Document:

Exhibit 10.1

 

INDEMNIFICATION
AGREEMENT

 

This Indemnification
Agreement (“Agreement”) is made as of _________ __, 2020 by and between Virpax Pharmaceuticals, Inc., a Delaware corporation
(the “Company”), and ______________ (“Indemnitee”).

 

RECITALS

 

WHEREAS, highly competent
persons have become more reluctant to serve publicly-held corporations as directors or officers or in other capacities unless they
are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions
against them arising out of their service to and activities on behalf of the corporation and due to the fact that such exposure
frequently bears no relationship to compensation paid to such officers and directors;

 

WHEREAS, the Company
and Indemnitee recognize that plaintiffs often seek damages in such large amounts and the costs of litigation may be so enormous
(whether or not the case is meritorious), that the defense and/or settlement of such litigation is often beyond the personal resources
of directors and officers;

 

WHEREAS, the Company’s
Bylaws provide for the indemnification of the officers and directors of the Company to the fullest extent permitted by the General
Corporation Law of the State of Delaware (the “DGCL”). The Bylaws expressly provide that the indemnification provisions
set forth therein are not exclusive and contemplate that contracts may be entered into between the Company and its directors and
officers with respect to indemnification;

 

WHEREAS, Section 145
of the DGCL empowers the Company to indemnify its officers, directors, employees and agents by agreement and to indemnify persons
who serve, at the Company’s request, as the directors, officers, employees or agents of other corporations or enterprises;

 

WHEREAS, Section 102(b)(7)
of the DGCL allows the Company to include in its Certificate of Incorporation a provision limiting or eliminating the personal
liability of a director for monetary damages in respect of claims by shareholders and corporations for breach of certain fiduciary
duties, and the Company has so provided in its Certificate of Incorporation that each director shall be exculpated from such liability
to the maximum extent permitted by law;

 

WHEREAS, the Company,
after reasonable investigation, has determined that the liability insurance coverage presently available to the Company may be
inadequate in certain circumstances to cover all possible exposure for which Indemnitee should be protected.

 

WHEREAS, the uncertainties
relating to such insurance and to indemnification have increased the difficulty of attracting and retaining highly competent persons
to serve as directors and officers. The Board has determined that the increased difficulty in attracting and retaining such persons
is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons
that there will be increased certainty of such protection in the future;

 

     

     

    

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such
persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue
concern that they will not be so indemnified;

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Company’s Certificate of Incorporation and Bylaws and any resolutions adopted
pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;
and

 

WHEREAS, Indemnitee
does not regard the protection available under the Company’s Certificate of Incorporation, Bylaws and insurance as adequate in
the present circumstances, and may not be willing to serve as an officer or director without adequate protection, and the Company
desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service
for or on behalf of the Company on the condition that he be so indemnified;

 

NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1. Services
to the Company. Indemnitee agrees to serve as a director or officer of the Company or, at the request of the Company, as a
director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust, employee benefit plan
or other enterprise. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual
obligation or any obligation imposed by operation of law), in which event the Company shall have no obligation under this Agreement
to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between the Company (or any
of its subsidiaries or any other corporation, limited liability company, partnership, joint venture, trust employee benefit plan
or other enterprise of which Indemnitee was serving at the Company’s request as a director, officer, employee, agent or fiduciary)
and Indemnitee. Indemnitee specifically acknowledges that Indemnitee’s employment with the Company (or any of its subsidiaries
or any other corporation, limited liability company, partnership, joint venture, trust employee benefit plan or other enterprise
of which Indemnitee was serving at the Company’s request as a director, officer, employee, agent or fiduciary), if any, is
at will, and the Indemnitee may be discharged at any time for any reason, with or without cause, except as may be otherwise provided
in any written employment contract between Indemnitee and the Company (or any of its subsidiaries or any other corporation, limited
liability company, partnership, joint venture, trust employee benefit plan or other enterprise of which Indemnitee was serving
at the Company’s request as a director, officer, employee, agent or fiduciary). The foregoing notwithstanding, this Agreement
shall continue in force after Indemnitee has ceased to serve as an officer or director of the Company.

 

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Section 2. Definitions.
As used in this Agreement:

 

(a) A
“Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the
following events:

 

i. Acquisition
of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly,
of securities of the Company representing thirty-five percent (35%) or more of the combined voting power of the Company’s then
outstanding securities;

 

ii. Change
in Board. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement),
individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by
a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(a)(i), 2(a)(iii) or
2(a)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least
two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the
Board;

 

iii. Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or
consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity)
more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such
merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such
surviving entity;

 

iv. Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets; and

 

v. Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule
14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as
defined below), whether or not the Company is then subject to such reporting requirement.

 

For purposes of this Section 2(a), the following terms shall
have the following meanings:

 

(A) “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(B) “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person shall exclude
(i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii)
any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of stock of the Company.

 

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(C) “Beneficial
Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial
Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger
of the Company with another entity.

 

(b) “Corporate
Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or
of any other corporation, limited liability company, partnership or joint venture, trust, employee benefit plan or other enterprise
which such person is or was serving at the request of the Company.

 

(c) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(d) “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or
expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also shall include (i) Expenses incurred
in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other
costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 13(d)
only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under
this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the
amount of judgments or fines against Indemnitee.

 

(e) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar
indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine
Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel
referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out
of or relating to this Agreement or its engagement pursuant hereto.

 

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(f) “Proceeding”
shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company
or otherwise and whether of a civil, criminal, administrative, legislative, or investigative nature, including any appeal therefrom,
in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of the fact
that Indemnitee is or was a director or officer of the Company, by reason of any action taken by him or of any action on his part
while acting as director or officer of the Company, or by reason of the fact that he is or was serving at the request of the Company
as a director, officer, employee or agent of another corporation, limited liability company, partnership, joint venture, trust
or other enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for
which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement; except one initiated by
an Indemnitee to enforce his rights under this Agreement.

 

Section 3. Indemnity
in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee
is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the
Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to the fullest extent permitted
by applicable law against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee
or on his behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and
in a manner he reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal
proceeding had no reasonable cause to believe that his conduct was unlawful.

 

Section 4. Indemnity
in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions
of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right
of the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified to the fullest extent
permitted by applicable law against all Expenses actually and reasonably incurred by him or on his behalf in connection with such
Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he reasonably believed to be
in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this Section 4 in respect
of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless
and only to the extent that the Delaware Court of Chancery or any court in which the Proceeding was brought shall determine upon
application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly
and reasonably entitled to indemnification.

 

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Section 5. Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to the
fullest extent permitted by applicable law and to the extent that Indemnitee is a party to (or a participant in) and is successful,
on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company
shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him in connection therewith. If Indemnitee
is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all
claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. If the Indemnitee is not
wholly successful in such Proceeding, the Company also shall indemnify Indemnitee against all Expenses reasonably incurred in connection
with a claim, issue or matter related to any claim, issue, or matter on which the Indemnitee was successful. For purposes of this
Section and without limiting the foregoing, if any Proceeding is disposed of, on the merits or otherwise (including a disposition
without prejudice), without (i) the disposition being adverse to Indemnitee, (ii) an adjudication that Indemnitee was liable to
the Company, (iii) a plea of guilty or nolo contendere by Indemnitee, (iv) an adjudication that Indemnitee did not act in good
faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and (v) with
respect to any criminal proceeding, an adjudication that Indemnitee had reasonable cause to believe Indemnitee’s conduct
was unlawful, Indemnitee shall be considered for purposes of this Agreement to have been successful with respect thereto.

 

Section 6. Indemnification
For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable
law and to the extent that Indemnitee is, by reason of his Corporate Status, a witness or otherwise participates in any Proceeding
to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on
his behalf in connection therewith.

 

Section 7. Additional
Indemnification.

 

(a) Notwithstanding
any limitation in Sections 3, 4, or 5, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable law
if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the
Company to procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement actually and
reasonably incurred by Indemnitee in connection with the Proceeding.

 

(b) For
purposes of Section 7(a), the meaning of the phrase “to the fullest extent permitted by applicable law” shall include,
but not be limited to:

 

i. to
the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement,
or the corresponding provision of any amendment to or replacement of the DGCL, and

 

ii. to
the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement
that increase the extent to which a corporation may indemnify its officers and directors.

 

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Section 8. Exclusions.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity
in connection with any claim made against Indemnitee:

 

(a) for
which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except
with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

 

(b) for
any Proceedings with respect to which final judgment is rendered against Indemnitee for payment of (i) an accounting of profits
made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section
16(b) of the Exchange Act (as defined in Section 2(a) hereof) or similar provisions of state statutory law or common law, or (ii)
any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any
profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act
(including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley
Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by
Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), or

 

(c) any
Proceeding involving the enforcement of non-compete and/or non-disclosure agreements or the non-compete and/or non-disclosure provisions
of employment, consulting or similar agreements the Indemnitee may be a party to with the Company or any subsidiary of the Company
or any other applicable foreign or domestic corporation, partnership, joint venture, trust or other enterprise, if any; or

 

(d) except
as provided in Section 13(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated by
Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors,
officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior
to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the
Company under applicable law.

 

Section 9. Advances
of Expenses. The Company shall advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection
with any Proceeding, and such advancement shall be made within thirty (30) days after receipt by the Corporation of (i) a statement
or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition
of any Proceeding, and (ii) an undertaking by or on behalf of Indemnitee to repay such amount or amounts, only if, and to the extent
that, it shall ultimately be determined that Indemnitee is not entitled to be indemnified by the Corporation as authorized by this
Agreement or otherwise. Such undertaking shall be accepted without reference to the financial ability of Indemnitee to make such
repayment. Advances shall be unsecured and interest free. Advances shall include any and all reasonable Expenses incurred pursuing
an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company
to support the advances claimed. This Section 9 shall not apply to any claim made by Indemnitee for which indemnity is excluded
pursuant to Section 8 or to any Proceeding for which the Company has assumed the defense thereof in accordance with Section 10(b)
of this Agreement.

 

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Section 10. Procedure
for Notification and Defense of Claim.

 

(a) Indemnitee
shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement
of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. The written
notification to the Company shall include a description of the nature of the Proceeding and the facts underlying the Proceeding.
To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or
therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine
whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such action, suit or proceeding.
The omission by Indemnitee to notify the Company hereunder will not relieve the Company from any liability which it may have to
Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver
by Indemnitee of any rights under this Agreement. The Secretary of the Company shall, promptly upon receipt of such a request for
indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 

(b) In
the event the Company shall be obligated to pay the Expenses of Indemnitee with respect to a Proceeding, as provided in this Agreement,
the Company shall be entitled to assume the defense of such Proceeding, with counsel reasonably acceptable to Indemnitee, upon
delivery of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and
retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel
subsequently incurred by Indemnitee with respect to the same Proceeding, provided that (1) Indemnitee shall have the right to employ
Indemnitee’s own counsel in such Proceeding at Indemnitee’s expense and (2) if (i) the employment of counsel by Indemnitee
has been previously authorized in writing by the Company, (ii) counsel to the Company or Indemnitee shall have reasonably concluded
that there may be a conflict of interest or position, or reasonably believes that a conflict is likely to arise, on any significant
issue between the Company and the Indemnitee in the conduct of such defense or (iii) the Company shall not, in fact, have employed
counsel to assume the defense of such Proceeding, then the fees and expenses of Indemnitee’s counsel shall be at the expense
of the Company, except as otherwise expressly provided by this Agreement.

 

(c) The
Company will be entitled to participate in the Proceeding at its own expense.

 

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Section 11. Procedure
Upon Application for Indemnification.

 

(a) Upon
written request by Indemnitee for indemnification pursuant to Section 10(a), a determination, if required by applicable law, with
respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in Control shall have occurred
after the date of this Agreement, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered
to Indemnitee; or (ii) if a Change in Control shall not have occurred after the date of this Agreement, (A) by a majority vote
of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of Disinterested Directors designated
by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there are no such Disinterested
Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which
shall be delivered to Indemnitee or (D) if so directed by the Disinterested Directors, by the stockholders of the Company; and,
if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days
after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect
to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request
any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available
to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including attorneys’ fees and disbursements)
incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company
(irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees
to hold Indemnitee harmless therefrom.

 

(b) In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 11(a) hereof,
the Independent Counsel shall be selected as provided in this Section 11(b). If a Change in Control shall not have occurred
after the date of this Agreement, the Independent Counsel shall be selected by the Board, and the Company shall give written notice
to Indemnitee advising him of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred after
the date of this Agreement, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such
selection be made by the Board, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to
the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as
the case may be, may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company
or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection
may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual
basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such
written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless
and until such objection is withdrawn or a court has determined that such objection is without merit. If, within twenty (20) days
after the submission by Indemnitee or the Company, as the case may be, of a written objection, no Independent Counsel shall have
been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution
of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or
for the appointment as Independent Counsel of a person selected by the Court or by such other person as the Court shall designate,
and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel
under Section 11(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 13(a)
of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject
to the applicable standards of professional conduct then prevailing).

 

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Section 12. Presumptions
and Effect of Certain Proceedings.

 

(a) In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement
if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall,
to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making
by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including
by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to
this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct,
nor an actual determination by the Company (including by its directors or independent legal counsel) that Indemnitee has not met
such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable
standard of conduct.

 

(b) Subject
to Section 13(e), if the person, persons or entity empowered or selected under Section 11 of this Agreement to determine whether
Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company
of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited
by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee
of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection
with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that
such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons
or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for
the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions
of this Section 12(b) shall not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders
pursuant to Section 11(a) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for
such determination the Board has resolved to submit such determination to the stockholders for their consideration at an annual
meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special
meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such
meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat, or
(ii) if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 11(a) of this
Agreement.

 

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(c) The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself
adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and
in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful.

 

(d) Reliance
as Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if
Indemnitee’s action is based on the records or books of account of the Company or other corporation, limited liability company,
partnership, joint venture, trust employee benefit plan or other enterprise of which Indemnitee was serving as a director, officer,
employee, agent or fiduciary, including financial statements, or on information supplied to Indemnitee by the officers of the Company
or other corporation, limited liability company, partnership, joint venture, trust employee benefit plan or other enterprise of
which Indemnitee was serving as a director, officer, employee, agent or fiduciary in the course of their duties, or on the advice
of legal counsel for the enterprise or on information or records given or reports made to the Company or other corporation, limited
liability company, partnership, joint venture, trust employee benefit plan or other enterprise of which Indemnitee was serving
as a director, officer, employee, agent or fiduciary by an independent certified public accountant or by an appraiser or other
expert selected with the reasonable care by the Company or other corporation, limited liability company, partnership, joint venture,
trust employee benefit plan or other enterprise of which Indemnitee was serving as a director, officer, employee, agent or fiduciary.
The provisions of this Section 12(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which
the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

 

(e) Actions
of Others. The knowledge and/or actions, or failure to act, of any other director, officer, agent or employee of the Company
or other corporation, limited liability company, partnership, joint venture, trust employee benefit plan or other enterprise of
which Indemnitee was serving as a director, officer, employee, agent or fiduciary shall not be imputed to Indemnitee for purposes
of determining the right to indemnification under this Agreement.

 

Section 13. Remedies
of Indemnitee.

 

(a) Subject
to Section 13(e), in the event that (i) a determination is made pursuant to Section 11 of this Agreement that Indemnitee is not
entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 9 of
this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 11(a) of this
Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Section 5 or 6 or the last sentence of Section 11(a) of this Agreement within ten (10) days after
receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section 3, 4 or 7 of this Agreement
is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in
the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable,
or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided
or intended to be provided to the Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of his entitlement
to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration
to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee
shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee
first has the right to commence such proceeding pursuant to this Section 13(a); provided, however, that the foregoing
clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his rights under Section 5 of this Agreement.
The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

    -11-

     

    

 

(b) In
the event that a determination shall have been made pursuant to Section 11(a) of this Agreement that Indemnitee is not entitled
to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 13 shall be conducted in all
respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse
determination. In any judicial proceeding or arbitration commenced pursuant to this Section 13 the Company shall have the burden
of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be.

 

(c) If
a determination shall have been made pursuant to Section 11(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 13,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under
applicable law.

 

(d) The
Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 13 that the procedures and presumptions of this Agreement are not valid, binding and enforceable
and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.
It is the intent of the Company that the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation,
enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof
would substantially detract from the benefits intended to be extended to the Indemnitee hereunder. The Company shall indemnify
Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company
of a written request therefor) advance, to the extent not prohibited by law, such Expenses to Indemnitee, which are incurred by
Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under
this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether
Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the
case may be.

 

(e) Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be
required to be made prior to the final disposition of the Proceeding.

 

    -12-

     

    

 

Section 14. Non-exclusivity;
Survival of Rights; Insurance; Subrogation.

 

(a) The
rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of
any other rights to which Indemnitee may at any time be entitled under applicable law, the Company’s Certificate of Incorporation,
the Company’s By-laws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration
or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in
respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal.
To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement
of Expenses than would be afforded currently under the Company’s Certificate of Incorporation, the Company’s By-laws and
this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded
by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right
and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other right or remedy.

 

(b) To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with
its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such
policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director
and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers
in accordance with the procedures set forth in the respective policies. The Company and the Indemnitee shall thereafter take all
necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such
proceeding in accordance with the terms of such policies.

 

(c) In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee with respect to any insurance policy, who shall execute all papers required and take all action necessary
to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such
rights.

 

(d) The Company shall
not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement is provided
hereunder) hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise. 

 

(e) The
Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, employee or agent of any other corporation, limited liability company, partnership, joint venture, trust,
employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or
advancement of Expenses from such other corporation, limited liability company, partnership, joint venture, trust, employee benefit
plan or other enterprise.

 

    -13-

     

    

 

Section 15. Severability.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each
portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to
the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform
to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the
provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such
provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed
so as to give effect to the intent manifested thereby.

 

Section 16. Enforcement.
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving as a director or officer of the Company.

 

Section 17. Entire
Agreement. Supersedes Prior Agreements. This Agreement constitutes the entire agreement between the parties hereto with respect
to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties
hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance
of the Certificate of Incorporation of the Company and applicable law, and shall not be deemed a substitute therefor, nor to diminish
or abrogate any rights of Indemnitee thereunder.

 

Section 18. Modification
and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties
thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions
of this Agreement nor shall any waiver constitute a continuing waiver.

 

Section 19. Notice
by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena,
complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification
or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company
of any obligation which it may have to the Indemnitee under this Agreement or otherwise except to the extent the Corporation is
prejudiced in its defense of such action, suit or proceeding as a result of such failure.

 

    -14-

     

    

 

Section 20. Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed,
(b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed,
(c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have
been directed or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received:

 

(a) If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide
to the Company.

 

(b) If
to the Company to

 

Virpax Pharmaceuticals, Inc.

1554 Paoli Pike, #279

West Chester, PA 19380

Attention: Chairman of the Board

 

or to any other address as may have been furnished to Indemnitee
by the Company.

 

Section 21. Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to
Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred
by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses,
in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and
reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the
Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative
fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or
transaction(s).

 

Section 22. Applicable
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect
to any arbitration commenced by Indemnitee pursuant to Section 13(a) of this Agreement, the Company and Indemnitee hereby irrevocably
and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought
only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court
in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the
Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to
the extent such party is not otherwise subject to service of process in the State of Delaware, irrevocably Corporation Services
Company as its agent in the State of Delaware as such party’s agent for acceptance of legal process in connection with any such
action or proceeding against such party with the same legal force and validity as if served upon such party personally within the
State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and
(v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been
brought in an improper or inconvenient forum.

 

    -15-

     

    

 

Section 23. Identical
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to
be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party
against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

Section 24. Miscellaneous.
Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs
of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be signed as of the day and year first above written.

 

	VIRPAX PHARMACEUTICALS, INC.	 
	 	 	 
	By:	                                             	 
	 	Name: 	                                         	 
	 	Title:	 	 

 

INDEMNITEE

 

	 	 
	Name:	 

 

	Address: 	          	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

-16-Exhibit 10.7

 

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

 

 

	 

 

LICENSE AGREEMENT

 

by and between

 

MEDPHARM LIMITED

 

and

 

VIRPAX PHARMACEUTICALS, LLC

 

 

 

June 10, 2017

 

	 

 

 

 

 

 

     

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

    

 

TABLE OF CONTENTS

 

	 	 	PAGES
	 	 	 
	Article 1.	DEFINITIONS	2
	 	 	 
	Article 2.	LICENSE GRANT	10
	 	 	 
	2.1	License Grant	10
	 	 	 
	2.2	Sublicensing	10
	 	 	 
	2.3	Non-Compete	11
	 	 	 
	Article 3.	DEVELOPMENT, MANUFACTURING AND COMMERCIALIZATION	11
	 	 	 
	3.1	Responsibility	11
	 	 	 
	3.2	Diligence	11
	 	 	 
	3.3	Records	12
	 	 	 
	3.4	Reports	12
	 	 	 
	3.5	Compliance with Applicable Laws	12
	 	 	 
	3.6	MedPharm Manufacturing Option	12
	 	 	 
	Article 4.	PAYMENTS	13
	 	 	 
	4.1	Upfront Payment	13
	 	 	 
	4.2	Milestone Payments	13
	 	 	 
	4.3	Royalties	14
	 	 	 
	4.4	Royalty Term	14
	 	 	 
	4.5	Adjustment for Generic Competition	14
	 	 	 
	Article 5.	PAYMENT; RECORDS; AUDITS	14
	 	 	 
	5.1	Payment; Reports	14
	 	 	 
	5.2	Exchange Rate; Manner and Place of Payment	15
	 	 	 
	5.3	Income Tax Withholding	15
	 	 	 
	5.4	Audits	15
	 	 	 
	Article 6.	CONFIDENTIALITY AND PUBLICATION	16
	 	 	 
	6.1	Confidential Information	16
	 	 	 
	6.2	Exceptions	16
	 	 	 

     

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

    

 

	6.3	Authorized Disclosure	16
	 	 	 
	6.4	Publications	17
	 	 	 
	6.5	Publicity	17
	 	 	 
	6.6	Prior Confidential Disclosure Agreement	17
	 	 	 
	Article 7.	REPRESENTATIONS AND WARRANTIES; CERTAIN COVENANTS	18
	 	 	 
	7.1	Mutual Representations and Warranties	18
	 	 	 
	7.2	MedPharm Representations and Warranties	18
	 	 	 
	7.3	MedPharm Covenants	20
	 	 	 
	7.4	Virpax Representations and Warranties	20
	 	 	 
	7.5	Mutual Covenants	20
	 	 	 
	7.6	Performance by Affiliates, Sub-licensees and Subcontractors	21
	 	 	 
	7.7	Limitation of Liability	21
	 	 	 
	Article 8.	INTELLECTUAL PROPERTY	22
	 	 	 
	8.1	Ownership	22
	 	 	 
	8.2	Patent Prosecution and Maintenance	22
	 	 	 
	8.3	Enforcement and Defense of Patent Rights	24
	 	 	 
	8.4	Patent Term Extensions	25
	 	 	 
	8.5	Infringement of Third Party Rights	26
	 	 	 
	Article 9.	TERM AND TERMINATION	26
	 	 	 
	9.1	Term	26
	 	 	 
	9.2	Termination for Material Breach	26
	 	 	 
	9.3	Termination for Patent Challenge	27
	 	 	 
	9.4	At-Will Termination by Virpax	27
	 	 	 
	9.5	Effect of Expiration or Termination	28
	 	 	 
	9.6	Accrued Obligations; Survival	28
	 	 	 
	9.7	Return of Confidential Information	28
	 	 	 
	9.8	Damages; Relief	28
	 	 	 
	Article 10.	INDEMNIFICATION	29
	 	 	 
	10.1	Indemnification by Virpax	29
	 	 	 
	10.2	Indemnification by MedPharm	29
	 	 	 
	10.3	Control of Defense	30
	 	 	 
	10.4	Insurance	30
	 	 	 

    -ii-

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	Article 11.	DISPUTE RESOLUTION	31
	 	 	 
	11.1	Disputes	31
	 	 	 
	11.2	Arbitration	31
	 	 	 
	11.3	Court Actions	32
	 	 	 
	Article 12.	MISCELLANEOUS	32
	 	 	 
	12.1	Rights Upon Bankruptcy	32
	 	 	 
	12.2	Governing Law	33
	 	 	 
	12.3	Entire Agreement; Amendments	33
	 	 	 
	12.4	Non-Waiver	33
	 	 	 
	12.5	Assignment	33
	 	 	 
	12.6	Force Majeure	34
	 	 	 
	12.7	Severability	34
	 	 	 
	12.8	Notices	34
	 	 	 
	12.9	Interpretation	35
	 	 	 
	12.10	Relationship between the Parties	36
	 	 	 
	12.11	Cumulative Remedies	36
	 	 	 
	12.12	No Third Party Rights	36
	 	 	 
	12.13	Further Assurances	36
	 	 	 
	12.14	Costs	36
	 	 	 
	12.15	Counterparts	36

 

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LICENSE AGREEMENT

 

This
License Agreement (“Agreement”), effective as of June 10, 2017 (the “Effective
Date”), is made by and between MedPharm Limited, a company organized
and existing under the laws of the United Kingdom (“MedPharm”), and Virpax
Pharmaceuticals, LLC, a limited liability company organized and existing under the laws of the State of Delaware (“Virpax”).

 

Recitals

 

Whereas,
MedPharm owns intellectual property, including as covered by patent application PCT/GB2006/003408 entitled “TOPICAL FILM-FORMING
MONOPHASIC FORMULATIONS”, as well as know-how covering its spray formulation technology and the formulation of active pharmaceutical
ingredients within spray formulation technology, necessary or useful to the development and commercialization of products in the
Field (the “MedSpray Technology”);

 

Whereas,
Virpax has been formed to engage in the discovery, development, marketing and sale of pharmaceutical products; and

 

Whereas,
MedPharm and Virpax have entered into that certain Research and Option Agreement, dated as of April 11, 2017 (the “Option
Agreement”), pursuant to which Virpax has the right to license the MedPharm Technology in connection with Virpax
Molecules (as therein defined) pending the negotiation of a definitive license agreement; and

 

Whereas,
Virpax and MedPharm intend this Agreement to be the initial Definitive License Agreement entered into in connection with the Option
Agreement and accordingly Virpax desires to obtain, and MedPharm is willing to grant to Virpax, a license under the MedPharm Technology
to discover, develop, make, have made, use, sell, have sold, offer for sale, market, export, import and otherwise commercialize
Products in the Field, on the terms and subject to the conditions set forth herein.

 

     

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

    

 

Now,
Therefore, in consideration of the foregoing premises and the mutual covenants contained herein, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereby agree as follows:

 

Article
1.

 

DEFINITIONS

 

Unless specifically set
forth to the contrary herein, the following terms shall have the respective meanings set forth below:

 

1.1 “Accounting
Standards” shall mean (a) U.S. generally accepted accounting principles or (b) international financial reporting
standards; in either case, consistently applied throughout the organization of a Party (or a Related Party, as applicable).

 

1.2 “Act”
shall mean, as applicable, the United States Federal Food, Drug and Cosmetic Act, 21 U.S.C. §§301 et seq., and/or the
Public Health Service Act, 42 U.S.C. §§262 et seq., as such may be amended from time to time.

 

1.3 “Administrator”
shall have the meaning provided in Section 11.2.

 

1.4 
“Affiliate” shall mean, with respect to any Person, any other Person that directly or indirectly controls, is controlled
by or is under common control with such Person. A Person shall be deemed to control another Person if such Person possesses the
power to direct or cause the direction of the management, business and policies of such Person, whether through the ownership of
more than fifty percent (50%) of the voting securities of such Person, by contract or otherwise.

 

1.5 “Agreement”
shall mean this License Agreement, including all Schedules and Exhibits hereto, as it may be amended, supplemented or modified
from time to time in accordance with its terms.

 

1.6 “Applicable
Laws” shall mean the applicable laws and regulations of any jurisdiction, which are applicable to any of the Parties
or their respective Affiliates in carrying out activities hereunder or to which any of the Parties or their respective Affiliates
in carrying out the activities hereunder is subject, and shall include all statutes, enactments, acts of legislature, laws, ordinances,
rules, regulations, notifications, guidelines, policies, directions, directives and orders of any statutory authority, tribunal,
board, or court or any central or state government or local authority or other governmental entity in such jurisdictions.

 

1.7 “Bankruptcy
Laws” shall have the meaning provided in Section 12.1.

 

1.8 “Compound”
shall mean a compound that is categorized as an NSAID and is listed in Exhibit B.

 

1.9 “Claim”
shall have the meaning provided in Section 10.1.

 

1.10 “Commercially
Reasonable Efforts” shall mean, with respect to the efforts to be expended by a Party with respect to any objective,
the level of reasonable, diligent, good faith efforts that biopharmaceutical companies (or manufacturers of over-the-counter medicines,
as the case may be) typically devote to products owned by them that are at a similar stage in their development or product life
and are of similar market potential, in order to develop the product in a timely manner and maximize the economic return to the
Parties from its commercialisation, taking into account efficacy, safety, approved labeling, the competitiveness of alternative
products in the marketplace, the patent and other proprietary position of the product, the likelihood of regulatory approval, the
profitability of the product, and other relevant factors. As used in this Section 1.11 “biopharmaceutical companies”
shall mean companies in the biopharmaceutical industry of a size and stage of development similar to that of such Party, including
having human pharmaceutical product candidates or products in a similar stage of development to the Products. Commercially Reasonable
Efforts shall be determined on a market-by-market and Product-by-Product basis, and it is anticipated that the level of effort
will be different for different markets, and will change over time, reflecting changes in the status of the Product and the market(s)
involved.

 

    -2-

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1.11 “Competitive
Infringement” shall have the meaning provided in Section 8.4.

 

1.12 “Confidential
Information” shall mean any and all Information, whether communicated in writing or orally or by any other method, which
is provided by or on behalf of one Party to the other Party in connection with this Agreement, the Option Agreement or pursuant
to that certain Confidential Disclosure Agreement between MedPharm and Virpax dated October 12, 2016.

 

1.13 “Control”,
“Controls” or “Controlled by” shall mean, with respect to any Patent Rights, Information,
Know How or other intellectual property rights, the possession by Person of the ability (whether by ownership, license or other
right, other than pursuant to a license granted under this Agreement) to grant access to, or a license or sublicense
of, such Patent Rights, Know-How, Information or other intellectual property rights without violating the terms of any agreement
or other arrangement with any other Person.

 

1.14 “Cover”
means (a) with respect to Know-How, such Know-How was used in making, having made, using, selling, offering to sell, importing,
having sold, exporting or making improvements to the Product, and (b) with respect to a Patent Right, a Valid Patent Claim
would (absent a license thereunder or ownership thereof) be Infringed by making, having made, using, selling, offering to sell,
importing, having sold, exporting or making improvements to the Product including research and development. Cognates of the word
“Cover” shall have correlative meanings.

 

1.15 “Developmental
Milestone” shall have the meaning provided in Section 4.2(a).

 

1.16 “Dispute”
shall have the meaning provided in Section 11.1.

 

1.17 “Effective
Date” shall have the meaning provided in the Preamble.

 

1.18 “EMA”
shall mean the European Medicines Agency or any successor entity thereto.

 

1.19 “European
Market” shall mean France, Germany, Italy, Spain and United Kingdom.

 

    -3-

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1.20 
“Export Control Laws” shall mean all applicable U.S. laws and regulations relating to (a) sanctions and embargoes
imposed by the Office of Foreign Assets Control of the U.S. Department of Treasury or (b) the export or re-export of commodities,
technologies, or services, including the Export Administration Act of 1979, 24 U.S.C. §§2401-2420, the International
Emergency Economic Powers Act, 50 U.S.C. §§1701-1706, the Trading with the Enemy Act, 50 U.S.C. §§1 et. seq.,
the Arms Export Control Act, 22 U.S.C. §§2778 and 2779, and the International Boycott Provisions of Section 999
of the U.S. Internal Revenue Code of 1986 (as amended).

 

1.21 “FCPA”
shall mean the U.S. Foreign Corrupt Practices Act (15 U.S.C. §§78dd-1, et. seq.) as amended.

 

1.22 “FDA”
shall mean the U.S. Food and Drug Administration and any successor entity thereto.

 

1.23 “Field”
shall mean any and all uses in humans (including all diagnostic, therapeutic and preventative uses).

 

1.24 “First
Commercial Sale” shall mean, with respect to a given Product in a given country, the first commercial transfer or disposition
for value of such Product by Virpax or a Related Party to a Third Party (other than a Related Party) for end use or consumption
of such Product in such country in such country, excluding, however, transfers or dispositions of Product, without consideration:
(i) in connection with patient assistance programs; (ii) for charitable or promotional purposes; (iii) for preclinical,
clinical, regulatory or governmental purposes or under so-called “named patient” or other limited access programs;
or (iv) for use in any tests or studies reasonably necessary to comply with Applicable Law, regulation or request by a Regulatory
Authority. For clarity, First Commercial Sale shall be determined on a Product-by-Product and country-by-country basis.

 

1.25 “Generic
Version” shall mean, with respect to a Product, on a country-by-country basis, a pharmaceutical product that: (a) is
sold in a given country by a Third Party, other than a Related Party, a licensee or sub-licensee of a Related Party, or any other
Person in a chain of distribution originating from Virpax, a Related Party or any of their respective licensees or sub-licensees;
(b) contains the same Compound as such Product in the same dosage form as such Product; and (c) has been approved for
marketing by the relevant Regulatory Authority in such country in a pressurized aerosol spray form as a generic product where the
Product is the reference product and which may be substituted for the Product without any action by the physician or health care
practitioner.

 

1.26 “GCP”
shall mean the then current “good clinical practices” as such term is defined from time to time by the FDA, EMA or
other Regulatory Authority of competent jurisdiction pursuant to its regulations, guidelines or otherwise, as applicable.

 

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1.27 “GLP”
shall mean the then current “good laboratory practices” as such term is defined from time to time by the FDA, EMA or
other Regulatory Authority of competent jurisdiction pursuant to its regulations, guidelines or otherwise, as applicable.

 

1.28 “GMP”
shall mean the then current “good manufacturing practices” as such term is defined from time to time by the FDA, EMA
or other Regulatory Authority of competent jurisdiction pursuant to its regulations, guidelines or otherwise, as applicable.

 

1.29 “IND”
shall mean an investigational new drug application, clinical study application, clinical trial exemption, or similar application
or submission for approval to conduct human clinical investigations filed with or submitted to a Regulatory Authority in conformance
with the requirements of such Regulatory Authority, including any such application filed with the FDA pursuant to 21 CFR Part 312.

 

1.30 “Indemnified
Party” shall have the meaning provided in Section 10.3.

 

1.31 “Indemnifying
Party” shall have the meaning provided in Section 10.3

 

1.32 “Indication”
shall mean a separate and distinct disease or medical condition in humans: (a) which a Product is intended to treat or prevent,
as evidenced by the protocol for a clinical trial of such Product or by the proposed Product labeling in an NDA filed with a Regulatory
Authority for such Product; or (b) which is contained in a Product’s labeling approved by a Regulatory Authority as
part of the Marketing Approval for such Product.

 

1.33 “Information”
shall mean any and all proprietary data, information, materials and know-how (whether patentable or not) that are not in the public
domain, including, (a) ideas, discoveries, inventions, improvements, technology or trade secrets, (b) pharmaceutical,
chemical and biological materials, products, components or compositions, (c) methods, procedures, formulas, processes, tests,
assays, techniques, regulatory requirements and strategies, (d) biological, chemical, pharmacological, toxicological, pharmaceutical,
physical and analytical, clinical, safety, manufacturing and quality control data and information related thereto, (e) technical
and non-technical data and other information related to the foregoing, and (f) drawings, plans, designs, diagrams, sketches,
specifications or other documents containing or relating to such information or materials.

 

1.34 “Infringe”
or “Infringement” means any infringement as determined by Applicable Law, including, without limitation, direct
infringement, contributory infringement or any inducement to infringe.

 

1.35 “Initiates”
or “Initiation” shall mean, with respect to a human clinical trial, the administration of the first dose to
the first patient/subject in such trial.

 

1.36 “Invention”
shall mean any invention, whether or not patentable, made in the course and as a result of the conduct of the activities contemplated
by this Agreement.

 

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1.37 “JAMS”
shall mean Judicial Arbitration and Mediation Services, Inc.

 

1.38 “Joint
Invention” shall have the meaning provided in Section 8.1.

 

1.39 “Joint
Patent Rights” shall have the meaning provided in Section 8.1.

 

1.40 “Know-How”
shall mean any and all Information related to MedSpray Technology and/or a Product, or any formulation, product improvement and/or
indication thereof, or necessary or useful for the development, manufacture, commercialization or use of any of the foregoing.

 

1.41 “Losses”
shall have the meaning provided in Section 10.1.

 

1.42 “Marketing
Approval” shall mean all approvals from the relevant Regulatory Authority in a given country necessary to market and
sell a pharmaceutical product in such country, excluding pricing or reimbursement approvals whether or not required for marketing
or sale of such product in such country.

 

1.43 “MedPharm”
shall have the meaning provided in the Preamble.

 

1.44 “MedPharm
Indemnitees” shall have the meaning provided in Section 10.1.

 

1.45 “MedPharm
Know-How” shall mean all Know-How Controlled by MedPharm or any of its Affiliates as of the Effective Date, or that is
developed or Controlled by MedPharm after the Effective Date, related to MedSpray Technology or otherwise necessary or useful for
the research, development, manufacture and/or commercialization of any Product and that, in each case, MedPharm has the right to
disclose and license to Virpax.

 

1.46 “MedPharm
Patent Rights” shall mean any and all Patent Rights Controlled by MedPharm or any of its Affiliates as of the Effective
Date, or at any time during the Term, that claim or Cover the composition, manufacture, use, sale, offer for sale and/or import
of any Product in the Field, including, but not be limited to: (i) the MedSpray Patent Rights; (ii) MedPharm’s interest in
any Joint Patent Rights; and (iii) those in-licensed by MedPharm under any agreement with a Third Party that constitute MedSpray
Patent Rights.

 

1.47 “MedPharm
Technology” shall mean MedPharm Patent Rights and MedPharm Know-How.

 

1.48 “MedSpray
Patent Rights” shall mean MedPharm Patent Rights that are specific to the MedSpray Technology that are (i) set forth
on Exhibit A under the heading “MedSpray Patent Rights”, or (ii) Controlled by MedPharm or any of its Affiliates as
of the Effective Date, or at any time during the Term. The foregoing shall include any modifications to the MedPharm Patent Rights
or MedSpray Patent Rights conceived, made or reduced to practice by MedPharm during the Term.

 

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1.49 “NDA”
shall mean: (a) in the United States, a New Drug Application (as more fully defined in 21 CFR 314.5, et seq.)
filed with the FDA, or any successor application thereto; or (b) in any other country or group of countries, the equivalent
application or submission for approval to market a pharmaceutical product filed with the governing Regulatory Authority in such
country or group of countries.

 

1.50 “Net
Sales” shall mean, with respect to any Product, the gross amount invoiced with respect thereto, whether by Virpax, any
Affiliate of Virpax, any Sub-licensee, co-marketer, collaborator, joint venturer or other partner with Virpax or any of its Affiliates
(collectively, the “Selling Parties”), in the Territory, in an arm’s length transaction exclusively
for money or, where the sale is not at arm’s length or not exclusively for money, the price that would have been so invoiced
if it had been at arm’s length exclusively for money, less the following to the extent allowed, paid or accrued with respect
to such sales consistent with relevant Accounting Standards:

 

(a) normal
and customary trade, cash and/or quantity discounts allowed and taken, and wholesaler and inventory management fees paid, with
respect to sales of such Product or Products;

 

(b) amounts
paid, repaid or credited by reason of defects, rejection, recalls, returns and allowances with respect to such Product or Products;

 

(c) any
applicable sales, use or value-added taxes;

 

(d) bad
debt deductions and uncollectible amounts actually written off;

 

(e) charges,
chargebacks, rebates, discounts and amounts under rebate programs paid or accrued on sale or dispensing of the such Product;

 

(f) royalties
payable to any Third Party with respect to sales of such Products;

 

(g) all
transportation charges, including freight, postage and insurance related directly to such Product, in each case to the extent included
in the invoice price to a buyer; and

 

(h) all
other deductions allowed by relevant Accounting Standards, as consistently applied by Virpax and its Affiliates (or their licensees
or sub-licensees, as applicable) in determining net product sales.

 

For clarification, sale
of Product by a Selling Party to another Selling Party for resale by such entity to a Third Party shall not be deemed a sale for
purposes of this definition of “Net Sales,” provided that the subsequent resale is included in the computation of Net
Sales. Further, transfers or dispositions of Product, without consideration: (A) in connection with patient assistance programs;
(B) for charitable or promotional purposes; (C) for preclinical, clinical, regulatory or governmental purposes or under
so-called “named patient” or other limited access programs; or (D) for use in any tests or studies reasonably
necessary to comply with Applicable Law, regulation or request by a Regulatory Authority, shall not, in each case of (A) through
(D), be deemed sales of such Product for purposes of this definition of “Net Sales.”

 

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1.51 “NSAID”
shall have the meaning given to such term in Section 2.3.

 

1.52 “Option
Agreement” shall have the meaning provided in the Recitals.

 

1.53 
“Other Market” shall mean a market other than the United States or any country which is in the European Union
from time to time (including the United Kingdom, whether or not it is at the relevant time a member state of the European Union).

 

1.54 “Party”
shall mean Virpax and MedPharm, individually, and “Parties” shall mean Virpax and MedPharm, collectively.

 

1.55 “Patent
Certification” shall have the meaning provided in Section 8.3.

 

1.56 “Patent
Rights” shall mean (i) patents and patent applications (which for the purposes of this Agreement shall be deemed
to include certificates of invention and applications for certificates of invention); (ii) any and all divisionals, continuations,
continuations-in-part, reissues, renewals, substitutions, registrations, re-examinations, revalidations, patent term extensions,
supplementary protection certificates and the like of any such patents and patent applications; and (iii) any and all foreign
equivalents of the foregoing.

 

1.57 “Person”
means any individual, partnership, joint venture, limited liability company, corporation, firm, trust, association, unincorporated
organization, governmental authority or agency, or any other entity not specifically listed herein.

 

1.58 “Phase
2 Clinical Trial” shall mean a human clinical trial of Product, the principal purpose of which is a determination of
safety and an assessment of its efficacy in the target patient population and to determine the common short-term side effects and
risks associated with the drug, as further described in 21 C.F.R. § 312.21(b) or its successor regulation, including any equivalent
clinical trial conducted in any country other than the United States.

 

1.59 “Phase 3
Clinical Trial” shall mean a human clinical trial of a Product designed to: (i) establish that such Product is safe
and efficacious for its intended use; (ii) define warnings, precautions and adverse reactions that are associated with the
Product in the dosage range to be prescribed; and (iii) support regulatory approval of such Product that would satisfy the
requirements of 21 CFR 312.21(c) or its non-US equivalents.

 

1.60 “Product”
shall mean any pharmaceutical composition or preparation (in any and all dosage forms) in final form containing one or more Compounds
that was developed, manufactured or commercialized utilizing MedPharm Technology.

 

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1.61 “Regulatory
Authority” shall mean any country, federal, regional, supranational, state or local regulatory agency, department, bureau
or other governmental or regulatory authority having the administrative authority to regulate the development or marketing of pharmaceutical
products in any country or other jurisdiction.

 

1.62 “Regulatory
Documentation” shall mean all regulatory applications, registrations, licenses, authorizations and approvals (including
all INDs, NDAs and Marketing Approvals), all correspondence submitted to or received from Regulatory Authorities (including minutes
and official contact reports relating to any communications with any Regulatory Authority), and all reports and documentation in
connection with clinical studies and tests (including study reports and study protocols, and copies of all interim study analyses),
and all data contained in any of the foregoing, including all INDs, NDAs, advertising and promotion documents, manufacturing data,
drug master files, clinical data, adverse event files and complaint files, in each case related to MedPharm Technology or a Product.

 

1.63 “Regulatory
Exclusivity” shall mean marketing exclusivity conferred by the applicable Regulatory Authority in a country or jurisdiction
on the holder of a Marketing Approval for a pharmaceutical product in such country or jurisdiction, including, by way of example
and not of limitation, regulatory data exclusivity, orphan drug exclusivity, new chemical entity exclusivity and pediatric exclusivity.

 

1.64 “Related
Party” shall mean each of Virpax’s Affiliates and its and their respective Sub-licensees hereunder.

 

1.65 “Relevant
Patent Rights” shall have the meaning provided in Section 8.4(a).

 

1.66 “Royalty
Term” shall have the meaning provided in Section 4.4.

 

1.67 “Rules”
shall have the meaning provided in Section 11.2.

 

1.68 “Sale
Transaction” shall have the meaning provided in Section 12.5(a).

 

1.69 “Sub-licensee”
shall mean a Third Party sub-licensee under the license granted by MedPharm to Virpax pursuant to Section 2.1.

 

1.70 “Term”
shall have the meaning provided in Section 9.1.

 

1.71 “Territory”
shall mean the entire world.

 

1.72 “Third
Party” shall mean an entity other than Virpax and its Affiliates, and MedPharm and its Affiliates.

 

1.73 “Third
Party Acquirer” shall have the meaning provided in Section 12.5(a).

 

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1.74 “Valid
Patent Claim” shall mean a claim of a pending patent application or an issued and unexpired patent included within the
MedPharm Patent Rights, which claim has not been revoked or held unenforceable or invalid by a decision of a court or other governmental
agency of competent jurisdiction (which decision is not appealable or has not been appealed within the time allowed for appeal),
and which claim has not been disclaimed, denied or admitted to be invalid or unenforceable through reissue, re-examination or disclaimer
or otherwise.

 

1.75 “Virpax”
shall have the meaning provided in the Preamble.

 

1.76 “Virpax
Indemnitees” shall have the meaning provided in Section 10.2.

 

1.77 “Virpax
Know-How” shall mean all Know-How Controlled (other than as a result of the licenses granted hereby) by Virpax or its
Affiliates during the Term, including all Know-How developed or generated by or on behalf of Virpax or any of its Affiliates in
the course of conducting research, development, manufacturing, regulatory or commercialization activities contemplated by this
Agreement.

 

1.78 “Virpax
Patent Rights” shall mean all Patent Rights Controlled (other than as a result of the licenses granted hereby) by Virpax
or its Affiliates during the Term that claim or cover the composition of matter, manufacture or use of any Compound and/or Product.
The Virpax Patent Rights shall include Virpax’s (and its Affiliates’) rights in Joint Patent Rights.

 

Article
2.

 

LICENSE
GRANT

 

2.1 License
Grant. Subject to the terms and conditions of this Agreement, MedPharm hereby grants to Virpax an exclusive (even as to MedPharm
and its Affiliates), royalty-bearing license under the MedPharm Technology to develop, make, have made, use, sell, have sold, offer
for sale, market, export, import and otherwise commercialize Compounds and Products in the Field in the Territory.

 

2.2 Sublicensing.
Virpax shall have the right to grant sublicenses of the rights granted to it hereunder, but no sublicense shall include the right
to grant sub-sub-licenses. Virpax shall provide MedPharm with a copy of any sublicense agreement entered into by Virpax or its
Affiliate within thirty (30) days of its execution. Any sublicense entered into by Virpax shall be in writing and on arm’s
length terms and shall include obligations on the Sub-licensee that are equivalent to the obligations on Virpax under this Agreement,
and shall be dependent on the continued existence of, and consistent with, this Agreement. Virpax shall ensure that any sublicense
agreement that it enters into confers reasonable audit rights to MedPharm which rights MedPharm shall be entitled to enforce directly
against the Sub-licensee. No sub-license shall give the Sub-licensee the right to enforce any of the MedPharm Technology.

 

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2.3 Non-Compete.
MedPharm hereby covenants not to practice, and not to permit or cause any of its Affiliates to develop, use, make, have made,
sell, have sold, offer for sale, export, import or otherwise commercialize any Compound or Product, or competitor thereof
(including any other nonsteroidal anti-inflammatory drugs (“NSAIDs”)), in the Territory during the Term. Without
limiting the generality of the foregoing, MedPharm shall not grant any rights or licenses to MedPharm Technology or other proprietary
technology Controlled by MedPharm to any Third Party for use with any Compound during the Term. This Section shall not apply in
relation to any product containing a Compound the rights in which have reverted to MedPharm in accordance with Section 3.5.

 

Article
3.

 

DEVELOPMENT,
MANUFACTURING AND COMMERCIALIZATION

 

3.1 Responsibility.
MedPharm shall be responsible, [**] for the development of all formulations of Products using the MedPharm Technology pursuant
to separate services agreements entered or to be entered into between the Parties. Virpax is not licensed to, and shall not, itself
develop or contract with any Third Party to develop formulations for Products using the MedPharm Technology. Virpax (itself and/or
with or through its Related Parties) shall be solely responsible, [**], for, and shall control all aspects of, worldwide development
(including pre-clinical and clinical development), manufacture (subject to Section 3.6 below), registration and commercialization
(including marketing, promoting, selling, distributing and determining pricing for) Products in the Territory. Without limiting
the generality of the foregoing, Virpax (itself and/or with or through its Related Parties) shall be solely responsible for submitting
all required regulatory filings in connection with obtaining and maintaining Marketing Approvals with respect to Products in the
Field in the Territory, including all INDs and NDAs. All of such submissions and other regulatory filings relating to Products
shall be submitted in the name of, and owned by, Virpax (or a Related Party, as applicable).

 

3.2 Diligence.
Virpax (itself and/or with or through its Related Parties) shall use Commercially Reasonable Efforts to develop, seek Marketing
Approval for, and commercialize Products throughout the Territory during the Term. Notwithstanding the preceding, Virpax shall
not be obligated to undertake development activities specific to a country outside of the United States prior to obtaining the
first Marketing Approval for a Product in the United States. For clarity, Virpax’s obligation under this Section with respect
to a Product incorporating any specific Compound shall be subject to the terms governing the acceptable provision of a formulation
of the MedSpray Technology incorporating such Compound by MedPharm to Virpax as provided in the Option Agreement.

 

3.3 Developmental
Plan. Within ninety days after the Effective Date in relation to a Product containing Diclofenac, and within 90 days after
the completion of the development of the formulation for any subsequent Product, Virpax will file an IND with respect to such Product.
Virpax will then present to MedPharm a draft development plan for the development of that Product within a reasonable timeframe
after submission of the IND and after the initial meeting with the FDA to discuss the development pathway, and Virpax will in good
faith consult with and take into account any reasonable comments received from MedPharm in relation to that draft development plan.
Virpax shall keep MedPharm reasonably informed of any discussions with the FDA with respect to a subject IND and the proposed development
plan. Virpax will provide MedPharm with a copy of the final version of each development plan. Each development plan will contain
details, locations and planned Initiation and completion dates of each clinical trial planned by Virpax or any Related Party, details
of all regulatory submissions made and planned and planned dates for First Commercial Sale.

 

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3.4 Records.
Virpax shall maintain, or cause to be maintained, complete and accurate records of all development work conducted by or on behalf
of Virpax with respect to Products, including all results, data, inventions and developments made in the performance of such development
work. All such records maintained shall be in sufficient detail and in good scientific manner appropriate for patent and regulatory
purposes.

 

3.5 Reports.
On or before December 31st of each year during the Term following the first anniversary of the Effective Date,
Virpax shall deliver to MedPharm a written progress report regarding, to the extent applicable, (i) the status of any Product in
development, (ii) any Product-related regulatory submissions and approvals, (iii) any Product-related commercialization efforts
in the Territory, and (iv) the status of any Product related patent applications in each country in the Territory.

 

3.6 Compliance
with Applicable Laws. Virpax shall conduct, and shall cause its Related Parties to conduct, all development, regulatory, manufacturing
and commercialization activities with respect to Products anywhere in the world in compliance with all Applicable Laws and, as
applicable, GLP, GCP and/or GMP.

 

3.7 Initial
Technology Transfer. Within thirty (30) days after the completion of the development of the formulation for the first
Product, at no additional cost to Virpax, MedPharm shall transfer and or provide to Virpax copies of: (i) all preclinical and other
data and documentation pertaining to the MedPharm Technology; (ii) all lab books, files, patent office correspondence and other
documentation related to the MedPharm Technology reasonably necessary or useful (A) for the development, Manufacturing or commercialization
of Products or (B) for Virpax to meet its obligations under this Agreement; and (iii) any and all other information and documentation
reasonably necessary to successfully transition the MedPharm Technology to Licensee or its designee, which in each case MedPharm
has the right to disclose to Virpax. In addition, for a period of sixty (60) days from the Effective Date and thereafter as Virpax
shall reasonably request, at no additional cost to Virpax (save for payment of reasonable and documented travel and accommodation
costs), MedPharm shall make available staff, consultants or other third party agents with knowledge of the MedPharm Technology
to assist Virpax in the transition of the MedPharm Technology as reasonably requested by Virpax. MedPharm will update the information
provided under this Section within thirty (30) days after completion of the formulation for any subsequent Product.

 

3.8 Manufacturing.
If requested by MedPharm, Virpax will negotiate in good faith with MedPharm a manufacturing and supply agreement for the manufacture
by MedPharm and supply to Virpax of Products for use in clinical trials by Virpax and any Related Party. Aside from the obligation
to negotiate with MedPharm in good faith as provided herein, this Section 3.8 shall create no restriction on Virpax entering into
a manufacturing and/or supply agreement for Products with any Third Party.

 

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Article
4.

 

PAYMENTS

 

4.1 Upfront
Payment. Within 60 days following the Effective Date, Virpax shall make a payment of [**] to MedPharm. In the event the payment
contemplated by the previous sentence is not made within [**], MedPharm shall have the right to terminate this Agreement by delivering
written notice to Virpax, and upon delivery of such notice, neither party shall have any further obligation or liability to the
other under this Agreement.

 

4.2 Milestone
Payments.

 

(a) Developmental
Milestones. Within thirty (30) days after the first achievement of each of the milestone events set forth in the table
below by Virpax or any Related Party in relation to a Product, Virpax shall provide MedPharm with written notice of such achievement
and shall pay to MedPharm the corresponding one-time milestone payment set forth below (each a “Developmental Milestone”):

 

	Milestone Event	 	Milestone Payment
	First dosing of the first subject in a human clinical trial for a Product	 	[**]
	First dosing of the first subject in a Pivotal Phase 3 Clinical Trial for a Product	 	[**]
	First Marketing Approval of a Product in the United States	 	[**]
	First Commercial Sale of a Product in the United States after receiving Marketing Approval	 	[**]
	First Marketing Approval, whether by the EMA or the relevant national Regulatory Authority, of a Product in each country in the European Market for any Indication	 	[**]
	First Commercial Sale of a Product in each of the first four (4) countries within the Other Markets in which a Product received Marketing Approval	 	[**]

 

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(i) Each
of the above milestone payments shall only be paid once, for the first achievement of the corresponding milestone event by each
different Product (i.e. by each Product that contains a different Compound or combination of Compounds), but shall only be paid
once in respect of each such Product regardless of the number of times such milestone event is achieved by that Product and the
number of Indications for which such milestone event is achieved by that Product.

 

4.3 Royalties.
Subject to Sections 4.5 below, Virpax shall pay a [**] royalty to MedPharm on Net Sales of all Products sold during the Royalty
Term in the Territory by Virpax and Related Parties.

 

4.4 Royalty
Term. Royalties under Section 4.3 shall be payable during the period of time commencing on the date of the First Commercial
Sale of a Product and ending on a country-by-country basis with respect to each Product upon the later of:

 

(a) expiration
of the last-to-expire Valid Patent Claim of the MedPharm Patent Rights Covering the manufacture, use or sale of such Product in
such country; and

 

(b) expiration
of any period of Regulatory Exclusivity for such Product in such country (along with Section 4.4(a) above, referred to herein as,
the “Royalty Term”)

 

On a Product-by-Product
and country-by-country basis, upon expiration of the Royalty Term for a Product in a country, Virpax’s license under Section 2.1
with respect to such Product in such country shall become fully-paid, irrevocable and perpetual.

 

4.5 Adjustment
for Generic Competition. On a Product-by-Product and country-by-country basis, during any portion of the Royalty Term for a
Product in a country one or more Generic Versions of such Product account for [**] or more of aggregate unit sales of such Product
and such Generic Version(s) in such country in a calendar quarter, as determined by reference to applicable sales data obtained
from IMS Health or from such other source for such sales data as may be agreed upon by the Parties (provided that such other source,
if any, shall be generally recognized as a reliable source for pharmaceutical sales data among major pharmaceutical companies),
then for the remainder of the Royalty Term for such Product in such country, the royalties payable by Virpax under Section 4.3
with respect to Net Sales of such Product in such country shall be reduced by [**].

 

Article
5.

 

PAYMENT;
RECORDS; AUDITS

 

5.1 Payment;
Reports. Royalties under Section 4.3 shall be calculated and reported for each calendar quarter during the Royalty Term
and shall be paid within thirty (30) days after the end of the calendar quarter. Each payment of royalties shall be accompanied
by a report of Net Sales of Products by Virpax and Related Parties in sufficient detail to permit confirmation of the accuracy
of the payment made, including gross sales and Net Sales of Products on a Product-by-Product and country-by-country basis, the
deductions from gross sales (by major category as set forth in the definition of Net Sales), details of any applicable reductions
or adjustments made pursuant to Section 4.5, the royalty payable, and the exchange rates used.

 

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5.2 Exchange
Rate; Manner and Place of Payment. All payment amounts in this Agreement are expressed in British Pounds, and all payments
hereunder shall be payable in British Pounds. When conversion of payments from any foreign currency is required, such conversion
shall be calculated using an exchange rate equal to the average of the interbank rates of exchange for such currency as reported
at OANDA.com, or should such rates cease to be published by OANDA, a successor or replacement agreed upon by the parties, during
the calendar quarter for which payment is due. All payments owed under this Agreement shall be made by wire transfer in immediately
available funds to the bank and account designated in writing by MedPharm.

 

5.3 Income
Tax Withholding. MedPharm will pay any and all taxes levied on account of any payments made to it under this Agreement. If
Virpax is advised in writing by its attorneys or accountant that Virpax is required to withhold any portion of any payment made
to MedPharm under this Agreement, Virpax shall (a) deduct such taxes from the payment made to MedPharm, (b) timely pay
the taxes to the proper taxing authority, (c) send proof of payment to MedPharm and certify its receipt by the taxing authority
within 30 days following such payment, (d) reasonably cooperate with MedPharm, if requested, to obtain available reductions,
credits or refunds of such taxes and (e) provide MedPharm a copy of such written advisement or instructions at least thirty (30)
days, or such shorter period as reasonably practicable given the timing of the subject advice or instructions received by Virpax,
in advance of such withholding. Without limiting the generality of the foregoing, upon request by MedPharm, Virpax shall provide
MedPharm such information in Virpax’s possession as may be reasonably necessary for MedPharm to obtain the benefit of any
present or future treaty against double taxation which may apply to payments made to MedPharm under this Agreement.

 

5.4 Audits.
Virpax shall keep (and shall cause its Affiliates and Sub-licensees to keep) complete and accurate records pertaining to the sale
or other disposition of Products in sufficient detail to permit MedPharm to confirm the accuracy of all royalty payments due hereunder
for at least seven (7) full calendar years following the end of the calendar year to which they pertain. MedPharm shall have
the right, once annually, to cause an independent, certified public accountant reasonably acceptable to Virpax to audit such records
solely to confirm Net Sales and royalties for a period covering not more than the preceding three (3) full calendar years. No calendar
year shall be subject to audit under this section more than once. Such audits may be exercised during normal business hours upon
reasonable prior written notice of not less than sixty (60) days to Virpax in the location where the records are maintained. The
auditor will execute a confidentiality agreement in a form acceptable to Virpax with Virpax and will disclose to MedPharm only
such information as is reasonably necessary to provide MedPharm with information regarding any actual or potential discrepancies
between amounts reported and actually paid and amounts payable under this Agreement. The auditor will send a copy of the report
to Virpax at the same time it is sent to MedPharm. The report sent to both Parties will include the methodology and calculations
used to determine the results. Prompt adjustments shall be made by the Parties to reflect the results of such audit. MedPharm shall
bear the full cost of such audit unless such audit discloses an underpayment by Virpax of more than five percent (5%) of the amount
due for any calendar quarter (a “Material Underpayment”) under this Agreement, in which case, Virpax shall bear
the full cost of such audit and shall promptly remit to MedPharm the amount of such Material Underpayment. If either (a) a Material
Underpayment is found or (b) an independent auditor determines that there are insufficient records to support the calculation of
the royalty payments due under this Agreement, then MedPharm shall have the right, at its expense, to audit Virpax quarterly for
the two calendar years succeeding the applicable triggering event. If any subsequent audit contemplated by the previous sentence
reveals a Material Underpayment, the cost of such subsequent audit shall be borne by Virpax. If such audit discloses an overpayment
by Virpax, then Virpax will deduct the amount of such overpayment from amounts otherwise owed to MedPharm under this Agreement.

 

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Article
6.

 

CONFIDENTIALITY
AND PUBLICATION

 

6.1 Confidential
Information. Except to the extent expressly authorized by this Agreement, each Party (in such capacity, the “Receiving
Party”) agrees that, during the Term and for seven (7) years thereafter, it shall keep confidential and shall
not publish or otherwise disclose to any Third Party, and shall not use for any purpose other than as expressly provided for in
this Agreement or any other written agreement between the Parties, any Confidential Information furnished or made available to
it by or on behalf of the other Party (in such capacity, the “Disclosing Party”). The Receiving Party
shall use at least the same standard of care as it uses to protect proprietary or confidential information of its own (but in no
event less than reasonable care) to ensure that it, and its and its Affiliates’, employees, agents, consultants and other
representatives do not disclose or make any unauthorized use of the Confidential Information. The Receiving Party shall promptly
notify the Disclosing Party upon discovery of any unauthorized use or disclosure of the Disclosing Party’s Confidential Information.
The MedPharm Technology, to the extent subject and directly related to Products under this Agreement, shall be deemed the Confidential
Information of both Parties notwithstanding the fact that it was furnished by MedPharm to Virpax in the first instance.

 

6.2 Exceptions.
Confidential Information shall not include any information which the Receiving Party can prove by competent evidence: (a) is
now, or hereafter becomes, through no act or failure to act on the part of the Receiving Party, generally known or available; (b) is
known by the Receiving Party and/or any of its Affiliates at the time of receiving such information, as evidenced by its records;
(c) is hereafter furnished to the Receiving Party and/or any of its Affiliates by a Third Party, as a matter of right and
without restriction on disclosure; or (d) is independently discovered or developed by the Receiving Party and/or any of its
Affiliates, without the use of Confidential Information of the Disclosing Party. Any combination of features or disclosures shall
not be deemed to fall within the exclusions set forth in the preceding clauses (a) and (b) merely because individual features
are published or available to the general public or in the rightful possession of the Receiving Party unless the combination itself
and principle of operation are published or available to the general public or in the rightful possession of the Receiving Party.

 

6.3 Authorized
Disclosure. Notwithstanding the provisions of Section 6.1, the Receiving Party may disclose Confidential Information of
the Disclosing Party as expressly permitted by this Agreement, or if and to the extent such disclosure is reasonably necessary
in the following instances:

 

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

 

(b) enforcing
such Party’s rights under this Agreement (including registering the licenses granted hereunder with applicable authorities)
and in performing its obligations under this Agreement.

 

(c) prosecuting
or defending litigation as permitted by this Agreement;

 

(d) complying
with applicable court orders, applicable laws, rules or regulations, or the listing rules of any exchange on which the Receiving
Party’s securities are traded;

 

(e) disclosure
to Affiliates, actual and potential licensees and sub-licensees, employees, consultants or agents of the Receiving Party who have
a need to know such information in order for the Receiving Party to exercise its rights or fulfill its obligations under this Agreement,
provided, in each case, that any such Affiliate, actual or potential licensee or sub-licensee, employee, consultant or agent agrees
to be bound by terms of confidentiality and non-use comparable in scope to those set forth in this Article 6; and

 

(f) disclosure
to Third Parties in connection with due diligence or similar investigations by such Third Parties, and disclosure to potential
Third Party investors or acquirers in confidential financing documents, provided, in each case, that any such Third Party agrees
to be bound by reasonable obligations of confidentiality and non-use.

 

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Notwithstanding the foregoing,
in the event the Receiving Party is required to make a disclosure of the Disclosing Party’s Confidential Information pursuant
to Section 6.3(c) or 6.3(d), it will, except where impracticable, give reasonable advance notice to the Disclosing Party of
such disclosure and use efforts to secure confidential treatment of such information at least as diligent as the Receiving Party
would use to protect its own confidential information, but in no event less than reasonable efforts. In any event, the Receiving
Party agrees to take all reasonable action to avoid disclosure of Confidential Information hereunder.

 

6.4 Publications.
Virpax and its Affiliates shall have the right to publish the results of their development activities, including clinical trials,
with respect to the Products in the Field. MedPharm shall have the right to review and comment on any material proposed for disclosure
or publication by Virpax or its Affiliate, such as by oral presentation, manuscript or abstract that includes Confidential Information
of MedPharm. Before any such material is submitted for publication or disclosure (other than oral presentation materials and abstracts,
which are addressed below), Virpax shall deliver a complete copy to MedPharm at least 60 days prior to submitting the material
to a publisher or initiating such other disclosure, and MedPharm shall review any such material and give its comments to Virpax
within 15 days of the delivery of such material to MedPharm which comments shall be considered by Virpax in good faith. With
respect to oral presentation materials and abstracts, Virpax shall deliver a complete copy to MedPharm at least 15 business
days prior to the anticipated date of the presentation, and MedPharm shall make reasonable efforts to expedite review of such materials
and abstracts, and shall return such items as soon as practicable to Virpax with appropriate comments, if any, but in no event
later than 10 business days from the date of delivery to MedPharm which comments shall be considered by Virpax in good faith.
Virpax shall comply, or cause its Affiliate to comply (as applicable), with MedPharm’s requests to delete references to MedPharm’s
Confidential Information in any such material and, if applicable, agrees to delay any submission for publication or other public
disclosure for a period of up to an additional 90 days for the purpose of preparing and filing appropriate patent applications.
MedPharm shall not publish or otherwise disseminate, including, but not limited to, in articles, posters, oral presentations or
other formats, any information relating to Compounds and/or Products without the prior written consent of Virpax.

 

6.5 Publicity.

 

(a) Press
Releases. The Parties shall jointly issue a press release acceptable to each Party to be released at an agreed upon time. Except
as required by the applicable securities or other laws or the listing rules of any stock exchange on which securities issued by
a Party or its Affiliates are traded, neither Party shall make any other public announcement concerning this Agreement or the subject
matter hereof without the prior written consent of the other, which shall not be unreasonably withheld or delayed; provided that
each Party may make any public statement in response to questions by the press, analysts, investors or those attending industry
conferences or financial analyst calls, respond to queries by any exchange on which such Party’s securities are traded, or
issue press releases, so long as any such public statement, response, or press release is not inconsistent with prior public disclosures
or public statements made in accordance with this Section 6.5 and which do not reveal non-public information about the other
Party. In the event of a required public announcement, to the extent practicable under the circumstances, the Party making such
announcement shall use reasonable efforts to provide the other Party with a copy of the proposed text of such announcement sufficiently
in advance of the scheduled release to afford such other Party a reasonable opportunity to review and comment upon the proposed
text, unless the proposed text is substantially the same as that used in any prior public disclosure, press release or public statement
made in accordance with this Section  6.5. Notwithstanding the foregoing, Virpax can make public statements or issue press
releases about Products without consent from MedPharm.

 

(b) Filing
of this Agreement. The Parties shall coordinate in advance with each other in connection with the filing of this Agreement
(including redaction of certain provisions of this Agreement) with any securities authority or with any stock exchange on which
securities issued by a Party or its Affiliate are traded, and each Party will use reasonable efforts to seek confidential treatment
for the terms proposed to be redacted; provided that each Party will ultimately retain control over what information to disclose
to any securities authority or stock exchange, as the case may be, and provided further that the Parties will use their reasonable
efforts to file redacted versions with any governing bodies which are consistent with redacted versions previously filed with any
other governing bodies. Other than such obligation, neither Party (nor any of its Affiliates) will be obligated to consult with
or obtain approval from the other Party with respect to any filings to any securities authority or stock exchange. MedPharm hereby
consents to Virpax’s use of its name in any filing with a Regulatory Authority as well as any private placement memorandum
or other investment document related to Virpax or its securities; provided that, MedPharm shall be afforded a reasonable opportunity
to review any such filing of investment document and any comments provided by MedPharm to Virpax with respect to the use of its
name in such filing or investment document shall be considered in good faith by Virpax.

 

6.6 Prior
Confidential Disclosure Agreement. As of the Effective Date, the terms of this Article 6 shall supersede any prior non-disclosure,
secrecy or confidentiality agreement between the Parties (or their Affiliates) dealing with the subject of this Agreement, including
the Confidential Disclosure Agreement between MedPharm and Virpax dated October 12, 2016. Any information disclosed by a Party
pursuant to any such prior agreement shall be deemed Confidential Information of such Party for purposes of this Agreement.

 

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Article
7.

 

REPRESENTATIONS
AND WARRANTIES; CERTAIN COVENANTS

 

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

 

7.2 MedPharm
Representations and Warranties. MedPharm represents and warrants to Virpax that as of the Effective Date of this Agreement:

 

(a) Exhibit A
attached hereto contains a true and complete list of the MedPharm Patent Rights existing on the Effective Date. The MedPharm Patent
Rights listed in Exhibit A include all of the Patent Rights Controlled by MedPharm as of the Effective Date that Cover
MedSpray Technology, Product(s) or the manufacture, use, sale, offer for sale or import of the foregoing;

 

(b) MedPharm
(i) has the right to grant the licenses that it purports to grant in Section 2.1 (including, without limitation, that
MedPharm has not entered into any undertaking that limits, nor is subjected to any constraints that limit, its rights or freedom
to grant the licenses); and (ii) has not granted to any Third Party any license or other right with respect to a Product or
MedPharm Technology that conflicts with the license and rights granted to Virpax herein;

 

(c) there
are no agreements in effect as of the Effective Date between MedPharm and a Third Party under which rights with respect to the
MedPharm Technology as it relates to Products are being licensed to MedPharm;

 

(d) no
Third Party (including, but not limited to any governmental authority) has any rights in or to any of the MedPharm Technology as
it relates to Products for any reason, including, but not limited to as a result of development work performed by such Third Party
or funding provided by such Third Party;

 

(e) MedPharm
is not prohibited from disclosing to Virpax any Know How currently possessed by MedPharm that would be necessary in the development,
manufacture or commercialization of a Product;

 

(f) no
reexamination, interference, invalidity, opposition, nullity or similar claim or proceeding is pending or, to MedPharm’s
knowledge (having made no specific inquiry outside of the normal diligence performed in the ordinary course of MedPharm’s
business), is threatened with respect to any MedPharm Patent Right;

 

(g) to
MedPharm’s knowledge (having made no specific inquiry outside of the normal diligence performed in the ordinary course of
MedPharm’s business), the manufacture (using any manufacturing process used by or on behalf of MedPharm on or before the
Effective Date), use, sale, offer for sale or import of MedSpray Technology or any MedPharm Technology does not Infringe any issued
patent, and MedPharm has not received written notice from any Third Party claiming that the manufacture, use, sale, offer for sale
or import of MedSpray Technology or any Product Infringes or would Infringe the patent or other intellectual property rights of
any Third Party; if MedPharm receives any such written notice during the term of this Agreement, MedPharm shall promptly provide
such written notice to Virpax;

 

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(h) there
are no claims, judgments or settlements against or owed by MedPharm (or any of its Affiliates) with respect to the MedPharm Technology,
and MedPharm is not a party to any legal action, suit or proceeding relating to the MedPharm Technology, MedSpray Technology or
any Product, nor has MedPharm received any written communication from any Third Party, including, without limitation, any Regulatory
Authority or other government agency, threatening such action, suit or proceeding;

 

(i) all
tangible or recorded information and data provided by or on behalf of MedPharm to Virpax related to MedPharm Technology or any
Product on or before the Effective Date in contemplation of this Agreement was and is true, accurate and complete in all material
respects, and MedPharm has not failed to disclose, or failed to cause to be disclosed, any such information or data related to
MedPharm Technology or any Product in its possession and Control that would cause the information and data that has been disclosed
to be misleading in any material respect;

 

(j) neither
MedPharm nor any of its Affiliates has obtained, or filed for, any INDs, NDAs or Marketing Approvals for any Product, and, to the
best of MedPharm’s knowledge (having made no specific inquiry outside of the normal diligence performed in the ordinary course
of MedPharm’s business), no other Person has obtained, or filed for, any INDs, NDAs or Marketing Approvals for any Product
in the Field in the Territory;

 

(k) at
the time of delivery to Virpax, any reference samples delivered to Virpax will be free and clear of any liens or encumbrances;

 

(l) (i) all
research and development (including non-clinical studies and clinical trials) conducted by or on behalf of MedPharm or any of its
Affiliates related to the MedPharm Technology and/or Products prior to the Effective Date was conducted in compliance in all material
respects with all Applicable Laws and, to the extent required by Applicable Law, GLP, GCP and/or GMP; and (ii) to MedPharm’s
knowledge (having made no specific inquiry outside of the normal diligence performed in the ordinary course of MedPharm’s
business), all research and development (including non-clinical studies and clinical trials) conducted by any Third Party related
to MedPharm Technology and/or Products prior to the Effective Date was conducted in compliance in all material respects with all
Applicable Laws and, to the extent required by Applicable Law, GLP, GCP and/or GMP;

 

(m) neither
MedPharm nor any of its Affiliates is debarred or disqualified under the Act or comparable Applicable Laws outside of the United
States;

 

(n) neither
MedPharm nor any of its Affiliates has employed or otherwise used in any capacity, in connection with the development or manufacture
of MedPharm Technology or Product, the services of any Person debarred or disqualified under United States law, including 21 U.S.C.
§335a, or any foreign equivalent thereof;

 

(o) MedPharm
and, to the best of its knowledge, its directors, officers, employees, and any agent, representative, subcontractor or other third
party acting for or on such its behalf, has not, directly or indirectly, offered, paid, promised to pay, or authorized such offer,
promise or payment, of anything of value, to any Person for the purposes of obtaining or retaining business through any improper
advantage in connection with the development, commercialization or exploitation of a Product, or that would otherwise violate any
Applicable Laws, rules and regulations concerning or relating to public or commercial bribery or corruption, and MedPharm’s
books, accounts, records and invoices related to the Product are complete and accurate; and

 

(p) MedPharm
has not violated the FCPA or Export Control Laws in connection with the development of MedPharm Technology.

 

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7.3 MedPharm
Covenants. In addition to any covenants made by MedPharm elsewhere in this Agreement, MedPharm hereby covenants to Virpax that
during the Term, MedPharm will (i) not grant any Third Party any license or other right with respect to any Product or MedPharm
Technology in derogation of the license and rights granted to Virpax hereunder, and (ii) disclose any and all additional MedPharm
Technology developed or Controlled by MedPharm after the Effective Date as it relates to Compounds or Products covered under this
Agreement;

 

7.4 Virpax
Representations and Warranties. Virpax represents and warrants to MedPharm that as of the Effective Date of this Agreement:

 

(a) neither
Virpax nor any of its Affiliates is debarred or disqualified under the Act or comparable Applicable Laws outside the United States;

 

(b) Virpax
and, to the best of its knowledge, its directors, officers, employees, and any agent, representative, subcontractor or other third
party acting for or on such its behalf, has not, directly or indirectly, offered, paid, promised to pay, or authorized such offer,
promise or payment, of anything of value, to any Person for the purposes of obtaining or retaining business through any improper
advantage in connection with the development, commercialization or exploitation of a Product, or that would otherwise violate any
Applicable Laws, rules and regulations concerning or relating to public or commercial bribery or corruption.

 

7.5 Mutual
Covenants. In addition to any covenants made by a Party elsewhere in this Agreement, each Party hereby covenants to the other
as follows:

 

(a) neither
such Party nor any of its Affiliates will employ or use the services of any Person who is debarred or disqualified under United
States law, including 21 U.S.C. §335a, or any foreign equivalent thereof, in connection with activities relating to any Product;
and in the event that such Party becomes aware of the debarment or disqualification or threatened debarment or disqualification
of any Person providing services to such Party or any of its Affiliates with respect to any activities relating to any Product,
such Party will immediately notify the other Party in writing and such Party will cease, or cause its Affiliate to cease (as applicable),
employing, contracting with, or retaining any such Person to perform any services relating to any Product;

 

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(b) neither
such Party nor any of its Affiliates will, in connection with the exercise of its rights or performance of its obligations under
this Agreement, directly or indirectly through Third Parties, pay, promise or offer to pay, or authorize the payment of, any money
or give any promise or offer to give, or authorize the giving of anything of value to a public official or entity or other Person
for purpose of obtaining or retaining business for or with, or directing business to, any Person, including such Party and its
Affiliates, nor will such Party or any of its Affiliates directly or indirectly promise, offer or provide any corrupt payment,
gratuity, emolument, bribe, kickback, illicit gift or hospitality or other illegal or unethical benefit to a public official or
entity or any other Person in connection with the exercise of such Party’s rights or performance of such Party’s obligations
under this Agreement; and

 

(c) neither
such Party nor any of its Affiliates (or any of their respective employees and contractors), in connection with the exercise of
such Party’s rights or performance of such Party’s obligations under this Agreement, shall cause the other Party to
be in violation of the FCPA or Export Control Laws.

 

7.6 Performance
by Affiliates, Sub-licensees and Subcontractors. The Parties recognize that each Party may perform some or all of its obligations
or exercise some or all of its rights under this Agreement through one or more Affiliates, subcontractors, or, in the case of Virpax,
Sub-licensees; provided, in each case, that (a) none of the other Party’s rights hereunder are diminished or
otherwise adversely affected as a result of such delegation or subcontracting, and (b) each such Affiliate, subcontractor
or Sub-licensee undertakes in writing obligations of confidentiality and non-use regarding Confidential Information and ownership
of Inventions which are substantially the same as those undertaken by the Parties pursuant to Article 6 and Section 8.1; and provided,
further, that such Party shall at all times be fully responsible for the performance and payment of such Affiliate, subcontractor
or Sub-licensee.

 

7.7 Limitation
of Liability. EXCEPT FOR LIABILITY FOR BREACH OF ARTICLE 6 OR IN THE CASE OF FRAUD; DEATH OR PERSONAL INJURY CAUSED BY
NEGLIGENCE; GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT, NEITHER PARTY SHALL BE ENTITLED TO RECOVER FROM THE OTHER PARTY ANY SPECIAL,
INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, OR ANY COMPENSATION FOR LOST PROFITS (WHETHER DIRECT OR INDIRECT) IN CONNECTION
WITH THIS AGREEMENT OR ANY LICENSE GRANTED HEREUNDER AND THE MAXIMUM AGGREGATE LIABILITY OF EACH PARTY TO THE OTHER IN CONNECTION
WITH THIS AGREEMENT OR ANY LICENCE GRANTED HEREUNDER SHALL BE LIMITED TO THE AMOUNT OF ANY MILESTONES AND ROYALTIES PAID OR PAYABLE
BY VIRPAX IN THE TWO-YEAR PERIOD PRIOR TO ANY CLAIM; provided, however, that this Section 7.7 shall not be construed
to limit either Party’s indemnification obligations under Article 10 or the right of MedPharm to recover compensation for
non-payment or loss of milestone payments or royalties in the event of breach or wrongful termination by Virpax.

 

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Article
8.

 

INTELLECTUAL
PROPERTY

 

8.1 Ownership.
As between the Parties, MedPharm is and shall at all times be the sole and exclusive owner of all right, title and interest in
and to the MedPharm Technology, other than Joint Inventions and Joint Patent Rights, and Virpax is and shall at all times be the
sole and exclusive owner of all right, title and interest in and to the Virpax Technology, other than Joint Inventions and Joint
Patent Rights. A Party shall have and retain all right, title and interest in any Invention made solely by one or more employees
or agents of such Party and or its Affiliates or other persons acting under its authority. The Parties shall jointly own rights
in any Invention made jointly by one or more employees or agents of each Party and/or such Party’s Affiliates or other persons
acting under its authority (“Joint Inventions”) and Patent Rights therein (“Joint Patent
Rights”). For clarity, Inventions developed exclusively by one Party and such Party’s Affiliates shall not
be considered Joint Inventions. Subject to the rights and licenses granted under this Agreement, each Party shall have the right
to practice and use, and grant licenses to practice and use, any Joint Inventions and Joint Patent Rights without the other Party’s
consent and has no duty to account to the other Party for such practice, use or license, and each Party hereby waives any right
it may have under the laws of any country to require any such consent or accounting; provided that this sentence shall have no
impact on Virpax’s obligation to pay royalties or milestones under this Agreement or give Virpax any additional rights to
MedPharm Technology licensed under this Agreement. Each Party shall be liable with respect to its own employees for compliance
with any applicable legislation and its own policies concerning employee inventions, including payment of employee invention awards
(if any).

 

8.2 Patent
Prosecution and Maintenance.

 

(a) MedPharm
Patent Rights. Subject to Section 8.2(b) and the last sentence of this Section 8.2(a), MedPharm shall control the preparation,
filing, prosecution and maintenance of MedPharm Patent Rights at MedPharm’s sole expense and by counsel of its choice. MedPharm
shall keep Virpax reasonably informed of progress with regard to the preparation, filing, prosecution and maintenance of such MedPharm
Patent Rights and shall provide to MedPharm copies of all material patent office submissions within a reasonable amount of time
following submission thereof by MedPharm. MedPharm shall use commercially reasonable efforts to ensure the maintenance of the MedPharm
Patent Rights during the term of this Agreement. In the event that MedPharm desires to abandon or cease prosecution or maintenance
of any MedPharm Patent Right (such abandonment or cessation to be based on commercially reasonable considerations) in any country
or jurisdiction (such country or jurisdiction, the “Abandoned Territory”), MedPharm shall provide written
notice to Virpax of such intention to abandon no later than seventy (70) days prior to the next deadline for any action that
must be taken with respect to such MedPharm Patent Right in the relevant patent office. In such case, upon receipt of a written
request by Virpax to assume responsibility for prosecution and maintenance of such, MedPharm Patent Right, MedPharm shall allow
Virpax at its sole cost and expense and by counsel of its own choice, delivered no later than thirty (30) days after receipt
of notice from Virpax to assume such responsibility; provided that, in the event the subject claim in the Abandoned Territory is
the last Valid Claim in such territory, the Royalty Term will be deemed to have expired in such territory.

 

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(b) Joint
Patent Rights. Virpax shall have the first right, but not the obligation, to prepare, file, prosecute and maintain all Joint
Patent Rights, at Virpax’s sole expense and by counsel of its choice. Virpax shall keep MedPharm reasonably informed of progress
with regard to the preparation, filing, prosecution and maintenance of the Joint Patent Rights, and shall provide to MedPharm copies
of all material patent office submissions within a reasonable amount of time following submission thereof by Virpax. In the event
that Virpax desires to abandon or cease prosecution or maintenance of any Joint Patent Right, Virpax shall provide written notice
to MedPharm of such intention to abandon promptly after Virpax makes such determination, which notice shall be given no later than
seventy (70) days prior to the next deadline for any action that must be taken with respect to such Joint Patent Right in
the relevant patent office. In such case, MedPharm shall have the right, in its discretion, exercisable upon written notice to
Virpax delivered no later than thirty (30) days after receipt of notice from Virpax, to assume responsibility for prosecution
and maintenance of such Joint Patent Right, at its sole cost and expense and by counsel of its own choice, and if MedPharm exercises
such right, then Virpax shall cease to have any rights to such Joint Patent Right; provided that such Joint Patent Right shall
be deemed to be a MedPharm Patent Right and therefore subject to this Agreement.

 

(c) Virpax
Patent Rights. Virpax shall have the sole right, but not the obligation, to control the preparation, filing, prosecution and
maintenance of Virpax Patent Rights at Virpax’s sole expense and by counsel of its choice.

 

(d) Cooperation
of the Parties. Each Party agrees to cooperate fully in the preparation, filing, prosecution and maintenance of Patent Rights
under this Agreement and in the obtaining and maintenance of any patent term extensions, supplementary protection certificates
and the like with respect to any Patent Right as well as in registering the licenses granted hereunder with the applicable authorities.
Such cooperation includes, but is not limited to: (i) executing all papers and instruments, or requiring its employees or
contractors to execute such papers and instruments, so as to effectuate the joint ownership of Joint Inventions and Joint Patent
Rights set forth in Section 8.1, and to enable the other Party to apply for and to prosecute patent applications in any country
in accordance with the foregoing provisions of this Section 8.2; and (ii) promptly informing the other Party of any matters
coming to such Party’s attention that may affect the preparation, filing, prosecution or maintenance of any such patent applications.

 

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8.3 Enforcement
and Defense of Patent Rights. Each Party shall notify the other Party in writing within 10 Business Days (except as expressly
set forth below) of becoming aware of any alleged or threatened infringement by a Third Party of any of the MedPharm Patent Rights,
Joint Patent Rights or Virpax Patent Rights (“Infringement”), including (x) any such alleged or
threatened Infringement on account of a Third Party’s manufacture, use or sale of a Product in the Field, (y) any certification
filed in the United States under 21 U.S.C. §355(b)(2) or 21 U.S.C. §355(j)(2) or similar provisions in other jurisdictions
in connection with an ANDA (an Abbreviated New Drug Application in the United States or a comparable application for Marketing
Approval under Applicable Law in any country other than the United States) or other NDA for a Product in the Field (a “Patent
Certification”), and (z) any declaratory judgment action filed by a Third Party that is developing, manufacturing
or commercializing a Product in the Field alleging the invalidity, unenforceability or non-infringement of any of the MedPharm
Patent Rights, Joint Patent Rights or Virpax Patent Rights ((x)-(z), collectively, “Competitive Infringement”);
provided, however, that each Party shall notify the other Party of any Patent Certification regarding any MedPharm Patent
Right or Joint Patent Right that it receives, and such Party shall provide the other Party with a copy of such Patent Certification,
within five (5) days of receipt.

 

(a) Competitive
Infringement. Virpax shall have the first right, but not the obligation, to bring (or defend) and control any action or proceeding
with respect to Competitive Infringement of a MedPharm Patent Right or a Joint Patent Right, in each case that covers a Product
(collectively, the “Relevant Patent Rights”), at Virpax’s own expense and by counsel of its own
choice. If Virpax fails to bring any such action or proceeding with respect to Competitive Infringement of any Relevant Patent
Right within ninety (90) days following the notice of alleged Competitive Infringement, MedPharm shall have the right to bring
(or defend) and control any such action at its own expense and by counsel of its own choice, and Virpax shall have the right, at
its own expense, to be represented in any such action by counsel of its own choice.

 

(b) Other
Infringement. The Parties shall mutually agree on a case-by-case basis (A) whether to bring (or defend) and control any
action or proceeding with respect to Competitive Infringement of any Patent Right that is not a Relevant Patent Right, (B) which
Party would bring (or defend) and control such action, and (C) how the expenses of, and any recovery from, any such action
would be allocated.

 

(c) Virpax
Patent Rights. Except as provided in Section 8.4(a), Virpax shall have the sole right, but not the obligation, to bring (or
defend) and control any action or proceeding with respect to infringement of any Virpax Patent Right at its own expense and by
counsel of its own choice.

 

(d) Cooperation.
In the event a Party brings (or defends) an Infringement action in accordance with this Section 8.3, or in the event a Party
is entitled to bring (or defend) an infringement action in accordance with this Section 8.4 but lacks standing to do so, the
other Party shall cooperate fully, including, if required to bring (or defend) such action, the furnishing of a power of attorney
or being named as a party. Neither Party shall enter into any settlement or compromise of any action under this Section 8.3
which would in any manner alter, diminish, or be in derogation of the other Party’s rights under this Agreement without the
prior written consent of such other Party, which shall not be unreasonably withheld.

 

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(e) Recovery.
Except as otherwise agreed by the Parties in connection with a cost-sharing arrangement, any recovery realized by a Party as a
result of any action or proceeding pursuant to this Section 8.4, whether by way of settlement or otherwise, shall be applied
first to reimburse the documented out-of-pocket legal expenses of the Party that brought (or defended) and controlled such action
or proceeding incurred in connection with such action or proceeding, and second to reimburse the documented out-of-pocket legal
expenses of the other Party incurred in connection with such action or proceeding, and any remaining amounts shall be retained
by the Party that brought (or defended) and controlled such action; provided, however, that:

 

(i) any
recovery realized by Virpax as a result of any action brought (or defended) and controlled by Virpax pursuant to Section 8.3(a)
or Section 8.3(b) (after reimbursement of the Parties’ documented out-of-pocket legal expenses relating to the action
or proceeding) shall be allocated as follows:

 

(1) compensatory
damages shall, if awarded, be treated as Net Sales of Products in the quarter in which such damages are received for purposes of
Section 4.3; and

 

(2) non-compensatory
damages shall be retained by Virpax; and

 

(ii) any
recovery realized by MedPharm as a result of any action brought and controlled by MedPharm pursuant to Section 8.3(a) or Section
8.3(b) (after reimbursement of the Parties’ documented out-of-pocket legal expenses relating to the action or proceeding)
shall be allocated as follows:

 

(1) compensatory
damages shall be retained by MedPharm; and

 

(2) non-compensatory
damages shall be retained by MedPharm.

 

8.4 Patent
Term Extensions.

 

(a) MedPharm
Patent Rights. MedPharm shall have the right to determine the MedPharm Patent Rights for which it will apply for extension
of patent term or a supplementary protection certificate in any country and/or region for any Product in the Field. MedPharm shall
file for any such extension at MedPharm’s cost and expense. Virpax shall provide all reasonable assistance to MedPharm in
connection with such filings, provided that MedPharm shall pay or reimburse any out-of-pocket costs incurred by Virpax in providing
such assistance. In the event that MedPharm desires to not apply for a patent extension for any such MedPharm Patent Rights for
which there is a basis to file for such extension, MedPharm shall provide written notice to Virpax of such intention to not file
no later than seventy (70) days prior to the next deadline for any action that must be taken with respect to such MedPharm
Patent Right in the relevant patent office. In such case, upon receipt of a written request by Virpax to assume responsibility
for prosecution and maintenance of such MedPharm Patent Right, MedPharm shall allow Virpax at its sole cost and expense and by
counsel of its own choice, delivered no later than 30 days after receipt of notice from MedPharm to assume such responsibility,
and following the successful filing of any such extension, such country or region shall no longer be deemed to be included in the
Territory of this Agreement.

 

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(b) Joint
Patent Rights. Virpax shall have the right to determine the Joint Patent Rights for which it will apply for patent term extension
or a supplementary protection certificate in any country and/or region for any Product in the Field, and Virpax shall file for
any such extension at Virpax’s cost and expense. Each Party shall provide all reasonable assistance to the other Party in
connection with such filings, provided that the Party filing for any such extension shall pay or reimburse any out-of-pocket costs
incurred by the other Party in providing such assistance.

 

(c) Virpax
Patent Rights. Virpax shall have the sole right to apply for extension of term or a supplementary protection certificate for
any Virpax Patent Right in any country and/or region for any product, including, without limitation, any Product in the Field,
at Virpax’s sole cost and expense.

 

8.5 Infringement
of Third Party Rights. Each Party shall promptly notify the other in writing of any allegation by a Third Party that the activity
of either Party pursuant to this Agreement infringes or may infringe the intellectual property rights of such Third Party. Neither
Party shall have the right to settle any patent infringement litigation under this Section 8.6 in a manner that diminishes
the rights or interests of the other Party without the written consent of such other Party (which shall not be unreasonably withheld).

 

Article
9.

 

TERM
AND TERMINATION

 

9.1 Term.
The term of this Agreement shall commence on the Effective Date and, unless earlier terminated in accordance with this Article
9, continue until the expiration of the last-to-expire of all royalty payment obligations of Virpax hereunder (the “Term”).

 

9.2 Termination
for Material Breach.

 

(a) Each
Party shall have the right to terminate this Agreement in its entirety upon written notice to the other Party if such other Party
is in material breach of this Agreement and has not cured such breach within ninety (90) days after notice from the terminating
Party indicating the nature of such breach, or if such other Party is dissolved or liquidated or takes any corporate action for
such purpose; makes a general assignment for the benefit of creditors; or has a receiver, trustee, custodian or similar agent appointed
by order of any court of competent jurisdiction to take charge of or sell any material portion of its property or business. Any
such termination shall become effective at the end of such ninety (90) day period unless the breaching Party has cured such breach
prior to the end of such period. Any right to terminate under this Section 9.2(a) shall be stayed and the cure period tolled
in the event that, during any cure period, the Party alleged to have been in material breach shall have initiated dispute resolution
in accordance with Article 11 with respect to the alleged breach, which stay and tolling shall continue until such dispute has
been resolved in accordance with Article 11 and any cure required by such dispute resolution procedures has not been timely effected.

 

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(b) For
clarity, in the event of material breach of this Agreement by either Party that is not cured within the applicable notice period
set forth in Section 9.2(a), the other Party, at its sole discretion, may either:

 

(i) terminate
this Agreement in accordance with Section 9.2(a) (in addition to pursuing any remedy that may be available to that Party at
law or in equity as a result of the other Party’s breach of this Agreement); or

 

(ii) elect
(A) not to terminate this Agreement, (B) to keep the license granted under Section 2.1 in force, subject to all
terms and conditions hereof, and (C) pursue any remedy that may be available to that Party at law or in equity as a result
of the other Party’s breach of this Agreement, without prejudice to that Party’s right to terminate this Agreement
at a later date pursuant to Section 9.2 (for that uncured material breach or any other uncured material breach of this Agreement
by the other Party) or pursuant to Section 9.4.

 

9.3 Termination
by MedPharm. MedPharm shall have the right to terminate this Agreement immediately upon written notice to Virpax if Virpax
or its Affiliate or a Related Party:

 

(a) directly,
or through assistance granted to a Third Party, commences any interference or opposition proceeding with respect to, challenges
the validity or enforceability of, or opposes any extension of term or the grant of a supplementary protection certificate with
respect to, any MedPharm Patent Right. MedPharm shall have the right to require Virpax to terminate any sub-license if the Sub-licensee
does any of the things listed in the previous sentence.

 

(b) acquires
rights to, develops, makes, has made, sells or offers for sale or otherwise commercializes a Generic Version of a Product (except
for an authorized generic launched in the face of reasonably anticipated third-party generic competition) that competes, or is
likely to compete once developed, with a Product licensed under this Agreement

 

9.4 At-Will
Termination by Virpax. Virpax shall have the right to terminate this Agreement on a country by country basis for any reason
or for no reason at any time upon ninety (90) days’ prior written notice to MedPharm, provided Virpax’s termination
shall not be deemed to cure any breach existing as of the date of such termination.

 

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9.5 Effect
of Expiration or Termination.

 

(a) Expiration.
Upon expiration (but not on earlier termination) of this Agreement, all licenses granted by MedPharm to Virpax that were in effect
immediately prior to such expiration shall survive on a non-exclusive, fully-paid, royalty-free basis.

 

(b) Any
Termination. Upon any termination of this Agreement prior to its expiration, the license (on a country by country basis in
the event of partial termination by Virpax under Section 9.4) granted to Virpax pursuant to Section 2.1 shall automatically
terminate and revert to MedPharm, and all other rights and obligations of the Parties under this Agreement shall terminate, except
as expressly provided elsewhere in this Article 9.

 

9.6 Accrued
Obligations; Survival. Neither expiration nor any termination of this Agreement shall relieve either Party of any obligation
or liability accruing prior to such expiration or termination, nor shall expiration or any termination of this Agreement preclude
either Party from pursuing all rights and remedies it may have under this Agreement, at law or in equity, with respect to breach
of this Agreement. In addition, the Parties’ rights and obligations under Sections 6.1, 6.2, 6.3, 6.6, 7.7, 8.1, 8.2(b),
8.2(c), 8.4(b), 9.5, 9.6, 9.7, 9.8, 9.9 and 9.10 and Articles 5, 10, 11 and 12 of this Agreement shall survive expiration or any
termination of this Agreement.

 

9.7 Return
of Confidential Information. Within thirty (30) days following the expiration or termination of this Agreement, except
to the extent that a Party retains a license from the other Party as provided in this Article 9, each Party shall promptly return
to the other Party, or delete or destroy, all relevant records and materials in such Party’s possession or control containing
Confidential Information of the other Party; provided that such Party may keep one copy of such materials for archival purposes
only subject to a continuing confidentiality obligations.

 

9.8 Damages;
Relief. Termination of this Agreement shall not preclude either Party from claiming any other damages, compensation or relief
that it may be entitled to hereunder.

 

9.9 Licence
Back to MedPharm. Upon termination of this Agreement for any reason other than under Section 9.1, by Virpax under to Section
9.2 or a partial termination by Virpax under Section 9.4, and at MedPharm’s request, the Parties shall negotiate in good
faith the terms of an agreement between them on reasonable commercial terms, taking into account, among other things, the fair
market value of any Virpax Patent Rights or Virpax Know How, under which Virpax will:

 

(a) transfer
to MedPharm exclusively all Regulatory Documentation;

 

(b) have
any Regulatory Approvals and pricing or reimbursement approvals, and other permits and applications related to Products transferred
into MedPharm’s name;

 

(c) grant
to MedPharm an exclusive worldwide licence, with the right to grant sub-licences, under any Virpax Patent Rights and Virpax Know-How;
and

 

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(d) grant
to MedPharm the right to continue to use any product name that has been applied to any Product prior to termination of this Agreement.

 

9.10 If
the Parties are unable to agree the terms of an agreement as described in Section 9.9 within ninety (90) days after MedPharm’s
request to negotiate such an agreement, either Party may refer the terms for settlement by an independent expert who shall be appointed
in accordance with the provisions of Exhibit C. At MedPharm’s request the Parties shall promptly execute an agreement on
the terms agreed between them or settled by the expert.

 

Article
10.

 

INDEMNIFICATION

 

10.1 Indemnification
by Virpax. Virpax hereby agrees to save, defend, indemnify and hold harmless MedPharm, its Affiliates, its and their respective
officers, directors, agents, employees, successors and assigns (the “MedPharm Indemnitees”) from and
against any and all losses, damages, liabilities, expenses and costs, including reasonable and documented legal expense and attorneys’
fees (“Losses”), to which any MedPharm Indemnitee may become subject as a result of any claim, demand,
action or other proceeding by any Third Party (each, a “Claim”) to the extent such Losses arise out of
or relate to (a) the gross negligence or willful misconduct of any Virpax Indemnitee (defined below), (b) the breach
by Virpax of any warranty, representation, covenant or agreement made by Virpax in this Agreement, or (c) the development,
manufacture, use, sale, offer for sale or other disposition by or on behalf of Virpax or any of its Related Parties of any Product;
except, (i) in each case, to the extent such Losses result from the gross negligence or willful misconduct of any MedPharm Indemnitee
or the breach by MedPharm of any warranty, representation, covenant or agreement made by MedPharm in this Agreement and (ii) to
the extent of any Claim for which MedPharm is obligated to indemnify Virpax under Section 10.2.

 

10.2 Indemnification
by MedPharm. MedPharm hereby agrees to save, defend, indemnify and hold harmless Virpax, its Affiliates and their respective
officers, directors, employees, consultants and agents (the “Virpax Indemnitees”) from and against any
and all Losses to which any Virpax Indemnitee may become subject as a result of any claim, demand, action or other proceeding by
any Third Party to the extent such Losses arise out of or relate to (a) the gross negligence or willful misconduct of any
MedPharm Indemnitee, (b) (A) actual patent infringement arising out of the exercise of rights under the MedPharm Patent Rights
or (B) actual misappropriation of trade secrets arising out of the exercise of rights under the MedPharm Know-How and (c) the
breach by MedPharm of any warranty, representation, covenant or agreement made by MedPharm in this Agreement; in each case except,
(i), in each case, to the extent such Losses result from the gross negligence or willful misconduct of any Virpax Indemnitee or
the breach by Virpax of any warranty, representation, covenant or agreement made by Virpax in this Agreement and (ii) to the extent
of any Claim for which Virpax is obligated to indemnify MedPharm under Section 10.1.

 

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10.3 Control
of Defense. In the event a Party (the “Indemnified Party”) seeks indemnification under Section 10.1
or 10.2, it shall inform the other Party (the “Indemnifying Party”) of a claim as soon as reasonably
practicable after it receives notice of the claim (it being understood and agreed, however, that the failure by an Indemnified
Party to give notice of a claim as provided in this Section 10.3 shall not relieve the Indemnifying Party of its indemnification
obligation under this Agreement except and only to the extent that such Indemnifying Party is actually damaged as a result of such
failure to give notice), shall permit the Indemnifying Party to assume direction and control of the defense of the claim (including
the right to settle the claim solely for monetary consideration) using counsel reasonably satisfactory to the Indemnified Party,
and shall cooperate as requested (at the expense of the Indemnifying Party) in the defense of the claim. If the Indemnifying Party
does not assume control of such defense within 15 days after receiving notice of the claim from the Indemnified Party, the
Indemnified Party shall control such defense and, without limiting the Indemnifying Party’s indemnification obligations,
the Indemnifying Party shall reimburse the Indemnified Party for all costs, including reasonable and documented attorney fees,
incurred by the Indemnified Party in defending itself within thirty (30) days after receipt of any invoice therefor from the
Indemnified Party. The Party not controlling such defense may participate therein at its own expense. The Party controlling such
defense shall keep the other Party advised of the status of such action, suit, proceeding or claim and the defense thereof and
shall consider recommendations made by the other Party with respect thereto. The Indemnified Party shall not agree to any settlement
of such action, suit, proceeding or claim without the prior written consent of the Indemnifying Party, which shall not be unreasonably
withheld, delayed or conditioned. The Indemnifying Party shall not agree to any settlement of such action, suit, proceeding or
claim or consent to any judgment in respect thereof that does not include a complete and unconditional release of the Indemnified
Party from all liability with respect thereto, that imposes any liability or obligation on the Indemnified Party or that acknowledges
fault by the Indemnified Party without the prior written consent of the Indemnified Party. If the Parties cannot agree as to the
application of Section 10.1 or 10.2 to any claim, pending resolution of the dispute pursuant to Article 11, the Parties may
conduct separate defenses of such claims, with each Party retaining the right to claim indemnification from the other Party in
accordance with Section 10.1 or 10.2, as applicable, upon resolution of the underlying claim.

 

10.4 Insurance.
Each Party shall procure and maintain adequate levels of insurance that are consistent with industry standards for similarly situated
companies, including comprehensive or commercial general liability insurance (including contractual liability and product liability).
Such insurance shall include commercially reasonable levels of insurance as may be customary in light of status of activities being
conducted. 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 this Article 10 or otherwise. Each Party shall provide the other Party with written
evidence of such insurance upon request. Each Party shall provide the other Party with written notice at least 30 days prior
to the cancellation, non-renewal or material change in such insurance which materially adversely affects the rights of the other
Party hereunder.

 

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Article
11.

 

DISPUTE
RESOLUTION

 

11.1 Disputes.
Subject to Section 11.3, any claim, dispute, or controversy as to the breach, enforcement, interpretation or validity of this
Agreement (each, a “Dispute”) that cannot be resolved by the Parties within thirty (30) days that a Party
is notified of such Dispute, will be referred to the Chief Executive Officer of MedPharm and the Chief Executive Officer of Virpax
for attempted resolution, with each party exercising good faith in such attempt. In the event such executives are unable to resolve
such Dispute within thirty (30) days of such Dispute being referred to them, then, upon the written request of either Party
to the other Party, the Dispute shall be subject to arbitration in accordance with Section 11.2, except as expressly set forth
in Section 11.3.

 

11.2 Arbitration.

 

(a) Claims.
Subject to Section 11.3 below, any Dispute that is not resolved under Section 11.1 within the applicable 30-day period
shall be resolved by final and binding arbitration administered by JAMS (if the claim is brought by MedPharm) or the London Court
of International Arbitration (“LCIA”) (if the claim is brought by Virpax) (the “Administrator”)
in accordance with their respective then-effective International Arbitration Rules (the “Rules”), except
to the extent any such Rule conflicts with the express provisions of this Section 11.2. (Capitalized terms used but not otherwise
defined in this Agreement shall have the meanings provided in the Rules.) The Arbitration shall be conducted by one neutral arbitrator
selected in accordance with the Rules, provided that such individual shall not be a current or former employee or director, or
a current stockholder, of either Party or any of their respective Affiliates (or any licensee or sub-licensee of the rights granted
to such Party under this Agreement). The arbitration and all associated discovery proceedings and communications shall be conducted
in English, and the arbitration shall be held in New York, NY, USA if the claim is brought by MedPharm and in London, England if
the claim is brought by Virpax.

 

(b) Discovery.
Within 30 days after selection of the Arbitrator, the Arbitrator shall conduct the Preliminary Conference. In addressing any
of the subjects within the scope of the Preliminary Conference, the Arbitrator shall take into account both the desirability of
making discovery efficient and cost-effective and the needs of the Parties for an understanding
of any legitimate issue raised in the Arbitration. In that regard, the Parties agree to the application of the E-Discovery procedures
set forth in Rule 16.2(c) of the JAMS Expedited Procedures or the nearest equivalent procedure in the LCIA rules. Neither
Party shall have the right to take deposition testimony.

 

(c) Hearing;
Decision. The Hearing shall commence within 60 days after the discovery cutoff. The Arbitrator shall require that each
Party submit concise written statements of position and shall permit the submission of rebuttal statements, subject to reasonable
limitations on the length of such statements to be established by the Arbitrator. The Hearing shall be no longer than 5 business
days in duration. The Arbitrator shall also permit the submission of expert reports. The Arbitrator shall render the Award within
30 days after the Arbitrator declares the Hearing closed, and the Award shall include a written statement describing the essential
findings and conclusions on which the Award is based, including the calculation of any damages awarded. The Arbitrator’s
authority to award special, incidental, consequential or punitive damages shall be subject to the limitation set forth in Section 7.7.
The Award rendered by the Arbitrator shall be final, binding and non-appealable, and judgment may be entered upon it in any court
of competent jurisdiction.

 

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(d) Costs.
Each Party shall bear its own attorney’s fees, costs, and disbursements arising out of the arbitration, and shall pay an
equal share of the fees and costs of the arbitrator; provided, however, the Arbitrator shall be authorized to determine
whether a Party is the prevailing party, and if so, to award to that prevailing party reimbursement for any or all of its reasonable
attorneys’ fees, costs and disbursements (including, for example, expert witness fees and expenses, photocopy charges, travel
expenses, etc.), and/or the fees and costs of the Administrator and the Arbitrator.

 

11.3 Court
Actions. Nothing contained in this Agreement shall deny either Party the right to seek injunctive or other equitable relief
from a court of competent jurisdiction in the context of a bona fide emergency or prospective irreparable harm, and such
an action may be filed and maintained notwithstanding any ongoing discussions between the Parties or any ongoing arbitration proceeding.
In addition, either Party may bring an action in any court of competent jurisdiction to resolve disputes pertaining to the validity,
construction, scope, enforceability, infringement or other violations of Patent Rights or other intellectual property rights, and
no such claim shall be subject to arbitration pursuant to Section 11.2.

 

Article
12.

 

MISCELLANEOUS

 

12.1 Rights
Upon Bankruptcy. All rights and licenses granted under or pursuant to this Agreement are, and shall otherwise be deemed to
be, for purposes of Section 365(n) of Title 11 of the United States Code and other similar laws in any jurisdiction outside
the U.S. (collectively, the “Bankruptcy Laws”), licenses of rights to be “intellectual property”
as defined under the Bankruptcy Laws. If a case is commenced during the Term by or against a Party under Bankruptcy Laws then,
unless and until this Agreement is rejected as provided in such Bankruptcy Laws, such Party (in any capacity, including debtor-in-possession)
and its successors and assigns (including a trustee) shall perform all of the obligations provided in this Agreement to be performed
by such Party. If a case is commenced during the Term by or against a Party under the Bankruptcy Laws, this Agreement is rejected
as provided in the Bankruptcy Laws and the other Party elects to retain its rights hereunder as provided in the Bankruptcy Laws,
then the Party subject to such case under the Bankruptcy Laws (in any capacity, including debtor-in-possession) and its successors
and assigns (including a Title 11 trustee), shall provide to the other Party copies of all Information necessary for such
other Party to prosecute, maintain and enjoy its rights under the terms of this Agreement promptly upon such other Party’s
written request therefor. All rights, powers and remedies of the non-bankrupt Party 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, without
limitation, the Bankruptcy Laws) in the event of the commencement of a case by or against a Party under the Bankruptcy Laws.

 

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12.2 Governing
Law. This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including
non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of England and Wales, except
as to any issue which depends upon the validity, scope or enforceability of any Patent, which issue shall be determined in accordance
with the laws of the country in which such patent was issued or applied for.

 

12.3 Entire
Agreement; Amendments. This Agreement (including the Exhibits and Schedules hereto) is both a final expression of the Parties’
agreement and a complete and exclusive statement with respect to all of its terms. This Agreement supersedes all prior and contemporaneous
agreements and communications, whether oral, written or otherwise, concerning any and all matters contained herein. The Exhibits
and Schedules to this Agreement are incorporated herein by reference and shall be deemed a part of this Agreement. This Agreement
may be amended, or any term hereof modified, only by a written instrument duly executed by authorized representatives of both Parties
hereto.

 

12.4 Non-Waiver.
The failure of a Party to insist upon strict performance of any provision of this Agreement or to exercise any right arising out
of this Agreement shall neither impair that provision or right nor constitute a waiver of that provision or right, in whole or
in part, in that instance or in any other instance. Any waiver by a Party of a particular provision or right shall be in writing,
shall be as to a particular matter and, if applicable, for a particular period of time and shall be signed by such Party.

 

12.5 Assignment.
Except as expressly provided hereunder, neither this Agreement nor any rights or obligations hereunder may be assigned or otherwise
transferred by either Party without the prior written consent of the other Party (which consent shall not be unreasonably withheld);
provided, however, that either Party may assign this Agreement and its rights and delegate its obligations hereunder without
the other Party’s consent:

 

(a) in
connection with the transfer or sale of all or substantially all of the business of such Party to which this Agreement relates
to a Third Party (“Third Party Acquirer”), whether by merger, sale of stock, sale of assets or otherwise
(each, a “Sale Transaction”); or

 

(b) to
an Affiliate, provided that the assigning Party shall remain liable and responsible to the non-assigning Party hereto for the performance
and observance of all such duties and obligations by such Affiliate.

 

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The rights and obligations
of the Parties under this Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the
Parties, and the name of a Party appearing herein will be deemed to include the name of such Party’s successors and permitted
assigns to the extent necessary to carry out the intent of this section. Any assignment not in accordance with this Agreement shall
be void. In the event of an assignment and assumption of rights and obligations under this Agreement to a Third Party in connection
with a Sale Transaction, the assigning Party shall be relieved of all obligations to the non-assigning Party assumed by the applicable
Third Party.

 

12.6 Force
Majeure. Each Party shall be excused from liability for the failure or delay in performance of any obligation under this Agreement
by reason of any event beyond such Party’s reasonable control, including but not limited to Acts of God, fire, flood, explosion,
earthquake, or other natural forces, war, civil unrest, acts of terrorism, accident, destruction or other casualty, any lack or
failure of transportation facilities, any lack or failure of supply of raw materials, any strike or labor disturbance, or any other
event similar to those enumerated above. Such excuse from liability shall be effective only to the extent and duration of the event(s)
causing the failure or delay in performance and provided that the Party has not caused such event(s) to occur. The affected Party
shall notify the other Party of such force majeure circumstances as soon as reasonably practical, and shall promptly undertake
all reasonable efforts necessary to cure such force majeure circumstances.

 

12.7 Severability.
If any one or more of the provisions contained in this Agreement is held invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired
thereby, unless the absence of the invalidated provision(s) adversely affects the substantive rights of the Parties. The Parties
shall in such an instance use their best efforts to replace the invalid, illegal or unenforceable provision(s) with valid, legal
and enforceable provision(s) which, insofar as practical, implement the purposes of this Agreement.

 

12.8 Notices.
All notices which are required or permitted hereunder shall be in writing and sufficient if delivered personally, sent by facsimile
or electronic mail (in each case, if promptly confirmed by personal delivery, registered or certified mail or overnight courier),
sent by nationally-recognized overnight courier or sent by registered or certified mail, postage prepaid, return receipt requested,
addressed as follows:

 

	If to MedPharm, to:	Dr Andrew Muddle
	 	Chief Executive Officer
	 	MedPharm Ltd
	 	Unit 3 / Chancellor Court
	 	50 Occam Road
	 	Surrey Research Park
	 	Guildford
	 	GU2 7AB
	 	United Kingdom

 

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	If to Virpax, to:	Virpax Pharmaceuticals, LC
	 	101 Lindenwood Drive
	 	Suite 225
	 	Malvern, PA 19355
	 	USA
	 	Attn: Anthony Mack
	 	 
	with a copy to:	Lowenstein Sandler, LLP
	 	65 Livingston Avenue
	 	Roseland, New Jersey 07068
	 	USA
	 	Attn:    Michael J. Lerner
	 	Facsimile No.: +1 973-597-6395

 

or to such other address(es) as the Party
to whom notice is to be given may have furnished to the other Party in writing in accordance herewith. Any such notice shall be
deemed to have been given: (a) when delivered, if personally delivered or sent by facsimile on a business day (or if delivered
or sent on a non-business day, then on the next business day); (b) on the business day after dispatch, if sent by nationally-recognized
overnight courier; or (c) on the third (3rd) business day following the date of mailing, if sent by mail.

 

12.9 Interpretation.
The headings of clauses contained in this Agreement preceding the text of the sections, subsections and paragraphs hereof are inserted
solely for convenience and ease of reference only and shall not constitute any part of this Agreement, or have any effect on its
interpretation or construction. All references in this Agreement to the singular shall include the plural where applicable. The
term “including” or “includes” as used in this Agreement means including, without limiting the generality
of any description preceding such term, and the word “or” has the inclusive meaning represented by the phrase “and/or.”
Unless otherwise specified, references in this Agreement to any section shall include all subsections and paragraphs in such section
and references in this Agreement to any subsection shall include all paragraphs in such subsection. All references to days in this
Agreement shall mean calendar days, unless otherwise specified. Ambiguities and uncertainties in this Agreement, if any, shall
not be interpreted against either Party, irrespective of which Party may be deemed to have caused the ambiguity or uncertainty
to exist. This Agreement has been prepared in the English language, and the English language shall control its interpretation.
In addition, all notices required or permitted to be given hereunder, and all written, electronic, oral or other communications
between the Parties regarding this Agreement shall be in the English language.

 

    -35-

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

    

 

12.10 Relationship
between the Parties. The Parties’ relationship, as established by this Agreement, is solely that of independent contractors.
This Agreement does not create any partnership, joint venture or similar business relationship between the Parties. Neither Party
is a legal representative of the other Party, and neither Party may assume or create any obligation, representation, warranty or
guarantee, express or implied, on behalf of the other Party for any purpose whatsoever.

 

12.11 Cumulative
Remedies. No remedy referred to in this Agreement is intended to be exclusive, but each shall be cumulative and in addition
to any other remedy referred to in this Agreement or otherwise available under law.

 

12.12 No
Third Party Rights. The provisions of this Agreement are for the exclusive benefit of the Parties, and no other person or entity
shall have any right or claim against any Party by reason of these provisions or be entitled to enforce any of these provisions
against any Party.

 

12.13 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 deem advisable in order to carry out the intent and
accomplish the purposes of this Agreement and to evidence, perfect or otherwise confirm its rights hereunder.

 

12.14 Costs.
Except as specifically provided in this Agreement, each Party shall be solely responsible for all costs, fees and other expenses
incurred in connection with this Agreement.

 

12.15 Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original document, and all of which, together
with this writing, shall be deemed one instrument. This Agreement may be executed by facsimile or PDF signatures, which signatures
shall have the same force and effect as original signatures.

 

[Remainder of this page intentionally
left blank.]

 

    -36-

     

    

 

In
Witness Whereof, the parties hereto have duly executed this License Agreement as of the Effective Date.

 

	MedPharm Limited	 
	 	 	 
	By:	                                       	 
	 	 
	Name:	 
	 	 
	Title:	 

 

[Signature Page to MedPharm License Agreement]

 

     

     

    

 

	Virpax Pharmaceuticals, LLC	 
	 	 	 
	By:	/s/ Anthony Mack	 
	 	 	 
	Name: Anthony Mack	 
	 	 
	Title: CEO	 

 

[Signature Page to MedPharm License Agreement]

 

     

     

    

 

Exhibit
A

 

MedSpray
Patent Rights

 

	M&C File	 	Title (Client Ref)	 	Country	 	Application No

Grant/Reg No	 	Application

 Date	 	Applicant	 	Status
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956ZA	 	TOPICAL FORMULATIONS (MedSpray)	 	South Africa	 	2008/3150	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	2008/03150	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956US	 	TOPICAL FORMULATIONS (MedSpray)	 	United States of America	 	12/067004	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	8349297	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956RU	 	TOPICAL FORMULATIONS (MedSpray)	 	Russian Federation	 	2008114352	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	2428970	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956NZ	 	TOPICAL FILM-FORMING MONOPHASIC FORMULATIONS (MedSpray)	 	New Zealand	 	567022	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	567022	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956NO	 	TOPICAL FORMULATIONS (MedSpray)	 	Norway	 	20081790	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	339113	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956MX	 	TOPICAL FORMULATIONS (MedSpray)	 	Mexico	 	MX/a/2008/003623	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	314936	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956KR	 	TOPICAL FORMULATIONS (MedSpray)	 	Republic of Korea	 	10-2008-7008575	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1326207	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

     

     

    

 

	PN756956JP	 	TOPICAL FORMULATIONS (MedSpray)	 	Japan	 	2008-530613	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	5677720	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956IL	 	TOPICAL FILM-FORMING MONOPHASIC FORMULATIONS (MedSpray)	 	Israel	 	190174	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	190174	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956EP	 	TOPICAL FORMULATIONS (MedSpray)	 	European Patent Office	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Gone national
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956CN	 	TOPICAL FORMULATIONS (MedSpray)	 	China	 	200680042292.9	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	ZL200680042292.9	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956CA	 	TOPICAL FILM-FORMING MONOPHASIC FORMULATIONS (MedSpray)	 	Canada	 	2622624	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	2622624	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956BR	 	TOPICAL FORMULATIONS (MedSpray)	 	Brazil	 	PI0616061-1	 	14/09/2006	 	MedPharm Limited	 	Published
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956AU	 	TOPICAL FORMULATIONS (MedSpray)	 	Australia	 	2006290487	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	2006290487	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956TRQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Turkey	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956SKQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Slovakia	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

     

     

    

 

	PN756956SIQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Slovenia	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956SEQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Sweden	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956PTQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Portugal	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956PLQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Poland	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956NLQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Netherlands	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956LVQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Latvia	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956LUQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Luxembourg	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956LTQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Lithuania	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956ITQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Italy	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956IEQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Ireland	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

     

     

    

 

	PN756956HUQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Hungary	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956GRQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Greece	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956GBQ	 	TOPICAL FORMULATIONS (MedSpray)	 	United Kingdom	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956FRQ	 	TOPICAL FORMULATIONS (MedSpray)	 	France	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956FIQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Finland	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956ESQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Spain	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956DKQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Denmark	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956DEQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Germany	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956CZQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Czech Republic	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956CHQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Switzerland	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956BEQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Belgium	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	PN756956ATQ	 	TOPICAL FORMULATIONS (MedSpray)	 	Austria	 	6779420.6	 	14/09/2006	 	MedPharm Limited	 	Granted/Registered
	 	 	 	 	 	 	1931310	 	 	 	 	 	 

 

     

     

    

 

Exhibit
B

 

Compounds

 

		●	diclofenac diethylammine

 

		●	ibuprofen

 

		●	indomethacin

 

		●	ketoprofen

 

		●	ketorolac

 

		●	naproxen

 

     

     

    

 

Exhibit
C

 

Expert
Determination

 

1. The
Party wishing to refer a matter to an independent expert pursuant to a provision of this Agreement shall give written notice to
that effect to the other Party giving details of the matters it wishes to refer to the expert (“Referral Notice”).

 

2. The
Parties shall agree the identity of a single independent, impartial expert to determine such terms. In the absence of such agreement
within 14 days after receipt of the Referral Notice, either Party may apply to the President of the Law Society of England and
Wales to appoint, as an independent expert, a person qualified by education, experience and training to determine the matter in
dispute (the person appointed by or on behalf of the Parties being referred to herein as the “Expert”).

 

3. Within
14 days after the appointment of the Expert the Parties shall exchange, as appropriate their statements of case, or proposed terms
together with any relevant explanation of the basis of those terms, (the “Submission”) and shall simultaneously send
a copy of its Submission to the Expert.

 

4. Each
of the Parties may, within 30 days of the date of exchange of their Submissions, serve a reply to the other Party’s Submissions.
A copy of any such reply shall be simultaneously sent to the Expert.

 

5. The
Expert shall make his decision on the matter in dispute on the basis of the Submissions and replies and supporting documentation
only and there shall be no oral hearing. The Expert shall, to the extent reasonably possible issue his decision in writing with
reasons within 30 days after the date of the last reply pursuant to paragraph 4 above or, in the absence of receipt of any replies,
within 60 days after the date of exchange pursuant to paragraph 3 above.

 

6. In
the absence of fraud, bias or manifest error, the determination of the Expert shall be final and binding upon the Parties. Both
Parties agree to be bound by and, subject to any relevant provision in this Agreement, to implement the written decision of the
Expert with no right of appeal.

 

7. Any
person appointed to determine a dispute in accordance with this procedure shall act as an Expert and not as an arbitrator and the
provisions of the Arbitration Acts (as amended from time to time) and the law relating to arbitrations shall not apply to such
Expert or his determination or the procedure by which he reaches his determination.

 

8. Each
Party shall bear their own costs in connection with the reference of a dispute to an Expert and the costs of the Expert (including
the costs of any advisers engaged by him) will be paid by the parties to the dispute in equal proportions unless otherwise determined
by the Expert.

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