Document:

Exhibit
10.5

 

2019 AMENDMENT

TO

LONGSTREET PROPERTY OPTION AGREEMENT

 

This 2019 Property
Option Agreement Amendment (the “2019 Amendment”) is
executed this 12th day of August, 2019 by and between Great Basin
Resources, Inc. a Nevada corporation (“Great Basin”) and Star
Gold Corp., a Nevada corporation (“Star Gold”) (each a
“Party”
and together the “Parties”).

 

RECITALS

 

	

	
A.

	
MinQuest, Inc.
(“Minquest”) and Star Gold
entered into a Property Option Agreement (the “Option Agreement”), dated
January 15, 2010, for the property referred to in the Option
Agreement as the “Longstreet Property”;

 

	

	
B.

	
The Longstreet
Property consists of the claims set forth on Exhibit
“A” hereto along with all lands within a one (1) mile
radius of any of the claims (collectively the “Property”):

 

	

	
C.

	
Minquest and Star
Gold subsequently entered into an Amendment, to the Option
Agreement, dated December 10, 2014 (the “2014
Amendment”);

 

	

	
D.

	
Minquest and Star
Gold subsequently entered into an Amendment, to the Option
Agreement, dated January 5, 2016 (the “2016
Amendment”);

 

	

	
E.

	
Minquest
subsequently assigned, to Great Basin, all of its right, title and
interest in and to the Option Agreement, as amended;

 

	

	
F.

	
Minquest and Start
Gold Subsequently entered into an Amendment, to the Option
Agreement, dated December 4, 2018 (the “2018 Amendment”) which
set forth certain amendments to the schedule of required Property
Expenditures as laid out in the Option Agreement;

 

	

	
G.

	
The Parties now
desire to further revise the Option Agreement to make amendments
related to the required Property Expenditures and other payment and
consideration related provisions of the Option Agreement, as
amended.

 

NOW, THEREFORE, in
consideration of the covenants, agreements, representations and
warranties set forth in this 2019 Amendment, the Parties hereby
covenant, agree, represent and warrant as follows.

 

AGREEMENT

 

	

	
1.

	
DEFINITIONS.

 

All capitalized
terms not defined in this 2019 Amendment shall have the meaning
ascribed to those terms in the Option Agreement.

 

1

 

 

	

	
2.

	
AMENDMENTS.

 

2.1      Option
Amendments. Section 4 of the Option Agreement, as amended
most recently by the 2018 Amendment, is and hereby shall be amended
as set forth herein.

 

	
 

	
2.1.1

	
Property Expenditures. All
remaining Property Expenditures required to be made by Star Gold,
as set forth in the 2018 Amendment, shall be deemed to have been
made in exchange for and upon Great Basin receiving the
consideration set forth in paragraph 2.1.4 below.

 

	
 

	
2.1.2

	
Cash Payments. All remaining
cash payments owed to Great Basin by Star Gold, as set forth in the
2016 Amendment, shall be deemed to have been made in exchange for
and upon Great Basis receiving the consideration set forth in
paragraph 2.1.4 below.

 

	
 

	
2.1.3

	
Option Grants. All remaining
stock option grants to be made to Great Basin by Star Gold, as set
forth in the 2016 Amendment, shall be deemed to have been made in
exchange for and upon Great Basin receiving the consideration set
forth in paragraph 2.1.4 below.

 

	
 

	
2.1.4

	
Consideration. In exchange for
the amendments set forth in paragraphs 2.1.1- 2.1.3 above, Star
Gold shall:

 

	
 

	
(a)

	
make a one-time
cash payment to Great Basin in the total sum of fifty thousand and
no/100 dollars ($50,000.00); and

 

	
 

	
(b)

	
re-price, to $.04
per share, options held by Great Basin to purchase up to 435,000
shares of Star Gold common stock, with said options expiring on
August 31, 2024; and

 

	
 

	
(c)

	
grant Great Basin
additional options to purchase up to 500,000 shares of Star Gold
common stock at the price of $.04 per share with such options
expiring on August 31, 2024; and

 

	
 

	
(d)

	
enter into a
consulting agreement with Great Basin for a term of eighteen (18)
months and which shall compensate Great Basin the amount of seven
thousand five hundred and no/100 dollars per month
($7,500.00).

 

For the avoidance
of doubt, upon Star Gold complying with the requirements of
paragraph 2.1.4, Star Gold shall receive from Great Basin a
quitclaim for one hundred percent (100%) interest in and to the
Property (subject to the NSR) as set forth in Section 4 of the
Option Agreement.

 

2.2      Net
Smelter Royalty Amendment. Star Gold and/or assigns is, and
hereby shall be, granted an option to reduce Great Basin’s
Net Smelter Royalty (“NSR”), as that term is
defined in the Option Agreement, from three percent (3%) to one and
one-half percent (1.5%) in exchange for the payment to Great Basin
by Star Gold of the sum one million seven hundred fifty thousand
and no/100 dollars ($1,750,000.00) (the “NSR Option”). Star Gold
must exercise the NSR Option no later than the date which is six
(6) months following the first receipt of proceeds from the sale of
processed are from the Property. For the avoidance of doubt, Great
Basin shall retain the right to assign its remaining 1.5% NSR in
its sole discretion.

 

2

 

 

	

	
3.

	
MISCELLANEOUS.

 

3.1      No
Third Parties Benefited. This 2019 Amendment is between and
for the sole benefit of Star Gold and Great Basin and their
successors and assigns and creates no rights whatsoever in favor of
any other person or entity and no other person or entity will have
any rights to rely hereon.

 

3.2      Notices.
All notices or other written communications hereunder will be
deemed to have been properly given (i) upon delivery, if delivered
in person or by facsimile transmission with receipt of an
electronic confirmation thereof, (ii) one Business Day after having
been deposited for overnight delivery with any reputable overnight
courier service, or (iii) three Business Days after having been
deposited in any post office or mail depository regularly
maintained by the U.S. Postal Service and sent by registered or
certified mail, postage prepaid, return receipt requested,
addressed as follows:

 

	
If to Star
Gold:

	
Attn: Kelly J.
Stopher, CFO

2910 57th Ave, Suite 5 PMB
309

Spokane, WA 99223

Phone: (208) 664-5066

Fax: (208) 765-8520

	
 

	
 

	
With a copy
to:

	
Parsons/Burnett/Bjordahl/Hume,
LLP

	
 

	
Attn: Robert J.
Burnett

	
 

	
159 S. Lincoln
Street, Suite 225

	
 

	
Spokane, Washington
99201

	
 

	
Phone: (509)
252-5066

	
 

	
Fax: (509)
252-5067

	
 

	
 

	
If to Great
Bain:

	
Attn: Richard
Kern

4325 Christy Way

Reno, NV 89519

Phone: (775) 746-4471

Fax: (775) 746-0938

 

3.3      Additional
Documents. Each Party shall execute such additional
documents as may reasonably be requested by the other Party to
effectuate the provisions of this 2019 Amendment.

 

3.4      Assignment.
Except as otherwise specifically set forth herein or as allowed by
the Option Agreement, no Party may assign its rights or obligations
under this 2019 Amendment without the prior written consent of the
other Party. Any purported assignment without the other
Party’s prior written consent will be void ab
initio.

 

3.5      Authorization;
Binding Effect. Each Party represents to the other that its
execution of this 2019 Amendment has been authorized by all
necessary corporate action and that this 2019 Amendment constitutes
a binding obligation of such Party. Each individual who executes
this 2019 Amendment on behalf of a Party represents to all Parties
that he or she is authorized to do so. This 2019 Amendment will
bind each Party’s successors and permitted
assigns.

 

3

 

 

3.6      Attorneys’
Fees. If a Party is in default under this 2019 Amendment the
other Party will have the right, at the expense of the defaulting
Party, to retain an attorney to make demand, enforce remedies, or
otherwise protect or enforce the rights of the non-defaulting
Party. A Party in default shall pay all attorneys’ fees and
costs so incurred.

 

3.7      Consents
and Approvals. Unless specifically stated to the contrary in
this 2019 Amendment (i.e., by stating that a Party’s consent
or approval may be granted or withheld in its sole discretion),
whenever any provision of this 2019 Amendment requires a Party to
provide its consent or approval, such Party will not unreasonably
condition, withhold or delay such consent or approval, provided
that the Party seeking the consent is not in default under the
Option Agreement.

 

3.8      Consent
Required to Amend or Waive. No amendment or modification of
any provision of this 2019 Amendment will be effective unless made
in writing and signed by each of the Parties.

 

3.9      Counterparts.
This 2019 Amendment may be executed in counterparts each of which
will be deemed an original and such counterparts when taken
together shall constitute but one agreement.

 

3.10    Entire
Agreement. This 2019 Amendment sets forth the entire
understanding of the Parties with respect to the subject matter of
this 2019 Amendment and supersedes all prior agreements and
understandings between the Parties regarding the subject matter of
this 2019 Amendment. No other amendments to the Option Agreement
are contemplated or intended by this 2019 Amendment except such
other amendments as may be required to carry out the specific terms
and intent of this 2019 Amendment.

 

3.11    Governing
Law; Consent to Jurisdiction. This 2019 Amendment and its
interpretation and enforcement are governed by the laws of the
state of Nevada. Each Party agrees that venue for any dispute
arising out of or in connection with this 2019 Amendment will be in
Mineral County, Nevada and each Party waives any objections it may
now or hereafter have regarding such venue.

 

3.12    No
Waiver. No waiver by any Party of any right or default under
this 2019 Amendment will be effective unless in writing and signed
by the waiving Party. No such waiver will be deemed to extend to
any prior or subsequent right or default or affect in any way any
rights arising by virtue of any prior or subsequent such
occurrence.

 

3.13    Relationship
of the Parties. The relationship of the Parties is strictly
one of Option or and Optionee. This Amendment is neither intended
to, nor will it be construed as, an agreement to create a joint
venture, partnership, or other form of business association between
the Parties.

 

4

 

 

3.14       Severability.
If for any reason any provision of this 2019 Amendment is
determined by a tribunal of competent jurisdiction to be legally
invalid or unenforceable, the validity of the remainder of this
2019 Amendment will not be affected and such provision will be
deemed modified to the minimum extent necessary to make such
provision consistent with applicable law and, in its modified form,
such provision will then be enforceable and enforced.

 

3.15    Terminology.
Unless specifically indicated to the contrary: (i) wherever from
the context it appears appropriate, each term stated in either the
singular or the plural will include the plural and the masculine
gender will include the feminine and neuter genders; (ii) the term
“or” is not exclusive; (iii) the term
“including” (or any form thereof) will not be limiting
or exclusive; (iv) the words “Amendment,”
“herein,” “hereof,”
“hereunder,” or other words of similar import refer to
this 2019 Amendment as a whole, including exhibits and schedules
(if any), as the same may be modified, amended or supplanted. The
headings in this 2019 Amendment have no independent
meaning.

 

3.16    
Disclaimer—Preparation of
Amendment. This 2019 Amendment was originally prepared by
counsel for Star Gold. The Parties agree, however, that this fact
shall not create any presumption in favor or against any Party in
respect of the interpretation or enforcement of this 2019
Amendment. Each other Party is advised to have this 2019 Amendment
reviewed by independent legal and tax counsel prior to its
execution. By executing this 2019 Amendment each such Party
represents (i) that it has read and understands this 2019
Amendment, (ii) that it has had the opportunity to obtain
independent legal and tax advice regarding this 2019 Amendment and
(iii) that it has obtained such independent advice or has freely
elected not to do so.

 

IN WITNESS WHEREOF,
the Parties hereto have caused this Amendment to be executed as of
the date first written above.

 

	
STAR GOLD
CORP.

	
 

	
 

	
BY: 

	

	
 

	
Kelly J. Stopher,
Chief Financial Officer

	
 

	
 

	
GREAT BASIN
RESOURCES, INC.

	
 

	
 

	
BY: 

	

	
 

	
Richard Kern,
President 

 

5

 

 

EXHIBIT
“A”

 

CLAIMS

 

	
CLAIM
NAME

	
 

	
 

	
 

	
 

	
CLAIMANT’S
NAME

	
 

	
NMC
NUMBER

	
Morning
Star

	
 

	
 

	
 

	
 

	
Roy Clifford et.
al

	
 

	
96719

	
Longstreet

	
 

	
11

	
 

	
 

	
Roy Clifford et.
al

	
 

	
164002

	
Longstreet

	
 

	
12

	
 

	
 

	
Roy Clifford et.
al

	
 

	
164003

	
Longstreet

	
 

	
14

	
 

	
 

	
Roy Clifford et.
al

	
 

	
164005

	
Longstreet

	
 

	
15

	
 

	
 

	
Roy Clifford et.
al

	
 

	
164006

	
Longstreet

	
 

	
1

	
A

	
 

	
MinQuest
Inc.

	
 

	
799562

	
Longstreet

	
 

	
2

	
A

	
 

	
MinQuest
Inc.

	
 

	
799563

	
Longstreet

	
 

	
3

	
A

	
 

	
MinQuest
Inc.

	
 

	
799564

	
Longstreet

	
 

	
4

	
A

	
 

	
MinQuest
Inc.

	
 

	
836168

	
Longstreet

	
 

	
5

	
A

	
 

	
MinQuest
Inc.

	
 

	
836169

	
Longstreet

	
 

	
6

	
A

	
 

	
MinQuest
Inc.

	
 

	
799565

	
Longstreet

	
 

	
7

	
A

	
 

	
MinQuest
Inc.

	
 

	
799566

	
Longstreet

	
 

	
8

	
A

	
 

	
MinQuest
Inc.

	
 

	
799567

	
Longstreet

	
 

	
8

	
 

	
 

	
MinQuest
Inc.

	
 

	
836170

	
Longstreet

	
 

	
9

	
A

	
 

	
MinQuest
Inc.

	
 

	
799568

	
Longstreet

	
 

	
10

	
 

	
 

	
MinQuest
Inc.

	
 

	
836171

	
Longstreet

	
 

	
10

	
A

	
 

	
MinQuest
Inc.

	
 

	
836172

	
Longstreet

	
 

	
12

	
 

	
 

	
MinQuest
Inc.

	
 

	
843867

	
Longstreet

	
 

	
13

	
 

	
 

	
MinQuest
Inc.

	
 

	
799570

	
Longstreet

	
 

	
14

	
 

	
 

	
MinQuest
Inc.

	
 

	
843868

	
Longstreet

	
 

	
16

	
A

	
 

	
MinQuest
Inc.

	
 

	
799569

	
Longstreet

	
 

	
16

	
 

	
 

	
MinQuest
Inc.

	
 

	
843869

	
Longstreet

	
 

	
18

	
 

	
 

	
MinQuest
Inc.

	
 

	
843870

	
Longstreet

	
 

	
20

	
 

	
 

	
MinQuest
Inc.

	
 

	
843871

	
Longstreet

	
 

	
26

	
 

	
 

	
MinQuest
Inc.

	
 

	
843872

	
Longstreet

	
 

	
28

	
 

	
 

	
MinQuest
Inc.

	
 

	
836173

	
Longstreet

	
 

	
30

	
 

	
 

	
MinQuest
Inc.

	
 

	
836174

	
Longstreet

	
 

	
32

	
 

	
 

	
MinQuest
Inc.

	
 

	
799571

	
Longstreet

	
 

	
34

	
 

	
 

	
MinQuest
Inc.

	
 

	
799572

	
Longstreet

	
 

	
36

	
 

	
 

	
MinQuest
Inc.

	
 

	
836175

	
Longstreet

	
 

	
37

	
 

	
 

	
MinQuest
Inc.

	
 

	
836176

	
Longstreet

	
 

	
39

	
 

	
 

	
MinQuest
Inc.

	
 

	
836177

	
Longstreet

	
 

	
40

	
 

	
 

	
MinQuest
Inc.

	
 

	
851568

	
Longstreet

	
 

	
41

	
 

	
 

	
MinQuest
Inc.

	
 

	
836178

	
Longstreet

	
 

	
42

	
 

	
 

	
MinQuest
Inc.

	
 

	
843873

 

6

 

 

	
Longstreet

	
 

	
43  

	
 

	
 

	
MinQuest
Inc.

	
 

	
836179

	
Longstreet

	
 

	
44  

	
 

	
 

	
MinQuest
Inc.

	
 

	
843874

	
Longstreet

	
 

	
45  

	
 

	
 

	
MinQuest
Inc.

	
 

	
836180

	
Longstreet

	
 

	
46  

	
 

	
 

	
MinQuest
Inc.

	
 

	
843875

	
Longstreet

	
 

	
47  

	
 

	
 

	
MinQuest
Inc.

	
 

	
836181

	
Longstreet

	
 

	
48  

	
 

	
 

	
MinQuest
Inc.

	
 

	
843876

	
Longstreet

	
 

	
49  

	
 

	
 

	
MinQuest
Inc.

	
 

	
836182

	
Longstreet

	
 

	
50  

	
 

	
 

	
MinQuest
Inc.

	
 

	
843877

	
Longstreet

	
 

	
56  

	
 

	
 

	
MinQuest
Inc.

	
 

	
1025831

	
Longstreet

	
 

	
57  

	
 

	
 

	
MinQuest
Inc.

	
 

	
1025832

	
Longstreet

	
 

	
58  

	
 

	
 

	
MinQuest
Inc.

	
 

	
1025833

	
Longstreet

	
 

	
59  

	
 

	
 

	
MinQuest
Inc.

	
 

	
1025834

	
Longstreet

	
 

	
60  

	
 

	
 

	
MinQuest
Inc.

	
 

	
1025835

	
Longstreet

	
 

	
61  

	
 

	
 

	
MinQuest
Inc.

	
 

	
1025836

	
Longstreet

	
 

	
62  

	
 

	
 

	
MinQuest
Inc.

	
 

	
1025837

	
Longstreet

	
 

	
63  

	
 

	
 

	
MinQuest
Inc.

	
 

	
1025838

	
Longstreet

	
 

	
64  

	
 

	
 

	
MinQuest
Inc.

	
 

	
1025839

	
Longstreet

	
 

	
65  

	
 

	
 

	
MinQuest
Inc.

	
 

	
1025840

	
Longstreet

	
 

	
101

	
 

	
 

	
MinQuest
Inc.

	
 

	
836183

	
Longstreet

	
 

	
102

	
 

	
 

	
MinQuest
Inc.

	
 

	
836184

	
Longstreet

	
 

	
103

	
 

	
 

	
MinQuest
Inc.

	
 

	
836185

	
Longstreet

	
 

	
104

	
 

	
 

	
MinQuest
Inc.

	
 

	
836186

	
Longstreet

	
 

	
105

	
 

	
 

	
MinQuest
Inc.

	
 

	
836187

	
Longstreet

	
 

	
106

	
 

	
 

	
MinQuest
Inc.

	
 

	
836188

	
Longstreet

	
 

	
107

	
 

	
 

	
MinQuest
Inc.

	
 

	
836189

	
Longstreet

	
 

	
108

	
 

	
 

	
MinQuest
Inc.

	
 

	
836190

	
Longstreet

	
 

	
109

	
 

	
 

	
MinQuest
Inc.

	
 

	
855021

	
Longstreet

	
 

	
110

	
 

	
 

	
MinQuest
Inc.

	
 

	
855022

	
Longstreet

	
 

	
111

	
 

	
 

	
MinQuest
Inc.

	
 

	
855023

	
Longstreet

	
 

	
112

	
 

	
 

	
MinQuest
Inc.

	
 

	
855024

	
Longstreet

	
 

	
113

	
 

	
 

	
MinQuest
Inc.

	
 

	
855025

	
Longstreet

	
 

	
114

	
 

	
 

	
MinQuest
Inc.

	
 

	
855026

	
Longstreet

	
 

	
115

	
 

	
 

	
MinQuest
Inc.

	
 

	
855027

	
Longstreet

	
 

	
118

	
 

	
 

	
MinQuest
Inc.

	
 

	
851569

	
Longstreet

	
 

	
119

	
 

	
 

	
MinQuest
Inc.

	
 

	
851570

	
Longstreet

	
 

	
120

	
 

	
 

	
MinQuest
Inc.

	
 

	
851571

	
Longstreet

	
 

	
121

	
 

	
 

	
MinQuest
Inc.

	
 

	
851572

 

7

 

 

	
Longstreet

	
 

	
122

	
 

	
 

	
MinQuest
Inc.

	
 

	
851573

	
Longstreet

	
 

	
123

	
 

	
 

	
MinQuest
Inc.

	
 

	
851574

	
Longstreet

	
 

	
124

	
 

	
 

	
MinQuest
Inc.

	
 

	
851575

	
Longstreet

	
 

	
200

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073640

	
Longstreet

	
 

	
201

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073641

	
Longstreet

	
 

	
202

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073642

	
Longstreet

	
 

	
203

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073643

	
Longstreet

	
 

	
204

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073644

	
Longstreet

	
 

	
205

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073645

	
Longstreet

	
 

	
206

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073646

	
Longstreet

	
 

	
207

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073647

	
Longstreet

	
 

	
208

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073648

	
Longstreet

	
 

	
209

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073649

	
Longstreet

	
 

	
210

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073650

	
Longstreet

	
 

	
211

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073651

	
Longstreet

	
 

	
212

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073652

	
Longstreet

	
 

	
213

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073653

	
Longstreet

	
 

	
214

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073654

	
Longstreet

	
 

	
215

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073655

	
Longstreet

	
 

	
216

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073656

	
Longstreet

	
 

	
217

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073657

	
Longstreet

	
 

	
218

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073658

	
Longstreet

	
 

	
219

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073659

	
Longstreet

	
 

	
220

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073660

	
Longstreet

	
 

	
221

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073661

	
Longstreet

	
 

	
222

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073662

	
Longstreet

	
 

	
223

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073663

	
Longstreet

	
 

	
224

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073664

	
Longstreet

	
 

	
225

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073665

	
Longstreet

	
 

	
226

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073666

	
Longstreet

	
 

	
227

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073667

	
Longstreet

	
 

	
228

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073668

	
Longstreet

	
 

	
229

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073669

	
Longstreet

	
 

	
230

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073670

	
Longstreet

	
 

	
231

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073671

	
Longstreet

	
 

	
232

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073672

	
Longstreet

	
 

	
233

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073673

 

8

 

 

	
Longstreet

	
 

	
234

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073674

	
Longstreet

	
 

	
235

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073675

	
Longstreet

	
 

	
236

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073676

	
Longstreet

	
 

	
237

	
 

	
 

	
MinQuest
Inc.

	
 

	
1073677

	
Longstreet

	
 

	
66  

	
 

	
 

	
MinQuest
Inc.

	
 

	
1080730

	
Longstreet

	
 

	
238

	
 

	
 

	
MinQuest
Inc.

	
 

	
1080731

	
Longstreet

	
 

	
239

	
 

	
 

	
MinQuest
Inc.

	
 

	
1080732

	
Longstreet

	
 

	
240

	
 

	
 

	
MinQuest
Inc.

	
 

	
1080733

	
Longstreet

	
 

	
241

	
 

	
 

	
MinQuest
Inc.

	
 

	
1080734

	
Longstreet

	
 

	
242

	
 

	
 

	
MinQuest
Inc.

	
 

	
1080735

	
Longstreet

	
 

	
243

	
 

	
 

	
MinQuest
Inc.

	
 

	
1080736

	
Longstreet

	
 

	
244

	
 

	
 

	
MinQuest
Inc.

	
 

	
1080737

	
Longstreet

	
 

	
245

	
 

	
 

	
MinQuest
Inc.

	
 

	
1080738

	
Longstreet

	
 

	
246

	
 

	
 

	
MinQuest
Inc.

	
 

	
1080739

	
Longstreet

	
 

	
247

	
 

	
 

	
MinQuest
Inc.

	
 

	
1080740

	
Longstreet

	
 

	
248

	
 

	
 

	
MinQuest
Inc.

	
 

	
1080741

	
Longstreet

	
 

	
301

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116062

	
Longstreet

	
 

	
302

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116063

	
Longstreet

	
 

	
303

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116064

	
Longstreet

	
 

	
304

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116065

	
Longstreet

	
 

	
305

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116066

	
Longstreet

	
 

	
306

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116067

	
Longstreet

	
 

	
307

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116068

	
Longstreet

	
 

	
308

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116069

	
Longstreet

	
 

	
309

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116070

	
Longstreet

	
 

	
310

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116071

	
Longstreet

	
 

	
311

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116072

	
Longstreet

	
 

	
312

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116073

	
Longstreet

	
 

	
313

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116074

	
Longstreet

	
 

	
314

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116075

	
Longstreet

	
 

	
315

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116076

	
Longstreet

	
 

	
316

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116077

	
Longstreet

	
 

	
317

	
 

	
 

	
MinQuest
Inc.

	
 

	
1116078

	
 

	
 

	
 

	
 

	
 

	
COUNT  

	
142

 

9EXHIBIT 10.1

 

STRATEGIC JOINT CROSS-LICENSING
AGREEMENT

 

THIS STRATEGIC JOINT CROSS-LICENSING
AGREEMENT ("Agreement") is by and between Aethlon Medical, Inc., a company organized and existing under the
laws of NEVADA, having its principal place of business at 9635 Granite Ridge Drive, Suite 100, San Diego, CA 92123 (“AETHLON”);
and SeaStar Medical, a company organized and existing under the laws of the DELAWARE, having its principal place of business at
2187 Newcastle Avenue, Suite 200, Cardiff-by-the-Sea, CA 92007 (“SEASTAR”). AETHLON and SEASTAR are referred
to individually as a "Party" and collectively as the "Parties".

 

WHEREAS:

 

		•	AETHLON owns certain rights to single use disposable cartridges for blood circulatory equipment
used in health care settings marketed under the Hemopurifier® name (“Hemopurifier”), including Intellectual
Property embodied therein (“AETHLON IP”);

 

		•	SEASTAR owns certain rights to medical cartridges, medical pump and cassette technology (“CPC(s)”),
including Intellectual Property embodied therein (“SEASTAR IP”);

 

		•	Subject to the terms herein, the Parties wish to jointly investigate and develop New Technology
in the Field and Territory (“Project”).

 

NOW, THEREFORE, in consideration of the
foregoing recitals and the mutual covenants and agreements contained herein, the Parties hereby agree as follows:

 

		1.	Definitions. As used in this Agreement, the following terms, when capitalized, shall have
the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

 

		b)	"Affiliate" means any Person that, directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with, AETHLON or SEASTAR, as the case may be. As used in
this definition, "control" means the possession of the power to direct or cause the direction of the management and policies
of an entity, whether through the ownership of the outstanding voting securities or by contract or otherwise.

 

		c)	"Agreement” has the meaning in the Preamble.

 

		d)	"Business Day" means any day other than a Saturday, a Sunday or other day on which
banks are not open for business in the United States.

 

		e)	"Confidential Information" shall have the meaning set forth in Section 5.

 

		f)	"Effective Date" means the date of execution of this Agreement.

 

		g)	“Field” means any clinical indication where combined use of the Hemopurifier
and CPCs may improve or expand indications for use including but not limited to infectious disease, oncology and organ preservation
and transplant.

 

		i)	"Governmental Entity" means any court of competent jurisdiction, legislature,
governmental agency, administrative agency or commission or other governmental authority or instrumentality, U.S. or non-U.S.

 

		h)	“Intellectual Property” or “IP” shall mean all intellectual,
proprietary, intangible and/or industrial property rights constituting, embodied in, pertaining to, used in or with respect to
any product, use thereof, therapy, protocol, or treatment, and all tangible embodiments thereof, wherever located, and including,
but not limited to: (i) clinical trial data, information, documentation, registrations, applications and marketing approvals; (ii)
patents and patent applications, patentable ideas, inventions, innovations, discoveries and improvements including but not limited
to, developments intended to enhance the safety and/or efficacy of any product, use thereof, therapy, protocol, or treatment; (iii)
trademarks, service marks, trade names, marketing strategies and similar marketing intangibles; (iv) know-how and trade secrets;
(v) methodologies, processes, product information, formulae, specifications, technical data, testing procedures, techniques and
other proprietary information and materials of any kind; and (vi) confidential and proprietary information related to any of (i)
through (v) above.

 

 

 

 

    	 	1	 

     

    

 

		i)	"Law" means each provision of any currently existing federal, provincial, state,
local or foreign law, statute, ordinance, order, code, rule or regulation, promulgated or issued by any Governmental Entity, as
well as any judgments, decrees, injunctions or agreements issued or entered into by any Governmental Entity specifically with respect
to AETHLON, SEASTAR and the New Technology.

 

		j)	"New Technology" means any technology and associated IP developed in furtherance
of and for the Project that encompasses the combined use of the Hemopurifier and CPCs for any indication.

 

		k)	“Original IP” IP that a Party owns or controls which exists prior to the start
of the Project.

 

		l)	"Person" means any individual, corporation, partnership, firm, joint venture,
trust or other organization or entity (including any Governmental Entity).

 

		m)	"Term" means the period commencing on the Effective Date and ending three (3)
years thereafter, unless terminated earlier, or extended, in accordance with the terms of this Agreement.

 

		n)	"Territory" means Worldwide.

 

		o)	"Third Party" means any entity other than SEASTAR and its Affiliates or AETHLON
and its Affiliates.

 

		2)	LICENCES & RIGHTS

 

		a)	License from AETHLON. Subject to the terms of this Agreement, AETHLON hereby grants to SEASTAR,
during the Term, a non-exclusive, royalty free, worldwide license to AETHLON IP in furtherance of and for the Project, for use
in the development of New Technology with AETHLON;

 

		b)	License from SEASTAR. Subject to the terms of this Agreement, SEASTAR hereby grants to AETHLON,
during the Term, a non-exclusive, royalty free, worldwide license to SEASTAR IP in furtherance of and for the Project, for use
in the development of New Technology with SEASTAR;

 

		c)	Severability. All Licenses granted hereunder shall not be severable by way of any change
in control or bankruptcy, liquidation, or administration of either Party, and subject to Section 8c, shall only be subject to termination
by a Party in the event of material breach (not remedied within 60 (sixty) days of written request by the non-breaching party.

 

		d)	Solely Developed IP. For IP which is developed solely by one of the Parties in furtherance
of and for the Project, said Party grants the other Party a perpetual, worldwide, paid-up non-exclusive license to said solely
developed IP.

 

		e)	New Product IP. Any IP developed jointly by the Parties in furtherance of and for the Project
shall be jointly owned by the Parties.

 

		3)	Products for Project. Each Party will provide respective products (Hemopurifiers by AETHLON,
CPCs by SEASTAR), at a purchase price to be later agreed upon by the Parties in furtherance of and for the Project.

 

		4)	Intellectual Property

 

		a)	New Product IP. Any IP developed jointly by the Parties in furtherance of and for the Project
shall be jointly owned by the Parties.

 

		b)	Original IP. Each Party will retain sole ownership of its respective IP existing prior to
the start of the Project. The use by each respective Party of the other Party’s IP is authorized only for the purposes herein
set forth, except as otherwise stated, and upon expiration or termination of this Agreement for any reason, such authorization
shall cease.

 

		c)	Solely Developed IP. For IP which is developed solely by one of the Party’s in furtherance
of and for the Project, said Party grants the other Party a perpetual, worldwide, paid-up non-exclusive license to said solely
developed IP.

 

 

 

 

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		5)	Confidentiality.

 

		a)	Except to the extent expressly authorized by this Agreement or otherwise agreed in writing by the
Parties, the Parties agree that the receiving Party shall keep confidential the Confidential Information of the other Party. In
maintaining the confidentiality of the Confidential Information of the other Party, each Party will treat such Confidential Information
with the same degree of care as if it were its own confidential information (but under no circumstances less than reasonable care).
Except as expressly permitted by this Agreement, a receiving Party will not use Confidential Information of the other Party for
its own benefit or the benefit of any Third Party, and will not disclose Confidential Information to any Third Party, other than
the receiving Party's Affiliates, employees, agents, contractors, or consultants who have a need to know the Confidential Information
(and then, only to the extent necessary) in order to perform the receiving Party's obligations under this Agreement. The receiving
Party will be responsible for the compliance of all Affiliates, employees, agents, contractors, and· consultants that are
provided the Confidential Information of the disclosing Party with the obligations of this Section 5. For purposes of this Agreement,
"Confidential Information" shall include any information of the other Party that the other regards as confidential or
proprietary, including, but not limited to, commercial, financial, and technical information, substances, formulations, techniques,
methodologies, customer or client lists, programs, procedures, data, documents, protocols, results of experimentation and testing,
specifications, databases, business plans, trade secrets, budget forecasts, business arrangements, information regarding specific
transactions, financial information and estimates, long-term plans and goals, information relating to the Products, Product Know-How
(technical or otherwise), processes, customers, suppliers, pricing programs, and strategies, in each case except to the extent
that it can be established by the receiving Party that such Confidential Information:

 

		i)	was already known to the receiving Party, other than under an obligation of confidentiality, at
the time of disclosure by the other Party;

 

		ii)	was generally available to the public or otherwise part of the public domain at the time of its
disclosure to the receiving Party;

 

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

 

		iv)	was disclosed to the receiving Party by a Third Party who had no obligation to the disclosing Party
not to disclose such information to others; or

 

		v)	was independently discovered and/or developed by the receiving Party without use of or reference
to the Confidential Information, as documented in its corporate records.

 

		b)	Required Disclosure. The receiving Party shall also be entitled to disclose the other Party's
Confidential Information without the consent of the disclosing Party to the extent such Confidential Information is required to
be disclosed (i) to or by any Governmental Entity; (ii) to comply with applicable Law (including, without limitation, to comply
with Nasdaq Stock Exchange disclosure requirements), or (iii) to comply with judicial process or an order of any Governmental Entity;
provided, however, that in each case the Party required to disclose such Confidential Information shall use reasonable efforts
to notify the other Party in advance of such disclosure and shall provide the disclosing Party with reasonable assistance to obtain
a protective order and/or confidential treatment of such Confidential Information, to the extent available, and thereafter shall
only disclose the minimum Confidential Information required to be disclosed in order to ensure legal compliance.

 

		c)	Injunctive Relief. In the event of any breach or threatened breach of any provision of this
Section 5, the non-breaching Party shall be entitled to injunctive or other equitable relief restraining such party from violating
this Section 5. Such relief shall be in addition to and not in lieu of any other remedies that may be available, including an action
for recovery of Losses.

 

		d)	Publicity. Either Party may publish information regarding this Agreement that it believes
in good faith, and based upon legal advice, is required by applicable Law, including (i) Governmental Entities or (ii) Third Parties
with the prior written consent of the other Party, which consent shall not be unreasonably withheld or delayed, so long as such
disclosure is made under terms of confidentiality no less restrictive than the terms and conditions of this Agreement and so long
as highly sensitive terms and conditions such as any financial terms are extracted from this Agreement or not disclosed upon the
request of the other Party. All disclosures shall be factual and as brief as is reasonable under the circumstances. Upon request
by either Party, the Parties agree to prepare a mutually agreed press release with respect to this Agreement. Each Party agrees
that it will use reasonable efforts to cause all disclosures relating hereto to be consistent with such press release.

 

 

 

 

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		e)	Return of Confidential Information. Upon the expiration or earlier termination of this Agreement,
each Party shall return the Confidential Information of the other Party, or destroy such Confidential Information and certify such
destruction to the disclosing Party.

 

		6)	REPRESENTATIONS AND WARRANTIES

 

		a)	AETHLON hereby represents and warrants to SEASTAR that it has the requisite power and authority
to execute, deliver and perform its obligations under this Agreement.

 

		b)	SEASTAR hereby represents and warrants to AETHLON that it has the requisite power and authority
to execute, deliver and perform its obligations under this Agreement.

 

		c)	IP Infringement.

 

		i)	AETHLON. To the best of AETHLON’s knowledge, the Hemopurifier does not infringe on any Third
Party IP.

 

		ii)	SEASTAR. To the best of SEASTAR’s knowledge, the CPCs do not infringe on any Third Party
IP.

 

		d)	Original IP Rights.

 

		i)	AETHLON. To the best of AETHLON’s knowledge, AETHLON IP is valid and subsisting and is not
in conflict with the IP rights of a Third Party.

 

		ii)	SEASTAR. To the best of SEASTAR’s knowledge, SEASTAR IP is valid and subsisting and is not
in conflict with the IP rights of a Third Party.

 

		7)	INDEMNIFICATION

 

		a)	BY AETHLON. AETHLON shall indemnify SEASTAR and its Affiliates and each of their respective
officers, directors, employees, stockholders, agents and representatives ("SEASTAR indemnitees") against, and hold them
harmless from, any loss, liability, claim, damage or expense (including reasonable legal fees and expenses) ("Losses"),
as incurred (payable promptly upon written request), to the extent arising from:

 

		i)	any breach of any representation or warranty of AETHLON contained in this Agreement;

 

		ii)	any breach of any covenant or agreement of AETHLON contained in this Agreement;

 

		iii)	any claim brought against SEASTAR by any Governmental Entity alleging noncompliance with applicable
Laws when such claims are caused by AETHLON's (or its employees, agents or subcontractors') failure to comply with such applicable
Laws;

 

		iv)	any and all claims made by any Person or entity arising out of sales, marketing, distribution and
sale of the Hemopurifier, where and to the extent such claims arise out of the fault or negligence of AETHLON or its employees,
agents or subcontractors;

 

		v)	except to the extent such Losses are covered by the indemnity in clause 7b and except to the extent
such Losses arise from any act or thing done by AETHLON prior to the Effective Date.

 

		b)	BY SEASTAR. SEASTAR shall indemnify AETHLON and its Affiliates and each of their respective
officers, directors, employees, stockholders, agents and representatives ("AETHLON indemnitees") against, and hold them
harmless from, any loss, liability, claim, damage or expense (including reasonable legal fees and expenses) ("Losses"),
as incurred (payable promptly upon written request), to the extent arising from:

 

		i)	any breach of any representation or warranty of SEASTAR contained in this Agreement;

 

		ii)	any breach of any covenant or agreement of SEASTAR contained in this Agreement;

 

		iii)	any claim brought against AETHLON by any Governmental Entity alleging noncompliance with applicable
Laws when such claims are caused by SEASTAR (or its employees, agents or subcontractors') failure to comply with such applicable
Laws;

 

 

 

 

    	 	4	 

     

    

 

		iv)	any and all claims made by any Person or entity arising out of marketing, distribution and sale
of the CPCs, where and to the extent such claims arise out of the fault or negligence of SEASTAR or its employees, agents or subcontractors;

 

		v)	except to the extent such Losses are covered by the indemnity in clause 7a and except to the extent
such Losses arise from any act or thing done by AETHLON prior to the Effective Date.

 

		8)	MISCELLANEOUS

 

		a)	Assignment

 

		i)	SEASTAR may assign and/or novate as applicable any of its rights or obligations under this Agreement
in the Territory to any of its Affiliates or to any sub-licensee or in connection with a sale of all or substantially all of the
business, upon prior written approval of AETHLON, and SEASTAR bearing all costs of SEASTAR, AETHLON and any third party (including
any regulatory costs) in relation to such assignment or novation;

 

		ii)	AETHLON may assign and/or novate as applicable any of its rights or obligations under this Agreement
in the Territory to any of its Affiliates or to any sub-licensee or in connection with a sale of all or substantially all of the
business, upon prior written approval of SEASTAR, and AETHLON bearing all costs of AETHLON, SEASTAR and any third party (including
any regulatory costs) in relation to such assignment or novation;

 

		iii)	This Agreement shall be binding upon and inure to the benefit of the permitted assigns of the Parties.
Any assignment not in accordance with this Agreement shall be void.

 

		b)	Force Majeure. Neither Party shall lose any rights hereunder or be liable to the other Party
for damages or losses on account of failure of performance by the defaulting Party if the failure is occasioned by action of a
Governmental Entity, war (declared or undeclared), fire, explosion, flood, strike or lockout of an industry wide nature, embargo,
act of God or any other cause beyond the reasonable control, and not due to the fault or negligence of the non-performing Party;
provided, that the Party claiming force majeure has extended all reasonable efforts to avoid or remedy such force majeure, continues
to employ such efforts and promptly notifies the other Party of such force majeure event. Any Party claiming force majeure hereunder
shall continue to perform such obligations as are not affected by such force majeure.

 

		c)	Termination. This Agreement and Licenses granted herein shall continue in full force and
effect for the duration of the Term, unless terminated earlier in one of the following ways:

 

		i)	By SEASTAR in the event that AETHLON is in material breach of any provision of this Agreement which
breach shall not have been cured within ninety (90) after SEASTAR shall have given AETHLON written notice of the same.

 

		ii)	By AETHLON in the event that SEASTAR is in material breach of any provision of this Agreement which
breach shall not have been cured within ninety (90) after AETHLON shall have given SEASTAR written notice of the same.

 

		iii)	By SEASTAR at its election upon written notice to AETHLON if AETHLON becomes insolvent or admits
in writing that it is unable to pay its debts as and when they become due, if an order is made or a resolution is passed for the
winding up of AETHLON (other than voluntarily for the purpose of solvent amalgamation or reconstruction), or if a liquidator, administrator,
administrative receiver, receiver or trustee is appointed in respect of the whole or any part of AETHLON's assets or business,
or if AETHLON makes any composition with its creditors or as a result of debt and/or maladministration takes or suffers any similar
or analogous action in consequence of debt;

 

		iv)	By AETHLON upon written notice to SEASTAR if SEASTAR becomes insolvent or admits in writing that
it is unable to pay its debts as and when they become due, if an order is made or a resolution is passed for the winding up of
SEASTAR (other than voluntarily for the purpose of solvent amalgamation or reconstruction), or if a liquidator, administrator,
administrative receiver, receiver or trustee is appointed in respect of the whole or any part of SEASTAR' assets or business, or
if SEASTAR makes any composition with its creditors or as a result of debt and/or maladministration takes or suffers any similar
or analogous action in consequence of debt;

 

 

 

 

    	 	5	 

     

    

 

		v)	Upon mutual written consent of AETHLON and SEASTAR.

 

		d)	Consequences of Termination.

 

		i)	Each respective party shall pay any outstanding monies owed under the agreement within thirty (30)
days after termination.

 

		ii)	Further to Sections 2 and 4, all rights granted by this Agreement, except as otherwise states,
shall cease.

 

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

 

		f)	Notices. All notices hereunder shall be in writing, effective upon receipt, and shall be
delivered personally, mailed by registered or certified mail (return receipt requested, postage prepaid), or sent by express courier
service, to the other Party at the following addresses (or at such other address for a Party as shall be specified by like notice):

 

		i)	If to AETHLON:

 

Aethlon Medical, Inc.

9635 Granite Ridge Drive, Suite
100

San Diego, CA 92123

 

Attn: James B. Frakes, CFO

 

		ii)	If to SEASTAR:

 

2187 Newcastle Ave.

Suite 200

Cardiff-by-the-Sea, CA

92007

 

Attn: Charles J. Fisher, Jr. M.D.,
CEO

 

		g)	Waiver. Except as specifically provided herein, the waiver from time to time by either of
the Parties of any of their rights or their failure to exercise any right or remedy shall not operate or be construed as a continuing
waiver of same or of any other of such Party's rights or remedies provided in this Agreement.

 

		h)	Severability. Each Party hereby agrees that it does not intend, by its execution hereof,
to violate any public policies, statutory or common Laws, rules, regulations, treaties or decisions of any Governmental Entity
or executive body thereof of any country or community or association of countries. Should one or more provisions of this Agreement
be finally adjudicated invalid, the Parties hereto shall substitute, by mutual consent, valid provisions for such invalid provisions,
which valid provisions in their economic and other effects are sufficiently similar to the invalid provisions that it can be reasonably
assumed that the Parties would have entered into this Agreement with such valid provisions. In case such valid provisions cannot
be agreed upon, the invalidity of one or several provisions of this Agreement shall not affect the validity of this Agreement as
a whole or the validity of any portions hereof, unless the invalid provisions are of such essential importance to this Agreement
that it is to be reasonably assumed that the Parties would not have entered into this Agreement without the invalid provision.

 

		i)	Headings. The section and sub-section headings contained herein are for the purposes of
convenience only and are not intended to define or limit the contents of said sections, clauses or paragraphs.

 

		j)	Counterparts. This Agreement may be executed by the Parties in one or more counterparts.
Such counterparts may be exchanged by facsimile (provided that each executed counterpart is transmitted in one complete transmission).
Where there is an exchange of executed counterparts, each Party shall be bound by this Agreement notwithstanding that original
copies of this Agreement may not be exchanged immediately. The Parties shall cooperate after execution of this Agreement and exchange
by facsimile to ensure that each Party obtains an original executed copy of this Agreement.

 

 

 

    	 	6	 

     

    

 

		k)	Entire Agreement. This Agreement, including all or any schedules attached hereto, all documents
and things incorporated herein by reference and all of the documents delivered concurrently herewith set forth all the covenants,
promises, agreements, warranties, representations, conditions and understandings between the Parties hereto and supersedes and
terminates all prior agreements and understandings between the Parties. There are no covenants, promises, agreements, warranties,
representations, conditions or understandings, either oral or written, between the Parties with respect to the subject matter herein
other than as set forth herein. No subsequent alteration, amendment, change or addition to this Agreement shall be binding upon
the Parties hereto unless reduced to writing and signed by the respective authorized officers of the Parties. This Agreement, including,
without limitation, all or any schedules attached hereto, is intended to define the extent of the legally enforceable undertakings
of the Parties hereto, and no promise or representation, either written or oral, that is not set out explicitly is intended by
either Party to be legally binding. Each Party acknowledges that, in deciding to enter into this Agreement and to consummate the
transactions contemplated herein, it has not relied upon any statements or representations, either written or oral, other than
those explicitly set out herein.

 

		l)	Expenses. Except as otherwise specified in this Agreement, all costs and expenses, including,
without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement
and the transactions contemplated hereby shall be paid by the Party incurring such costs and expenses.

 

		m)	Independent Contractors. The status of the Parties under this Agreement shall be that of
independent contractors. Neither Party shall have the right to enter into any agreements on behalf of the other Party, nor shall
it represent to any person that it has any such right or authority. Nothing in this Agreement shall be construed as establishing
a partnership or joint venture relationship between the Parties.

 

		n)	Dispute Resolution.

 

		i)	All disputes arising in connection with this Agreement shall be settled, if possible, by negotiation
of the Parties. If the matter is not resolved by negotiations, either Party may, by giving written notice to the other Party, cause
the matter to be referred to a meeting of appropriate higher management of the Parties. Such meeting shall be held within ten (10)
Business Days following the giving of the written notice.

 

		ii)	If the matter is not resolved within twenty (20) Business Days after the date of the notice referring
the matter to appropriate higher management, or such later date as may be mutually agreed upon by the Parties in writing, then
it shall, upon the filing of a Request for Arbitration by either Party, be referred to and finally determined by arbitration in
accordance with the WIPO Expedited Arbitration Rules.

 

		iii)	The arbitral tribunal shall consist of a sole arbitrator. The place of arbitration shall be San
Diego, California. The language to be used in the arbitral proceedings shall be English.

 

		iv)	Notwithstanding the foregoing, each Party shall have the right at any time, at its option and where
legally available, to commence an action or proceeding in a court of competent jurisdiction, subject to the terms of this Agreement,
in order to seek and obtain a restraining order or injunction, but not monetary damages, to enforce any provisions of this Agreement.

 

		v)	Notwithstanding the existence of any dispute, the Parties shall continue to perform their respective
obligations that are not in dispute under this Agreement unless the Parties otherwise mutually agree in writing.

 

		o)	Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of California, without regard to principles regarding the choice of law that may apply the laws of another jurisdiction.

 

 

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intentionally left blank]

 

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		9)	IN WITNESS WHEREOF, SEASTAR and AETHLON have caused this Agreement to be executed as of the Effective
Date by their respective duly authorized representatives.

 

 

By AETHLON:

 

 

	/s/ Timothy C. Rodell	 
	Signature	 
	 	 
	Timothy C. Rodell, M.D., Chief Executive
Officer	 
	 	 
	30 June 2019	 
	Date	 

 

 

 

 

By SEASTAR:

 

 

	/s/ Charles J. Fisher	 
	Signature	 
	 	 
	Charles J. Fisher, Jr. M.D., Chief Executive
Officer	 
	 	 
	30 June 2019	 
	Date	 

 

 

 

 

 

 

    	 	8

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