Document:

Exhibit 10.4

 

Portions of this Exhibit, indicated by the mark “[***],”
were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application
requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended

 

Sublicense
Agreement

 

THIS EXCLUSIVE
SUBLICENSE AGREEMENT (the “Agreement”) is made as of May 26, 2017 (the “Effective Date”) by and
between Chelexa BioSciences, Inc., with an address at 275 Grove Street, Suite 2-400, Auburndale, MA 02466
(“Chelexa”) and Hoth Therapeutics, Inc. with an address at 6 Horizon Road, Suite 1903, Fort Lee, New Jersey 07024
(‘·Hoth” ).

 

Recitals

 

WHEREAS
the University of Cincinnati, a state institution of higher education organized under Section 3361 of the Ohio Revised Code, having
an address at 51 Goodman Dr., Suite 240, Cincinnati, OH 45221-0829, (·’UC”) owns all right, title, and interest
in and to certain Invent.,ion Rights (as defined herein);

 

WHEREAS
UC granted to Chelexa an exclusive license to make use, have made, import, offer for sale, sell, and sublicense certain Licensed
Products within the Territory in the Field (as each of those terms are defined herein) (the “UC License”);

 

WHEREAS
Hoth desires to sublicense, on an exclusive basis, Chelexa’s rights to the Licensed Products; and

 

WHEREAS
Chelexa desires to grant to Hoth an exclusive sublicense to Chelexa’s rights to the Licensed Products.

 

In
consideration of the promises and mutual covenants contained herein, and intending to be legally bound hereby, Chelexa and Hoth
(individually referred to as a “Party” and collectively referred to as the “Parties”) hereto agree to
the following terms and conditions:

 

Article
1. Definitions

 

For
all purposes of this Agreement the following terms, as used herein, will have the meanings specified below:

 

		1.1.	“Affiliate’’
                                         means any corporation or other business entity that is owned and/or controlled by
                                         Hoth. Unless otherwise specified, the term Hoth includes Affiliates.

 

		1.2.	·’Invention”
                                         means any innovation, improvement, development, discovery, and information relating
                                         thereto, whether or not written or otherwise fixed in any form or medium, regardless
                                         of the media on which it is contained and whether or not patentable or copyrightable
                                         as described in UC Disclosure # I 08-06 7, “Use of Zinc Chelators to Inhibit Staphylococcal
                                         Biofilm Formation.”

 

		1.3.	Patent
                                         Rights” mean s any patents and patent applications based on the Invention,
                                         and any foreign counterparts thereof, as well as all continuations, continuations-in-part,
                                         divisions, and renewals thereof, all patents which may be granted thereon, and all reissues,
                                         reexaminations, extensions, patents of additions and patents of importation thereof,
                                         including specifically the following issued patents and pending patent applications:

 

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Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933,
as amended

 

	
        UC 

        Family Number  
	Jurisdiction 	Serial# 	Title 	Notes 
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]
	[***]	[***]	[***]	[***]	[***]

 

		1.4.	“Know-how”
                                         means any and all proprietary information, methods, processes, techniques and data,
                                         which are necessary or useful for the manufacture, use or sale of any Licensed Product
                                         (as defined below) and which comprise Confidential Information (as defined herein in
                                         Article 10, below).

 

		1.5.	“Invention
                                         Rights”‘ means collectively and individually Patent Rights and Know-How.

 

		1.6.	·’Licensed
                                         Product” means any and all products and processes, (i) in the jurisdiction
                                         where such products and processes are being manufactured, used, offered for sale, sold
                                         or imported which could not be manufactured, used, offered for sale, sold or imported
                                         without infringing one or more claims of the Patent Rights, or (ii) are manufactured,
                                         used or sold, in whole or in part, through the use of the Invention Right s.

 

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Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933,
as amended

 

		1.7.	“Net
                                         Sales” means the aggregate gross revenues derived by Hoth and its sublicensees
                                         from the sale of the Licensed Products to, and practice of the Licensed Product for,
                                         an unaffiliated third party in an arm’s length transaction, less credits granted
                                         on account of price adjustments, recalls, rejections or return of items previously sold,
                                         and excises, sales taxes, duties or other taxes imposed upon and paid with respect to
                                         such sales.

 

		1.8.	·’Non-Royalty
                                         Sublicense Income” means sublicense issue fees, sublicense maintenance fees,
                                         sublicense milestone payments, and similar non-royalty payments made by sublicensee to
                                         Hoth on account of sublicenses pursuant to this Agreement.

 

		1.9.	“Field”
                                         means use of the Licensed Products for all indications in man and specifically excluding
                                         veterinary uses.

 

		1.10.	‘‘Territory”
                                         means inclusive of all global commercial markets.

 

		1.11.	“Term”
                                         means the period beginning on the Effective Date and extending to the earlier of
                                         May 31, 2025 or the last to expire patent in the Patent Rights. Hoth has first right
                                         of refusal to renew “Term” if Hoth so decides.

 

		1.12.	“Fiscal
                                         Year” means the twelve (12) month period from January I to December 31.

 

		1.13.	“Calendar
                                         Quarter” means the three (3) months ending on the last day of March, June,
                                         September and December of each calendar year as defined in Fiscal Year.

 

		1.14.	“Enabling
                                         Technology” means any and all additional licenses and rights which are not
                                         licensed to Hoth under this Agreement and which are required by Hoth for the exercise
                                         of the Patent Rights or the manufacture of the Licensed Products hereunder.

 

		1.15.	“Equity
                                         Securities” means any and all equity interests of Hoth and any securities of
                                         Hoth convertible into, or exchangeable or exercisable for, such equity interests, and
                                         warrants or other rights to acquire such equity interests.

 

		1.16.	“Excluded
                                         Securities” means Equity Securities issued in connection with (a) a grant to
                                         any existing or prospective consultants, employees, officers or managers pursuant to
                                         any profits interest plan or similar equity-based plans or other compensation agreement;
                                         or (b) a split of equity interests, payment of distributions or any similar recapitalization.

 

		1.17.	“Progress
                                         Report” mean s a written report describing Hoth’s progress on operations,
                                         research and development, clinical requirements, regulatory approvals, manufacturing,
                                         sublicensing, marketing and sales during the most recent Fiscal Year and plans for the
                                         forthcoming year.

 

		1.18.	“Pro-Rata
                                         Share “ means, with respect to Chelexa’ s pre-emptive rights under this
                                         Agreement, on any issuance date for new Equity Securities, the number of new Equity
                                         Securities equal to the product of (i) the total number of new Equity Securities to be
                                         issued by Hoth on such date and (ii) the fraction determined by dividing (x) the number
                                         of common and preferred shares of Hoth owned by Chelexa immediately prior to such issuance
                                         by (y) the total number of common and preferred shares held by all the shareholders of
                                         Hoth on such date immediately prior to such issuance .

 

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Portions
of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and
Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406
of the Securities Act of 1933, as amended

 

Article
2. Grant of License

 

		2.1.	Grant.
                                         Chelexa hereby grants to Hoth, during the Term, a royalty-bearing exclusive sublicense
                                         to Chelexa’s rights, including the Invention Rights, to make, use, have made import,
                                         offer for sale, and sell the Licensed Product within the Territory in the Field. Such
                                         sublicense shall include the right to grant sublicenses within the Territory in the Field.

 

		2.2.	Reservation
                                         of Rights. The license granted herein is subject to the rights, if any, of the United
                                         States government and to a reservation of the right of Chelexa and UC to use the Invention
                                         Rights for internal, academic research and educational purposes.

 

Article
3. Sublicenses

 

		3.1.	Chelexa
                                         also grants to Hoth the right to issue exclusive and nonexclusive sublicenses (with the
                                         right to further sublicense) to third parties to make, use, have made, import, offer
                                         for sale, and sell the Licensed Product within the Territory and the Field in which Hoth
                                         has exclusive rights under this Agreement.

 

		3.2.	Each
                                         sublicense granted by Hoth or its sublicensees under this Agreement shall be embodied
                                         in a written document and all relevant terms of this Agreement shall apply to each such
                                         sublicense to the same extent as they apply to Hoth unless otherwise agreed to in writing
                                         by Chelexa. Among other things, Hoth and its sublicensees shall include reporting and
                                         audit provisions substantially similar to the reporting and audit requirements placed
                                         on Hoth under this Agreement.

 

		3.3.	Hoth
                                         and its sublicensees shall make commercially reasonable efforts to enforce the terms
                                         and conditions of any sub license agreements. Copies of all sublicense agreements shall
                                         be provided to Chelexa within thirty (30) days of execution of each sublicense. Hoth
                                         hereby assumes responsibility for the performance of all obligations so imposed on its
                                         sublicensees by this Agreement and will itself pay and account to Chelexa for all payments
                                         and reports due under this Agreement which may accrue by reason of the operations of
                                         each sublicense, as if it were Hoth’s own commercial activity.

 

		3.4.	Hoth
                                         and its sublicensees shall provide, in all sublicenses granted by it under this Agreement
                                         that Hoth’s interest in such sublicenses shall terminate upon termination of this
                                         Agreement as provided in Article 11.7.

 

Article
4. Fees and Royalties

 

		4.1.	License
                                         Fee. Hoth will pay to Chelexa [***] a non-refundable cash
                                         license fee of [***].

 

		4.2.	Research
                                         Reimbursement. Hoth will pay to Chelexa [***] a non-refundable
                                         cash Research Reimbursement fee of [***].

 

		4.3.	Hoth
                                         Equity: Hoth will upon execution of this Agreement, issue and transfer to Chelexa
                                         common shares of Hoth representing ten percent (10%) of the fully-diluted equity of Hoth
                                         as of the Effective Date. Hoth will issue to Chelexa additional common shares in Hoth
                                         as is required to ensure that Chelexa’s ownership position in Hoth remains at 10%
                                         of the fully-diluted equity of Hoth until Hoth has closed an equity or debt financing
                                         of at least $3 million.

 

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Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933,
as amended

 

		4.4.	Pre-emptive
                                         Right: Chelexa will have the right to participate in any new issuances of Equity
                                         Securities (other than any Excluded Securities) in a future financing for the purposes
                                         of raising capital, based on its Pro-Rata Share of Hoth to enable Chelexa to retain 10%
                                         of the [fully-diluted] equity of Hoth.

 

		4.5.	Approval
                                         Milestone: Hoth will pay Chelexa [***] $3.5 million [***].

 

		4.6.	Development
                                         Expense: Hoth will agree to fund 100% of all development expenses for the Licensed
                                         Technology in the Territory and for the Field.

 

		4.7.	Commercialization
                                         Expenses: Hoth will agree to fund I 00% of all launch and on-going commercialization
                                         expenses for the Licensed Technology in the Territory and for the Field.

 

		4.8.	Sales-Based
                                         Royalty. Hoth shall pay to Chelexa during the Term an incremental royalty based on
                                         a percentage of annual aggregate Net Sales in the Territory according to the following
                                         schedule:

 

	Calendar Year Net Sales
    (in US Dollars) for the 

Licensed Technology in the Territory	Incremental
    Royalty Rates as a 

Percentage(%) of Net Sales
	 	 
	Portion
of Calendar Year Net Sales up to and including [***]	[***]
	 	 
	Portion
of Calendar Year Net Sales that exceeds [***], up to and including [***]	[***]
	 	 
	Portion
of Calendar Year Net Sales that exceeds [***]	[***]

 

Article
5. Diligence

 

		5.1.	Hoth
                                         agrees to use its best commercial efforts in the development, production and marketing
                                         of Licensed Products within the global market and the respective discipline of biofilm
                                         prevention utilizing the Zinc Chelator DTPA and will for such purpose make available
                                         adequate resources and qualified personnel. All such development and commercializing
                                         expenses shall be borne by Hoth.

 

		5.2.	Hoth
                                         shall use its best commercial efforts to effect introduction of Hoth (or those of its
                                         sublicensees) branded products into commercial use as quickly as is reasonably possible,
                                         consistent with sound and reasonable business practices and judgment; thereafter, until
                                         the expiration of this Agreement, Hoth and its sublicensees shall endeavor to keep branded
                                         products reasonably available to the public.

 

At
any time after one (1) year from the Effective Date of this Agreement, Chelexa may, at its sole option, terminate or render
this license nonexclusive if, in Chelexa’s judgment the Progress Reports furnished by Hoth do not demonstrate that Hoth
has used its best commercial efforts to develop and seek regulatory approval for the Licensed Products in the Territory and
in the Field and /or is engaged in manufacturing, marketing or sublicensing activity which is reasonably expected to keep the
Licensed Products reasonably available to the public and to achieve the goals of Article 5.24.

 

     -5-

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933,
as amended

 

Article
6. Warranty

 

		6.1.	Nothing
                                         in this Agreement shall be construed as:

 

		6.1.1.	A
                                         warranty or representation by Chelexa as to the validity or scope of any of the Invention
                                         Rights;

 

		6.1.2.	An
                                         obligation of Chelexa to bring or prosecute actions or suits against third parties;

 

		6.1.3.	A
                                         grant of rights to Hoth to use any trademark or the names of UC or Chelexa in advertising,
                                         publicity or otherwise; or

 

		6.1.4.	Granting
                                         rights to Hoth under rights of Chelexa other than the Invention Rights, by implication,
                                         estoppel, or otherwise, regardless of whether such other Chelexa rights are dominant
                                         or subordinate to any of the Invention Rights.

 

		6.2.	Except
                                         as expressly set forth in this Agreement, CHELEXA MAKES NO REPRESENTATIONS, EXTENDS NO
                                         WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, AND ASSUMES NO RESPONSIBILITIES WHATEVER
                                         WITH RESPECT TO THE USE, SALE OR OTHER DISPOSITION BY HOTH OR ITS VENDEES OR OTHER TRANSFEREES
                                         OF PRODUCTS INCORPORATING OR MADE BY USE OF INVENTION RIGHTS LICENSED UNDER THIS AGREEMENT
                                         OR INFORMATION, IF ANY, FURNISHED UNDER THIS AGREEMENT. SUCH INVENTION RIGHTS AND INFORMATION
                                         ARE PROVIDED AS IS, WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
                                         OR WARRANTY THAT THE USE WILL NOT INFRINGE ANY PATENT, COPYRIGHT OR TRADEMARK OR OTHER
                                         RIGHTS, OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED.

 

Article
7. Records, Reports and Payments

 

		7.1.	Hoth
                                         shall report to Chelexa the date of first sale of a Licensed Product by Hoth or a sublicensee
                                         within thirty (30) days following that sale.

 

		7.2.	No
                                         later than sixty (60) days after the end of each Fiscal Quarter, Hoth shall provide to
                                         Chelexa a written Quarterly Progress Report. If multiple technologies are covered by
                                         the license granted hereunder, the Progress Report shall provide the information set
                                         forth above for each technology. If Chelexa believes in good faith that progress is not
                                         equal to that anticipated in the previous quarter’s plan, Hoth shall explain the
                                         reasons for the difference and prepare and present a modified business plan for Chelexa’s
                                         review and approval. Hoth shall also provide any reasonable additional data Chelexa require
                                         s to evaluate Hoth’s performance. Within 90 days of the execution of this Agreement
                                         and on or before December 15 of each year thereafter, Hoth shall provide Chelexa with
                                         a business plan for the Licensed Products for Chelexa’s review and approval. The
                                         initial plan will include a detailed development plan for the Licensed Product which
                                         plan shall be kept current by Hoth and provided to Chelexa as material changes are made.

 

     -6-

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933,
as amended

 

		7.3.	Hoth
                                         shall deliver to Chelexa within sixty (60) days after the end of each Calendar Quarter
                                         a written report showing its sales of the Licensed Product as well as any payments from
                                         sublicensees and its computation of remuneration to Chelexa due under this Agreement
                                         for such Calendar Quarter and at the same time make the payment of the remuneration due.
                                         If it had no sale of any Licensed Product by Hoth or a subl icensee the report shall
                                         so state. All Net Sales shall be segmented in each such report according to each Chelexa
                                         technology in the Licensed Product. For payments by sublicensees, the report shall segment
                                         the payments by any applicable Chelexa technology in the sublicensed product. The report
                                         shall include the rates of exchange used for conversion to US Dollars (USD) from the
                                         currency in which such sales were made.

 

		7.3.1.	In
                                         cases of sales outside the USA, royalty payments shall be made in net US Dollars. The
                                         amounts shall be calculated using currency exchange rates as set forth in The Wall Street
                                         Journal on the la s t day of the Calendar Quarter for which remuneration is due as noted
                                         in 7.3.

 

		7.3.2.	All
                                         payments due to Chelexa from Hoth shall be made without deduction for taxes, assessments,
                                         or other charges of any kind which may be imposed on Hoth by the government of the country
                                         where the transaction s occur or any political subdivision thereof with respect to any
                                         amounts payable to Chelexa pursuant to this Agreement, and such taxes, assessments, or
                                         other charges shall be assumed by Hoth. Late payments shall be subject to an interest
                                         charge of the lesser of one percent (1%) per month or the maximum allowed by law.

 

		7.3.3.	Hoth
                                         shall keep full, true and accurate books of accounts based on good accounting principles
                                         and other records containing relevant information and data which may be necessary to
                                         ascertain and verify the remuneration payable to Chelexa hereunder for a period of three
                                         (3) years following the year to which such records relate. During the Term and for a
                                         period of three (3) years following its termination, Chelexa shall have the right to
                                         audit, or have an agent, accountant or other representative, audit such books, records
                                         and supporting data upon thirty (30) days notice. Any audit shall be at Chelexa’s
                                         expense, except that Hoth shall reimburse Chelexa for the cost of the audit in the event
                                         that Chelexa discovers an underpayment often percent (10%) or more of the amount due.

 

		7.4.	All
                                         matters relating to this Article 7 shall be subject to the confidentiality provisions
                                         of Article 10 and shall not be used for any purpose other than in connection with the
                                         examination by Chelexa contemplated by this Article, nor shall any such information or
                                         material be disclosed to any person or entity other than Chelexa’s outside or in-house
                                         counsel, accountants, officers and those personnel of each having a legitimate need to
                                         know.

 

Article
8. Patent Prosecution

 

		8.1.	Hoth
                                         agrees that it will be solely responsible for any and all patent prosecution and maintenance
                                         costs related to the Patent Rights licensed hereunder from the Effective Date of this
                                         Agreement. Hoth agrees to either pay such costs directly or to reimburse Chelexa for
                                         such costs to the extent that Chelexa is obligated to pay over such costs to UC.

 

		8.2.	Hoth
                                         shall arrange for the preparation, filing, prosecution and maintenance of any and all
                                         patent applications and patents included in the Invention Right s by counsel of its own
                                         selection. Hoth shall consult with Chelexa as to the preparation, filing, prosecution
                                         and maintenance of such patent applications and patents and shall furnish to Chelexa
                                         copies of documents relevant to any such preparation, filing, prosecution or maintenance.
                                         To the extent Hoth arranges for the preparation, filing, prosecution or maintenance of
                                         any such patent applications or patents, Hoth will own all right, title, and interest
                                         in and to such patents, patent applications, and related continuation, continuation-in-part,
                                         reissue, divisional, international, foreign, or other related patent applications, inclusive
                                         of any and all trade secrets, know how, or other inventions, whether or not patentable,
                                         related thereto and developed pursuant to this Agreement. If Hoth elects not to file,
                                         prosecute or maintain a patent application or patent included in the Invention Rights
                                         that is owned solely by UC or Chelexa, or jointly by Hoth and either or both UC and Chelexa,
                                         Chelexa shall be given the opportunity to do so at its own expense. Said Invention Right
                                         will be free and clear of this Agreement, and in the case of jointly-owned patents, Hoth
                                         will retain its joint ownership rights and the Parties will have no duty of royalty or
                                         accounting to each other with respect to such jointly-owned patents.

 

     -7-

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933,
as amended

 

		8.3.	Chelexa
                                         agrees to cooperate fully with Hoth in the preparation, filing, and maintenance of the
                                         patent applications and patents included within the Invention Rights. Hoth agrees to
                                         promptly reimburse Chelexa for any out-of-pocket expenses it may incur at Hoth’s
                                         request under this Article 8.

 

		8.4.	If
                                         Hoth chooses to discontinue its prosecution or payment of the continued filing, prosecution
                                         or maintenance of any particular patent application or patent within the Patent Rights
                                         it will so inform Chelexa in sufficient time prior to implementation of such decision
                                         to allow Chelexa to assume such duties. Chelexa then shall have the right but not the
                                         obligation to file, prosecute, or maintain such patent or patent application at its own
                                         expense. In such a case said patent or patent application will be free and clear of this
                                         Agreement and Chelexa will be free to exploit and to assign or license or otherwise d
                                         is pose of any such patent or patent application to third parties without further obligation
                                         to Hoth.

 

		8.5.	In
                                         the event that any claim of any patent application within the Patent Rights is canceled,
                                         abandoned, or otherwise disallowed by a final non appealable action of a Patent Office
                                         having jurisdiction, or in the event that any claim of any patent within the Patent Rights
                                         is held invalid or unenforceable by a non-appealable decision by any court of competent
                                         jurisdiction, such claim will be excluded from this Agreement as of the date of final
                                         disallowance or final decision of invalidity or non- enforceability .

 

Article
9. Infringement

 

		9.1.	Each
                                         Party shall make reasonable efforts to report in writing to the other Party any infringement
                                         or suspected infringement of any right within the Invention Rights or unauthorized use
                                         or misappropriation of anything of value transferred hereunder by a third party of which
                                         it becomes aware during the Term, and, upon request shall provide the other Party with
                                         all available evidence in its possession supporting said infringement, suspected infringement
                                         or unauthorized use or misappropriation.

 

		9.2.	Except
                                         as provided in Article 9.3, Hoth shall have the right but not the obligation to initiate
                                         an infringement suit or other appropriate action against any third party who at any time
                                         has infringed or is suspected of infringing of any right within the Invention Rights
                                         or who has misused or misappropriated anything of value transferred hereunder. Hoth shall
                                         give Chelexa sufficient advance written notice of its intent to initiate such action
                                         and the reasons therefor, and shall provide Chelexa or UC with an opportunity to make
                                         suggestions and comments regarding such action. Hoth shall keep Chelexa promptly informed
                                         of the status of any such action. Hoth shall have the sole and exclusive right to select
                                         counsel for and shall pay all expenses of such action. Chelexa shall offer reasonable
                                         assistance to Hoth in connection therewith at no charge to Hoth except for reimbursement
                                         of reasonable out-of-pocket expenses. Hoth may settle any such action subject to prior
                                         approval of Chelexa, which approval shall not be unreasonably withheld or delayed. Any
                                         damages, profits or awards of whatever nature recovered from such action shall not be
                                         treated as Net Sales for purposes of determining Sales Based Royalties.

 

     -8-

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933,
as amended

 

		9.3.	In
                                         the event that Hoth does not (a) secure cessation of the infringement, (b) enter suit
                                         against the infr inger, or (c) provide Chelexa with evidence of bona fide negotiations
                                         for resolution of the claim, within nine (9) months of notice under Article 9.1 hereof,
                                         Chelexa or UC shall thereafter have the right but not the obligation to take action against
                                         the infringer at Chelexa’s or UC’s own expense. Hoth shall offer reasonable
                                         assistance to Chelexa or UC in connection with such action at no charge to either UC
                                         or Chelexa, except for the reimbursement of reasonable out-of-pocket expenses. As between
                                         the Parties, any damages, profits or awards of whatever nature recovered from such action
                                         shall belong solely to Chelexa.

 

Article
10. Confidentiality

 

		10.1.	In
                                         connection with this Agreement, it is acknowledged that each Party may disclose its confidential
                                         and proprietary information to the other Party. Any such information that is first disclosed
                                         in writing, or if first disclosed orally is later transmitted in written form, and is
                                         labeled as “Confidential” is referred to herein as “Confidential Information.”

 

		10.2.	Each
                                         Party hereto shall maintain the Confidential Information of the other Party in confidence,
                                         and shall not disclose or otherwise communicate such Confidential Information to others
                                         during the Term and for a period of three (3) years following termination, or use it
                                         for any purpose except pursuant to, and in order to carry out, the terms and objectives
                                         of this Agreement, and hereby agrees to exercise every reasonable precaution to prevent
                                         the unauthorized disclosure of such Confidential Information by any of its directors,
                                         officers, employees, consultants or agents.

 

		10.3.	The
                                         provisions of Article 10.2 shall not apply to any Confidential Information disclosed
                                         hereunder which:

 

		10.3.1.	either
                                         was or will be lawfully disclosed to the recipient by an independent third party rightfully
                                         in possession of the Confidential Information; or

 

		10.3.2.	is
                                         public knowledge prior to or after its disclosure other than through acts of omission
                                         attributable to recipient; or

 

		10.3.3.	was
                                         independently known to the recipient prior to receipt from the disclosing party, as demonstrably
                                         documented in contemporaneous written records of the recipient; or

 

		10.3.4.	is
                                         required to be disclosed by any of the Parties to comply with applicable laws, to defend
                                         or prosecute litigation or to comply with governmental regulations, provided that such
                                         Party promptly notifies the other Party so as to permit such Party to take action to
                                         avoid and/or minimize the degree or such disclosure.

 

     -9-

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933,
as amended

 

Publication

 

		10.4.	In
                                         its license agreement with Chelexa, UC has reserved the right to publish the results
                                         of its research on the Invention. Before publishing, however, UC agrees to submit copies
                                         of any manuscript proposed for publication to Chelexa, and Chelexa agrees to submit copies
                                         of the manuscript proposed for publication to Hoth at least thirty (30) days in advance
                                         of the presentation or publication date, and if Hoth asks to defer publication within
                                         thirty (30) days after receipt of the manuscript so that patent applications may be filed, UC shall not publish or otherwise disclose to any third party any of the information
                                         contained in the manuscript until such time as a patent application has been filed or
                                         the expiration of ninety (90) days from the date of disclosure to Chelexa, whichever
                                         occurs first.

 

Article
11. Termination

 

		11.1.	This
                                         Agreement will become effective on the Effective Date and will continue for the Term
                                         unless terminated earlier pursuant to the terms of this Agreement. This Agreement may
                                         not be terminated by either Party except in accordance with this Article 11.

 

		11.2.	Hoth
                                         may terminate this Agreement at any time by providing twelve (12) months written notice
                                         to Chelexa. Upon termination, a final report shall be submitted and any royalty payments
                                         and unreimbursed expenses due to Chelexa become payable within sixty (60) days after
                                         termination.

 

		11.3.	In
                                         the event that Hoth is unable to raise at least $3 million in equity or debt financing
                                         by 180 days after the Effective Date, Chelexa may, at its sole option, choose to terminate
                                         this Agreement and all materials related to the Licensed Technology provided by Chelexa
                                         to Hoth will be promptly returned to Chelexa by Hoth.

 

		11.4.	In
                                         the event that Hoth shall be in default of any of its material obligations hereunder,
                                         Chelexa may at its sole option: (a) terminate this Agreement or (b) convert any exclusive
                                         license hereunder to a non-exclusive license. This option (a) or (b) of Chelexa shall
                                         be exercised by written notice to Hoth specifying the nature of the default including
                                         the amount of royalties then due, if any, and shall be effective ninety (90) days following
                                         receipt of said notice by Hoth unless Hoth cures said default prior to the expiration
                                         of said period of ninety (90) days.

 

		11.5.	This
                                         Agreement will terminate automatically upon the termination of the UC License.

 

		11.6.	Upon
                                         termination:

 

		11.6.1.	Hoth
                                         shall provide Chelexa with the right to access any regulatory information filed with
                                         any US or foreign government agency with respect to the Licensed Product.

 

		11.6.2.	If
                                         Hoth has filed patent applications or obtained patents to any modification or improvement
                                         to the Licensed Product within the scope of the Invention Rights, Hoth agrees upon request
                                         to enter into good faith negotiations with UC and Chelexa or their respective future
                                         licensee(s) for the purpose of granting license rights to said modifications or improvements
                                         in timely fashion and under commercially reasonable terms and at the sole discretion
                                         of Hoth.

 

     -10-

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933,
as amended

 

		11.7.	Termination
                                         of this Agreement or conversion to a non-exclusive license as provided under Article
                                         11.1 or 11.4 shall terminate any sublicenses which may have been previously granted by
                                         Hoth, provided that any sublicensee may elect to obtain a license at terms no less favorable
                                         than this Agreement by advising Chelexa in writing, within sixty (60) days after the
                                         sublicensee’s receipt of written notice of such termination or conversion, of its
                                         agreement to tender to Chelexa all the performance (including obligations for payment)
                                         previously due to Hoth under its sublicensing agreement with Hoth. Any sublicense granted
                                         by Hoth shall contain a provision corresponding to this Article 11.7.)

 

		11.8.	Upon
                                         termination of this Agreement or conversion to a non-exclusive license as provided under
                                         Article 11.1 or 11.4, neither Party shall be relieved of any obligations incurred prior
                                         to such termination or conversion, and the obligations of the Parties under any provisions
                                         which by their nature are intended to survive any such termination or conversion shall
                                         survive and continue to be enforceable.

 

		11.9.	In
                                         the event that Hoth shall become insolvent, shall make an assignment for the benefit
                                         of creditors, or shall have a petition in bankruptcy filed for or against it, Chelexa
                                         shall have the right to terminate this entire Agreement immediately upon giving Hoth
                                         written notice of such termination.

 

Article
12. Indemnification and Insurance

 

		12.1.	Hoth
                                         agrees to defend Chelexa at Hoth’ s cost and expense, and will indemnify and hold
                                         harmless Chelexa from and against any and all losses, costs, damages, fees or expenses,
                                         including attorney’s fees arising out of or in connection with the manufacture,
                                         use, commercialization, marketing or sale by Hoth and its transferee s of the Licensed
                                         Products.

 

		12.2.	Beginning
                                         at such time as any such product or process is being commercially distributed or sold
                                         by Hoth or by a sublicensee, or agent of Hoth, Hoth shall at its sole cost and expense
                                         procure and maintain comprehensive general liability insurance in amounts not less than
                                         $2,000,000 (USD) per incident and $2,000,000 (USD) annual aggregate. Such comprehensive
                                         general liability insurance shall provide (i) product liability coverage and (ii) broad
                                         form contractual liability coverage for Hoth’s indemnification under this Agreement.
                                         If Hoth elects to self - insure all or part of the limits described above (including
                                         deductibles or retentions which are in excess of $250,000 (USD) annual aggregate) such
                                         self-insurance program must be acceptable to Chelexa. The minimum amounts of insurance
                                         coverage required shall not be construed to create a limit of Hoth’s liability
                                         with respect to its indemnification under this Agreement.

 

		12.3.	Hoth
                                         shall provide Chelexa with written evidence of such insurance upon request Chelexa. Hoth
                                         shall provide Chelexa with written notice at least thirty (30) days prior to the cancellation,
                                         non-renewal or any material change in such insurance; if Hoth or its sublicensee, or
                                         agent does not provide evidence to Chelexa of replacement insurance providing comparable
                                         coverage within an additional thirty (30) day period, Chelexa shall have the right to
                                         terminate this Agreement and any license hereunder effective at the end of such additional
                                         thirty (30) day period without notice or any additional waiting periods, notwithstanding
                                         Article 12.2 of this Agreement.

 

		12.4.	Hoth
                                         shall maintain such comprehensive general liability insurance beyond the expiration or
                                         termination of this Agreement during (i) the period that any Licensed Product, other
                                         product, process or service relating to or developed pursuant to this Agreement is being
                                         commercially distributed or sold by Hoth or by a sublicensee, or agent of Hoth and (ii)
                                         for a reasonable period thereafter which in no event shall be less than fifteen (15)
                                         years.

 

     -11-

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933,
as amended

 

Article
13. Notices

 

		13.1.	Any
notice required or permitted under this Agreement shall be sufficiently made or given on the date of mailing if in writing and
sent to such Party by registered or certified mail, postage prepaid or an overnight courier with sig nature required, addressed
to it at its address below, or as it shall designate by written notice given to the other Party.

 

	In the case of Hoth:	In the case of Chelexa:
	 	 
	Hoth Therapeutics,	Chelexa BioSciences Inc.
	Inc. 6 Horizon Road	275 Grove Street
	Suite 190 3	Suite 2-400
	Fort Lee, NJ 02074	Auburndale, MA 02466
	Attn: Robb Knie	Attn: Kenneth L. Rice Jr.

 

Article
14. Miscellaneous

 

		14.1.	It
                                         is understood that Chelexa is subject to United States laws and regulations controlling
                                         the export of technical data, computer software, laboratory prototypes and other commodities
                                         and that its obligations hereunder are contingent on compliance with all applicable United
                                         States export laws and regulations. The transfer of certain technical data and/or commodities
                                         may require a license from the cognizant agency of the United States Government and/or
                                         written assurances by Hoth that Hoth shall not export data or commodities to certain
                                         foreign countries without prior approval of such agency. Chelexa neither represents nor
                                         warrants that a license shall not be required nor that if required, it shall be issued.
                                         In any event, Hoth specifically agrees not to export or re-export any information and/or
                                         technical data and/or products in violation of any applicable USA laws and/or regulations.

 

		14.2.	During
                                         the Term, Hoth will not independently develop or commercialize any product that directly
                                         competes with the Licensed Product.

 

		14.3.	This
                                         Agreement shall be construed under and interpreted under the Laws of the State of New
                                         York, USA, except that questions affecting the construction and effect of any patent
                                         shall be determined by the national law of the country in which the patent has been granted.

 

		14.4.	In
                                         the event that either Party is prevented from performing or is unable to perform any
                                         of its obligations under this Agreement due to any act of God, fire, casualty, flood,
                                         war, strike, lockout, failure of public utilities, government regulation or the like, such Party shall give notice to the other Party in writing promptly, and thereupon
                                         the affected Party’s performance shall be excused and the time for performance
                                         shall be extended for the period of delay or inability to perform due to such occurrence.

 

		14.5.	The
                                         waiver by either Party of a breach or default of any provisions of this Agreement by
                                         the other Party must be in written form and signed by both Parties, and shall not be
                                         construed as a waiver of any succeeding breach of the same or any other provision.

 

     -12-

     

    

 

Portions of this Exhibit, indicated
by the mark “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant
to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933,
as amended

 

		14.6.	This
                                         Agreement supersedes all prior agreements, written or oral, between Hoth and Chelexa
                                         relating to the Licensed Technology and shall constitute the entire agreement and understanding
                                         between the Parties with respect to the subject matter hereof.

 

		14.7.	This
Agreement and each of its provisions shall be binding upon the Parties and may not be modified, amended or altered except by a
writing signed by Chelexa and Hoth.

 

		14.8.	Neither
Party may assign this Agreement without the prior written consent of the other Party, except that Hoth may assign this Agreement
to an Affiliate without the written consent of Chelexa.

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their properly and duly authorized officers
or representative s as of the Effective Date.

 

	HOTH THERAPEUTICS INC	 	CHELEXA BIOSCIENCES INC
	 	 	 	 	 
	 	 	 
	Name:	ROBB KNIE	 	Name:	Kenneth L. Rice Jr.
	Title:	CEO	 	Title:	Executive Chairman
	Date:	5/25/17 	 	Date:  	5/25/2017 

 

     -13-Exhibit
10.5

 

Portions
of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Securities and
Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406
of the Securities Act of 1933, as amended

 

EXCLUSIVE
LICENSE AGREEMENT

 

This
Exclusive License Agreement (the “Agreement) is effective (the “Effective Date”) on the date the last of the
Parties executes this Agreement, and is by and between the University of Cincinnati, a state institution of higher education
organized under Section 3361 of the Ohio Revised Code, having an address at 51 Goodman Dr., Suite 240, Cincinnati, OH 45221-0829,
(“UC”) and Hoth Therapeutics, Inc. (the “Licensee”), a company with offices at One Rockefeller
Plaza, Suite 1039, New York, NY 10020 (the “Company”).

 

In
consideration of the promises and mutual covenants contained herein, and intending to be legally bound hereby, UC and the Company
(individually referred to as a “Party” and collectively referred to as the “Parties”) hereto agree to
the following terms and conditions:

 

Article
1. Definitions

 

For
all purposes of this Agreement, the following terms, as used herein, will have the meanings specified below:

 

		1.1.	“Affiliate”
                                         means, with respect to a person, organization or entity, any person, organization
                                         or entity controlling, controlled by or under common control with, such person, organization
                                         or entity. For purposes of this definition only, “control” of another person,
                                         organization or entity will mean the possession, directly or indirectly, of the power
                                         to direct or cause the direction of the activities, management or policies of such person,
                                         organization or entity, whether through the ownership of voting securities, by contract
                                         or otherwise. Without-limiting the foregoing, control will be presumed to exist when
                                         a person, organization or entity (a) owns or directly controls fifty percent (50%) or
                                         more of the outstanding voting stock or other ownership interest of the other organization
                                         or entity or (b) possesses, directly or indirectly, the power to elect or appoint fifty
                                         percent (50%) or more of the members of the governing body of the other organization
                                         or entity. The Parties acknowledge that in the case of certain entities organized under
                                         the laws of certain countries outside of the United States, the maximum percentage ownership
                                         permitted by law for a foreign investor may be less than fifty percent (50%) and that
                                         in such cases such lower percentage will be substituted in the preceding sentence.

 

		1.2.	“Calendar
                                         Quarter” means each of the periods of three (3) consecutive calendar months
                                         ending on March 31, June 30, September 30 and December 31 during the Term.

 

		1.3.	“Developing
                                         Countries” means a country having a standard of living or level of industrial
                                         production well below that possible with financial or technical aid; a country that is
                                         not yet highly industrialized.

 

		1.4.	Reserved.

 

		1.5.	“Development
                                         Plan” means the plan for the development and commercialization of Licensed
                                         Products as such plan may be adjusted from time to time pursuant to Section 3.2.

 

		1.6.	“Enabling
                                         Technology” means any and all additional licenses and rights which are licensed
                                         to the Company under this or any other agreement and which are not infringed by the sale
                                         of Licensed Products but were used by the Company in the discovery and development of
                                         Licensed Products.

 

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		1.7.	“Field”
                                         means determining an individual’s propensity to a food allergy.

 

		1.8.	“Calendar
                                         Year” means the twelve (12) month period from January 1 to December 31

 

		1.9.	“Improvement”
                                         means all improvements, revisions and modifications to the Invention Rights or other
                                         new invention within the Field made in whole or in part by UC that is in existence at
                                         the date of this Agreement or is created or developed in Dr. Chakraborty’s lab
                                         after the Effective Date and that are directly related to the licenses granted in Section
                                         2.1.

 

		1.10.	“Invention
                                         Rights” means collectively and individually the Patent Rights and Know-how.

 

		1.11.	“Invention”
                                         means any innovation, development, discovery, and information relating thereto, whether
                                         or not written and whether or not patentable or copyrightable as described in the following
                                         UC disclosure: (a) [***]; (b) as well as any continuations, divisionals, and renewals
                                         of the aforesaid, all related patents that may be granted thereon in the U.S. or worldwide,
                                         and all reissues, reexaminations, extensions, patents of additions, and reexaminations
                                         in the U.S. or worldwide.

 

		1.12.	“Licensed
                                         Method” means any method or process, the practice of which falls within the
                                         scope of a Valid Claim.

 

		1.13.	“Licensed
                                         Product” means on a country by country basis, any product or service, the making,
                                         using, selling, offering for sale, importing, exporting or performing in the country
                                         in question would (without the license granted hereunder) infringe directly, indirectly
                                         by inducement of infringement, or indirectly by contributory infringement, at least one
                                         Valid Claim in that country, or any product or service that was created or developed
                                         using Enabling Technology.

 

		1.14.	“Net
                                         Sales” means the gross amount billed or invoiced by or on behalf of Licensee,
                                         its Affiliates, Sublicensees and any of their Affiliates (in each case, the “Invoicing
                                         Entity’’) on sales, leases or other transfers of Licensed Products, less
                                         the following to the extent applicable with respect to such sales, leases or other transfers
                                         and not previously deducted from the gross invoice price: (a) customary trade, quantity
                                         or cash discounts or rebates to the extent actually allowed and taken; (b) amounts actually
                                         paid or credited by reason of rejection or return of any previously sold, leased or otherwise
                                         transferred Licensed Products; (c) customer freight charges that are paid by or on behalf
                                         of the Invoicing Entity; and (d) to the extent separately stated on purchase orders,
                                         invoices or other documents of sale, any sales, value added or similar taxes, custom
                                         duties or other similar governmental charges levied directly on the production, sale,
                                         transportation, delivery or use of a Licensed Product that are paid by or on behalf of
                                         the Invoicing Entity, but not including any tax levied with respect to income; provided
                                         that:

 

		1.14.1.	In
                                         any transfers of Licensed Products between an Invoicing Entity and an Affiliate of such
                                         Invoicing Entity not for the purpose of resale by such Affiliate, Net Sales will be equal
                                         to the fair market value of the Licensed Products so transferred, assuming an arm’s
                                         length transaction made in the ordinary course of business, and

 

		1.14.2.	In
                                         the event that an Invoicing Entity receives non-cash consideration for any Licensed Products
                                         or in the case of transactions not at arm’s length with a non- Affiliate of an Invoicing
                                         Entity, Net Sales will be calculated based on the fair market value of such Licensed
                                         Product, assuming an arm’s length transaction made in the ordinary course of business.

 

Sales
of Licensed Products by an Invoicing Entity to its Affiliate or a Sublicensee for resale by such Affiliate or Sublicensee will
not be deemed Net Sales. Instead Net Sales will be determined based on the gross amount billed or invoiced by such Affiliate or
Sublicensee upon resale of such Licensed Products to a third party purchaser.

 

		1.15.	“Non-Royalty
                                         Sublicense Income” means any payments or other consideration that Licensee
                                         or any of its Affiliates receives in connection with a Sublicense, including without
                                         limitation, any upfront milestone or lump sum payments, received by Licensee or its Affiliates
                                         from Sublicensees or their Affiliates as full or partial consideration for the grant
                                         of any sublicense by Licensee, other than royalties based on Net Sales. If Licensee or
                                         any of its Affiliates receive non-cash consideration in connection with a Sublicense
                                         or in the case of transactions not at arm’s length, Non-Royalty Sublicense Income
                                         will be calculated based on the fair market value of such consideration or transaction,
                                         at the time of the transaction, assuming an arm’s length transaction made in the
                                         ordinary course of business.

 

    2

     

    

 

		1.16.	“Patent
                                         Rights” means, in each case to the extent owned and controlled by UC: (a) the
                                         patents and patent applications listed in Exhibit A, including any PCT and/or U.S. or
                                         foreign patent application claiming priority or related to such patents or applications
                                         in the Field (including, without limitation, those references in Section 1.12 above);
                                         (b) any patent or patent application, in the U.S. or worldwide that claims priority to
                                         and is a divisional, continuation, continuation in part, only to the extent that the
                                         claims are entitled to the priority date, reissue, renewal, reexamination, substitution
                                         or extension of any patent application identified in (a); (c) any supplementary protection
                                         certificates, pediatric exclusivity periods, any other patent term extensions and exclusivity
                                         periods and the like of any patents and patent applications identified in (a) through
                                         (b).

 

		1.17.	“Progress
                                         Report” means a written report describing the Company’s progress on research
                                         and development, regulatory approvals, manufacturing, sublicensing, marketing and sales
                                         during the most recent Fiscal Year (commencing with the period from the date of this
                                         Agreement through June 30, 2018) and plans for the forthcoming year. The Progress Reports
                                         continue to be due each June 30th as long as this Agreement remains in force.

 

		1.18.	“Regulatory
                                         Authority’’ means any applicable government regulatory authority involved
                                         in granting approvals for the manufacturing and marketing of a Licensed Product.

 

		1.19.	“Sublicense”
                                         means: (a) any right granted, license given or agreement entered into by Licensee
                                         to or with any other person or entity, under or with respect to or permitting any use
                                         of exploitation of any of the Patent Rights or otherwise permitting the development,
                                         manufacture, marketing, distribution, use and/or sale of Licensed Products; (b) any option
                                         or other right granted by Licensee to any other personor entity to negotiate for or receive
                                         any of the rights described under clause (a); or (c) any standstill or similar obligation
                                         undertaken by Licensee toward any other person or entity not to grant any of the rights
                                         described in clause (a) or (b) to any Third Party; in each case regardless of whether
                                         such grant of rights, license given or agreement entered into is referred to or described
                                         as a sublicense. For purposes of clarification, agreements pursuant to which Licensee
                                         and its Affiliates appoint contractors and distributors shall not be deemed Sublicenses.

 

		1.20.	“Sublicensee”
                                         means any person or entity granted a Sublicense.

 

		1.21.	“Sublicense
                                         Income” means any payment, barter or other compensation received by the Company
                                         from the sublicensing of the Invention Rights pursuant to this Agreement, less any price
                                         adjustments for warranty claims, claims for damages, and rejections, or legal costs associated
                                         with licensing and collection of such compensation received by the Company from the sublicensing
                                         of Invention Rights pursuant to this Agreement.

 

		1.22.	“Term”
                                         means the term of this Agreement as set forth in Section 10.

 

		1.23.	“Territory”
                                         means worldwide.

 

		1.24.	“UC
                                         Know-how” means any and all proprietary information, methods, processes, techniques
                                         and data, which are necessary or useful for the manufacture, use or sale of any Licensed
                                         Product that is in existence in Dr. Chakraborty’s lab at the date of this Agreement
                                         or is created or developed in Dr. Chakraborty’s lab after the Effective Date, and
                                         which comprise confidential information directly related to the licensed technology.

 

		1.25.	“Valid
                                         Claim” means: (a) a claim of an issued and unexpired patent within the Patent
                                         Rights that has not been (i) held permanently revoked, unenforceable, unpatentable or
                                         invalid by a decision of a court or governmental body of competent jurisdiction, unappealable
                                         or unappealed within the time allowed for appeal, (ii) rendered unenforceable through
                                         disclaimer or otherwise, (iii) abandoned or (iv) permanently lost through an interference,
                                         opposition or derivation proceeding without any right of appeal or review; or (b) a pending
                                         claim of a pending patent application within the Patent Rights that (i) has been prosecuted
                                         and continues to be prosecuted in good faith and (ii) has not been abandoned or finally
                                         rejected without the possibility of appeal or refiling.

 

    3

     

    

 

ARTICLE
2. GRANT OF LICENSE

 

		2.	License

 

		2.1.	Subject
                                         to the terms and conditions set forth in this Agreement, UC hereby grants to Licensee
                                         and its Affiliates (i) an exclusive, royalty-bearing license under UC’s interest
                                         in the Patent Rights and (ii) a non-exclusive license to use the UC Know-how, solely
                                         to develop, make, have made, offer for sale, sell, have sold, import, export, distribute,
                                         rent, or lease Licensed Products in the Territory, solely for use within the Field; provided,
                                         however, that:

 

		2.1.1.	UC
                                         retains the right, for itself, and for other not-for-profit research organizations approved
                                         by Licensee which approval shall not be unreasonably withheld, to practice the Patent
                                         Rights and to use UC Know-how within the scope of the license granted above, solely for
                                         research, educational and scholarly purposes and, for purposes of clarity, not for commercial
                                         purposes; and

 

		2.1.2.	The
                                         United States federal government retains rights in the Patent Rights pursuant to 35 U.S.C.
                                         §§200-212 and 37 C.F.R. §401 et seq. and any right granted in the Agreement
                                         greater than that permitted under the above-identified sections will be subject to modification
                                         as may be required to conform to the provisions of those statutes and regulations.

 

		2.2.	Affiliates
                                         The license granted to Licensee under Section 2.1 includes the right to have some
                                         or all of Licensee’s rights or obligations under this Agreement exercised or performed
                                         by one or more of Licensee’s Affiliates, solely on Licensee’s behalf; provided,
                                         however, that:

 

		2.2.1.	No
                                         such Affiliate shall be entitled to grant, directly or indirectly, to any Third Party
                                         any right of whatever nature under, or with respect to, or permitting any use or exploitation
                                         of, any of the Patent Rights or the UC Know-how, including any right to develop, manufacture,
                                         market or sell Licensed Products; and

 

		2.2.2.	Any
                                         act or omission taken or made by an Affiliate of Licensee under this Agreement will be
                                         deemed an act or omission by Licensee under this Agreement.

 

		2.3.	Sublicenses

 

		2.3.1.	Sublicense
                                         Grant. Licensee shall not be entitled to grant Sublicenses to third parties, other
                                         than Affiliates, under the license granted pursuant to Section 2.1 without the written
                                         consent of Licensor, which consent shall not be unreasonably withheld, and subject to
                                         the terms of this Section 2.3. Any such Sublicense shall be on terms and conditions in
                                         compliance with and not inconsistent with the terms of this Agreement. For purposes of
                                         clarification, contractors and distributors of Licensee and its Affiliates shall not
                                         be deemed Sublicensees.

 

		2.3.2.	Sublicense
                                         Agreements. After obtaining written consent from the Licensor, which consent shall
                                         not be unreasonably withheld, Licensee shall grant sublicenses pursuant to written agreements,
                                         which will be subject and subordinate to the terms and conditions of this Agreement.
                                         Such Sublicense agreements will contain, among other things, the following:

 

		2.3.2.1.	all
                                         provisions necessary to ensure Licensee’s ability to perform its obligations under
                                         this Agreements

 

		2.3.2.2.	a
                                         section substantially the same as Article 9 of this Agreement, which also will state
                                         that the lndemnitees (as defined in Section 9.1) are intended third party beneficiaries
                                         of such Sublicense agreement for the purpose of enforcing such indemnification;

 

		2.3.2.3.	a
                                         provision clarifying that, in the event of termination of the license set forth in Section
                                         2.1 (in whole or in part (e.g., termination in a particular country)), any existing
                                         Sublicense agreement shall terminate to the extent of such terminated license;

 

    4

     

    

 

		2.3.2.4.	a
                                         provision prohibiting the Sublicensee from sublicensing its rights under such Sublicense
                                         agreement;

 

		2.3.2.5.	a
                                         provision prohibiting the Sublicensee from assigning the Sublicense agreement without
                                         the prior written consent of UC, except that Sublicensee may assign the Sublicense agreement
                                         to a successor in connection with the merger, consolidation or sale of all or substantially
                                         all of its assets or that portion of its business to which the Sublicense agreement relates;
                                         provided, however, that any permitted assignee agrees in writing to be bound by the terms
                                         of such Sublicense agreement; and

 

		2.3.2.6.	the
                                         sublicense agreement shall provide that, in the event of any inconsistency between the
                                         sublicense agreement and this Agreement, this Agreement controls.

 

		2.3.3.	Delivery
                                         of Sublicense Agreement Licensee shall furnish UC with a fully executed copy of any
                                         Sublicense agreement, promptly after its execution, and copies of royalty reports provided
                                         to Licensee by any Sublicensees. UC shall keep all such copies in its confidential files
                                         and shall use them solely for the purpose of monitoring Licensee’s and Sublicensees’
                                         compliance with their obligations hereunder and enforcing UC’s rights under this
                                         Agreement.

 

		2.3.4.	Breach
                                         by Sublicensee Licensee shall be responsible for any breach of a Sublicense agreement
                                         by any Sublicensee that results in a material breach of this Agreement. Licensee shall
                                         either (a) cure such breach in accordance with Section 10.2.2
of this Agreement or (b) enforce its rights by terminating such Sublicense agreement in accordance with the terms thereof.

 

		2.4.	No
                                         Other Grant of Rights. Except as expressly provided herein, nothing in this Agreement
                                         will be construed to confer any ownership interest, license or other rights upon Licensee
                                         by implication, estoppel or otherwise as to any technology, intellectual property rights,
                                         products or biological materials of UC, or any other entity, regardless of whether such
                                         technology, intellectual property rights, products or biological materials are dominant,
                                         subordinate or otherwise related to any Patent Rights. Nothing in this Agreement will
                                         be construed to confer any ownership interest, license or other rights upon UC in Improvements
                                         and Know-how solely developed by Licensee and/or its Affiliates.

 

		2.5.	Publication
                                         Rights. Nothing in this Agreement shall prevent or delay publication or presentation
                                         of research findings related to the licenses contained herein including, without limitation,
                                         presenting at conferences, publishing in abstracts, journals, theses and/or dissertations,
                                         provided that: (a) the party seeking to publish or present shall provide to the other
                                         party a copy of proposed publication or presentation at least thirty (30) days in advance
                                         of the presentation or submission of the publication; (b) the other party shall review
                                         the proposed publication or presentation within thirty (30 days from its receipt of the
                                         proposed publication or presentation; (c) if the receiving party requests, the party
                                         seeking to publish or present must remove all confidential information from the publication
                                         or defer publication up to a maximum of three (3) months to enable the receiving party
                                         to obtain appropriate intellectual property protection if such protection is reasonably
                                         available; (d) if the receiving party does not object in writing to the publication within
                                         thirty (30) days of receipt, it will be deemed to have agreed to the publication or presentation;
                                         and (e) such publication and or presentation shall not prejudice any then-pending or
                                         future patent application or disclose any confidential or proprietary information of
                                         either party.

 

ARTICLE
3. DEVELOPMENT AND COMMERCIALIZATION

 

		3.	Development
                                         and Commercialization

 

		3.1.	Diligence

 

		3.1.1.	General
                                         Licensee shall provide a Development Plan to UC within 60 days of the Effective Date.
                                         Licensee shall use commercially reasonable efforts and shall cause its Sublicensee’s
                                         to use commercially reasonable efforts: (a) to develop Licensed products in accordance
                                         with the Development Plan; (b) to introduce Licensed Products into the commercial market;
                                         and (c) to market Licensed Products following such introduction into the market. In addition,
                                         Licensee, by itself or through its Affiliates or Sublicensee’s, shall achieve each
                                         of the Development Milestones within the time periods specified in this Agreement.

 

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		3.2.	Adjustments
                                         of Development Plan Licensee will be entitled, from time to time, to make adjustments
                                         to the then applicable Development Plan as Licensee believes, in its good faith judgment,
                                         are needed in order to improve Licensee’s ability to meet the Development Milestones,
                                         and to adjust to market conditions at the time (such as introduction of competing products,
                                         or generic products, which could affect the sales of Licensed Products).

 

		3.3.	Reporting
                                         Within sixty (60) days after the end of each Calendar Year, Licensee shall furnish
                                         UC with a written report summarizing, its Affiliates and its Sublicensee’s efforts,
                                         during the prior year to develop and commercialize Licensed Products, including: (a)
                                         research and development activities completed; (b) commercialization and/or other distribution
                                         efforts, including significant corporate transactions involving Licensed Products; and
                                         (c) marketing efforts. Each report must contain a sufficient level of detail for UC to
                                         assess whether Licensee is in compliance with its obligations under Section 3.1 and a
                                         discussion of intended efforts for the then current year. Together with each report,
                                         Licensee shall provide UC with a copy of the then current Development Plan, including
                                         an updated schedule of anticipated events or milestones.

 

		3.4.	Failure
                                         to Meet Development Milestone; Opportunity to Cure If Licensee believes that it will
                                         not achieve a Development Milestone, it may notify UC in writing in advance of the relevant
                                         deadline. Licensee shall include with such notice (a) a reasonable explanation of the
                                         reasons for such failure (and lack of finances will not constitute reasonable basis for
                                         such failure) (“Explanation”) and (b) a reasonably detailed, written plan
                                         for promptly achieving a reasonable extended and/or amended milestone (“Plan”).
                                         If Licensee so notifies UC, but fails to provide UC with both an Explanation and Plan,
                                         the Licensee will have an additional thirty (30) days or until the original deadline
                                         of the relevant Development Milestone, whichever is later, to meet such milestone. Licensee’s
                                         failure to do so shall constitute a material breach of this Agreement and UC shall have
                                         the right to terminate this Agreement under Section 10.2.2.1. If Licensee so notifies
                                         UC and provides UC with an Explanation and Plan, either of which are acceptable to UC
                                         in its reasonable discretion (e.g. Licensee asserts lack of finances or development
                                         preference for a non-Licensed Product), the Licensee will have an additional thirty (30)
                                         days or until the original deadline of the relevant Development Milestone, whichever
                                         is later, to meet such milestone. Licensee’s failure to do so shall constitute
                                         a material breach of this Agreement and UC shall have the right to terminate this Agreement
                                         under Section 10.2.2.1. If Licensee so notifies UC and provides UC with an Explanation
                                         and Plan, but the Plan is not acceptable to UC in its reasonable discretion, then UC
                                         will explain to Licensee why the Plan is not acceptable and provide Licensee with suggestions
                                         for an acceptable Plan. Licensee will have one opportunity to provide UC with an acceptable
                                         Plan within ninety (90) days, during which time UC agrees to work with Licensee in its
                                         effort to develop an acceptable Plan. If, within such ninety (90) days, Licensee fails
                                         to provide a Plan acceptable to UC in its reasonable discretion, the Licensee will have
                                         an additional thirty (30) days or until the original deadline of the relevant Development
                                         Milestone, whichever is later, to meet such milestone. Licensee’s failure to do
                                         so shall constitute a material breach of this Agreement and UC shall have the right to
                                         terminate this Agreement under Section 10.2.2.1. For clarity, if Licensee fails to achieve
                                         a Development Milestone and does not avail itself of the procedure set forth in this
                                         Section 3.4, such failure shall be a material breach that entitles UC to proceed under
                                         Section 10.2.2.1.

 

		4.	Consideration
                                         for Grant of License.

 

		4.1.	Initial
                                         Fee. Licensee shall pay UC a non-refundable, non-recoverable and non-creditable Initial
                                         fee of [***] that shall be due and payable within thirty days (30) of signing the Agreement.

 

		4.2.	Annual
                                         License Fee. Licensee shall pay UC an annual license fee of [***] that shall be due
                                         a payable within thirty days (30) of the one year anniversary and every year thereafter.

 

		4.3.	Minimum
                                         Annual Royalty. Licensee shall pay UC a non-refundable, non-recoverable and non-creditable
                                         yearly Minimum Annual Royalty (MAR) of [***] due and payable within thirty days (30)
                                         of the anniversary of the Effective Date.

 

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		4.4.	Milestone
                                         Payments.

 

		4.4.1.	Licensee
                                         shall pay UC the following non-refundable, non-recoverable and non-creditable milestone
                                         payments with respect to each Licensed Product (or Licensed Method) to reach each milestone,
                                         regardless of whether such milestone is achieved by Licensee or any Sublicensee, or any
                                         of their Affiliates:

 

		4.4.1.1.	[***]
                                         upon successful proof of concept of determining an individual’s propensity to a
                                         food allergy;

 

		4.4.1.2.	[***]
                                         payable within thirty days (30) of a marketing approval in the US.

 

		4.4.2.	Licensee
                                         shall notify UC in writing within thirty (30) days following the achievement of each
                                         milestone described in Section 4.2.1, and shall make the appropriate milestone payment
                                         within thirty (30) days after the achievement of such milestone.

 

		4.4.3.	The
                                         milestones set forth in Section 4.2.1 are intended to be successive. If a Licensed Product
                                         is not required to undergo the event associated with a particular milestone for a Licensed
                                         Product (“Skipped Milestone”), such Skipped Milestone will be deemed to have
                                         been achieved upon the achievement by such Licensed Product of the next successive milestone
                                         (“Achieved Milestone”). Payment for any Skipped Milestone that is owed in
                                         accordance with the provisions of this section 4.2 shall be due within thirty (30) days
                                         after the achievement of the Achieved Milestones.

 

		4.5.	Royalty
                                         on Net Sales.

 

4.3.1
Rate. Licensee shall pay UC an amount equal to [***] of Net Sales of Licensed Products, Licensed Methods and Enabling Technology
during the Term.

 

		4.5.1.	Patent
                                         Challenge. If Licensee, a Sublicensee, any of their Affiliates, or any entity or
                                         person acting on behalf of any of them (“Challenging Party”) commences an
                                         action in which it challenges the validity, enforceability or scope of any of the Patent
                                         Rights (a “Challenging Proceeding”), the royalty rate specified in Section
                                         4.3.1 will be doubled with respect to Net Sales of Licensed Products that are sold during
                                         the pendency of such Challenge Proceeding. If the outcome of such Challenge Proceeding
                                         is a determination against the Challenging Party, (a) the royalty rate specified in Section
                                         4.3.1 with respect to Net Sales of Licensed Products that are covered by the Patent Rights
                                         that are the subject of such Challenge Proceeding shall remain at such doubled rate and
                                         (b) Licensee shall reimburse UC for all expenses incurred by UC (including reasonable
                                         attorneys’ fees) in connection with such Challenge Proceeding. UC may invoice Licensee
                                         on a quarterly basis with respect to such costs and expenses and Licensee shall make
                                         payment within thirty (30) days after receipt of such invoice. If the outcome of such
                                         Challenge Proceeding is a determination in favor of the Challenging Party, Licensee will
                                         have no right to recoup any royalties paid before or during the pendency of such Challenge
                                         Proceeding.

 

		4.6.	Non-Royalty
                                         Sublicense Income. Licensee will pay UC nonrefundable, non- recoverable amounts equal
                                         to [***]of all Non-Royalty Sublicense Income. In such case, no royalty shall be payable
                                         on Net Sales until such time as accumulated royalties on Net Sales shall exceed Non-Royalty
                                         Sublicense Income (which, for these purposes, shall be treated as a pre-paid royalty
                                         on Net Sales).

 

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		5.	Reports;
                                         Payments; Records.

 

		5.1.	Reports
                                         and Payments.

 

		5.1.1.	Reports.
                                         Within thirty (30) days after the conclusion of each Calendar Quarter commencing
                                         with the first Calendar Quarter in which Net Sales are generated or Non-Royalty Sublicense
                                         Income is received, Licensee shall deliver to UC a report containing the information
                                         listed below (in each instance, with a Licensed Product- by-Ucensed Product and country-by-country
                                         breakdown). Each such report shall be certified on behalf of Licensee as true, correct
                                         and complete in all material respects. If no amounts are due to UC for a particular Calendar
                                         Quarter, the report shall so state.

 

		5.1.1.1.	The
                                         number of units of Licensed Products sold, leased or otherwise transferred by Invoicing
                                         Entities for the applicable Calendar Quarter (with a breakdown by type of Licensed Products
                                         - i.e. Type I Licensed Products and Type II Licensed Products);

 

		5.1.1.2.	The
                                         gross amount billed or invoiced for Licensed Products sold, leased or otherwise transferred
                                         by Invoicing Entities during the applicable Calendar Quarter;

 

		5.1.1.3.	With
                                         respect to each Licensed Product sold or otherwise distributed in any Developing Country
                                         on a tiered-pricing schedule, the sale prices of such Licensed Product during the applicable
                                         Calendar Quarter and number of units of Licensed Product sold at each price;

 

		5.1.1.4.	A
                                         calculation of Net Sales for the applicable Calendar Quarter, including an itemized listing
                                         of allowable deductions and the actual selling price;

 

		5.1.1.5.	A
                                         detailed accounting of all Non-Royalty Sublicense Income received during the applicable
                                         Calendar Quarter;

 

		5.1.1.6.	The
                                         total amount payable to UC in U.S. Dollars on Net Sales and Non- Royalty Sublicense income
                                         for the applicable Calendar Quarter, together with exchange rates used for conversion;
                                         and

 

		5.1.1.7.	A
                                         list of UC case numbers for all Patent Rights that have Valid Claims covering the Licensed
                                         Products, and for all UC technology transfer materials used in the discovery, development,
                                         manufacture and sale of Licensed Products.

 

		5.1.2.	Payment.
                                         Within thirty (30) days after the end of each Calendar Quarter, Licensee shall pay
                                         UC all amounts due with respect to Net Sales and Non-Royalty Sublicense Income for the
                                         applicable Calendar Quarter.

 

		5.2.	Payment
                                         Currency. All payments due under this Agreement will be paid in U.S. Dollars. Conversion
                                         of foreign currency to U.S. Dollars will be made at the conversion rate existing in the
                                         United States (as reported in the Wall Street Journa on the last business day
                                         of the applicable Calendar Quarter. Such payments will be without deduction of exchange,
                                         collection or other charges.

 

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		5.3.	Records.
                                         Licensee shall maintain, and shall cause its Affiliates and Sublicensees to maintain,
                                         complete and accurate records of Licensed Products that are made, used, sold, leased
                                         or transferred under this Agreement, any amounts payable to UC in relation to such Licensed
                                         Products, and all Non-Royalty Sublicense Income received by Licensee and its Affiliates,
                                         which records shall contain sufficient information to permit UC to confirm the accuracy
                                         of any reports or notifications delivered to UC under Section 5.1. Licensee, its Affiliates
                                         and/or its Sublicensees, as applicable, shall retain such records relating to a given
                                         Calendar Quarter for at least one (1) year after the conclusion of that Calendar Quarter,
                                         during which time UC will have the right, at its expense, to cause an independent, certified
                                         public accountant (or, in the event of a non- financial audit, other appropriate auditor)
                                         to inspect such records during normal business hours for the purposes of verifying the
                                         accuracy of any reports and payments delivered under this Agreement and Licensee’s
                                         compliance with the terms hereof. Such accountant or other auditor, as applicable, shall
                                         not disclose to UC any information other than information relating to the accuracy of
                                         reports and payments delivered under this Agreement. The parties shall reconcile any
                                         underpayment or overpayment within thirty (30) days after the accountant delivers the
                                         results of the audit. If any audit performed under this Section 5.3 reveals an underpayment
                                         in excess of five percent (5%) in any calendar year, Licensee shall reimburse UC for
                                         all amounts incurred in connection with such audit. UC may exercise its rights under
                                         this Section 5.3 only once every year per audited entity and only with reasonable prior
                                         notice to the Licensee.

 

		5.4.	Payment
                                         Method. Each payment due to UC under this Agreement shall be paid by check or wire
                                         transfer of funds to UC’s account in accordance with written instructions provided
                                         by UC. If made by wire transfer, such payments shall be marked so as to refer to this
                                         Agreement.

 

		5.5.	Withholding
                                         and Similar Truces. All amounts to be paid to UC pursuant to this Agreement shall
                                         be without deduction of exchange, collection, or other charges, and, specifically, without
                                         deduction of withholding or similar taxes or other government imposed fees or taxes,
                                         except as permitted in the definition of Net Sales.

 

		6.	Patent
                                         Filing, Prosecution and Maintenance.

 

		6.1.	Control.
                                         UC will be responsible for the preparation, filing, prosecution, protection, defense
                                         and maintenance of all Patent Rights, using independent patent counsel reasonably acceptable
                                         to Licensee. UC will, whenever possible: (a) instruct such patent counsel to furnish
                                         the Licensee with copies of all correspondence relating to the Patent Rights from the
                                         United States Patent and Trademark Office (USPTO) and any other patent office, as well
                                         as copies of all proposed responses to such correspondence, from U.S. and foreign patent
                                         agents, in time for Licensee to review and comment on such response; {b) give Licensee
                                         an opportunity to review the text of each patent application before filing; (c) consult
                                         with Licensee with respect thereto; (d) supply Licensee with a copy of the application
                                         as filed, together with notice of its filing date and serial number; and (e) keep Licensee
                                         advised of the status of actual and prospective patent filings. UC shall give Licensee
                                         the opportunity to provide comments on and make requests of UC concerning the preparation,
                                         filing, prosecution, protection, defense and maintenance of the Patent Rights, and shall
                                         seriously consider such comments and requests; however, final decision-making authority
                                         shall vest in UC. In particular, and without intending to limit any of UC’s rights
                                         pursuant to this Agreement, UC expressly reserves the right to decline Licensee’s
                                         request to file, prosecute, maintain or defend any of the Patent Rights in any Developing
                                         Country(ies).unless (i) Licensee demonstrates to UC’s reasonable satisfaction that
                                         the filing, prosecution, maintenance or defense of such Patent Rights in such Developing
                                         Country(ies) would materially increase the locally- affordable availability of Licensed
                                         Products or equivalents thereof (e.g., generic products) in those and/or other Developing
                                         Country(ies) and (ii) the provisions of Section 7 notwithstanding, Licensee agrees that
                                         UC shall hold final decision-making authority, on a case-by-case basis, as to whether
                                         Licensee will be permitted to enforce such Patent Rights in such Developing Country(ies)

 

		6.2.	Expenses.
                                         Subject to Section 6.3 below, Licensee shall reimburse UC for all documented, out
                                         of pocket expenses incurred by UC pursuant to this Article 6 within thirty (30) days
                                         after the date of each invoice from UC for such expenses. In addition, within thirty
                                         (30) days after the Effective Date, Licensee shall reimburse UC for all documented, out-of-pocket
                                         expenses incurred by UC prior to the Effective Date with respect to the preparation,
                                         filing, prosecution, protection and maintenance of Patent Rights.

 

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		6.3.	Abandonment.
                                         If Licensee decides that it does not wish to pay for the prosecution or maintenance
                                         of any Patent Rights in a particular country, Licensee shall provide UC with prompt written
                                         notice of such election. Upon receipt of such notice by UC, Licensee shall be released
                                         from its obligation to reimburse UC for such expenses incurred thereafter as to such
                                         Patent Rights in that country; provided, however, that expenses authorized prior to the
                                         receipt by UC of such notice shall be deemed incurred prior to the notice. In the event
                                         of Licensee’s election hereunder to no longer pay for prosecution or maintenance
                                         of any Patent Rights in a particular country, any license granted by UC to Licensee hereunder
                                         with respect to such Patent Rights in that country will terminate, and Licensee will
                                         have not rights whatsoever to exploit such Patent Rights in such country. UC will then
                                         be free, without further notice or obligation to Licensee, to grant rights in and to
                                         Patent Rights in such country to Third Parties.

 

		6.4.	Small
                                         Entity Designation. If Licensee, its Affiliates, any Sublicensee and/or any holder
                                         of an option to obtain a Sublicense does not qualify, or at any point during the Term
                                         ceases to qualify, as an entity entitled to pay lesser fees as provided by the USPTO
                                         (i.e., a “small entity’’) or the patent office of any other
                                         country, Licensee shall so notify UC immediately, in order to enable UC to comply with
                                         regulations regarding payment of fees with respect to Patent Rights.

 

		6.5.	Marking.
                                         Licensee shall, and shall cause its Affiliates and Sublicensees to, mark all Licensed
                                         Products sold or otherwise disposed of in such a manner as to conform with the patent
                                         laws and practice of the country to which such products are shipped or in which such
                                         products are sold for purposes of ensuring maximum enforceability of Patent Rights in
                                         such country.

 

		7.	Enforcement
                                         of Patent Rights.

 

		7.1.	Notice.
                                         In the event either party becomes aware of any possible or actual infringement of
                                         any Patent Rights with respect to Licensed Products in the Field and in the Territory
                                         (an “Infringement”), that party shall promptly notify the other party in
                                         writing and provide it with any available details regarding such Infringement.

 

		7.2.	Suit
                                         by Licensee. Licensee shall have the first right, but not the obligation, to take
                                         action in the prosecution, prevention, or termination of any Infringement. Before Licensee
                                         commences an action with respect to any Infringement, Licensee shall consider in good
                                         faith the views of UC and potential effects on the public interest in making its decision
                                         whether to sue. Should Licensee elect to bring suit against an infringer, Licensee shall
                                         keep UC reasonably informed of the progress of the action and shall give UC a reasonable
                                         opportunity in advance to consult with Licensee and offer its views about major decisions
                                         affecting the litigation. Licensee shall give careful consideration to those views, but
                                         shall have the right to control the action; provided, however, that if Licensee fails
                                         to defend in good faith the validity and/or enforceability of the Patent Rights in the
                                         action or, or if Licensee’s license to a Valid Claim in the suit terminates, UC
                                         may elect to take control of the action pursuant to Section 7.3. Should Licensee elect
                                         to bring suit against an infringer, UC agrees to cooperate with and assist Licensee as
                                         reasonably necessary for Licensee to properly assert its claims. Any and all expenses,
                                         including reasonable attorneys’ fees, incurred by UC in conjunction with its cooperation
                                         with Licensee at Licensee’s request related to the prosecution, adjudication and/or
                                         settlement of such suit, including any related appeals, shall be paid for entirely by
                                         Licensee and Licensee shall hold UC free, clear and harmless from and against any and
                                         all such expenses. The expenses of such suit or suits that Licensee elects to bring,
                                         including any expenses of UC incurred in conjunction with the prosecution of such suits
                                         or the settlement thereof, shall be paid for entirely by Licensee and Licensee shall
                                         hold UC free, clear and harmless from and against any and all costs of such litigation,
                                         including reasonable attorneys’ fees. Licensee shall not compromise or settle such
                                         litigation without the prior written consent of UC, which consent shall not be unreasonably
                                         withheld or delayed. In the event Licensee exercises its right to sue pursuant to this
                                         Section 7.2, it shall first reimburse itself out of any sums recovered in such suit or
                                         in settlement thereof for all costs and expenses of every kind and character, including
                                         reasonable attorneys’ fees, necessarily incurred in the prosecution of any such
                                         suit. If, after such reimbursement, any funds shall remain from said recovery, then UC
                                         shall receive an amount equal to ten percent (10%) of such funds and the remaining ninety
                                         percent (90%) of such funds shall be retained by Licensee.

 

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		7.3.	Suit
                                         by UC. If Licensee does not take action in the prosecution, prevention, or termination
                                         of any Infringement pursuant to Section 7.2 above, and has not commenced negotiations
                                         with the infringer for the discontinuance of said Infringement, within ninety (90) days
                                         after receipt of notice to Licensee by UC of the existence of an Infringement, UC may
                                         elect to do so. Should UC elect to bring suit against an infringer, Licensee shall agree
                                         to be entered as a party in the suit for jurisdictional reasons. If Licensee is joined
                                         as party plaintiff in any such suit, Licensee shall have the right to approve the counsel
                                         selected by UC to represent UC and Licensee, such approval not to be unreasonably withheld.
                                         Any and all expenses, including reasonable attorneys’ fees, incurred by Licensee
                                         with respect to the prosecution, adjudication and/or settlement of such suit, including
                                         any related appeals, shall be paid for entirely by UC and UC shall hold Licensee free,
                                         clear and harmless from and against any and all such expenses. UC shall not compromise
                                         or settle such litigation without the prior written consent of Licensee, which consent
                                         shall not be unreasonably withheld or delayed. In the event UC exercises its right to
                                         sue pursuant to this Section 7.3, it shall first reimburse itself out of any sums recovered
                                         in such suit or in settlement thereof for all costs and expenses of every kind and character,
                                         including reasonable attorneys’ fees, necessarily incurred in the prosecution of
                                         any such suit. If, after such reimbursement, any funds shall remain from said recovery,
                                         then Licensee shall receive an amount equal to ten percent (10%) of such funds and the
                                         remaining ninety percent (90%) of such funds shall be retained by UC.

 

		7.4.	Own
                                         Counsel. Each party shall always have the right to be represented by counsel of its
                                         own selection and at its own expense in any suit instituted under this Article 7 by the
                                         other party for Infringement.

 

		7.5.	Cooperation.
                                         Each party agrees to cooperate fully in any action under this Article 7 that is controlled
                                         by the other party, provided that the controlling party reimburses the cooperating party
                                         promptly for any costs and expenses incurred by the cooperating party, including reasonable
                                         attorneys’ fees, in connection with providing such assistance.

 

		7.6.	Declaratory
                                         Judgment. If a declaratory judgment action is brought naming Licensee and/or any
                                         of its Affiliates or Sublicensees as a defendant and alleging invalidity or unenforceability
                                         of any claims within the Patent Rights, Licensee shall promptly notify UC in writing
                                         and UC may elect, upon written notice to License within thirty (30) days after UC receives
                                         notice of the commencement of such action, to take over the sole defense of the invalidity
                                         and/or unenforceability aspect of the action at its own expense.

 

		8.	Warranties;
                                         Limitation of Liability.

 

		8.1.	Compliance
                                         with Law. Licensee represents and warrants that it will comply, and will ensure that
                                         its Affiliates and Sublicensees comply, with all local, state, federal and international
                                         laws and regulations relating to the development, manufacture, use, sale and importation
                                         of Licensed Products. Without limiting the foregoing, Licensee represents and warrants,
                                         on behalf of itself and its Affiliates and Sublicensees, that they shall comply with
                                         all United States laws and regulations controlling the export of certain commodities
                                         and technical data, including without limitation all Export Administration Regulations
                                         of the United States Department of Commerce. Among other things, these laws and regulations
                                         prohibit or require a license for the export of certain types of commodities and technical
                                         data to specified countries. Licensee hereby gives written assurance that it will comply
                                         with, and will cause its Affiliates and Sublicensees to comply with, all United States
                                         export control laws and regulations, that it bears sole responsibility for any violation
                                         of such laws and regulations by itself or its Affiliates or Sublicensees, and that it
                                         will indemnify, defend, and hold the lndemnitees harmless (in accordance with Section
                                         9.1) for the consequences of any such violation.

 

		8.2.	UC
                                         Warranties. The UC Accelerator for Commercialization warrants that at the Effective
                                         Date (i) it has no knowledge that any Affiliate is currently working on any patents,
                                         Improvement and/or Invention Rights, and (ii) other than pursuant to the Bayh- Dole Act,
                                         there is no agreement under which the U.S. Government has any rights to the Patent Rights,
                                         Improvements and/or Invention Rights.

 

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		8.3.	No
                                         Warranty.

 

		8.3.1.	NOTHING
                                         CONTAINED HEREIN SHALL BE DEEMED TO BE A WARRANTY BY UC THAT IT CAN OR WILL BE ABLE TO
                                         OBTAIN PATENTS ON PATENT APPLICATIONS INCLUDED IN THE PATENT RIGHTS, OR THAT ANY OF THE
                                         PATENT RIGHTS WILL AFFORD ADEQUATE OR COMMERCIALLY WORTHWHILE PROTECTION.

 

		8.3.2.	UC
                                         MAKES NO WARRANTIES WHATSOEVER AS TO THE COMMERCIAL OR SCIENTIFIC VALUE OF THE PATENT
                                         RIGHTS OR UC KNOW-HOW. UC MAKES NO REPRESENTATION THAT THE PRACTICE OF THE PATENT RIGHTS
                                         OR USE OF THE UC KNOW-HOW OR THE DEVELOPMENT, MANUFACTURE, USE, SALE OR IMPORTATION OF
                                         ANY LICENSED PRODUCT OR THE PRACTICE OF ANY LICENSED METHOD, OR ANY ELEMENT THEREOF,
                                         WILL NOT INFRINGE ANY PATENT OR PROPRIETARY RIGHTS.

 

		8.3.3.	EXCEPT
                                         AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY MAKES ANY WARRANTY WITH
                                         RESPECT TO ANY TECHNOLOGY, PATENTS, GOODS, SERVICES, RIGHTS OR OTHER SUBJECT MATTER OF
                                         THIS AGREEMENT AND EACH PARTY HEREBY DISCLAIMS WARRANTIES OF MERCHANTABILITY, FITNESS
                                         FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT WITH RESPECT TO ANY AND ALL OF THE FOREGOING.

 

		8.4.	Limitation
                                         of Liability.

 

		8.4.1.	Neither
                                         party will be liable to the other, its Affiliates, in the case of Licensee any Sublicensee,
                                         or any of their Affiliates with respect to any subject matter of this Agreement under
                                         any contract, negligence, strict liability or other legal or equitable theory for (a)
                                         any indirect, incidental, consequential or punitive damages or lost profits or (b) cost
                                         of procurement of substitute goods, technology or services.

 

		8.4.2.	UC’s
                                         aggregate liability for all damages of any kind arising out of or relating to this Agreement
                                         or its subject matter under any contract, negligence, strict liability or other legal
                                         or equitable theory shall not exceed the amounts paid to UC under this Agreement

 

		9.	Indemnification
                                         and Insurance.

 

		9.1.	Indemnity.

 

		9.1.1.	Licensee
                                         shall indemnify, defend and hold harmless UC and its current and former directors, governing
                                         board members, trustees, officers, faculty, medical and professional staff, employees,
                                         students, and agents and their respective successors, heirs and assigns (collectively,
                                         the “lndemnitees”) from and against any claim, liability, cost, expense,
                                         damage, deficiency, loss or obligation of any kind or nature (including reasonable attorneys’
                                         fees and other costs and expenses of litigation), based upon, arising out of, or otherwise
                                         relating to its actions or failure to act under this Agreement or any Sublicense, including
                                         any cause of action relating to product liability concerning any product, process, or
                                         service made, used, sold or performed pursuant to any right or license granted under
                                         this Agreement other than claims caused by the negligence or wrongful conduct of UC and
                                         its Affiliates (collectively, “Claims”). Neither Licensee nor UC shall settle
                                         any Claim without the prior written consent of the other, which consent shall not be
                                         unreasonably withheld.

 

    12

     

    

 

		9.1.2.	Licensee
                                         shall, at its own expense, provide attorneys reasonably acceptable to UC to defend against
                                         any actions brought or filed against any lndemnitee hereunder with respect to the subject
                                         of indemnity contained herein, whether or not such actions are rightfully brought.

 

		9.2.	Insurance.

 

		9.2.1.	Beginning
                                         at the time any Licensed Product is being commercially distributed or sold (other than
                                         for the purpose of obtaining regulatory approvals) by Licensee, or by an Affiliate, Sublicensee
                                         or agent of Licensee, Licensee shall, at its sole cost and expense, procure and maintain
                                         commercial general liability insurance in amounts not less than $5,000,000 per incident
                                         and $5,000,000 annual aggregate and naming the lndemnitees as additional insureds. Licensee
                                         shall, at its sole cost and expense, procure and maintain commercial general liability
                                         insurance in the aforesaid amount as UC shall require, naming the lndemnitees as additional
                                         insureds. Such commercial general liability insurance shall provide: (a) product liability
                                         coverage and (b) broad form contractual liability coverage for Licensee’s indemnification
                                         obligations under this Agreement.

 

		9.2.2.	If
                                         Licensee elects to self-insure all or part of the limits described above in Section 9.2.1
                                         (including deductibles or retentions that are in excess of $250,000 annual aggregate)
                                         such self-insurance program must be acceptable to UC and UC’s insurer in their
                                         sole discretion. The minimum amounts of insurance coverage required shall not be construed
                                         to create a limit of Licensee’s liability with respect to its indemnification obligations
                                         under this Agreement.

 

		9.2.3.	Licensee
                                         shall provide UC with written evidence of such insurance upon request of UC. Licensee
                                         shall provide UC with written notice at least fifteen (15) days prior to the cancellation,
                                         non-renewal or material change in such insurance. If Licensee does not obtain replacement
                                         insurance providing comparable coverage within such fifteen (15) day period, UC shall
                                         have the right to terminate this Agreement effective at the end of such fifteen (15)
                                         day period without notice or any additional waiting periods.

 

		9.2.4.	Licensee
                                         shall maintain such commercial general liability insurance beyond the expiration or termination
                                         of this Agreement during: (a) the period that any Licensed Product is being commercially
                                         distributed or sold by Licensee, or an Affiliate, Sublicensee or agent of Licensee; and
                                         (b) a reasonable period after the period referred to in (a) above which in no event shall
                                         be less than three (3) years.

 

		10.	Term
                                         and Termination.

 

		10.1.	Term.
                                         The term of this Agreement shall commence on the Effective Date and, unless earlier
                                         terminated as provided in this Article 10, shall continue in full force and effect until
                                         the expiration of the last to expire Valid Claim (the “Term”) or 10 years
                                         after the first commercial sale, whichever is later.

 

		10.2.	Termination.

 

		10.2.1.	Termination
                                         Without Cause. Licensee may terminate this Agreement upon sixty (60) days prior written
                                         notice to UC, in which case all payments due under this Agreement that were incurred
                                         for periods following notice of termination shall be waived.

 

    13

     

    

 

		10.2.2.	Termination
                                         for Default.

 

		10.2.2.1.	In
                                         the event that either party commits a material breach of its obligations under this Agreement
                                         and fails to cure that breach within thirty (30) days after receiving written notice
                                         thereof, the other party may terminate this Agreement immediately upon written notice
                                         to the party in breach.

 

		10.2.2.2.	If
                                         Licensee defaults in its obligations under Section 9.2 to procure and maintain insurance,
                                         then UC may terminate this Agreement immediately without notice or additional waiting
                                         period.

 

		10.2.2.3.	UC
                                         shall be entitled to terminate this Agreement in accordance with the provisions of Section
                                         3.4.

 

		10.2.3.	Effect
                                         of Termination.

 

		10.2.3.1.	Termination
                                         of Rights. Upon expiration or termination of this Agreement by either party pursuant
                                         to any of the provisions of Section 10.2:

(a)       the
rights and licenses granted to Licensee under Article 2 shall terminate, all rights in and to and under the Patent Rights will
revert to UC and neither Licensee nor its Affiliates may make any further use or exploitation of the valid and enforceable Patent
Rights; and (b) any existing agreements that contain a Sublicense shall terminate to the extent of such Sublicense; provided,
however, that, for each Sublicensee, upon termination of the Sublicense agreement with such Sublicensee, if the Sublicensee is
not then in breach of its Sublicense agreement with Licensee such that Licensee would have the right to terminate such Sublicense,
such Sublicensee shall have the right to seek a license from UC. UC agrees to negotiate such licenses in good faith under reasonable
terms and conditions, that are no less favorable than the terms of this Agreement, and which shall not impose any representations,
warranties, obligations or liabilities on UC that are not included in this Agreement.

 

		10.2.3.2.	Accruing
                                         Obligations. Termination or expiration of this Agreement shall not relieve the parties
                                         of obligations accruing prior to such termination or expiration, including obligations
                                         to pay amounts accruing hereunder up to the date of termination or expiration. After
                                         the date of termination or expiration (except in the case of termination by UC pursuant
                                         to Section 10.2), Licensee, its Affiliates and Sublicensees (a) may sell Licensed Products
                                         then in stock and (b) may complete the production of Licensed Products then in the process
                                         of production and sell the same; provided that, in the case of both (a) and (b), Licensee
                                         shall pay the applicable royalties and payments to UC in accordance with Article 4, provide
                                         reports and audit rights to UC pursuant to Article 5 and maintain insurance in accordance
                                         with the requirements of Section 9.2. The parties agree that the obligations in Section
                                         4.1 (License Issuance Fee), Section 4.2 (Equity) and Section 6.2 (Patent Expenses) will
                                         accrue immediately upon execution of this Agreement by both parties, regardless of the
                                         events, invoice and payment timing details set forth therein.

 

		10.2.3.3.	Regulatory
                                         Filings. Licensee shall have the exclusive right to prepare and present all regulatory
                                         filings necessary or appropriate in any country and to obtain and maintain any regulatory
                                         approval required to market Licensed Products in any such country. UC agrees to reasonably
                                         cooperate and assist Licensee in its regulatory filling if reasonable requested by Licensee
                                         in order to perfect its regulatory filings and approvals. Licensee shall solely own all
                                         right, title and interest in and to all such regulatory approvals and filings; provided,
                                         however, that in the event Licensee terminates this Agreement pursuant to Section 10.2.1
                                         or UC terminates this Agreement pursuant to any of the provisions of Section 10.2, Licensee
                                         shall promptly provide UC with the right to reference, cross-reference, review, have
                                         access to, incorporate and use all documents and other materials filed by or on behalf
                                         of Licensee and its Affiliates with any Regulatory Authority in furtherance of applications
                                         for regulatory approval in the relevant country with respect to Licensed Products. UC
                                         shall be entitled to freely use and to grant others the right to use all such materials
                                         and documents delivered pursuant to this Section 10.3.3.

 

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		10.2.4.	Survival. The
                                         parties’ respective rights, obligations and duties under Articles 5, 9, 10 and
                                         11 and Sections 8.2 and 8.3, as well as any rights, obligations and duties which by their
                                         nature extend beyond the expiration or termination of this Agreement, shall survive any
                                         expiration or termination of this Agreement. In addition, Licensee’s obligations
                                         under Section 4.6 with respect to Sublicenses granted prior to expiration or termination
                                         of the Agreement shall survive such expiration or termination.

 

		10.2.5.	Successor
                                         to Licensee. Any successor-in-interest to Licensee shall agree in writing to accept
                                         the terms of this Agreement.

 

		11.	Miscellaneous.

 

		11.1.	Preference
                                         for United State Industry. During the period of exclusivity of this license in the
                                         United States, Licensee shall comply with 37 C.F.R. § 401.14 (i) or any successor
                                         rule or regulation.

 

		11.2.	No
                                         Security Interest. Licensee shall not enter into any agreement under which Licensee
                                         grants to or otherwise creates in any third party a security interest in this Agreement
                                         or any of the rights granted to Licensee herein. Any grant or creation of a security
                                         interest purported or attempted to be made in violation of the terms of this Section
                                         11.2 shall be null and void and of no legal effect.

 

		11.3.	Use
                                         of Name. Except as provided below,
                                         Licensee
                                         shall not,
                                         and
                                         shall ensure
                                         that its Affiliates and Sublicensees shall not,
                                         use
                                         or register the name “UC”
                                         (alone
                                         or as part of another name)
                                         or any logos, seals, insignia or other words,
                                         names
                                         ,
                                         symbols
                                         or devices that identify UC or any UC school, unit, division or affiliate (“UC
                                         Names”)
                                         for any purpose except with the prior written approval of, and in accordance with restrictions
                                         required
                                         by, UC.
                                         Without
                                         limiting the foregoing,
                                         Licensee
                                         shall,
                                         and
                                         shall ensure that its Affiliates and Sublicensees shall,
                                         cease
                                         all use of UC Names on the termination or expiration of this Agreement except as otherwise
                                         approved by UC.
                                         This
                                         restriction shall not apply to any information required by law to be disclosed
                                         to any governmental entity.

 

		11.4.	Entire
                                         Agreement. This Agreement is the sole agreement with respect
                                         to
                                         the subject matter hereof and except as expressly set forth herein,
                                         supersedes
                                         all other agreements and understandings between the parties with respect to the same.

 

		11.5.	Notices.
                                         Unless otherwise specifically provided, all notices required or permitted by this
                                         Agreement shall be in writing and may be delivered personally,
                                         or
                                         may be sent by facsimile,
                                         expedited
                                         delivery or certified mail,
                                         return
                                         receipt requested,
                                         to
                                         the following addresses,
                                         unless
                                         the parties are subsequently notified of any change of address in accordance with
                                         this Section 11.5:

 

In
the case of UC:

 

Director
of Intellectual Property

University
of Cincinnati

P.
0. Box 210829

Cincinnati,
OH 45221-0829 

patents@uc.edu

 

In
the case of Licensee:

 

Hoth
Therapeutics

1
Rockefeller Plaza,
10th Floor Suite 1039

NY,
NY 10020

(201)
446-7900

 

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		11.6.	Governing
                                         Law and Jurisdiction. This Agreement will be governed by,
                                         and
                                         construed in accordance with, the substantive laws of the State of Ohio, without giving
                                         effect to any choice or conflict of law provision,
                                         except
                                         that questions
                                         affecting
                                         the construction and effect of any patent shall be determined by the law of the country
                                         in
                                         which the patent shall have been granted.
                                         Any
                                         action,
                                         suit
                                         or other proceeding
                                         arising under
                                         or relating to this Agreement (a “Suit”) shall be brought in a court of competent
                                         jurisdiction in the State of Ohio, and the parties hereby consent to the sole jurisdiction
                                         of the state and federal courts sitting in the State of Ohio. Each party agrees not to
                                         raise any objection at any time to the laying or maintaining of the venue of any Suit
                                         in any of the specified courts, irrevocably waives any claim that Suit has been brought
                                         in any inconvenient forum and further irrevocably waives the right to object, with respect
                                         to any Suit, that such court does not have any jurisdiction over such party.

 

		11.7.	Binding
                                         Effect. This Agreement shall be binding upon and inure to the benefit of the parties
                                         and their respective legal representatives, successors and permitted assigns.

 

		11.8.	Headings.
                                         Section and subsection headings are inserted for convenience of reference only and
                                         so not form a part of this Agreement.

 

		11.9.	Counterparts.
                                         The parties may execute this Agreement in two or more counterparts, each of which
                                         shall be deemed an original, but both of which together shall constitute one and the
                                         same instrument. Transmission by facsimile or electronic mail of an executed counterpart
                                         of this Agreement shall be deemed to constitute due and sufficient delivery of such counterpart.
                                         If by electronic mail, the executed Agreement must be delivered in a .pdf format.

 

		11.10.	Amendment;
                                         Waiver. This Agreement may be amended, modified, superseded or canceled, and any
                                         of the terms may be waived, only by a written instrument executed by each party or, in
                                         the case of waiver, by the party waiving compliance. The delay or failure of either party
                                         at any time or times to require performance of any provisions hereof shall in no manner
                                         affect the rights at a later time to enforce the same. No waiver by either party of any
                                         condition or of the breach of any term contained in this Agreement, whether by conduct,
                                         or otherwise, in any one or more instances, sh.all be deemed to be, or considered as,
                                         a further or continuing waiver of any such condition or of the breach of such term or
                                         any other term of this Agreement.

 

		11.11.	Force
                                         Majeure. Except for monetary obligations hereunder, neither party will be responsible
                                         for delays resulting from causes beyond the reasonable control of such party, including
                                         fire, explosion, flood, war, strike, or riot, provided that the nonperforming party uses
                                         commercially reasonable efforts to avoid or remove such causes of nonperformance and
                                         continues performance under this Agreement with reasonable dispatch whenever such causes
                                         are removed.

 

		11.12.	No
                                         Agency or Partnership. Nothing contained in this Agreement shall give either party
                                         the right to bind the other, or be deemed to constitute either party as agent for or
                                         partner of the other or any third party.

 

		11.13.	Assignments
                                         and Successors. This Agreement may not be assigned by either party without the consent
                                         of the other, which consent shall not be unreasonably withheld, except that each party
                                         may, without such consent, assign this Agreement and the rights, obligations and interests
                                         of such party to any purchaser of all or substantially· all of its assets or all
                                         of its equity, or to any successor corporation resulting from any merger or consolidation
                                         of such party with or into such corporation; provided, in each case, that the assignee
                                         agrees in writing to be bound by the terms of this Agreement. Any
                                         assignment purported or attempted to be made in violation of the terms of this
                                         Section 11.13
                                         shall be null and void and of no legal effect.

 

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		11.14.	Interpretation
                                         .
                                         Each
                                         party hereto acknowledges and agrees that: (a) it and/or its counsel reviewed and negotiated
                                         the terms and provisions of this Agreement and has contributed to
                                         its revision; (b) the rule of construction to the effect that any ambiguities are resolved
                                         against the drafting party shall not be employed in the interpretation of this Agreement
                                         ;
                                         (c)
                                         the terms and provisions of this Agreement shall be construed fairly as to both parties
                                         hereto and not in favor of or against either party, regardless of which party was generally
                                         responsible for the preparation of this Agreement ;
                                         and
                                         (d) the use of “include,”
                                         “includes,”
                                         or “including”
                                         herein
                                         shall not be limiting and “or” shall not be exclusive.

 

		11.15.	Severability.
                                         If any provision of this Agreement is or becomes invalid or is ruled invalid by any
                                         court of competent jurisdiction or is deemed unenforceable,
                                         it
                                         is the intention of the parties that the remainder of this Agreement shall not be affected.

 

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

 

	UNIVERSITY
    OF CINCINNATI	HOTH
    THERAPEUTICS
	 	 
	/s/
    Geoffrey Pinsk	 	/s/
    Robb Knie	 
	 	 
	Title:
    Director, Tech Transfer	Title:
    President, CEO
	 	 
	Date:
    5/14/2018	Date:
    5/14/2018

 

    17

     

    

 

IN
WITNESS WHEREOF, Cincinnati Children’s Hospital Medical Center, as co owner of the Patent Rights licensed herein, acknowledges
and approves this Agreement.

 

Cincinnati
Children’s Hospital Medical Center (Co-owner)

 

	/s/
Margaret Hostetter, M.D.	 

 

Title:
Director, Cincinnati Children’s Research Foundation

 

Date: 5/18/2018

 

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EXHIBIT
A

 

[***]

 

    19

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