Document:

Exhibit 10.1

 

JOINT VENTURE AGREEMENT

 

This Joint Venture Agreement (this “Agreement”)
dated and effective as of January 28, 2015 (the “Effective Date”), is entered into by and among:

 

		1.	G-treeBNT Co., Ltd., a corporation organized under the laws of the Republic of Korea (“Korea”)
with offices at 22nd FL, Parkview Tower, 248 Jungjail-ro, Bundang-gu, Seongnam-si, Gyeonggi-do 463-863, Republic of
Korea (“G-treeBNT”);

 

		2.	RegeneRx Biopharmaceuticals, Inc., a company organized under the laws of the State of Delaware,
with offices at 15245 Shady Grove Road, Suite 470, Rockville, Maryland, United States of America (the “U.S.”)
(“RegeneRx”); and

 

		3.	ReGenTree, LLC, a Delaware limited liability company (the “Company”).

 

G-treeBNT, RegeneRx, and the Company are referred
to individually as a “Party” and collectively as the “Parties.”

 

RECITALS

 

WHEREAS, G-treeBNT is engaged in the business
of developing, marketing, manufacturing, and distributing biopharmaceutical products;

 

WHEREAS, RegeneRx is engaged in the business
of developing biopharmaceutical products, including the pre-clinical and clinical development and future commercialization of the
Product (as defined below);

 

WHEREAS, the Parties desire to form the Company
as a joint venture in order to develop and commercialize the Product for the ophthalmic field in the U.S.; and

 

WHEREAS, the Parties desire to enter into
a written agreement providing for the formation of the Company and each Party’s rights and obligations with respect to the
Company.

 

NOW, THEREFORE, in consideration of the premises
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

Section
1. Definitions. As used in this Agreement, the following terms, whether used in the singular or plural, have
the respective meanings set forth below. Capitalized terms used but not otherwise defined in this Agreement shall have the meanings
ascribed to such terms in the License Agreement.

 

“Affiliate” shall mean,
with respect to a Person, any Person that Controls, is Controlled by or is under common Control with such first Person. For purposes
of this definition only, “Control” means (a) to possess, directly or indirectly, the power to direct the management
or policies of a Person, whether through ownership of voting securities, or by contract relating to voting rights or corporate
governance, or (b) to own, directly or indirectly, at least fifty percent (50%) of the outstanding voting securities or other ownership
interest of such Person.

 

“Agreement” shall have
the meaning given to such term in the Recitals.

 

“Bankrupt Member” shall
have the meaning given to such term in Section 13.3.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

    	 

    	 

    

 

“Board” shall mean the
Board of Directors of the Company.

 

“Business Day” shall mean
any day except Saturday, Sunday or any other day on which commercial banks located in New York City are authorized or required
by law to be closed for business.

 

“Cash Flow from Operations”
means all cash available to the Company from its ordinary course of business activities remaining after payment of current expenses,
liabilities, debts or obligations of the Company.

 

“CEO” shall mean the President
and Chief Executive Officer of the Company appointed pursuant to Section 8.1.

 

“Certificate of Formation”
shall mean the Certificate of Formation of the Company, which is incorporated as part of this Agreement as Appendix A.

 

“CFO” shall mean the Chief
Financial Officer of the Company appointed pursuant to Section 8.2.

 

“Change of Control” shall
have the meaning provided in the License Agreement.

 

“Change of Control Proceeds”
shall mean, with respect to any Change of Control of the Company and without duplication, all cash and the fair market value on
the effective date of such Change of Control of all other property paid or payable by a Third Party to the Company and/or its Members
in consideration for their equity interests in the Company.

 

“Commercialization Committee”
shall mean the marketing and sales committee formed by G-treeBNT and RegeneRx consisting of employees, consultants, or directors
from each Member to discuss and agree on the commercialization of the Product (as defined hereinafter) pursuant to the License
Agreement.

 

“Company” shall have the
meaning given to such term in the Recital.

 

“Confidential Information”
shall have the meaning given to such term in the License Agreement.

 

“Cumulative Net Taxable Income”
is determined at the end of the Company’s fiscal year with respect to which the Tax Amount is to be determined and is the
sum of all taxable income for the current and all prior fiscal years reduced by the sum of all taxable losses for the current and
all prior fiscal years.

 

“DLLCA” shall mean the
Delaware Limited Liability Company Act, Del. Code Ann. tit. 6, § 18–101 et seq.

 

“Development Committee”
shall have the meaning given to such term in the License Agreement.

 

“Dry Eye Syndrome” shall
have the meaning given to such term in the License Agreement.

 

“Effective Date” shall
have the meaning given to such term hereinbefore.

 

“Effective Date of the License Agreement”
shall have the meaning given to such term in the License Agreement.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

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“Effective Tax Rate” is
the highest U.S. corporate income tax rate for that year plus the federal tax-effected state and local income tax rate applicable
in the state and jurisdiction of the principal office of the Company.

 

“FDA” shall mean the U.S.
Food and Drug Administration or any successor U.S. governmental agency performing similar functions.

 

“Field” shall have the
meaning given to such term in the License Agreement.

 

“Final Milestone Event”
shall have the meaning given to such term in Section 9.1(d).

 

“Governmental Authority”
shall mean: (i) any national, federal, provincial, state, municipal or other governmental body in any jurisdiction in the Territory
or elsewhere, (ii) any international or multi-lateral body, (iii) any subdivision, ministry, department, secretariat, bureau,
agency, commission, board, instrumentality or authority of any of the foregoing governments or bodies, (iv) any quasi-governmental
or private body exercising any regulatory, expropriation or taxing authority under or for any of the foregoing governments or bodies,
or (v) any international, multi-lateral, or multi-national judicial, quasi-judicial, arbitration or administrative court, grand
jury, tribunal, commission, board or panel, in each case having jurisdiction over the U.S.

 

“Intellectual Property”
shall have the meaning given to such term in the License Agreement.

 

“Inventions” shall have
the meaning given to such term in the License Agreement.

 

“Joint Venture Period”
shall mean the period beginning on the Effective Date and ending on the date on which this Agreement is terminated in accordance
with the provisions of Section 13.

 

“Know-How” shall have the
meaning given to such term in the License Agreement.

 

“Laws” shall mean (i) all
constitutions, treaties, laws, statutes, codes, ordinances, guidance, orders, decrees, rules, regulations, and municipal by-laws,
whether domestic or international, anywhere in the Territory or as may otherwise be agreed in writing among the Parties, (ii) all
judgments, orders, writs, injunctions, decisions, rulings, decrees and awards of any Governmental Authority, and (iii) all policies,
practices and guidelines of any Governmental Authority.

 

“License Agreement” shall
mean that certain license agreement between the Company and RegeneRx, a copy of which is attached hereto as Appendix B,
as amended from time to time.

 

“Members” shall mean members
of the Company, which are G-treeBNT and RegeneRx.

 

“Milestone Event” shall
have the meaning given to such term in Section 9.1.

 

“NDA” shall mean the New
Drug Application which is the vehicle through which drug sponsors formally propose that the FDA approve a new pharmaceutical for
sale and marketing in the U.S.

 

“Other Available Cash”
means cash generated by the Company’s activities outside its ordinary course of business activities.

 

“Pan Asia License Agreement”
shall have the meaning ascribed to such term in the License Agreement.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

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“Patents” shall have the
meaning given to such term in the License Agreement.

 

“Person” shall mean an
individual, sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited liability
company, business trust, joint stock company, trust, unincorporated association, joint venture or other similar entity or organization,
including a government or political subdivision, department or agency of a government.

 

“Product” shall have the
meaning given to such term in the License Agreement.

 

“Tβ4” shall have the
meaning given to such term in the License Agreement.

 

“Tax Amount” is the product
of (i) the Effective Tax Rate and (ii) the Company’s Cumulative Net Taxable Income. The Tax Amount will not be in excess
of the product of (A) the Effective Tax Rate and (B) the Company’s taxable income for the fiscal year of the determination.

 

“Territory” shall have
the meaning given to such term in the License Agreement.

 

“Third Party” shall mean
any Person other than the Company, G-treeBNT, RegeneRx, and Affiliates of either such Party.

 

“Trademark” shall have
the meaning given to such term in the License Agreement.

 

“Transfer” shall have the
meanings given to such term in Section 3.2.

 

“US$” shall mean the U.S.
Dollar, the lawful currency of the U.S.

 

Section
2. Establishment of the Company 

 

2.1           Purpose.
The purpose of the Company is to develop and commercialize the Product for the Field in the Territory.

 

2.2           Formation.
The Company shall be a limited liability company (“LLC”) organized under the laws of the State of Delaware in
the U.S. The name of the Company shall be “ReGenTree, LLC”.

 

2.3           Certificate
of Formation. The Parties shall cause the Company to adopt the Certificate of Formation in the form as attached hereto as Appendix
A, which shall be incorporated as part of this Agreement after the Effective Date. In the event any provision in the Certificate
of Formation or any other charter document of the Company conflicts with any provision of this Agreement, the provision of this
Agreement shall prevail, and the Parties shall cause the Certificate of Formation and any other governing documents of the Company
to be amended accordingly upon mutual consultation.

 

2.4           Limited
Liability Company Agreement. The Parties acknowledge and agree that this Agreement constitutes the Limited Liability Company
Agreement of the Company under Section 18-101 of the DLLCA.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

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Section
3. Capital Stock; Transfer of Interests

 

3.1           Member’s
interest in the Company’s Capital Stock and Future Profits. The Company shall have only one class of interest that the
existing Members may own in its capital stock and profits. Percentage interests of Members shall be in accordance with Section
9.1.

 

3.2           Transfer
Prohibited. Except as otherwise provided herein, each Member agrees to hold and not, directly or indirectly, to sell, transfer,
pledge, encumber, assign or otherwise dispose of (“Transfer”) any of such Member’s interests in the Company
or any right or interest therein throughout the Joint Venture Period, except for by a prior written consent of the other Member.

 

Section
4. Obligations of the Members

 

4.1           Obligations
of G-treeBNT. G-treeBNT shall be solely responsible for providing all of the capital required for the Company to conduct its
operations, including without limitation, fulfilling all of its obligations under the License Agreement. Without limiting the generality
of the foregoing, G-treeBNT’s obligations shall include the following:

 

(a)          G-treeBNT
shall contribute installments of start-up capital and funding to the Company, as set forth in detail in Section 9.1;

 

(b)          G-treeBNT
shall provide all capital to the Company as necessary for the Company to develop the Product(s), including the conduct of all necessary
clinical trials, process development, non-clinical studies, all regulatory filings and all other activities contemplated hereunder
and under the License Agreement (including the Development Plan described therein), provided that G-treeBNT shall not be entitled
to any additional percentage ownership or other equity in consideration for its obligation to provide such capital to the Company,
except for the adjustments to its percentage ownership described in paragraphs (a) through (e) of Section 9.1 below;

 

(c)          G-treeBNT
shall share with the Company and its Members all of the data resulting from development of Products obtained and shall be obtained
hereafter under the RGN-259 License Agreement dated March 7, 2014 between G-treeBNT and RegeneRx; and

 

(d)          
G-treeBNT shall cause the Company to design a development plan for development of the Products for Dry Eye Syndrome and Neurotrophic
Keratopathy in the Territory that includes a description of the scope, approximate cost, and timeline for development.

 

4.2           Obligations
of RegeneRx. RegeneRx shall perform the following obligations:

 

(a)          RegeneRx
shall execute and deliver the License Agreement; and

 

(b)          RegeneRx
shall provide all non-clinical and clinical data relating to the Product, which includes, without limitation, all of the data directly
or indirectly necessary for the development, production, commercialization, or distribution of the Product in its possession at
the time of creating the Company.

 

4.3           Joint
Commercialization Committee. Just prior to initial regulatory approval from the FDA, the Members shall form the Commercialization
Committee in order to oversee the development and execution of the Commercialization Plan (as defined in the License Agreement)
and to form a mutual understanding on the marketing, distribution, and sales strategies of the Products and to provide guidance
to the Company.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

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Section
5. Allocation of Profits and Losses; Distributions

 

5.1           Shares
of Profits and Losses. Each Member will share in the Company’s profits and losses in accordance with its interest in
the Company. A Member’s share of the taxable income or loss or other tax items of the Company will be determined in accordance
with Appendix C (Tax Provisions), which shall be incorporated as part of the Agreement after the Effective Date.

 

5.2           Distributions.
Distributions are made in the following priority:

 

(a)          Distribution
of Tax Amount. At least ten (10) Business Days before each date when a U.S. corporate estimated income tax payment is due,
the Company will distribute, from Cash Flow from Operations (or, if necessary, from Other Available Cash), to each Member its share
of the Tax Amount estimated by the Company to have accrued during the estimated tax period before the distribution date. No later
than sixty five (65) days after the end of the Company’s fiscal year, the Company will distribute, from Cash Flow from Operations
(or, if necessary, from Other Available Cash), to each Member its share of any previously unpaid Tax Amount for such fiscal year.

 

(b)          Reserves.
The Chief Financial Officer will establish reserves from Cash Flow from Operations for:

 

(i)          contingent
or unforeseen obligations, debts or liabilities of the Company, as the Chief Financial Officer deems reasonably necessary;

 

(ii)         amounts
required by any contracts of the Company; and

 

(iii)        such
other purposes as decided upon by the Chief Financial Officer.

 

(c)          The
Balance. The Company will distribute the balance, if any, of Cash Flow from Operations to the Members in accordance with their
percentage interest in the Company within ninety (90) days after the end of the Company’s fiscal year.

 

(d)          Other
Available Cash. Distributions of Other Available Cash are to be made in such amounts and at such times as determined by the
Board of Directors. If there is not enough Cash Flow from Operations to make all the distributions provided for in this Section
5.2, Other Available Cash will be used to make the distributions in the priority specified in such Sections.

 

5.3           Allocation
of Proceeds from Certain Transactions.

 

(a)          Subject
to Section 5.3(b) below, (i) any Sublicense Fees or Change of Control Proceeds paid or payable to the Company during the term of
this Agreement shall be allocated between the Members in accordance with their then respective percentage ownership interests in
the Company, and (ii) RegeneRx shall continue to be entitled to receive royalties in accordance with Section 5.1 of the License
Agreement.

 

(b)          Notwithstanding
anything to the contrary contained in this Agreement, in the event a Change of Control of the Company occurs following achievement
of the Final Milestone Event, then (i) RegeneRx shall be entitled to *** of all Change of Control Proceeds paid or payable in connection
with such Change of Control, and G-treeBNT (and any additional or subsequent Members) shall be entitled to *** of such Change of
Control Proceeds, and (ii) in consideration of the foregoing, RegeneRx will agree to forego all future rights to receive royalties
on Net Sales under Section 5.1(a) and (b) of the License Agreement. RegeneRx agrees to execute and deliver any amendments to the
License Agreement or such other instruments reasonably necessary to give effect to the foregoing clause (ii).

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

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5.4           No
Priority. Except as otherwise provided in this Agreement, no Member will have priority over any other Member as to the return
of capital, allocation of income or losses, or any distribution.

 

5.5           Other
Distribution Rules. No Member will have the right to demand
and receive property other than cash in payment for its share of any distribution. Distribution of non-cash property may be made
with the consent of all Members. The preceding sentence expressly overrides the contrary provisions of DLLCA § 18–605
as to non-cash distributions.

 

5.6           Limitation
upon Distributions. No distribution will be made to Members if prohibited by DLLCA § 18–607 or other applicable
law.

 

Section
6. Company Governance

 

6.1           Operations.
The Parties agree and acknowledge that G-treeBNT, in cooperation with RegeneRx, shall primarily be in charge of the operation of
the Company subject to all governance requirements and shall primarily be responsible for creating, and solely responsible for
funding, a plan to develop the Product in the Territory through an NDA approval and thereafter commercialize the Product in the
Territory. Each Member agrees to take all actions necessary to ensure that the Company shall be operated in accordance with the
terms of this Agreement including, without limitation, exercising its voting rights in the Company and causing any director(s)
nominated by the Member to exercise their voting rights to effect the terms hereof and causing any officer(s) appointed by the
Member to act in accordance with the terms hereof.

 

6.2           Board
of Directors. The Board shall oversee the operations of the Company in a manner consistent with this Agreement. The Board shall
be authorized to take all actions and make all decisions by resolution regarding all important matters relative to the management
and operation of the Company. The Board will consist of three (3) directors who will be elected by the resolution of the Members
Meeting. G-treeBNT shall have the right to nominate two (2) directors of the Board (“G-treeBNT Directors”),
and RegeneRx shall have the right to nominate one (1) director of the Board (“RegeneRx Director”), in each case
without regard to the change in percentage ownership contemplated in Section 9.1. Each Member shall exercise its voting rights
in the Company and take such other steps to ensure the election of the nominees of G-treeBNT and RegeneRx as directors of the Company.
If the position of a director becomes vacant for any reason, the Members shall cause their interests to be voted to elect as a
substitute director a person nominated by the Member who nominated the director whose position has become vacant. If a nominating
Member wishes to change any of its nominated director(s), whether with or without cause, the Members shall vote in accordance with
the wishes of the nominating Member; provided, however, that the nominating Member shall indemnify and hold harmless the Company
and the other Member from and against all damages and other expenses that may arise from such action. Each director shall have
one (1) vote, and all resolutions shall be passed by a majority affirmative vote consistent with this Agreement except as provided
in Section 6.4. Withdrawal or removal of a Board member shall be performed consistent with the Certificate of Formation. If a Member’s
nominated director resigns or is removed from the Board, then only such Member may nominate a replacement for the departing director.
Each Member, acting in its sole discretion, shall be entitled to remove a director nominated by such Member.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

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6.3           Board
Meetings and Actions. G-treeBNT shall appoint the chairman of the Board, who shall be one of the G-treeBNT Directors. The chairman
of the Board shall convene meetings of the Board in the U.S. not less than once annually in such manner permitted by applicable
law. The chairman shall send written notice at least seven (7) days in advance of such meetings to each director of the Board.
Special Board meetings, however, may be called by any director at any time by reasonable prior written notice to all directors.
Telephonic meetings of the Board may be held as necessary. A waiver of notice as to the time and place for any meeting may be executed
by all of the directors of the Board. At least two (2) directors, including the RegeneRx Director, must be present to constitute
a quorum. In the absence of a valid quorum at a meeting of the Board, duly convened, the meeting shall be adjourned to the same
place not earlier than ten (10) business days but no later than twenty-one (21) business days thereafter as the Chairman may determine.
The quorum requirement of the presence of the RegeneRx Director shall be waived for the meeting so adjourned. The Board may also
act without conducting a formal meeting by the execution of a unanimous consent resolution that provides a summary description
of the action to be taken and other pertinent information necessary to inform the directors entitled to vote on such matters. The
G-treeBNT Directors and the RegeneRx Director may each invite additional representatives to attend any board meetings in a non-voting,
observer capacity (each such individual an “Observer”), provided that the Parties may agree to withhold information
from any Observer or exclude any Observer from the applicable portion of any Board meeting as the Parties determine necessary to
protect the attorney-client privilege of the Company.

 

6.4           Matters
Subject to Unanimous Board Approval. An affirmative vote by all three (3) of the directors of the Board then serving shall
be required for any of the following:

 

(a)          Authorize,
create, or designate any new class or series of membership or equity units of the Company, issue any membership or equity interests
in the Company, or grant any right to acquire any such equity units, except to the extent expressly contemplated by this Agreement;

 

(b)          Admit
a new Member of the Company;

 

(c)          Consummate
any merger or consolidation of the Company with any Person, or sell material assets of the Company;

 

(d)          Consummate
any transfer or license of Intellectual Property of the Company, including any sublicense or license of rights under the License
Agreement;

 

(e)          Abandon
the Company’s rights to any Intellectual Property, including any discontinuation of prosecuting or maintaining any Patent;

 

(f)          Make
any material change in the nature of the Company’s business;

 

(g)          Convert
the Company to a different type of business entity;

 

(h)          Engage
in any dissolution or liquidation of the Company;

 

(i)          Incur
any indebtedness for borrowed money;

 

(j)          Materially
change the accounting or tax policies of the Company;

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

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(k)          Enter
into or amend any agreement or arrangement between the Company and G-treeBNT or an Affiliate of G-treeBNT;

 

(l)          Amend
this Agreement or the Certificate of Formation, limited liability company agreement, or other governing document of the Company;
or

 

(m)          Enter
into any agreement with respect to any of the foregoing.

 

Section
7. Members Meeting

 

7.1           Members
Meetings. The Company shall convene at least one Members meeting each calendar year in the U.S. which shall be held pursuant
to the law of the State of Delaware and the Certificate of Formation at a time and place as determined by the Board.

 

7.2           Resolution.         Except
as otherwise required by applicable laws or this Agreement, all actions and resolutions at each meeting of Members may only be
adopted by the affirmative vote of at least a majority of the interests in the Company entitled to vote present at the meeting,
provided that the Members shall not take any action identified in Section 6.4 without the consent of all Members.

 

Section
8. Officers

 

8.1           CEO.
G-treeBNT, subject to majority approval of the Board, shall have the right to appoint the CEO. Subject only to the resolutions
of the Board, the CEO shall have rights of, including but not limited to, (i) being responsible for the direction, performance
and supervision of the Company in accordance with the policies and procedures established by the Board; (ii) preparing budgets
and reports relating to activities of the Company; and (iii) hiring and terminating the other employees of the Company as he or
she deems necessary in accordance with guidelines established by the Board. Notwithstanding any other provisions of this Agreement,
in no circumstances may the CEO, CFO, or any other officer, employee or agent of the Company, take any of the actions set forth
in Section 6.4 without the prior approval of the Board.

 

8.2           CFO.
G-treeBNT, subject to majority approval of the Board, shall have the right to appoint the CFO. The CFO shall be responsible for
overseeing the financial affairs of the Company. The CFO shall report to the CEO.

 

8.3           Standard
of Conduct. Each Officer, in managing the business or affairs of the Company, will discharge his or duties:

 

(a)          in
a manner he or she believes in good faith to be in the best interests of the Company;

 

(b)          in
a manner he or she believes in good faith to represent the care an ordinarily prudent person in a like position would exercise
under similar circumstances;

 

(c)          in
good faith reliance on the provisions of this Agreement;

 

(d)          without
intentional misconduct or a knowing violation of law; and

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

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(e)          without
engaging in any transaction for which he or she receives a personal benefit in violation or breach of any provision of this Agreement.

 

8.4           No
Duty of Members. No Member has any duty to the Company or any Member solely by reason of acting in its capacity as a
Member, except to refrain from (i) any act or omission that constitutes a bad faith violation of the implied contractual covenant
of good faith and fair dealing and (ii) any transaction in which the Member receives a personal benefit in violation or breach
of any provision of this Agreement. Thus, without limiting the foregoing, a Member (A) does not violate any duty or obligation
under this Agreement or under applicable law because the Member’s conduct furthers its interest and (B) has no duty or obligation
to consider any interest of or effect on the Company or any other Person.

 

8.5           Term.
Each officer will hold office until his or her death, resignation or removal. The Member who has authority to appoint any officer
shall also have authority to remove such officer.

 

8.6           Compensation
of Directors. The Company shall be solely responsible for payment of reasonable compensation to directors, which shall include
reimbursement for out-of-pocket expenses.

 

Section
9. Percentage Ownership

 

9.1           Interest
Percentage Ownership. The percentage ownership interest in the Company of the Members shall be adjusted, as set forth below,
upon the achievement of the following milestones (each of the events triggering an adjustment in the percentage ownership of the
Company as described in each of subsections (a), (b), (c), (d) and (e) of this Section 9.1 shall be referred to as a “Milestone
Event”):

 

(a)          Within
forty-five (45) Business Days of the Effective Date, G-treeBNT shall make a capital contribution of US$3,000,000 to the Company
(which capital contribution shall include the $1,000,000 payment to be made by the Company to RegeneRx pursuant to the License
Agreement). Upon completion of such capital contribution of US$3,000,000, G-treeBNT and RegeneRx shall hold *** and *** of the
total interests in the Company, respectively.

 

(b)          Upon
funding, initiation and completion of the Phase 2b study for Dry Eye Syndrome, the Members shall cause the Company to grant such
number of new interests to G-treeBNT that the granting of the new interests shall cause G-treeBNT and RegeneRx to hold *** and
***, respectively, of the total interests in the Company. The Members acknowledge that completion of the Phase 2b study shall mean
the point in time at which the final clinical study and statistical report from the Phase 2b study is completed, signed by the
study sponsor and clinical research organization, and filed with the FDA.

 

(c)          Upon
funding, initiation and completion of the pivotal Phase 3 study for Dry Eye Syndrome, the Members shall cause the Company to grant
such number of new interests to G-treeBNT that the granting of the new interests shall cause G-treeBNT and RegeneRx to hold ***
and ***, respectively, of the total interests in the Company. The Members acknowledge that completion of the pivotal Phase 3 study
shall mean the point in time at which the final clinical study and statistical report from the pivotal Phase 3 study is completed,
signed by the study sponsor and clinical research organization, and filed with the FDA.

 

(d)          Upon
the approval by the FDA of an NDA approving marketing of the Product for Dry Eye Syndrome, the Members shall cause the Company
to grant such new interests to G-treeBNT that the granting of the new interests shall cause G-treeBNT and RegeneRx to hold ***
and ***, respectively, of the total interests in the Company (the “Final Milestone Event”).

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

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(e)          After
the Final Milestone Event, and subject to Section 5.3 above, the percentage ownership of the Company shall continue to be maintained
such that *** of the interests shall be held by G-treeBNT and *** by RegeneRx. Notwithstanding anything to the contrary contained
in this Agreement, from and after the Final Milestone Event, under no circumstances shall RegeneRx’s ownership interest in
the Company be less than ***.

 

(f)          If,
before the occurrence of the Final Milestone Event, the Company enters into an agreement for a transaction with a Third Party that
provides for the exclusive licensing or sublicensing of the Company’s rights to the Product or Intellectual Property relating
to the Product (such agreement the “Third Party License Agreement”), the Parties will engage in good faith discussions
to determine the extent to which the Company will issue additional ownership interests to G-treeBNT, which determination shall
take into account such relevant factors as the amount of funding and the extent of development efforts made by G-treeBNT since
the previous Milestone Event, but which shall not result in G-treeBNT having a percentage ownership interest in excess of the following:

 

(i)          If
the Third Party Transaction Agreement is entered into after completion of administration of the Product to subjects in the pivotal
Phase 3 study described in Section 9.1(c), but prior to the completion of such study, the percentage ownership of G-treeBNT may
be adjusted to a percentage not greater than ***; and

 

(ii)         If
the Third Party Transaction Agreement is entered into after the NDA described in Section 9.1(d) has been accepted for filing by
the FDA but prior to the final approval of the NDA by the FDA, the percentage ownership of G-treeBNT may be adjusted to a percentage
not greater than ***.

 

(g)          Unless
the Members otherwise expressly agree, the Company shall not be funded with debt securities and shall not incur any debt obligations
other than reasonable trade payables. Notwithstanding the above, funding by G-treeBNT may be freely provided to the Company in
the form of an interest free Member’s loan, which shall automatically be converted into the applicable G-treeBNT percentage
ownership in the Company (without any increase in percentage ownership as a result of the conversion of such Member loan) upon
the subsequent occurrence of a Milestone Event as provided in this Section 9.1, as the Members acknowledge that there may be a
time lag between provision of funding by G-treeBNT and a Milestone Event that triggers an increase in G-treeBNT’s percentage
ownership as provided herein, for accounting and other purposes. Any Member loan shall be deemed to automatically be converted
to capital but without the issuance of any additional ownership interest, and the Company shall have no further obligations with
regard to such Member loan, upon (i) the Company’s entrance into a merger or reorganization with another Person, (ii) a sale
of ownership interests, or securities convertible into ownership interests, in the Company to a Person other than RegeneRx or G-treeBNT,
(iii) a sale or license of material assets or Intellectual Property of the Company, or (iv) a liquidation, dissolution, or winding-up
of the Company. For avoidance of doubt, G-treeBNT shall not be granted any membership interest in excess of what is provided in
Subsections 9.1(a)-(e).

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

    	11

    	 

    

 

Section
10. Confidential Information

 

10.1         Confidential
Information. Except to the extent expressly authorized by this Agreement, or otherwise agreed in writing by the Parties, the
Parties agree that the receiving Party (the “Receiving Party”) shall keep confidential and shall not publish
or otherwise disclose or use for any purpose other than as provided for in this Agreement any Confidential Information which is
disclosed to it by any other Party (or an Affiliate thereof) (each, a “Disclosing Party”), except to the extent
that the Receiving Party can demonstrate by competent written evidence that such Confidential Information:

 

(a)          was
already legally in the possession of the Receiving Party, other than under an obligation of confidentiality, at the time of disclosure
by the Disclosing Party;

 

(b)          was
generally available to the public or otherwise part of the public domain at the time of its disclosure to the Receiving Party;

 

(c)          became
generally available to the public or was otherwise part of the public domain after its disclosure and other than through any act
or omission of the Receiving Party in breach of this Agreement;

 

(d)          was
disclosed to the Receiving Party, other than under an obligation of confidentiality, by a Third Party who had no obligation to
the Disclosing Party not to disclose such information to others; or

 

(e)          is
independently discovered or developed by the Receiving Party without the use of Confidential Information provided by the Disclosing
Party.

 

10.2         Exceptions.
The obligations of this Section 10 shall not apply to Confidential Information that:

 

(a)          is
submitted to Governmental Authorities by the Receiving Party to facilitate the issuance of any Regulatory Approval for the Product,
or to obtain, maintain, enforce or defend Patents (in each case only to the extent permitted by this Agreement or the License Agreement;
provided that (A) such disclosure may be only to the extent reasonably necessary to obtain Regulatory Approvals or Patents, as
applicable, and (B) the Receiving Party shall take reasonable measures to assure confidential treatment of such information to
the extent applicable;

 

(b)          is
provided by the Receiving Party to Third Parties (including, in the case of Licensee, to its Affiliates, Sublicensees or Distributors)
under written confidentiality agreements having provisions at least as stringent as those in this Agreement, for consulting, development,
external testing, marketing trials and other similar activities to the extent that such Receiving Party is permitted to conduct
such activities pursuant to this Agreement; or

 

(c)          is
otherwise required to be disclosed by the Receiving Party in compliance with Laws (including, without limitation and for the avoidance
of doubt, the requirements of the U.S. Securities and Exchange Commission and any other stock exchange or market on which securities
issued by a Party are traded) or order by a court or other Governmental Authority having competent jurisdiction; provided,
however, that the Receiving Party shall first give written notice to the Disclosing Party in order to allow the Disclosing
Party the opportunity to seek confidential treatment of the Confidential Information. Confidential Information that is disclosed
pursuant to Law or an order by a court or other Governmental Authority shall remain otherwise subject to the confidentiality and
non-use provisions of this Section 10, and the Party disclosing Confidential Information pursuant to a Law or order by a court
or other Governmental Authority shall take all reasonable steps necessary, including without limitation obtaining an order of confidentiality,
to ensure the continued confidential treatment of such Confidential Information.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

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10.3         Return
of Confidential Information Upon Expiration or Termination of Agreement. Within thirty (30) days after any expiration
or termination of this Agreement, each Party shall destroy (and certify to the other Party such destruction) or return (as requested
by the other Party) all Confidential Information provided by the other Party except as otherwise set forth in this Agreement, and
except that each Party may retain a single copy of the Confidential Information in its confidential legal files for the sole purpose
of ascertaining its ongoing rights and responsibilities regarding the Confidential Information and for defending or enforcing its
legal rights.

 

10.4         Written
Agreements. The Receiving Party shall have in effect or obtain written agreements from each of its employees, consultants
and contractors who have access to Confidential Information of the Disclosing Party, which agreements shall obligate such persons
to similar obligations of confidentiality, and to assign to the Receiving Party all Know-How, information and Inventions conceived,
made or reduced to practice by such persons during the course of performing the Receiving Party’s obligations under this
Agreement. Each Party will notify the other Party promptly upon discovery of any unauthorized use or disclosure of the Confidential
Information of the other Party.

 

10.5         Remedies.
Each Party shall be entitled, in addition to any other right or remedy it may have, at law or in equity, to seek an injunction,
without the posting of any bond or other security, enjoining or restraining the other Party from any violation or threatened violation
of this Section 10.

 

Section
11. Representations and Warranties

 

11.1         Authorization.
Each Party hereby represents, warrants and covenants to the other Parties as follows:

 

(a)          the
execution, delivery and performance by such Party of this Agreement and the consummation of the transactions contemplated hereby
are within such Party’s corporate powers and have been duly authorized by all necessary corporate action on the part of such
Party. This Agreement constitutes the legal, valid and binding obligation of such Party, enforceable against such Party in accordance
with its terms;

 

(b)          the
execution, delivery and performance of this Agreement by such Party shall not violate any Law or any order of any Governmental
Authority; and

 

(c)          the
execution, delivery or performance of this Agreement by such Party shall not require such Party to obtain any permits, authorizations
or consents from any Governmental Authority, and such execution, delivery and performance shall not result in a material breach
of or give rise to any termination of any agreement or contract to which such Party is a Party.

 

11.2         Disclaimer
of Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, NO PARTY MAKES ANY REPRESENTATION AND EXTENDS NO WARRANTY OF
ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES AS TO MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

    	13

    	 

    

 

Section
12. Indemnification

 

12.1         Obligation
to Indemnify. Each Member shall defend, indemnify and hold harmless the other Member and its Affiliates and its and their respective
officers, directors, employees and agents (it being understood for purposes of this Section 12 the Company is an Affiliate
of G-treeBNT) from and against any and all losses, liabilities, claims, damages, penalties, fines, costs and expenses (including
reasonable legal fees and other litigation costs, regardless of outcome) (collectively “Losses”) arising as
a result of any breach of covenants or representations or warranties of such Member or its Affiliates provided herein (it being
understood that the Company shall be an Affiliate of G-treeBNT for purposes of this Section 12.1); provided, however, that
neither Member shall have any obligation under this Section 12.1 to the extent that the other Member or any of its Affiliates or
its and their respective officers, directors, employees and agents has been negligent, or in case such Losses arise out of or are
attributable to any breach of this Agreement by the other Member.

 

12.2         Consequential
Damages. NEITHER MEMBER SHALL BE LIABLE TO OR OTHERWISE RESPONSIBLE TO THE OTHER MEMBER HERETO FOR ANY LOSS OF PROFITS, DIMINUTION
IN VALUE, OR INCIDENTAL, INDIRECT, CONSEQUENTIAL, SPECIAL, EXEMPLARY OR PUNITIVE DAMAGES THAT ARISE OUT OF OR RELATE TO THIS AGREEMENT
OR THE PERFORMANCE OR BREACH HEREOF OR OTHERWISE AND WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE; PROVIDED, THAT,
THE FOREGOING LIMITATION SHALL NOT APPLY: (I) TO A MEMBER’S INDEMNIFICATION OBLIGATIONS PURSUANT TO SECTION 12.1 ABOVE;
(II) TO ANY GROSSLY NEGLIGENT ACT OR WILLFUL MISCONDUCT OF A MEMBER; OR (III) TO A MEMBER’S BREACH OF ITS CONFIDENTIALITY
OBLIGATIONS PURSUANT TO SECTION 10 HEREOF.

 

Section
13. Term; Termination

 

13.1         Term.
The term of this Agreement shall commence as of the Effective Date and shall continue until the termination or expiration of the
License Agreement, unless sooner terminated in accordance with Section 13.2.

 

13.2         Termination.

 

(a)          Termination
of License Agreement. This Agreement shall terminate upon the termination of the License Agreement for any reason.

 

(b)          Mutual
Consent. This Agreement may be terminated at any time by mutual written agreement of the Parties.

 

(c)          Material
Breach. In the event any Party (or an Affiliate of a Party, as applicable) is in breach of any material obligation under this
Agreement or the License Agreement (the “Breaching Party”), the non-breaching Party may give written notice
to the Breaching Party specifying the claimed particulars of such breach, and in the event such material breach is not cured, within
sixty (60) days following the date of such written notification, without prejudice to any other rights and remedies available at
any time to the non-breaching Party, the non-breaching Party shall have the right thereafter to terminate this Agreement; provided,
however, that if such breach is incapable of being cured, then such termination may be effective immediately upon such written
notice to the Breaching Party.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

    	14

    	 

    

 

13.3         Termination
for Bankruptcy. To the extent permitted under applicable Law, if at any time while this Agreement is in effect, an Event of
Bankruptcy (as defined below) relating to any Party (the “Bankrupt Party”) occurs, the other Parties (the
“Other Parties”) shall have, in addition to all other legal and equitable rights and remedies available hereunder,
the option to terminate this Agreement upon sixty (60) days written notice to the Bankrupt Party from any Other Party. It is agreed
and understood that if the Other Parties do not elect to terminate this Agreement upon the occurrence of an Event of Bankruptcy,
except as may otherwise be agreed with the trustee or receiver appointed to manage the affairs of the Bankrupt Party, the Other
Parties shall continue to take all action required of them under this Agreement as if the Event of Bankruptcy had not occurred.
The term “Event of Bankruptcy” means: (i) filing in any court or agency pursuant to any statute or regulation
of any state or country, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment
of a receiver or trustee of the Bankrupt Party or of its assets; (ii) proposing a written agreement of composition or extension
of a Bankrupt Party’s debts; (iii) being served with an involuntary petition against the Bankrupt Party, filed in any
insolvency proceeding, and such petition shall not be dismissed within sixty (60) days after the filing thereof; (iv) proposing
or being a party to any dissolution or liquidation when insolvent; or (v) making an assignment for the benefit of creditors. Without
limitation, the Bankrupt Party’s rights under this Agreement shall include those rights afforded by 11 U.S.C. § 365(n)
of the United States Bankruptcy Code (the “Bankruptcy Code”) and any successor thereto. If the bankruptcy trustee
of a Bankrupt Party as a debtor or debtor-in-possession rejects this Agreement under 11 U.S.C. § 365(o) of the Bankruptcy
Code, the Other Party may elect to retain its rights licensed from the Bankrupt Party hereunder (and any other supplementary agreements
hereto) for the duration of this Agreement and avail itself of all rights and remedies to the full extent contemplated by this
Agreement and 11 U.S.C. § 365(n) of the Bankruptcy Code, and any other relevant laws.

 

13.4         Liquidation
Upon Termination. Upon a termination of this Agreement, the Board of Directors will wind up the affairs of the Company as follows:

 

(a)          To
the extent the License Agreement provides for distribution of any asset of the Company, including without limitation the intellectual
property and related data, files, and records of the Company, such assets will be distributed as required by the License Agreement.

 

(b)          Following
the payment of all liabilities and obligations of the Company, all remaining assets of the Company will be distributed pro rata
based on each Member’s interest in the Company, provided that non-cash assets of the Company shall be distributed pro rata
to the extent possible and otherwise distributed as agreed by the Members.

 

13.5         Effect
of Termination or Expiration. Expiration or termination of this Agreement by any Party shall not affect any claim, demand,
liability or right of any Party arising pursuant to this Agreement prior to such termination or expiration hereof. Further, the
provisions of Sections 10, 12, 13, 14 and 16 shall survive the expiration or termination of this Agreement. Termination of this
Agreement pursuant to Section 13.2 shall not limit any other rights and remedies of the terminating Party.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

    	15

    	 

    

 

Section
14. Non-Competition; Non-Solicitation

 

14.1         Non-Competition.
Each Member agrees that, during the Joint Venture Period it shall not, and it shall cause its Affiliates not to, separately from
the Company, directly or indirectly, either for itself or for any other Person, enter into, engage in, or represent or own in excess
of 5% beneficial ownership interest in, any business with operations engaged directly or indirectly in the development, commercialization,
production or distribution of the Product or any product that may be reasonably considered a competing product for the Product
as determined by its use of Tβ4, its formulation and its use to treat an indication in the Field and within the Territory,
unless the other Member provides written consent thereto; provided, however, that nothing herein shall preclude RegeneRx from providing
any services to an entity that may have a business that is deemed to compete with the Product if such services are provided to
such entity in connection with a business not related to such competing business. Notwithstanding the foregoing, for the avoidance
of doubt, nothing in this Agreement shall preclude (x) RegeneRx from engaging in any research, development, manufacturing, promotion
or marketing activities relating to the Product within the Field and/or in the Territory as long as such activities are undertaken
for the purposes of developing or commercializing the Product outside the Field or outside the Territory, and (y) G-treeBNT from
exercising all of its rights granted to it with respect to the Product as contemplated by the Pan Asia License Agreement.

 

14.2         Non-Solicitation.
During the Joint Venture Period and for a period of 24 months thereafter, no Party nor its Affiliates may, either on its own account
or in conjunction with or on behalf of any other Person, employ, solicit, entice away from, or induce the termination of employment
or attempt to employ, solicit, entice away from, or induce the termination of employment, any Person who is or will have been at
the date of or within 24 months before any solicitation, enticement or attempt, an officer, director, consultant or employee of
any other Party, whether or not that Person would commit a breach of contract by reason of leaving employment or service relationship
with the Company or such other Party; provided, however, that the foregoing does not restrict a Party from employing a director
or officer who was an employee of that Party while serving as a director or as an officer of the Company nor does it restrict a
Party’s general advertisements with respect to a position that are not directed to officers, managers, consultants or employees
of the Company or another Party.

 

Section
15. Reporting and Accounting Provisions

 

15.1         Books
and Records. The Company will make and keep books, records and accounts that, in reasonable detail, accurately and fairly reflect
in all material respects the assets, liabilities and operations of the Company. The Company will also maintain a system of internal
accounting controls that complies with applicable law and that will provide reasonable assurance that:

 

(a)          transactions
are executed in accordance with the Board of Director’s general or specific authorization;

 

(b)          transactions
are recorded as necessary (i) to permit preparation of financial statements in conformity with GAAP or any other criteria applicable
to the statements and (ii) to maintain accountability for assets;

 

(c)          access
to assets is permitted only in accordance with management’s general or specific authorization; and

 

(d)          the
recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with
respect to any differences.

 

15.2         Other
Accounting and Tax Provisions. Appendix C contains additional accounting and tax provisions applicable to the Company.

 

15.3         Distribution
of Financial Statements and Other Reports. The Company will distribute to each Member:

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

    	16

    	 

    

 

(a)          Monthly
Information. As soon as practical and in any event within 10 Business Days following the last day of each month,

 

(i)          a
statement of the Company’s: (A) cash; (B) working capital; (C) obligations for borrowed money; (D) revenue; and (E)
backlog; and

 

(ii)         a
summary of any transaction or contract involving an obligation in excess of US$25,000.

 

(b)          Quarterly
Information. As soon as practical after the end of each of the first three quarters and in any event within 30 days after the
end of each such period, a balance sheet as of the end of the period and statements of income and cash flow, both for the
period and for the year to date, that will be certified by the CFO as fairly presenting in all material respects the Company’s
financial position as of that date and the results of its operations for those periods in accordance with GAAP (subject to normal
year-end adjustments and the furnishing of notes; provided, however, that notes will be furnished to the extent necessary to make
the statements not misleading);

 

(c)          Annual
Information. As soon as practical after the end of the Fiscal Year and in any event within 60 days thereafter:

 

(i)          a
balance sheet as of the year-end and statements of income and cash flow, both for the fourth quarter and for the year; and

 

(ii)         the
Company’s tax return, which will be reviewed by its independent certified public accountants, and information that will be
required to permit the Member to prepare its tax return. The year-end balance sheet and the statements for the year will be examined
in accordance with generally accepted auditing standards by the Company’s independent certified public accountants, who will
render their opinion on whether those statements fairly present in all material respects the Company’s financial position
as of that date and the results of its operations for those periods in accordance with GAAP.

 

15.4         Right
of Inspection and Examination. At all reasonable times, each Member, through its representatives, has the right to inspect
and copy the records of the Company and to examine the employees of the Company with regard to its activities. These rights may
be exercised through any agent or employee of the Member designated by notice to the CEO. The inspecting Member will bear all expenses
incurred in the inspection or examination.

 

15.5         Auditors.
The initial auditors of the Company shall be determined upon mutual consultation between the Parties after the Effective Date.

 

Section
16. Miscellaneous

 

16.1         Waiver.
The waiver by any Party of a breach of any provision of this Agreement by another Party shall not operate, or be construed, as
a waiver of any subsequent breach.

 

16.2         Modification.
No change, modification, or waiver of any term of this Agreement shall be valid unless it is in writing and signed by each Party.

 

16.3         Entire
Agreement. This Agreement, together with the License Agreement (including all exhibits and attachments hereto and thereto,
all of which are incorporated herein by reference) constitutes the entire agreement among the Parties (and their Affiliates) with
respect to the subject matter hereof and thereof, and supersedes all prior agreements and understandings, whether oral or written,
among the Parties.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

    	17

    	 

    

 

16.4         English
Language. This Agreement is written and executed in the English language. Any translation into any other language shall not
be an official version of this Agreement and in the event of any conflict in interpretation between the English version and such
translation, the English version shall prevail.

 

16.5         Assignment.
Except as expressly permitted otherwise in this Agreement, neither Party may assign its rights or delegate its obligations hereunder
to any Person without the written consent of the other Party, which consent shall not be unreasonably withheld. No such assignment
shall remove or mitigate the obligations or liability of the assigning Party unless otherwise agreed in writing by the non-assigning
Party.

 

16.6         Third
Party Beneficiaries. The Parties do not intend, nor shall any provision of this Agreement be interpreted, to create for any
person any third party beneficiary rights.

 

16.7         Dispute
Resolution. All disputes among the Parties concerning this Agreement shall be resolved in the following manner:

 

(a)          Good
Faith Negotiations by Officers. In the event of disputes among the Parties arising out of or relating to this Agreement, or
the breach, termination or invalidity thereof, a Party seeking to resolve such dispute will, by written notice to the other, have
such dispute referred to their respective chief executive officers, for attempted resolution by good faith negotiations within
fourteen (14) days after such notice is received.

 

(b)          Mediation.
In the event that the Parties are unable to resolve a dispute through good faith negotiations pursuant to Section 16.7(a), the
Parties agree to submit such dispute to non-binding mediation using an industry expert mutually acceptable to the Parties. The
costs of any such mediation shall be shared by the Parties equally.

 

(c)          Arbitration.
If all good faith attempts to resolve a dispute through negotiations and mediation pursuant to Sections 16.7(a)
and (b) have failed after sixty (60) days from notice provided pursuant to Section 16.7(a), then upon the request of any
Party, the dispute shall be finally resolved by binding arbitration administered by I.C.C. Arbitration (the “ICC Rules”).

 

(i)          The
arbitration shall be conducted by a panel of three neutral arbitrators (the “Panel”) appointed in accordance
with the ICC Rules.

 

(ii)         The
arbitration proceedings shall take place in New York NY, USA. The arbitral proceedings and all pleadings shall be in the English
language.

 

(iii)        The
Panel shall have the power to decide all questions of arbitrability.

 

(iv)        At
the request of any Party, the Panel will enter an appropriate protective order to maintain the confidentiality of information produced
or exchanged in the course of the arbitration proceedings.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

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(v)         The
Panel is empowered to award any remedy allowed by law, including monetary damages, prejudgment interest and punitive damages, and
to grant final, complete, interim or interlocutory relief, including injunctive relief

 

(vi)        The
Parties may apply to a court of competent jurisdiction within the United States for a temporary restraining order, preliminary
injunction, or other interim or conservatory relief, as necessary, without breach of this arbitration agreement and without any
abridgment of the powers of the arbitrators. Judgment on the award rendered by the Panel may be entered in any court having jurisdiction
thereof. Each Party hereby waives any defenses it may have to the personal jurisdiction and venue of such courts to resolve such
disputes, including without limitation the defense of forum non conveniens, and each Party agrees not to file any motion
to seek any relief under any forum non conveniens defense.

 

(vii)       Each
Party shall bear its own legal fees arising in connection with the dispute. The Panel may assess costs, fees and expenses of the
ICC and the Panel to the Parties in the manner the Panel deems appropriate under the circumstances.

 

16.8         Notices.
Except as otherwise provided herein, all notices or other communications hereunder shall be deemed sufficient if given in writing,
via registered mail (return receipt requested), postage paid, or by reputable high speed delivery service (e.g., FedEx)
or by courier addressed to the appropriate Party at the address set forth below, or at such other place as such Party may designate
in writing to the other Party.

 

	If to the Company:	
        ReGenTree, LLC

        22nd FL, Parkview Tower

        248 Jungjail-ro, Bundang-gu

        Seongnam-si, Gyeonggi-do 463-863

        Republic of Korea

        Attn: President & CEO

        Phone:
        +82 31 786 7700

        Fax.: +82 31 786 7801

         

	If to G-treeBNT:	
        G-treeBNT Co., Ltd.

        22nd FL, Parkview Tower

        248 Jungjail-ro, Bundang-gu

        Seongnam-si, Gyeonggi-do 463-863

        Republic of Korea

        Attn: President & CEO

        Phone:
        +82 31 786 7700

        Fax.: +82
        31 786 7801

	With a copy to:	
        Yoon & Yang LLC

        Asem Tower 19F,

        517 Yeongdongdaero, Gangnam-gu

        Seoul 135-798, Korea

        Attn: Sung-Jin Kim Esq.

        Direct: +82 2 6003 8335

        Fax: +82 2 6003 7835

        

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

    	19

    	 

    

 

	If to RegeneRx:	
        RegeneRx Biopharmaceuticals, Inc.

        15245 Shady Grove Road

        Suite 470

        Rockville, Maryland 20850

        U.S.A.

        Attn:  President and CEO

        Phone: 301.208.9191

        Fax:  301.208.9194

	 	 
	With a copy to:	
        Todd A. Taylor,
        Esq.

        Fredrikson & Byron,
        P.A.

        200 South
        6th Street, Suite 4000

        Minneapolis,
        Minnesota 55402

        U.S.A.

        Direct: (612)
        492-7355

        Fax:
(612) 492-7077

 

All such notices shall be effective upon receipt.

 

16.9         Governing
Law. This Agreement shall be governed and construed in accordance with the laws of the New York without regard to its principles
of conflict of laws.

 

16.10         Severability.
The provisions of this Agreement are severable. If any item or provision of this Agreement shall to any extent be invalid or unenforceable,
the remainder of this Agreement shall not be affected thereby, and each term and provision of this Agreement shall be valid and
shall be enforced to the fullest extent permitted by law. The Parties shall use diligent good faith efforts to revise this Agreement
as and to the extent reasonably necessary to effectuate their original intent and purpose under this Agreement.

 

[signature page follows]

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

    	20

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been executed by a duly authorized officer of each Party as of the Effective Date.

 

	 	ReGenTree, LLC
	 	 	 
	 	By:	/s/ Won S. Yang
	 	Name:  Won S. Yang
	 	Title:  President & CEO
	 	 	 
	 	G-treeBNT Co., Ltd.
	 	 	 
	 	By:	/s/ Won S. Yang
	 	Name:  Won S. Yang
	 	Title:  President & CEO
	 	 	 
	RegeneRx Biopharmaceuticals, Inc.
	 	 	 
	 	By:	/s/ J.J. Finkelstein
	 	Name: J.J. Finkelstein
	 	Title: President & CEO

 

[Signature Page to G-treeBNT/RegeneRx
Joint Venture Agreement]

 

    	 

    	 

    

 

Appendix A

 

Form of

CERTIFICATE OF FORMATION

OF

REGENTREE, LLC

 

The undersigned, an
authorized natural person, for the purpose of forming a limited liability company, under the provisions and subject to the requirements
of the State of Delaware (particularly Chapter 18, Title 6 of the Delaware Code and the acts amendatory thereof and supplemental
thereto, and known, identified, and referred to as the "Delaware Limited Liability Company Act"), hereby certifies that:

 

ARTICLE 1.

 

The
name of the limited liability company is ReGenTree, LLC.

 

ARTICLE 2.

 

The address of the
registered office of the limited liability company in Delaware is located at 1209 Orange Street, Wilmington, DE 19801. The name
of its registered agent at such address is The Corporation Trust Company.

 

IN WITNESS WHEREOF,
I have executed this Certificate of Formation as of January 27, 2015.

 

 

	 	 
	 	Jacqueline A. Bernu, Authorized Person

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

    	 

    	 

    

 

Appendix B

 

[See Exhibit 10.2 to this Quarterly Report
on Form 10-Q]

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

    	 

    	 

    

 

Exhibit C

 

Tax Provisions

 

Subject to finalization by the parties.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED
PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.Exhibit 10.2

 

RGN-259 U.S. LICENSE
Agreement

 

This License Agreement (this “Agreement”
or this “License Agreement”) is effective as of January 28, 2015 (the “Effective Date”),
by and among RegeneRx Biopharmaceuticals, Inc., a company organized and existing under the laws of the state of Delaware, with
offices at 15245 Shady Grove Road, Suite 470, Rockville, Maryland, U.S.A. (hereinafter “Licensor”), and ReGenTree,
LLC, with offices at 15245 Shady Grove Road, Suite 470, Rockville, Maryland, U.S.A. (hereinafter “Licensee”),
each a “Party” and, collectively, the “Parties.”

 

Recitals

 

WHEREAS, Licensor is engaged in the business
of developing biopharmaceutical products, including the pre-clinical, the clinical development and future commercialization of
the Product (as defined herein);

 

WHEREAS, Licensee is engaged in, or has been
organized to be engaged in, the business of developing, marketing, manufacturing, and distributing biopharmaceutical products pursuant
to a joint venture between Licensor and Parent (as defined herein) for the purposes of developing and commercializing the Product
in the Field in the Territory, which joint venture is governed by the terms and conditions of the JV Agreement (as defined herein);
and

 

WHEREAS, pursuant to the terms of the JV Agreement,
Licensor has agreed to grant, and Licensee wishes to obtain, on the terms and conditions set forth herein, the rights to develop,
manufacture and commercialize the Product in the Field, in the Territory (as each such term is defined herein).

 

NOW, THEREFORE, in consideration of the premises
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

Section
1. Definitions

 

As used in this Agreement, the following capitalized
terms shall have the following meanings:

 

“Affiliate” shall mean, with
respect to a Person, any Person that controls, is controlled by or is under common control with such first Person. For purposes
of this definition only, “control” means (a) to possess, directly or indirectly, the power to direct the management
or policies of a Person, whether through ownership of voting securities, or by contract relating to voting rights or corporate
governance, or (b) to own, directly or indirectly, at least fifty percent (50%) of the outstanding voting securities or other ownership
interest of such Person. For the avoidance of doubt, Licensee and Parent are Affiliates of each other, but Licensor is not an Affiliate
of Licensee.

 

“Agreement” shall have the
meaning given such term in the preamble.

 

“API” shall mean Tβ4 in
the form of an active ingredient to be utilized as a component in the Product.

 

“Business Day” shall mean any
day of the year other than Saturday, Sunday and any day on which national banking institutions in New York and Maryland are open
to the public for conducting business and are not required or authorized to be closed.

 

“Challenge” shall have the meaning given such
term in Section 7.8(b).

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED PURSUANT TO A REQUEST
FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

    	 

    	 

    

  

“Change of Control” shall mean, with respect
to a Party, the occurrence of any of the following:

 

(a) any consolidation, merger, recapitalization
or reorganization of a Party with or into any Third Party, or any other corporate reorganization involving a Third Party (“Merger”),
as long as the stockholders of such Party immediately prior to the Merger own less than fifty percent (50%) of the surviving entity’s
voting power immediately after the Merger;

 

(b) a change in the beneficial ownership of more
than fifty percent (50%) of the voting securities of any Party (whether in a single transaction or series of related transactions)
where, immediately after giving effect to such change, the legal or beneficial owner of more than fifty percent (50%) of the voting
securities of such Party is a Third Party; or

 

(c) the sale, transfer, assignment or other similar
disposition to a Third Party of all or substantially all of a Party’s assets, to which this Agreement relates, in one or
a series of related transactions.

 

“CMC” shall mean chemistry,
manufacturing and controls that are a critical element of the drug development process and increase in complexity as the development
process matures. CMC includes manufacturing of bulk drug substance and final drug product, establishing specifications, release
criteria, stability programs, and analytical methods.

 

“Commercialization Plan” shall
have the meaning given such term in Section 4.1.

 

“Commercially Diligent
Efforts” shall mean, with respect to the development and commercialization by Licensee of at least one Product, the level
of efforts and resources generally used by similarly situated pharmaceutical companies developing and/or marketing compounds or
products throughout the Territory (including internally developed, acquired and in-licensed compounds or products) with similar
commercial potential at a similar stage in their lifecycle (assuming continuing development of such product).

 

“Confidential Information”
shall mean any and all information, data, results, Inventions, trade secrets, techniques, material, or compositions of matter of
any type or kind, including without limitation all Know-How and all other scientific, pre-clinical, clinical, regulatory, manufacturing,
marketing, personnel, financial, legal and commercial information or data, whether communicated in writing, orally or by any other
method, that a Party treats or identifies as confidential and, in each case, is disclosed by one Party to the other Party under
this Agreement.

 

“Control”, “Controls”
and “Controlled” shall mean, with respect to a particular item of information or intellectual property right,
that the applicable Party or any Affiliate of such Party owns or has a license to such item or right and has the ability to grant
to the other Party access to and a license or sublicense (as applicable) under such item or rights as provided for herein without
violating the terms of any agreement or other arrangement with any Third Party existing as of the Effective Date or thereafter.

 

“Development Plan” shall have
the meaning given such term in Section 3.1.

 

“Disclosing Party” shall have
the meaning given such term in Section 8.1.

 

“Distributor” shall mean any
Third Party appointed by Licensee to distribute, market and sell Product purchased from Licensee or any of its Affiliates (regardless
of whether such Third Party has the right or obligation to provide packaging or labeling services with respect to such Product).

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

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“Dry Eye Syndrome” means a
multifactorial disease of the tears and ocular surface that results in symptoms of discomfort, visual disturbance, and tear film
instability with potential damage to the ocular surface. It is commonly accompanied by increased osmolarity of the tear film and
inflammation of the ocular surface.

 

“Effective Date” shall have
the meaning given such term in the preamble.

 

“FDA” shall mean the United
States Food and Drug Administration or any successor U.S. governmental agency performing similar functions.

 

“Field” shall mean the treatment
of all human ophthalmic diseases and conditions in the Territory using Tβ4 in any formulation delivered topically to the eye,
whether in the form of prescription drugs, over-the-counter drugs, a medical device or otherwise; provided, however,
that “Field” shall not include any use of the Product incorporated into the form of any type of cosmetic or food product.

 

“First Commercial Sale”
shall mean the initial sale of Product by or on behalf of Licensee, its Affiliates, Sublicensees or Distributors in exchange for
cash or some equivalent to which value can be assigned for the purpose of determining Net Sales in the Territory following Regulatory
Approval of the Product in the Territory. For clarity, First Commercial Sale shall not include transfers of Product at or below
cost by or on behalf of Licensee, its Affiliates, Sublicensees or Distributors in connection with compassionate use, emergency
use, treatment INDs, or the like authorized by the FDA or any corresponding Governmental Authorities in the Territory.

 

“GAAP” shall mean, in the case
of the Licensor, Generally Accepted Accounting Principles recognized in the United States, and in the case of the Licensee, Generally
Accepted Accounting Principles recognized in the United States.

 

“Generic or Branded Generic”
shall mean a drug product containing the same active ingredients as Products and is subject to the regulations of the governments
of countries where they are dispensed and is comparable to brand/reference listed drug product in dosage form, strength, route
of administration, quality and performance characteristics, and intended use.

 

“GCP” shall
mean the then current good clinical practices as defined in U.S. Regulations 21 C.F.R. §§ 11, 50, 54, 56, 312 and 314,
the International Conference of Harmonization (ICH) E6 “Good Clinical Practice: Consolidated Guidance,” and in any
successor regulation or any official guidance documents issued by a Governmental Authority.

 

“GLP” shall
mean the then current good laboratory practice standards as defined by the FDA pursuant to 21 C.F.R. Part 58, and in any successor
regulation or any official guidance documents issued by a Governmental Authority.

 

“GMP” shall mean the then current
good manufacturing practices as defined by the FDA pursuant to 21 C.F.R. §§ 210 and 211 and in any successor regulation
or any official guidance documents issued by a Governmental Authority.

 

“Governmental Action” shall
have the meaning given such term in Section 12.2(b).

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

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“Governmental Authority” shall
mean: (i) any national, federal, provincial, state, municipal or other governmental body in any jurisdiction in the Territory or
elsewhere, (ii) any international or multi-lateral body, (iii) any subdivision, ministry, department, secretariat, bureau,
agency, commission, board, instrumentality or authority of any of the foregoing governments or bodies, (iv) any quasi-governmental
or private body exercising any regulatory, expropriation or taxing authority under or for any of the foregoing governments or bodies,
or (v) any international, multi-lateral, or multi-national judicial, quasi-judicial, arbitration or administrative court, grand
jury, tribunal, commission, board or panel, in each case having jurisdiction over the United States or any jurisdiction within
the Territory.

 

“ICC Rules” shall have the
meaning given such term in Section 14.8(c).

 

“ICH” shall mean the International Conference
of Harmonization.

 

“IND” shall mean an investigational
new drug application filed with the FDA, or the equivalent in any jurisdiction in the Territory.

 

“Indemnified Party” shall have
the meaning given such term in Section 10.3.

 

“Indemnifying Party” shall
have the meaning given such term in Section 10.3.

 

“Intellectual Property” shall
mean any Inventions, Patents, patent rights, utility models, copyrights, trade secrets, Trademarks, service marks, Know-How, technical
information and all other intellectual property rights.

 

“Invention” shall mean any
process, method, use, composition of matter, article of manufacture, discovery, finding or invention, whether or not patentable.

 

“Joint Development Committee”
shall have the meaning given such term in Section 3.4.

 

“Joint Inventions” shall have
the meaning given such term in Section 7.2(c).

 

“JV Agreement” shall mean that
certain Joint Venture Agreement entered into on the date hereof between Licensor and Parent.

 

“Know-How” shall mean all tangible
and intangible (i) techniques, technology, practices, trade secrets, methods, knowledge, know-how, skill, experience, test data
and results (including pharmacological, toxicological and clinical test data and results), analytical and quality control data,
results or descriptions, software and algorithms, and (ii) compounds, compositions of matter, and physical, biological or chemical
material.

 

“Laws” shall mean (i) all constitutions,
treaties, laws, statutes, codes, ordinances, guidance, orders, decrees, rules, regulations, and municipal by-laws of any Governmental
Authority, whether domestic, foreign or international, or as may otherwise be agreed in writing between the Parties, (ii) all judgments,
orders, writs, injunctions, decisions, rulings, decrees and awards of any Governmental Authority, and (iii) all policies, practices
and guidelines of any Governmental Authority.

 

“Licensed Know-How”
shall mean Know-How owned or Controlled by Licensor that exists as of the Effective Date or at any time thereafter during the Term,
in each case that is necessary or useful for the development, registration, manufacture, promotion, marketing, distribution, or
sale of the Product in the Field in the Territory.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

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“Licensed Patents” shall mean
the Patents owned or Controlled by Licensor as of the Effective Date (as listed in Exhibit A hereto), to the extent
that such Patents disclose or claim a Product as well as any future Patents owned or Controlled by Licensor or its Affiliates during
the Term, to the extent that such future Patents disclose or claim the Product.

 

“Licensee” shall have the meaning
given such term in the preamble.

 

“Licensee Inventions” shall
have the meaning given such term in Section 7.2(a).

 

“Licensee Product Data”
shall have the meaning given such term in Section 12.3(b)(i).

 

“Licensor” shall have the meaning
given such term in the preamble.

 

“Licensor Inventions” shall
have the meaning given such term in Section 7.2(b).

 

“Losses” shall have the meaning
given such term in Section 10.1.

 

“Marketing Approval” shall
mean all approvals, licenses, registrations, or authorizations of a Regulatory Authority in any jurisdiction of the Territory necessary
for the manufacture, use, storage, marketing, importation or sale of the Product in such jurisdiction.

 

“Marketing Year” shall mean
the period commencing on the date of the first Marketing Approval in the Territory and ending on December 31 of the same year.
Thereafter, and for the duration of this Agreement, each subsequent Marketing Year will correspond to a calendar year period (i.e.,
from January 1 to December 31).

 

“NDA” shall mean a new drug
application submitted by a drug sponsor pursuant to Section 505(b) of the U.S. Food, Drug and Cosmetic Act (and related regulations
promulgated by the FDA thereunder) as the vehicle through which the drug sponsor formally proposes that the FDA approve a new pharmaceutical
product for sale and marketing in the U.S.

 

“Net Sales” shall mean the
gross receipts for sales made by Licensee, its Affiliates, Sublicensees and Distributors of any article or substance containing
a Product to other independent buyer(s) in bona fide arm’s length transactions, less the following deductions with respect
to such sale, to the extent applicable to the Product and to the extent actually allowed and taken: (i) quantity and/or cash discounts
actually allowed or taken to the extent customary; (ii) customs, duties, excise taxes, if any, directly related to the sale of
the Product and actually paid; (iii) amounts allowed by reason of rejections and return of goods; (iv) Third-Party rebates related
to the sale of the Product; and (v) import tax, value-added tax and other similar sales taxes related to the sale of the Product,
all to the extent in accordance with GAAP as consistently applied across all products of Licensee. Notwithstanding the foregoing,
Net Sales shall not include, and shall be deemed zero with respect to (x) Products used by Licensee, its Affiliates or Sublicensees
for their internal use, and (y) Product provided by or on behalf of Licensee, its Affiliates or its Sublicensees for purposes of
resale within the Territory, provided such final resale is included in Net Sales. No deductions shall be made for commissions paid
to individuals, whether with independent sales agencies or regularly employed by Licensee, its Affiliates, Sublicensees or Distributors,
and on its payroll, or for the cost of collections. On sales made in other than in arm’s length transaction, the value of
Net Sales attributed to such a transaction shall be that which would have been received in an arm’s length transaction, based
on sales of like quantity and quality products on or about the time of such transaction.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

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“Neurotrophic Keratopathy”
or “NK” shall mean a rare degenerative corneal disease caused by an impairment of trigeminal corneal innervation,
leading to a decrease or absence of corneal sensation.

 

“Pan-Asia License Agreement”
shall mean that certain RGN-259 License Agreement dated March 7, 2014, by and between Licensor and Parent.

 

“Panel” shall have the meaning
given such term in Section 14.8(c)(i).

 

“Parent” means G-treeBNT
Co., Ltd., with offices located at 22nd Floor, Parkview Tower, 248 Jungjail-ro, Bundang-gu, Seongnam-si, Gyeonggi-do
463-863, Republic of Korea.

 

“Parties” and “Party”
shall have the meanings given such terms in the preamble.

 

“Patents” shall mean any and all
patents and/or patent applications, and any patents issuing on such patent applications, as well as any continuations, divisions,
reissues and re-examinations of any of the foregoing.

 

“Person” shall mean an individual,
sole proprietorship, partnership, limited partnership, limited liability partnership, corporation, limited liability company, business
trust, joint stock company, trust, unincorporated association, joint venture or other similar entity or organization, including
a government or political subdivision, department or agency of a government.

 

“PHS” shall mean the National
Institutes of Health, the Centers for Disease Control, and/or the FDA, agencies of the United States Public Health Service within
the Department of Health and Human Services.

 

“PHS License” shall mean the
Patent License Agreement, dated as of February 6, 2001, between PHS and Licensor, attached hereto as Exhibit B.

 

“Product” shall mean (i) the
drug candidate that is commonly identified as RGN-259, (ii) a drug or drug candidate that uses, contains, or derives from Tβ4,
a copy of the naturally-occurring 43-amino acid peptide, regardless of such Tβ4’s origin, chemical or biological synthesis,
in any combination thereof, or (iii) any product or product part that is covered in whole or in part by a Valid Claim contained
in the Licensed Patents. The term Product shall include both clinical and commercial applications of any such product.

 

“Product Liability Claim” shall
mean any Third Party proceedings involving any actual or alleged death or bodily injury arising out of or resulting from the use
of the Product sold by Licensee or its Sublicensees.

 

“Prohibited List” shall mean
(a) the HHS/OIG List of Excluded Individuals/Entities (available through the Internet at http://www.oig.hhs.gov); (b) the
General Services Administration’s List of Parties Excluded from Federal Programs (available through the Internet at http://www.epls.gov);
and (c) the FDA Debarment List (available through the Internet at http://www.fda.gov/ora/compliance_ref/debar/).

 

“Prosecute” shall have the
meaning given such term in Section 7.5(a).

 

“Receiving Party” shall have
the meaning given such term in Section 8.1.

 

“Regulatory Approval” shall
mean any and all approvals (including, to the extent necessary, pricing approvals), licenses, registrations or authorizations of
any Governmental Authority, necessary for the promotion, development (including without limitation the conduct of clinical trials),
marketing, distribution, manufacture, sale or importation of a Product.

 

INFORMATION MARKED BY [***]
HAS BEEN OMITTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES
AND EXCHANGE COMMISSION.

 

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“Regulatory Authority”
shall mean any applicable Governmental Authority in any jurisdiction in the Territory from which Regulatory Approval is required
to be obtained.

 

“Regulatory Laws”
shall mean all applicable Laws governing (i) marketing approval or clearance, import, export, testing, investigation, development,
manufacture, packaging, labeling, handling, storage, distribution, installation, servicing, marketing, or sale, (ii) recordkeeping
and reporting obligations, (iii) recalls, or (iv) similar regulatory matters, with respect to the Product.

 

“Relevant Period”
shall mean, on a Product-by-Product basis and on a country-by-country basis, the period starting from the Effective Date and ending
on (i) the expiration of the last-to-expire valid and applicable Licensed Patent within the given country of the Territory or (ii)
the twenty fifth (25th) anniversary of the First Commercial Sale of each Product in such country, whichever is later.

 

“Royalty Term” shall mean the
period commencing on the First Commercial Sale and ending at the expiration of or the effective date of termination of this Agreement.

 

“Sublicensee” shall mean any
Affiliate or Third Party to whom Licensee sublicenses any rights as permitted by Section 2.1(c).

 

“Sublicense Fees” shall mean
all consideration, in whatever form, received from a Sublicensee in connection with a license or sublicense of any of the rights
of Licensee (or any Affiliate) hereunder, including, but not limited to (1) upfront fees received by Licensee or its Affiliates
for the granting of a license or a sublicense to a Sublicensee; (2) fees payable upon the occurrence of any milestone, condition,
event or happening and which are paid or payable to Licensee or its Affiliates from a Sublicensee; and (3) periodic or maintenance
fees. Sublicense Fees shall not include amounts paid for the purchase by a Sublicensee of debt or equity securities of Licensee
(other than the extent to which the price paid for such securities exceeds their fair market value, in which case such excess shall
be deemed Sublicense fees).

 

“Tβ4” shall mean the 43
amino acid peptide commonly referred to as Thymosin Beta 4.

 

“Territory” shall mean the
United States of America.

 

“Third Party” shall
mean any Person other than Licensor, Licensee, and Affiliates of either Party.

 

“Trademark” shall mean any
trademark, trade dress, brand mark, trade name, brand name, logo, business symbol or other similar indicia of origin.

 

“Valid Claim” shall mean a
claim of an issued and unexpired Licensed Patent, that has not been revoked or held unenforceable or invalid by a decision of a
court or other Governmental Authority of competent jurisdiction, and 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, disclaimer or otherwise.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

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Section
2. License Grant and Other Rights

 

2.1      License
Grants to Licensee

 

(a)          Non-Exclusive
License to Use to Develop and Use. Subject to the terms of this Agreement, Licensor hereby grants to Licensee a non-exclusive,
irrevocable (except as otherwise provided for in this Agreement and in the PHS License), royalty-free license to use the Licensed
Patents and the Licensed Know-How to develop and formulate the Product in the Field in the Territory.

 

(b)          Exclusive
License to Make and Sell. Subject to the terms of this Agreement, Licensor hereby grants to Licensee an exclusive, irrevocable
(except as otherwise provided for in this Agreement and in the PHS License) royalty-bearing license to use the Licensed Patents
and the Licensed Know-How to manufacture, distribute, promote, offer to sell, and sell the Product in the Field in the Territory.

 

(c)          Early
Termination of License. Subject to the terms of this Agreement, the licenses granted to Licensee under this Section 2.1
shall terminate if Licensee does not begin either randomization or dosing of patients in a Licensee-sponsored clinical trial of
the Product in (i) Neurotrophic Keratopathy on or before the first anniversary of the Effective Date and (ii) Dry Eye Syndrome
on or before the second anniversary of the Effective Date, unless such delay in commencement with regards to Neurotrophic Keratopathy
and/or Dry Eye Syndrome arose or resulted from or was caused by a directive of the FDA with regard to requirements for regulatory
or CMC matters for the Product or such clinical trial.

 

(d)         Sublicensing.

 

 (i)          Licensee
shall be entitled to sublicense any or all of the rights granted to Licensee pursuant to Sections 2.1(a) and 2.1(b) to any
of its Affiliates or a Third Party upon thirty (30) days’ prior written notice to Licensor (and subject to Licensor’s
written approval, which approval shall not be unreasonably withheld), which notice shall include the identity of such Affiliate
or Third Party.

 

 (ii)         All
sublicenses granted to Affiliates or Third Parties pursuant to Section 2.1(c)(i) above shall be subject to all terms,
conditions, obligations and covenants of this Agreement and all applicable provisions of the PHS License. No sublicense shall relieve
Licensee of any of its obligations hereunder.

 

(e)          No
Further Licenses. Except for the licenses expressly granted to Licensee pursuant to this Agreement, no other rights or licenses
are granted to Licensee in or under this Agreement by implication.

 

(f)          Licensor’s
Retained Rights. Notwithstanding the rights granted to Licensee in Sections 2.1(a) and 2.1(b) and without limiting the
generality of Section 2.1(g), Licensor retains the rights to:

 

 (i)          conduct
or have conducted clinical trials and other studies involving the Product in the Territory for the generation of data in support
of regulatory submissions to any Regulatory Authority (A) outside the Territory or (B) within the Territory but outside the Field,
in each case where the exclusive license is granted to Licensee as per Section 2.1(b) above; or

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

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(ii)         conduct
activities in the Territory with respect to the development, manufacture, formulation and processing of the Product for use and
commercialization outside the countries of the Territory where the exclusive license is granted to the Licensee as per Section
2.1(b) above.

 

(g)          Negative
Covenant. Licensee covenants that it will not, and it will not permit any of its Affiliates to, use or practice any Licensed
Patents and Licensed Know-How outside the scope of the licenses granted to it under this Section 2.1.

 

(h)          Transfer
of Licensed Know-How. Upon the reasonable request of Licensee and at no cost to Licensee, Licensor shall promptly provide Licensee
with such tangible embodiments of the Licensed Know-How as are in Licensor’s possession or control so as to permit Licensee
to enjoy the licenses granted to it pursuant to Section 2.1(a) and 2.1(b) above.

 

2.2      Use
of Affiliates. At each Party’s option, any of each Party’s rights under this Agreement may be exercised by an Affiliate
of such Party. Further, at each Party’s option, any of each Party’s obligations under this Agreement may be performed
by an Affiliate of such Party, and such obligations will be deemed satisfied upon performance by such Affiliate. For the avoidance
of doubt, nothing contained in this Section 2.2 shall relieve each Party of any of its obligations hereunder unless fully
performed by its Affiliate.

 

2.3      PHS
Reserved Rights. Notwithstanding anything contained in Section 2.1 to the contrary, Licensee:

 

(a)          acknowledges
that PHS has retained certain rights and interests in the Licensed Patents pursuant to the PHS License;

 

(b)          agrees
that the provisions of the PHS License contained in Exhibit B shall be binding on Licensee and its successors as if
Licensee or its successors were the licensee under the PHS License; and

 

(c)          shall
assist Licensor in complying with Licensor’s obligations under the PHS License.

 

Section
3. Development

 

3.1      Development
Plan.

 

(a)          Development
Plan. Licensee will exercise Commercially Diligent Efforts in carrying out all development activities with respect to the Product
in the Territory in accordance with a development plan as agreed upon from time to time in writing by the Parties (the “Development
Plan”). The Development Plan is attached to this Agreement as Exhibit C and incorporated by reference herein.

 

(b)          Development
Activities. For purposes of this Agreement, development activities shall mean all activities that are reasonably required to
obtain Regulatory Approval of the Product in the Territory as a treatment for Dry Eye Syndrome and NK, including without limitation
toxicology, in vitro testing, in vivo testing, in silico testing, stability testing, statistical analysis and report writing, packaging
and regulatory affairs, preclinical studies and clinical trials.

 

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3.2      Content
of Development Plans. The Development Plan (as amended after the Effective Date) shall include, to the extent applicable, (i)
the identity of the Product to be developed, (ii) a description of the program of development for such Product through Regulatory
Approval in the Territory, (iii) a description of the development activities, which shall include, as appropriate, preclinical
studies, pharmacology, toxicology, formulation, clinical pharmacology studies, clinical studies and regulatory plans and other
key elements necessary to obtain Regulatory Approval for the Product, (iv) specific plans and protocols or its synopsis for clinical
studies, (v) a schedule for all such activities, and (vi) tentative deadlines for meeting regulatory milestones.

 

3.3      Updates
and Amendments to the Development Plan. The Parties shall amend the Development Plan at least once every twelve (12) months
to expand and refine the description of the activities specified in the initial Development Plan or other then current Development
Plan and to add other development activities, and the anticipated schedule and budgets for all such activities. Such amended Development
Plan shall become effective only upon the approval of the Joint Development Committee. If the Parties fail to update the Development
Plan as required by this Section 3.3 the most recently approved Development Plan shall continue in effect until such time
as an amended Development Plan becomes effective.

 

3.4      Joint
Development Committee. Within ninety (90) days following the Effective Date, Parent and Licensor shall establish a joint development
committee (the “Joint Development Committee”) to coordinate and oversee the development of the Product in the
Territory.

 

(a)          Composition
of the Joint Development Committee. The Joint Development Committee shall consist of three (3) persons (two (2) from Parent
and one (1) from Licensor), each of whom shall have relevant experience and skill appropriate for service on the Joint Development
Committee, such as having served as heads of clinical, manufacturing, and commercial development. Parent and Licensor may establish
and later change the number of representatives that Parent and Licensor has on the Joint Development Committee. Parent and Licensor
may change any of its representatives on the Joint Development Committee at any time upon notice to Parent, in the case of Licensor,
and to Licensor, in the case of Parent.

 

(b)          Decisions
of the Joint Development Committee. Except as otherwise provided in this Agreement, in the event that the Joint Development
Committee cannot reach a decision in any matter properly before it, Parent shall have final decision-making authority with respect
to such matter, including approval and amendments of the Development Plan; provided, however, that any such matter
under dispute shall first be referred to Parent and Licensor’s respective Presidents or chief executive officers, for attempted
resolution by good faith negotiations within fourteen (14) days; further provided, that any final decision made by Parent
shall (i) be consistent with the terms of this Agreement (including Licensee’s diligence obligations hereunder); (ii) not
adversely affect the rights and obligations of Licensor, Licensee and Parent under this Agreement in a material manner; and (iii)
not adversely affect the development, manufacture or commercialization of the Products in a material manner outside the Field and/or
outside the Territory (as reasonably determined by either Party).

 

(c)          Activities
of the Joint Development Committee. The Joint Development Committee shall be responsible for establishing and approving the
Development Plan.

 

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(d)          Meetings
of the Joint Development Committee. The Joint Development Committee shall hold its first meeting within ninety (90) days after
the Effective Date and shall meet thereafter at least once per year in the Territory or on a schedule and at locations mutually
determined by Parent and Licensor. The Joint Development Committee will convene at least monthly by teleconference and periodically
in person in the U.S. to discuss and agree on the development of the Products in the Territory and share information relating thereto.
Ad hoc meetings of the Joint Development Committee may be called by either Parent or Licensor upon reasonable advance notice to
the other. Subject to Parent and Licensor’s mutual agreement, regular and ad hoc meetings may be face-to-face or by teleconference
or videoconference. In addition to the designated members of the Joint Development Committee, each of Licensor and Parent shall
be allowed to have such other of their respective representatives attend all meetings, provided that only the members of the Joint
Development Committee designated in accordance with Section 3.4(a), above, shall have voting rights.

 

(e)          Joint
Development Committee Expenses. Parent and Licensor shall respectively bear the expense of the participation of its representatives
on the Joint Development Committee and in Joint Development Committee meetings.

 

3.5      Clinical
Trials. Licensee shall be responsible for conducting or having conducted all clinical trials of the Product in the Territory
and for paying all fees, costs and other expenses associated therewith.

 

3.6      Regulatory
Approvals. Licensee shall be responsible for obtaining and maintaining all Regulatory Approvals necessary to conduct such pre-clinical
studies, clinical trials and other supporting studies, and for paying all fees, costs and other expenses associated therewith.

 

3.7      Licensor’s
Cooperation. As reasonably requested by Licensee, Licensor shall cooperate with and assist Licensee in obtaining any Regulatory
Approvals necessary to conduct clinical trials and commercialization of the Product in the Territory. In connection therewith,
Licensor shall provide Licensee upon request with copies of any regulatory materials and/or data as are reasonably necessary for
these purposes.

 

3.8      Diligence.
Licensee shall at all times exert no less than Commercially Diligent Efforts to develop the Product in the Territory, including
seeking Regulatory Approval and Marketing Approval of the Product in the Territory. Licensee shall require any Affiliates, Sublicensees,
and/or Third Parties it uses to develop the Product to use such efforts on Licensee's behalf. Without limiting the generality of
the foregoing, Licensee’s failure to comply with Section 2.1(c), above, shall constitute a failure to exert Commercially
Diligent Efforts to develop the Product in the Territory.

 

3.9      Cooperation
in Development. The Parties mutually acknowledge that, subject to other provisions of this Agreement, Licensor, Licensee and
Parent shall closely collaborate (as the Parties may reasonably agree) in the development and commercialization of Product on a
global basis. In furtherance of such collaboration, the Parties agree to share all non-clinical and clinical data, manufacturing,
process and formulation data and any other information necessary for the development of the Products, which data shall constitute
Confidential Information and be subject to the terms and conditions of Section 8, and to provide each other the right to
use and make reference to such data and information in each Party’s respective efforts to develop Products, in the case of
Licensee, within the Field in the Territory, or in the case of Licensor, outside the Territory or outside the Field in the Territory.

 

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Section
4. Commercialization of Product 

 

4.1      Commercialization
Plan.

 

(a)          Initial
Commercialization Plan. Licensee shall provide Licensor with the plan for commercialization of the Product in the Territory
(the “Commercialization Plan”) and will carry out all commercialization activities with respect to the Product
in the Territory. The initial Commercialization Plan shall be provided to Licensor within one hundred eighty (180) days prior to
the date on which the First Commercial Sale within the Territory is anticipated.

 

(b)          Commercialization
Activities. For purposes of this Agreement, commercialization activities shall mean all appropriate activities undertaken before
and after Regulatory Approval relating specifically to the marketing, sale and distribution of the Product in the Territory, including,
without limitation, (i) sales force detailing, advertising, education, planning, marketing, sales force training and distribution,
(ii) scientific and medical affairs, and (iii) pricing and related terms for the Product.

 

4.2      Content
of Commercialization Plan.

 

(a)          Description
of Activities. The Commercialization Plan (as amended, if needed) shall include a reasonable description of the activities
that Licensee shall undertake in order to market the Product in the Territory, including, but not limited to, (i) media marketing
plans, promotional activities and similar matters, including detailed budgets, and (ii) the identity of intended major Distributors
and Sublicensees, if any.

 

(b)          Net
Sales Targets. The Parties acknowledge that, as of the Effective Date, specific Net Sales targets in any Marketing Year are
difficult to determine. The Commercialization Plan shall specify a broad range of Net Sales targets that will be refined and updated
in amendments to the Commercialization Plan as the Product in the Territory approaches Regulatory Approval.

 

4.3      Amendments
to the Commercialization Plan. The Parties shall amend the Commercialization Plan at least once every twelve (12) months after
the First Commercial Sale to refine the description of the activities specified in the initial Commercialization Plan and any subsequently
amended Commercialization Plan, and to add other commercialization activities, to update the anticipated schedule and budgets for
all such activities, and to update the Net Sales targets. Such amended Commercialization Plan shall comply with the provisions
of Section 4.2. If the Parties fail to update the Commercialization Plan as required by this Section 4.3,
the most recently approved Commercialization Plan shall continue in effect until such time as an amended Commercialization Plan
becomes effective pursuant to this Section 4.3.

 

4.4      Diligence.
Licensee shall at all times exert no less than Commercially Diligent Efforts to promote, market and distribute at least one Product
in the Territory. Licensee shall require any Affiliates, Sublicensees, Distributors, and/or other Third Parties it uses to promote,
market and distribute the Product to use such efforts on Licensee's behalf.

 

4.5      Notification
of Benchmarks and Milestones. Licensee shall report in writing to Licensor the date of the First Commercial Sale within the
Territory and the achievement of any milestone specified in this Agreement within ten (10) days of such occurrences.

 

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Section
5. Royalties and License Fees 

 

5.1      Royalties.

 

(a)          Except
as otherwise provided in Section 5.1(b), on a quarterly basis in accordance with Section 5.1(a), Licensee shall pay
Licensor royalties on aggregate Net Sales during the Royalty Term at a rate of ***.

 

(b)          Notwithstanding
Section 5.1(a), with respect to Net Sales for the Dry Eye Syndrome indication, on a quarterly basis in accordance with Section
5.1(a), Licensee shall pay to Licensor (i) royalties on aggregate Net Sales made by Licensee and/or its Affiliates during the
Royalty Term at a rate of ***, and (ii) with respect to such Net Sales made by any non-Affiliate of Licensee during the Royalty
Term, royalties equal to the greater of (A) *** of any applicable royalties payable to Licensee or (B) royalties on such aggregate
Net Sales made by such non-Affiliate of Licensee at a rate of ***, in either case of clauses (A) and (B), when and as received
by Licensee.

 

(c)          
In case any Generic/Branded Generic of any Product by any Third Party becomes commercially available within the Territory without
a direct or indirect agreement with the Licensee, its Affiliates or their Sublicensees or Distributors and such Generic/Branded
Generic taken in the aggregate have according to IMS or similar data source a market share (in terms of unit quantity) in the Territory
of at least ***, then the royalties’ rate applicable and payable by Licensee on the Net Sales in the Territory will be reduced
by ***; provided, however, that if such Generic/Branded Generic taken in the aggregate have according to IMS or similar
data source a market share of at least ***, then the royalties’ rate applicable and payable by licensee on the Net Sales
in the Territory will be reduced by *** and that if such Generic/Branded Generic taken in the aggregate have according to IMS or
similar data source a market share of at least ***, then the royalties’ rate applicable and payable by licensee on the Net
Sales in the Territory will be reduced by ***.

 

(d)          If
it is necessary for Licensee to obtain a license from a Third Party under any Patent in a particular country in the Territory in
order to use, make, or sell a Product and Licensee obtains such a license, Licensee may deduct, from the royalty payment that would
otherwise have been due pursuant to Section 5.1(a) or 5.1(b) with respect to the Net Sales of the applicable Product
in the Territory in a particular applicable quarterly period an amount equal to *** of the royalties paid by Licensee to such Third
Party pursuant to such license on account of the sale of such Product in the Territory during such applicable quarterly period.

 

(e)          Each
payment of royalties required by this Section 5.1 shall be due and payable no later than sixty (60) days after the end of
the quarterly period ending on June 30 and December 31, in which the applicable Net Sales were made.

 

5.2      Up-front
and Other Milestone Payments and Percentage Ownership Adjustment.

 

(a)          Licensee
shall pay to Licensor a non-refundable sum of five hundred thousand dollars (US$500,000) within forty-five (45) Business Days following
the Effective Date.

 

(b)          Licensee
shall promptly pay to Licensor a non-refundable sum of five hundred thousand dollars (US$500,000) upon the earlier of randomization
or dosing of the first patient in either (i) a Phase 2b or a Phase 3 clinical trial evaluating the Product in patients with Dry
Eye Syndrome or (ii) a Phase 3 clinical trial evaluating the Product in patients with Neurotrophic Keratopathy. A clinical trial
of the Product shall satisfy the milestone requiring payment under this Section 5.2(b) whether such clinical trial is conducted
by or on behalf of Licensee (or any of its Affiliates), any Sublicensee or any Third Party.

 

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5.3      Royalty
Reports. Within thirty (30) days following the end of each quarterly period during the Royalty Term ending March 31, June 30,
September 30 and December 31, Licensee shall deliver to Licensor a complete, detailed and accurate written report for the corresponding
quarerly period showing (i) the gross amount of sales, on an item-by-item basis, of Products by Licensee, Sublicensees and
Distributors to independent buyers (whether an end-user, wholesaler or otherwise) in bona fide arm’s length transactions;
(ii) the adjustments resulting from the deductions in the definition of “Net Sales; (iii) total Net Sales and (iv) the
conversion into United States Dollars, pursuant to Section 5.5, of any such Net Sales made in another currency; and
(v) the calculation of royalties due. Such report shall also reflect all Sublicense Fees payable to Licensee during such quarterly
period.

 

5.4      Manner
of Payments. All payments due Licensor under this Agreement shall be payable in United States Dollars by wire transfer of immediately
available funds to such bank account(s) as Licensor shall designate, or by such other method as Licensor may reasonably designate.

 

5.5      Exchange
Rate. When converting any amount in another currency into United States Dollars, Licensee shall use an exchange rate
equal to New York foreign exchange rate quoted in the Wall Street Journal on the Business Day that is five (5) days prior
to the date a payment under this Agreement is due.

 

5.6      Interest
on Late Payments. Any payment not paid within thirty (30) calendar days from the date such payment is due under this Agreement
shall be subject to interest from and including the date such payment is due through and including the date such payment is actually
made at an annual rate equal to the sum of two percent (2%) plus the annual prime rate of interest quoted in the Money Rates Section of
the Wall Street Journal calculated daily on the basis of a 365-day year, or, if such rate is not available for any reason, similar
reputable data source, or, if lower, the highest rate permitted under applicable law. The payment of such interest shall not limit
Licensor from exercising any other rights it may have as a consequence of the lateness of any payment.

 

5.7      Records;
Audit Rights.

 

(a)          Records.
Licensee shall maintain, and shall require its Affiliates, Sublicensees and Distributors to maintain, during the Term and for a
period of five (5) years thereafter, complete, detailed and accurate books and records in connection with the sale of Product as
necessary to allow the accurate determination of any and all financial and accounting information relevant to either Party’s
payment obligations hereunder, including without limitation as necessary for the calculation of the royalties due to Licensor hereunder.

 

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(b)        Audit
Rights.

 

(i)          Licensor
or its representative shall have the right to annually audit Licensee’s, its Affiliates’, its Sublicensees’ and
its Distributors’ records as set forth in this Section 5.7. Licensee shall permit Licensor or its representative
to have access during normal business hours to such records of Licensee, its Affiliates and its Sublicensees
as may be reasonably necessary to verify the accuracy of the royalty reports hereunder for any Marketing Year ending not
more than five (5) years prior to the date of such request. Annual audits can take place no more often than once per each calendar
year. Notice of Licensor’s intent to conduct an audit must be provided within thirty (30) days of Licensor’s receipt
of the periodic royalty report reflecting full yearly sales of Product. Except as otherwise provided in Section 5.7(a),
Licensor shall be responsible for its own costs and expenses relating to any audit conducted under this Section 5.7(b)(i).
Licensee shall cause its Affiliates and Sublicensees to agree to make their records available for audit by Licensor or its representative
as set forth in this Section 5.7. 

 

(ii)         If
any audit conducted by Licensor or its representative shows an underpayment of royalties to Licensor, Licensee shall remit to Licensor
the amount of such underpayment within thirty (30) days after its receipt of Licensor’s request therefor. If an underpayment
in royalties exceeds five percent (5%) of the total amount owed for the period then being audited, Licensee shall be responsible,
and promptly shall reimburse Licensor, for Licensor’s reasonable out-of-pocket costs for conducting the audit. If any audit
conducted by Licensor or its representative shows an overpayment of royalties to Licensor, such overpayment shall be refunded to
Licensee promptly.

 

(c)          Confidentiality.
Licensor shall treat all financial information of Licensee, its Affiliates, Sublicensees and Distributors that Licensor reviews
in connection with any audit conducted under this Section 5.7 as Confidential Information of Licensee subject to the
provisions of Section 8 of this Agreement.

 

Section
6. Regulatory Matters

 

6.1      Regulatory
Approvals. Licensee shall have the sole authority and responsibility to obtain in its own name and maintain any Regulatory
Approvals and Marketing Approvals with respect to the Product in the Territory. Licensor shall, promptly after the Effective Date,
provide Licensee with materials, including but are not limited to regulatory progress report, INDs issued by the FDA or the relevant
local Regulatory Authority and a copy of any relevant data related to the Product and owned by Licensor that have been filed with
the FDA. Only when Licensee is expressly prohibited from being a sponsor of any clinical trials of the Product conducted by Licensee
by applicable Regulatory Law in the Territory, subject to the prevailing applicable Regulatory Law in the Territory, Licensor may
have the right to be designated as the sponsor instead. Irrespective of the exercise of such rights, Licensee shall at all times
be responsible for ensuring that any and all clinical trials are conducted in compliance with all applicable Regulatory Laws and
other requirements of any Regulatory Authority in the Territory, and all Regulatory Laws and other requirements of any Governmental
Authority (including any promulgated by the FDA) that would be applicable if such clinical trials were sponsored under Licensor’s
IND or otherwise subject to the jurisdiction of the FDA.

 

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6.2      Contact
with Governmental Authorities. Subject to the other provisions of this Section 6.2, Licensee shall be solely responsible
for responding to all inquiries, notices of violation, warning letters, serious adverse events (as such term is defined by applicable
ICH guidelines or at 21 C.F.R. §312.32(a)), inspectional observations, and other actions from or by Governmental Authorities
in the Territory, in each case to the extent related to the Product in the Territory. Licensor and Licensee shall immediately forward
to each other copies of any material correspondence from any Governmental Authority that it receives in respect of the Product.
Notwithstanding the other provisions of this Section 6.2, Licensee shall not respond to any inquiries or other correspondence
from a Governmental Authority with respect to the Product in the Territory without first providing Licensor with a copy of its
proposed response, and incorporating any reasonable comments of Licensor in such response. Licensor shall cooperate with Licensee
in responding to any inquiry or other correspondence from a Governmental Authority in a timely manner, including by promptly responding
to all inquiries of Licensee relating thereto.

 

6.3      Regulatory
Information. Each Party agrees to provide the other Party with all reasonable assistance and take all actions reasonably requested
by the other Party that are necessary or desirable to enable the other Party to comply with any Law or other requirement of any
Governmental Authority applicable to the Product. Such assistance and actions shall include, among other things, (a) informing
the other Party, within five (5) Business Days, of receiving notice of any action by, or notification or other information which
it receives (directly or indirectly) from any Governmental Authority that: (i) raises any material concerns regarding the safety
or efficacy of the Product; (ii) indicates or suggests a potential material liability for either Party to Third Parties arising
in connection with the Product; or (iii) is reasonably likely to lead to a field alert report, recall or market withdrawal of the
Product; provided, that neither Party shall be obliged to disclose information in breach of any contractual restriction; and (b) Licensee
immediately reporting to Licensor the occurrence of any adverse reaction (including without limitation death) or other incident
during any clinical trial or medicinal exam and any other information so as to enable Licensor to fulfill its reporting obligations
to any Governmental Authority, as further specified by the Safety Agreement.

 

6.4      Official
Documentation. Licensee shall provide to Licensor one exact copy of any official registration and/or importation documents
supplied by the relevant Regulatory Authorities immediately upon issuance. In case of early termination of this Agreement, Licensee
shall provide to Licensor any original versions of such registrations and/or documents that are not otherwise in Licensor’s
possession as per Section 12.3(a).

 

6.5      Clinical
Trial Reports. Without limiting any of Licensee’s obligations under this Agreement, Licensee shall be responsible for
preparing the clinical trial yearly progress reports, clinical trial final report and any other reports as may be required by a
Regulatory Authority in connection with clinical trials of the Product; provided, however, that Licensee shall provide
drafts of such reports for Licensor’s knowledge prior to submission to the applicable Regulatory Authority and provide all
final reports submitted to applicable Regulatory Authorities. With respect to all clinical trials for Products containing Tβ4
that are directly related to the development of Products in the Field and the Territory that have been completed prior to, or are
in progress as of the date hereof, Licensor shall provide Licensee with copies of the related clinical trial reports, that Licensor
has the right to disclose, promptly upon the execution hereof or upon the finalization of the report, as applicable.

 

6.6      Unknown
Side Effects; Adverse Reactions.

 

(a)          Reporting
Unknown Side Effects and Adverse Reactions. Each Party shall provide promptly to the other Party any information and data relating
to any serious or previously unknown side effects or adverse reactions relating to the Product that the providing Party receives
from any source, as further specified in the Safety Agreement.

 

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(b)          Safety
Agreement. Promptly after the Effective Date and before the date that Licensee commences any clinical trials of the Product
in the Territory, the Parties shall enter into a separate written safety agreement containing (i) appropriate provisions addressing
safety issues relating to the Products, (ii) a description of the types of side effects and reactions that must be reported
pursuant to Section 6.6(a) and any other complaints or information requests that must be reported, and (iii) such cooperative
working procedures as are reasonably necessary to ensure that satisfactory systems and processes are in place to ensure the effective
exchange of safety and other medical information relating to the Product (the “Safety Agreement”).

 

Section
7.  Intellectual Property

 

7.1      Trademarks.
Licensee shall be free to use Licensee’s Trademarks or any other Trademark(s) owned by the Licensee in the Territory for
the Product.

 

7.2      Ownership
of Inventions.

 

(a)          Licensee
Inventions. Subject to any licenses granted to Licensor herein, Licensee shall own all Inventions and Know-How that are invented,
developed or conceived only by employees, consultants or contractors of Licensee (“Licensee Inventions”). Licensee
shall have written agreements in place with its employees, consultants, and contractors giving Licensee all rights and authority
necessary to grant the license in Section 7.3(a).

 

(b)          Licensor
Inventions. Subject to any licenses granted to Licensee herein, Licensor shall own all Inventions and Know-How that are invented,
developed or conceived only by employees, consultants or contractors of Licensor (“Licensor Inventions”). Licensor
shall have written agreements in place with its employees, consultants, and contractors giving Licensor all rights and authority
necessary to grant the license in Section 7.3(b).

 

(c)          Joint
Inventions. Licensee and Licensor shall own jointly all Inventions and Know-How that are invented, developed or conceived by
employees, consultants or contractors of both Licensee and Licensor (“Joint Inventions”). The Parties will agree
on a case-by-case basis the appropriate allocation of cost and control concerning matters regarding the prosecution, maintenance,
defense and infringement of Patents for such Joint Inventions.

 

7.3      Licenses
to Certain Inventions.

 

(a)          License
Grant to Licensor. To the extent that any Licensee Invention or any Joint Invention relates to the development, promotion,
marketing, distribution, manufacturing or sale of the Product, Licensee hereby grants to Licensor, and Licensor hereby accepts,
for no additional consideration, an exclusive, perpetual, transferable, sublicensable (through multiple tiers) license under Licensee’s
rights in such Licensee Invention or Joint Invention, as applicable, to research, develop, promote, market, distribute, manufacture,
have manufactured, sell, offer for sale or import the Product outside the Territory and/or outside the Field during the term of
this Agreement and, upon the termination of this Agreement for any reason, within the Territory and/or within the Field. The foregoing
license shall include a right to use and make reference (transferable by Licensor to its Affiliates and sublicensees) to all regulatory
filings made by Licensee in the Territory and all data and information generated by or on behalf of Licensee or derived or resulting
from any activities conducted by or on behalf of Licensee pursuant to this Agreement, including all Licensee Product Data, for
the development, manufacture and commercialization of any Product outside the Territory and/or outside the Field. Licensee shall
promptly disclose all Licensee Inventions and Joint Inventions in writing to Licensor. If Licensor desires to use any such Licensee
Invention and/or Joint Invention for the development, manufacture and commercialization of the Products outside the Territory and/or
outside the Field, Licensor shall notify Licensee in writing.

 

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(b)          License
Grant to Licensee. To the extent that any Licensor Invention or any Joint Invention relates to the development, promotion,
marketing, distribution, or sale of the Product, then such Licensor Invention or Licensor’s interest in such Joint Invention,
as applicable, shall be deemed a Licensed Patent and shall be subject to the licenses granted to Licensee pursuant to Section
2.1(a). The Parties shall promptly disclose to the other Party all Inventions that are relevant to Products and subject
to the Licenses granted hereunder.

 

(c)          License
to Parent. To the extent that any Licensee Invention or any Joint Invention relates to the development, promotion, marketing,
distribution, manufacturing or sale of the Product, Licensee and Licensor each hereby grant to Parent, and Parent hereby accepts,
for no additional consideration, an exclusive, transferable, sublicensable (through multiple tiers) license under Licensee’s
rights in such Licensee Invention or Joint Invention, as applicable, to research, develop, promote, market, distribute, manufacture,
have manufactured, sell, offer for sale or import the Product within the “Territory” as such term is defined in the
Pan-Asia License Agreement, which license shall terminate at such time as the Pan-Asia License Agreement terminates.

 

7.4      Patent
Marking. Licensee shall, and shall cause its Affiliates, Sublicensees and Distributors to mark all Products sold or otherwise
distributed pursuant to this Agreement in accordance with the applicable patent statutes and other relevant regulations in the
jurisdiction of the Territory in which such Product is manufactured, sold or otherwise distributed.

 

7.5      Prosecution
and Maintenance of  Licensed Patents licensed to Licensee in the Territory.

 

(a)          Prosecution.
As between Licensor and Licensee, Licensee shall have the right and obligation, at its sole cost and expense, to prepare, file,
prosecute, and maintain the Licensed Patents in the Territory, and to pursue any proceeding (including interferences, re-examinations,
examinations, protests, reissues, opposition proceedings and the like) relating to any of the Licensed Patents (collectively “Prosecute”)
in the Territory, such costs and expenses shall be shared equally by the Parties. The Parties agree to utilize Licensor’s
intellectual property counsel and counsel shall promptly provide Licensee with all information related to such prosecution. In
the event that Licensee fails or otherwise elects not to Prosecute any Licensed Patent, it shall provide 90 day’s advance
notice thereof, and following such 90-day period, Licensor shall have the right to Prosecute such Licensed Patent in the Territory
at its expense and all of Licensee’s license or other rights to such Licensed Patents shall terminate.

 

(b)          
Cooperation. In connection with any of Licensee’s activities to Prosecute any of the Licensed Patents, Licensor shall
cooperate fully and provide Licensee with any information or assistance that Licensee reasonably requests, including executing
such documents as may be necessary with respect to such prosecution activity. If Licensor becomes aware of any patent, information,
proceeding or other matter that may affect the preparation, filing, prosecution, or maintenance of any of the Licensed Patents
or that may adversely impact the validity, scope, title or enforceability of any of the Licensed Patents, Licensor shall promptly
notify Licensee of such patent, information, proceeding, or matter.

 

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7.6      Infringement
by Third Parties.

 

(a)         Notice.
If Licensee learns of any actual or possible infringement of any Licensed Patent in the Territory, or any actual or possible misappropriation
or misuse of Licensed Know-How, Licensee shall promptly notify Licensor of such infringement, misappropriation or misuse.

 

(b)         Right
to Bring Suit in the Territory.

 

(i)          As
between Licensor and Licensee, Licensee shall have the right, but not the obligation, to bring and control any legal action or
proceeding with respect to any infringement of Licensed Patents or any misappropriation or misuse of Licensed Know-How by Third
Parties in the Territory, at its own expense and using counsel of its own choice, but which is acceptable to Licensor in its reasonable
discretion.

 

(ii)         In
the event that Licensee declines to take legal action with respect to any infringement of the Licensed Patents, Licensor shall
have the right, after giving Licensee ten (10) working days’ prior notice of its intent to do so, to take such legal action
at its own expense, with the concomitant right to choose legal counsel reasonably acceptable to Licensor and to determine legal
strategy. Licensee shall have the right to participate in any such legal action using its own counsel, at its own expense.

 

(iii)        For
any action or proceeding brought by Licensor pursuant to this Section 7.6, if Licensor is unable to initiate or prosecute
such action solely in its own name, then Licensee shall join such action voluntarily and shall execute all documents necessary
to initiate litigation to prosecute and maintain such action.

 

(iv)        In
connection with any action or proceeding brought by Licensor pursuant to this Section 7.6, Licensee shall cooperate
fully and will provide Licensor with any information or assistance that Licensor reasonably requests.

 

7.7      Certifications.
Each Party shall inform the other Party of any certification related to the Product regarding any Licensed Patents it receives
pursuant to either 21 U.S.C. §§ 355(b)(2)(A)(iv) or (j)(2)(A)(vii)(IV) or its successor provisions, or any
equivalent regulations in any jurisdiction of the Territory, and shall provide the other Party with a copy of such certification
within five (5) days of receipt by such Party. Licensor’s and Licensee’s rights with respect to the initiation
and prosecution of any legal action as a result of such certification or any recovery obtained as a result of such legal action
shall be as set forth in this Section 7.

 

7.8      Defense
of Third Party Claims.

 

(a)          Notice.
If either Party learns that a Third Party has commenced or plans to commence, either as a claim, a counterclaim, or an action for
declaratory judgment, an action or proceeding challenging any of the Licensed Patents in any jurisdiction of the Territory, such
Party shall promptly provide the other Party with notice thereof.

 

(b)          Licensor’s
Right to Defend. As between Licensor and Licensee, Licensor shall have the right, but not the obligation, to defend and control
any claim, counterclaim or other action initiated by a Third Party challenging any of the Licensed Patents in any jurisdiction
of the Territory (each a “Challenge”), at its own expense and using counsel of its own choice.

 

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(i)          For
the defense of any Challenge pursuant to this Section 7.8, if Licensor is unable to initiate or prosecute such defense
solely in its own name, then Licensee (subject to any necessary approval of the relevant court) shall join such action voluntarily
and shall execute all documents necessary to initiate litigation to prosecute and maintain such action.

 

(ii)         In
connection with the defense of any Challenge brought by Licensor pursuant to this Section 7.8, Licensee shall cooperate
fully and will provide Licensor with any information or assistance that Licensor reasonably requests.

 

7.9      Awards
and Recovery. Any recovery obtained by either Party in connection with or as a result of any action contemplated by Section 7.6
or 7.8, whether by settlement of otherwise, shall be shared as follows:

 

(a)         such
recovery shall first be allocated to the Party directing the prosecution or defense of such action for reimbursement in respect
of its respective out-of-pocket costs and expenses incurred in connection therewith; and

 

(b)         any
remaining amounts after such reimbursement shall be split equally by the Parties.

 

Section
8. Confidentiality and Press Releases

 

8.1      Confidential
Information. Except to the extent expressly authorized by this Agreement, or otherwise agreed in writing by the Parties, the
Parties agree that the receiving Party (the “Receiving Party”) shall keep confidential and shall not publish
or otherwise disclose or use for any purpose other than as provided for in this Agreement any Confidential Information which is
disclosed to it by the other Party (or an Affiliate thereof) (each, a “Disclosing Party”), except to the extent
that the Receiving Party can demonstrate by competent written evidence that such Confidential Information:

 

(a)          was
already legally in the possession of the Receiving Party, other than under an obligation of confidentiality, at the time of disclosure
by the Disclosing Party;

 

(b)          was
generally available to the public or otherwise part of the public domain at the time of its disclosure to the Receiving Party;

 

(c)          became
generally available to the public or was otherwise part of the public domain after its disclosure and other than through any act
or omission of the Receiving Party in breach of this Agreement;

 

(d)          was
disclosed to the Receiving Party, other than under an obligation of confidentiality, by a Third Party who had no obligation to
the Disclosing Party not to disclose such information to others; or

 

(e)          is
independently discovered or developed by the Receiving Party without the use of Confidential Information provided by the Disclosing
Party.

 

8.2      Exceptions.
The obligations of this Section 8 shall not apply to Confidential Information that:

 

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(a)          is
submitted to Governmental Authorities by the Receiving Party to facilitate the issuance of any Regulatory Approval for the Product,
or to obtain, maintain, enforce or defend Patents (in each case only to the extent permitted by this Agreement; provided that (A)
such disclosure may be only to the extent reasonably necessary to obtain Regulatory Approvals or Patents, as applicable, (B) the
Receiving Party shall take reasonable measures to assure confidential treatment of such information to the extent applicable, and
(C) the Receiving Party shall give [ten (10)] Business Days’ prior written notice to the Disclosing Party of such disclosure
of Confidential Information, including the scope, detail, and nature of such Confidential Information;

 

(b)          is
provided by the Receiving Party to Third Parties (including, in the case of Licensee, to its Affiliates, Sublicensees or Distributors)
under written confidentiality agreements having provisions at least as stringent as those in this Agreement, for consulting, development,
external testing, marketing trials and other similar activities to the extent that such Receiving Party is permitted to conduct
such activities pursuant to this Agreement; or

 

(c)          is
otherwise required to be disclosed by the Receiving Party in compliance with Laws (including, without limitation and for the avoidance
of doubt, the requirements of the U.S. Securities and Exchange Commission and any other stock exchange or market on which securities
issued by a Party are traded) or order by a court or other Governmental Authority having competent jurisdiction; provided,
however, that the Receiving Party shall first give written notice to the Disclosing Party in order to allow the Disclosing
Party the opportunity to seek confidential treatment of the Confidential Information. Confidential Information that is disclosed
pursuant to Law or an order by a court or other Governmental Authority shall remain otherwise subject to the confidentiality and
non-use provisions of this Section 8, and the Party disclosing Confidential Information pursuant to a Law or order by a
court or other Governmental Authority shall take all reasonable steps necessary, including without limitation obtaining an order
of confidentiality, to ensure the continued confidential treatment of such Confidential Information.

 

8.3      Disclosure
to PHS. Licensor may disclose certain Confidential Information of Licensee to PHS in order to comply with the PHS License.
In such event, such Confidential Information shall be subject to the applicable confidentiality provisions of the PHS License.

 

8.4      Return
of Confidential Information Upon Expiration or Termination of Agreement. Within thirty (30) days after any expiration
or termination of this Agreement, each Party shall destroy (and certify to the other Party such destruction) or return (as requested
by the other Party) all Confidential Information provided by the other Party except as otherwise set forth in this Agreement, and
except that each Party may retain a single copy of the Confidential Information in its confidential legal files for the sole purpose
of ascertaining its ongoing rights and responsibilities regarding the Confidential Information and for defending or enforcing its
legal rights.

 

8.5      Written
Agreements. The Receiving Party shall have in effect or obtain written agreements from each of its employees, consultants
and contractors who have access to Confidential Information of the Disclosing Party, which agreements shall obligate such persons
to similar obligations of confidentiality, and to assign to the Receiving Party all Know-How, information and Inventions conceived,
made or reduced to practice by such persons during the course of performing the Receiving Party’s obligations under this
Agreement. Each Party will notify the other Party promptly upon discovery of any unauthorized use or disclosure of the Confidential
Information of the other Party.

 

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8.6      Remedies.
Each Party shall be entitled, in addition to any other right or remedy it may have, at law or in equity, to seek an injunction,
without the posting of any bond or other security, enjoining or restraining the other Party from any violation or threatened violation
of this Section 8.

 

8.7      Prior
Confidentiality Agreement. Nothing contained in this Section 8 is intended to supersede the terms and conditions of
any confidential disclosure or similar agreement between Licensor, on one hand, and Parent and its Affiliates, on the other. Any
such agreements shall remain in effect with respect to disclosures made thereunder prior to the Effective Date.

 

8.8      Press
Releases. Except as required by Law (including, without limitation and for the avoidance of doubt, the requirements of the
U.S. Securities and Exchange Commission, the American Stock Exchange, the Korean Stock Exchange, and any other stock exchange on
which securities issued by a Party are traded) or any Governmental Authority, neither Party shall make any press release or other
public announcement relating to this Agreement or the transactions described herein without the prior written consent of the other
Party.

 

Section
9. Representations, Warranties and Covenants

 

9.1      Licensor
Representations, Warranties and Covenants. Licensor hereby represents, warrants and covenants to Licensee as follows:

 

(a)          the
execution, delivery and performance by Licensor of this Agreement and the consummation of the transactions contemplated hereby
are within Licensor’s corporate powers and have been duly authorized by all necessary corporate action on the part of Licensor.
This Agreement constitutes the legal, valid and binding obligation of Licensor, enforceable against Licensor in accordance with
its terms;

 

(b)          the
execution, delivery and performance of this Agreement by Licensor will not violate any Law or any order of any Governmental Authority;

 

(c)          except
as may be required to permit the sale or exportation of Product into the Territory from time to time during the Term, the execution,
delivery or performance of this Agreement by Licensor will not require Licensor to obtain any permits, authorizations or consents
from any Governmental Authority, and such execution, delivery and performance will not result in a material breach of or give rise
to any termination of any agreement or contract to which Licensor is a Party;

 

(d)          Licensor
has all right and authority to grant the licenses granted in Section 2 of this Agreement;

 

(e)          to
the best of Licensor’s knowledge, without any investigation or due inquiry, all issued Licensed Patents are valid;

 

(f)          Licensor
has not received any written communication from a third party alleging that Licensor’s practice of the Licensed Patents infringes
the right of such third party; and

 

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(g)          Licensor,
its Affiliates, and its and their respective employees, agents, contractors and consultants have never been (i) debarred or
(ii) convicted of a crime for which a person can be debarred, under Section 306(a) of the Generic Drug Enforcement Act
of 1992 (Section 306 (a) or (b)) or similar Laws of any foreign jurisdiction. Licensor, its Affiliates, and its and their
respective employees, agents, contractors and consultants have never been (i) threatened to be debarred or (ii) indicted
for a crime or otherwise engaged in conduct for which a person can be debarred, under Section 306(a) or (b) of the Generic
Drug Enforcement Act of 1992 or similar Laws of any other jurisdiction. Licensor shall promptly notify Licensee upon learning of
any such debarment, conviction, threat or indictment.

 

9.2      Licensee
Representations, Warranties and Covenants. Licensee hereby represents, warrants and covenants to Licensor as follows:

 

(a)          the
execution, delivery and performance by Licensee of this Agreement and the consummation of the transactions contemplated hereby
are within Licensee’s corporate powers and have been duly authorized by all necessary corporate action on the part of Licensee.
This Agreement constitutes the legal, valid and binding obligation of Licensee, enforceable against Licensee in accordance with
its terms;

 

(b)          Licensee
will be at all times properly registered, licensed and qualified, and have all requisite power and authority under its organizational
documents and in accordance with the Laws of the Territory to develop (including without limitation the conduct of clinical trials),
promote, market, distribute, import, export and sell the Product in the Territory, and to conduct its business and perform its
obligations hereunder and, during the Term, it shall take all action as may be required and necessary to obtain and keep current
any governmental licenses, permits, registrations and approvals (including without limitation Regulatory Approvals) that are necessary
or advisable for it to carry out its activities hereunder;

 

(c)          the
execution, delivery and performance of this Agreement by Licensee will not violate any Law or any order of any Governmental Authority;

 

(d)          except
for Regulatory Approvals and as may be required to permit the sale or importation of Product from time to time into the Territory
during the Term, the execution, delivery or performance of this Agreement by Licensee will not require Licensee to obtain any permits,
authorizations or consents from any Governmental Authority, and such execution, delivery and performance will not result in a material
breach of or give rise to any termination of any agreement or contract to which Licensee is a Party;

 

(e)          Licensee,
its Affiliates, and its and their respective employees, agents, contractors and consultants have never been (i) debarred or
(ii) convicted of a crime for which a person can be debarred, under Section 306(a) of the Generic Drug Enforcement Act
of 1992 (Section 306 (a) or (b)) or similar Laws of any foreign jurisdiction. Licensee, its Affiliates, and its and their
respective employees, agents, contractors and consultants have never been (i) threatened to be debarred or (ii) indicted
for a crime or otherwise engaged in conduct for which a person can be debarred, under Section 306(a) or (b) of the Generic
Drug Enforcement Act of 1992 or similar Laws of any other jurisdiction. Licensee shall promptly notify Licensor upon learning of
any such debarment, conviction, threat or indictment;

 

(f)          Licensee
and its Affiliates and its and their respective employees, agents, contractors and consultants shall not use any Person on a Prohibited
List in connection with the performance of any of its obligations or activities under this Agreement;

 

(g)          Licensee
shall carry out its obligations and activities under this Agreement, including the development, promotion, marketing, distribution
and sale of Products, in accordance with: (i) the terms hereof, (ii) all applicable Laws and Regulatory Laws, and any subsidiary
legislation thereunder; and (iii) GCP, GLP and GMP;

 

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(h)          As
of the Effective Date, Licensee believes in good faith that it will have sufficient financial resources available to carry out,
or to have carried out, all of its obligations and activities contemplated under this Agreement;

 

(i)          Licensee
and its Affiliates shall not develop, promote, market, distribute, or sell during the Term any product in the Field, EXCEPT as
authorized, permitted, or agreed otherwise herein, that utilizes or otherwise contains Tβ4 or any derivatives, analogs or
fragments thereof without Licensor’s prior written approval; and

 

(j)          Licensee
shall not reverse engineer or otherwise deconstruct any API or component part of finished Product for the purpose of developing
a product that would compete with the Product in the Field.

 

9.3      Disclaimer
of Warranties. EXCEPT AS SET FORTH IN THIS AGREEMENT, NEITHER PARTY GIVES ANY OTHER WARRANTY, EXPRESS OR IMPLIED REGARDING
THE PRODUCTS, THE LICENSED KNOW-HOW, THE LICENSED PATENTS, OR THE SCOPE OR VALIDITY THEREOF. ALL OTHER WARRANTIES, INCLUDING, WITHOUT
LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT ARE EXPRESSLY DISCLAIMED.

 

Section
10. Indemnification

 

10.1    Indemnification
by Licensor. Licensor shall defend, indemnify and hold harmless Licensee, its Affiliates, and its and their respective officers,
directors, employees and agents from and against any and all losses, liabilities, claims, damages, penalties, fines, costs and
expenses (including reasonable legal fees and other litigation costs, regardless of outcome) (collectively “Losses”)
arising as a result of (a) any breach of representations or warranties of Licensor provided in Section 9.1; (b) any Product
Liability Claims or mandatory or voluntary recall of the Product in any jurisdiction of the Territory, if and to the extent that
such Losses are caused by (i) failure of any Product provided by Licensor to conform to the relevant specifications therefor
as specified with any clinical supplies provided to Licensee; or (ii) any willful act or negligence of Licensor and/or its
manufacturer of clinical supplies in relation to the Product; provided, however, that Licensor shall have no obligation under this
Section 10.1 if Licensee or any of its Affiliates, Sublicensees or Distributors has been negligent, whether in testing,
storing, handling or otherwise dealing with the Product, or in case such Losses arise out of or are attributable to any breach
of this Agreement by Licensee.

 

10.2    Indemnification
by Licensee. Licensee shall defend, indemnify and hold harmless Licensor, its Affiliates, and its and their respective officers,
directors, employees and agents from and against any and all Losses arising as a result of (a) any breach of representations or
warranties of Licensee provided in Section 9.2; and (b) any and all Third Party claims if and to the extent that such Losses
are caused by Licensee’s and/or any Affiliate’s, Sublicensee’s or Distributor’s manufacture, storage, development,
use, promotion, marketing, distribution, and sale of the Product, provided, however, that Licensee shall have no obligation under
this Section 10.2 if Licensor and/or its manufacturer have been negligent, whether in manufacturing, testing, storing, handling
or otherwise dealing with the Product, or in the case said claims arise out of or are attributable to any breach of this Agreement
by Licensor.

 

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10.3    Procedures.
The Party seeking indemnification under this Section 10 (the “Indemnified Party”) shall give prompt notice
to the Party against whom indemnity is sought (the “Indemnifying Party”) of the assertion or commencement of
any claim for indemnification pursuant to this Section 10, and shall provide the Indemnifying Party such information with
respect thereto that the Indemnifying Party may reasonably request. The failure to give such notice will relieve the Indemnifying
Party of its indemnification obligations hereunder only to the extent that the Indemnifying Party has suffered actual prejudice
thereby. The Indemnifying Party shall assume and control the defense and settlement of any such action, suit or proceeding at its
own expense. The Indemnified Party shall, if requested by the Indemnifying Party, cooperate in all reasonable respects in such
defense, at the Indemnifying Party’s expense, subject to the following. The Indemnified Party will be entitled at its own
expense to participate in such defense and to employ separate counsel for such purpose. For so long as the Indemnifying Party is
diligently defending any action, suit or proceeding pursuant to this Section 10, the Indemnifying Party will not be liable
under this Section 10 for any settlement effected without its consent. No Party shall enter into any compromise or settlement
which commits the other Party to take, or to forbear to take, any action without the other Party’s prior written consent.

 

10.4    Consequential
Damages. NEITHER LICENSOR, ON ONE HAND, NOR LICENSEE AND PARENT ON THE OTHER, SHALL BE LIABLE TO OR OTHERWISE RESPONSIBLE TO
THE OTHER PARTY HERETO FOR ANY LOSS OF PROFITS, DIMINUTION IN VALUE, OR INCIDENTAL, INDIRECT, CONSEQUENTIAL, SPECIAL, EXEMPLARY
OR PUNITIVE DAMAGES THAT ARISE OUT OF OR RELATE TO THIS AGREEMENT OR THE PERFORMANCE OR BREACH HEREOF OR OTHERWISE AND WHETHER
IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE; PROVIDED, THAT, THE FOREGOING LIMITATION SHALL NOT APPLY: (I) TO A PARTY’S
INDEMNIFICATION OBLIGATIONS PURSUANT TO SECTIONS 10.1 AND 10.2 ABOVE; (II) TO ANY GROSSLY NEGLIGENT ACT OR WILLFUL
MISCONDUCT OF A PARTY; OR (III) TO A PARTY’S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS PURSUANT TO SECTION 9
HEREOF.

 

10.5    Insurance.

 

(a)          General
Liability. Each Party shall maintain as and when available comprehensive general liability insurance, including blanket contractual
liability insurance through the Term and for five (5) years thereafter, which insurance shall afford limits of not less than US$3,000,000
for each occurrence for bodily injury liability, personal injury liability, products liability, property damage liability,
contractual liability and completed operations liability. Each Party shall ensure that such insurance will include coverage for
defense costs.

 

(b)          Product
Liability. Each Party shall maintain as and when available and thereafter throughout the Term product liability insurance on
commercially standard terms for the pharmaceutical manufacturing industry, with a reputable insurer, in an amount not less than
US$5,000,000 per occurrence and US$5,000,000 in the annual aggregate.

 

(c)          Certificate
of Insurance. Each Party will provide, upon request and as and when available, the other with certificate(s) of insurance evidencing
the above and showing the name of the issuing company, the policy number, the effective date, the expiration date and the limits
of liability. Each Party shall cause its insurance policy to name the other Party hereto as an additional insured. Each Party’s
general liability insurance policy shall contain a waiver of subrogation rights which that Party’s insurer(s) may have against
the other Party.

 

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Section
11. Information and Reporting

 

11.1    Licensee
may examine, upon reasonable prior written request having been made to Licensor, but not more than twice per year, the books, records
and accounts of Licensor. Licensee shall be entitled to receive reasonable information, including management accounts and operating
statistics and other business and financial information, which exist at the time of request, to keep it properly informed about
the business and affairs of Licensor and relevant to its interest as a shareholder.

 

11.2    Licensor
shall provide reasonable access to Licensee’s personnel, upon reasonable notice and during normal business hours, but not
more than twice per year, to access such books, records, accounts and other information relating to Licensor, which exist at the
time of request, as may be necessary for them to review the information provided to Licensee pursuant to Section 11.1.

 

11.3    Any
information or documents provided to or made available for review by Licensee shall constitute Confidential Information and shall
be protected accordingly as provided under Section 8 above.

 

Section
12. Term and Termination

 

12.1    Term
and Rules Post Expiration: This Agreement shall enter into full force and effect at the Effective Date and, as provided under
this Section 12, the term of this Agreement (the “Term”) shall be on a Product by Product basis and shall
continue until the expiration of the last-to-expire valid and applicable patent within the patent rights in the Territory, or following
twenty five (25) years from the First Commercial Sale of each Product in the Territory, whichever is later.

 

12.2    Term
and Rules Post Termination:

 

(a)          Termination
for Cause. In the event any Party (or an Affiliate of a Party, as applicable) is in breach of any material obligation under
this Agreement, the JV Agreement or the Pan-Asia License Agreement (the “Breaching Party”), the non-breaching
Party may give written notice to the Breaching Party specifying the claimed particulars of such breach, and in the event such material
breach is not cured, within sixty (60) days following the date of such written notification, without prejudice to any other rights
and remedies available at any time to the non-breaching Party, the non-breaching Party shall have the right thereafter to terminate
this Agreement; provided, however, that if such breach is incapable of being cured, then such termination may be
effective immediately upon such written notice to the Breaching Party. Notwithstanding the foregoing, Licensor shall have the right
to terminate this Agreement in the event Licensee fails to timely make the payments required by Section 5.2 of this Agreement
and such failure continues for ten (10) Business Days following such written notice.

 

(b)          Termination
for Governmental Action. Either Party may terminate this Agreement upon ten (10) days’ prior written notice in
the event that any Governmental Authority takes any action or raises any objection (“Governmental Action”) that
prevents Licensee, for a period of not less than one hundred eighty (180) days, from importing, exporting, purchasing or selling
the Product in the Territory, or that has the effect of making Licensor’s manufacture of the Product unlawful.

 

(c)          Termination
by Licensor for Patent Challenge. Licensor may terminate this Agreement in its entirety immediately upon written notice to
Licensee if Licensee or its Affiliates (including Parent), Sublicensees or Distributors (directly or indirectly, individually or
in association with any person or entity) challenges the validity, enforceability or scope of any Licensed Patents anywhere in
the world.

 

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(d)        Termination
or Conversion Pursuant to the PHS License. In the event that PHS terminates the PHS License under Article 13 therein or rescinds
a Licensed Field of Use (as that term is defined in the PHS License) that includes any portion of the Field in which Licensee is
licensed hereunder, Licensee may, at its option:

 

(i)          terminate
this Agreement; or

 

(ii)         convert
this Agreement to a license between Licensee, on the one hand, and Licensor and PHS, on the other hand, with such conversion subject
to the approval of PHS, which shall not be unreasonably withheld, and contingent upon Licensee’s acceptance of all of the
provisions of the PHS License.

 

(e)         Termination
for Bankruptcy. To the extent permitted under applicable Law, if at any time during the Term, an Event of Bankruptcy (as defined
below) relating to either Party (the “Bankrupt Party”) occurs, the other Party (the “Other Party”)
shall have, in addition to all other legal and equitable rights and remedies available hereunder, the option to terminate this
Agreement upon sixty (60) days written notice to the Bankrupt Party. It is agreed and understood that if the Other Party does not
elect to terminate this Agreement upon the occurrence of an Event of Bankruptcy, except as may otherwise be agreed with the trustee
or receiver appointed to manage the affairs of the Bankrupt Party, the Other Party shall continue to make all payments required
of it under this Agreement as if the Event of Bankruptcy had not occurred, the Bankrupt Party shall not have the right to terminate
any license granted herein. The term “Event of Bankruptcy” means: (i) filing in any court or agency pursuant to any
statute or regulation of any state or country, a petition in bankruptcy or insolvency or for reorganization or for an arrangement
or for the appointment of a receiver or trustee of the Bankrupt Party or of its assets; (ii) proposing a written agreement of composition
or extension of a Bankrupt Party’s debts; (iii) being served with an involuntary petition against the Bankrupt Party, filed
in any insolvency proceeding, and such petition shall not be dismissed within sixty (60) days after the filing thereof; (iv) proposing
or being a party to any dissolution or liquidation when insolvent; or (v) making an assignment for the benefit of creditors. Without
limitation, the Bankrupt Party’s rights under this Agreement shall include those rights afforded by 11 U.S.C. § 365(n)
of the United States Bankruptcy Code (the “Bankruptcy Code”) and any successor thereto. If the bankruptcy trustee of
a Bankrupt Party as a debtor or debtor-in-possession rejects this Agreement under 11 U.S.C. § 365(o) of the Bankruptcy Code,
the Other Party may elect to retain its rights licensed from the Bankrupt Party hereunder (and any other supplementary agreements
hereto) for the duration of this Agreement and avail itself of all rights and remedies to the full extent contemplated by this
Agreement and 11 U.S.C. § 365(n) of the Bankruptcy Code, and any other relevant laws.

 

12.3    Effects
of Termination.

 

(a)         In
the event of early termination of this Agreement for any reason: (i) all rights and licenses granted to Licensee under this Agreement
shall terminate (including all rights and licenses with respect to Licensed Patents and Licensed Know-How), and (ii) Licensee shall
transfer to Licensor all data, files, records, information and other materials (including clinical supplies of Product and including
the originals of any registrations and/or importation documents as specified in Section 6.4) in its possession or control
relating to, containing or comprising the Product, including Licensor’s Confidential Information.

 

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(b)        Transfer
of Materials. In the event of early termination of this Agreement for any reason:

 

(i)          to
the extent not transferred pursuant to Section 13.3(a), Licensee shall provide to Licensor a copy of any and all documentation
and data owned by Licensee and in tangible form at the time of termination of the Agreement that has been generated with respect
to the Product and is necessary to enable Licensor to continue development of a Product and the commercialization thereof in the
Territory (collectively, the “Licensee Product Data”), and Licensor may use such Licensee Product Data at its
discretion on an exclusive basis, to the extent necessary to enable Licensor, its Affiliates and Third Parties on behalf of Licensor
or its Affiliates to continue to develop and commercialize a Product in the Territory; and

 

(ii)         if
such termination occurs after a Product has received Regulatory Approval, Licensee shall, if permitted under applicable Law, promptly
transfer and deliver to Licensor original copies of any and all Regulatory Approvals obtained in connection with the Product in
the Territory (including any and all official registrations, licenses, permits, certificates, and/or importation documents issued
by Regulatory Authorities in the Territory), as well as any and all regulatory documentation and applications for Regulatory Approval
submitted to Regulatory Authorities in the Territory in connection with the Product; Licensor shall pay Licensee’s direct,
out-of-pocket costs for compliance with this Section 12.3(b)(ii);

 

(iii)        to
the extent that any Regulatory Approval is issued in the name of Licensee, its Affiliates, Sublicensees or other designee, Licensee
shall, to the extent permitted by applicable Law, promptly assign or procure the assignment to Licensor (or its designee) such
Regulatory Approvals, and in the event assignment is not permitted under applicable Law or cannot be carried out for any other
reason, the Licensee shall take all steps that are necessary and/or desirable to assist Licensor to obtain such Regulatory Approvals
in the name of Licensor (or its designee) in the Territory, with such actions including without limitation coordinating with the
applicable Regulatory Authority, furnishing all necessary information and documents in respect thereof, and promptly cancelling
and terminating (as necessary) all Regulatory Approvals held by the Licensee, its Affiliate(s), Sublicensee(s) and/or other designee(s)
which are not otherwise assignable or transferable to the Licensor (or its designee); Licensor shall pay Licensee’s direct,
out-of-pocket costs for compliance with this Section 12.3(b)(iii); and

 

(iv)        Licensee
shall assign (or cause its Affiliates to assign) to Licensor all agreements with any Third Party with respect to the conduct of
clinical trials for the Product, including agreements with contract research organizations, clinical sites and investigators, unless
expressly prohibited by any such agreement or unless such agreement covers clinical trials for products in addition to the Products
(in which case Licensee shall cooperate with Licensor in all reasonable respects to secure the consent of such Third Party to such
assignment or to the conclusion of a new agreement between the Licensor and the Third Party on terms substantially similar to the
agreement between Licensee and the Third Party), and Licensor shall assume all obligations under all such agreements.

 

(c)         Survival
of Sublicenses. All sublicenses granted by Licensee to Sublicensees shall survive termination of this Agreement, and Licensor
shall assume all such sublicenses as the Licensor thereunder in accordance with the terms of such sublicenses; provided,
however, that Licensor may elect to terminate any such sublicenses, and Licensor shall not be required under this Section
12 to assume obligations under any such sublicense that are greater in scope than those set forth in this Agreement.

 

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(d)         Remedies
for Termination. Expiration or termination of this Agreement by either Party shall not affect any claim, demand, liability
or right of a Party arising pursuant to this Agreement prior to such termination or expiration hereof.

 

12.4       Survival.
The following provisions shall survive the termination or expiration of this Agreement: Section 5 (with respect to Net Sales
made prior to expiration or termination of this Agreement), 6.3, 6.6(a), 8, 11, 12.3, 12.4, 13 and 14, and all provisions
of the PHS License that are binding on Licensee and are specified in the PHS License as surviving the expiration or termination
thereof.

 

Section
13. Parent Cooperation

 

13.1    Cooperation.
Parent acknowledges and agrees that, subject to other provisions of this Agreement, it will closely collaborate (as the Parties
may reasonably agree) in the development and commercialization of Product on a global basis. In furtherance of such collaboration,
Parent agrees to share all Know-How, non-clinical and clinical data, manufacturing, process and formulation data and any other
information necessary for the development of the Products, which data shall constitute Confidential Information and be subject
to the terms and conditions of Section 8. In addition, each of Licensor and Licensee shall have the right and license to
such data and information in order to utilize, reference and otherwise have the benefit of such data and information to support
the further development of Products, including without limitation, in submissions to a Regulatory Authority for purposes of obtaining
Regulatory Approval or otherwise, in the case of Licensee, within the Field in the Territory, or in the case of Licensor, outside
the Territory, within the Territory but outside the Field during the term of this Agreement, or in the Field and the Territory
upon the termination or expiration of this Agreement.

 

13.2    Guaranty.
Parent, on behalf of itself and its successors and assigns, hereby unconditionally guarantees each and every obligation of Licensee
under this Agreement, and agrees that it shall be jointly and severally liable to Licensor with respect to all such Licensee obligations
hereunder.

 

Section
14. Miscellaneous

 

14.1    Waiver.
The waiver by any Party of a breach of any provision of this Agreement shall not operate, or be construed, as a waiver of any subsequent
breach.

 

14.2    Modification.
No change, modification, or waiver of any term of this Agreement shall be valid unless it is in writing and signed by both Parties.

 

14.3    Entire
Agreement. This Agreement (including all exhibits and attachments hereto, all of which are incorporated herein by reference)
constitutes the entire agreement between the Parties (and their Affiliates) with respect to the subject matter hereof and thereof,
and supersedes all prior agreements and understandings, whether oral or written, between the Parties, except for the Confidential
Disclosure Agreement described in Section 8.7.

 

14.4    English
Language. This Agreement is written and executed in the English language. Any translation into any other language shall not
be an official version of this Agreement and in the event of any conflict in interpretation between the English version and such
translation, the English version shall prevail.

 

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14.5    Assignment.
Except as expressly permitted otherwise in this Agreement, Licensor and Licensee may not assign its rights or delegate its obligations
hereunder to any Person, whether by a Change of Control or otherwise, without first obtaining the written consent of other Party,
which consent shall not be unreasonably withheld; provided, that either Party may, without the consent of the other Party, assign
its rights or delegate its obligations hereunder to any of its Affiliates upon (30) thirty days’ prior written notice to
the other Party. All sublicenses granted to Affiliates or Third Parties in accordance with this Agreement shall be subject to all
terms, conditions, obligations and covenants of this Agreement and all applicable provisions of the PHS License. No such assignment
shall remove or mitigate the obligations or liability of assigning Party unless otherwise agreed in writing by non-assigning Party.

 

14.6    Independent
Contractor. This Agreement shall not be construed as constituting a partnership, joint venture or any other form of legal association
that would impose liability upon one Party for the act or failure to act of the other Party, or as providing either Party with
the right, power or authority (express or implied) to create any duty or obligation of the other Party.

 

14.7    Third
Party Beneficiaries. Any sublicense granted by Licensee to an Affiliate or Third Party pursuant to Section 2.1(c)
is intended by the Parties to be a third party beneficiary of this Agreement; provided that such Sublicense is in compliance with
all of its obligations under any such sublicense to the extent that such obligations are required under this Agreement. Except
as expressly provided in this Section 14.7, the Parties do not intend, nor will any Section of this Agreement be interpreted,
to create for any person any third party beneficiary rights.

 

14.8    Disputes.
Disputes regarding the scope, validity or enforceability of Patents are excluded from this Section 14.8

 

(a)         Good
Faith Negotiations by Officers. In the event of disputes between the Parties arising out of or relating to this Agreement,
or the breach, termination (other than termination for convenience in accordance with Section 12.2(c)) or invalidity thereof,
a Party seeking to resolve such dispute will, by written notice to the other, have such dispute referred to their respective chief
executive officers, for attempted resolution by good faith negotiations within fourteen (14) days after such notice is received.

 

(b)         Mediation.
In the event that the Parties are unable to resolve a dispute through good faith negotiations pursuant to Section 14.8(a),
the Parties agree to submit such dispute to non-binding mediation using an industry expert mutually acceptable to the Parties.
The costs of any such mediation shall be shared by the Parties equally.

 

(c)         Arbitration.
If all good faith attempts to resolve a dispute through negotiations and mediation pursuant to Sections 14.8(a) and (b)
have failed after sixty (60) days from notice provided pursuant to Section 14.8(a), then upon the request of either Party,
the dispute shall be finally resolved by binding arbitration administered by I.C.C. Arbitration (the “ICC Rules”).

 

(i)          The
arbitration shall be conducted by a panel of three neutral arbitrators (the “Panel”) appointed in accordance
with the ICC Rules.

 

(ii)         The
arbitration proceedings shall take place in New York USA. The arbitral proceedings and all pleadings shall be in the English language.

 

(iii)        The
Panel shall have the power to decide all questions of arbitrability.

 

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(iv)        At
the request of either Party, the Panel will enter an appropriate protective order to maintain the confidentiality of information
produced or exchanged in the course of the arbitration proceedings.

 

(v)         The
Panel is empowered to award any remedy allowed by law, including monetary damages, prejudgment interest and punitive damages, and
to grant final, complete, interim or interlocutory relief, including injunctive relief.

 

(vi)        The
Parties may apply to a court of competent jurisdiction within the United States for a temporary restraining order, preliminary
injunction, or other interim or conservatory relief, as necessary, without breach of this arbitration agreement and without any
abridgment of the powers of the arbitrators. Judgment on the award rendered by the Panel may be entered in any court having jurisdiction
thereof. Each Party hereby waives any defenses it may have to the personal jurisdiction and venue of such courts to resolve such
disputes, including without limitation the defense of forum non conveniens, and each Party agrees not to file any motion
to seek any relief under any forum non conveniens defense.

 

(vii)       Each
Party shall bear its own legal fees arising in connection with the dispute. The Panel may assess costs, fees and expenses of the
ICC and the Panel to the Parties in the manner the Panel deems appropriate under the circumstances.

 

14.9         Notices.
Except as otherwise provided herein, all notices or other communications hereunder shall be deemed sufficient if given in writing,
via registered mail (return receipt requested), postage paid, or by reputable high speed delivery service (e.g., FedEx)
or by courier addressed to the appropriate Party at the address set forth below, or at such other place as such Party may designate
in writing to the other Party.

 

	If to Licensor:	
        RegeneRx Biopharmaceuticals, Inc.

        15245 Shady Grove Road, Suite 470

        Rockville, Maryland 20850 U.S.A.

        Attn:  President and CEO

        Phone: (301) 208-9191

        Fax:  (301) 208-9194

	 	 
	With a copy to:	
        Todd A. Taylor, Esq.

        Fredrikson & Byron, P.A.

        200 South 6th Street, Suite 4000

        Minneapolis, Minnesota 55402 U.S.A.

        Direct: (612) 492-7355

        Fax: (612) 492-7077

 

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	If to Licensee:	
        ReGenTree, LLC

        22nd FL, Parkview Tower

        248 Jungjail-ro, Bundang-gu

        Seongnam-si, Gyeonggi-do 463-863

        Republic of Korea

        Attn: CEO

        Phone: +82 31 786 7700

        Fax.: +82 31 786 7801

         

	With a copy to:	
        Yoon & Yang LLC

        Asem Tower 19F,

        517 Yeongdongdaero, Gangnam-gu

        Seoul 135-798, Korea

        Attn: Sung-Jin Kim Esq.

        Direct: +82 2 6003 8335

        Fax: +82 2 6003 7835

         

	If to Parent:	
        G-treeBNT Co., Ltd.

        22nd FL, Parkview Tower

        248 Jungjail-ro, Bundang-gu

        Seongnam-si, Gyeonggi-do 463-863

        Republic of Korea

        Attn: CEO

        Phone: +82 31 786 7700

        Fax.: +82 31 786 7801

         

	With a copy to:	
        Yoon & Yang LLC

        Asem Tower 19F,

        517 Yeongdongdaero, Gangnam-gu

        Seoul 135-798, Korea

        Attn: Sung-Jin Kim Esq.

        Direct: +82 2 6003 8335

        Fax: +82 2 6003 7835

 

All such notices shall be effective upon receipt.

 

14.10         Governing
Law. This Agreement shall be governed and construed in accordance with the laws of New York, USA without regard to its
principles of conflict of laws. The Parties agree to exclude the application to this Agreement of the United Nations Convention
on Contracts for the International Sale of Goods.

 

14.11         Severability.
The provisions of this Agreement are severable. If any item or provision of this Agreement shall to any extent be invalid or unenforceable,
the remainder of this Agreement shall not be affected thereby, and each term and provision of this Agreement shall be valid and
shall be enforced to the fullest extent permitted by law. The Parties will use diligent good faith efforts to revise this Agreement
as and to the extent reasonably necessary to effectuate their original intent and purpose under this Agreement.

 

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end
of page

[signatures appear on following page]

 

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IN WITNESS WHEREOF, this Agreement has been
executed by a duly authorized officer of each Party as of the Effective Date.

 

	 	RegeneRx Biopharmaceuticals, Inc.
	 	 	 
	 	By:	/s/ J.J. Finkelstein
	 	Name: J.J. Finkelstein
	 	Title: President & CEO
	 	 	 
	 	ReGenTree, LLC
	 	 	 
	 	By:	/s/ Won S. Yang
	 	Name: Won S. Yang
	 	Title: President & CEO

 

Solely with respect to its obligations under Section
133.4(c)3.97.3(c)10.4 of this Agreement, this Agreement has been duly executed and
acknowledged by a duly authorized officer of Parent as of the Effective Date:

 

	 	G-treeBNT Co., Ltd.
	 	 	 
	 	By:	/s/ Won S. Yang
	 	Name: Won S. Yang
	 	Title: President & CEO

 

    	 

    	 

    

  

Exhibits

 

Exhibit A – Licensed Patents

Exhibit B – PHS License Terms Applicable to
Licensee

Exhibit C – Development Plan

 

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Exhibit
A

 

LICENSED PATENTS

 

Summary of OPHTHALMIC Patents and Patent
Applications with Relevant Claims in the United States

 

	2600-	 	Country	 	
        Serial No. or 

        Patent No.
	 	
        Priority Date

        Filing Date 
	 	Projected

Expiration

Date1	 	Status	 	Independent Claims 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	124	 	United States	 	7,268,118	 	
        7-30-1998

        5-26-2004
	 	7-29-2019	 	Issued	 	
        1. A composition comprising a polypeptide comprising amino acid
        sequence LKKTET [SEQ ID NO:1] or a conservative variant thereof, the composition further comprising a carrier for application to
        a surface of human body, wherein said carrier is for application to an external surface of said body or to an internal surface
        of said body, the composition comprising a gel, cream, paste, lotion, spray, suspension, dispersion, salve, hydrogel or ointment,
        wherein said polypeptide is gelsolin, vitamin D binding protein (DBP), profilin, cofilin, depactin, DnaseI, villin, fragmin, severin,
        capping protein, beta- actinin, acumentin, TB4, TB4ala, TB9, TB10, TB11, TB12, TB13, TB14, or TB15 , wherein said polypeptide is
        at a concentration in said carrier of at least about 0.01 ng/ml, and up to about 60 micrograms per 300 microliter.

         

        7. A composition comprising a polypeptide agent consisting essentially
        of TB4, TB4ala, TB9, TB10, TB11, TB12, TB13, TB14, or TB15, the composition further comprising a carrier for application to a surface
        of a human body, wherein said carrier is for application to an external surface of said body or to an internal surface of said
        body, the composition comprising a gel, cream, paste, lotion, spray, suspension, dispersion, salve, hydrogel or ointment, wherein
        said polypeptide is at a concentration in said carrier of at least about 0.01 ng/ml, and up to about 60 micrograms per 300 microliter.

 

 

1 Expiration
dates for U.S. patents cannot be calculated with certainty until after issuance. Dates marked with an asterisk (*) and any date
calculated for a pending application in the U.S. are estimated dates which may change due to potential patent term extension, the
potential effects of one or more terminal disclaimers, or for other reasons. Expiration dates in foreign countries generally are
twenty years from the filing date of the international (PCT) application on which they are based, but are not always calculated
in this manner. Laws are subject to change. 

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

    	A-1

    	 

    

  

	2600-	 	Country	 	
        Serial No. or 

        Patent No.
	 	
        Priority Date

        Filing Date 
	 	Projected

Expiration

Date1	 	Status	 	Independent Claims 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	190	 	United States	 	8,383,576	 	
        6-17-2005

        6-19-2006
	 	03-04-2030	 	Issued	 	
        1. A method of treating elevated intraocular pressure in a subject
        having elevated intraocular pressure, comprising administering to the subject an ophthalmically acceptable composition comprising
        a peptide agent comprising amino acid sequence LKKTET (SEQ ID NO:1) or Thymosin β4 (Tβ4).

         

	250	 	United States	 	13/876,767	 	
        9-30-2010

        9-29-2011
	 	9-29-2031*	 	Pending	 	
        1. A method of providing a desired concentration of administered
        thymosin beta 4 (TB4) in a body portion of a live human patient in need thereof, at a predetermined time t, which comprises:

         

        (a) determining a thymosin beta 4 treatment dosage (D) using Formula
        I

         

        C = (A)D • t-B (Formula I),

         

        wherein C is the predetermined concentration at time t, in ng/mL,
        D is the dosage of thymosin beta 4 to be administered to said live human patient in mg, t is the time elapsed after administration
        of dosage D in hours, A is about 30 to about 38, and B is about 0.5 to about 1; and

         

        (b) administering said dosage (D) of thymosin beta 4 to said live
        human patient so as to achieve said desired concentration of administered thymosin beta 4 in said body portion.

         

        22. A method of providing a desired concentration of administered
        thymosin beta 4 (TB4) in a body portion of a live human patient in need thereof, at a predetermined time, t, which comprises:

         

        (a) determining a time (t) for administering a thymosin beta 4 treatment
        dosage (D) using Formula I

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

    	A-2

    	 

    

  

	2600-	 	Country	 	
        Serial No. or 

        Patent No.
	 	
        Priority Date

        Filing Date 
	 	Projected

Expiration

Date1	 	Status	 	Independent Claims 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	
        C = (A)D • t-B (Formula I),

         

        wherein C is the predetermined concentration at time t, in ng/mL,
        D is the dosage of thymosin beta 4 to be administered to said live human patient in mg, t is the time elapsed after administration
        of dosage D in hours, A is about 30 to about 38, and B is about 0.5 to about 1; and

         

        (b) administering said dosage (D) of thymosin beta 4 to said live
        human patient so as to achieve said desired concentration of administered thymosin beta 4 in said body portion.

         

        23. A method of maintaining TB4 concentration within an efficient
        TB4 concentration range in a body portion of a live human patient in need thereof, over time, comprising:

         

        (a)  selecting
        a target TB4 concentration, C, in said body portion,

        (b)          

        (b) maintaining said TB4 concentration within said efficient TB4
        concentration range by administering TB4 to said live human patient by calculating (1) the dosage amount to be administered, D,
        and (2) the time at which said dosage amount, D, is administered, t, according to Formula I:

         

        C = (A)D • t-B (Formula I),

         

        wherein C is a target TB4 concentration in ng/mL, wherein D is the
        treatment dosage to said live human patient in mg, wherein t is the time elapsed after an initial administration of TB4 to said
        live human patient in hours, wherein A is about 30 to about 28, and wherein B is about 0.5 to about 1;

         

        (c) administering said treatment dosage, D, of TB4 to said live
        human patient at time, t, so as to achieve said target concentration of administered TB4; and

 

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    	A-3

    	 

    

  

	2600-	 	Country	 	
        Serial No. or 

        Patent No.
	 	
        Priority Date

        Filing Date
	 	Projected

Expiration

Date1	 	Status	 	Independent Claims 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	
        (d) repeating (b) and (c) to maintain the concentration of TB4 in
        said body portion within ± 10% of said target concentration, C.

         

        24. A method of treatment to provide a desired concentration range
        of TB4 in a body portion of a live human patient in need thereof, over a period of time while minimizing the total amount of TB4
        which is administered over said period of time, t, which comprises:

         

        (a) selecting a desired concentration, C, of TB4 to be achieved
        in said live human patient;

         

        (b) calculating a TB4 dosage amount, D, to be administered to said
        live human patient using Formula I:

         

        C = (A)D • t-B (Formula I),

         

        wherein C is said desired concentration, C, in ng/mL, D is said
        treatment dosage to said live human patient in mg, t is about 1 hour, A is about 30 to about 38, and B is about 0.5 to about 1;

         

        (c) calculating the total amount of TB4 that is to be administered
        daily in (b);

         

        (d) calculating a TB4 dosage amount, D, to be administered to said
        live human patient using Formula I:

         

        C = (A)D • t-B (Formula I),

         

        wherein C is said desired concentration, C, in ng/mL, D is said
        treatment dosage to said live human patient in mg, t is other than about 1 hour, A is about 30 to about 38, and B is about 0.5
        to about 1;

         

        (e) calculating the total amount of TB4 that is to be administered
        daily in (d);

 

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    	A-4

    	 

    

  

	2600-	 	Country	 	
        Serial No. or 

        Patent No.
	 	
        Priority Date

        Filing Date 
	 	Projected

Expiration

Date1	 	Status	 	Independent Claims 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	
        (f) determining whether the total amount of TB4 to be administered
        in (b) or in (d) is lower; and

         

        (g) administering TB4 to said live human patient at the dosage amount,
        D, and time, t, which results in said lower total amount of administered TB4 to said live human patient.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	255	 	United States	 	13/219394	 	
        6-17-2005

        8-26-2011
	 	6-19-2026*	 	Pending	 	
        1. A method of treating dry eye syndrome in a subject suffering
        from dry eye syndrome, comprising administering to the subject an ophthalmically acceptable composition twice per day [or more],
        wherein said composition has a pH of about 6.8-8.1 and comprises an isolated peptide agent comprising amino acid sequence LKKTET
        (SEQ ID NO.: 1) or Thymosin β4 (Tβ4), wherein said peptide agent is present in said aqueous medium at a concentration
        within a range of about 0.001 – 1,000 mg/ml.

         

        16. A method of treating dry eye syndrome in a subject suffering
        from dry eye syndrome, comprising administering to the subject an ophthalmically acceptable composition twice per day [or more],
        wherein said composition comprises an isolated peptide agent comprising amino acid sequence LKKTET (SEQ ID NO.: 1) or Thymosin
        β4 (Tβ4), wherein said ophthalmically acceptable composition has a pH of about 6.8-7.4, and wherein said peptide agent
        is present in said aqueous medium at a concentration within a range of about 0.001 – 1,000 mg/ml.

         

        18. A method of treating dry eye syndrome in a subject suffering
        from dry eye syndrome, comprising administering to the subject an ophthalmically acceptable composition twice per day [or more],
        wherein said composition comprises an isolated peptide agent comprising Thymosin β4 (Tβ4), wherein said ophthalmically
        acceptable composition has a pH of about 6.8-7.4, wherein said Tβ4 is present at a concentration within a range of about 1
        – 10 mg/ml.

         

 

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TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

    	A-5

    	 

    

  

Exhibit B

 

PHS LICENSE TERMS

APPLICABLE TO LICENSEE

 

Terms in bold have the meanings given such terms in the PHS
License.

 

		5.01	PHS reserves on behalf of the Government
an irrevocable, nonexclusive, non-transferable, royalty-free license for the practice of all inventions licensed under the Licensed
Patent Rights throughout the world by or on behalf of the Government and on behalf of any foreign government or international
organization pursuant to any existing or future treaty or agreement to which the Government is a signatory. Prior to the
First Commercial Sale, Licensee agrees to provide PHS reasonable quantities of Licensed Products or
materials made through the Licensed Processes solely for PHS research use and not for purposes of commercial development,
manufacture or distribution, at a price equal to Licensee’s cost of such.

 

		5.02	Licensee agrees that products used or sold in
the United States embodying Licensed Products or produced through use of Licensed Processes shall be manufactured
substantially in the United States, unless a written waiver is obtained in advance from PHS.

 

		5.03	Licensee acknowledges that PHS may enter
into future Cooperative Research and Development Agreements (CRADAs) under the Federal Technology Transfer Act of 1986 that relate
to the subject matter of this Agreement. PHS agrees to notify Licensee, as soon as is practical of any proposed
CRADA that relates to the subject matter of this Agreement. Licensee agrees not to unreasonably deny requests for
a Research License from such future collaborators with PHS when acquiring such rights is necessary in order to make
a Cooperative Research and Development Agreement (CRADA) project feasible. As of the effective date of this Agreement,
Licensee requests that Licensee have an opportunity to join as a party to any proposed Cooperative Research and
Development Agreement (CRADA).

 

		5.04	In addition to the reserved license of Paragraph 5.01
above, PHS reserves the right to grant such nonexclusive Research Licenses directly or to require Licensee
to grant nonexclusive Research Licenses on commercially reasonable terms. The purpose of this Research License is
to encourage basic research, whether conducted at an academic or corporate facility. In order to safeguard the Licensed Patent
Rights, however, PHS shall consult with Licensee before granting to commercial entities a Research License
or providing to them research samples of Licensed Products or materials made through the Licensed Processes,
provided however that PHS will not provide materials obtained from Licensee under Paragraph 5.01 above to third
parties, except with Licensee’s prior written consent, which shall not be unreasonably withheld.

 

		8.01	Licensee agrees to keep accurate and correct records
of Licensed Products made, used, sold, or imported and Licensed Processes practiced under this Agreement
appropriate to determine the amount of royalties due PHS. Such records shall be retained for at least five (5) years
following a given reporting period and shall be available during normal business hours upon five (5) business days prior written
notice from PHS to Licensee for inspection at the expense of PHS by an accountant or other designated auditor
selected by PHS for the sole purpose of verifying reports and payments hereunder. The accountant or auditor shall only
disclose to PHS information relating to the accuracy of reports and payments made under this Agreement. If an inspection
shows an under reporting or underpayment in excess of five percent (5%) for any twelve (12) month period, then Licensee shall
reimburse PHS for the cost of the inspection at the time Licensee pays the unreported royalties, including any late
charges as required by Paragraph 9.08 of this Agreement. All payments required under this Paragraph shall be due within
thirty (30) days of the date PHS provides Licensee notice of the payment due.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

    	B-1

    	 

    

  

		10.01	Licensee shall use its reasonable
best efforts to bring the Licensed Products and Licensed Processes to Practical Application. “Reasonable
best efforts” for the purposes of this provision shall include substantial adherence to the Commercial Development Plan
at Appendix F and substantial performance of the Benchmarks at Appendix E as may be amended from time to time by mutual
written consent. The efforts of sublicensees and Affiliates shall be considered the efforts of Licensee. To the extent
that the Benchmarks or development obligations set forth in Appendix E differ from or conflict with those set forth in
the Commercial Development Plan in Appendix F, Appendix E shall be considered to supersede Appendix F and the Commercial
Development Plan in Appendix F shall be amended to be consistent with Appendix E.

 

		10.02	Upon the First Commercial Sale, until the expiration
of this Agreement, Licensee shall use its reasonable best efforts to make Licensed Products and Licensed
Processes reasonably accessible to the United States public.

 

		12.05	Licensee shall indemnify and hold PHS,
its employees, students, fellows, agents, and consultants (the “Indemnified Parties”) harmless from and against
all liability, demands, damages, expenses, and losses, including but not limited to death, personal injury, illness, or property
damage (the “Indemnified Losses”) suffered by an Indemnified Party in connection with or arising out
of a) the use by or on behalf of Licensee, its sublicensees, directors, employees, or third parties of any Licensed
Patent Rights, or b) the design, manufacture, distribution, or use of any Licensed Products, Licensed Processes
or materials by Licensee, or other products or processes developed in connection with or arising out of the Licensed
Patent Rights. Licensee agrees to maintain a liability insurance program consistent with sound business practice. Notwithstanding
any other provision to the contrary, Licensee shall have no obligation to indemnify an Indemnified Party from an
Indemnified Loss in connection with or arising out of the design, manufacture, distribution or use of any Licensed Product
or Licensed Process by or on behalf of the Indemnified Party.

 

		13.05	PHS shall specifically have the right to terminate
or, with Licensee’s consent, modify, at its option, this Agreement, if PHS determines that the Licensee:
1) is not using its reasonable best efforts to effectuate the Commercial Development Plan submitted with its request
for a license and the Licensee cannot otherwise demonstrate to PHS’s satisfaction that the Licensee
has taken, or can be expected to take within a reasonable time, effective steps to achieve Practical Application of the
Licensed Products or Licensed Processes; 2) has not used its reasonable best efforts to achieve the Benchmarks
as my be modified under Paragraph 9.02; 3) has willfully made a false statement of, or willfully omitted, a material
fact in the license application or in any report required by this Agreement; 4) has committed a material breach of
a covenant or agreement contained in the license; 5) is not keeping Licensed Products or Licensed Processes
reasonably available to the public after commercial use commences; 6) cannot reasonably satisfy unmet health and safety needs;
or 7) cannot reasonably justify a failure to comply with the domestic production requirement of Paragraph 5.02 unless waived.
In making this determination, PHS will take into account the normal course of commercial development programs conduct with
sound and reasonable business practices and judgment and the annual reports submitted by Licensee under Paragraph 9.02.
Prior to invoking this right, PHS shall give written notice to Licensee providing Licensee specific notice
of, and a ninety (90) day opportunity to respond to, PHS’s concerns as to the previous items 1) to 7). If Licensee
fails to alleviate PHS’s concerns as to the previous items 1) to 7) or fails to initiate corrective action to
PHS’s reasonable satisfaction, PHS may terminate this Agreement.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

    	B-2

    	 

    

  

		13.07	PHS reserves the right according to 35 U.S.C.
§ 209(1)(4) to terminate or modify this Agreement if it is determined that such action is necessary to meet requirements
for public use specified by federal regulations issued after the date of the license and such requirements are not reasonably
satisfied by Licensee.

 

		13.08	Within thirty (30) days of receipt of written notice
of PHS’s unilateral decision to modify or terminate this Agreement, Licensee may, consistent with the
provisions of 37 C.F.R. 404.11, appeal the decision by written submission to the designated PHS official. The decision of the
designated PHS official shall be the final agency decision. Licensee may thereafter exercise any and all administrative
or judicial remedies that may be available.

 

		13.09	Within ninety (90) days of expiration or termination
of this Agreement under this Article 13, a final report shall be submitted by Licensee. Any royalty payments, including
those incurred but not yet paid (such as the full minimum annual royalty), and those related to patent expense, due to PHS
shall become immediately due and payable upon termination or expiration. If terminated under this Article 13, sublicensees
may elect to convert their sublicenses to direct licenses with PHS and Licensee pursuant to Paragraph 4.03.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

    	B-3

    	 

    

  

Exhibit
C

 

DEVELOPMENT
PLAN (SUBJECT TO CHANGE)

 

		l	Development plan for treatment of Dry Eye Syndrome in the US

 

Type B, PreIND meeting with FDA was held on April 2006 to discuss
the sponsor’s development plans for Tβ4 for the treatment
of corneal eye injuries/wounds.

 

Expected regulatory paths for DE are considered PreIND meeting,
optional clinical studies, PreNDA meeting, NDA submission and NDA approval.

 

PreIND Meeting

PreIND meeting with FDA is being planned in 2Q of 2015 to discuss
Clinical Study Designs and CMC requirements prior to initiating optional clinical studies which are being planned from 3Q of 2015
to 2Q of 2017 and one study design among 4 alternatives shall be selected based upon FDA comments during PreIND meeting and risk/feasibility
assessment results with regulatory/clinical experts.

 

Optional Clinical Studies 

4 alternative clinical study designs such as Option A, Option B,
Option C and Option D are being planned from 3Q of 2015 to 2Q of 2017. Each optional study design consists of phase 2b and 3 studies
with relevant patient # and treatment arms.

 

√ Option A 

- Small Phase 2b (Patient # 150, 3 Arms) 

- Large Phase 3 (Patient # 300, 2 Arms)

 

√ Option B

- Large Phase 2b (Patient # 240, 3 Arms)

- Small Phase 3 (Patent # 120~200, 2 Arms)

 

√ Option C

- Adaptive Design Phase 2b/3 (Patient # 240, 3 Arms)

 

√ Option D

- Large Phase 2b (Patent # 300, 3 Arms)

- Korean Phase 2b/3 (Patient # 400, 3 Arms)

 

PreNDA meeting

Pre NDA meeting with FDA is being planned in 3Q of 2017 prior to
NDA submission.

 

NDA Submission

NDA Submission is being planned in 3Q of 2017.

 

    	C-1

    	 

    

  

NDA Approval

NDA Approval is expected in 2Q of 2018.

 

		l	Development plan for treatment of Neurotrophic Keratopathy in the US

 

Type-B, EOP2 meeting with FDA was held on September 2014 to discuss
the planned phase 3 clinical and nonclinical development of Tβ4
for treatment of neurotrophic keratopathy (NK).

 

Expected regulatory paths for NK are considered Type C CMC meeting,
Phase 3 clinical study, PreNDA meeting, NDA submission and NDA approval. 

 

Type C Meeting for CMC

The Type C meeting with FDA is being planned in 2Q of 2015 to discuss
pending CMC issues which were not discussed with FDA prior to initiating Phase 3 Study. Contract manufacturing organization (CMO)
for Clinical trial material (CTM) manufacturer is to be selected in 1Q of 2015 based upon risk assessment results which are planning
with GMP and regulatory experts.

 

Phase III Clinical Study 

Subject enrollment is to be planned as 42 patients with 2 Arms and
study duration is expected approximately 6 weeks (i.e., treatment and Follow Up periods considered 4 weeks and 2 weeks each). Primary
endpoint is being considered that percentage of patients who are achieving complete healing of the persistent epithelial defect
determined by corneal fluorescein staining at 4 weeks. Considering the nature of the orphan indication and the limited patient
population, site feasibility assessment for successful patient recruitment is to be initiated in 1Q to 2Q of 2015 for the purpose
of initiating Phase 3 study in 3Q of 2015.

 

PreNDA meeting

Pre NDA meeting with FDA is being planned in 4Q of 2016 prior to
NDA submission.

 

NDA Submission

NDA Submission is being planned in 4Q of 2016.

 

NDA Approval

NDA Approval is expected in 2Q of 2017.

 

INFORMATION MARKED BY [***] HAS BEEN OMITTED PURSUANT
TO A REQUEST FOR CONFIDENTIAL TREATMENT. THE OMITTED PORTION HAS BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION.

 

    	C-2

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