Document:

Exhibit 10.7

 

AGR-I9631

 

SPONSORED RESEARCH AGREEMENT

 

This Sponsored Research Agreement (“Agreement”)
is made by and between Icahn School of Medicine at Mount Sinai, a not-for-profit education corporation organized and existing under
the laws of the State of New York, having a principal place of business at One Gustave L. Levy Place, New York, New York 10029
(“Mount Sinai”), and SteriLumen, LLC, a limited liability company organized and existing under the laws of the
State of New York, having a principal place of business at 150 North Macquesten Pkwy, Mount Vernon, NY 10550 (“Sponsor”).
Mount Sinai and the Sponsor are each referred to herein as a “Party” and collectively as the “Parties”.

 

This Agreement is effective as of
April 20, 2020 (“Effective Date”).

 

RECITALS

 

WHEREAS, Sponsor desires to fund the Sponsored
Research (as defined below), such research to be conducted by Mount Sinai substantially in accordance with the terms and conditions
of this Agreement; and

 

WHEREAS, the Sponsored Research is of mutual
interest to Sponsor and Mount Sinai and furthers the scholarly, educational, and research objectives of Mount Sinai for the improvement
of the public health, as a nonprofit, tax-exempt educational institution, and may potentially benefit both Sponsor and Mount Sinai
through, inter alia, the creation or discovery of new inventions or the improvement of existing technologies.

 

NOW, THEREFORE, in consideration of the
mutual benefits to be derived hereunder, and intending to be legally bound, the Parties agree as follows:

 

1          DEFINITIONS

 

1.1       “Conceived”
means conceived as defined by U.S. patent law.

 

1.2        “Patent
Rights” means: (i) United States and foreign patents and/or patent applications; (ii) any and all patents issuing from
the foregoing; (iii) any and all claims of continuation-in-part applications that claim priority to such United States patent applications,
but only where such claims are directed to inventions disclosed in the manner provided in the first paragraph of 35 U.S.C. §
112 in such United States patent applications, and such claims in any patents issuing from such continuation-in-part applications;
(iv) any and all foreign patent applications, foreign patents, or related foreign patent documents that claim priority to such
patents and/or patent applications; and (v) any and all divisionals, continuations, reissues, re-examinations, renewals, substitutions,
and extensions of the foregoing.

 

1.3       “Principal
Investigator” means Richard Vincent, who has agreed to serve as Principal Investigator for the Sponsored Research and
will be responsible for the administration and supervision of the Sponsored Research, or any successor named by Mount Sinai in
accordance with Section 2.2.

 

1.4       “Sponsored
Research,” means the research program described in Attachment A to this Agreement, as may be amended from time
to time upon mutual written agreement of the Parties.

 

1.5       “Sponsored
Research Intellectual Property” means all technical information, inventions, developments, discoveries, copyrights and
copyrightable works (including computer programs) and registrations and applications therefor, know-how, methods, techniques, formulae,
processes, and all other forms of intellectual property, including waivable or assignable rights of publicity or moral rights,
and any right to bring suit or collect damages for the infringement, misappropriation or violation of the foregoing, whether or
not patentable, that are first Conceived and reduced to practice (or in the event of copyrightable matter, when first fixed in
tangible form) in the conduct of the Sponsored Research during the Term by the Principal Investigator and/or those working under
his/her direction, or other inventors owing a duty to assign to Mount Sinai, and all Patent Rights, or other intellectual property
rights therein.

 

     

     

    

 

1.6       “Term”
has the meaning assigned in Section 3.1.

 

2          SPONSORED
RESEARCH

 

2.1       Mount
Sinai shall commence the Sponsored Research promptly after the Effective Date, provided that any payments and materials due from
Sponsor have been received by Mount Sinai. Mount Sinai shall use reasonable best efforts to conduct such Sponsored Research substantially
in accordance with the terms and conditions of this Agreement. Sponsor acknowledges that Mount Sinai will have the freedom to conduct
and supervise the Sponsored Research in a manner consistent with Mount Sinai’s educational and research missions. Mount Sinai
does not guarantee that any Patent Rights shall result from the Sponsored Research, that the scope of any Patent Rights that may
result shall cover Sponsor’s commercial interest, or that any such Patent Rights shall be free of dominance by other patents,
including patents based upon inventions developed by inventors at Mount Sinai independently of the Sponsored Research. Furthermore,
Mount Sinai makes no representations as to the commercial or scientific value of any results achieved through the Sponsored Research.

 

2.2       If
the Principal Investigator becomes unavailable to fulfill his/her role with respect to the Sponsored Research for any reason, Mount
Sinai will be entitled to designate another member of its faculty who is acceptable to both Parties to serve as the Principal Investigator
of the Sponsored Research. If an acceptable substitute Principal Investigator has not been designated within sixty (60) days after
the original Principal Investigator ceases his or her activities under this Agreement, either Party may terminate this Agreement
upon written notice thereof to the other Party, subject to the provisions of Article 10. Termination of this Agreement in such
event shall not be considered a termination for breach.

 

3          TERM
OF AGREEMENT

 

3.1       The
term of this Agreement (the “Term”) will begin on the Effective Date of this Agreement and will end on April
30,2021, unless terminated earlier pursuant to Section 10.1. The Term may be extended only by mutual written agreement signed by
the Parties.

 

4          PAYMENT
OF COSTS

 

4.1       Sponsor
shall pay for all direct and indirect costs incurred in the conduct of the Sponsored Research in an amount totaling One Hundred
Sixty Thousand US Dollars ($160,000 USD), inclusive of all indirect costs. The budget is attached hereto as Attachment B,
which is incorporated herein by reference and made a part of this Agreement. Additionally, Sponsor agrees to cover all the cost
of microbiological testing necessary to the conduct of the Study. Further, Sponsor agrees to provide at no cost to Mount Sinai
l7 sink and drain Sterilumen disinfection units for use in the Study, as well as the cost of installation and cost if necessary
for removal after completion of the study, should Mount Sinai request removal.

 

4.2       Sponsor
acknowledges that the total amount set forth in Section 4.1 is a good faith estimate only and not a guarantee of the cost to conduct
the Sponsored Research. If after using reasonable efforts, at any time Mount Sinai determines that it will require additional funds
to conduct the Sponsored Research, Mount Sinai will notify Sponsor and provide a reasonable explanation of the additional funds
required with an estimate of such additional amount. Sponsor will not be liable for any costs in excess of the amount set forth
in Attachment B unless it has agreed in writing to provide additional funds. However, Mount Sinai will not be required to
conduct any Sponsored Research covered by such additional funds until Sponsor so agrees.

 

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4.3       Sponsor
shall make all payments under this Agreement in advance to Mount Sinai in accordance with the payment schedule set forth in Attachment
B. Sponsor shall make all such payments to Mount Sinai by wire transfer to the following account:

 

Bank Name: JPMorgan
Chase Manhattan Bank

Account #: 20000011127650

Account Name:
Icahn School of Medicine at Mount Sinai

ABA # (routing):
021000021

IBAN #: CHASUS33
(For International Transfers)

Bank Contact Person:
Elaine Martinez

Telephone: 718-242-0173

Fax: 866-426-9083

Address: 4 New
York Plaza, 15th Floor, New York, NY 10004

 

4.4       Title
to any equipment, laboratory animals, or any other materials made or acquired with funds provided under this Agreement shall vest
in Mount Sinai, and such equipment, laboratory animals, or materials shall remain the property of Mount Sinai following the expiration
or termination of this Agreement.

 

5          RECORDS,
REPORTS, AND SUCCESS FEE

 

5.1       Principal
Investigator will maintain records of the results of the Sponsored Research and will provide Sponsor with reports of the progress
and results of the Sponsored Research periodically as results become available to the Principal lnvestigator. Sponsor shall maintain
and protect as Confidential Information in accordance with Article 8 such reports and any other Sponsored Research data and results
disclosed to Sponsor (whether oral or written), including the final report delivered to Sponsor upon the conclusion of the Sponsored
Research even if such delivery occurs after the expiration of the Term (collectively such reports and all of such data and information
referenced in this Section 5.1 is referred to as, “Results”), and shall be entitled to use the Results nonexclusively
for any lawful purposes, provided the Results are accorded confidential treatment pursuant to Article 8 herein. Once Principal
Investigator has published the results of the Sponsored Research in accordance with Article 9, the Results to the extent disclosed
in such publication shall no longer be subject to confidentiality obligations.

 

5.2       In
the event the Results are used by Sponsor in a (a) successful regulatory filing or (b) for the purposes of fund raising where such
fund raising effort is successful (each of (a) and (b), a “Success Event”), then Sponsor agrees to pay to Mount Sinai
a one-time fee of Thirty Thousand Dollars ($30,000 USD) due within forty-five (45) days of such Success Event.

 

6          INTELLECTUAL
PROPERTY

 

6.1       lnventorship
of Sponsored Research lntellectual Property shall be determined in accordance with inventorship principles of U.S. patent law,
and ownership will follow inventorship. Therefore, Sponsored Research Intellectual Property Conceived solely by Mount Sinai will
belong solely to Mount Sinai; Sponsored Research Intellectual Property Conceived solely by Sponsor will belong solely to Sponsor;
Sponsored Research Intellectual Property Conceived jointly by Sponsor and Mount Sinai shall be owned jointly by Sponsor and Mount
Sinai.

 

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6.2       Mount Sinai’s technology and
business development office, Mount Sinai Innovation Partners (“MSIP”), will provide Sponsor a confidential written
disclosure of any Sponsored Research Intellectual Property it develops or jointly develops that may be reasonably considered patentable
(“Invention Notice”), after MSIP’s receipt of such disclosure from the Principal Investigator. No later
than forty-five (45) days after receipt of any Invention Notice, Sponsor shall notify Mount Sinai in writing if it requests Mount
Sinai to file and prosecute patent applications claiming any Sponsored Research Intellectual Property disclosed in the Invention
Notice. If, within said forty-five (45) day period, Mount Sinai has not received from Sponsor a request to file and prosecute patent
applications with respect to any Sponsored Research Intellectual Property, Mount Sinai may proceed with the filing and prosecution
of patent applications covering such Sponsored Research Intellectual Property at its own cost and expense, and the resulting Patent
Rights will be excluded from Sponsor’s option under Article 7. For clarity, an Invention Notice shall be separate and distinct
from reports provided under Section 5.1. Each Invention Notice shall be deemed Confidential Information subject to Article 8.

 

6.3       Mount
Sinai will control the preparation, prosecution, and maintenance, and registration of all Patent Rights that cover Institution
rights in Sponsored Research Intellectual Property. Sponsor will reimburse Mount Sinai within sixty (60) days of receipt of invoice
for all documented expenses incurred in connection with the preparation, prosecution, and maintenance of the Patent Rights that
Sponsor has requested Mount Sinai to prosecute under Section 6.2 (such expenses, the “Patent Expenses”).

 

6.4       Mount
Sinai represents and agrees that unless otherwise agreed in writing by the other party, it will not allow any officer, director,
employee, consultant, member of its faculty or scientific staff, student, consultant, contractor, scientific advisory board member,
or other person to work on the Sponsored Research on its behalf unless such person has agreed to assign to Mount Sinai any inventions,
discoveries, or other intellectual property that such person may generate in connection with such work.

 

7          OPTION

 

7.1       In
consideration of Sponsor’s payment for Patent Expenses as provided in Article 6, Mount Sinai hereby grants to Sponsor the
exclusive option to negotiate a fee, milestone, and royalty bearing license to practice Mount Sinai’s rights in solely and
jointly owned Sponsored Research Intellectual Property including the right to make, use, sell, offer for sale, and import any inventions
claimed or otherwise included therein, but only with respect to Patent Rights: (a) prepared and prosecuted at Sponsor’s request
under Section 6.2; (b) in the jurisdictions for which Sponsor requests such filings under Section 6.2; and (c) for which Sponsor
has agreed to pay Patent Expenses under Section 6.3. Sponsor will have sixty (60) days from receipt of the Invention Notice to
exercise such option right (“Option Period”). If Sponsor exercises its option within the Option Period then
Mount Sinai and Sponsor will negotiate in good faith to determine the terms of a license agreement with respect to such Patent
Rights for one hundred twenty (120) days (“Negotiation Period”). The Negotiation Period may be extended upon
mutual written consent. If (i) Sponsor fails to exercise the option within the Option Period or (ii) Sponsor and Mount Sinai fail
to execute a license agreement within the Negotiation Period or (iii) Sponsor fails to make timely payment for Patent Expenses
in accordance with Section 6.3, then Mount Sinai will be free to license the relevant Patent Rights to any third party upon terms
that Mount Sinai deems appropriate without any further obligation to Sponsor. The Parties hereby agree that the royalty rate to
be payable to Mount Sinai on “net sales” (net sales to be defined in the exclusive license agreement) of products or
services commercialized under such exclusive license agreement, shall be within the range of from three percent (3%) to six percent
(6%).

 

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7.2       Any
license granted to Sponsor pursuant to Section 7.1 will be subject to: (a) Sponsor’s obligation to pay related Patent Expenses
directly to the responsible law firm under a client and billing agreement to be executed prior to or contemporaneously with such
license; (b) the retained rights of Mount Sinai to practice such Patent Rights for academic research, teaching, and patient care
purposes; and (c) as applicable, to the rights of the United States government including as reserved under Public Laws 96-517,97-256,
and 98-620, codified at 35 U.S.C. § 200-212, and any regulations issued thereunder.

 

8          CONFIDENTIAL
INFORMATION

 

8.1       
 “Confidential Information” means any and all information disclosed during the Term in connection with the Sponsored
Research or this Agreement by either Party (the “Disclosing Party”) to the other Party (the “Receiving
Party”) that (a) if disclosed in tangible form, is marked as “confidential” upon disclosure or (b) if disclosed
in intangible form, is summarized in a writing marked “confidential” that is transmitted to the Receiving Party within
thirty (30) days of such intangible disclosure, provided however that the confidential status of Confidential Information not so
marked or summarized will not be affected if a reasonable person would recognize the same as confidential, based upon the content
and/or context of such disclosure. Notwithstanding the foregoing, Confidential Information shall not include information that the
Receiving Party demonstrates by written or electronic records: (a) was already in the Receiving Party’s possession-prior
to disclosure by the Disclosing Party; (b) is or later becomes a matter of public knowledge through no act or omission of the Receiving
Party; (c) is disclosed to the Receiving Party by a third party who had an apparent bona fide legal right to so disclose and who
does so without imposing a confidential obligation with respect thereto; or (d) is developed independently by the Receiving Party
without use of the disclosure by the Disclosing Party.

 

8.2       Receiving
Party will protect Disclosing Party’s Confidential Information from disclosure to all unauthorized persons and entities,
using the same degree of care it uses to protect its own confidential information from disclosure and unauthorized use, but in
no event with less than a reasonable degree of care. Receiving Party may disclose Disclosing Party’s Confidential Information
only to those of Receiving Party’s employees, faculty, officers, directors, and agents (collectively, “Authorized Representatives”)
who reasonably require access for the purpose of undertaking Receiving Party’s obligations hereunder, and shall allow such
access only during the Term. Receiving Party will inform all of its Authorized Representatives of the confidentiality obligations
and use restrictions herein in advance of disclosure of such Confidential Information to such Authorized Representatives and will
require them to uphold such obligations. Each Receiving Party will be fully responsible to the Disclosing Party for any non-compliance
with, or breach of, this Agreement by any of its Authorized Representatives. Receiving Party further agrees that it will use the
Confidential Information only for the Purpose during the Term, and will not, directly or indirectly, make use of or aid any other
unauthorized third Party to make use of such Confidential Information without Disclosing Party’s prior written consent.

 

8.3       For
clarity, permitted uses of the Disclosing Party’s Confidential Information expressly exclude any use of Disclosing Parfy’s
Confidential Information for regulatory or patent filing purposes, or for initiation or pursuit of any proceeding to challenge
the patentability, validity, or enforceability of any patent application or issued patent (or any portion thereof) that is owned
or controlled by Disclosing Party (including e.g. via pre-issuance submissions, post grant review, or inter partes review).
Any such excluded use is hereby deemed a material breach of this Agreement and in such event, notwithstanding anything to the contrary
herein, in addition to any other relief granted to the non-breaching Party, the breaching Party shall pay to the non-breaching
Party all costs such non-breaching Party incurs in such proceeding including in defense of such patent application or patent. Any
such payment shall be made within thirty (30) days of written demand.

 

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8.4       Each
Receiving Party shall use each Disclosing Pafty’s Confidential Information solely for the purposes of this Agreement during
the Term as expressly set forth herein and not for any commercial or other purposes. Each Receiving Party shall protect the confidentiality
of such Confidential Information and guard it from disclosure to third parties with at least the same degree of care it uses to
protect the confidentiality of its own Confidential Information, but in no event less than a reasonable degree of care. Notwithstanding
the foregoing, the Receiving Party shall also be permitted to disclose Confidential Information to the extent required by law,
court order, or other governmental authority with jurisdiction provided that the Receiving Party promptly provides the Disclosing
Party, to the extent legally permissible, with written notice of such requirement and cooperates, at the Disclosing Party’s
written request and expense, with the Disclosing Party’s legal efforts to prevent or limit the scope of such required disclosure.

 

8.5       During
the Term of this Agreement and for three (3) years thereafter, the Receiving Party shall treat Confidential Information in accordance
with the provisions of this Article 8.

 

9          PUBLICATION,
USE OF NAME

 

9.1       Mount
Sinai and Sponsor recognize the traditional freedom of all scientists to publish and present promptly the results of the Sponsored
Research. Mount Sinai and Sponsor also recognize that Patent Rights can be jeopardized by public disclosure prior to the filing
of appropriate patent applications. Therefore, Mount Sinai agrees that each proposed publication or other public disclosure of
the results of the Sponsored Research (“Manuscript”), prior to submission to a publisher or other public disclosure,
will be submitted to Sponsor for review. Sponsor will have thirty (30) days from the date submitted in which to review such Manuscript.
If within said thirty (30) day period, Sponsor notifies the Principal Investigator in writing that the Manuscript includes Sponsor’s
Confidential Information, specifically pointing out where such Confidential Information appears in the Manuscript then the Principal
Investigator will remove such Confidential Information from the Manuscript prior to submission for publication or making any other
public disclosure of the Manuscript. If within said same thirty (30) day period, Sponsor requests in writing a delay of publication
to allow for patent application filing, then the Principal Investigator will delay submission for publication or other public disclosure
until the sooner of (a) ninety (90) days from the date of the initial submission of the Manuscript to Sponsor, or (b) the filing
of such patent application. When requested by the Principal Investigator in advance, Sponsor, at its discretion, may allow for
simultaneous submission of the Manuscript to the publisher and Sponsor.

 

9.2       Mount
Sinai will not use Sponsor’s name without Sponsor’s prior written consent except that, without such consent, Mount
Sinai or Principal Investigator may acknowledge Sponsor in scientific publications as appropriate per scientific custom and in
listings of sponsored research projects. Sponsor shall not use Mount Sinai’s logo, name or the name of any Mount Sinai trustee,
officer, faculty member, student, or employee, or any adaptation thereof without Mount Sinai’s prior written consent. In
cases where Mount Sinai has given such consent, Sponsor agrees to cooperate with Mount Sinai with respect to any conditions or
limitations imposed upon such name usage. For Mount Sinai, such consent may only be granted with prior, written approval by Mount
Sinai Innovation Partners. Notwithstanding the foregoing, Sponsor may use Mount Sinai’s name (but not its logo) in a purely
factual manner in the context of disclosing that the Sponsored Research was conducted by and at Mount Sinai.

 

10          TERMINATION

 

10.1       In
addition to the termination right set forth in Section 2.2, either Party may terminate this Agreement effective upon written notice
to the other Party, if the other Party breaches any of the material terms or conditions of this Agreement and fails to cure such
breach within thirty (30) days after receiving written notice thereof. For clarity, Sponsor’s failure to timely make any
payments to Mount Sinai in accordance with this Agreement constitutes a material breach.

 

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10.2       Solely
in the event of early termination of this Agreement due to the Sponsor’s breach, or for any other reason whatsoever, Mount
Sinai will be entitled to retain from the payments made by Sponsor prior to termination Mount Sinai’s reasonable costs of
concluding the work in progress. In such event, Sponsor shall be obligated to fulfill all payment obligations that accrued prior
to the effective date of such termination and to pay any remainder of such reasonable costs not covered by Sponsor’s prior
payments. Additionally, Sponsor shall pay Mount Sinai, without limitation, all costs of non-cancellable commitments incurred prior
to the receipt, or issuance, by Mount Sinai of the notice of termination, and the full cost of each student and faculty member
supported hereunder through the end of such commitments. In the event of termination, Mount Sinai will submit a confidential final
report of all costs incurred and all funds received under this Agreement within sixty (60) days after the effective termination
date. In case of a deficit of funds, Sponsor will promptly, upon receipt of invoice, pay Mount Sinai the amount needed to cover
costs and allowable commitments incurred by Mount Sinai under this Agreement.

 

10.3       Termination
of this Agreement will not affect the rights and obligations of the Parties accrued prior to termination hereof. The provisions
of ARTICLE 4, entitled PAYMENT OF COSTS; of ARTICLE 5, entitled RECORDS AND REPORTS; of ARTICLE 6, entitled INTELLECTUAL PROPERTY;
of ARTICLE 7, entitled OPTION; of ARTICLE, 8, entitled CONFIDENTIAL INFORMATION; of ARTICLE 9, entitled PUBLICATION, USE OF NAME;
of ARTICLE, 10, entitled TERMINATION; of ARTICLE, I l, entitled DISCLAIMER OF WARRANTIES, INDEMNIFICATION; and of ARTICLE 12, entitled
ADDITIONAL PROVISIONS, shall survive termination of this Agreement, as well as the DEFINITIONS insofar as required to interpret
such provisions.

 

11         DISCLAIMER
OF WARRANTIES, INDEMNIFICATION

 

11.1       MOUNT
SINAI MAKES NO WARRANTIES, EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION, WARRANTIES WITH RESPECT
TO THE CONDUCT, COMPLETION, SUCCESS, OR PARTICULAR RESULTS OF THE SPONSORED RESEARCH, OR THE CONDITION, OWNERSHIP, MERCHANTABII,ITY,
OR FITNESS FOR A PARTICULAR PURPOSE OF THE SPONSORED RESEARCH, ANY RESEARCH RESULTS OR DATA, SPONSORED RESE,ARCH INTELLECTUAL PROPERTY,
OR ANY INFORMATION OR MATERIALS PROVIDED TO SPONSOR BY MOUNT SINAI PURSUANT TO THIS AGREEMENT.

 

NEITHER PARTY SHALL BE LIABLE FOR
ANY INDIRECT OR CONSEQUENTIAL DAMAGES OR LOST PROFITS SUFFERED BY THE OTHER PARTY OR BY ANY LICENSEE OR ANY OTHERS RESULTING FROM
THIS AGREEMENT.

 

11.2       Indemnification.

 

11.2.1       Indemnification
by Sponsor. Sponsor shall indemnify, defend, and hold harmless Mount Sinai, its present and former officers, directors, governing
board members, employees, agents, and students (“Mount Sinai Indemnitees”) from any claim, loss, cost, expense,
or liability of any kind including reasonable attorney’s fees and expenses arising out of or connected with this Agreement
or the Sponsored Research, except to the extent such claim is due to the gross negligence or intentional misconduct of Sinai Indemnitees.
Mount Sinai shall promptly notify Sponsor of any such claim and shall cooperate with Sponsor and its insurance carrier in the defense
of the claim. Sponsor agrees to consult with Mount Sinai regarding the defense of such claim and to submit any proposed settlement
to Mount Sinai in advance of its approval.

 

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11.2.2       Indemnification
by Mount Sinai. Mount Sinai shall indemnify, defend, and hold harmless Sponsor and its directors, officers, professional staff,
employees, agents, successors, heirs and assigns (“Sponsor Indemnitees”) from any and all third-party liabilities,
claims, suits, losses, damages, expenses, costs, fees, actions, suits, demands, investigations, and penalties (including reasonable
attorneys’ fees and costs of litigation) to the extent caused by Mount Sinai’s use of Sponsored Research Intellectual
Property or the material breach of this Agreement by Mount Sinai, except to the extent such claim is due to the gross negligence
or intentional misconduct of Sponsor Indemnitees..

 

11.2.3       Indemnification
Procedures. The indemnified party (“Indemnitee”) shall give the party from whom indemnification is sought
under this Agreement (in this capacity “Indemnitor”) reasonable notice of any claims asserted against such Indemnity.
Failure to give such notice will not abrogate or diminish Indemnitor’s indemnity obligation if such failure does not prejudice
Indemnitor’s ability to defend the claim. In any litigation, administrative proceeding, negotiation or arbitration pertaining
to any claim for which indemnification is sought under this Agreement, Indemnitor will select competent legal counsel to represent
the Indemnitees. Indemnitor will control such litigation, proceedings, negotiations, and arbitration. The Indemnitees will at all
times have the right to fully participate in the defense at their own expense. If Indemnitor, within thirty (30) days after notice,
fails to assume the defense of such action, then the Indemnitees shall have the right, but not the obligation, to undertake the
defense, compromise or settlement of such claim on behalf of, for the account of and at the risk of the Indemnitor.

 

11.3       No
settlement by Indemnitor on behalf of any Indemnitee shall acknowledge or implicate any liability, fault, or wrongdoing on the
part of any Indemnitee without the prior written consent of Indemnitee. Indemnitor shall not settle or compromise any claim or
action giving rise to liabilities in a manner that imposes any restrictions or obligations on any Indemnitee or grants any rights
to the Sponsored Research Intellectual Property, or in any other manner, without the prior written consent of Indemnitee.

 

11.4       The
indemnification rights of the Indemnified Parties under this Article 11 are in addition to all other rights that any Indemnified
Party may have at law, in equity, or otherwise.

 

12         ADDITIONAL PROVISIONS

 

12.1       Representations
of Sponsor. Sponsor represents that it is duly organized, validly existing, and in good standing under the laws of the state
of New York. Sponsor has been granted all requisite power and authority to carry on its business and to own and operate its properties
and assets. The execution, delivery, and performance of this Agreement have been duly authorized by all necessary corporate action
on the part of Sponsor. There is no pending or, to Sponsor’s knowledge, threatened litigation involving Sponsor that would
impair this Agreement or Sponsor’s ability to perform its obligations hereunder. There is no indenture, contract, or other
encumbrance to which Sponsor is a party or otherwise bound that prohibits or may interfere with the execution, delivery, or performance
by Sponsor of this Agreement or any provision hereof.

 

12.2       Representations
of Mount Sinai. Mount Sinai represents that it is a not-for-profit education corporation duly organized, validly existing,
and in good standing under the laws of the State of New York. Mount Sinai has been granted all requisite power and authority to
carry on its business and to own and operate its properties and assets. There is no pending or, to Mount Sinai’s knowledge,
threatened litigation involving Mount Sinai that would affect this Agreement or Mount Sinai’s ability to perform its obligations
hereunder. There is no indenture, contract, or other encumbrance to which Mount Sinai is a party or otherwise bound that prohibits
or may interfere with the execution, delivery, or performance by Mount Sinai of this Agreement or any provision hereof.

 

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12.3       Assignment.
This Agreement may not be assigned or otherwise transferred, nor may any right or obligation hereunder be assigned or transferred,
by Sponsor, directly or by merger or other operation of law, without the express prior written consent of the non-assigning Party,,
provided, however, that either Party may assign this Agreement without prior written consent 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 this Agreement
relates. Any prohibited assignment of this Agreement or any rights or obligations hereunder will be null and void. Any permitted
assignment will be valid only if the assignee delivers to the non-assigning Party a written agreement to be legally bound to the
non-assigning Party by this Agreement. No permitted assignment will relieve the assigning Party of responsibility for the performance
of any obligations that accrued prior to such assignment.

 

12.4       Waiver.
A waiver by either Party of a breach or violation of any provision of this Agreement will not constitute or be construed as a waiver
of any different or subsequent breach or violation of that provision or as a waiver of any breach or violation of any other provision
of this Agreement.

 

12.5       Independent
Contractors. The Parties are independent contractors. Nothing herein will be deemed to establish a relationship of principal
and agent between Mount Sinai and Sponsor, nor any of their agents or employees, and neither Party shall have the power to act
for or incur obligations for the other, nor will this Agreement be construed as creating any form of legal association or arrangement
that would impose liability upon one Party for the act or failure to act of the other Party. Nothing in this Agreement, express
or implied, is intended to confer on any person other than the Parties hereto or their permitted assigns, any benefits, rights,
or remedies.

 

12.6       Notices.
Except as otherwise expressly set forth herein, any notice under this Agreement shall be in writing and delivered by certified
mail, internationally recognized overnight courier service, charges prepaid. Notices shall be deemed to have been received at such
time referenced in the courier’s tracking information. Notices shall be addressed as follows:

 

If to Mount Sinai:

 

Icahn School of Medicine at Mount Sinai

Mount Sinai Innovation Partners

One Gustave L. Levy Place, Box 1675

New York, NY 10029

Attention: Executive Vice President

 

with a copy for legal notices only to:

 

Icahn School of Medicine at Mount Sinai

One Gustave L. Levy Place, Box 1099

New York, NY 10029

Attention: Office of General Counsel

 

If to Sponsor:

 

SteriLumen, LLC

150 North Macquesten Pkwy,

Mount Vernon, NY 10550

E-mail: m.munn@sterilumen.com

 

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with a copy for legal notices only to:

 

Ross David Carmel, Esq.

Carmel, Milazzo & DiChiara LLP

55 West 39th Street, 18th Floor

New York, NY 10018

E-mail: rcarmel@cmdllp.com

 

12.7      Governing Law; Jurisdiction;
Venue. This Agreement shall be construed and governed in accordance with the laws of the State of New York, without giving
effect to conflicts of law provisions. The Parties hereby irrevocably submit to the exclusive jurisdiction of and venue in any
state or federal courts located within New York County in the State of New York with respect to any and all disputes concerning
or otherwise arising under this Agreement.

 

12.8       Force
Majeure. Neither Party will be liable for any failure to perform as required by this Agreement to the extent such failure to
perform is due to circumstances reasonably beyond such Party’s control, including, without limitation, labor disturbances
or labor disputes of any kind, accidents, failure of any governmental approval required for full performance, war (whether or not
declared), terrorism, civil disorders or commotions, acts of aggression, acts of God, energy or other conservation measures imposed
by law or regulation, explosions, failure of utilities, mechanical breakdowns, material shortages, disease, or other such occurrences.

 

12.9       Compliance
with Laws. The Parties comply with all laws, regulations, and other legal requirements applicable to it in connection with
this Agreement, including but not limited to any legal requirements applicable to use of the results of the Sponsored Research
or any Sponsored Research Intellectual Property and laws controlling the export of technical data, computer software, laboratory
prototypes, and all other export-controlled commodities.

 

12.10       Export-Controlled
Information. Sponsor will not knowingly disclose, and will use commercially reasonable efforts, but in no event efforts less
than adequate to comply with laws and regulations, to prevent disclosure, to Mount Sinai of any information that is subject to
ITAR controls, that is in the Commerce Control List (EAR Part 774 and Supplements), or that constitutes “restricted data”
or “sensitive nuclear technology” under l0 CFR Part 810. If, for purposes of the Sponsored Research, Sponsor intends
to disclose export-controlled information to Mount Sinai, Sponsor will not disclose such information to Mount Sinai unless and
until a plan for transfer, use, dissemination, and control of the information has been approved in writing by Mount Sinai.

 

12.11      Integration; Precedence; Modification.
This Agreement, together with its Attachments, embodies the entire understanding between the Parties relating to the subject matter
hereof and supersedes all prior understandings and agreements, whether written or oral with respect to such subject matter. In
the event of any inconsistency between this Agreement and its exhibits or attachments, the terms of this Agreement shall be given
precedence. This Agreement may not be amended except by a written agreement signed by duly authorized representatives of both Parties.

 

12.12       Headings;
Counterparts; Electronic Signatures. The headings included in this Agreement are inserted for convenience only and are not
intended to affect the meaning or interpretation of this Agreement. This Agreement may be executed in counterparts and exchanged
by electronic delivery in .pdf format. Each counterpart so exchanged shall be deemed to be an original for all purposes, and all
of which counterparts, taken together, shall constitute one and the same instrument.

 

    10 

     

    

 

12.13       Severability.
If any provision(s) of this Agreement are or become invalid, are ruled illegal by any court of competent jurisdiction, or are deemed
unenforceable under then-current applicable law from time to time in effect during the Term, it is the intention of the Parties
that the remainder of this Agreement shall not be affected thereby. It is further the intention of the Parties that, in lieu of
each such invalid, illegal, or unenforceable provision, there be substituted or added as part of this Agreement a provision which
shall be as similar as possible to such provision with respect to the economic and business objectives intended by the Parties,
but which shall be valid, legal, and enforceable.

 

12.14       Survival.
The following sections of this Agreement (together with any defined terms required to interpret such sections) shall survive the
termination or expiration of this Agreement for any reason: Sections 4 – 11, 12.3, 12.6, and 12.7.

 

 

[Signature page follows]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    11 

     

    

  

AGR-I9631

 

 

IN WITNESS WHEREOF, the duly authorized
representatives of the Parties hereby execute this Agreement as of the Effective Date.

 

  

 

	Icahn School Medicine at Mount Sinai	 	Sponsor
	 	 	 
	By:
    /s/ Sybil Lombillo                            	 	By:
    /s/ Max Munn                                
	Name: Sybil Lombillo	 	Name: Max Munn
	Title: Managing Director	 	Title: President CEO

 

4/14/2020 | 4:08 PM EDT

 

 

I have read and understand the responsibilities under this Agreement:

 

By: /s/ Richard Vincent                            

Name: Richard Vincent

4/14/2020 | 4:40 PM EDT

 

 

 

 

 

 

[Signature page to Sponsored Research Agreement]

 

     

     

    

 

AGR-19631

  

Attachment A

Sponsored Research

 

The Efficacy of UVC LED (270 nm) for
Disinfecting Bathroom Surfaces and Sink Drains

 

Research Protect Description:

 

This study is designed to evaluate the
effectiveness of Sterilumen disinfection technology in the reduction of bacteria on surfaces within typical healthcare settings
and other environments. The study will be conducted at two sites--Mount Sinai St. Luke’s Hospital (MSSL) in New York, NY.
Baseline data on ambient organisms found in patient bathrooms will be collected to inform our proposed study. Through an in-kind
contribution from Sterilumen, the UV devices will be installed in every bathroom in selected intervention bathrooms. One of each
of these units will first be installed in a simulated bathroom at the ResInnova Laboratory for a series of test challenges in unoccupied
bathroom for testing. A suggested range of organisms to be tested will be based on data of ambient organisms collected on sinks
and in drains in a series of 32 rooms at MSSL. The additional Sterilumen sink and drain units will then be installed into l7 patient
rooms at MSSL. The second portion of the study consists of a pre and post-application-analysis of viable bacterial colony forming
units (CFU) on sinks, in sink and drains. The study is non-human based using a combination of high contact surfaces within patient
areas pre and post technology application. All microbiology costs, supplies, mailing, processing will be provided by ResInnova
Laboratory through a separate contract with Sterilumen. All installation costs in accordance with MSSL’s requirements and
removal at the end of the study if requested by MSSL will be provided at no cost to MSSL by Sterilumen. All installation and removals
of the UV devices will be performed by Sterilumen under the supervision of MSSL If MSSL determines that Sterilumen’s presence
on MSSL premises shall expose Sterilumen to confidential information of MSSL, Sterilumen agrees to execute a confidentiality agreement
in advance.

 

Tasks:

 

	Task	1Q2020	2Q2020	3Q2020	4Q2020	1Q2021	2Q2021
	 	J F M	A M J	J A S	O N D	J F M	A M J
	1. IRB	XX	X	 	 	 	 
	2. Site visits	 	 	X	 	 	 
	3. Hire/Technician	 	X	 	 	 	 
	4. ResInnova Lab Studies	 	XXX	XXX	 	 	 
	5. Pre-intervention Lab Studies Base-line Study	 	 	XX	 	 	 
	6. Post Intervention Study	 	 	XXX	 	 	 
	7. Progress Reports	 	X*	 	X	 	 
	8. Analysis of Data	 	X	 	XXX	 	 
	9. Submit Abstract for Submission to ID Week	 	 	 	XX	 	 
	10. Presentation at ID Week	 	 	 	 	 	XX
	11. Prepare Manuscript for review by Sterilumen	 	 	 	X	X	 
	12. Submit Manuscript for Publication	 	 	 	 	X	 
	13. Submit Final Report	 	 	 	 	 	X

 

* The first Progress Report will include
confirmation that installation of the UV devices has commenced or will commence within (thirty) 30 days.

 

     

     

    

 

 

Attachment B

Budget

 

Total Budget: S160,000 USD

 

Schedule of Payments:

 

$10,000 USD within thirty (30) days of
execution of the Agreement.

 

$50,000 USD within thirty (30) days of
submission of the first Progress Report (as set forth in the “Tasks” table of Attachment A).

 

$50,000 USD within thirty (30) days of
submission of the second Progress Report (as set forth in the “Tasks” table of Attachment A).

 

$50,000 USD within thirty (30) days of
submission of the Final Report (as set forth in the “Tasks” table of Attachment A).

 

Separate Costs and In-Kind Materials
to be provided by Sterilumen.

All reasonable costs of the microbiological
cultures, supplies and processing required for the conduct of this study will be provided through Sterilumen’s direct contract
with ResInnova Laboratory. Sterilumen will be responsible for all direct costs of supplying test units for seventeen (17) patient
room sinks, installation according to MSSL requirements, testing the units are functional and removal at the end of the study if
requested by MSSL.Exhibit 10.8

 

EMPLOYMENT AGREEMENT

 

 

AGREEMENT, dated as of June 30, 2020 by and between Applied
UV, Inc. a Delaware (the "Company"), and Keyoumars Saeed, (the "Executive").

 

WHEREAS, the Company desires to establish
its right to the services of Executive, in the capacity described below, on the terms and conditions hereinafter set forth, and
Executive is willing to accept such employment on such terms and conditions.

 

NOW, THEREFORE, in consideration of the
premises and the mutual covenants set forth below, the parties hereby agree as follows:

 

		1.	Employment. The Company hereby agrees to employ the Executive as the President and Chief Executive
Officer (“CEO”) of the Company, all wholly owned subsidiaries and controlling interest Affiliates, and a seat on the
Board of Directors and the Executive hereby accepts such employment, on the terms and conditions set forth below.

 

2. Effective Date, Position and Duties.

 

“Effective Date” The
closing date of at least $5,000,000.00 in Company’s Initial Public Offering funding. During the period from the date of this
Agreement until the end of the Term (the “Employment Period”), the Executive shall serve as the Chief Executive Officer
of the Company and report to the Company’s Board of Directors. The duties will be as assigned by the Board of Directors of
the Company (the "Board"), with such duties, authority and responsibilities as are normally associated with and appropriate
for such positions. The Executive shall report directly to the Board. The Executive shall devote substantially all of his working
time, attention and energies during normal business hours (other than absences due to illness or vacation) to the performance of
his duties for the Company and give his best efforts to the success of the Company. Notwithstanding the above, the Executive shall
be permitted, to the extent such activities do not substantially interfere with his performance of his duties and responsibilities
hereunder or violate Sections 7 or 8 of this Agreement, to (i) manage his personal, financial and legal affairs, (ii) serve on
civic or charitable boards or committees (it being expressly understood and agreed that the Executive's continuing to serve on
any such board and/or committees on which he is serving, or with which he is otherwise associated, as of the Effective Date, shall
be deemed not to interfere with his performance of his duties and responsibilities under this Agreement), (iii) serve on boards
of other companies and (iv) make personal appearances and lectures, and the Executive shall be entitled to receive and retain all
remuneration received by him from the items listed in clauses (i) through (iv) of this paragraph.

 

3. Place of Performance.

 

During the Employment Period, the Executive
will reside in the area of metro Denver, Colorado and the Executive shall not be required to relocate to any other location. The
Executive agrees to be judicious in spending time between the Company’s other physical locations and in operations and New
York office and all lab and office facilities, and all travel required to grow business, develop, acquire and visit vendors, partners,
customers and suppliers.

 

4. Compensation and Related Matters.

 

(a) Base Salary. During the Term, the Company
shall pay the Executive a base salary ("Base Salary") at the rate of not less than $350,000 per year ($29,166.67 per
month)). The Executive's Base Salary shall be paid in approximately equal installments in accordance with the Company's customary
payroll practices.

  

    	Q Saeed - Employment Agreement	 1	Initials _____ / _____

     

    

 

(b) Annual Cash Bonus (“ACB”).
For each full fiscal year of the Company that begins and ends during the Term, the Executive shall be eligible to earn an annual
cash bonus in such amount as shall be determined by the Compensation Committee of the Board (the "Compensation Committee")
(the "Annual Bonus") based on the achievement by the Company of reasonable performance goals established by the Compensation
Committee and agreed to by Executive for each such fiscal year; provided, that the Annual Bonus shall be no greater than 150% of
Base Salary. ACB, will have to be approved by the Audit and Compensation Committees of the Board.

 

(c) Stock Options, Restricted Stock Grant,
and Long- Term Incentive Programs. The Company agrees that Executive shall be granted89,308 (representing 1.75% of the shares outstanding)
shares of restricted stock at the $0.0001 par value to begin vesting quarterly, as of the date of this Agreement (the first vesting
date being September 30, 2020). A new grant for the same amount shall be made by the company if this Agreement is automatically
renewed. Executive may also to participate in future grants of restricted stock, grants of stock options, and long-term incentive
compensation programs of the Company in a manner comparable to similar Company executives who are on a similar bonus program. Upon
the termination of the Executive pursuant to Sections 5(a), (d) and (g), any unvested stock granted pursuant to this Section 4(c)
shall revert back to the Company.

 

(d) Business, Travel and Entertainment
Expenses. The Company shall promptly reimburse the Executive for all reasonable and documented business, travel and entertainment
expenses related to the conduct of the Company’s business and consistent with the Executive's titles and the practices of
the Company including but not limited to home office expenses, mobile office expenses and other technology expenses.

 

(e) Vacation. During the Term, the Executive
shall be entitled to four (4) weeks of paid vacation per year. Vacation time and not taken during the applicable fiscal year shall
be carried over to and owed the next or following fiscal year.

 

(f) Welfare, Pension and Incentive Benefit
Plans. During the Term, the Executive (and his eligible spouse and dependents) shall be entitled to participate in all the welfare
benefit plans and programs maintained by the Company from time to time for the benefit of its senior executives including, without
limitation, all medical, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance
plans and programs. In addition, during the Term, the Executive shall be eligible to participate in all pensions, retirement, savings
and other employee benefit plans and programs maintained from time to time by the Company for the benefit of its senior executives,
other than any annual cash incentive plan.

 

(g) Dues. During the Term, the Company
shall pay or promptly reimburse the Executive for annual dues for membership in industry non-profit organizations, and professional
organizations including any reasonable expenses for continuing education that does not affect the Executive’s time and commitments
to the Company, each as approved by the Board of the Company.

 

5. Term & Termination. 

 

The term of this Agreement is for Eighteen
(18) months from Effective Date (the “Term”) then auto renewed for one-year periods or until a new mutually acceptable
agreement is reached; provided; however, the Executive's employment hereunder may be terminated during the Term and the Term will
end under the following circumstances:

  

    	Q Saeed - Employment Agreement	 2	Initials _____ / _____

     

    

 

(a) Termination for Cause. The Executive’s
employment may be terminated by the Company upon simple notice in writing transmitted to the Executive, without the Company (or
any of its subsidiaries) being bound to pay any compensation whatsoever or accelerate vesting of options if termination is for
Cause. For purposes of this Agreement, the Company shall have "Cause" to terminate the Executive's employment only upon
the Executive's:

 

(i) conviction of or entering
of a plea of guilty or nolo contendere to a felony

 

(ii) gross misconduct that
results in material and demonstrable damage to the business or reputation of the Company;

 

(iii) material breach of Section
7 of this Agreement; or

 

(iv) gross neglect in the performance
of his duties hereunder (other than such failure resulting from the Executive's incapacity due to physical or mental illness or
after the issuance of a Notice of Termination by the Executive for Good Reason).

 

Cause shall not exist unless and until
the Company has delivered to the Executive a copy of a resolution duly adopted by a majority of the Board (excluding the Executive
for purposes of determining such majority) at a meeting of the Board called and held for such purpose which finds that in the good
faith opinion of the Board that "Cause" exists, and specifying the particulars thereof in detail. Provided, however,
no reason set forth in this Section 5(a)(i) through (iv) shall constitute Cause unless (1) the Executive upon notice is given a
reasonable period to effect a cure or a correction; and (2) the reason is not curable or correctible as reasonably determined
by the Board. For purposes of this Section 5(a), a reasonable cure period shall not exceed 30 days.

 

(b) Disability. If, as a result of the
Executive's incapacity due to physical or mental illness as determined by a physician selected by the Executive, and on selected
by the Company and reasonably acceptable to the Company, (i) the Executive shall have been substantially unable to perform his
duties hereunder for six consecutive months, or for an aggregate of 180 days during any period of twelve consecutive months and
(ii) within thirty days after written Notice of Termination is given to the Executive after such six- or twelve- month period,
the Executive shall not have returned to the substantial performance of his duties on a full-time basis, the Company shall have
the right to terminate the Executive's employment hereunder for "Disability". During any period that the Executive fails
to perform his duties hereunder as a result of incapacity due to Pandemic related physical or mental illness, the Executive shall
continue to receive his full Base Salary set forth in Section 4(a) until his employment is terminated pursuant to this Section
5(b). In the event the Executive's employment is terminated for Disability pursuant to this Section 5(b), the Company shall provide
the Executive with the excess, if any, of his full Base Salary over the amount of any long-term disability benefits that he receives
under the Company's welfare benefit plans and programs, payable in accordance with the normal payroll practices of the Company,
for the remainder of the Employment Period and shall have no further obligations to the Executive hereunder. In addition, all stock
options held by Executive shall immediately vest and all reacquisition rights or restrictions to other securities held by Executive
shall be released or terminated.

 

(c) Termination by Death. In the
event of the Executive’s death during his period of employment, the Company’s obligation to make payments under this
Agreement shall terminate on the date of death, except the Company shall pay the Executive’s estate or surviving designated
beneficiary or beneficiaries, as appropriate, Severance Pay (as defined in Section 5(e)).

 

(d) Voluntary Termination. In the event
Executive wishes to resign for any reason, the Executive shall give at least thirty (30) days prior written notice of such resignation
to the Board of Directors. Any such notice shall not relieve either the Executive or the Company of their mutual obligations to
perform under this Agreement or to relieve the Company to compensate the Executive during such notice period for any earned but
unpaid salary and bonus and reimburse business expenses incurred but not reimbursed as of his date of termination.

  

    	Q Saeed - Employment Agreement	 3	Initials _____ / _____

     

    

 

(e) Termination Without Cause. In the event
that the Company terminates the Executive’s employment without Cause at a date that is following the Effective Date, (1)
Executive’s options for one year after such termination shall vest immediately; (2) the Company shall immediately pay to
Executive or estate $200,000 in one lump sum payment (less applicable tax withholdings; and (3) the Company shall immediately pay
the Executive for all accrued and untaken vacation time that has not expired (the vesting of options and the compensation paid
to Executive set forth in clauses 1 through 3 of this Section 5(e) shall be referred to herein as “Severance Pay”).

 

(f) Good Reason. Executive may terminate
his employment for Good Reason so long as Executive tenders his resignation to the Company within 45 days after the occurrence
of the event which forms the basis for his resignation for Good Reason. Executive shall provide written notice to the Company describing
the nature of the event which forms the basis for Executive’s resignation for Good Reason, and the Company shall thereafter
have ten (10) days to cure such event. Good Reason shall mean the occurrence of any of the following without the written consent
of the Executive or his approval in his capacity as the Chief Executive Officer:

 

(i) Any material diminution of
Executive positions, duties, responsibilities hereunder, the assignment of his duties that are inconsistent with his current position;
a change in his reporting relationship; or a change in his titles and authority;

 

(ii) The requirement of the Executive
to relocate to locations other than those provided in Section 4 hereof; or

 

(iii) Any material breach of
this Agreement by the Company.

 

In the event that the Executive terminates
this Agreement for Good Reason at a date that is following the Effective Date, the Company shall pay to Executive Severance Pay.
The Executive's right to terminate his employment hereunder for Good Reason shall not be affected by his incapacity due to physical
or mental illness.

 

(g) Financing. If the Effective Date does
not occur prior to September 30, 2020, this Agreement and the Executives employment hereunder will terminate; provided, however,
upon such termination, the Executive shall be paid 5% of gross revenues from sales of products to buyers introduced to the Company
by the Executive that occur from the beginning of the Employment Period to the one year anniversary thereof.

 

(h) Mitigation. The Executive shall not
be required to mitigate damages with respect to the termination of his employment under this Agreement by seeking other employment
or otherwise, and there shall be no offset against amounts due the Executive under this Agreement on account of subsequent employment
except as specifically provided in this Section 5. Additionally, amounts owed to the Executive under this Agreement shall not be
offset by any claims the Company may have against the Executive, and the Company's obligation to make the payments provided for
in this Agreement, and otherwise to perform its obligations hereunder, shall not be affected by any other circumstances, including,
without limitation, any counterclaim, recoupment, defense or other right which the Company may have against the Executive or others.

  

    	Q Saeed - Employment Agreement	 4	Initials _____ / _____

     

    

 

6. Change of Control Matters.

 

If as a result of a Change in
Control, the Executive is required to pay an excise tax on "excess parachute payments" (as defined in Section
280G(b) of the Code) under Section 4999 of the Code solely as a result of an acceleration of the vesting of
options/restricted stock, the Company shall reimburse the Executive for the amount of such taxes paid. In addition, the
Company shall pay the Executive such additional amounts as are necessary to place the Executive in the same financial
position that he would have been in if he had not incurred any tax liability under Section 4999 of the Code as a result of
such change in control; provided, however, that the Company shall in no event pay the Executive any amounts with respect to
any penalties or interest due under any provision of the Code. The determination of the amount, if any, of any "excess
parachute payments" and any tax liability under Section 4999 of the Code shall be made by a nationally-recognized
independent accounting firm selected by the Executive. The fees and expenses of such accounting firm shall be paid by the
Company. The determination of such accounting firm shall be final and binding on the parties. The Company agrees to pay to
the Executive any amounts to be paid or reimbursed under this Paragraph 6 within three (3) days after receipt by the Company
of written notice from the accounting firm which sets forth such accounting firm's determination.

 

(c) For the purposes of this Agreement,
 "Change in Control" shall occurrence of any of the following events: (a) any "person" or "group"
(as such terms are used in Sections 12(d) and 13(d) of the Securities Exchange Act of 1934 (the "Exchange Act")), other
than the Executive is or becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Exchange Act,
except that a person shall be deemed to have "beneficial ownership" of all securities that such person has the right
to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than
40% of the total outstanding voting stock, units or ownership of the Company; (b) the Company consolidates with, or merges with
or into another or conveys, transfers, leases or otherwise disposes of all or substantially all of its assets to any , or any consolidates
with or merges with or into the Company, in any such event, pursuant to a transaction in which the outstanding voting stock of
the Company is converted into or exchanged for cash, securities or other property; (c) individuals who are members of the Company’s
Board of Directors at Closing of the initial seed round of funding or a Series A Preferred Stock financing cease for any reason
to at least constitute a majority thereof; or (d) the Company is liquidated or dissolved or a special resolution is passed by the
stockholders of the Company approving the plan of liquidation or dissolution.

 

7. Confidential Information.

 

The Executive acknowledges that he has
received and will receive or conceive, in carrying on or in the course of his work during his employment with the Company, confidential
information pertaining to the activities, the technologies, the operations and the business, past, present and future, of the Company
or its officers, directors, shareholders, agents or related or associated companies collectively (“Affiliates”), which
information is not in the public domain. The Executive acknowledges that such confidential information belongs to the Company and/or
its Affiliates and that its disclosure or unauthorized use could be damaging or prejudicial to the Company and/or its Affiliates
and contrary to their best interests. Accordingly, the Executive agrees to respect the confidentiality of such information and
not to make use of or disclose it to, or to discuss it with, any person, other than in the ordinary course of his duties with the
Company and its Affiliates, or as required under applicable law. This undertaking to respect the confidentiality of such information
and not to make use of or disclose or discuss it to or with any person shall survive and continue to have full effect notwithstanding
the termination of the Executive’s employment with the Company, so long as such confidential information does not become
public as a result of an act by the Company or a third party, which act does not involve the fault of one of its executives. Nothing
in this Agreement prohibits Executive from reporting possible violations of federal law or regulation to any governmental agency
or entity, including but not limited to the U.S. Department of Justice, the Securities and Exchange Commission, the U.S. Congress,
and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal
law or regulation. Executive does not need the prior authorization of the Company to make any such reports or disclosures and Executive
is not required to notify the Company that I have made such reports or disclosures.

  

    	Q Saeed - Employment Agreement	 5	Initials _____ / _____

     

    

 

8. Non-Solicitation

 

(a) Except as otherwise prohibited in the
State of New York, the Executive shall not compete with the Company in the businesses that its subsidiaries are engaged in. Executive
shall not participate in any capacity whatsoever in a business that would directly or indirectly compete with the Company or with
any of its subsidiaries, including, without limitation, as an executive, director, officer, employer or principal, unless such
participation is fully disclosed to the Board and approved in writing in advance. In addition, the Executive shall not have any
interest whatsoever in such an enterprise, including, without limitation, as owner, shareholder, partner, limited partner, lender
or silent partner that is in competition with the business of the Company or any of its subsidiaries. This noncompetition covenant
is limited as follows:

 

(1)       As
to the time period, to the duration of the Executive’s employment and for a period of 18 months following the date of
termination of his employment;

(2)       As
to the geographical area, the territory in which the Company and/or its subsidiaries operated during the two years preceding
the employment termination date.

 

(b) The Executive also undertakes, for
the same period and in respect of the same territory referred to hereinabove in subsections 8(a)(1) and (2), not to solicit clients
for sales of products that are competitive with products that are sold by any of the Company’s subsidiaries or do anything
whatsoever to induce or to lead any person to end, in whole or in part, business relations with the Company or any of its subsidiaries.

 

(c) The Executive also undertakes, for
the same period and in respect of the same territory referred to hereinabove in subsections 8(a)(1) and (2), not to induce, attempt
to induce or otherwise interfere in the relations which the Company or which any of its subsidiaries has with their distributors,
suppliers, representatives, agents and other parties with whom the Company or any of its subsidiaries deals.

 

(d) The Executive also undertakes, for
the same period and in respect of the same territory referred to in subsections 8(a)(1) and (2), not to induce, attempt to induce
or otherwise solicit the personnel of the Company to leave their employment with the Company or any of its subsidiaries nor to
hire the personnel of the Company or any of its subsidiaries for any enterprise in which the Executive has an interest.

 

(e) The Executive acknowledges that the
provisions of this Section 8 are limited as to the time period, the geographic area and the nature of the activities to what the
parties deem necessary to protect the legitimate interests of the Company and its subsidiaries, while allowing the Executive to
earn his living.

 

(f) Nothing in this Section 8 shall operate
to reduce or extinguish the obligations of the Executive arising at law or under this contract which survive at the termination
of this Agreement in reason of their nature and, in particular, without limiting the foregoing, the Executive’s duty of loyalty
and obligation to act faithfully, honestly and ethically.

  

    	Q Saeed - Employment Agreement	 6	Initials _____ / _____

     

    

 

9. Indemnification.

 

(a) General. The Company agrees that, beginning
on the earlier of (x) the date on which Director & Officer Liability Insurance is procured by the Company and (y) the Effective
Date, it will maintain industry standard Director & Officer Liability Insurance and that if the Executive is made a party or
is threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative (a
 "Proceeding"), by reason of the fact that the Executive is or was a trustee, director or officer of the Company, or any
of their Affiliates or is or was serving at the request of the Company, or any of their Affiliates as a trustee, director, officer,
member, employee or agent of another corporation or a partnership, joint venture, limited liability company, trust or other enterprise,
including, without limitation, service with respect to employee benefit plans, whether or not the basis of such Proceeding is alleged
action in an official capacity as a trustee, director, officer, member, employee or agent while serving as a trustee, director,
officer, member, employee or agent, the Executive shall be indemnified and held harmless by the Company to the fullest extent authorized
by Delaware law and as otherwise allowed by law, as the same exists or may hereafter be amended, against all Expenses incurred
or suffered by the Executive in connection therewith unless such Expenses are the result of the Executive’s gross negligence
or willful misconduct, and such indemnification shall continue as to the Executive even if the Executive has ceased to be an officer,
director, trustee or agent, or is no longer employed by the Company and shall inure to the benefit of his heirs, executors and
administrators. The Company shall not provide indemnification for any Expenses paid for under the terms of the Company’s
Director & Officer Liability Insurance.

 

(b) Expenses. As used in this Agreement,
the term "Expenses" shall include, without limitation, damages, losses, judgments, liabilities, fines, penalties, excise
taxes, settlements, and costs, attorneys' fees, accountants' fees, and disbursements and costs of attachment or similar bonds,
investigations, and any expenses of establishing a right to indemnification under this Agreement.

 

(c) Enforcement. If a claim or request
under this Section 9 is not paid by the Company or on its behalf, within thirty (30) days after a written claim or request has
been received by the Company, the Executive may at any time thereafter bring suit against the Company to recover the unpaid amount
of the claim or request and if successful in whole or in part, the Executive shall be entitled to be paid also the expenses of
prosecuting such suit. All obligations for indemnification hereunder shall be subject to, and paid in accordance with, applicable
Delaware law.

 

(d) Partial Indemnification. If the Executive
is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of any Expenses, but
not, however, for the total amount thereof, the Company shall nevertheless indemnify the Executive for the portion of such Expenses
to which the Executive is entitled.

 

(e) Notice of Claim. The Executive shall
give to the Company notice of any claim made against his for which indemnification will or could be sought under this Agreement.
In addition, the Executive shall give the Company such information and cooperation as it may reasonably require and as shall be
within the Executive's power and at such times and places as are convenient for the Executive.

 

(f) Defense of Claim. With respect to any
Proceeding as to which the Executive notifies the Company of the commencement thereof:

 

		(i)	The Company will be entitled to participate therein
at its own expense;

		(ii)	Except as otherwise provided below, to the extent that
it may wish, the Company will be entitled to assume the defense thereof, with counsel reasonably satisfactory to the Executive,
which in the Company's sole discretion may be regular counsel to the Company and may be counsel to other officers and directors
of the Company or any subsidiary. The Executive also shall have the right to employ his own counsel in such action, suit or proceeding
if he reasonably concludes that failure to do so would involve a conflict of interest between the Company and the Executive, and
under such circumstances the fees and expenses of such counsel shall be at the expense of the Company.

		(iii)	The Company shall not be liable to indemnify the Executive
under this Agreement for any amounts paid in settlement of any action or claim effected without its written consent. The Company
shall not settle any action or claim in any manner which would impose any penalty that would not be paid directly or indirectly
by the Company or limitation on the Executive without the Executive's written consent. Neither the Company nor the Executive will
unreasonably withhold or delay their consent to any proposed settlement.

  

    	Q Saeed - Employment Agreement	 7	Initials _____ / _____

     

    

 

(g) Non-Exclusivity. The right to indemnification
and the payment of expenses incurred in defending a Proceeding in advance of its final disposition conferred in this Section 9
shall not be exclusive of any other right which the Executive may have or hereafter may acquire under any statute or certificate
of incorporation or by-laws of the Company or any subsidiary, agreement, vote of shareholders or disinterested directors or trustees
or otherwise.

 

10. Legal Fees and Expenses.

 

If any contest or dispute shall arise between
the Company and the Executive regarding any provision of this Agreement, the Company shall reimburse the Executive for all legal
fees and expenses reasonably incurred by the Executive in connection with such contest or dispute, but only if the Executive prevails
to a substantial extent with respect to the Executive's claims brought and pursued in connection with such contest or dispute.
Such reimbursement shall be made as soon as practicable following the resolution of such contest or dispute (whether or not appealed)
to the extent the Company receives reasonable written evidence of such fees and expenses.

 

11. Successors; Binding Agreement.

 

(a) Company's Successors. No rights or
obligations of the Company under this Agreement may be assigned or transferred, except that the Company shall require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the
Company would be required to perform it if no such succession had taken place. As used in this Agreement, "Company" shall
include any successor to its business and/or assets (by merger, purchase or otherwise) which executes and delivers the agreement
provided for in this Section 13 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation
of law.

 

(b) Executive's Successors. No rights
or obligations of the Executive under this Agreement may be assigned or transferred by the Executive other than his rights to
payments or benefits hereunder, which may be transferred only by will or the laws of descent and distribution. Upon the
Executive's death, this Agreement and all rights of the Executive hereunder shall inure to the benefit of and be enforceable
by the Executive's beneficiary or beneficiaries, personal or legal representatives, or estate, to the extent any such person
succeeds to the Executive's interests under this Agreement. If the Executive should die following his Date of Termination
while any amounts would still be payable to Executive hereunder if he had continued to live, all such amounts unless
otherwise provided herein shall be paid in accordance with the terms of this Agreement to such person or persons so appointed
in writing by the Executive, or otherwise to his legal representatives or estate.

  

    	Q Saeed - Employment Agreement	 8	Initials _____ / _____

     

    

 

12. Governing Law.

 

This Agreement and the rights and obligations
of the parties hereunder shall be governed by and construed in accordance with the laws of the State of Delaware applicable to
contracts made and to be performed therein.

 

13. Arbitration. 

 

Any controversy arising out of or relating
to this Agreement or any termination thereof shall be submitted to and settled by the American Arbitration Association and pursuant
to the Commercial Arbitration Rules. The venue for any arbitration shall be New York, New York. The parties hereto and all who
may claim under them shall be conclusively bound by the determination of such arbitration. The parties hereby submit to the in
personam jurisdiction of the courts of the State of New York and the Federal courts located therein (and expressly waive any
defenses to personal jurisdiction by such courts) for the purpose of confirming, vacating or modifying any award pursuant to such
arbitration and entering judgment thereon.

 

14. Notice.

 

For the purposes of this Agreement, notices,
demands and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given
when delivered either personally or by United States certified or registered mail, return receipt requested, postage prepaid, addressed
to the Executive at his residence address most recently filed with the Company.

 

15. Miscellaneous.

 

No provisions of this Agreement may be
amended, modified, or waived unless such amendment or modification is agreed to in writing signed by the Executive and by a duly
authorized officer of the Company, and such waiver is set forth in writing and signed by the party to be charged. No waiver by
either party hereto at any time of any breach by the other party hereto of any condition or provision of this Agreement to be performed
by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent
time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been
made by either party which are not set forth expressly in this Agreement. The respective rights and obligations of the parties
hereunder of this Agreement shall survive the Executive's termination of employment and the termination of this Agreement to the
extent necessary for the intended preservation of such rights and obligations.

 

16. Validity.

 

The invalidity or unenforceability of any
provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
which shall remain in full force and effect.

 

17. Counterparts.

 

This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

  

    	Q Saeed - Employment Agreement	 9	Initials _____ / _____

     

    

 

18. Entire Agreement.

 

This Agreement set forth the entire agreement
of the parties hereto in respect of the subject matter contained herein and supersedes all prior agreements, promises, covenants,
arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative
of any party hereto in respect of such subject matter. Any prior agreement of the parties hereto in respect of the subject matter
contained herein is hereby terminated and canceled.

 

19. Withholding.

 

All payments hereunder shall be subject
to any required withholding of Federal, state and local taxes pursuant to any applicable law or regulation.

 

20. Section Headings.

 

The section headings in this Employment
Agreement are for convenience of reference only, and they form no part of this Agreement and shall not affect its interpretation.

 

 

 

 

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    	Q Saeed - Employment Agreement	 10	Initials _____ / _____

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
on the date first above written.

 

APPLIED UV, INC.

 

 

		 	 
	Max Munn, President	 	

 

 

EXECUTIVE

 

 

		 	 
	By: Keyoumars Saeed	 	

 

  

    	Q Saeed - Employment Agreement	 11	Initials _____ / _____

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