Document:

bpmx_Ex10_23

		
			Exhibit 10.23
		

		
			 
		

		
			
		

		
			BIOPHARMX CORPORATION
		

		
			EMPLOYMENT AGREEMENT
		

		
			This Employment Agreement (the “Agreement”) is made and entered into as of April 20, 2017 (the “Effective Date”), by and between BioPharmX Corporation, a Delaware corporation (the “Company”), and Anja Krammer (the “Executive”), and sets forth the terms of Executive’s continued employment with the Company as its President.
		

		
			1.           DEFINITIONS.  As used herein, the following terms shall have the following meanings:
		

		
			1.1.        “Accrued Amounts” means, collectively, (a) any unpaid Salary through the date of termination; (b) reimbursement for any unreimbursed expenses incurred through the date of termination; and (c) all other payments, benefits or fringe benefits to which Executive is entitled upon a termination of employment under the terms of any applicable compensation arrangement or benefit, equity or fringe benefit plan or program.  
		

		
			1.2.        “Board” means the Board of Directors of the Company.
		

		
			1.3.        “Cause” means any of the following:  (a) Executive’s conviction of or plea of nolo contendere to a felony; (b) an act by Executive which constitutes gross misconduct in the performance of Executive’s employment obligations and duties; (c) Executive’s act of fraud against the Company or any of its affiliates; (d) Executive’s theft or misappropriation of property (including, without limitation, intellectual property) of the Company or its affiliates; (e) material breach by Executive of any confidentiality agreement with, or duties of confidentiality to, the Company or any of its affiliates that involves Executive’s wrongful disclosure of material confidential or proprietary information (including, without limitation, trade secrets or other intellectual property) of the Company or any of its affiliates; or (f) Executive’s continued material violation of Executive’s employment obligations and duties to the Company (other than due to Employee’s death or disability) after the Company has delivered to Executive a written notice of such violation that describes the basis for the Company’s belief that such violation has occurred and Executive has not substantially cured such violation within thirty (30) calendar days after such written notice is given by the Company.
		

		
			1.4.        “Code” means the Internal Revenue Code of 1986, as amended.
		

		
			1.5.        “Compensation Committee” means the Compensation Committee of the Board.
		

		
			1.6.        “Corporate Transaction” shall have the meaning ascribed to it in the Company’s 2016 Equity Incentive Plan.  
		

		
			1.7.        “Corporate Transaction Period” means the period beginning one (1) month prior to the effective date of a Corporate Transaction and ending on the twelve (12) month anniversary of the effective date of such Corporate Transaction.  
		

		
			1.8.        “Good Reason” shall mean the occurrence of any of the following events or conditions, without Executive’s express written consent: 
		

		
			(a)         a material diminution by the Company in Executive’s duties, authority or responsibilities in Executive’s capacity as President of the Company, provided, however, that a reduction in duties, authority or responsibilities solely by virtue of the Company being acquired and made part of a larger entity (as, for example, when the Chief Executive Officer of the Company remains as such following a Change in Control but is not made the Chief Executive Officer of the acquiring corporation) shall not constitute grounds for termination on account of “Good Reason” if Executive’s duties, authority and responsibilities within the Company business remain materially the same;
		

		
			
		

		
			

		 

		

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			(b)         a material reduction by the Company in Executive’s annual base salary (other than as part of an across-the board proportional salary reduction applicable to all executive officers of the Company not to exceed 10% and approved by the Board)); or
		

		
			(c)         the relocation of Executive’s principal place of employment to a location more than fifty (50) miles from Executive’s principal place of employment immediately prior to Executive’s termination. 
		

		
			With respect to each of subsection (a), (b) and (c) above, Executive must provide notice to the Company of the condition giving rise to “Good Reason” within thirty (30) days of the initial existence of such condition, and the Company will have thirty (30) days following such notice to remedy such condition.  Executive must resign Executive’s employment no later than fifteen (15) days following the Company’s failure to cure the Good Reason or written notice to Executive that it will decline to do so.
		

		
			1.9.        “Termination Date” means the date on which Employee’s “separation from service” has occurred, as defined under Section 1.409A-1(h) of the Treasury Regulations under Section 409A of the Code.  For purposes of this Agreement, a termination of Executive’s employment is intended to constitute a “separation from service” within the meaning of Section 409A.
		

		
			2.           EMPLOYMENT.
		

		
			2.1.         Position and Duties.  Executive will be employed as the Company’s President and shall report to the Board.  Executive shall have such responsibilities as designated by the Board that are consistent with the duties and responsibilities as the Company’s President.  
		

		
			3.           COMPENSATION.  Executive’s current cash and incentive compensation, which will be reviewed annually by the Board and is subject to change, are as follows:
		

		
			3.1.         Salary.  Executive will receive an annual base salary of US$310,000 (such amount, as in effect from time to time, the “Salary”)
		

		
			3.2.         Bonus.  Executive will be eligible for consideration of a bonus based on criteria and terms and conditions as may be established by the Board or the Compensation Committee of the Board, in its sole discretion.  
		

		
			3.3.         Benefits. Executive will be entitled to participate in the employee benefit plans maintained by the Company (including without limitation medical, dental, vision and 401(k) plans) and generally available to employees and/or officers of the Company on applicable terms and conditions of the plans.  
		

		
			3.4.         Paid Time Off. Executive will be entitled to paid time off in accordance with the then existing paid time off policy of the Company as it applies to Executive, including the maximum number of hours that may be accrued by the Executive as paid time off.
		

		
			3.5.         Equity Compensation.  Executive will be eligible to receive future grants of Company equity awards, in all cases as determined by, and subject to the approval of, the Compensation Committee of the Board.  
		

		
			3.6.         Business Expenses.  Executive shall be reimbursed by the Company for all ordinary and necessary expenses incurred by Executive in the performance of her duties hereunder on behalf of the Company, subject to the approval by the Board of Directors.
		

		
			4.           TERMINATION.
		

		
			4.1.         Payments on Certain Terminations.  In the event of any termination of Employee’s employment (a) by the Company (i) on account of Executive’s death, (ii) on account of Executive’s disability, (iii) for Cause or (b) by Executive without Good Reason, the Company shall pay or provide Employee the Accrued Amounts.  
		

		
			
		

		
			

		 

		

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			4.2.         Payments on Termination by the Company without Cause.  In the event of a termination of Executive’s employment by the Company without Cause (and other than termination by the Company on account of Executive’s disability or Executive’s death), the Company shall pay or provide Employee with the Accrued Amounts and, in addition, the following (subsections (a) through (c), collectively, the “Severance”):
		

		
			(a)         nine (9) months’ then current Salary, payable in lump sum; 
		

		
			(b)         subject to Employee’s timely and proper election of coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the continuation of Employee’s then-effective group health benefits for Employee and Employee’s COBRA-eligible dependents at the Company’s cost for all premiums under COBRA (the monthly cost of such premiums, the “COBRA Premium” and the provision of COBRA, the  “Non-Cash COBRA” ) until the earlier of (i) nine (9) months or (ii) the date that the Executive is covered under the health plan of another employer; provided that, if the Company determines that it cannot provide the Non-Cash COBRA without potentially violating applicable law or incurring additional expense under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will provide to Employee, in lieu thereof, a taxable lump sum payment equal to the COBRA Premium for nine (9) months (measured from the Termination Date), which payment will be made regardless of whether Employee elects COBRA continuation coverage (the “Cash COBRA”).  Notwithstanding the foregoing, the number of months of Cash COBRA to be paid, in any case, shall be reduced by the number of months of Non-Cash COBRA previously paid by the Company; and
		

		
			(c)         outstanding time-based equity awards (including, for the avoidance of doubt, stock options and restricted stock units) shall become vested and, if applicable, exercisable, with respect to those shares which would have vested as of the nine (9) month anniversary of the Termination Date.  
		

		
			4.3.         Payments on Termination by the Company without Cause or Resignation by Executive for Good Reason within the Corporate Transaction Period.  In the event of a termination of Executive’s employment by the Company without Cause (and other than termination by the Company on account of Employee’s disability or Employee’s death) or Executive’s resignation for Good Reason, in each case, within the Corporate Transaction Period, the Company shall pay or provide Employee with the Accrued Amounts and, in addition, the following (subsections (a) through (c), collectively, the “CIC Severance”):
		

		
			(a)         twenty-four (24) months’ then current Salary, payable in lump sum;
		

		
			(b)         subject to Employee’s timely and proper election of COBRA, the Non-Cash COBRA until the earlier of (i) eighteen (18) months or (ii) the date that the Executive is covered under the health plan of another employer; provided that, if the Company determines that it cannot provide the Non-Cash COBRA without potentially violating applicable law or incurring additional expense under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will provide to Employee, in lieu thereof, a taxable lump sum payment equal to the COBRA Premium for eighteen (18) months (measured from the Termination Date), which payment will be made regardless of whether Employee elects COBRA continuation coverage.  Notwithstanding the foregoing, the number of months of Cash COBRA to be paid, in any case, shall be reduced by the number of months of Non-Cash COBRA previously paid by the Company; and
		

		
			(c)         outstanding time-based equity awards (including for the avoidance of doubt stock options and restricted stock units) shall become vested and, if applicable, exercisable with respect to 100% of the shares subject thereto.
		

		
			4.4.         Release Requirement; Payment Timing.  Receipt of the Severance or the CIC Severance, as applicable, shall be conditioned in its entirety upon Executive’s (or Executive’s estate or legal representative’s) execution of a release of all claims in favor of the Company in substantially the form attached hereto as Exhibit A  (the “Release”), and satisfaction of all conditions to make the Release effective, within sixty (60) days following Executive’s Termination Date (such sixty (60) day period, the “Release Period”).  The Severance or CIC Severance, as applicable, shall be paid or provided by the Company not later than fourteen (14) days following expiration of the Release Period. 
		

		
			
		

		
			

		 

		

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			4.5.         Option Exercise.  Notwithstanding anything to the contrary contained therein, Executive shall be entitled to exercise vested stock options during that period of time following termination of employment provided under the terms of the applicable award agreement governing the stock options, subject, in all cases, to expiration of the term of the stock option.  
		

		
			5.           CONFIDENTIAL INFORMATION AND OTHER COMPANY POLICIES.  Executive acknowledges and agrees that Executive continues to be bound by the Employee Inventions and Confidentiality Agreement (the “Employee Inventions and Confidentiality Agreement”) previously entered into by and between Executive and the Company.  Executive will be bound by and comply fully with the Company’s insider trading policy, code of conduct, and any other policies and programs adopted by the Company regulating the behavior of its employees, as such policies and programs may be amended from time to time.
		

		
			6.           MISCELLANEOUS.
		

		
			6.1.         At-Will Employment Relationship.  Executive’s employment with the Company is “at-will.”  This means Executive may resign at any time for any reason.  Likewise, the Company may terminate Executive’s employment with the Company at any time and for any reason, without notice.  Any change to the at-will employment relationship must made be by a specific, written agreement signed by Executive and the Company’s Compensation Committee.  
		

		
			6.2.         No Mitigation; Exclusive Remedy.  Executive shall not be required to mitigate the amount of any Severance or CIC Severance by seeking other employment or otherwise, nor shall the amount of such payment be reduced by reason of compensation or other income she receives for services rendered after her Termination Date.  Any termination payments made and benefits provided under this Agreement, whether in connection with a Corporation Transaction or apart therefrom, to Employee shall be in lieu of any termination or severance payments or benefits, whether in connection with a Corporation Transaction or apart therefrom, for which Employee may be eligible under any of the plans, policies or programs of the Company or its affiliates.
		

		
			6.3.         Section 280G; Parachute Payments.  In the event that the severance and other benefits provided for in this Agreement or otherwise payable or provided to Executive constitute “parachute payments” within the meaning of Section 280G of the Code, then:
		

		
			(a)         Determination.  For purposes of the immediately following paragraph related to Section 280G of the Code, unless the Company and Executive otherwise agree in writing, the determination of Executive’s excise tax liability and the amount required to be paid shall be made in writing by a nationally recognized accounting firm chosen by the Company (an “Accountant”).  For purposes of its calculations, the Accountant may make reasonable assumptions and approximations concerning applicable taxes and may rely on interpretations of the Code for which there is a “substantial authority” tax reporting position.  The Company and Executive shall furnish to the Accountant such information and documents as the Accountant may reasonably request in order to make its determinations.  The Company shall bear all costs the Accountant may reasonably incur in connection with any calculations contemplated hereunder.  The Accountants shall provide their calculations, together with detailed supporting documentation, to the Company and Executive in a timely manner. 
		

		
			(b)         Company’s Securities Tradable; Best Results Reduction.  If any parachute payments will be subject to the excise taxes under Section 4999 of the Code, then the parachute payments will be payable to Executive either in full or in such lesser amounts as would result, after taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, on Executive’s receipt on an after-tax basis of the greatest amount of payments and other benefits, by reducing payments in the following order: first a pro rata reduction of (1) cash payments subject to Section 409A of the Code as deferred compensation and (2) cash payments not subject to Section 409A of the Code, and second a pro rata cancellation of (x) equity award compensation subject to Section 409A of the Code as deferred compensation and (y) equity award compensation not subject to Section 409A of the Code (the “Best Results Reduction”).  
		

		
			6.4.         Section 409A.  To the extent (a) any payments to which Executive becomes entitled under this Agreement, or any agreement or plan referenced herein, in connection with Executive’s termination of employment with the Company constitute deferred compensation subject to Section 409A of the Code and (b) 
		

		
			
		

		
			

		 

		

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			Executive is deemed at the time of such termination of employment to be a “specified” employee under Section 409A of the Code, then such payment or payments will not be made or commence until the earlier of (i) the expiration of the six (6)-month period measured from the date of Executive’s termination and (ii) the date of Executive’s death following such separation from service; provided, however, that such deferral will be effected only to the extent required to avoid adverse tax treatment to Executive, including (without limitation) the additional twenty percent (20%) tax for which Executive would otherwise be liable under Section 409A(a)(1)(B) of the Code in the absence of such deferral.  Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this paragraph will be paid to Executive or Executive’s beneficiary in one lump sum (without interest).
		

		
			To the extent that any provision of this Agreement is ambiguous as to its exemption or compliance with Section 409A, the provision will be read in such a manner so that all payments hereunder are exempt from Section 409A to the maximum permissible extent, and for any payments where such construction is not possible, that those payments comply with Section 409A to the maximum permissible extent.  To the extent any payment under this Agreement may be classified as a “short-term deferral” within the meaning of Section 409A, such payment will be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A.
		

		
			Payments pursuant to this Agreement (or referenced in this Agreement) are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the regulations under Section 409A.
		

		
			Notwithstanding the foregoing, in the event the Company determines that any compensation or benefits payable under this Agreement may be subject to Section 409A, the Company will work in good faith with Executive to adopt such amendments to this Agreement, or to adopt such policies and procedures or take such other actions that the Company determines are necessary or appropriate, to avoid the imposition of taxes under Section 409A.  
		

		
			6.5.         Indemnification.  The Company shall indemnify Executive with respect to activities in connection with Executive’s employment hereunder under the indemnification and insurance provision of the Company’s bylaws and the Indemnification Agreement by and between Executive and the Company (the “Indemnity Agreement”) dated May 5, 2015, which continues in full force and effect.  Executive will continue to be named as an insured on the director and officer liability insurance policy currently maintained, or as may be maintained from time to time, by the Company.
		

		
			6.6.         Applicable Law.  Except as may be otherwise provided herein, this Agreement shall be governed by and construed in accordance with the laws of the State of California, applied without reference to principles of conflict of laws.
		

		
			6.7.         Arbitration and Class Action Waiver.  Executive and the Company agree to submit to mandatory binding arbitration any and all claims arising out of or related to Executive’s employment with the Company and the termination thereof, including, but not limited to, claims for unpaid wages, wrongful termination, torts, stock or stock options or other ownership interest in the Company, and/or discrimination (including harassment) based upon any federal, state or local ordinance, statute, regulation or constitutional provision, except that each party may, at its, her or her option, seek injunctive relief in court related to the improper use, disclosure or misappropriation of a party’s private, proprietary, confidential or trade secret information (collectively, “Arbitrable Claims”).  Further, to the fullest extent permitted by law, Executive and the Company agree that no class or collective actions can be asserted in arbitration or otherwise.  All claims, whether in arbitration or otherwise, must be brought solely in Executive’s or the Company’s individual capacity, and not as a plaintiff or class member in any purported class or collective proceeding.  Nothing in this Arbitration and Class Action Waiver section, however, restricts Executive’s right, if any, to file in court a representative action under California Labor Code Sections 2698, et seq.
		

		
			SUBJECT TO THE ABOVE PROVISO, THE PARTIES HEREBY WAIVE ANY RIGHTS THEY MAY HAVE TO TRIAL BY JURY IN REGARD TO ARBITRABLE CLAIMS.  THE PARTIES FURTHER WAIVE ANY RIGHTS THEY MAY HAVE TO PURSUE OR PARTICIPATE IN A CLASS OR COLLECTIVE ACTION PERTAINING TO ANY ARBITRABLE CLAIMS BETWEEN EXECUTIVE AND THE COMPANY.
		

		
			
		

		
			

		 

		

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			This Agreement does not restrict Executive’s right to file administrative claims Executive may bring before any government agency where, as a matter of law, the parties may not restrict Executive’s ability to file such claims (including, but not limited to, the National Labor Relations Board, the Equal Employment Opportunity Commission and the Department of Labor).  However, the parties agree that, to the fullest extent permitted by law, arbitration shall be the exclusive remedy for the subject matter of such administrative claims.  The arbitration shall be conducted in San Mateo County, California through JAMS before a single neutral arbitrator, in accordance with the JAMS employment arbitration rules then in effect.  The JAMS rules may be found and reviewed at http://www.jamsadr.com/rules-employment-arbitration.  If Executive is unable to access these rules, please let the Company know and the Company will provide Executive with a hardcopy.  The arbitrator shall issue a written decision that contains the essential findings and conclusions on which the decision is based.  In the event of arbitration relating to this Agreement or Executive’s service with the Company, each of Executive and the Company will bear its own costs, including, without limitation, attorneys’ fees.
		

		
			6.8.         Notices.  Notices and all other communications contemplated by this Agreement shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid.  Notices or other communication directed to Executive shall be addressed to Executive’s home address most recently communicated to the Company in writing.  Notices or other communication directed to the Company shall be addressed to the Company’s corporate headquarters and directed to the attention of the Board.
		

		
			6.9.         Withholding.  All sums payable to Executive hereunder will be reduced by all federal, state, local and other withholding and similar taxes and payments required by applicable law.
		

		
			6.10.       Successors.
		

		
			(a)         Executive.  This Agreement is personal to Executive and, without the prior express written consent of the Company, shall not be assignable by Executive, except that Executive’s rights to receive any compensation or benefits under this Agreement may be transferred or disposed of pursuant to testamentary disposition, intestate succession or a qualified domestic relations order or in connection with a disability.  This Agreement shall inure to the benefit of and be enforceable by Executive’s estate, heirs, beneficiaries, and/or legal representatives.
		

		
			(b)         The Company.  This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.
		

		
			6.11.       Severability.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and any such provision which is not valid or enforceable in whole shall be enforced to the maximum extent permitted by law.
		

		
			6.12.       Entire Agreement.  This Agreement, the Employee Inventions and Confidentiality Agreement, the Indemnity Agreement and agreements governing Executive’s Company equity awards set forth the entire agreement among the parties concerning the subject matter hereof and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with respect thereto.  This Agreement may not be amended or modified except by a written agreement executed by the Executive and the Company’s Compensation Committee.
		

		
			6.13.       Survivorship.  The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement or the Executive’s employment hereunder to the extent necessary to the intended preservation of such rights and obligations.
		

		
			6.14.       Waiver.  Either Party's failure to enforce any provision or provisions of this Agreement shall not in any way be construed as a waiver of any such provision or provisions, or prevent that party thereafter from enforcing each and every other provision of this Agreement.
		

		
			
		

		
			

		 

		

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			6.15.       Joint Efforts/Counterparts.  Preparation of this Agreement shall be deemed to be the joint effort of the parties hereto and shall not be construed more severely against any party.  This Agreement may be signed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 
		

		
			6.16.       Representation by Counsel.  Each of the Executive and the Company hereby represents that it has had the opportunity to be represented by legal counsel of its choice in connection with the negotiation and execution of this Agreement.  Executive hereby acknowledges and represents that she has consulted with legal counsel of her choice in connection with the negotiation and execution of this Agreement, and regarding her rights and obligations under this Agreement, and that she fully understands the terms and conditions contained herein.
		

		
			[SIGNATURE PAGE TO EMPLOYMENT AGREEMENT FOLLOWS]
		

		
			
		

		
			

		 

		

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			IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						EXECUTIVE:

					
					
						 

					
					
						BIOPHARMX CORPORATION

				
	
					
						 

					
					
						 

					
					
						a Delaware corporation

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						/s/ Anja Krammer

					
					
						 

					
					
						By:

					
					
						/s/ Stephen Morlock

				
	
					
						Name: Anja Krammer

					
					
						 

					
					
						Name:

					
					
						Stephen Morlock

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Compensation Committee Chairman

				

		
			 
		

		
			 
		

		
			[SIGNATURE PAGE TO EMPLOYMENT AGREEMENT]
		

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

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			EXHIBIT A
		

		
			GENERAL RELEASE OF CLAIMS
		

		
			This General Release of Claims (the “Release”) is entered into as of [________], by and between Anja Krammer (“you”) and BioPharmX, Inc. (the “Company”), collectively referred to herein as the “Parties”.  Capitalized terms used herein, but not defined herein, shall have the meanings ascribed to them in the Employment Agreement by and between you and the Company dated April 20, 2017 (the “Employment Agreement”).  
		

		
			Recitals
		

		
			WHEREAS, you have been providing services to the Company as its President pursuant to the Employment Agreement;
		

		
			WHEREAS, the Company wishes to receive from you a general release of all claims against the Company in consideration for you receiving the severance benefits set forth in the Employment Agreement;
		

		
			WHEREAS, the Parties, and each of them, wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions and demands that you may have against the Company as defined herein, including, but not limited to, any and all claims arising or in any way related to your employment or service with, or separation from, as applicable, the Company, and you and the Company desire to embody in this Agreement the terms, conditions and benefits to be provided in connection with your termination of employment or service with the Company; 
		

		
			NOW THEREFORE, in consideration of the promises made herein, the Parties hereby agree as follows:
		

		
			I.           Termination
		

		
			1.         Termination Date.  Your last day of employment with the Company was [_________] (your “Termination Date”).  The Company shall pay to you the Accrued Amounts on the Termination Date, regardless of whether you sign this Release.   
		

		
			2.         Consideration for Release.  Subject to your compliance with the terms and conditions of this Release, and provided you deliver to the Company this signed Release, do not revoke this Release and satisfy all conditions to make this Release effective, the Company shall provide you with the severance benefits set forth in the Employment Agreement as compensation for this Release.  
		

		
			3.         Employee Inventions and Confidentiality Agreement.    You acknowledge and agree that you continue to be bound by the Employee Invention Assignment and Confidentiality Agreement previously entered into by and between you and the Company.  
		

		
			II.           Release
		

		
			In consideration of the payments and benefits provided and to be provided to you by the Company as set forth in the Agreement, by your signature below you agree to the following general release of claims:
		

		
			1.         On behalf of yourself, your heirs, executors, administrators, successors, and assigns, you hereby fully and forever generally release and discharge the Company, its current, former and future parents, subsidiaries, affiliated companies, related entities, employee benefit plans, and their fiduciaries, predecessors, successors, officers, directors, shareholders, agents, employees and assigns (collectively, for purposes of this Section B, the “Company”) from any and all claims, causes of action, and liabilities up through the date of your execution of this Release. The claims subject to this Release include, but are not limited to, those relating to your employment or service with the Company and/or any predecessor to the Company and the termination, as applicable, of such employment or service. All such claims (including related attorneys’ fees and costs) are barred without regard to whether those claims are based on any alleged breach of a duty arising in statute, contract, or tort. This expressly includes waiver and release of any rights and claims arising under any and all laws, rules, regulations, and ordinances, including, but not limited to: Title VII of the Civil Rights Act of 1964; the Americans With Disabilities Act; the Older Workers Benefit Protection Act; the Age Discrimination in Employment Act; the Fair Labor Standards Act; the National Labor Relations Act; the Family and Medical Leave Act; the Employee Retirement Income Security Act of 1974, as amended 
		

		
			
		

		
			

		 

		

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			(“ERISA”); the Workers Adjustment and Retraining Notification Act; the California Fair Employment and Housing Act (if applicable); the provisions of the California Labor Code (if applicable); the Equal Pay Act of 1963; and any similar law of any other state or governmental entity.  You further waive any rights under Section 1542 of the Civil Code of the State of California or any similar state statute. Section 1542 states: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which, if known to him or her, must have materially affected his or her settlement with the debtor.” This Release does not extend to, and has no effect upon, any benefits that have accrued, and to which you have become vested or otherwise entitled to, under any employee benefit plan, program or policy sponsored or maintained by the Company, or to your right to indemnification by the Company, and continued coverage by the Company’s director’s and officer’s liability insurance policy, to any claim that arises after the date of this Agreement.
		

		
			2.         In understanding the terms of the Release and your rights, you have been advised to consult with an attorney of your choice prior to executing the Release.  You understand that nothing in the Release shall prohibit you from exercising legal rights that are, as a matter of law, not subject to waiver such as: (a) your rights under applicable workers’ compensation laws; (b) your right, if any, to seek unemployment benefits; (c) your right to indemnity under the Indemnity Agreement, the Company’s certificate of incorporation or bylaws, California Labor Code section 2802 or other applicable state‐law right to indemnity; and (d) your right to file a charge or complaint with a government agency such as but not limited to the Equal Employment Opportunity Commission, the National Labor Relations Board, the Department of Labor, the California Department of Fair Employment and Housing, or other applicable state agency.  Moreover, you will continue to be indemnified for your actions taken while employed by, or providing services to, the Company to the same extent as other then‐current or former directors and officers of the Company under the Company’s Certificate of Incorporation and Bylaws and any director or officer indemnification agreement between you and the Company, if any, and you will continue to be covered by the Company’s director’s and officer’s liability insurance policy as in effect from time to time to the same extent as other then‐current or former directors and officers of the Company, each subject to the requirements of the laws of the State of California. 
		

		
			3.         You understand and agree that the Company will not provide you with the payments and benefits under this Agreement (including as referenced herein and made under the Employment Agreement) unless you execute the Release. You also understand that you have received or will receive, regardless of the execution of the Release, all wages owed to you together with any accrued but unused vacation pay, less applicable withholdings and deductions, earned through your termination date.
		

		
			4.         As part of your existing and continuing obligations to the Company, you have returned to the Company all Company documents (and all copies thereof) and other Company property that you have had in your possession at any time, including but not limited to the Company’s files, notes, drawings, records, business plans and forecasts, financial information, specification, computer‐recorded information, tangible property (including, but not limited to, computers, laptops, pagers, etc.), credit cards, entry cards, identification badges and keys; and any materials of any kind which contain or embody any proprietary or confidential information of the Company (and all reproductions thereof). You understand that, even if you did not sign the Release, you are still bound by any and all confidential/proprietary/trade secret information, non‐disclosure and inventions assignment agreement(s) signed by you in connection with your employment or service with the Company, or with a predecessor or successor of the Company pursuant to the terms of such agreement(s).
		

		
			5.         You represent and warrant that you are the sole owner of all claims relating to your employment or service with the Company and/or with any predecessor of the Company, and that you have not assigned or transferred any claims relating to your employment or service to any other person or entity.
		

		
			6.         You understand and agree that the Release shall not be construed at any time as an admission of liability or wrongdoing by either the Company or yourself.
		

		
			7.         You agree that following your Termination Date you will not make any negative or disparaging statements or comments, either as fact or as opinion, about the Company, its employees, officers, directors, shareholders, vendors, products or services, business, technologies, market position or performance. Nothing in this paragraph shall prohibit you or the Company from providing truthful information in response to a subpoena or other legal process.  
		

		
			8.         In executing the Release, you acknowledge that you have not relied upon any statement made by the Company, or any of its representatives or employees, with regard to the Release unless the representation is specifically included herein.  Furthermore, the Release contains our entire understanding regarding eligibility for 
		

		
			
		

		
			

		 

		

			10

		

 

		

		
			payments and benefits and supersedes any or all prior representation and agreement regarding the subject matter of the Release. However, the Release does not modify, amend or supersede written Company agreements that are consistent with enforceable provisions of this Release such as your proprietary information and invention assignment agreement, and any stock, stock option and/or stock purchase agreements between the Company and you. Once effective and enforceable, this agreement can only be changed by another written agreement signed by you and an authorized representative of the Company.
		

		
			III.           Miscellaneous
		

		
			1.         Arbitration and Class Action Waiver.  You and the Company agree to submit to mandatory binding arbitration any and all claims arising out of or related to your employment or service with the Company and the termination thereof, including, but not limited to, claims for unpaid wages, wrongful termination, torts, stock or stock options or other ownership interest in the Company, and/or discrimination (including harassment) based upon any federal, state or local ordinance, statute, regulation or constitutional provision, except that each party may, at its, his or her option, seek injunctive relief in court related to the improper use, disclosure or misappropriation of a party’s private, proprietary, confidential or trade secret information (collectively, “Arbitrable Claims”).  Further, to the fullest extent permitted by law, you and the Company agree that no class or collective actions can be asserted in arbitration or otherwise.  All claims, whether in arbitration or otherwise, must be brought solely in your or the Company’s individual capacity, and not as a plaintiff or class member in any purported class or collective proceeding.  Nothing in this Arbitration and Class Action Waiver section, however, restricts your right, if any, to file in court a representative action under California Labor Code Sections 2698, et seq.
		

		
			SUBJECT TO THE ABOVE PROVISO, THE PARTIES HEREBY WAIVE ANY RIGHTS THEY MAY HAVE TO TRIAL BY JURY IN REGARD TO ARBITRABLE CLAIMS.  THE PARTIES FURTHER WAIVE ANY RIGHTS THEY MAY HAVE TO PURSUE OR PARTICIPATE IN A CLASS OR COLLECTIVE ACTION PERTAINING TO ANY ARBITRABLE CLAIMS BETWEEN YOU AND THE COMPANY.
		

		
			This Agreement does not restrict your right to file administrative claims you may bring before any government agency where, as a matter of law, the parties may not restrict your ability to file such claims (including, but not limited to, the National Labor Relations Board, the Equal Employment Opportunity Commission and the Department of Labor).  However, the parties agree that, to the fullest extent permitted by law, arbitration shall be the exclusive remedy for the subject matter of such administrative claims.  The arbitration shall be conducted in Santa Clara County, California through JAMS before a single neutral arbitrator, in accordance with the JAMS employment arbitration rules then in effect.  The JAMS rules may be found and reviewed at http://www.jamsadr.com/rules-employment-arbitration.  If you are unable to access these rules, please let the Company know and the Company will provide you with a hardcopy.  The arbitrator shall issue a written decision that contains the essential findings and conclusions on which the decision is based.  In the event of arbitration relating to this Agreement or your service with the Company, each of you and the Company will bear its own costs, including, without limitation, attorneys’ fees.
		

		
			2.         Indemnification.  Subject to applicable law, the Company will provide you indemnification to the maximum extent permitted by the Company’s Certificate of Incorporation and Bylaws, in addition to coverage under any directors and officers insurance policies maintained by the Company, with such indemnification to be on terms determined by the Board or any of its committees, but in no case less favorable than those provided to any other executive officer or director of the Company.  You will continue to be covered by any indemnification by and between you and the Company, which, if applicable, continues in full force and effect.
		

		
			3.         Severability.  If any provision of this Agreement shall be found by any arbitrator or court of competent jurisdiction to be invalid or unenforceable, then the parties hereby waive such provision to the extent of its invalidity or unenforceability, and agree that all other provisions in this Agreement shall continue in full force and effect.
		

		
			4.         No Waiver.  The failure by either party at any time to require performance or compliance by the other of any of its obligations or agreements shall in no way affect the right to require such performance or compliance at any time thereafter.  The waiver by either party of a breach of any provision hereof shall not be taken or held to be a waiver of any preceding or succeeding breach of such provision or as a waiver of the provision itself.  No waiver of any kind shall be effective or binding, unless it is in writing and is signed by the party against whom such waiver is sought to be enforced.
		

		
			
		

		
			

		 

		

			11

		

 

		

		
			5.         Assignment.  This Agreement and all rights hereunder are personal to you and may not be transferred or assigned by you at any time.  The Company may assign its rights, together with its obligations hereunder, to any parent, subsidiary, affiliate or successor, or in connection with any sale, transfer or other disposition of all or substantially all of its business and assets, provided, however, that any such assignee assumes the Company’s obligations hereunder.
		

		
			6.         Withholding.  All sums payable to you hereunder shall be in United States Dollars and shall be reduced by applicable federal, state, local and other withholding and similar taxes and payments required by applicable law.
		

		
			7.         Entire Agreement.  This Agreement constitutes the entire and only agreement and understanding between the parties relating to your termination of employment with the Company.
		

		
			8.         Amendment.  This Agreement may only be amended, modified or waived, in whole or in part, in a writing executed by both you and the Company (as authorized by the Board).
		

		
			9.         Binding Nature.    This Agreement shall be binding upon, and inure to the benefit of, the successors and personal representatives of the respective parties hereto.  You acknowledge that you have had the opportunity to discuss this matter with and obtain advice from his private attorney, have had sufficient time to, and have carefully read and fully understand all the provisions of this Agreement, and are knowingly and voluntarily entering into this Agreement.
		

		
			10.       Revocation Period.  You agree that you have had at least twenty-one (21) calendar days in which to consider whether to execute the Release, no one hurried you into executing the Release during that period, and no one coerced you into executing the Release. You understand that the offer of the payments and benefits hereunder and the Release shall expire on the twenty-second (22nd) calendar day after your employment termination date if you have not accepted it by that time. You further understand that the Company’s obligations under the Release shall not become effective or enforceable until the eighth (8th) calendar day after the date you sign the Release provided that you have timely delivered it to the Company (the “Effective Date”) and that in the seven (7) day period following the date you deliver a signed copy of the Release to the Company you understand that you may revoke your acceptance of the Release. You understand that the payments and benefits under this Agreement will become available to you at such time after the Effective Date.
		

		
			11.       Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which, taken together, constitute one and the same agreement.
		

		
			 
		

		
			 
		

		
			[SIGNATURE PAGE TO GENERAL RELEASE AGREEMENT FOLLOWS]
		

		
			 
		

		
			
		

		
			

		 

		

			12

		

 

		

		
			12.       Governing Law.  This Agreement and the rights and obligations of the parties hereto shall be construed in accordance with the laws of the State of California, without giving effect to the principles of conflict of laws.
		

		
			IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date indicated below.
		

		
			 
		

		
			 
		

			
					
						BIOPHARMX,  INC.

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Name:

					
					
						 

					
					
						 

					
					
						Anja Krammer

				
	
					
						Title:

					
					
						Compensation Committee, Chair

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Date:

					
					
						 

					
					
						 

					
					
						Date

					
					
						 

				

		
			 
		

		
			 
		

		
			[SIGNATURE PAGE TO GENERAL RELEASE AGREEMENT]
		

		
			 
		

		 

		

			13Exhibit 10.2

 

[*Confidential Treatment will be requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], will be filed separately with the Securities
and Exchange Commission.]

 

CONFIDENTIAL

 

Execution Copy

 

COLLABORATION, LICENSE OPTION AND EXCLUSIVE
LICENSE AGREEMENT

 

This Collaboration, License Option and
Exclusive License Agreement (this “Agreement”), dated as of February 29, 2016 (“Effective Date”),
is made by and between CTX Technology, Inc. (“CTX”), a Delaware corporation having a business address
at 3611 N Campbell Ave Suite 286, Tucson, Arizona, 85719 USA, and Zomedica Pharmaceuticals Corp. (“Zomedica”),
a Canadian corporation having a business address at 1250, 639 – 5th Avenue SW, Calgary,
Alberta, T2P 0M9 Canada. Each of CTX and Zomedica may be referred to herein as a “Party” or together
as “Parties”.

 

WHEREAS:

 

		A.	Zomedica has developed a novel drug delivery platform for the purposes of
formulating a pipeline of pharmaceuticals for the companion animal market and has research expertise in said Field (as defined
below).

 

		B.	CTX has proprietary technology (including intellectual property, formulations
and related data built on peptide-based skin-penetration and cell entry (“SPACE”) platform technology for both
therapeutic and aesthetic applications developed in the laboratory of Samir Mitragotri, PhD, that is the subject of a license agreement
between CTX and the Regents of the University of California acting through its Santa Barbara Campus effective January 11, 2016
(the “UC Agreement”), that may enhance Zomedica’s technology and have additional applications in
veterinary medicine as well as translation of technologies into the human market and includes but is not limited to patent families
represented as being owned or co-owned by the Regents of the University of California on Schedule B hereto, including but
is not limited by the following: US Patent Nos. 8,791,062; 8,518,871; European Patent No. 11839394.1 and US Patent Application
Nos: US 2014/0227174, 14/262,453 and 62/218,621 and continuing applications thereof including divisions and substitutions (but
excluding continuation-in- part applications to the extent that claims are not adequately supported in the parent); any patents
on said applications including reissues, reexaminations and extensions; and any corresponding foreign applications or patents (the
“UC Technology”). Additionally CTX owns certain intellectual property acquired by CTX directly from Convoy
Therapeutics, Inc. (now dissolved) as part of an asset purchase agreement dated August 29, 2015, together with new intellectual
property developed by CTX including but not limited to PCT International Application PCT/US2015/047160 which is co-owned with UC
as listed on Schedule B. Taken together the foregoing provide know- how and expertise in the application of the SPACE platform
technology to development of effective topical formulations.

 

		C.	Pursuant to a Letter of Intent executed between the Parties on February
8, 2016 and the Mutual Non-disclosure Agreement of December 11, 2015, the Parties wish to enter into this Agreement to conduct
further research funded by Zomedica to assess the potential of a joint venture or other form of collaboration or license to Zomedica
with the objective of Zomedica obtaining an exclusive option and license for related intellectual property.

 

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The Parties agree as follows.

 

		1.	Definitions

 

The following terms and their correlatives have the following meanings:

 

1.1.             
“Affiliate” means any corporation or other entity which directly or indirectly controls,
is controlled by or is under common control with a Party, for so long as such control exists. For the purposes of this Section
1.1 (“Affiliate”), “control” shall mean: (i) in the case of any corporate entity, direct or indirect
ownership of more than fifty percent (50%) of the stock having the right to vote for the election of directors thereof or (ii)
in the case of any non-corporate entity, direct or indirect ownership of more than fifty percent (50%) of the equity or income
interest therein.

 

1.2.             
“Agreement” has the meaning set forth in the Preamble and includes this Agreement and any
schedules, appendices and research plan(s).

 

		1.3.	“Assessed Amount” has the meaning set forth in Section 6.1(iii).

 

1.4.             
“Background Intellectual Property” means the Intellectual Property created or Controlled by a Party prior
to the Effective Date of this Agreement.

 

		1.5.	“Bankruptcy Laws” has the meaning set forth in Section 12.4(b)(i).

 

		1.6.	“Baseball Arbitrator” has the meaning set forth in Section 13.4.

 

		1.7.	“BIA” has the meaning set forth in Section 12.4(b)(i).

 

1.8.             
“Business Day” means any day that is not a Saturday, Sunday, or statutory holiday in the state of Michigan.

 

1.9.             
“Calendar Quarter” means a financial quarter based on the Universal Financial Calendar
for that year, a copy of which, for Calendar Years 2015 to 2020, inclusive, is attached hereto as Universal Financial Calendar
Schedule C and which is used for Zomedica’s internal and external reporting purposes.

 

1.10.          
“Calendar Year” means the universal calendar that Zomedica uses as part of its financial
reporting system, as provided to CTX from time to time and as consistent with the Universal Financial Calendar Schedule.

 

		1.11.	“CCAA” has the meaning set forth in Section 12.4(b)(i).

 

    	 	2	 

Confidential

     

    

1.12.          
“Change of Control” means, with respect to CTX, (a) a merger, reorganization, or consolidation of CTX
with or into any Third Party (other than a Third Party that is an Affiliate of UC), or any other corporate reorganization involving
such a Third Party, that results in those persons or entities that are stockholders of CTX immediately prior such merger, reorganization,
or consolidation owning less than fifty percent (50%) of the surviving entity’s voting power immediately after such merger,
reorganization, or consolidation, (b) a change in the legal or beneficial ownership of fifty percent (50%) or more of the combined
voting power of the outstanding securities of CTX (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
CTX is a Third Party or (c) the sale, transfer, lease, license or other disposition to a Third Party of all or substantially all
of CTX’s business or assets to which this Agreement relates in one or a series of related transactions; provided that a
“Change of Control” shall not include any Change of Control required by a government or the requirements of applicable
Law.

 

		1.13.	“Clinical Trial” means an animal or human clinical trial conducted pursuant to
Law.

 

1.14.          
“Collaboration Compound” means skin penetrating and cell entering peptides and peptide compositions covalently
linked to active molecules peptides, compounds or products developed pursuant to the Research Plan or this Agreement and which
is encompassed within a Valid Claim of CTX Controlled Technology.

 

1.15.            
“Combination Product” means a Licensed Product containing or comprising at least one active pharmaceutical
ingredient that is not a Collaboration Compound.

 

1.16.          
“Commercially Reasonable Efforts” of a Party means, with respect to an obligation of a
Party to accomplish an objective under this Agreement, the efforts and resources comparable to those undertaken by a biopharmaceutical
or biotechnology company of comparable size and resources as the applicable Party relating to the research, development or commercialization
of a similar product owned by such company, or to which such company has exclusive rights, with comparable market potential and
is at a similar stage in its lifecycle. For this purpose, all relevant factors, as measured by the facts and circumstances at the
time such efforts are due, shall be taken into account, including, as applicable and without limitation, stage of development;
efficacy and safety relative to competitive products in the marketplace; actual or anticipated Regulatory Approval; labeling; the
nature and extent of market exclusivity (including patent coverage, proprietary position and regulatory exclusivity); and the cost
and time required for and likelihood of obtaining Regulatory Approval.

 

		1.17.	“Commercial Purposes” means any purpose which is not a Non-Commercial Purpose.

 

1.18.          
“Confidential Information” has the meaning set forth in Section 8.1 (Confidentiality; Exceptions).

 

		1.19.	“Contract Interest Rate” means the lesser of:

 

    	 	3	 

Confidential

     

    

(a)                    
the prime rate of interest charged by a Michigan bank to its best rate customers, as reported at www.royalbank.com plus
not to exceed one percent (1%) above the Federal Reserve discount rate on the date such payment is due; and

 

		(b)	the maximum rate permitted by Michigan Law.

 

1.20.          
“Control” means, with respect to any Information, Patent Right or other intellectual property
right, the possession (whether by ownership or license) by a Party or its Affiliate of the conditional or unconditional ability
to grant to the other Party access, ownership, a license or a sublicense as required herein (including without limitation pursuant
to a power of attorney) to such Information, Patent Right, or other intellectual property right without violating the terms of
any agreement or other arrangement with any Third Party in existence as of the Effective Date. In the case that the ability to
grant is conditional (as with certain sublicenses), Control will require that the other Party be able to and agrees to satisfy
such condition(s).

 

1.21.          
“Covers” or “Covering”, with reference to a Patent Right, means that the making, using,
selling, offering for sale or importing of a composition of matter or other material or practice of a claimed method would, but
for ownership of or a license under such Patent Right, likely be found to infringe a Valid Claim (or, if such Valid Claim has not
issued, if such Valid Claim were to issue), within such Patent Right in the country in which such activity occurs.

 

1.22.          
“CTX Controlled Patent Right” means a Patent Right that is Controlled by CTX used in or arising from
the Research Plan or necessary to Commercialize, Develop or otherwise Exploit the Licensed Products.

 

1.23.          
“CTX Controlled Technology” means Technology Controlled by CTX including the UC Technology and CTX Owned
Intellectual Property, and CTX Controlled Patent Rights.

 

		1.24.	“CTX Indemnitees” has the meaning set forth in Section 11.2.

 

		1.25.	“CTX Owned Intellectual Property” has the meaning set forth in Section 7.3.

 

		1.26.	“CTX Parties” has the meaning set forth in Section 11.1(a).

 

		1.27.	“Deadlocked Matter” has the meaning set forth in Section 4.2(c).

 

1.28.          
“Development” or “Develop” means non-clinical and clinical
drug development activities pertaining to a pharmaceutical product, including toxicology, pharmacology, test method development
and stability testing, process and manufacturing development, formulation development, delivery system development, quality assurance
and quality control development, statistical analysis, clinical studies (including pre- and post-approval studies), regulatory
affairs, pharmacovigilance and Regulatory Approval and clinical study regulatory activities (including regulatory activities directed
to obtaining pricing and reimbursement approvals).

 

    	 	4	 

Confidential

     

    

		1.29.	“Dispute” has the meaning set forth in Section 13.1.

 

		1.30.	“Dollars” means U.S. Dollars, and “$” shall be interpreted accordingly.

 

		1.31.	“Effective Date” has the meaning set forth in the Preamble.

 

1.32.          
“Field” means all animal health applications including prophylactics, therapeutics, neutraceuticals,
topicals and any other treatments for all disease states, improved health and cosmetics for veterinary species, including companion
animals.

 

1.33.          
“First Commercial Sale” means, with respect to a Licensed Product in a country in the Territory, the
first arms-length commercial sale of such Licensed Product to a Third Party in the Field in such country after Regulatory Approval
in such country. Sales for clinical study purposes, early access or compassionate use programs or similar uses will not constitute
a First Commercial Sale. In addition, sales of a Licensed Product by Zomedica to its Affiliates, distributors and sublicensees
will not constitute a First Commercial Sale.

 

		1.34.	“Force Majeure” has the meaning set forth in Section 14.6 (Force
Majeure).

 

		1.35.	“Improvement” means any Intellectual Property:

 

(a)                
discovered or developed using or practicing CTX Controlled Technology; or

 

(b)                
that is directly dependent upon the claims of a Patent Right which but for the license granted in this Agreement, would
infringe, or contribute to, or induce the infringement of, or read on, any such Patent Right.

 

		1.36.	“Indemnified Party” has the meaning set forth in Section 11.3.

 

		1.37.	“Indemnifying Party” has the meaning set forth in Section 11.3.

 

		1.38.	“Indemnify” has the meaning set forth in Section 11.1.

 

1.39.          
“Indication” means an application for a label indicating the applicable drug for an initial animal or
patient population, or indicating the drug for use in combination with another treatment or drug, in each case that requires a
Clinical Trial for Regulatory Approval. For the avoidance of doubt, a label expansion of an existing approved indication to include
additional animal or patient segments shall not be treated as a different Indication for the purposes of payments under Section
6.

 

    	 	5	 

Confidential

     

    

1.40.          
“Information” means all information not generally known to the public, including tangible
and intangible techniques, technology, practices, trade secrets, inventions (whether patentable or not), methods, knowledge, know-how,
conclusions, skill, experience, test data and results (including pharmacological, toxicological, manufacturing, and clinical test
data and results), analytical and quality control data, results or descriptions, software and algorithms, including works of authorship
and copyrights.

 

		1.41.	“Insolvency Event” has the meaning set forth in Section 12.4(a).

 

		1.42.	“Insolvent Party” has the meaning set forth in Section 12.4(b)(ii).

 

1.43.          
“Intellectual Property” means Patent Rights, trade secrets, copyrights, Know-How and other forms of proprietary
or industrial rights pertaining to inventions, original works and other forms of intellectual property.

 

		1.44.	“Joint Research Committee” or “JRC” means the committee described
in Section 4.1.

 

1.45.          
“Know-How” means all techniques, technical information, technology practices, research tools and platforms,
trade secrets, inventions (whether patentable or not), methods, processes of manufacture, knowledge of intermediates, metabolites,
salts, polymorphs, dosing regimens, pharmaceutical formulations, data and results (including pharmacological, toxicological and
preclinical and clinical test data and results), analytical and quality control data, software and algorithms.

 

1.46.          
“Law” means, individually and collectively, any and all laws, ordinances, rules, rulings, directives,
administrative circulars and regulations of any kind whatsoever of any governmental authority or Regulatory Authority within the
applicable jurisdiction.

 

		1.47.	“License” has the meaning set forth in Section 3.3(a).

 

1.48.          
“Licensed Patent Rights” has the meaning set forth in Section 7.5(a) and includes Improvements.

 

1.49.          
“Licensed Product” means a product, pharmaceutical composition, or diagnostic or other method that comprises
or uses the Licensed Technology in finished form and consisting of certain skin penetrating and cell entering peptides and peptide
compositions covalently linked to active molecules for the animal health market or in the Field.

 

		1.50.	“Licensed Technology” has the meaning set forth in Section 3.3(a)(i).

 

		1.51.	“Losses” has the meaning set forth Section 11.1.

 

    	 	6	 

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1.52.          
“Materials” means any tangible chemical or biological material, including any peptides, libraries, compounds,
DNA, RNA, clones, cells, and any expression product, progeny, derivative or other improvement thereto.

 

1.53.          
“Net Sales” means, with respect to any Licensed Product, the gross amounts invoiced by Zomedica or any
of its Affiliates or sublicensees for sales of such Licensed Product to unaffiliated Third Party purchasers in arms-length transactions,
less the following customary deductions calculated in accordance with Generally Accepted Accounting Principles (“GAAP”)
and standard internal policies and procedures and accounting standards consistently applied throughout Zomedica, to the extent
specifically and solely allocated to such Licensed Product and actually taken, paid, accrued, allowed, included, or allocated based
on good faith estimates in the gross sales prices with respect to such sales (and consistently applied as set forth below):

 

(a)                
normal and customary trade, cash and/or quantity discounts, allowances, wholesale and pharmacy fees, and credits allowed,
in the form of deductions or fees actually allowed with respect to sales of such Licensed Product (to the extent not already reflected
in the amount invoiced), excluding commissions for commercialization of such Licensed Product;

 

(b)                
charge-back payments, rebates, administrative fees, and discounts (or equivalents thereof) payable to trade customers, animal
health customers or stakeholders, managed health care organizations, pharmacy benefit managers (or equivalents thereof), group
purchasing organizations, specialty pharmacy providers, federal, state/provincial, local, or other governments, or their agencies
or purchasers or reimbursers;

 

(c)                
retroactive price reductions or credits actually granted upon rejections or returns of such Licensed Product, including
for recalls, damaged goods and billing errors;

 

(d)                
outbound freight, shipment and insurance costs, to the extent included in the price and separately itemized on the invoice
price;

 

(e)                
taxes (other than income taxes assessed against the income arising from the sale of such Licensed Product), duties, tariffs,
mandated contribution or other governmental charges imposed on the sale of such Licensed Product, including customs duties, value
added taxes (but only to the extent that such value added taxes are not reimbursable or refundable), excise taxes, use taxes and
sales taxes, in each case to the extent included in the price and separately itemized on the invoice price;

 

(f)                 
compulsory payments and cash rebates related to sales of such Licensed Product payable to a governmental authority (or agent
thereof) pursuant to applicable Law;

 

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(g)                
free goods or fee reductions or pay backs in the form of financial or co-pay assistance directly related to the Licensed
Product as is reasonable and customary per industry standards and GAAP; and

 

(h)                
bad debt, in an amount not to exceed one percent (1%) of such gross amounts, provided that any such bad debt that is actually
recovered shall be included in Net Sales in the period in which it is so recovered.

 

All of the aforementioned deductions shall be determined,
on a country-by-country basis, as incurred in the ordinary course of business in type and amount consistent with Zomedica’s,
or its applicable Affiliate’s or sublicensee’s (as the case may be), business practices consistently applied across
its product lines and accounting standards and verifiable based on the Zomedica sales reporting system. All such deductions shall
be fairly and equitably allocated to such Licensed Product and other products of Zomedica and its Affiliates and sublicensees,
such that such Licensed Product does not bear a disproportionate portion of such deductions.

 

For clarity, (x) sales of a
Licensed Product by and between Zomedica and any of its Affiliates or sublicensees shall not be considered sales to unaffiliated
Third Parties and shall be excluded from Net Sales calculations for all purposes as long as such Licensed Product is subsequently
resold to an unaffiliated Third Party and (y) only a single sales transaction with respect to a particular unit of Licensed Product,
made at the time Zomedica or any of its Affiliates or sublicensees sells such unit of Licensed Product to an unaffiliated Third
Party purchaser in arms-length transaction, will qualify as the basis for determining the Net Sales amount for such unit of Licensed
Product.

 

Notwithstanding the foregoing, the following sales
of a Licensed Product shall be excluded from Net Sales calculations for all purposes: (i) transfer or dispositions of reasonable
quantities of samples of such Licensed Product at no cost for promotional or educational purposes; (ii) transfers or dispositions
of reasonable and customary quantities of such Licensed Product as free samples or donations, or for patient assistance, testing
marketing programs or other similar programs at no cost; and (iii) sales of such Licensed Product for clinical study or other scientific
testing purposes, early access programs (such as to provide patients with such Licensed Product prior to Regulatory Approval pursuant
to treatment INDs or protocols, named patient programs or compassionate use programs) or any similar use.

 

In the event a Licensed Product is sold as
part of a Combination Product in a country, the Net Sales with respect to the Combination Product in such country shall be
determined by multiplying the Net Sales amount for the Combination Product during the applicable reporting period, calculated
as set forth above, by the fraction A/(A+B), where A is the weighted average sale price (by sales volume) of the Licensed
Product when sold separately, and B is the weighted average sales price of the other active ingredient or product in the
Combination Product when sold separately, in each case in the same dosage and dosage form and in the same country as the
Combination Product during the applicable reporting period or, if sales of both the Licensed Product sold separately and the
other active ingredient or product sold separately did not occur during the applicable reporting period, then the respective
average sales prices during the most recent reporting period in which sales of both occurred in the same country as the
Combination Product. In the event that either (or both) of A or B is not available in such country, then the average sales
prices (weighted by sales volume) of the respective products described above (in the same dosage and dosage form as the
Combination Product) in a proxy country to be agreed upon by both Parties will be used (such agreement not be unreasonably
withheld, delayed or conditioned), and if the Parties cannot agree upon such proxy country, or no such comparable sales
figures are available in an appropriate proxy country, Net Sales for the applicable Combination Product shall be allocated
based on the relative value contributed by each component (such relative value to be agreed upon by the Parties or, if the
Parties cannot agree, to be determined by the dispute resolution procedures set forth in Article 14.

 

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		1.54.	“Non-Commercial Purposes” has the meaning set forth in Section 3.3(b).

 

		1.55.	“Option” has the meaning set forth in Section 3.2(a).

 

1.56.          
“Option Dossier” means the document delivered to Zomedica by CTX (i) after the time of completion of
the late lead optimization (LLO) activities in the Research Plan or (ii) if as of such time (A) the Collaboration Compounds have
not met the lead criteria set forth in the Research Plan (as determined by the JRC) and (B) a backup program has been initiated
under the Research Plan to develop Collaboration Compounds, then after the time of completion of the late lead optimization (LLO)
activities for the backup program set forth in the Research Plan.

 

		1.57.	“Option Exercise Date” has the meaning set forth in Section 3.2.

 

		1.58.	“Option Exercise Fee” has the meaning set forth in Schedule C.

 

		1.59.	“Option Payment Date” has the meaning set forth in Schedule C.

 

		1.60.	“Option Period” has the meaning set forth in Section 3.2(a).

 

		1.61.	“Party” and “Parties” has the meaning
set forth in the Preamble.

 

		1.62.	“Patent Right” means any and all:

 

(a)                
patents;

 

(b)                pending patent applications, including, all provisional applications, substitutions, continuations, continuations-in-part,
divisions and renewals and all patents granted thereon;

 

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(c)                
all patents-of-addition, reissues, reexaminations and extensions or restorations by existing or future extension or restoration
mechanisms, including, supplementary protection certificates or the equivalent thereof;

 

		(d)	inventor’s certificates;

 

(e)                
any other form of government-issued right substantially similar to any of the foregoing; and

 

		(f)	all U.S. and foreign counterparts of any of the foregoing.

 

		1.63.	“Progress Report” has the meaning set forth in Section 2.7(a).

 

1.64.          “Prosecution and Maintenance” means, with respect to a Patent Right, the preparing, filing, and
prosecuting of patent applications and maintenance of patents, as well as re-examinations, and reissues, with respect to such patents,
together with the conduct of interferences and the defense of oppositions with respect to the particular patent application or
patent; and “Prosecute and Maintain” have the correlative meaning.

 

		1.65.	“Quarterly Royalty Report” has the meaning set forth in Section (e).

 

1.66.            “Regulatory Approval” means all approvals (including any applicable governmental price and reimbursement
approvals), licenses, registrations, and authorizations of any federal, national, multinational, state, provincial or local Regulatory
Authority, department, bureau and other governmental entity that are necessary and sufficient for the marketing and sale of a product
in a country or group of countries. Regulatory Approval includes any required pricing and reimbursement approval for the Licensed
Product.

 

1.67.          
“Regulatory Authority” means, with respect to a country, the regulatory authority or regulatory authorities
of such country with authority over the testing, manufacture, use, storage, importation, promotion, marketing, pricing or sale
of a pharmaceutical product in such country.

 

		1.68.	“Research Period” has the meaning set forth in Section 3.1.

 

		1.69.	“Research Plan Budget” has the meaning set forth in Section 2.1.

 

1.70.          
“Research Plan” means the written plan for identifying Collaboration Compounds, set forth in the
Research Plan Schedule, Schedule A, attached hereto, and which may be amended from time to time in accordance with the terms
of this Agreement.

 

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1.71.          
“Royalty Term” means the last to occur of: (a) the date of the last-to-expire Valid Claim of a Licensed
Patent Right with respect to that country; (b) the expiration of any data exclusivity or other exclusivity rights for the Licensed
Product with respect to that country; and (c) ten (10) years from the First Commercial Sale of a given Licensed Product in that
country.

 

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

 

		1.73.	“Subcommittee” has the meaning set forth in Section 4.3.

 

1.74.            
“Taxes” means any present or future taxes, levies, imposts, duties, charges, assessments or fees of any
nature (including any interest thereon).

 

1.75.          
“Technology” as used herein includes all Intellectual Property and associated Rights, all Information,
Confidential Information, Know-How and Materials.

 

		1.76.	“Term” has the meaning set forth in Section 12.1.

 

		1.77.	“Terminated Countr(y)/(ies)” has the meaning set forth in Section 12.2(b).

 

		1.78.	“Terminated Product(s)” has the meaning set forth in Section 12.2(b).

 

		1.79.	“Territory” means the world.

 

		1.80.	“Third Party Claim” has the meaning set forth in Section 11.1.

 

		1.81.	“Third Party” means any entity other than a Party or an Affiliate
of a Party.

 

1.82.          
“UC” means the Regents of the University of California acting through its Santa Barbara Campus.

 

		1.83.	“UC Agreement” means the agreement between CTX and UC effective January 11, 2016.

 

1.84.          
“UC Patent Rights” means the patents and applications owned by UC and subject to the UC Agreement, including
but not necessarily limited to those listed in Schedule B indicated as being owned or co-owned by the Regents of the University
of California US Patent Nos. 8,791,062; 8,518,871; European Patent Application No. 11839394.1 and US Patent Application Nos: US
2014/0227174, 14/262,453 and 62/218,621 and continuing applications thereof, including divisions and substitutions (but excluding
continuation-in-part applications to the extent that claims are not adequately supported in the parent); any patents on said applications
including reissues, reexaminations and extensions; and any corresponding foreign applications or patent.

 

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1.85.          
“UC Technology” means the Intellectual Property licensed to and/or Controlled by CTX pursuant to the
UC Agreement as defined in the preamble.

 

1.86.          
“United States” or “U.S.” means the United States of America, including its
territories and possessions, the District of Columbia and Puerto Rico.

 

		1.87.	“Valid Claim” means, with respect to a particular country:

 

		(a)	any claim of an issued and unexpired Patent Rights in such country that:

 

(i)                  
has not been held permanently revoked, unenforceable or invalid by a decision of a court or governmental agency of competent
jurisdiction, which decision is unappealable or unappealed within the time allowed for appeal; and

 

(ii)                
has not been abandoned, disclaimed, denied or admitted to be invalid or unenforceable through reissue or disclaimer or otherwise
in such country; or

 

(iii)               
a claim of a pending patent application where such claim has been pending for a period of ten (10) years or less.

 

1.88.          
“VAT” means the goods and services tax and the harmonized sales tax or other value added tax imposed
by Applicable Laws.

 

		1.89.	“Zomedica” shall have the meaning set forth in the Preamble.

 

		1.90.	“Zomedica Applied Technology” means, with respect to any Terminated Product:

 

(a)                
any Know-How Controlled by Zomedica as of the Effective Date or during the Term (other than as a result of the licenses
granted by CTX to Zomedica under this Agreement) that:

 

(i)                  
Zomedica had applied to such Terminated Product prior to termination of this Agreement, provided that such Know-How is necessary
for the continued Development or commercialization of such Terminated Product as it exists at the time of such termination; or

 

(ii)                
Zomedica had incorporated into such Terminated Product prior to termination of this Agreement;

 

(b)                
any Patent Rights Controlled by Zomedica as of the Effective Date or during the Term that Cover the subject matter described
in clause (a)(i); and

 

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		(c)	Zomedica Owned Intellectual Property.

 

		1.91.	“Zomedica Indemnitees” has the meaning set forth in Section 11.1.

 

		1.92.	“Zomedica Parties” has the meaning set forth in Section 11.2(a).

 

1.93.          
“Schedules” The following schedules are (or will be once agreed to between the Parties) attached to and
form part of this Agreement:

 

Schedule A –Research Plan and Budget

 

Schedule B – CTX Patent Rights

 

Schedule C –Compliance

 

Schedule Schedule D – the UC Agreement

 

		2.	Research Plan

 

2.1   
 Research Plan and Research Plan Budget. The Research Plan is set forth in the Research Plan Schedule A. The
Research Plan includes a description of the research to be carried out and a detailed budget of the financial commitments for the
research work (such budget, the “Research Plan Budget”). In the conduct of the Research Plan, Zomedica may,
at its sole option and own expense (unless otherwise agreed by the Parties), expend less than or in excess of the expenses budgeted
for performance of its activities for any phase of the Research Plan. Zomedica shall coordinate, monitor and fund the Research
Plan including synthesis of all peptides and peptides attached to active pharmaceutical ingredients. The Parties shall each perform
the activities allocated to it in accordance with the Research Plan, it being understood that in general Zomedica shall conduct
the research and CTX shall act as advisors as part of the JRC.

 

(a)                
Zomedica shall conduct the research and Zomedica’s contributions may include one or more of the following:

 

(i)           
An established team of executives and support members with proven track records for building successful businesses around
ground-breaking technologies;

 

(ii)         
A financial model that has resulted in access to capital required for development of Zomedica’s innovative pipeline;

 

		(iii)	Engagement with a contract manufacturer with experience in the Animal Health

sector;

 

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(iv)        
ScientificAdvisoryCommitteecomprisedofexperiencedregulatory professionals with experience in bringing
novel human and animal drugs to market;

 

(v)         
High throughput peptide synthesis capabilities using a PTI-Symphony 12-vessel peptide synthesizer;

 

		(vi)	Preparative and analytical HPLC;

 

		(vii)	Array of temperature controlled diffusion equipment (Franz Diffusion Cells); and

 

		(viii)	In-house inventory and access to quality controlled ex-vivo feline transdermal

explants.

 

		(b)	CTX shall contribute:

 

(i)           
CTX Controlled Technology that may serve to facilitate or as enhancement to, the novel delivery technology created by Zomedica;

 

		(ii)	Access to subject matter experts in the field of alternative drug delivery; and

 

(iii)        
Access to CTX Know-How as regards attachment of activities to the peptide skin- permeation platform, release after delivery,
and formulation issues potentially affecting performance.

 

2.2   
Amendments. The Research Plan may be amended from time to time by the JRC in accordance with Section 4.2 of this
Agreement and such amendments will be reflected in the Research Plan. The Research Plan will be reviewed as necessary at each meeting
of the JRC and at any other time upon the reasonable request of either Party.

 

2.3   
Diligence. Each Party shall use Commercially Reasonable Efforts to perform (itself or through its Affiliates
or by permitted subcontracting) its respective obligations under the Research Plan, and shall reasonably cooperate with and provide
reasonable support to the other Party in such other Party’s performance of its responsibilities under the Research Plan.
The Parties acknowledge and agree, however, that no outcome or success is or can be assured and that failure to achieve desired
results do not in and of itself constitute a breach or default of any obligation in this Agreement.

 

2.4   
Exclusivity. Until the earlier to occur of: (a) the termination or expiry of this Agreement in accordance
with its terms; and (b) the date of First Commercial Sale of any Licensed Product, CTX and its Affiliates shall not, directly or
indirectly, without the prior written consent of Zomedica:

 

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		(i)	conduct any new research (not ongoing or subject to a Third Party agreement
prior to the Effective Date) in the Field, alone or in collaboration with or for the benefit of any Third Party (including any
governmental agency) for the purposes of commercial development, use, manufacture or distribution;

 

		(ii)	except pursuant to the Research Plan, Develop or commercialize any pharmaceutical
product in the Field, alone or in collaboration with or for the benefit of any Third Party (including any governmental agency);

 

		(iii)	collaborate with, license, enable or otherwise authorize or grant rights
to any Third Party to use, Develop, commercialize or manufacture in the Field, other than Third Party subcontractors to the extent
permitted under Section 2.5, or enter into any agreement, amendment to an existing agreement or option to do any of the same; or

 

		(iv)	grant any right to any Third Party in the Field that would impair or conflict
in any way with any of the rights granted to Zomedica under Articles 3 and 8 of this Agreement; and

 

		(v)	notwithstanding any of the foregoing and for clarity, subject to Section
8.1(b) and Section 8.2, CTX , its Affiliates, and all other non-profit academic research institutions with whom it may contract
from time to time, shall not be restricted from conducting any non-clinical Development activities for Non-Commercial Purposes
or for profit research with contract research organizations for the sole purpose to develop and Commercialize products outside
the Field.

 

		2.5	Permitted Subcontracting.

 

(a)                
Each Party may subcontract any of its activities to be performed under the Research Plan to a Third Party or to an Affiliate
of the Party, provided that any such Third Party or Affiliate shall have entered into a written agreement with such Party that
includes terms and conditions protecting and limiting use and disclosure of Confidential Information, Materials and Information
of the other Party at least to the same extent as under this Agreement or, in the case of such Affiliate, such Affiliate is subject
to similar obligations of non-use and non-disclosure, and requiring such Third Party or Affiliate, as applicable, and its employees,
contractors and agents to grant such Party Control in and to any Patent Rights, Information and Materials created, conceived or
reduced to practice in connection with the performance of any such subcontracted activities.

 

(b)                
Each Party shall remain responsible and liable for the performance by its Affiliates and subcontractors of its obligations
hereunder, and shall cause its Affiliates and subcontractors to comply with the provisions of this Agreement, including, causing
such third parties to make any and all assignments of intellectual property rights generated in carrying out a Party’s obligation
in accordance with the terms of this Agreement.

 

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2.6   
Records. Each Party shall maintain, or cause to be maintained, records of its activities under the Research Plan
in sufficient detail and in good scientific manner appropriate for scientific, patent and regulatory purposes, which shall properly
reflect all work included in the Research Plan consistent with its internal procedures and policies.

 

		2.7	Reports.

 

(a)                
Each Party shall furnish to the JRC a written report (each, a “Progress Report”), at the end of each
Calendar Quarter, that: (i) describes in reasonable detail, such Party’s progress under the Research Plan during the relevant
Calendar Quarter; and (ii) includes a summary of the results and data generated by such Party under the Research Plan during the
relevant Calendar Quarter, in each case to the extent reasonably necessary to support and advance the Research Plan.

 

2.8   
Materials. Each Party may furnish to the other Party, as reasonably required, samples of Materials. The Party receiving
any Materials shall not distribute or otherwise allow the release of Materials to any Third Party, except for subcontracting, in
each case as permitted hereunder. All Materials delivered to the receiving Party are provided “AS IS”, shall be used
in compliance with all Laws, shall be used solely for the purposes of carrying out the Research Plan and for no other purpose and
shall be used with prudence and appropriate caution in any experimental work because not all of their characteristics may be known.
In regard to the transfer of any Material between the Parties, unless specifically stated otherwise by the transferor as a condition
to a voluntary transfer, such transfer of Material will not be a transfer of ownership to the transferee of the physical sample
being transferred. Such transfer will not exhaust intellectual property rights attached to such Material.

 

		2.9	Prior Rights

 

(a)                
March-in Rights.

 

(i)           
The Technology licensed from UC was supported by funds from the United States Government and thus any rights granted herein
to Zomedica is subject to, and shall in no way restrict, the march-in rights of the Government pursuant to 35 USC §203.

 

(b)                
The UC Patent Rights which are owned or co-owned by UC are subject to the terms and conditions of the UC Agreement and to
the extent applicable and with regard to any licenses which are subject to the UC Agreement, the Parties herein incorporate the
requirements of Sections 3.1 (a) to (d) of the UC Agreement.

 

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		3.	License Grants and Exclusive Option

 

3.1    
Limited License Prior to the Exercise of the Option. From and after the Effective Date until the later of (a) the
exercise of the Option and (b) the termination or expiry of this Agreement in accordance with its terms (the “Research
Period”):

 

(i)           
CTX hereby grants to Zomedica a limited, non-exclusive, fully paid-up license, with the right to sub-license, under CTX
Controlled Intellectual Property solely to the extent needed for Zomedica to perform its obligations under the Research Plan; and

 

(ii)         
Zomedica hereby grants to CTX a limited, non-exclusive, fully paid-up license, with the right to sub-license, under Intellectual
Property Controlled by Zomedica solely to the extent needed for CTX to perform its obligations under the Research Plan.

 

During the Research Period, no other right or license is granted by either
Party to the other under this Agreement.

 

		3.2	Grant of Option.

 

(a)                
Grant of Option. CTX grants to Zomedica an exclusive option pursuant to this Agreement to enter into the exclusive
License in the Field in the Territory pursuant to Section 3.3 (the “Option”). From the Effective Date until
the later of the termination of the Agreement and ninety (90) days after the later of the delivery of the Option Dossier (pharmacokinetic
“PK” data or other such data as deemed relevant) and responses to the Additional Requests under this section by CTX
to Zomedica (the “Option Period”), Zomedica shall have the right to exercise the Option upon notice and payment
to CTX of

$20,000.

 

(b)                
Additional Request. Upon delivery of the Option Dossier, Zomedica shall promptly notify CTX of any deficiencies and
may request that the Option Dossier be supplemented with reasonable additional relevant and material data and other information.
CTX shall provide such requested information within five (5) Business Days; provided that no request for reasonable additional
relevant and material data and other information shall increase the number of days in the Option Period.

 

(c)                
Written Notice. If Zomedica wishes to exercise the Option during the Option Period it shall provide written notice
to CTX that it is exercising the Option.

 

		3.3	Grant of License on Exercise of Option.

 

(a)                
Effective automatically upon the due exercise of the Option (including payment of any Option Exercise Fee) the Parties
shall enter into a license agreement negotiated in good faith within thirty (30) days of exercise of the option (the “Negotiation
Period”), incorporating the terms and conditions of this Agreement, including those in Schedule C, and where CTX
hereby grants to Zomedica:

 

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(i)           
an exclusive royalty bearing license or sub-license, as the case may be, with the right to sub-license or sub-sub-license,
as the case may be, under the CTX Controlled Technology and any Improvements thereon (the “Licensed Technology”)
subject to any constraints pursuant to the UC Agreement, for non-Commercial and Commercial Purposes to research, Develop, make,
have made, use, import, export, obtain Regulatory Approval, commercialize, sell, offer to sell and otherwise exploit Licensed Products
in the Territory within the Field, with the right to sub-license and

 

(ii)         
the details of any issues not addressed in this Agreement of the license shall be negotiated in good faith by the Parties.
Zomedica shall have the right to submit any open issues to one or more mutually agreeable outside experts. Such expert(s) will
notify the Parties of what such experts) believe(s) to be a commercially reasonable resolution to each open issue which determination
shall be controlling as to that issue. Zomedica will have the right but not the obligation to enter into an agreement utilizing
such outside expert terms (together with any terms previously or subsequently agreed by the Parties. CTX warrants that for a one
(1) year period following the expiration of the Negotiation Period, CTX will not offer to a third party more favorable agreement
terms for the same, or substantially the same rights and subject matter last offered to Zomedica during the Negotiation Period.

 

(collectively, the “License”).

 

(b)                
Notwithstanding the foregoing and for clarity, subject to Section 8.1(b) and Section 8.2, CTX explicitly reserves the right,
on behalf any of its Affiliates that are non-profit entities, and all other non-profit academic research institutions (including
UC) with whom it may contract from time to time, to make, use and practice the UC Technology for research, teaching or other non-commercial
purposes, including the ability to distribute any material(s) disclosed and/or claimed in the Licensed Patent Rights for non-profit
academic research use to non-commercial entities as is customary in the scientific community, and not for purposes of commercial
development, use, manufacture or distribution (“Non- Commercial Purposes”).

 

3.4   
Sublicensees. Subject to Section 3.2 of the UC agreement, Zomedica shall have the right to grant sublicenses under
the rights licensed to Zomedica under Section 3.3 solely in accordance with this Section 3.4 as follows:

 

(a)                
such sublicense shall refer to this Agreement and shall be subordinate to and consistent with the terms and conditions
of this Agreement, and shall not limit the ability of Zomedica (individually or through the activities of its Affiliates and sublicensees)
to fully perform all of its obligations under this Agreement or CTX’s rights under this Agreement;

 

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(b)                
in such sublicense, the sublicensee shall agree to be subject to, and bound by any relevant terms and conditions of this
Agreement mutatis mutandis, including:

 

(i)           
confidentiality obligations substantially equivalent to those imposed on Zomedica hereunder;

 

(ii)         
a right-to-audit clause requiring the sublicensee to make reports to Zomedica, to keep and maintain records of sales made
pursuant to such sublicense and to grant access to such records by CTX’s independent accountant to the same extent required
from Zomedica pursuant to Section (g); and

 

(iii)        
any other obligations that might be required to protect the Licensed Technology or CTX’s rights under this Agreement;

 

(c)                
Zomedica shall inform CTX in writing within thirty (30) days after the execution and delivery by Zomedica of any sublicense
and shall provide a copy to CTX;

 

(d)                
Zomedica shall be responsible for performing all of its obligations set forth in this Agreement, without regard to whether
it has granted any sublicense under this Section 3.4; and

 

		(e)	such sublicense(s) shall not contain a further right of sub-sub-license.

 

3.5   
Annual Reports. Commencing on the first anniversary of the exercise of the Option by Zomedica and on each anniversary
thereafter, Zomedica will provide a reasonably detailed, written report to CTX to provide CTX updates on the progress of Zomedica’s
Development and commercialization activities with respect to Collaboration Compounds and Licensed Products.

 

		4.	Joint Research Committee

 

4.1   
Establishment and Composition of the JRC.

 

(a)                
Within thirty (30) days of the Effective Date, the Parties shall assemble a JRC.

 

(b)                
Initially, the JRC shall be composed of at least two, but no more than four, representatives of each Party, with an equal
number appointed by each Party.

 

(c)                
A JRC representative appointed by Zomedica shall be the chairperson of the JRC, who shall initially be appointed upon written
notice from Zomedica to CTX within thirty (30) days after the Effective Date.

 

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(d)                
Each Party will provide a list of its representatives to the other Party within thirty (30) days after the Effective Date.
Each Party will promptly notify the other Party in writing of any change in its appointed representatives.

 

(e)                
Each Party may invite “non-representative” employees and consultants to attend meetings of the JRC, subject
to their agreement, who are bound to obligations of confidentiality, non- use, and assignment of inventions similar to those of
that Party’s members of the JRC.

 

(f)                 
Any members of CTX on the JRC or invited to attend a JRC meeting by CTX pursuant to section4.1 (e), shall not be affiliated
with any company, academic, research institution or other entity other than CTX except as disclosed to Zomedica. To the extent
that any have an affiliation with another company, academic or research institution or other entity, CTX represents, warrants and
covenants that they are under contract with CTX and would serve on the JRC and/or attend a JRC meeting pursuant to their position
with CTX only and their contributions to the JRC would not be subject to any rights (including any Intellectual Property ownership
rights) of any of their other affiliations or appointments.

 

		4.2	Decision-making and Dispute Resolution.

 

(a)                
Decision-making of the JRC will be by majority vote of the members. Dissenting members have the right to record his or her
reasons for his or her position.

 

(b)                
The JRC shall use reasonable efforts to reach consensus concerning matters within its responsibilities, in accordance with
the goal of achieving the objectives of the Research Plan as efficiently and expeditiously as possible.

 

(c)                
If the JRC does not reach a decision by majority or consensus on any matter within the JRC’s responsibilities (a “Deadlocked
Matter”) within a period of fourteen (14) days, or such other period as the Parties may agree in writing, after it has
met and attempted to reach such decision or consensus or if a decision has to be made with regard to any disclosures made by CTX
to Zomedica post-dissolution of the JRC under Section 7.4 , then the Deadlocked Matter shall escalate to Zomedica’s CEO who
shall attempt to resolve the matter in discussion with CTX’s CEO and if resolution cannot be reached promptly the decision
of Zomedica’s CEO on such disagreement shall be final and binding upon the Parties, provided that Zomedica may not exercise
such final decision-making authority to require CTX to violate any Law or any agreement it has with any Third Party.

 

4.3   
Meetings; Subcommittees. The JRC will hold its first meeting within thirty (30) days of the Effective Date. While
in existence, the JRC will meet biweekly (every two (2) weeks) and at a minimum monthly. Each Party will bear its own costs relating
to any JRC meeting. Meetings of the JRC are effective only if at least one representative of each Party is present at the meeting
or participating by teleconference. The Parties will endeavor to schedule meetings of the JRC at least two (2) months in advance.
The JRC may, as necessary or appropriate and agreed to by the JRC, establish subcommittees and delegate tasks within its authority
as expressly provided for hereunder to such subcommittees (each, a “Subcommittee”).

 

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4.4   
Responsibilities. The JRC shall oversee the activities of the Parties under this Agreement. In particular, the JRC
shall:

 

(a)                
review and discuss the Research Plan objectives and progress under the Research Programs including communicate functional
endpoints and metrics and ensure that the parties are fully informed as to work being performed, results obtained, issues raised
and solutions identified;

 

(b)                
work cooperatively to monitor, coordinate and oversee the performance and scientific progress of the Research Plan;

 

		(c)	review and discuss the results of the Research Plan;

 

		(d)	discuss and approve proposed amendments to the Research Plan;

 

(e)                
resolve matters presented to it by any Subcommittee, in each case, that is within the scope of responsibilities delegated
to the respective Subcommittee by the JRC under this Agreement and subject to final decision-making authority set forth in Section4.2;
and

 

(f)                 
perform such other functions as appropriate to further the purposes of this Agreement, as expressly set forth in this Agreement
or as mutually agreed upon by the Parties in writing.

 

4.5   
Dissolution of the JRC. The JRC shall automatically dissolve and have no further responsibilities or authority after
such time as the activities to be conducted under the Research Plan have been completed (or such other time as agreed by the Parties).

 

		5.	Regulatory Matters

 

After such time as it has exercised the Option, Zomedica shall:

 

(a)                
have sole responsibility for all Development, regulatory and commercialization activities with respect to the Collaboration
Compounds that are subject to the License and Licensed Products, including establishing and maintaining the global safety database
of adverse events and relevant safety information in the Field for the Collaboration Compounds that are subject to the License
and Licensed Products, communications and meetings with Regulatory Authorities, seeking and obtaining Regulatory Approvals (including
pricing approvals); and

 

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[*Confidential Treatment will be requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], will be filed separately with the Securities
and Exchange Commission.]

 

 

(b)                
own all regulatory filings relating to Collaboration Compounds that are subject to the License and Licensed Products.

 

		6.	Payments

 

		6.1.	Research Funding and Payments Under the License.

 

		(a)	Payments and Reconciliation.

 

(i)                  
A one-time upfront, non-creditable, non-refundable cash payment of $20,000 as a technology access fee shall be payable by
Zomedica to CTX within ten (10) Business Days of the Effective Date.

 

(ii)                
CTX shall not invoice Zomedica under the Research Plan Budget for more than what is set out in Schedule A.

 

		(iii)	All payments as set out in Schedule A, or as otherwise agreed to by the Parties.

 

		(b)	Royalty Term. With respect to any Licensed Product from a particular
Project, royalties payable under this Section shall be paid on a Licensed Product-by-Licensed Product and country-by-country basis
on Net Sales of a Licensed Product in a country during the Royalty Term.

 

		(c)	Royalty Payments. Zomedica shall pay royalties to CTX on a Licensed
Product- by-Licensed Product and county-by-country basis [*] of Net Sales on aggregate annual Net Sales of each Licensed Product
in such country for all Indications by Zomedica, directly and through its Affiliates and its and their respective licensees and
sublicensees, in each Calendar Year during the applicable Royalty Term as due and to be paid Quarterly from the date of first sale
of the Licensed Product.

 

		(d)	Off-Set for Third-Party License Payments. In the event that
                                                                Zomedica or its sublicensees is required to obtain one or more licenses under Patent Rights of any Third Party(ies) that in
                                                                the absence of such license(s), would be infringed by the manufacture, use or sale of a Licensed Product in such country,
                                                                then Zomedica shall be entitled to a credit against the royalty payments due to CTX hereunder on sales in such country of an
                                                                amount equal to fifty percent (50%) of the royalties and other payments paid to such Third Party on sales in such country,
                                                                provided that such credit will not exceed fifty percent (50%) of the royalties of the royalty payments due under the License
                                                                on sales in such country. In the event that Zomedica makes such a determination, it shall advise CTX in writing of the
                                                                grounds for its determination. If CTX believes that Zomedica’s determination is not commercially reasonable in light of
                                                                such grounds and Zomedica disagrees, the Parties shall mutually select independent
patent counsel in the relevant jurisdiction to provide a legal opinion as to whether, more likely than not, a court or other body
of competent jurisdiction would determine that the sale or use of the Licensed Product would infringe the Third Party Patent Rights
in such country. If the independent counsel renders an opinion that it is more likely than not that a court would so determine,
then Zomedica shall be entitled to the royalty credit, otherwise, Zomedica shall be required to obtain such a holding through litigation,
arbitration, or another appropriate legal proceeding to be entitled to the royalty credit.

 

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		(e)	Royalty Report. Commencing with the First Commercial Sale of any
Licensed Product, Zomedica shall provide to CTX, written reports including the applicable milestone or royalty payment due, within
forty five (45) days following the end of each Calendar Quarter for which royalties are due, setting out (i) the Net Sales in each
country of each Licensed Product sold by Zomedica, its Affiliates and sublicensees during the Calendar Quarter; (ii) a calculation
of the amount of royalties due on Net Sales during such Calendar Quarter; (iii) the exchange rates used, if any, in determining
the amount due or performing any necessary currency conversion; and (iv) any withholding taxes required to be paid from such royalties
(a “Quarterly Royalty Report”). The information in the Quarterly Royalty Report will be deemed Zomedica’s
Confidential Information.

 

		(f)	Paid-Up Exclusive License Upon Expiration of Royalty Term. Upon the
expiration of the Royalty Term, Zomedica shall have a fully paid, irrevocable, exclusive license under the Licensed Technology
with respect to the Licensed Products without any further obligation to pay any royalties.

 

		(g)	Records and Audits. CTX shall keep adequate books and records of
                                                                accounting for all expenses incurred. For the seven (7) years following the earlier of (a) the termination of this Agreement
                                                                in accordance with its terms and (b) the completion of the Research Plan, such books and records of accounting shall be kept
                                                                at each of their principal place of business and no more than once per Calendar Year (unless Zomedica is required to respond
                                                                to or by a Government Authority) will be open for inspection during normal business hours upon at least forty-five (45) days
                                                                prior written notice by an independent certified accountant selected by Zomedica at Zomedica’s expense, and which is
                                                                reasonably acceptable to CTX, for inspecting expenditure under the payments made by Zomedica under this Agreement. Such
                                                                accountant shall have executed and delivered to CTX, a customary confidentiality agreement as reasonably requested by CTX.
                                                                The results of such inspection, if any, will be shared by the accountant with Zomedica and CTX at either of CTX’s or
                                                                Zomedica’s request, and are binding on both Zomedica and CTX. Any overbillings, at Zomedica’s
choice, are to be paid either by being credited on the following Calendar Quarter’s invoice or reimbursed to Zomedica via
check within forty-five (45) days of notification of the results of such inspection. Any underpayments are to be included in the
following Calendar Quarter’s invoice or paid separately consistent with the means in which Zomedica pays CTX. Zomedica shall
pay for any such inspections, except that in the event there is a downward adjustment in billed expenses shown by such inspection
of more than five percent (5%) of the amount billed over the period audited, CTX shall reimburse Zomedica for any reasonable out-of-
pocket costs of such accountant or related to such inspection. No Calendar Year will be subject to audit under this Section (d)(g)
more than once unless Zomedica is required to so to respond to or by a Government Authority.

 

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		(h)	Application of Funding and Overages. All funds paid to CTX will be
applied solely to the work described in the Research Plan. Any expenses incurred by CTX that are above the Research Plan Budget
will be the sole responsibility of CTX. Within sixty (60) days of the termination or completion of the Research Plan, CTX shall
provide Zomedica with a final financial accounting of all costs incurred and all funds received by CTX in exchange for providing
rights to Zomedica under the terms of this Agreement.

 

		(i)	Currency Used and Exchange Rates. All currency amounts in this Agreement
are expressed in US Dollars and all payments to be made by Zomedica to CTX under this Agreement shall be made in US Dollars by
wire transfer in immediately available funds to a bank and account designated CTX herein. When conversion of amounts received by
Zomedica in any currency other than Dollars is required, such conversion shall be calculated using the rate of exchange using the
following methodology:

 

(i)                  
The calculation of royalty payments and sales milestones will be made in United States Dollars regardless of the countries
in which sales are made. Net Sales made in currencies other than Dollars will be converted into Dollars using a fixed exchange
rate (subject to periodic adjustments as described below). The fixed exchange rate will apply to all payments related to the Net
Sales during the period for which that fixed exchange rate applies independent of the actual invoice date.

 

(ii)                
Exchange rates for all payments under this Agreement will be fixed as of September 30th for a period of twelve (12) months
forward, which is to commence the first business day of the next Calendar Year. The exchange rates will be fixed based on the
close price exchange rates published in the Wall Street Journal for September 30th, where
“close price” refers to the United States dollar/foreign currency exchange rates as published by the Wall Street Journal
for September 30th (or the next business day if rates for September 30th are unavailable) of a given year.

 

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(iii)               
Exchange rates will reset annually based again on the applicable close price exchange rates. The reset exchange rates shall
apply to all payments based on Net Sales after the reset date for the next twelve-month period and in no event shall such reset
exchange rates be applicable to payments based on Net Sales in prior periods.

 

		(j)	Taxes.

 

(i)                  
Zomedica will make all payments to CTX under this Agreement without deduction or withholding for Taxes except to the extent
that any such deduction or withholding is required by Law in effect at the time of payment. The Parties agree to use commercially
reasonable efforts to minimize any withholding or similar Tax imposed upon payments payable under this Agreement and to consult
in good faith before taking any action that is reasonably expected to result in the application of a withholding or similar Tax
imposed upon payments payable under this Agreement.

 

(ii)                
Any Tax required to be withheld on amounts payable under this Agreement will promptly be paid by Zomedica on behalf of CTX
to the appropriate governmental authority, and Zomedica will furnish CTX with proof of payment of such Tax. Any such Tax required
to be withheld will be an expense of and borne by CTX.

 

(iii)               
If Zomedica had a duty to withhold Taxes in connection with any payment it made to CTX under this Agreement and Zomedica
paid such Taxes (the “Assessed Amount”), then Zomedica will notify in writing it paid such Taxes, which notice
will be a copy of the assessment and proof of payment including any other relevant documentation. Zomedica may offset the Assessed
Amount against the immediately following payments owing to CTX until such Assessed Amount has been fully satisfied.

 

(iv)               
Zomedica and CTX will cooperate with respect to all documentation required by any taxing authority or reasonably requested
by Zomedica to secure a reduction in the rate of applicable withholding taxes. On the date of execution of this Agreement, CTX
shall provide any tax forms required to be completed for this transaction, including if applicable deliver to Zomedica an accurate
and complete Internal Revenue Service Form W-8BEN-E certifying that CTX is entitled to the applicable benefits under the Income
Tax Treaty between Canada and the United States.

 

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(v)                
All payments due to CTX from Zomedica pursuant to this Agreement shall be paid exclusive of VAT and similar commodity taxes.
To support the zero-rating treatment for VAT purposes of any services, intellectual property rights or intangible personal property
supplied by CTX to Zomedica herein.

 

		(k)	Audits. During the Royalty Term and for a period of the longer of: (a)
the length of time required to retain such records in accordance with applicable Law and (b) seven (7) years thereafter, Zomedica shall keep (and shall
cause its Affiliates and sublicensees to keep) complete and accurate records pertaining to the sale or other disposition of Licensed
Products in sufficient detail to permit CTX to confirm accuracy of all royalties due hereunder. CTX shall have the right to cause
an independent, certified public accountant reasonably acceptable to Zomedica to audit such records to confirm Net Sales, royalties
and other payments for a period covering not more than the preceding seven (7) years during the Royalty Term. Such audits may be
exercised during normal business hours upon reasonable prior written notice to Zomedica. Prompt adjustments will be made by the
Parties to reflect the results of such audit. CTX shall bear the full cost of such audit unless such audit discloses an underpayment
by Zomedica of more than five percent (5%) of the aggregate amount of royalties or other payments due for such audited period,
in which case, Zomedica shall bear the full cost of such audit and shall remit to CTX the amount of any underpayment within forty
five (45) days after receipt of an invoice from CTX. All information in such records will be deemed Zomedica’s Confidential
Information.

 

		(l)	Invoicing. With respect to any Calendar Quarter for which CTX is entitled
to payment pursuant to Section 6.1(a)) with respect to a portion of the Research Plan Budget, CTX shall provide an invoice to Zomedica
within thirty (30) days of the end of each Calendar Quarter accompanied by the relevant report submitted by CTX to the JRC. Within
sixty (60) days of the date such invoice is provided by CTX to Zomedica (or any other invoice that may be submitted pursuant to
this Agreement), Zomedica shall pay CTX the aggregate amounts set forth in such invoice unless Zomedica disputes a portion thereof
of in good faith (in which event Zomedica shall pay the undisputed portion thereof). Invoices shall provide sufficient detail and
supporting documentation for and including breakdown of all relevant expenses. Any payments or portions thereof due by Zomedica
to CTX hereunder which are not paid when due shall bear interest at the Contract Interest Rate (based on a 365-day year), calculated
on the number of days such payment is delinquent. This Section 6.1(l) shall in no way limit any other remedies available to CTX.

 

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		(m)	Manner of Payment. All payments to be made by a Party to another
Party hereunder shall be by wire transfer to the relevant bank account detailed below or such other bank account as a Party (as
applicable) may designate in writing from time to time during the Term.

 

		7.	Intellectual Property

 

7.1.             
Data and Information.

 

(a)                
All data and other Information generated from the Research Plan shall be owned as determined by the laws of the United States,
including patent laws irrespective of where generated or the invention takes place subject to the following:

 

(i)                  
Subject to (ii), as Zomedica is conducting and funding the research under the Research Plan, Zomedica shall own all data
and other information generated from the Research Plan or collected by Zomedica.

 

(ii)                
CTX shall have access to but shall not own health (animal or human) data generated from the Research Plan or the research
and development partnership pursuant to this Agreement unless the data supports intellectual property where CTX or CTX personnel
are named as inventors.

 

(iii)               
It is understood that the activities conducted under this Agreement are directed to Zomedica creating commercial products
for the animal health industry and for CTX to have access to data that may further the development of human cosmetic and pharmaceutical
products. Should the data collected and/or funded by Zomedica directly lead to commercialization for a human market, the Parties
shall negotiate in good faith a license and payment to Zomedica from CTX.

 

		7.2.	Publication.

 

(a)                
Zomedica is a public company and with its shareholders’ interests in mind, without limitation of Section 7.1, neither
Party shall publish or disclose any data or other Information arising from the Research Plan without scientific review and prior
written approval by the other Party; provided that such restrictions shall not apply to Zomedica (i) with respect to the information
it owns, Controls or (ii) after such time as Zomedica has exercised the Option.

 

(b)                
A Party wishing to publish or disclose any such data or other Information shall provide a copy of the proposed publication/disclosure
to the other Party sixty (60) days prior to the proposed submission date for the publication/disclosure. Within the sixty (60)
day period, the other Party may request that the Party redact either Party’s Confidential Information, or prior to submission
for publication/disclosure, the other Party may request an additional sixty (60) days in order for the other Party to prepare
and file any provisional or non-provisional patent application on any invention identified in the proposed publication. Although,
the Parties shall have said full period to review the other Party’s proposed publications, they will in good faith endeavor
to review the materials in a shorter time frame if possible.

 

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		7.3.	Ownership of Intellectual Property.

 

Each Party shall retain ownership over its Background
IP. Otherwise, Ownership and inventorship of Intellectual Property, whether or not patentable, will be determined in accordance
with principles of US laws, including US patent law based on inventorship, irrespective of where the invention takes place and
final determination by the JRC as per Section 4.2. The Parties shall abide by the ownership decision of the JRC and execute or
cause to execute assignments and other documents as may be required to effect this ownership determination. All Intellectual Property
generated by either Party relating to Animal Health shall have relevance under this Agreement. Notwithstanding the foregoing, ownership
of Intellectual Property will be determined in accordance with the provisions of this Agreement and Section 7.3.

 

		7.4.	Invention Disclosure.

 

Prior to the earlier of: (i) the dissolution of
the JRC pursuant to Section 4.5, and (ii) the expiry or termination of this Agreement in accordance with its terms, each Party
shall promptly disclose to the other Party and the JRC all inventions arising from the Research Plan that any of its Affiliates
or subcontractors discovers or reduces to practice in performing the research contemplated in the Research Plan. However, CTX’s
obligation to disclose to Zomedica any Intellectual Property arising from the Research Plan shall survive dissolution of the JRC
and termination of this Agreement.

 

		7.5.	Prosecution of Patents.

 

(a)                
Subject to 7.5(b) and (c), CTX shall be responsible for the Prosecution and Maintenance and costs of all Patent Rights owned
or Controlled by CTX, including those that are part of the Licensed Technology (the “Licensed Patent Rights”)
using outside counsel chosen by CTX.

 

(b)                
Consultation. CTX shall provide Zomedica with copies of all substantive documents relating to the Prosecution and
Maintenance of the Licensed Patent Rights in sufficient time for Zomedica to review such documents and comment thereon, if desired
by Zomedica, which comments CTX shall reasonably consider before taking action and in any event with respect to UC Technology,
at least the same rights CTX has with regard to same under the UC Agreement.

 

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(c)                
Zomedica shall be responsible and the ultimate decision maker (including the right not to file, pursue, to discontinue,
and abandon any Patent Rights or potential Patent Rights) for the Prosecution and Maintenance of its own Background Intellectual
Property and any Intellectual Property arising from the Research Plan, including any joint Intellectual Property, such Patent Rights
that comprise the Licensed Technology and subject to the UC Agreement. CTX shall cooperate fully with Zomedica at Zomedica’s
request in the Prosecution and Maintenance of any Intellectual Property including the execution of any documents. With respect
to any joint Intellectual Property (including any Intellectual Property that may not be fully owned or licensed to Zomedica due
to example rights of others outside the Field in same) or Intellectual Property owned by Zomedica that may be licensed in whole
or in part to CTX, the parties shall apportion the costs of the Prosecution and Maintenance of the Intellectual Property accordingly.

 

		7.6.	Enforcement.

 

		(a)	Notice.

 

(i)                  
Each Party shall notify the other promptly of any apparent, threatened, or actual infringement by a Third Party of any Patent
Rights licensed under this Agreement, or misappropriation of any trade secret or Know-How licensed under this Agreement, of which
the Party becomes aware. Each Party shall also notify the other Party of any notice of alleged infringement by it received from
a Third Party regarding the activities under this Agreement to the extent that it may affect the rights and obligations of the
other Party under this Agreement.

 

(ii)                
The notifying Party shall promptly furnish the other with all known details or evidence of such infringement or misappropriation.

 

(iii)               
Each Party shall notify the other within seven (7) days of any third party communications pertaining to any such Patent
Rights that the Party receives as patent owner or as the marketing authorization holder pursuant to the United States Drug Price
Competition and Patent Term Restoration Act of 1984 or equivalent regime in any other country, such third party communications
including notices pursuant to §§ 101 and 103 of such act from third parties who have filed an abbreviated NDA (ANDA)
or NADA (ANADA) or a paper NDA or NADA.

 

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		(b)	Enforcement/Defense.

 

(i)                  
Until the earlier of (A) the exercise of the Option and (B) the termination or expiry of this Agreement in accordance with
its terms, each Party shall be responsible for bringing any enforcement action or suit on account of any third party infringement
of any Patent Right and any defense of any claim of infringement by any Third Party against it by counsel of its own choice provided
that each Party shall provide notice of any such enforcement action or suit to the other Party and each Party shall provide such
assistance to the other Party with respect to such enforcement action or suit as may be reasonably requested in the circumstances.

 

(ii)                
Upon and after the due exercise of the Option, Zomedica shall have the initial right, at its expense and in its own name
or in the name of CTX (or any other Affiliate as the case may be), for bringing any enforcement action or suit on account of any
such third party infringement of any Patent Right by counsel of its own choice, and CTX shall cooperate with Zomedica as Zomedica
may reasonably request in connection with any such legal action, including by becoming a party to such action at Zomedica’s
cost, and Zomedica shall reimburse CTX for its out-of-pocket costs reasonably incurred in connection with rendering such assistance.

 

(iii)               
If Zomedica declines to initiate an enforcement action it shall notify CTX, who in such event (or in the event Zomedica
does not commence an enforcement action within 120 days after notice from CTX or such shorter period as will not prejudice CTX’s
ability to initiate, maintain or pursue such action) shall thereafter have the right (but not the obligation) at CTX’s expense
and in its own name, to initiate such action by counsel of its choice, and Zomedica shall cooperate with CTX as CTX may reasonably
request, including by becoming a party to such action at CTX’s cost, and CTX shall reimburse Zomedica for its out-of-pocket
costs reasonably incurred in connection with rendering such assistance.

 

(iv)               
A settlement or consent judgment or other voluntary final disposition of an action brought by a Party under this section
or in an action brought by a Third party against a Party may be entered into without the consent of the other Party, provided that
such settlement, consent judgment, or other disposition does not admit the invalidity or unenforceability of any Intellectual Property
Rights Controlled by the other Party or the infringement of any Third Party Patent Rights by the other Party, and provided further
that any rights granted to a third party to continue any activity upon which such action was based in such settlement, consent
judgment, or other disposition shall be limited to the product or activity that was the subject of the action.

 

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(v)                
Any damages or recovery obtained as a result of such action, whether by judgment, award, decree or settlement, shall be
allocated, firstly, to reimbursement of the Party who brought the action for its out-of-pocket expenses incurred in bringing such
suit or proceeding (including any advisory counsel) (provided that it has reimbursed the other Party for its out-of-pocket expenses
incurred in providing assistance as provided for above), and secondly, the balance to the Party who brought such suit or proceeding,
except that in the event a court awards Zomedica any recovery of lost profits for any lost Net Sales of Licensed Products on account
of any such third party infringement of Licensed Patent Rights, Zomedica shall owe CTX royalties based on such award of lost Net
Sales as determined in accordance with the License, as the case may be, but only after Zomedica has been reimbursed for any out-of-pocket
costs including counsel’s fees. To the extent that the proceeding relates to any defence against an alleged infringement
of Third Party rights, any such costs for defending such action shall be deducted from any Net Sales or any other amounts owing
by Zomedica with respect to Licensed Products.

 

7.7.             
Infringement of Third-Party Patent Rights. The Parties shall use reasonable efforts to avoid infringing or misappropriating
any Third Party’s Intellectual Property Rights in conducting any activities under this Agreement. Each Party shall promptly
notify the other in the event it becomes aware of any patent rights controlled by a third party that may pertain to any such activities
of the Parties.

 

7.8.             
Patent Term Restoration. The Parties shall cooperate in obtaining patent term restoration or supplemental protection
certificates or their equivalents in any country where applicable to the Patent Rights. If elections with respect to obtaining
such patent term restoration for any Patent Right exclusively licensed to Zomedica are to be made, Zomedica shall have the right
to make the election to seek patent term restoration or supplemental protection and CTX shall abide by such election.

 

7.9.             
Employee Agreements. Prior to beginning work relating to any aspect of the subject matter of this Agreement and/or
being given access to Confidential Information of the other Party, each appropriate employee, consultant and/or agent of CTX and
Zomedica shall have signed or shall be bound to a commercially reasonable non-disclosure and/or invention assignment agreement.
Each Party will be responsible for any compensation or payment to its employees, contractors or agents in connection with the invention
of any Patent Right.

 

7.10.          
Cooperation. Each Party shall reasonably cooperate with the other Party in the Prosecution and Maintenance of the
Patent Rights pursuant to this Agreement. Such cooperation includes promptly executing all documents, or requiring inventors, subcontractors,
employees, former employees (to the extent reasonably available) and consultants and agents to execute all documents, as reasonable
and appropriate so as to enable the Prosecution and Maintenance or enforcement of any such Patent Rights in any country.

 

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		8.	Confidentiality.

 

8.1.             
Confidentiality; Exceptions. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing
or required as a condition of sublicense, the Parties agree that, during the Term and for ten (10) years thereafter (except for
Know-How, which shall be perpetual), the receiving Party will keep confidential and will not publish or otherwise disclose or use
for any purpose other than as provided for in this Agreement any Information furnished to it by the other Party pursuant to this
Agreement (collectively, “Confidential Information”). Further, subject to Authorized Disclosures
of Section 8.2, CTX shall keep Zomedica’s Confidential Information confidential until the information is no longer confidential.
To the extent that Zomedica will be conducting and funding the research pursuant to the Research Plan, all information generated
thereunder shall be the Confidential Information of Zomedica. Notwithstanding the foregoing, Confidential Information will not
include any information to the extent that it can be established by written documentation by the receiving Party that such information:

 

(a)                
is obtained or was already known by the receiving Party or its Affiliates as a result of disclosure from a Third Party that
the receiving Party neither knew nor should have known was under an obligation of confidentiality to the disclosing Party with
respect to such information;

 

(b)                
was generally available to the public or otherwise part of the public domain at the time of its disclosure to the receiving
Party through no act or omission of the receiving Party or its Affiliates in breach of this Agreement;

 

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

 

(d)                
is independently discovered or developed by the receiving Party or its Affiliates (without reference to or use of Confidential
Information of the disclosing Party) as demonstrated by the receiving Party’s documented evidence prepared contemporaneously
with such independent Development or other equally competent evidence.

 

8.2.             
Authorized Disclosure. Except as expressly provided otherwise in this Agreement, each Party may use and disclose
Confidential Information of the other Party solely as follows:

 

(a)                
Each Party or its Affiliates each may disclose Confidential Information that it has received hereunder to their Affiliates
and to those of the personnel and subcontractors of them and their Affiliates who have a need to such information in order to
carry out the work under the Research Plan, perform activities under Article 7 (Intellectual Property) or allow Zomedica to exercise
its Option and who are themselves under a duty of confidentiality;

 

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(b)                
under appropriate confidentiality provisions substantially equivalent to those in this Agreement: (i) in connection with
the performance of its obligations or as reasonably necessary or useful in the exercise of its rights under this Agreement, and
(ii) to the extent it believes such disclosure is reasonably necessary in conducting the activities contemplated under this Agreement;

 

(c)                
to the extent such disclosure is to a Governmental Authority as reasonably necessary in filing or prosecuting patent applications
in accordance with this Agreement, prosecuting or defending litigation in accordance with this Agreement, complying with applicable
governmental regulations with respect to performance under this Agreement, filing regulatory filings, obtaining Regulatory Approval
or fulfilling post-approval regulatory obligations for a Collaboration Compound containing product, or otherwise required by Law,
provided, however, that if a Party is required by Law or the rules of any securities exchange or automated quotation system to
make any such disclosure of the other Party’s Confidential Information it will, except where impracticable for necessary
disclosures (for example, in the event of medical emergency), give reasonable advance notice to the other Party of such disclosure
requirement and, in the case of each of the foregoing, will use its reasonable efforts to secure confidential treatment of such
Confidential Information required to be disclosed;

 

(d)                
to advisors (including to its directors, managers, members, officers, employees, attorneys, accountants, bankers, financial
advisors, subcontractors or consultants) or funding agencies (including that of any Government), to potential investors, financers,
licensees/licensors, partners, collaborators, and parties involved in any other business transactions, including any mergers and
acquisitions, who themselves would be under a duty of confidentiality or as may otherwise be required under applicable Law including
any security laws, under appropriate confidentiality provisions or professional standards of confidentiality substantially equivalent
to those of this Agreement; or

 

		(e)	to the extent mutually agreed to by the Parties.

 

8.3.             
Confidential Treatment of Terms and Conditions. Subject to the exceptions set out in Section 8.2, neither Party shall
disclose the terms and conditions of this Agreement except as may be required by Law or as necessary to effect terms of this Agreement,
including Zomedica’s Option pursuant to Section 3.2 (Option Exercise).

 

8.4.             
Attorney-Client Privilege. Neither Party is waiving, nor will be deemed to have waived or diminished, any of its
attorney work product protections, attorney-client privileges or similar protections and privileges as a result of disclosing
information pursuant to this Agreement, or any of its Confidential Information (including Confidential Information related to
pending or threatened litigation) to the receiving Party, regardless of whether the disclosing Party has asserted, or is or may
be entitled to assert, such privileges and protections. The Parties:

 

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(a)                
share a common legal and commercial interest in such disclosure that is subject to such privileges and protections;

 

(b)                
may become joint defendants in proceedings to which the information covered by such protections and privileges relates;

 

(c)                
intend that such privileges and protections remain intact should either Party become subject to any actual or threatened
proceeding to which the disclosing Party’s Confidential Information covered by such protections and privileges relates; and

 

(d)                
intend that after the Effective Date both the receiving Party and the disclosing Party will have the right to assert such
protections and privileges.

 

		9.	Representations, Warranties and Covenants

 

9.1.             
Mutual Representations and Warranties. In addition to the representations and warranties made by a Party elsewhere
in this Agreement, each Party hereby represents and warrants to the other Party that:

 

(a)                
As of the Effective Date, it is duly organized and validly existing under the Laws of its jurisdiction of organization and
it has full corporate power and authority and has taken all corporate action necessary to enter into and perform this Agreement;

 

(b)                
As of the Effective Date, this Agreement is a legal and valid obligation binding upon such Party and enforceable in accordance
with its terms; the execution, delivery and performance of the Agreement by such Party does not conflict with any agreement, instrument
or understanding, oral or written, by which it is bound, nor to its knowledge as of the Effective Date violate any Law; and the
person or persons executing this Agreement on such Party’s behalf have been duly authorized to do so by all requisite corporate
action;

 

(c)                
As of the Effective Date, it has sufficient legal right and/or beneficial title or ownership of its respective intellectual
property to grant the licenses to the other Party as purported to be granted pursuant to this Agreement.

 

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9.2.             
CTX Representations, Warranties and Covenants. In addition to the representations and warranties made by CTX above
and elsewhere in this Agreement, CTX hereby represents, warrants, and covenants to Zomedica that:

 

(a)                
As of the Effective Date, it has, or will have during the Term of this Agreement, the full right, power and authority to
grant to Zomedica the licenses hereunder granted in this Agreement;

 

(b)                
As of the Effective Date, there is no suit or legal proceeding pending or threatened in writing with respect to the Background
Intellectual Property;

 

(c)                
As of the Effective Date, CTX has not entered, and during the Term, will not enter, into any written agreement with a Third
Party that conflicts with the rights granted to Zomedica hereunder or CTX’s ability to fully perform its obligations hereunder;

 

(d)                
Except for the UC Agreement or as contemplated by the Research Plan, prior to the Effective Date, CTX has not entered into
any written agreement with a Third Party to conduct research with respect the Technology in the Field and CTX is not collaborating
with any Third Parties for the Development of Products in the Field;

 

(e)                
Subject to Section 9.2(d), as of the Effective Date, CTX has not granted any rights to Third Parties to the Technology in
the Field or the Collaboration Compounds;

 

(f)                 
Schedule B accurately lists all Technology owned or Controlled by CTX as of the Effective Date;

 

(g)                
Pursuant to the UC agreement, CTX owns or has exclusively licensed from UC or has otherwise licensed to CTX sufficient rights
to ensure that Zomedica will fully enjoy the licensing rights contemplated by this Agreement, all right, title and interest in
and to all Intellectual Property relating to the Field that was created or Controlled by CTX prior to the Effective Date of this
Agreement, including those compounds and the Technology listed in Schedule B, and true and correct copies of the agreements
or other instruments effecting such assignment have been provided to Zomedica;

 

(h)                
CTX represents and warrants that the Technology, including the UC Technology is in good standing and that neither CTX or
UC is in beach of same and throughout the term of this Agreement, CTX covenants that it will maintain and not be in breach of the
UC Agreement throughout the Term of this Agreement, including the exercise of any option or license and that the Technology will
be maintained in good standing. CTX shall promptly notify Zomedica if this covenant is no longer or potentially no longer true.

 

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(i)                  
CTX represents and warrants that its representatives on the JRC and those contributing and conducting activities under this
Agreement on behalf of CTX including the Research Plan all have a duty to assign their rights and contributions with respect to
any Technology or Intellectual Property developed pursuant to this agreement to CTX and/or Zomedica and to no other party.

 

9.3.             
Disclaimer of Warranties. EXCEPT AS OTHERWISE SET FORTH IN ARTICLE 9 OF THIS AGREEMENT, THE PARTIES EXPRESSLY DISCLAIM
ANY AND ALL REPRESENTATIONS AND WARRANTIES, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, WITH RESPECT TO THE PATENT RIGHTS, INFORMATION
AND ANY OTHER SUBJECT MATTER RELATING TO THIS AGREEMENT, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
VALIDITY OR NONINFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS.

 

		10.	Limitations of Liability; Insurance

 

10.1.          
Limitations of Liability. IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY INDIRECT, SPECIAL, INCIDENTAL,
EXEMPLARY, MULTIPLE, CONSEQUENTIAL, OR PUNITIVE DAMAGES OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, OR FOR
ANY LOSS OR INJURY TO A PARTY'S PROFITS OR GOODWILL, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (WHETHER IN CONTRACT, TORT (INCLUDING
NEGLIGENCE), STRICT LIABILITY OR OTHERWISE), EVEN IF SUCH PARTY WAS ADVISED OR OTHERWISE AWARE OF THE LIKELIHOOD OF SUCH DAMAGES,
EXCEPT WITH RESPECT TO CONSEQUENTIAL DAMAGES (WHICH IN NO EVENT WILL INCLUDE ANY PUNITIVE DAMAGES) AWARDED TO A PARTY THAT THE
NON-BREACHING PARTY DEMONSTRATES RESULTED FROM A BREACH OF SECTION 8.1 (CONFIDENTIALITY; EXCEPTIONS), OR SECTION 8.2 (AUTHORIZED
DISCLOSURE). NOTHING IN THIS SECTION 10.1 (LIMITATIONS OF LIABILITY) IS INTENDED TO LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS
OR OBLIGATIONS OF EITHER PARTY UNDER ARTICLE 11 (INDEMNIFICATION) WITH RESPECT TO ANY DAMAGES PAID BY THE OTHER PARTY TO A THIRD
PARTY IN CONNECTION WITH A THIRD PARTY CLAIM OR ANY DAMAGES OR CLAIMS BY CTX TO ZOMEDICA IN THE CASE THAT CTX BREACHES THE UC AGREEMENT
OR THE UC AGREEMENT IS OTHERWISE TERMINATED.

 

10.2.          
Insurance. Each Party shall procure and maintain insurance, including product liability insurance, with respect
to its activities hereunder and which are consistent with normal business practices of prudent companies similarly situated at
all times during which any Licensed Product is being clinically tested in animals or human subjects or commercially distributed
or sold. CTX represents and warrants that it has such insurance in effect as of the Effective Date and has provided to Zomedica
a copy of the certificate of insurance evidencing such insurance on or prior to the Effective Date. It is understood that such
insurance shall not be construed to create a limit of either Party’s liability with respect to its indemnification obligations
under Article 11. Each Party shall provide the other with written evidence or written confirmation of such insurance upon request.
Each Party shall provide the other with written notice at least thirty (30) days prior to the cancellation, non-renewal or material

change in such insurance or self-insurance which
materially adversely affects the rights of the other Party hereunder.

 

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		11.	Indemnification.

 

11.1.          
Indemnification by CTX. CTX hereby agrees to defend, hold harmless and indemnify (collectively, “Indemnify”)
Zomedica and its Affiliates, and its and their directors, officers, employees, contractors and agents (collectively, the “Zomedica
Indemnitees”) from and against any liability or expense (including reasonable legal expenses, costs of litigation and
attorneys’ fees), damages, or judgments, whether for money or equitable relief (collectively, “Losses”)
resulting from suits, proceedings, claims, actions, demands, or threatened claims, actions or demands, in each case brought by
a Third Party (each, a “Third Party Claim”) against a Zomedica Indemnitee, including, for each of clauses (a),
(b) and (c), below, bodily injury, risk of bodily injury, death, property damage, and product liability Third Party Claims or the
failure to comply with Law arising out of or relating to, directly or indirectly:

 

(a)                
CTX’s, its Affiliates or subcontractors’ (collectively, the “CTX Parties”) activities, including
Development activities, under the Research Plan;

 

(b)                
the CTX Parties’ negligence, recklessness, intentional misconduct or intentional acts or omissions; provided that
the foregoing shall not apply to any action or omission undertaken at the direction or request of any Zomedica Indemnitee outside
of the Research Plan;

 

(c)                
CTX’s material breach of any representation, warranty or covenant set out in this Agreement including any breach or
termination of the UC Agreement; or

 

(d)                
the invalidity or other failure of the license included in the UC Agreement to be enforceable or to convey to CTX the right
to license to Zomedica the UC Technology that is subject to such license upon exercise of the Option by Zomedica for any reason,
whether by virtue of a challenge to such power of attorney or any claim relating to such power of attorney that may be asserted
by UC or any third party, a breach of such power of attorney by UC or otherwise.

 

CTX’s obligation to Indemnify the Zomedica
Indemnitees pursuant to this Section 11.1 shall not apply to the extent that any such Losses (i) arise from the negligence or intentional
misconduct of any Zomedica Indemnitee; (ii) arise from any material breach by Zomedica of this Agreement; or (iii) arising out
of Zomedica’s activities under the Research Plan.

 

11.2.          
Indemnification by Zomedica. Zomedica hereby agrees to Indemnify CTX and its Affiliates, and its and their directors,
officers, employees, contractors and agents (the “CTX Indemnitees”) from and against any and all Losses resulting
from Third Party Claims, including, for each of clauses (a), (b) and (c), below, bodily injury, risk of bodily injury, death,
property damage, and product liability Third Party Claims or the failure to comply with Law arising out of or relating to, directly
or indirectly:

 

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(a)                
Zomedica’s, its Affiliates’, sublicensees’, wholesalers’, distributors’ or sub- contractors’
(collectively, the “Zomedica Parties”) activities (including Development) under the Research Plan, use, Development,
manufacture, commercialization, transfer, labeling, handling or storage, promotion, marketing, distribution, offer for sale, sale,
import or export of any Licensed Product in the Territory;

 

(b)                
the Zomedica Parties’ negligence, recklessness, intentional misconduct or intentional acts or omissions; provided
that the foregoing shall not apply to any action or omission undertaken at the direction or request of any CTX Indemnitee outside
of the Research Plan; or

 

(c)                
Zomedica’s material breach of any representation, warranty or covenant set out in this Agreement.

 

Zomedica’s obligation
to Indemnify the CTX Indemnitees pursuant to the foregoing sentence shall not apply to the extent that any such Losses (i) arise
from the negligence or intentional misconduct of any CTX Indemnitee; (ii) arise from any material breach by CTX of this Agreement;
or (iii) arising out of CTX’s activities under the Research Plan.

 

11.3.          
Claim for Indemnification. Whenever any Claim or Loss arises for which a Zomedica Indemnitee or a CTX Indemnitee
(the “Indemnified Party”) may seek indemnification under this Article 11 (Indemnification), the
Indemnified Party will promptly notify the other Party (the “Indemnifying Party”) of the Claim
or Loss and, when known, the facts constituting the basis for the Claim or Loss; provided, however, that the failure by an Indemnified
Party to give such notice or to otherwise meet its obligations under this Section 11.3 (Claim for Indemnification) does not relieve
the Indemnifying Party of its indemnification obligation under this Agreement except and only to the extent that the Indemnifying
Party is actually prejudiced as a result of such failure. The Indemnifying Party has exclusive control of the defense and settlement
of all Claims for which it is responsible for indemnification and shall assume the defense thereof at its own expense promptly
upon notice of such Claim or Loss. The Indemnified Party shall not settle or compromise any Claim by a Third Party for which it
is entitled to indemnification without the prior written consent of the Indemnifying Party, unless the Indemnifying Party is in
breach of its obligation to defend hereunder. In no event can the Indemnifying Party settle any Claim without the prior written
consent of the Indemnified Party if such settlement does not include a complete release from liability on such Claim or if such
settlement would involve undertaking an obligation other than the payment of money, would bind or impair the Indemnified Party,
or includes any admission of wrongdoing or that any intellectual property or proprietary right of the Indemnified Party is invalid
or unenforceable.

 

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The Indemnified Party shall reasonably cooperate
with the Indemnifying Party at the Indemnifying Party’s expense and shall make available to the Indemnifying Party reasonably
requested information under the control of the Indemnified Party, which information is subject to Article 8 (Confidentiality).
The Indemnifying Party shall permit the Indemnified Party to participate in (but not to control) the Third Party Claim through
counsel of its choosing (to the extent it has the ability to do so). Notwithstanding any other provision of this subsection, if
an Indemnified Party withholds consent to a bona fide settlement offer, where but for such action, the Indemnifying Party could
have settled such Claim, the Indemnifying Party shall be required to indemnify the Indemnified Party only up to a maximum of the
bona fide settlement offer for which the Indemnifying Party could have settled such Claim.

 

		12.	Term and Termination.

 

12.1.          
Term. This Agreement shall commence as of the Effective Date and, unless sooner terminated in accordance with the
terms hereof or by mutual written consent, shall expire at the later of:

 

(a)                
Thirty-six (36) months from the Effective Date;

 

		(b)	the expiration of the Option Period; and

 

(c)                
if Zomedica exercises the Option, on a country-by-country basis and Product-by- Product basis until the expiry of the Royalty
Term for such Product in such country.

 

(such time period, the “Term”)

 

		12.2.	Termination by CTX.

 

(a)                
CTX may terminate this Agreement upon written notice to Zomedica:

 

(i)                  
Breach. In the event of any material breach by Zomedica of this Agreement; provided that CTX provides notice of such
breach to Zomedica specifying the nature of the alleged breach and such breach has not been cured by Zomedica within ninety (90)
days after such notice thereof;

 

(b)                
If CTX has the right to terminate this Agreement for any reason under this Section 12.2, then CTX may, in its sole discretion,
terminate this Agreement solely with respect to one or more countries (each, a “Terminated Country”) in the
Territory or one or more Licensed Products (each, a “Terminated Product”); provided that if CTX is terminating
less than all of the countries in the Territory or less than all of the Licensed Products, then CTX shall specify the Terminated
Countr(y)/(ies) and Terminated Product(s), as applicable, in CTX’s termination notice to Zomedica.

 

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		12.3.	Termination by Zomedica.

 

(a)                
Breach. In the event of any material breach by CTX of this Agreement, Zomedica may terminate this Agreement upon
delivery of written notice to, provided that Zomedica provides notice of such breach to CTX specifying the nature of the alleged
breach and such breach has not been cured within ninety (90) days after such notice thereof.

 

(b)                
Termination for Convenience. Zomedica shall have the right to terminate this Agreement in its entirety, or on a Licensed
Product-by-Licensed Product or country-by-country basis at its sole discretion, for any reason or no reason, with or without cause,
upon providing CTX ninety (90) days’ prior written notice of such termination.

 

		12.4.	Termination for Insolvency or Bankruptcy.

 

(a)                
Insolvency Event; Definition. Either Party may terminate this Agreement in its entirety upon providing written notice
to the other Party on or after the time that such other Party makes a general assignment for the benefit of creditors, files an
insolvency petition in bankruptcy or makes a voluntary assignment in bankruptcy, petitions, applies for or acquiesces to the appointment
of any receiver, receiver and manager, interim receiver, trustee or similar officer or official to liquidate or conserve its business
or any substantial part of its assets, commences under the laws of any jurisdiction any proceeding involving its insolvency, bankruptcy,
reorganization, adjustment of debt, dissolution, liquidation or any other similar proceeding for the release of or other relief
for financially distressed debtors, or becomes a party to any proceeding or action of the type described above and not dismissed
within ninety

(90) days of filing or released within ninety (90) days of the event(each, an
“Insolvency Event”).

 

		(b)	Bankruptcy Laws.

 

(i)                  
All rights and licenses granted to Zomedica under or pursuant to this Agreement, including, for the avoidance of doubt,
the licenses granted to Zomedica pursuant to Section 3.3, are, and shall otherwise be deemed to be, for purposes of Section 32(6)
of the Companies’ Creditors Arrangement Act (Canada) (“CCAA”), Section 65.11(7) of the Bankruptcy
and Insolvency Act (Canada) (“BIA”) or for purposes of Section 365(n) of the U.S. Bankruptcy Code, if applicable,
and other similar laws in any jurisdiction outside of Canada (collectively, the “Bankruptcy Laws”), licenses
of rights to “intellectual property” as contemplated under the Bankruptcy Laws including, licenses of right to “intellectual
property” as defined under Section 101 of the U.S. Bankruptcy Code.

 

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(ii)                
Upon the occurrence of any Insolvency Event with respect to CTX (the “Insolvent Party”), CTX agrees that
Zomedica, as licensee of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections
under the Bankruptcy Laws.

 

(iii)               
Further, each Party agrees and acknowledges that all payments hereunder, other than the milestone payments pursuant to Section
6.1(b) and the royalty payments pursuant to Section 6.1(c), do not constitute “obligations owing under the agreement in relation
to the use of the intellectual property” as contemplated by Section 32(6) of the CCAA or Section 65.11(7) of the BIA or 365
(n)(2)(B) of the US Bankruptcy Code or relate to licenses of intellectual property hereunder.

 

(iv)               
CTX shall, during the term of this Agreement, create and maintain current copies or, if not amenable to copying, detailed
descriptions or other appropriate embodiments, to the extent feasible, of all such intellectual property.

 

(v)                
Each Party agrees and acknowledges that “intellectual property” as contemplated by the Bankruptcy Laws include
laboratory notebooks, cell lines, product samples and inventory, research studies and data, regulatory approvals and regulatory
materials in each case to the extent related to the Licensed Products.

 

		(vi)	It is the intention of the parties that if:

 

(A)               
a case or proceeding is commenced during the Term by or against CTX under the Bankruptcy Laws;

 

(B)                
this Agreement is disclaimed as provided for under the Bankruptcy Laws; and

 

(C)                
Zomedica elects to retain its rights hereunder as provided for under the Bankruptcy Laws or otherwise,

 

then CTX (in any capacity) and its successors
and assigns (including a receiver, interim receiver or trustee in bankruptcy and any assignee thereof of any right or power of
attorney that CTX may have or may exercise under, or in connection with, this Agreement) including the UC Agreement, shall (x)
provide to Zomedica immediately upon Zomedica’s written request copies of all such intellectual property (including embodiments
thereof) held by CTX and such successors and assigns, or otherwise available to them, and (y) not interfere with Zomedica’s
rights under this Agreement, or any related agreements between the Parties, to such intellectual property (including such embodiments),
including any right to obtain such intellectual property (or such embodiments) from another entity.

 

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(vii)             
Whenever CTX or any of its successors or assigns provides to Zomedica any of the intellectual property licensed hereunder
(or any embodiment thereof) pursuant to this Section 12.4, Zomedica shall have the right to perform CTX’s obligations hereunder
with respect to such intellectual property, but neither such provision nor such performance by Zomedica shall release CTX from
liability resulting from disclaimer of the license or the failure to perform such obligations.

 

(viii)            
All rights, powers and remedies of Zomedica as provided herein are in addition to and not in substitution for any and all
other rights, powers and remedies now or hereafter existing at law or in equity (including the Bankruptcy Laws) in the event of
the commencement of a case or proceeding by or against CTX under the Bankruptcy Laws.

 

(ix)               
In particular, it is the intention and understanding of the Parties that the rights granted to Zomedica under this Section
12.4 are essential to the Parties’ respective businesses and the Parties acknowledge that damages are not an adequate remedy.

 

(x)                
The Parties agree that they intend the following rights to extend to the maximum extent permitted by applicable Law, and
to be enforceable under Section 32(6) of the CCAA and Section 65.11(7) of the BIA and the relevant provisions of the US Bankruptcy
Code:

 

(A)               
the right of access to any intellectual property (including embodiments thereof) of CTX, or any Third Party with whom CTX
contracts to perform an obligation of CTX under this Agreement, and, in the case of the Third Party, which is necessary for the
exploitation of Licensed Products;

 

(B)                
the right to contract directly with any Third Party to complete the contracted work upon failure of CTX to comply with its
applicable obligations; and

 

(C)                
in favor of Zomedica, the right to the benefit of the exercise of any power of attorney held by CTX to grant to Zomedica
the rights and licenses provided in this Agreement.

 

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(xi)               
Further, it is the intention of the Parties that this Agreement, even if not disclaimed, be binding on any party that purchases
the intellectual property licensed to Zomedica, or any power of attorney that permits such license to Zomedica, pursuant to any
Bankruptcy Laws, notwithstanding any approval and vesting order that may be issued in respect of such intellectual property or
power and that Zomedica receive reasonable prior notice of any motion brought pursuant to any Bankruptcy Laws to approve such
sale. For greater certainty, nothing herein shall be construed as a waiver of any right that Zomedica may have to object to such
sale, including on the basis that such sale of intellectual property or power is contrary to the terms of this Agreement.

 

		12.5.	Effect of Termination or Expiration.

 

(a)                
Prior to Option Exercise. Prior to exercise of the Option by Zomedica, upon the effective date of termination or
expiration of the Term, except as otherwise expressly provided herein, all rights and obligations of each Party hereunder shall
cease, including all rights and licenses granted by a Party. Each Party shall return to the other their respective Confidential
Information and Controlled Intellectual Property and Materials (provided that each Party may keep one copy of such Confidential
Information for archival purposes only).

 

(b)                
After Option Exercise. In the event that this Agreement is terminated, in addition to any other remedies available
at law or in equity:

 

(i)                  
all licenses granted to Zomedica under this Agreement with respect to the Terminated Products and/or Terminated Countries
will terminate;

 

(ii)                
At Zomedica’s expense (unless such termination is by Zomedica due to material breach by CTX pursuant to Section 12.3(a),
in which case at CTX’s request and at its expense), Zomedica shall promptly:

 

(A)               
return to CTX all relevant data, records and materials received from CTX and in Zomedica’s possession or Control containing
CTX’s Confidential Information and related solely to the Terminated Country and to Terminated Products (provided that Zomedica
may keep one copy of such Confidential Information for archival purposes only); and

 

(B)                
diligently wind down, according to good clinical practice, any clinical trials that are ongoing for Terminated Products
in the Terminated Country at the time of notice of such termination or, at CTX’s reasonable request and expense, Zomedica
will use Commercially Reasonable Efforts to assure a smooth transition to CTX, without interruption, of any ongoing clinical trials
with respect to the Terminated Product being conducted by or on behalf of Zomedica (or its Affiliate or sublicensee) at the time
of notice of termination which Zomedica determines to continue in compliance with the applicable Laws and ethical guidelines applicable
to the transfer or termination of such studies, provided that nothing herein shall require Zomedica to undertake any new Development,
manufacture or commercialization or other activities.

 

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[*Confidential Treatment will be requested as to certain portions of this document.
Each such portion, which has been omitted herein and replaced with an asterisk [*], will be filed separately with the Securities
and Exchange Commission.]

 

 

(c)                
Terminated Products. CTX shall have the right, exercisable upon written notice by CTX to Zomedica given within
thirty (30) days after the effective date of termination of this Agreement, to elect all (but not less than all) of the following
with respect to Terminated Products in any Terminated Country:

 

(i)                  
Zomedica shall promptly provide to CTX copies of all material data, records and materials generated by Zomedica, its Affiliates
or sublicensees to the extent related to Terminated Products in the Terminated Country.

 

(ii)                
If the Terminated Product is being sold at the time of termination, Zomedica will continue manufacturing the Terminated
Product during a transitional period and at conditions to be mutually agreed in good faith between the Parties. In addition, in
connection with any such transfer, CTX shall use Commercially Reasonable Efforts to purchase from Zomedica (or its Affiliates)
Zomedica’s inventory of Licensed Product at Zomedica’s cost of goods, provided that such inventory is of marketable
condition. Zomedica shall under no circumstances be obligated to continue activities which implicate a safety issue.

 

(iii)               
Zomedica shall transfer and assign to CTX, or its licensee, all regulatory filings and Regulatory Approvals relating to,
or necessary to make, use or sell the Terminated Products in the Terminated Country that are Controlled by Zomedica or its Affiliates.
Where transfer or assignment is not permitted, Zomedica shall cooperate fully with CTX to enable CTX, or its licensee, to obtain
its own regulatory filings and Regulatory Approvals.

 

(iv)               
Subject to the remaining provisions of this Section, Zomedica hereby grants to CTX, effective as of the effective date of
such termination, a non-exclusive, transferable, sublicenseable license in the Field in the Terminated Country, under the Zomedica
Applied Technology, solely to Develop and commercialize any Terminated Product that is in active clinical development or has been
commercialized by Zomedica or its Affiliates or sublicensees at the time of termination.

 

(v)                
If the effective date of such termination with respect to a Terminated Product is after the Commencement of a Phase I Clinical
Trial for such Terminated Product, but before a Phase I Clinical Trial for such Terminated Product has been completed and the
Phase I Clinical Trial milestone payment , if any, has been made by Zomedica, then CTX shall pay Zomedica royalties on sales of
such Terminated Product for ten (10) years from the date of First Commercial Sale of such Terminated Product as follows: (i) [*]
of CTX’s (or its Affiliates’) Net Sales of such Terminated Product; and (ii) where CTX has sublicensed such Terminated
Product, then [*] of CTX’s Net Royalties in respect of sales of such Terminated Product.

 

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(vi)               
If the effective date of such termination with respect to a Terminated Product is after a Phase I Clinical Trial for such
Terminated Product has been completed, but before a Phase II Clinical Trial for such Terminated Product has been completed, then
CTX shall pay Zomedica royalties on sales of such Terminated Product for ten (10) years from the date of First Commercial Sale
of such Terminated Product as follows: (i) [*] of CTX’s (or its Affiliates’) Net Sales of such Terminated Product;
and (ii) where CTX has sublicensed such Terminated Product for such Indication then [*] of CTX’s Net Royalties in respect
of sales of such Terminated Product.

 

(vii)             
If the effective date of such termination with respect to a Terminated Product is after a Phase II Clinical Trial for such
Terminated Product has been completed, then CTX shall pay Zomedica royalties on sales of such Terminated Product for ten (10) years
from the date of First Commercial Sale of such Terminated Product as follows: (i) [*] of CTX’s (or its Affiliates’)
net sales of such Terminated Product; and (ii) where CTX has sublicensed such Terminated Product for such Indication then [*] of
CTX’s Net Royalties in respect of sales of such Terminated Product.

 

(viii)            
The definitions of “Net Sales” set forth in Article 1 and of “First Commercial Sale” in Article
1 and the royalty reduction provisions set forth in Section (d) shall apply mutatis mutandis to the royalties payable by
CTX to Zomedica under this Section 12.5. For the purposes of this Section 12.5, “CTX’s Net Royalties”
shall mean the royalty that CTX receives from its sublicensee of such Terminated Product.

 

(d)                
Upon termination of this Agreement, Zomedica shall pay CTX the entire amount of any financial commitments incurred by CTX
prior to termination even if those financial commitments come due after termination in accordance with the Research Plan Budget
that exceed amounts paid by Zomedica to CTX hereunder prior to such termination and cannot be canceled; except Zomedica shall
only be responsible for paying FTE Costs (as pro-rated in accordance with the Research Plan Budget) until sixty (60) days after
such effective date of termination. Upon receipt of notice of termination, to the extent possible, CTX shall promptly terminate
any outstanding commitments and avoid incurring any further costs under the Research Plan. Upon termination or expiration of this
Agreement, CTX and its subcontractor(s), as applicable, retain title to equipment or material purchased or fabricated with funds
paid by Zomedica hereunder. No later than thirty (30) days after the effective date of termination or expiration of the Term,
unless another period is agreed to in writing by the Parties, CTX may provide an invoice in respect of the final payment due and
payable. Zomedica shall pay all such amounts no later than sixty (60) days after receipt of such invoice. Notwithstanding the
foregoing, it is understood that, in no event shall the funds payable to CTX exceed the maximum amount set forth in the Research
Plan Budget. In addition, within thirty (30) days after such effective date of termination CTX shall provide Zomedica with a final
accounting for all Research Plan Budget. Should the final accounting indicate an amount is due to CTX, such final payment will
be made in accordance with Section 6.1(m). If the final accounting indicates an overpayment by Zomedica, CTX shall refund such
overpayment to Zomedica within sixty (60) days of the final accounting.

 

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12.6.          
Accrued Rights. Expiration or termination of this Agreement (or any provision hereof) for any reason is without
prejudice to any right that shall have accrued to the benefit of a Party prior to such expiration or termination, including damages
arising from any breach under this Agreement. Expiration or termination of this Agreement does not relieve a Party from any obligation
that is expressly indicated to survive such expiration or termination.

 

12.7.          
Survival. The following provisions shall survive termination or expiration of this Agreement: Sections 4.2, 6.1 (g),
(k) and Articles 7, 8, 10,11 ,12.5, 12.6 , 13 and 14 and Article 1 to the extent necessary to give effect to the foregoing.

 

		13.	Dispute Resolution.

 

13.1.          
Discussion by Senior Executives. If there is an unresolved matter, dispute or issue arising out of or relating to
the existence, negotiation, validity, formation, interpretation, breach, performance or application of this Agreement (each, a
“Dispute”) for which neither Party has the final decision making authority as expressly provided elsewhere in
this Agreement, either Party may refer such Dispute to their respective Presidents (such persons, the “Senior Executives”),
or their designee(s), in writing for further discussion and resolution. These individuals shall as soon as practicable meet and
attempt in good faith to resolve the Dispute and reach agreement. These individuals may obtain the advice of other employees or
consultants as they deem necessary or advisable in order to make the decision. If these individuals cannot reach agreement as to
the Dispute within thirty (30) days of the Dispute being referred to them, then such Dispute will be resolved as set out in this
Article 13.

 

13.2.          
Mediation and Arbitration. If the Senior Executives are not able to resolve such Dispute referred to them
under Section 13.1 within thirty (30) days, the Parties shall first refer such Dispute to proceedings under the International
Chamber of Commerce (“ICC”) Mediation Rules. If the dispute has not been settled pursuant to the said Rules within
forty-five (45) days following the filing of a Request for Mediation or within such other period as the parties may agree in writing,
such dispute shall thereafter be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one
or more arbitrators appointed in accordance with the said Rules of Arbitration.

 

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(c)                    
Language. The language of the mediation and arbitration shall be in English.

 

(d)                   
Arbitrator(s). There shall be one (1) arbitrator; provided that if either Party requests, the arbitration shall be
conducted by a panel of three. Each arbitrator shall have experience in the pharmaceutical business. In the case of a sole arbitrator,
the parties shall attempt jointly to select such arbitrator within thirty (30) days after notice of arbitration is due. If the
parties cannot reach an agreement regarding the sole arbitrator within that time, the sole arbitrator shall be appointed in accordance
with the Rules of the International Chamber of Commerce. If the Dispute seeks an aggregate award in excess of US $5,000,000
there shall be three (3) arbitrators, all of which shall be appointed by the ICC. The arbitrator(s) shall be guided, but not bound,
by the IBA Rules on the Taking of Evidence in International Commercial Arbitration (www.ibanet.org).

 

(e)                    
Judgment. Judgment upon the award rendered by such arbitrators shall be binding on the Parties and may be entered
by any court having jurisdiction thereof.

 

(f)                     
Injunctive Relief. Either Party may apply to the arbitrators or a court of competent jurisdiction for interim injunctive
relief until the arbitration award is rendered or the controversy is otherwise resolved. Nothing in this Agreement shall prevent
either party from seeking provisional measures, including a temporary restraining order or preliminary injunction, from any court
of competent jurisdiction, and any such request shall not be deemed incompatible with the agreement to arbitrate or a waiver of
the right to arbitrate.

 

(g)                    
No Punitive Damages. The arbitrators shall be bound by the limitation of liability provisions in Section 10.1 and
the arbitrators shall have no authority to award punitive or any other type of damages not measured by a Party’s compensatory
damages; except as expressly provided otherwise under Section 10.1.

 

(h)                   
Award. The arbitrator(s) shall issue a brief, reasoned award. It is the intent of the parties that barring extraordinary
circumstances the award should be issued within six (6) months following appointment of the arbitrator(s) as provided above. The
arbitrator(s) must agree to the foregoing deadlines before accepting appointment. The Parties may agree to extend this time limit
or the arbitrators may do so in their discretion if they determine that the interest of justice so requires. The arbitrators shall
use their best efforts to issue the final award or awards within such time period. Failure to adhere to this time limit shall not
be a basis for challenging the award.

 

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

 

13.3.          
Patent Dispute Resolution. Any Dispute relating to the ownership, scope, validity, enforceability or infringement
of any Patent Rights shall be submitted to a court of competent jurisdiction in which such Patent Rights exist.

 

13.4.          
Payment Dispute Resolution. Notwithstanding the provisions of Section 13.2, any dispute, controversy or claim relating
to the calculation of Net Sales or a payment made pursuant to this Agreement shall be submitted for resolution to a member (the
“Baseball Arbitrator”) of an accounting firm of national standing selected by both Parties (and which shall
not be the auditor of either of the Parties) within thirty (30) days after notice of the dispute is received or deemed to be received
by a Party. If the Parties cannot agree on a Baseball Arbitrator, the provisions of Section 13.2 shall apply. The Parties shall
make submissions to the Baseball Arbitrator within ninety (90) days after the selection of the Baseball Arbitrator and the Baseball
Arbitrator will select one Party’s submission. If the Parties cannot agree on a member of the accounting firm, the provisions
of Section 13.2 shall apply. The decision of the Baseball Arbitrator in selecting on Party’s submission shall be final and
binding on both Parties.

 

13.5.          
EACH PARTY HERETO (1) WAIVES ITS RIGHT TO TRIAL UNDER ANY ISSUE BY JURY WITH RESPECT TO ANY DISPUTE BROUGHT UNDER THIS AGREEMENT,
(2) WITH THE EXCEPTION OF RELIEF MANDATED BY STATUTE, ANY CLAIM TO PUNITIVE, EXEMPLARY, MULTIPLIED, INDIRECT, CONSEQUENTIAL OR
LOST PROFITS/REVENUES DAMAGES, AND (3) ANY CLAIM FOR ATTORNEY FEES, COSTS AND PREJUDGMENT INTEREST.

 

		14.	Miscellaneous.

 

14.1.          
Affiliates and Designees. Each Party has the right to exercise their respective rights, perform their respective
obligations and/or receive performance of the other Party’s obligations hereunder through their Affiliates or sublicensees.

 

14.2.          
Assignment. Neither this Agreement nor any rights or obligations hereunder may be assigned or otherwise transferred
(whether by operation of Law, general succession or otherwise) by either Party without the prior written consent of the other
Party, said consent not to be unreasonably withheld, except that either Party may assign this Agreement to an Affiliate of such
Party and Zomedica may assign to an acquiror of all of their business or part of their business governing the subject matter of
this Agreement. Notwithstanding the foregoing, unless Zomedica shall otherwise agree in writing, a Change of Control of CTX shall
constitute a prohibited assignment of this Agreement and a material breach of this Agreement. Any assignment not in accordance
with this Agreement will be void. Subject to the foregoing, the rights and obligations of the Parties under this Agreement will
be binding upon and inure to the benefit of the successors and permitted assigns of the Parties.

 

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		14.3.	Construction.

 

(a)                
The definitions of the terms herein apply equally to the singular and plural forms of the terms defined.

 

(b)                
Whenever the context may require, any pronoun includes the corresponding masculine, feminine and neuter forms.

 

(c)                
The words “include”, “includes” and “including” are deemed to be followed by the phrase
“without limitation.”

 

		(d)	The word “will” is construed to have the same meaning and effect as the word

“shall.”

 

(e)                
The Parties each acknowledge that they have had the advice of counsel with respect to this Agreement, that this Agreement
has been jointly drafted, and that no rule of strict construction will be applied in the interpretation hereof.

 

		(f)	Unless the context requires otherwise,

 

(i)                  
any definition of or reference to any agreement, instrument or other document herein will be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modifications set forth herein or therein),

 

(ii)                
any reference to any Laws herein will be construed as referring to such Laws as from time to time enacted, repealed or amended,

 

(iii)               
any reference herein to any person will be construed to include the person’s permitted successors and assigns,

 

(iv)               
the words “herein”, “hereof” and “hereunder”, and words of similar import, will be construed
to refer to this Agreement in its entirety and not to any particular provision hereof, and

 

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(v)                
all references herein to Articles, Sections or Schedules, unless otherwise specifically provided, will be construed to refer
to Articles, Sections or Schedules of this Agreement.

 

14.4.          
Counterparts. This Agreement may be executed in counterparts with the same effect as if both Parties had signed the
same document. All such counterparts will be deemed an original, will be construed together and will constitute one and the same
instrument. Signature pages of this Agreement may be exchanged by facsimile or other electronic means without affecting the validity
thereof.

 

14.5.          
Entire Agreement. This Agreement, including the attached Schedules constitutes the entire agreement between
the Parties as to the subject matter of this Agreement, and supersedes and merges all prior discussions, representations, agreements
and understandings regarding the same.

 

14.6.          
Force Majeure. Neither Party is liable for a delay or failure in the performance of any of its obligations hereunder
(other than the payment of money) if such delay or failure is due to causes beyond its reasonable control, including acts of God,
fires, floods, earthquakes, labor strikes, acts of war, terrorism or civil unrest (“Force Majeure”);
provided, however, that the affected Party notifies the other Party in writing within thirty (30) days of the Force Majeure event
(and continues to provide monthly status updates to the other Party for the duration of the effect); further provided that the
affected Party will use its reasonable efforts to avoid or remove such causes of non-performance and to mitigate the effect of
such occurrence, and will continue performance with reasonable dispatch whenever such causes are removed.

 

14.7.          
Further Assurances. Each Party agrees to do and perform all such further acts and things and will execute and deliver
such other agreements, certificates, instruments and documents necessary or that the other Party may reasonably request in order
to carry out the intent and accomplish the purposes of this Agreement and to evidence, perfect or otherwise confirm its rights
hereunder.

 

14.8.          
Headings. Headings and captions are for convenience only and are not to be used in the interpretation of this
Agreement.

 

14.9.          
Notices. Any notice required or permitted to be given by this Agreement will be in writing, in English, and
will be delivered by hand or overnight courier with tracking capabilities addressed as set forth below unless changed by notice
so given:

 

If to CTX:            3661 N Campbell Av, Ste 286

Tucson, AZ 85719

USA

Attn: David Loynd

Title: President and CEO

Facsimile: (520) 844-6641

Email: dloynd@ctx-tech.com

 

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If to Zomedica:    3928 Varsity Drive

Ann
Arbor, MI 48108

USA

Attn: Stephanie L. Morley, D.V.M.

Title: Chief
Operations Officer

Facsimile: (734) 436-8680

 

Any such notice will be deemed
given on the date delivered. A Party may add, delete (so long as at least one person is remaining), or change the person or address
to which notices should be sent at any time upon written notice delivered to the other Party in accordance with this Section 14.9
(Notices).

 

14.10.      
Relationship of the Parties. Each Party is an independent contractor under this Agreement. Nothing contained herein
is intended or is to be construed so as to constitute Zomedica and CTX as partners, agents or joint venturers. Neither Party has
any express or implied right or authority to assume or create any obligations on behalf of or in the name of the other Party or
to bind the other Party to any contract, agreement or undertaking with any Third Party.

 

14.11.      
Severability. If any one or more of the provisions of this Agreement is held to be invalid or unenforceable, the
provision will be considered severed from this Agreement and will not serve to invalidate any remaining provisions hereof. The
Parties will negotiate in good faith to replace any invalid or unenforceable provision with a valid and enforceable one such that
the objectives contemplated by the Parties when entering this Agreement may be realized.

 

14.12.      
Third Party Beneficiaries. Except as expressly provided with respect to CTX Indemnitees or Zomedica Indemnitees in
Article 11 (Indemnification) (for whom CTX and Zomedica, respectively, hold such rights in trust), there are no third party beneficiaries
intended hereunder and no Third Party will have any right or obligation hereunder.

 

14.13.      
Waivers and Modifications. The failure of any Party to insist on the performance of any obligation hereunder is not
be deemed to be a waiver of such obligation. Waiver of any breach of any provision hereof is not be deemed to be a waiver of any
other breach of such provision or any other provision on such occasion or any other occasion. No waiver, modification, release
or amendment of any right or obligation under or provision of this Agreement will be valid or effective unless in writing and signed
by all Parties hereto.

 

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14.14.          
Governing Law. This Agreement and any dispute hereunder will be governed by the laws of the state of Delaware and the federal
laws of the United States of America applicable therein. Subject to the provisions of Section 13, the Parties attorn to the non-exclusive
jurisdiction of the courts of Michigan.

 

IN WITNESS WHEREOF, the
Parties have executed this Agreement by proper persons thereunto duly authorized as of the Effective Date set forth above.

 

 

 

 

	
        CTX Technologies, Inc.

         

         

        By: /s/ David A. Loynd

         

        Date: April 22, 2016

         

        Name: David A. Loynd

         

        Title: President and CEO

         
	
        Zomedica Pharmaceuticals Corp.

         

         

        By: /s/Gerald Solensky

         

        Date: 4//21/16

         

        Name: Gerald Solensky

         

        Title: Chairman/CEO

	
         

         
	 

 

 

 

 

 

 

 

52

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