hapbee and incorporated into the Authorized Product at the time of such termination for EMulate
to make, have made, use, sell, offer for sale, lease, rental and import Authorized Product in the Territory.

 

(c)
Supply. The Commercial Supply Agreement, if applicable, will terminate upon the effective date of the termination of this Agreement.

 

(d)
Transition. Hapbee will cooperate with EMulate and/or its designee to effect a smooth and orderly transition in the use, sale, lease,
rental and marketing, promotion, and Commercialization of the Authorized Product in the Territory.

 

    	28

    	 

    

 

CONFIDENTIAL

 

13.4
Effects of Termination for Cause by Hapbee. Upon termination of this Agreement by Hapbee under Section 13.2(b) or 13.2(c), (in addition
to any other rights and obligations under this Agreement with respect to such termination) all licenses granted by EMulate to Hapbee
pursuant to Section 2.1 will terminate; provided, however, that Hapbee may elect to have all or any portion of the licenses granted to
Hapbee pursuant to Section 2.1 (and pursuant to the Commercial Supply Agreement, if applicable) continue, in which case Hapbee’s
obligations to EMulate under Article 7 and EMulate’s rights under Article 7 will continue.

 

13.5
Rights Upon Bankruptcy. All rights and licenses granted under or pursuant to this Agreement by EMulate (and pursuant to the Commercial
Supply Agreement, if applicable) are, and will otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code,
licenses of right to “intellectual property” as defined under Section 101 of the Bankruptcy Laws. The Parties agree that
Hapbee, as licensee of such rights under this Agreement, will retain and may fully exercise all of its rights and elections under the
Bankruptcy Laws.

 

13.6
Return of Confidential Information. Upon termination or expiration of this Agreement, except to the extent necessary or reasonably
useful for a Party to exercise its rights under any license surviving such termination or expiration, each Party will promptly return
to the other Party, or delete or destroy, all relevant records and materials in such Party’s possession or control containing Confidential
Information of the other Party; provided, that such Party may keep one copy of such materials for archival purposes only.

 

13.7
Survival. The following provisions will survive any expiration or termination of this Agreement: Articles 1 (Definitions), 10 (Confidentiality),
12 (Indemnification), 14 (Dispute Resolution), and 15 (General Provisions), and Sections 2.3 (License Grant to EMulate), 2.4 (No Implied
License), 4.2 (Records), 8.4 (Records), 8.5 (Audits), 9.1 (Ownership of Intellectual Property), 13.3-13.4 (Effects of Termination; in
each case to the extent applicable), and 13.7 (Survival).

 

Article
14

DISPUTE RESOLUTION

 

The
Parties recognize that disputes as to certain matters may from time to time arise during the Term that relate to interpretation of a
Party’s rights and/or obligations hereunder or any alleged breach of this Agreement. If the Parties cannot resolve any such dispute
within thirty (30) days after written notice of a dispute from one Party to another, either Party may, by written notice to the other
Party, have such dispute referred to the Chief Executive Officer of EMulate and the Chief Executive Officer of Hapbee (collectively,
the “Senior Executives”). The Senior Executives will negotiate in good faith to resolve the dispute within thirty
(30) days. If the Senior Executives are not able to resolve such dispute referred to them under this Article 14 within such thirty (30)-day
period, each of the Parties will be free to pursue its legal rights and remedies before a judicial tribunal of competent jurisdiction.

 

    	29

    	 

    

 

CONFIDENTIAL

 

Article
15

GENERAL PROVISIONS

 

15.1
Governing Law; Venue. This Agreement and all questions regarding the existence, validity, interpretation, breach, or performance
of this Agreement, will be governed by, and construed and enforced in accordance with, the laws of the State of Washington, United States,
without reference to its conflicts of law principles. Any dispute arising under this Agreement will be pursued in a court of competent
jurisdiction located in Seattle, Washington, and each of the Parties waives any objection it may have to the laying of venue brought
in any such court, waives any claim that any proceedings with respect to a dispute have been brought in an inconvenient forum, and further
waives any right to object that such court does not have any jurisdiction over such Party.

 

15.2
Waiver of Breach. No delay or waiver by either Party of any condition or term hereunder in any one or more instances will be construed
as a further or continuing waiver of such condition or term or of any other condition or term in this Agreement. Any waiver by a Party
of a particular term or condition will be effective only if set forth in a written instrument duly executed by or on behalf of the Party
waiving such term or condition.

 

15.3
Further Actions. Each Party agrees to execute, acknowledge, and deliver such further instruments, and to perform all such other acts,
as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement.

 

15.4
Severability. In the event any provision of this Agreement is adjudicated to be invalid, illegal, or unenforceable by a court of
competent jurisdiction, the Parties will use their best efforts to replace the invalid, illegal, or unenforceable provision with a valid,
legal, and enforceable provision that most closely reflects the original intent of the Parties. All other provisions of this Agreement
will not in any way be affected or impaired by such adjudication and will remain in full force and effect.

 

15.5
Entire Agreement; Amendment. This Agreement, together with the exhibits hereto (which exhibits are by this reference incorporated
into this Agreement), contains the entire understanding of the Parties with respect to the subject matter hereof. This Agreement supersedes
all prior and contemporaneous agreements and communications of the Parties, whether oral, written, or otherwise, concerning any and all
matters that are the subject of this Agreement. Except as expressly set forth herein, this Agreement may be amended or modified only
by a written instrument executed by authorized representatives of each Party.

 

15.6
Notices. Any notice or communication required or permitted under this Agreement will be in writing in the English language, delivered
personally, sent by facsimile (and promptly confirmed by personal delivery, registered or certified mail or overnight courier), sent
by internationally-recognized courier or sent by registered or certified mail, postage prepaid to the following addresses of the Parties
(or at any address such Party may designate by prior written notice to the other Party in accordance with this Section 15.6):

 

    	30

    	 

    

 

CONFIDENTIAL

 

If
to EMulate, notices must be addressed to:

 

EMulate
Therapeutics, Inc.

425
Pontius Avenue North, Suite 200

Seattle,
WA 98109

U.S.A

Attention:
President and CEO

Tel:
+1 206-708-2288, ext. 122

Fax:
+1 206-260-7201

 

With
a copy to (which will not constitute notice):

 

EMulate
Therapeutics, Inc.

425
Pontius Avenue North, Suite 200

Seattle,
WA 98109

U.S.A

Attention:
General Counsel

Tel:
+1 206-708-2288, ext. 105

Fax:
+1 206-260-7201

 

If
to Hapbee, notices must be addressed to:

 

Hapbee
Technologies, Inc.

700
West Georgia Street

25th Floor

Vancouver, BC V7Y 1B3

Canada

Attention: CEO

Tel:
+1 360-929-1520

 

Any
such notice will be deemed to have been given (a) when delivered if personally delivered; (b) on the next Business Day after dispatch
if sent by confirmed facsimile or by internationally-recognized overnight courier; and/or (c) on the fifth (5th) Business
Day following the date of mailing if sent by mail or other internationally-recognized courier. Notices hereunder will not be deemed sufficient
if provided only between or among each Party’s representatives on the JSC.

 

15.7
Assignment. Neither this Agreement nor any obligation of a Party hereunder may be assigned by either Party without the prior written
consent of the other Party; provided, however, that either Party may assign this Agreement in its entirety without such consent to (i)
any purchaser of all, or substantially all, of its assets to which this Agreement relates, or (ii) any successor corporation resulting
from any merger, consolidation, share exchange, or other similar transaction, provided that any such successor corporation will assume
all obligations of its assignor under this Agreement. This Agreement will inure to the benefit of EMulate and Hapbee and their respective
successors and permitted assigns. Any assignment of this Agreement that is not made in accordance with this Section 15.7 will be null
and void and of no legal force or effect.

 

    	31

    	 

    

 

CONFIDENTIAL

 

15.8
Relationship of the Parties. Nothing in this Agreement or any action which may be taken pursuant to its terms is intended, or will
be deemed, to establish a joint venture, agency, or partnership between Hapbee and EMulate. Neither Party to this Agreement has any express
or implied right or authority to assume or create any obligations on behalf of, or in the name of, the other Party, or to bind the other
Party to any contract, agreement or undertaking with any Third Party, without the prior written consent of the other Party.

 

15.9
Interpretation. The headings of clauses contained in this Agreement preceding the text of the sections, subsections, and paragraphs
hereof are inserted solely for convenience and ease of reference only and will not constitute any part of this Agreement, or have any
effect on its interpretation or construction. All references in this Agreement to the singular will include the plural where applicable.
Unless otherwise specified, references in this Agreement to any Article will include all sections, subsections, and paragraphs in such
Article, references to any section will include all subsections and paragraphs in such section, and references in this Agreement to any
subsection will include all paragraphs in such subsection. The word “including” and similar words means including without
limitation. The word “or” means “and/or” unless the context dictates otherwise because the subjects of the conjunction
are mutually exclusive. The words “herein,” “hereof,” and “hereunder” and other words of similar
import refer to this Agreement as a whole and not to any particular section or other subdivision. All references to days in this Agreement
mean calendar days, unless otherwise specified. Ambiguities and uncertainties in this Agreement, if any, will not be interpreted against
either Party, irrespective of which Party may be deemed to have caused the ambiguity or uncertainty to exist. This Agreement has been
prepared in the English language and the English language will control its interpretation. In addition, all notices required or permitted
to be given hereunder, and all written, electronic, oral, or other communications between the Parties regarding this Agreement will be
in the English language. Les parties reconnaissent avoir exigé que la présente et tous les documents connexes soient rédigés
en anglais.

 

15.10
Counterparts. This Agreement may be executed in any number of counterparts each of which will be deemed an original, and all of which
together will constitute one and the same instrument.

 

[Signature
page follows]

 

    	32

    	 

    

 

IN
WITNESS WHEREOF, the Parties have caused this Exclusive License Agreement to be executed by their duly authorized representatives
as of the date first written above.

 

	EMulate
    Therapeutics, Inc.	 	Hapbee
                                            Technologies, Inc.

    

		 	
	By:	                                                                              	 	By:	                                             
	Name:	Steven
    E. Pope	 	Name:	Chris
    E. Rivera
	Title:	SVP
    and Secretary	 	Title:	President

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