Document:

Exhibit
10.3

 

Dated
June 4,              2018

 

(1)
ON TARGET THERAPEUTICS, LLC

 

-
and -

 

(2)
OKYO PHARMA LIMITED

 

 

 

 

COLLABORATION
AGREEMENT

FOR
THE PROPOSED “CHEMERIN” PROGRAM

 

 

 

 

COOLEY
(UK) LLP, DASHWOOD, 69 OLD BROAD STREET, LONDON EC2M 1QS, UK T: +44 (0) 20 7583 4055 F: +44 (0) 20 7785 9355 WWW.COOLEY.COM

 

    	 

    	 

    

 

THIS
AGREEMENT is made June 4, 2018

 

BETWEEN:

 

	(1)	ON
    TARGET THERAPEUTICS LLC, a limited liability company organized under the laws of Delaware whose place of business is at 15 Wynnewood
    Road, Wellesley, MA 02481 (“On Target” ); and
	 	 
	(2)	OKYO
    PHARMA LIMITED, a limited company incorporated and registered in Guernsey whose registered office is at[·] (“OKYO”).

 

INTRODUCTION:

 

	(A)	Dr.
    Alan Kopin and Dr. Benjamin Harwood are associated with On Target.
	 	 
	(B)	OKYO
    has taken an assignment of a licence and sub-licence, originally granted by On Target and Tufts Medical Center, Inc. (the “Licence
    and Sub-Licence”) of certain intellectual property rights detailed in the Licence and Sub-Licence agreement (the “Licence
    and Sub-Licence Agreement” ).
	 	 
	(C)	On
    Target and OKYO wish to enter into this Agreement which shall set out the terms (including financial terms) on which On Target shall
    provide assistance and research services to OKYO to develop the subject matter of the Licence and Sub-Licence and to carry out ancillary
    research.
	 	 
	(D)	This
    Agreement sets out the terms on which On Target shall execute and/or supervise the Research Plan (as defined below) .
	 	 
	(E)	On
    Target is party to this Agreement for the purposes of waiving any rights to Arising Project IP.

 

IT
IS AGREED AS FOLLOWS:

 

	1.	DEFINITIONS
    AND INTERPRETATION

 

 

In
this Agreement, unless the context otherwise the following definitions shall apply:

 

 

	“Affiliate”	of
    a person means a person, corporation, partnership or other entity, that Controls, is Controlled by, or is under common Control with
    such person (and for the purposes of this definition, “Control” and “Controlled” shall be construed
    solely by reference to sub-paragraph (a) of the definition of “Control”);

 

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	“Agreement”	means
    this document, including its Schedules;
	 	 
	“Arising
    IP”	means,
    collectively, Arising General IP and Arising Project IP;
	 	 
	“Arising
    General IP”	means
                                            all Intellectual Property Rights generated, discovered, conceived, originated, derived or
                                            developed in the course of the activities undertaken in the performance of the Research Plan
                                            that are not specific to particular chemerin analogs that are the subject of the Research
                                            Plan, excluding for the avoidance of doubt all On Target Background Rights;

	 	 
	“Arising
                                            Project IP”

     
	means
                                            all Intellectual Property Rights generated, discovered, conceived, originated, derived or
                                            developed in the course of the activities undertaken in the performance of the Research Plan,
                                            including any Intellectual Property Rights created pursuant to this Agreement and the Research
                                            Plan but excluding for the avoidance of doubt (i) all On Target Background Rights and (ii)
                                            all Arising General IP;

	 	 
	“Confidential
                                            Information”

     
	means
                                            confidential and proprietary information and materials, patentable or otherwise, whether
                                            disclosed in tangible or intangible form, marked or stated to be “Confidential”
                                            or “Proprietary” (or word of similar import), or which would, in the normal course
                                            of business, or by the nature of the subject matter and/or the manner of its disclosure,
                                            be considered as being confidential or proprietary, that is disclosed by one Party {the “Disclosing
                                            Party” ) to another Party (the “ Receiving Party”), including:

 

	 	a)	information
                                            relating to the business, affairs, customers, clients, suppliers, plans, intentions, or market
                                            opportunities of the Disclosing Party or of the Disclosing Party’s group or its suppliers;

     

	 	b)	the
    terms of this Agreement; and
	 	c)	any
    materials and/or Know-How generated in connection with the performance of this Agreement.

 

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	“Control”	means:

 

	 	(a)	with
    respect to any individual, legal entity, trust or joint venture the direct or indirect ownership or possession of: (i) the power
    to direct or cause the direction of the management and policies of a company or entity whether through the ownership of voting securities,
    by contract or otherwise; or (ii) more than fifty per cent (50%) (in the aggregate) of the voting power of all outstanding shares
    entitled to vote at a general meeting of a company or entity; or
	 	 	 
	 	(b)	with
                                            respect to any Material, item of information, or Intellectual Property Right, the possession,
                                            whether by ownership or licence, of the right to grant a licence or sub licence with respect
                                            thereto or to disclose relevant information relating thereto, without breaching any prior
                                            written obligation to any Third Party,

                                                                              

	 	 	 
	 	and
    “Controlled” shall be construed accordingly;

 

	“Effective
    Date”	means
    the date written at the start of this Agreement;
	 	 
	“Intellectual
    Property Rights”	means
    any and all inventions, Patents, utility models, registered designs, unregistered design rights, copyright, database rights, trademarks,
    trade names, rights in respect of Confidential Information, rights under data exclusivity Law, rights under orphan drug Law, Know-How,
    extensions of the terms of any such rights (including supplementary protection certificates), registrations and/or applications for
    and the right to apply for any of the foregoing, and similar or analogous rights, anywhere in the world;
	 	 
	 	 
	“Know-How”	means
    unpatented technical and other information in written tangible form which is not in the public domain including information comprising
    or relating to concepts, discoveries, data, designs, formulae, ideas, inventions, methods, models, assays, research plans, procedures,
    designs for experiments and tests and results of experimentation and testing (including results of research or development) processes
    (including manufacturing process, specifications and techniques), laboratory records, specifications, drawings, manuals, information,
    methods and processes for synthesis thereof, chemical compounds including derivatives, analogues and precursors, instrumentation,
    procedures for experiments and tests and results of experimentation and testing, chemical, pharmacological, toxicological, clinical,
    analytical and quality control data, trial data, case report forms, data analyses, report or summaries and information contained
    in submissions to and information from ethical committees and regulatory authorities and the fact that an item is known to the public
    shall not be taken to exclude the fact that a compilation including the item, and/or a development relating to the item, is (and
    remains) not known to the public;

 

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	“Law”	means
    any law, statute, constitution, principle of common law, ordinance, code, permit, rule, regulation, policy, guideline, ruling or
    requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any governmental
    entity or securities exchange or securities quotation system, and any orders, writs, injunctions, binding awards of a court or arbitrator,
    judgments and decrees;
	 	 
	“Materials”	means,
    reagents, compounds, biopharmaceutical, biological and/or any other chemical materials and “Material” shall be
    construed accordingly;
	 	 
	“OKYO
    Science Adviser”	means
    Dr. Kunwar Shailubhai or another individual, reasonably acceptable to On Target, then serving as a science adviser to OKYO;
	 	 
	“On
    Target Background Rights” 	means
    (i) the Patents and Know-How which are the subject of the Licence and Sub-Licence which has been assigned to OKYO, and (ii) all other
    Intellectual Property Rights owned or Controlled by On Target that (x) were generated, discovered, conceived, originated, derived
    or developed, or licensed or otherwise acquired, by On Target prior to the Effective Date, and/or (y) are generated, discovered,
    conceived, originated, derived or developed, or licensed or otherwise acquired, by On Target on or after the Effective Date other
    than in the course of activities comprising the Research Plan;

 

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	“Parties”	means
    On Target and OKYO and” Party” means any of them;
	 	 
	“Patents”	means
    patents and patent applications and all substitutions, divisions, continuations, continuations-in-part, any patent issued with respect
    to any such patent applications (including certificates of invention), any reissue, re-examination, utility models or designs, renewal
    or extension of any such patent, any term extension, a supplementary protection certificate and any confirmation patent or registration
    patent or patent of addition based on any such patent, and all counterparts and patents and patent applications based on, corresponding
    to or claiming the priority date thereof in any country;
	 	 
	“Phase
                                            1”
	phase
    1 of the Development Plan as set out in Schedule 1; 
	 	 
	“Phase
                                            2”
	phase
                                            2 of the Development Plan as set out in Schedule 1;

	 	 
	“Phase
                                            1 Report”
	a
                                            report on the research and findings in respect of activities carried out in Phase 1;

	 	 
	“Phase
                                            2 Report”
	a
                                            report on the research and findings in respect of activities carried out in Phase 2;

	 	 
	“Research
                                            Plan”
	means
                                            the work plan as set out in Schedule 1 or as otherwise agreed and identified by the Parties
                                            in writing;

    

	 	 
	“Term”	has
    the meaning given to it in Clause 8.1; and
	 	 
	“Third
                                            Party”
	means
                                            any entity other than a Party or its Affiliates.

 

	2.	APPOINTMENT
	 	 
	2.1.	On
    Target undertakes to perform the activities set out in the Research Plan and shall perform such work in accordance with the terms
    of this Agreement.
	 	 
	2.2.	On
    Target may engage a subcontractor to carry out any activities assigned to it provided that:
	 	 	 
	 	2.2.1	any
    subcontractor is made aware of the obligations of the subcontracting Party to the other Party under this Agreement; and
	 	 	 
	 	2.2.2	On
    Target shall ensure that the activities carried out are performed under the supervision of Dr. Alan Kopin and Dr. Benjamin Harwood.
	 	 
	2.3.	On
    Target shall at all times while undertaking the activities set out in the Research Plan:
	 	 
	 	2.3.1	perform
    such activities in a timely, diligent and professional manner using its reasonable efforts;

 

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	 	2.3.2

     
	to
    conduct all research in accordance with industry standard laboratory practices at all times (it being understood and agreed, for
    the avoidance of doubt, that the research is not required to be GLP-compliant);
	 	 	 
	 	2.3.3	comply
    with all applicable Laws, regulations and guidelines in the performance of its obligations under this Agreement;
	 	 	 
	 	2.3.4	keep
    a detailed record of all things done in relation to its performance of its obligations under the Research Plan and provide OKYO with
    a Phase 1 Report after Phase 1 is completed and a Phase 2 Report after Phase 2 is completed; and
	 	 	 
	 	2.3.5	be
    reasonably available, on a quarterly basis, to report to the board of directors of OKYO or any scientific advisory board established
    by OKYO in respect of the Phase 1 Report and the Phase 2 Report to take questions and engage in discussions relating to the same.
	 	 
	3.	REVIEW
	 	 
	3.1.	Within
    thirty (30) days from the date of receipt by OKYO of the Phase 1 Report OKYO shall determine, by written notice to On Target (the
    “Phase 2 Election Notice”), whether to enter into Phase 2.
	 	 
	4.	TRANSFER
    OF MATERIALS
	 	 
	4.1.	From
    time to time during the Term, the Parties may supply each other with Materials as set out in Schedule 2 or as otherwise agreed by
    the Parties in writing. In such circumstances:
	 	 	 
	 	4.1.1	such
    transfer shall be recorded using the material transfer record form set out in Schedule 2, which the transferor shall complete and
    submit to the transferee(s) for counter-signature prior to the transfer of the Materials;
	 	 	 
	 	4.1.2	the
    Party providing that Material under that material transfer record form shall warrant that, to its reasonable knowledge without having
    undertaken any searches of any intellectual property registers, that Party has the full right and authority to transfer the Materials
    to the transferee for use as described in Schedule 2;
	 	 	 
	 	4.1.3	Materials
    and related information provided by a Party shall remain the property of such Party or remain under the Control of such Party, and
    shall be kept securely by the other Party and shall not be provided by the other Party to any Third Party, except with the express
    written consent of the Party providing such Materials and related information;
	 	 	 
	 	4.1.4	A
    Party receiving Materials from the other Party shall only use such Materials for the purpose of performing its obligations pursuant
    to this Agreement and shall use such Materials in accordance with all applicable Laws;
	 	 	 
	 	4.1.5	other
    than as expressly permitted under this Agreement, (i) On Target shall not publish or attempt to publish any information or findings
    constituting Arising Project IP without the prior written consent of OKYO, (ii) OKYO shall not publish or attempt to publish any
    information or findings constituting Arising General IP without the prior written consent of On Target, and (iii) a Party receiving
    Materials from the other Party shall not otherwise characterise or reproduce such Materials without the prior written consent of
    the Party providing such Materials; and

 

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    4.1.6	A
    Party receiving Materials from the other Party shall, at the election of such other Party, following completion of the purpose for
    which such Materials were transferred, destroy or return such Materials.
	 	 
	5.	INTELLECTUAL
    PROPERTY RIGHTS
	 	 
	5.1.	On
    Target shall own all rights, title and interest in and to (i) the On Target Background Rights and (ii) the Arising General IP, and
    OKYO shall own all rights title and interest in the Arising Project IP. No licence to use any On Target Background Rights or Arising
    IP or other Intellectual Property Rights is granted or implied by this Agreement except for the rights expressly granted in this
    Agreement and the Licence and Sub-Licence Agreement.
	 	 
	5.2.	On
    Target hereby unconditionally assigns (by way of present assignment of future rights) to OKYO, irrevocably and absolutely, all right,
    title and interest in and to all Arising Project IP (it being understood and agreed, for the avoidance of doubt, that On Target shall
    retain, and does not hereby or otherwise assign to OKYO, all right, title and interest in and to all Arising General IP). On Target
    hereby waives any moral rights (other than any moral rights relating to or constituting Arising General IP) in any works generated
    in the course of achieving the Research Plan to which On Target may become entitled at any future time under any provisions of Law
    in any jurisdiction including without limitation the right to be identified, the right of integrity and the right against false attribution,
    and agrees to institute, support, maintain or permit any action or claim to the effect that any treatment, exploitation or use of
    such works infringes On Target’ moral rights (in each case, at OKYO’s written request and sole expense).
	 	 
	5.3.	To
    the extent that the assignment set out in Clause 5.2 is not effective to assign any Arising Project IP to OKYO, On Target shall hold
    such Arising Project IP in trust for OKYO. On Target shall, as and when requested to do so by OKYO in writing, execute all documents
    and do all things reasonably requested by OKYO to give effect to Clause 5.2 (in each case, at OKYO’s sole expense).
	 	 
	6.	COSTS
	 	 
	Except
    as provided otherwise in Clauses 5.2 and 5.3 and in the Research Plan, each Party agrees that it shall bear its own costs in connection
    with carrying out the Research Plan save for the committed funding costs that OKYO has agreed to pay to On Target for its work.
	 	 
	7.	REPRESENTATIONS,
    WARRANTIES AND LIMITATION OF LIABILITY
	 	 
	7.1.	OKYO
    and On Target each warrants to the other that it has full power and authority under its constitution, and has taken all necessary
    actions and obtained all authorisations, licences, consents and approvals, to allow it to enter into this Agreement and to perform
    its obligations hereunder.
	 	 
	7.2.	No
    Party makes any representation or gives any warranty to the other that any advice or information given by it or any of its employees,
    contractors or other personnel who carry out the research set out in the Research Plan, or the content or use of any Arising IP,
    Materials or information provided in connection with the Research Plan, shall not constitute or result in the infringement of the
    rights of any Third Party (including, but not limited to, Intellectual Property Rights).

 

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	7.3.	No
    Party accepts any liability or responsibility for any use which may be made by the other Party of any Arising IP, nor for any reliance
    which may be placed by that other Party on any Arising IP, nor for advice or information given in connection with any results.
	 	 
	7.4.	Each
    Party (the “Indemnifying Party”) shall indemnify, defend and hold harmless the other Party, its Affiliates, directors,
    officers, employees, agents, subcontractors or sub-licensees (together, the” Indemnified Parties”) from and against
    each and every claim made by a Third Party against any of the Indemnified Parties, such Third Party claims arising as a result of
    the gross negligence or wilful misconduct of the Indemnifying Party (or any of its Affiliates, directors, officers, employees, agents,
    subcontractors or sub-licensees) in performing its obligations or exercising its rights under this Agreement, provided that the Indemnified
    Parties must, except with respect to any claim made in a criminal proceeding brought against an Indemnified Party:
	 	 
	 	7.4.1	promptly
    (and in any event, within ten (10) business days of receipt of such claim) notify the Indemnifying Party of details of such claim;
	 	 	 
	 	7.4.2	not
    make any statement, admission, settlement or compromise in relation to the claim;
	 	 	 
	 	7.4.3	allow
    the Indemnifying Party to take such action as it shall deem necessary, in its absolute discretion, to avoid, dispute, resist, appeal,
    compromise or contest any such claim in the name of the applicable Indemnified Parties and to have the sole conduct of any related
    proceedings, negotiations or appeals (provided, however, that the Indemnifying Party may not, without each relevant Indemnified Party’s
    prior written consent which shall not be unreasonably withheld, (i) admit fault or guilt on behalf of such Indemnified Party or (ii)
    agree to compel such Indemnified Party to do, or refrain from doing, any act); and
	 	 	 
	 	7.4.4	give
    the Indemnifying Party all reasonable assistance and information (including procuring access to relevant personnel in order to investigate
    the claim) (at the Indemnifying Party’s expense) as the Indemnifying Party reasonably requires in connection with resisting,
    appealing, compromising or contesting any such claim.
	 	 	 
	 	The
    indemnity in this Clause 7.4 shall not apply to the extent that the Third Party claim arises as a result of any Indemnified Party’s
    negligence, reckless act or omission or intentional misconduct, breach of confidentiality, material breach of this Agreement or its
    infringement of any Third Party’s Intellectual Property Rights. For the avoidance of doubt: (i) this Clause 7.4 is without
    prejudice to any other rights which the Indemnifying Party may have at Law against the other Party or Third Party; (ii) the Indemnifying
    Party shall not be obliged to indemnify any of the Indemnified Parties to the extent any admission or statement made by any of the
    Indemnified Parties or any failure by any of the Indemnified Parties to notify the Indemnifying Party of the claim, materially prejudices
    the defense of the Third Party claim; and (iii) the Indemnifying Party shall not be obliged to indemnify the Indemnified Parties
    to the extent any Third Party claim is indemnified by the same Indemnifying Party pursuant to an indemnity under the Licence and
    Sub-Licence Agreement.

 

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	7.5.	Nothing
    in this Agreement limits or excludes any Party’s liability for:
	 	 
	 	7.5.1	death
    or personal injury resulting from negligence;
	 	 	 
	 	7.5.2	fraud;
    or
	 	 	 
	 	7.5.3	any
    liability that, by Law, cannot be limited or excluded.
	 	 	 
	7.6.	Subject
    to Clause 7.5, the Parties shall not be liable to each other or any of their directors, officers, employees or agents for any of
    the following types of loss, damage, cost or expense arising (whether in contract, tort, negligence, breach of statutory duty or
    otherwise) under or in relation to this Agreement or the subject-matter of this Agreement for:
	 	 	 
	 	7.6.1	any
    loss of profits, business, contracts, anticipated savings, goodwill, or revenue; or
	 	 	 
	 	7.6.2	any
    indirect or consequential loss or damage whatsoever ; or
	 	 	 
	 	7.6.3	any
    exemplary or punitive damages,
	 	 	 
	 	even
    if the Party was advised in advance of the possibility of such loss or damage.
	 	 
	7.7.	Subject
    to Clause 7.5, the aggregate liability of each Party for all claims under this Agreement shall be limited to the aggregate amount
    actually received by On Target from OKYO pursuant to this Agreement.
	 	 
	7.8.	The
    express undertakings and warranties given by the Parties in this Agreement are in lieu of all other warranties, conditions, terms,
    undertakings and obligations, whether express or implied by statute, common law, custom, trade usage, course of dealing or in any
    other way. All of these are excluded to the fullest extent permitted by Law.
	 	 
	8.	TERM
    & TERMINATION
	 	 
	8.1.	This
    Agreement shall come into effect on the Effective Date and shall continue until (i) if OKYO elects to enter into Phase 2 of the Research
    Plan by giving to On Target the Phase 2 Election Notice to that effect, then upon expiration of 30 days after the date on which the
    Phase 2 Report is delivered to OKYO (or, if the OKYO Scientific Advisor notifies On Target in writing, within such 30-day period,
    of specific deficiencies with respect to the Phase 2 Report that are susceptible of reasonable remediation, then the date on which
    such deficiencies have been reasonably remedied by On Target), or (ii) otherwise, the date on which OKYO notifies On Target of OKYO’s
    election not to enter into Phase 2 of the Research Plan as contemplated by Clause 3.1 or, if OKYO fails to so notify On Target of
    such election within such 30-day period, expiration of 30 days after the date on which the Phase 1 Report is delivered to OKYO (or,
    if the OKYO Science Adviser notifies On Target in writing, within such 30-day period, of specific deficiencies with respect to the
    Phase 1 Report that are susceptible of reasonable remediation , then the date on which such deficiencies have been reasonably remedied
    by On Target), in each case unless terminated earlier in accordance with this Clause 8 (the” Term” ).
	 	 
	8.2.	A
    Party may by notice in writing to the other Party terminate this Agreement if the other Party:
	 	 
	 	8.2.1	is
    in breach of any of the terms of this Agreement which, in the case of a breach capable of remedy, shall not have been remedied by
    the other Party within thirty (30) days of receipt by the Party in breach of a notice from the Party specifying the breach and requiring
    its remedy; or

 

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    8.2.2	becomes
    insolvent, is dissolved or liquidated, makes a general assignment for the benefit of its creditors, files or has filed against it,
    a petition in bankruptcy, or has a receiver appointed for a substantial part of its assets or make any arrangement or composition
    with its creditors.
	 	 
	8.3.	OKYO
    may terminate this Agreement:
	 	 
	 	8.3.1	immediately
    on providing written notice to On Target in the event that the OKYO Science Advisor determines that the Research Plan should be terminated
    for any reason; or
	 	 	 
	 	8.3.2	on
    three months’ notice in writing to On Target in the event that OKYO reasonably concludes that the Research Plan is not being
    executed in accordance with its reasonable expectations and after having raised such concerns with On Target and given On Target
    not less than 30 days to rectify performance issues so identified.
	 	 
	8.4.	Upon
    termination or expiry of this Agreement for any reason, each Party shall as soon as reasonably practicable:
	 	 
	 	8.4.1	return
    to the transferee (or, at the transferee’s direction, destroy) (to the extent technically possible) any of the transferee’s
    Materials which are at the date of termination or expiry in its possession or Control; and
	 	 	 
	 	8.4.2	return
    to the transferee all copies of documents whether in paper, electronic or other form which contain Confidential Information of the
    transferee and are in its possession or Control save that the Party in Control of the same shall be entitled to keep a copy of such
    documents for archiving purposes.
	 	 
	8.5.	The
    provisions of Clauses 1, 4.1.3 to 4.1.6 (inclusive), 5, 7.3 to 7.8 (inclusive), 8.4 to 8.5 (inclusive), 9.1, 9.2, 9.4 to 9.7 (inclusive),
    9.8 to 9.13 (inclusive) and 9.15 to 9.20 (inclusive) shall survive termination or expiry of this Agreement. Any rights or remedies
    of either Party arising prior to termination or expiry of the Agreement shall continue to be enforceable.
	 	 
	9.	MISCELLANEOUS
	 	 
	9.1.	Confidentiality.
    Each Party recognises that the other Party is engaged in a continuous program of research and development respecting its present
    and future business activities. Each Party agrees as follows:
	 	 
	 	9.1.1	at
    all times during the term of this Agreement and thereafter, such Party will hold in strictest confidence and will not disclose, use,
    lecture upon or publish any of the other Party’s Proprietary Information (as the same is defined below), except to the extent
    such disclosure, use or publication may be required in direct connection with such Party’s performance of its obligations or
    exercise of its rights under this Agreement, or as expressly authorised in writing by the other Party;

 

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    9.1.2	the
    term “Proprietary Information” shall mean any and all trade secrets, confidential knowledge, know-how, data or
    other proprietary information or materials of the specified Party. By way of illustration but not limitation, Proprietary Information
    includes: (i) inventions, ideas, samples, devices, media and/or cell lines and procedures for producing any such samples, devices,
    media and/or cell lines, processes, formulas, formulations, data, software, hardware, mask works, know-how, improvements, discoveries,
    developments, designs and techniques; (ii) information regarding plans for research, development, new products, marketing and selling,
    business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; and (iii) information
    regarding the skills and compensation of employees or other consultants of the specified Party; and
	 	 	 
	 	9.1.3	in
    addition, each Party understands that the other Party has received and in the future may receive from third parties confidential
    or proprietary information (“Third Party Information”) subject to a duty on such Party’s part to maintain
    the confidentiality of such information and to use it only for certain limited purposes. During the term of this Agreement and thereafter
    , each Party will hold Third Party Information received from the other Party in the strictest confidence and will not disclose or
    use such Third Party Information, except in connection with such Party’s performance of its obligations or exercise of its
    rights under this Agreement, or as expressly authorised in writing by the other Party.
	 	 	 
	9.2.	Assignment.
    Neither this Agreement nor any rights or obligations under this Agreement may be assigned by any Party, without the prior written
    consent of the other Parties, except that a Party may assign its rights or obligations under this Agreement to an Affiliate.
	 	 
	9.3.	Force
    Majeure. Each Party shall be excused from the performance of its obligations under this Agreement (except a payment obligation)
    to the extent that such performance is prevented by Force Majeure and the non-performing Party promptly provides notice of the prevention
    to the other Parties. Such excuse shall be continued so long as the condition constituting Force Majeure continues and the non-performing
    Party makes commercially reasonable efforts to remove the condition. Any Party affected by such Force Majeure shall take all reasonable
    steps to minimise the effects of such Force Majeure upon performance of this Agreement. If any event of Force Majeure persists for
    a period of ninety (90) days, any Party affected by the Force Majeure may by written notice terminate this Agreement.
	 	 
	9.4.	Notices.
    Any notice or notification required or permitted to be provided pursuant to the terms and conditions of this Agreement shall be in
    writing and shall be deemed given:
	 	 
	 	9.4.1	upon
    receipt if delivered personally (receipt verified);
	 	 	 
	 	9.4.2	on
    the third Business Day if sent by overnight delivery using an internationally recognised express courier service and specifying next
    available Business Day delivery (receipt verified}; or
	 	 	 
	 	9.4.3	 by
    confirmation of receipt if delivered by electronic mail,
	 	 
	 	to
    the relevant Party at the addresses set out above (or at such other address for a Party as shall be specified by notice in writing,
    provided, however, that notices of a change of address shall be effective only upon receipt thereof).

 

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	9.5.	Amendments
    . No amendment, modification or supplement of any provision of this Agreement shall be valid or effective unless made in writing
    and signed by a duly authorised representative of each Party.
	 	 
	9.6.	Disputes.
    Any dispute or disagreement that arises between any of the Parties in respect of this Agreement, shall follow the following procedures
    in an attempt to resolve the dispute or disagreement:
	 	 	 
	 	9.6.1	the
    Party claiming that such a dispute exists shall give notice in writing (“Notice of Dispute”) to the Party with
    whom the dispute exists (each, a “ relevant Party” in relation to that dispute) of the nature of the dispute;
	 	 	 
	 	9.6.2	the
    dispute will be referred to the senior officers of the relevant Parties who shall meet to discuss and seek to resolve the issue;
	 	 	 
	 	9.6.3	if,
    within a further period of thirty (30) days, or if in any event within sixty (60) days of initial receipt of the Notice of Dispute,
    whichever is shorter, the dispute has not been resolved, or if, for any reason, the meeting of the senior officers of the relevant
    Parties has not been held within sixty (60) days of initial receipt of the Notice of Dispute, then the Parties agree that any relevant
    Party may initiate arbitration proceedings to resolve the dispute; and
	 	 	 
	 	9.6.4	notwithstanding
    any provision of this Agreement to the contrary, any relevant Party may immediately initiate litigation in any court of competent
    jurisdiction seeking any remedy at Law or in equity, including application for the issuance of a preliminary, temporary or permanent
    injunction, to preserve or enforce its rights under Clause 9.1.
	 	 	 
	9.7.	Arbitration.
    If the informal resolution mechanism of Clause 9.6 proves unsuccessful within the allotted period, then the relevant Parties
    shall submit their dispute to binding arbitration before one (1) arbitrator in New York, New York, USA pursuant to the Rules of Arbitration
    of the International Chamber of Commerce (“ICC”). The arbitrators shall be qualified in New York Law and shall
    be selected in accordance with the rules of the ICC. Any arbitrator so selected shall have substantial experience regarding the issues
    in dispute and the pharmaceutical industry. The arbitrators may permit limited discovery as they deem appropriate in the circumstances
    of the dispute. The arbitration shall be conducted, and all documents submitted to the arbitrators shall be, in English. The arbitrators
    shall have no power to award punitive, special, incidental or consequential damages. The arbitrator’s decision and award shall
    be final and binding upon all Parties. The costs for each relevant Parties’ counsel and other expenses, and the costs of the
    arbitration shall be borne by the relevant Parties as determined by the arbitrator’s judgment and the award rendered by arbitration
    may be issued and enforced by any court having competent jurisdiction.
	 	 
	9.8.	Entire
    Agreement. This Agreement, including its Schedules, constitutes and contains the complete, final and exclusive understanding
    and agreement of the Parties and cancels and supersedes any and all prior negotiations, correspondence, understandings and agreements,
    whether oral or written, between the Parties respecting the subject matter hereof and thereof.

 

    	13

    	 

    

 

	9.9.	Independent
    Contractors. The Parties are independent contractors under this Agreement. Nothing contained in this Agreement shall be deemed
    to create an agency relationship between the Parties or any of their agents or any legal arrangement that would impose liability
    upon one Party for the act of failure of the other Party, except as expressly set out in this Agreement. None of the Parties shall
    have any express or implied power to enter into any contracts or commitments or to incur any liabilities in the name of, or on behalf
    of the other Party, or to bind the other Party in any respect whatsoever.
	 	 
	9.10.	Counterparts.
    This Agreement may be executed in any number of counterparts, each of which shall be an original and all of which shall constitute
    together the same document. Counterparts may be signed and delivered by courier or by electronic mail with attached PDF file, each
    of which shall be binding when received by the applicable Party.
	 	 
	9.11.	No
    Third Party Rights or Obligations. Except as otherwise expressly provided herein, no provision of this Agreement shall be deemed
    or construed in any way to result in the creation of any rights or obligations in any person not a Party to this Agreement.
	 	 
	9.12.	Further
    Actions . Each Party shall promptly execute and deliver such documents and perform such acts as may reasonably be required for
    the purpose of giving full effect to this Agreement.
	 	 
	9.13.	No
    Additional Rights. Except for the rights expressly granted herein, nothing in this Agreement shall be construed as conferring
    upon either Party by implication, estoppel or otherwise any additional rights, including, but not limited to, any additional rights
    in or to the Confidential Information and/or Intellectual Property Rights of the other Party.
	 	 
	9.14.	[Intentionally
    Omitted].
	 	 
	9.15.	Compliance.
    The Parties shall comply with the anti-bribery and corruption, research and scientific engagement policies of OKYO as in force from
    time to time. No Party shall knowingly undertake any action pursuant to this Agreement which is reasonably likely to have material
    adverse effect on another Party’s reputation, including any action involving: (i) the breach of international government sanctions
    regarding the export of goods or undertaking of activities with certain countries identified by Her Majesty’s Government in
    the UK or the US Government, (ii) the tobacco industry, (iii) child labour, or (iv) bringing opportunistic patent infringement proceedings
    under Patents which do not relate to the substantive business operations of the patent owner or licensee (known as “patent
    trolling”).
	 	 
	9.16.	Non-reliance.
    Each Party acknowledges and agrees that it has not entered into this Agreement in reliance upon any representation, warranty or undertaking
    of any other Party which is not expressly set out or referred to in this Agreement.
	 	 
	9.17.	Non-repudiation.
    No act or omission of any Party which shall be carried out:
	 	 	 
	 	(a)	in
    compliance or purported compliance with any provision of this Agreement; or
	 	 	 
	 	(b)	pursuant
    to a decision taken or purportedly taken in accordance with this Agreement,

 

    	14

    	 

    

 

	 	
or
    which shall otherwise constitute or involve a breach of any provision of this Agreement shall be regarded as a repudiation of this
    Agreement or affect the continued application of this Agreement to the Parties but (for the avoidance of doubt) nothing in this Clause
    9.17 shall limit the right of either Party to pursue a claim for damages or any other relief (whether interim or otherwise) in respect
    of any breach or threatened breach of this Agreement.
	 	 	 
	9.18.	Illegality.
    If any provision of this Agreement is held to be illegal, void, invalid or unenforceable under the Laws of any jurisdiction, the
    legality, validity and enforceability of the remainder of this Agreement in that jurisdiction shall not be affected, and the legality,
    validity and enforceability of the whole of this Agreement in any other jurisdiction shall not be affected.
	 	 	 
	9.19.	Waiver.
	 	 	 
	 	9.19.1	No
    failure on the part of any Party to exercise, and no delay on its part in exercising, any right or remedy under this Agreement shall
    operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy preclude any other or further exercise
    thereof or the exercise of any other right or remedy. The rights and remedies provided in this Agreement (including its Schedules)
    are cumulative and not exclusive of any rights or remedies provided by Law; and
	 	 	 
	 	9.19.2	No
    provision of this Agreement shall be waived by any act, omission or knowledge of a Party or its officers, agents or employees except
    by an instrument in writing expressly waiving such provision and signed by a duly authorised officer of the waiving Party. The waiver
    by any of the Parties of any breach of any provision hereof by the other Parties shall not be construed to be a waiver of any succeeding
    breach of such provision or a waiver of the provision itself.
	 	 	 
	9.20.	Governing
    Law. This Agreement and any contractual or non-contractual obligations arising from or connected with this Agreement, and the
    rights of the Parties, shall be governed by the laws of the State of New York without regard to principles of conflict of laws that
    would have the effect of applying the laws of a different jurisdiction.

 

[Signature
page to follow]

 

    	15

    	 

    

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	

    EXECUTED FOR AND ON BEHALF OF)	 	 
	ON
    TARGET THERAPEUTICS LLC         )	 	 
	 	 	 
	 	 	 
	Name:	Alan
S. Kopin MD
	 	 
	Position:	OTTX
    Chief Scientific Officer	 	 
	Date:
    	June
    4, 2018	 	 
	 	 	 
	EXECUTED
    FOR AND ON BEHALF OF) 	 	 
	ON
    OKYO PHARMA LIMITED         )	 	 
	 	 	 
	 	 	 
	Name:	            	 	 
	Position:	 	 	 

 

    	16

    	 

    

 

Schedule
1

 

RESEARCH
PLAN FOR DRY EYE TECHNOLOGY

 

The
proposed research plan that follows will be completed within a six-month period for a budget of $400K.

 

Phase
1

 

 1. Selection of optimized ligand.

 

Pharmacological
assessment of 6 novel lipidated stable chemerin analogs. The efficacy and potency of the ligands will be compared with the prototype
compound. In vitro assays will be done in HEK293 cells transiently expressing recombinant CMKLR1. Pharmacologic characterization of the
6 novel lipidated stable chemerin analogs will be done by assessing receptor mediated Gai signaling. HEK293 cells will be transiently
transfected with cDNAs encoding CMKLR1, an SRE luciferase reporter gene and Gq5i. Efficacy and potency of stable chemerin analogs will
be determined using methods that are well established at On Target Therapeutics. Compounds will be rank ordered based on pharmacologic
properties.

 

Output:
Phase 1 Report with final recommendation.

 

2.
Stability testing of the most promising compound: overnight incubation at room temp and at 37 degrees followed by in vitro
assessment.

 

The
candidate peptide will be resuspended in sterile PBS at the concentration used for DED studies (currently anticipated to be 210μM).
Peptides will be incubated in low retention Eppendorf tubes at both room temperature and at 37 Celsius for 24 hours. The peptide will
then be serially diluted along with freshly prepared peptide. Potency and efficacy will then be assessed using the in vitro assay described
in section 1. Any issues with solubility or peptide aggregation that alter pharmacological activity can be identified using this method.

 

Output:
results summarized in Phase 1 Report

 

 3. Mini-scale up synthesis of compounds for mouse study: The scale up synthesis of lead compounds will be conducted to prepare adequate quantities for mouse dry eye studies.

 

Phase
II

 

 4. Scale up of the most promising compound.

 

Synthesis
of the candidate compound nominated following DED studies with be scaled to 1- gram. Solid phase FMOC synthesis will be used to
produce 1-gram of peptide as an acetate salt. Peptides will be purified to a minimum of 95% purity which will be confirmed by RP-HPLC.
Peptide identity will be further confirmed by LC/MS. In addition, impurities will also be measured by RP HPLC.

 

Output:
results summarized in Phase 2 Report

 

5.
Assessment of the two most promising lipidated stable chemerin analogs (without the PEG linker) in the scopolamine dry eye mouse model
(DED).

 

The
two analogs (without PEG) will be compared with the prototype compound (containing a PEG linker) and with vehicle. Efficacy in a murine
scopolamine DED model will be measured using the following measurements: i) tear break up time using fluorescein sodium, ii) tear production
using phenol red, iii) corneal epitheliopathy using fluorescein sodium under slit lamp.

 

Output:
Results summarized in Phase 2 Report

 

    	17

    	 

    

 

 6. Rabbit ocular tolerability/ irritant study.

 

New
Zealand white (NZW) rabbits will be used. Advantages of these animals include large eyes, well described anatomy and physiology, easy
to handle, and readily available. The test substance (0.1 ml), the most efficacious of the lipidated chemerin constructs, will be applied
onto the cornea and conjunctiva! sac of one eye of a conscious rabbit for 72 h. The other eye will serve as an untreated control. Six
rabbits will be used per test, comparison will be made with vehicle alone. Rabbits will be examined daily for at least 7 days for signs
of ocular inflammation (redness, swelling, cloudiness, edema, hemorrhage, discharge and blindness). Assessment will be done using penlighU
slit lamp. Subjective scoring from non-irritating to severely irritating will be done.

 

Output:
results summarized in Phase 2 Report 7. Coordination and oversight of research plan.

 

After
screening selected CROs, Dr. Alan Kopin will select vendors based on relevant experience and recommendations. Pharmacological assessments
will be done in the OTTX laboratory by Dr. Benjamin Harwood. Compounds will be assessed for efficacy and potency after synthesis (including
after scaleup). Aliquots of test compounds will be distributed to the relevant CROs by OTTX. Parallel vials will be retained and retested
to confirm pharmacological activity. All methods and results will be provided to Kunwar Shailubhai, along with the corresponding conclusions
based on the investigations. Protocols may be modified based on the recommendations of the CRO/lab director carrying out the study.

 

Payment
Schedule

 

The
budget of US$400,000 is an all in package to cover research time; consumables; laboratory hire; animal models and any third party costs.
An initial payment of $200,000 will be made by OKYO to On Target upon presentation of On Target’s invoice therefor, which invoice
may be presented by On Target at any time after the Effective Date and shall be payable on receipt. The remaining balance of $200,000
will be paid by OKYO to On Target upon presentation of On Target’s invoice therefor, which invoice may be presented by On Target
at any time after On Target’s receipt of OKYO’s Phase 2 Election Notice setting forth OKYO’s election to enter into
Phase 2, and shall be payable on receipt.

 

    	18

    	 

    

 

Schedule
2

MATERIAL
TRANSFER RECORD FORM 

 

Capitalised
terms used in this material transfer record form (“MTRF”) that are not defined herein shall have the meanings set
forth in the Collaboration Agreement dated [●] made between On Target and OKYO (the “Agreement”).

 

Pursuant
to the terms of the Agreement, [●] will transfer [●]the Materials identified below.

 

This
MTRF shall be used as the record of all such Materials transferred, regardless of the transferor or transferee.

 

Transfer
date:

 

Description
of Materials:

 

EXECUTED
BY ON TARGET:

 

Date:

 

EXECUTED
BY OKYO PHARMA LIMITED:

 

[name]

[position]

Date:

 

Note:
This MTRF is to be completed and signed by On Target and OKYO for each transfer. A copy of each completed MTRF is to be provided
to the respective Chief Executive Officer of OKYO and Chief Scientific officer of On Target. This MTRF should not be used to transfer
any Materials in which Third Parties may have rights, or which may infringe, or violate any Intellectual Property Rights held by any
Third Party. If there are any questions about the appropriateness of a transfer, please contact the representatives identified herein
before making such transfer.

 

    	19Exhibit
10.5

 

LICENSE
AGREEMENT

 

This
License Agreement (“Agreement”) is made effective as of May 1, 2018 (“Effective Date”) by and between
on the one hand Tufts Medical Center, Inc., 800 Washington Street, Boston, MA 02111 (the “Licensor”), and , OKYO PHARMA
LIMITED, whose registered office is at Martello Court, Admiral Park, St. Peter Port, Guernsey GY1 3HB (“Licensee’’).
Licensor and Licensee are each hereafter referred to individually as a “Party’’ and together as the “Parties.”

 

WHEREAS,
Licensee desires to obtain an exclusive license to patents owned or controlled by Licensor, along with any associated know-how or other
technology relating to the subject matter contained in Exhibit A hereto, and their use in order to research, develop and commercialize
products and services;

 

WHEREAS,
Licensor and Trustees of Tufts College (“Tufts”) have entered into an inter-institutional agreement effective, March 17,
2017 and amended on December 22, 2017 (“Inter-Institutional Agreement’’) and Licensor has the authority to license
to the Licensed Patents hereunder pursuant to the terms and condition of the Inter-Institutional Agreement (“IIA”);

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.
DEFINITIONS

 

Capitalized
terms used in this Agreement shall have the meanings specified below or elsewhere herein.

 

1.1.
“Affiliate” means any Person who directly or indirectly controls or is controlled by or is under common control with
another Person. A Person shall only be considered an Affiliate during the duration of such control. For purposes of this definition,
“Control” or “Controlled” means ownership, directly or through one or more Affiliates, of fifty
percent (50%) or more of the shares of stock entitled to vote for the election of directors, in the case of a corporation, or fifty percent
(50%) or more of the equity interest, in the case of any other type of legal entity, or status as a general partner in any partnership,
or the contractual right to control the election of directors or direct the affairs of any Person.

 

1.2.
“Back Patent Expenses” means patent expenses incurred by Licensor (a) prior to the Effective Date, unreimbursed by
a third party, and (b) Ongoing Patent Expenses unpaid by Licensee.

 

1.3.
“Change in Control” means, with respect to a Party, (a) a merger or consolidation of a Party with a third party which
results in the voting securities of the Party outstanding immediately prior thereto ceasing to represent at least fifty percent (50%)
of the combined voting power of the surviving entity immediately after
such merger or consolidation, (b) the issuance or transfer of voting securities of such Party, in a single transaction or series of related
transactions, representing at least fifty percent (50%) of the voting power of all then-outstanding voting securities of such Party,
other than through issuances by such Party of securities in a bona fide growth equity financing transaction or series of related bona
fide growth equity financing transactions, or (c) the sale, lease, transfer, exclusive license or other disposition, in a single transaction
or series of related transactions, by such Party or any subsidiary of such Party of all or substantially all of the assets of such Party
and its subsidiaries taken as a whole or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of such
Party if substantially all of the assets of such Party and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries,
except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of such Party.

 

    	1

    	 

    

 

1.4.
“Commercially Reasonable Efforts” means exerting such efforts and employing such resources on a consistent basis throughout
the Royalty Term as would normally be exerted or employed by a company with expertise in developing similar products for a product of
similar market potential, profit potential and strategic value at a similar stage of its product life, taking into account the competitiveness
of the relevant marketplace, the patent, intellectual property and development positions of third parties, the applicable regulatory
situation, the commercial viability of the product and other relevant development and commercialization factors based upon then-prevailing
conditions, but excluding from consideration any financial obligations of Licensee to Licensor under this Agreement.

 

1.5,
“Confidential Information” means with respect to a Party (the “Receiving Party”), all information that
is: (i) disclosed by the other Party (the “Disclosing Party”) to the Receiving Party; and (ii) would be reasonably understood
from notices or legends, the nature of such information itself or the circumstances of such information’s disclosure to be confidential
by a reasonable person familiar with the applicable industry; provided, however, that Confidential Information shall not include
information that the Receiving Party can demonstrate by its records or other suitable documentary evidence: (a) as of the date of disclosure
is demonstrably known to the Receiving Party or its Affiliates other than by virtue of a prior confidential disclosure to such Party
or its Affiliates; (b) as of the date of disclosure is in, or subsequently enters, the public domain, through no fault or ·omission
of the Receiving Party; (c) is obtained from a Third Party having a lawful right to make such disclosure free from any obligation of
confidentiality to the Disclosing Party; or (d) is independently developed by or for the Receiving Party without reference to or reliance
upon any Confidential Information of the Disclosing Party.

 

1.6.
“Cover” means with respect to Valid Claims in an issued and/or pending patent, that, in the absence of a license,
the use, sale, or manufacture of the product in question would infringe such Valid Claim.

 

1.7.
“Field” means any and all uses including all therapeutic uses.

 

1.8.
“First Commercial Sale” means, on a country-by-country basis, the date of the first arm’s length transaction,
transfer or disposition for value by or on behalf of Licensee or any Affiliate or Sublicensee of Licensee to a Third Party of a Licensed
Royalty Product after the granting of all regulatory approvals and marketing authorizations. First Commercial Sale excludes any sale
or other distribution in connection with seeking regulatory approval.

 

    	2

    	 

    

 

1.9.
“Licensor Indemnitees” means the definition as found in Section 9.1.

 

1.10.
Licensed Patents” means the patents and patent applications listed on Exhibit A hereto, and including all provisionals, substitutions,
continuations, continuations-in-part, divisionals, supplementary protection certificates, renewals, all letters patent granted thereon,
and all reissues, reexaminations, extensions, confirmations, revalidations, registrations, patents of addition thereof, and foreign equivalents
to any of the foregoing.

 

1.11.
“Licensed Product” means any product or service, the manufacture, use, sale, importation or performance of which would,
absent the license granted herein, infringe a Valid Claim of the Licensed Patents.

 

I.12.
“Licensed Royalty Product” means a service provided or product made through the use of or incorporating Licensed Patents
or Licensed Technology Improvements, or a Licensed Product, for which a royalty is due under this Agreement.

 

1.13.
“Licensed Technology Improvement” means mutations, insertions, deletions or other modifications to BAM compound(s)
disclosed in Licensed Patents.

 

I.14.
‘‘Net Sales” means, for any period, the gross amount invoiced by Licensee and its Affiliates and all Sublicensees
for the sale of Licensed Products or Licensed Royalty Products to third parties, less deduction for:

 

	 	(a)
    	normal
    and customary trade, quantity and cash discounts and sales returns and allowances including (i) those granted on account of price
    adjustments, billing errors, rejected goods, damaged goods, returns and rebates, (ii) administrative and other fees and reimbursements
    and similar payments directly related to the sale or delivery of Licensed Products paid to wholesalers and other distributors, buying
    groups, pharmacy benefit management organizations, health care insurance carriers and other institutions, (iii) allowances, rebates,
    and fees directly related to the sale of delivery of License Products paid to distributors and (iv) chargebacks;
	 	 	 
	 	(b)
    	freight,
    postage, shipping and insurance costs to the extent that such items are included in the gross amount invoiced;
	 	 	 
	 	(c)
    	customs
    and excise duties and other duties related to the sales to the extent that such items are included in the gross amount invoiced;
	 	 	 
	 	(d)
    	rebates
    and similar payments made with respect to sales paid for or reimbursed by any governmental or regulatory authority such as, by way
    of illustration, federal or state Medicaid, Medicare or similar state program or equivalent foreign governmental program;

 

    	3

    	 

    

 

	 	(e)
    	sales
    and other taxes and duties directly related to the sale or delivery of Licensed Products (but not including taxes assed against the
    income derived from such sale) to the extent that such items are included in the gross amount invoiced;
	 	 	 
	 	(f)
    	distribution
    costs and expenses to the extent that such items are included in the gross amount invoiced;
	 	 	 
	 	(g)
    	any
    such invoiced amounts that are not collected by the parties or their Affiliates, not to exceed 2.5% of such amounts;

 

provided,
however, that with respect to the deductions specified in subsections (a) through (g) above, an amount shall be deducted only once
regardless how many categories may apply to it.

 

Any
of the deductions listed above that involve a payment by Licensee or its Affiliates shall be taken as a deduction in the calendar quarter
in which the payment is accrued. Deductions pursuant to subsection (g) above shall be taken in the calendar quarter in which such sales
are no longer recorded as a receivable. For purposes of determining Net Sales, the Licensed Products shall be deemed to be sold when
invoiced and a “sale” shall not include transfers or dispositions for charitable, promotional, pre-clinical, regulatory or
governmental purposes.

 

In
the event that a Licensed Product is sold in any country in the form of a combination product containing one or more therapeutically
active ingredients in addition to the Licensed Product, with respect thereto, the parties shall negotiate in good faith to determine
what portion of the net sales of such combination product shall be treated as Net Sales under this Agreement, which determination shall
be based on the value added by the Licensed Product compared to the value added by such other therapeutically effective ingredients,
to the invoice price of such combination product. If Licensee or its Sublicensees or Affiliates sells any Licensed Product in the form
of a combination product containing (i) a Licensed Product and (ii) one or more functional elements that are not Licensed Products or
a delivery device (whether such elements are combined in a single formulation and/or package, as applicable, or formulated and/or packaged
separately but sold together for a single price) (a “Combination Product”), Net Sales of such Combination Product for the
purpose of determining the royalty due to Licensor pursuant will be calculated by multiplying actual Net Sales of such Combination

 

Product
by the fraction A/(A+B) where A is the invoice price of such Licensed Product if sold separately, and B is the total invoice price of
the other functional element(s) and/or the delivery device in the combination if sold separately. If, on a country-by-country basis,
such other functional element or ingredients or delivery device in the Combination Product are not sold separately in such country, but
Licensed Product component of the Combination Product is sold separately in such country, Net Sales for the purpose of determining royalties
due to Licensor for the Combination Product shall be calculated by multiplying actual Net Sales of such Combination Product by the fraction
NC where A is the invoice price of such Licensed Product component if sold separately, and C is the invoice price of the Combination
Product. If, on a country-by-country basis, such Licensed Product component is not sold separately in such country, Net Sales for the
purposes of determining royalties due to Licensor for the Combination Product shall be D/(D+E) where D is the fair market value of the
portion of the Combination Products that contains the Product and E is the fair market value of the portion of the Combination Products
containing the other functional element(s) or delivery device included in such Combination Product, as such fair market values are determined
in good faith by Licensee, based upon commercially reasonable standards and available market information.

 

    	4

    	 

    

 

1.15.
“Ongoing Patent Expenses” means patent expenses incurred by Licensor after the Effective Date

 

L16.
“Person” means any individual, corporation, limited or general partnership, limited liability company, joint venture,
trust, unincorporated association, governmental body, authority, bureau or agency, or any other entity or body.

 

1.17.
“Sublicense” means: (a) any right granted, license given or agreement entered into by Licensee to or with any other
person or entity, under or with respect to or permitting any use of any of the Licensed Patents or otherwise granting rights to such
person or entity under the rights granted to Licensee under this Agreement; (b) any option or other right granted by Licensee to any
other person or entity to negotiate for or receive any of the rights described under clause (a); or (c) any standstill or similar obligation
undertaken by Licensee toward any other person or entity not to grant any of the rights described in clause (a) or (b) to any third party;
in each case regardless of whether such grant of rights, license given or agreement entered into is referred to or is described as a
sublicense.

 

1.18.
“Sublicensee” means any Third Party to whom Licensee grants a Sublicense of some or all of the rights granted to Licensee
under this Agreement.

 

1.19.
“Sublicense Revenue” means any and all payments received from a Sublicensee by Licensee and its Affiliates, in consideration
of the grant of a Sublicense, including but not limited to upfront and milestone payments, license maintenance fees, and the fair market
value of any non-cash consideration, but excluding (a) payments made by a Sublicensee to Licensee as a royalty on Net Sales of Licensed
Patents sold by such Sublicensee; (b) reimbursements for customary patent expenses with respect to Licensed Patents, and to reimburse
Licensee’s bona fide out of pocket costs for research, clinical development and similar services; and (c) payments made by a Sublicensee
in consideration for the issuance of equity or debt securities of Licensee that do not exceed the Fair Market Value of such equity. Notwithstanding
the foregoing, if a Sublicensee purchases equity of Licensee and the purchase price of such equity exceeds the Fair Market Value of such
equity (such excess being referred to as the “Premium”), then the amount of such Premium shall be included as Sublicense
Revenue. As used in this section “Fair Market Value” means: (a) if Licensee’s common stock is publicly traded on an
exchange, the value of such equity using a per share price equal to the average of the reported closing prices of such stock on such
exchange for the twenty (20) trading days prior to such purchase; or (b) if Licensee’s common stock is not publicly traded, the
value of such equity determined by Licensee’s Board of Directors in good faith based on the per share purchase price of Licensee’s
most recent equity financing as of a date which is within thirty (30) days of the date as of which the determination is to be made.

 

    	5

    	 

    

 

1.20.
“Territory” shall be worldwide.

 

1.21.
“Third Party” means any person or entity other than Licensee, Licensor and their respective Affiliates.

 

1.22,
“Valid Claim” means a claim in an issued and unexpired patent included in the Licensed Patent or Licensee Licensed
Technology Improvements, which has not been revoked or held unenforceable or invalid by a decision of a court or other governmental agency
of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, which has not been disclaimed, denied or admitted
to be invalid or unenforceable through reissue or disclaimer or otherwise, or which has not been withdrawn, cancelled or lost through
interference, reexamination or reissue proceeding in a court or other governmental agency of competent jurisdiction.

 

2.
LICENSE GRANT.

 

2.1.
License. Licensor hereby grants to Licensee a worldwide, exclusive license (even as to Licensor), including the right to grant
sublicenses, under the Licensed Patents, for Licensee and its Affiliates to research, develop, make, have made, use, offer for sale,
sell, have sold and import Licensed Products for any and all uses in
the Field in the Territory, subject to the terms and conditions of this Agreement.

 

2.2.
Retained Rights. Licensor retains the right, on behalf of itself and all other non-profit research institutions, to practice and
use the Licensed Patents and use the Licensed Products and (b) to distribute materials related to the Licensed Patents to other universities,
academic institutions and non-profit research organizations, in either case for any non commercial research, clinical educational and
compassionate purposes, including sponsored research and collaborations.

 

2.3
Sublicenses. Licensee may grant Sublicenses hereunder; provided, that:

 

	 	(a)	all Sublicenses are subject
  to and consistent with the terms and conditions of this Agreement;
	 	 	 
	 	(b)	no Sublicense shall relieve Licensee
  of any of its obligations hereunder, and Licensee shall be responsible for the acts or omissions of its Sublicensees and for
  the compliance by its Sublicensees with their obligations under the Sublicense, including the obligations set forth in Article 2.3(c),
  and Licensee shall take all steps necessary to enforce such compliance;

 

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	 	(c)	each Sublicense provides that (i) the obligations
  owed to Licensor under this Agreement, will be binding on the Sublicensee and be enforceable both by Licensor and Licensee,
  and (ii) Licensor is a third party beneficiary under the Sublicense,;
	 	 	 
	 	(d)	Licensee furnishes to Licensor a true and
  complete copy of each executed Sublicense and each amendment thereto, within thirty (30) days after the Sublicense or amendment has
  been executed, and may be submitted in redacted form to comply with confidentiality obligations under the sublicense on but not to
  impede Licensor’s review rights pursuant to Section 4.11.
	 	 	 
	 	(e)	Licensee acknowledges and agrees that (a)
  this Agreement provides Licensee with no ownership rights of any kind in the Licensed Patents; (b) all ownership rights in the Licensed
  Patents shall remain the property of Licensor; (c) Licensor will retain all original versions of Licensed Patents and will retain control
  over the same at all times; and (d) the grant of license rights to the Licensed Patents under this Agreement do not constitute a sale
  of the same.

 

2.4
Government Rights. In accordance with Public Laws 96-517, 97-256 and 98-620, codified at 35 U.S.C. §§ 200-212, and 37
CFR Part 401, (a) the United States government retains certain rights to inventions arising from federally supported research or development;
(b) the United States government may impose requirements on such inventions; and (c) products embodying inventions subject to these laws
and regulations sold in the United States must be substantially manufactured in the United States. In connection therewith, Licensee
(a) acknowledges that the rights granted in this Agreement are expressly made subject to such laws and regulations as they may be amended
from time to time and (b) agrees to abide by all such laws and regulations to the extent applicable.

 

2.5
Export Restrictions. Licensee acknowledges that it and its Affiliates and Sublicensees are subject to all United States
laws and regulations (including the Export Administration Act of 1979 and the Arms Export Control Act (collectively, the “Export
Acts”)) that control the export of technical data, computer software, laboratory prototypes, biological materials and other commodities.
The transfer of items covered by the Export Acts may require a license from the United States Government and written assurances by Licensee
that it will not export such items to certain foreign countries without prior approval from the United States Government. If Licensee
wishes to export any of the Licensed Products, Licensee will, and will cause its Affiliates and Sublicensees to, at all times
(a) comply with the Export Acts and obtain all required export licenses and approvals necessary to comply with the Export Acts and any
other applicable law, and (b) be solely responsible for ensuring that the Licensed Products comply with all applicable laws and regulations
of any foreign governmental authorities having jurisdiction over Licensee or the Licensed Products.

 

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2.6
Marking. Licensee will mark, and will cause its Affiliates and Sublicensees to mark, all Licensed Products (or their packaging,
containers or labels) with the word “patent” and the issued patent number or “patent pending” or “patent
applied for,” as the case may be, that will enable the Licensed Patents to be enforced to their full extent in any country where
the Licensed Products are made, used or sold.

 

2.7
Compliance. Licensee agrees, and will cause its Sublicensees and Affiliates to agree, to obtain all regulatory approvals required
for the development, clinical testing, manufacture and sale of Licensed Products.

 

3.
DEVELOPMENT AND COMMERCIALIZATION OF LICENSED PRODUCTS.

 

3.1.
Authority. Licensee shall have full control and authority over the research, development (including regulatory matters) and commercialization
of Licensed Products in the Field worldwide.

 

3.2.
Diligence. Licensee will, itself or through its Affiliates or Sublicensees, at all times exercise Commercially Reasonable Efforts
to commercialize Licensed Products.

 

3.3,
Reports. No later than sixty (60) days after each anniversary of the Effective Date, Licensee will provide to Licensor a written
annual progress report in the form attached as Exhibit B regarding the progress of Licensee on research and development,
patent filing, regulatory approval, manufacturing, sublicensing, marketing and sale of Licensed Products during the preceding twelve
(12) month period and plans for the forthcoming year. In addition, Licensee shall report to Licensor the date on which it achieves each
milestone set forth in Exhibit C within ten (10) days of each such occurrence. Any such reports will be treated as Confidential
Information of Licensee.

 

3.4.
Development Plan. Within ninety (90) days of the Effective Date, Licensee will submit to Licensor for its review which shall be
attached as Exhibit D and incorporated by reference herein, a Development Plan, which will include goals, objectives and
a summary of each of the experiments that Licensee determines to be material to the development of the Licensed Patents, and that it
intends to conduct to develop the Licensed Patents for the forthcoming year. Such Plan shall be treated as Confidential Information of
Licensee.

 

4.
PAYMENTS

 

4.1.
Exclusive License. All terms and fees as indicated below will go into effect upon Effective Date of License Agreement.

 

4.2.
Upfront Fee. There shall be an Upfront Fee of $15,000 USD, which shall be a non-refundable, non-creditable, fee payable within
thirty (30) days of Effective Date of License Agreement.

 

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4.3,
License Maintenance Fee. On each of the one-year anniversary, two-year anniversary, and three-year anniversary of the Effective
Date, Licensee will pay to Licensor a non-refundable, non-creditable annual license maintenance fee in the amount of $15,000. On each
anniversary after the three- year anniversary until First Commercial Sale, Licensee will pay to Licensor a non-refundable, non-creditable
annual license maintenance fee in the amount of $10,000.00.

 

4.4.
Royalties, From the Effective Date, Licensee will pay on a quarterly basis, a royalty of two percent (2%) on Net Sales of Licensed
Royalty Products made by Licensee, its Affiliates, or Sublicensees.

 

4.5.
For the sake of clarity, Licensee, its Affiliates or Sublicensees’s obligation to pay any Net Sales milestone set forth in this
Article that has not been satisfied prior to the end of the Royalty Term shall remain in effect following the end of the Royalty Tenn.

 

4.6.
Sublicense Revenue, Licensee and its Affiliates shall pay to Licensor twelve and a half percent (12.5%) of any Sublicense Revenue
it receives through a Sublicensee,

 

4.7.
Minimum Annual Royalty. Licensee shall pay a minimum annual royalty of $200,000 due and payable beginning on anniversary of 1st
commercial sale, such royalty being fully creditable toward royalty due,

 

4.8.
Royalty Term. Royalties shall be payable on a Licensed Product-by- Licensed Product basis and for each Licensed Royalty Product
and country-by-country basis from the First Commercial Sale in a country until the expiration of the last to expire of Licensed Patents
that contains a Valid Claim Covering the Licensed Product in such country,

 

4.9.
Royalty Reductions. If Licensee determines that it is necessary to obtain a license from a Third Party in order to make, use or
sell a Licensed Product then Licensee shall have the right to deduct from the royalty payment that would otherwise be due under section
4.2 an amount equal to the amount payable to such Third Party, provided that in no event shall the royalties paid to Licensor be reduced
to less than 1.5% on Net Sales.

 

4.10.
Development Milestones. Licensee shall pay to Licensor for each Licensed Product and/or Licensed Royalty Product the one-time
milestones set forth below within thirty (30) days of the first achievement of the milestone event.

 

	(a)	 	 	first patient enrolled in a Phase I human clinical trial:	 	$	75,000	 
	(b)	 	 	first patient enrolled in a Phase II human clinical trial:	 	$	100,000	 
	(b)	 	 	first patient enrolled in a Phase III human clinical trial:	 	$	250,000	 
	(c)	 	 	First Commercial Sale of a Licensed Product:	 	$	1,000,000	 

 

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4.11.
Sales Milestones: Licensee shall pay to Licensor the following one time sales milestones for each Licensed Product and Licensed
Royalty Product within ninety (90) days after the first achievement of the below sales milestones (which survive a Change in Control):

 

	$50,000,000 sales milestone:	 	$	1,000,000	 
	$100,000,000 sales milestone:	 	$	2,000,000	 
	$250,000,000 sales milestone:	 	$	3,000,000	 
	$500,000,000 sales milestone:	 	$	5,000,000	 
	$1,000,000,000 sales milestones:	 	$	7,500,000	 

 

4.12.
[Reserved].

 

4.13.
Payment Terms.

 

	 	4.13.1	Payment of Received Revenue. Licensee
  shall make any payments owed to Licensor hereunder in arrears, within ninety (90) days from the end of each quarter in which such payment
  accrues. For clarity, a calendar quarter means each three (3) month calendar period ending March 31st, June 30th
  September 30th and December 31st. Each payment shall be accompanied by a report for each country in which
  sales of Licensed Products occurred in the calendar quarter covered by such statement, specifying: the gross sales (if available) and
  sales in each country’s currency; the applicable payment amount under this Agreement; the amount payable in each country’s
  currency, including an accounting of deductions taken in accordance with Licensee’s accounting practices; the applicable exchange
  rate to convert from each country’s currency to United States Dollars; and the amounts payable in United States Dollars.
	 	 	 
	 	4.13.2	Accounting. All payments hereunder
  shall be made in United States dollars. Conversion of foreign currency to United States dollars shall be made in the same manner as
  Licensee converts all of its other revenues, provided that (a) such manner is consistent with United States generally accepted accounting
  principles, and (b) the exchange rates employed are those quoted by a reputable source, such as a recognized money center bank such
  as JP Morgan, Bank of America or an equivalent.
	 	 	 
	 	4.13.3	Tax Withholding; Restrictions on Payment.
  All payments hereunder shall be made free and clear of any taxes, duties, levies, fees or charges, except for withholding taxes
  and interest and penalties thereon (to the extent applicable). Licensee shall make any applicable withholding payments due on behalf
  of Licensor and shall provide Licensor upon request with such written documentation regarding any such payment as available to Licensee
  relating to an application by Licensor for a foreign tax credit for such payment with the United States Internal Revenue Service. Licensor
  shall provide all information necessary to determine if withholding taxes are applicable.
	 	 	 
	 	4.13.4	Late payments will be subject to a charge
  of one and one half percent (1.5%) per month, or, if greater, the maximum rate of interest that can be charged under applicable law.
  With respect to sales of Licensed Products invoiced in United States Dollars, the sales and royalties payable will be expressed in
  United States Dollars. With respect to sales of Licensed Products invoiced in a currency other than United · States Dollars,
  the sales and royalties payable will be expressed in their United States Dollar equivalent calculated using the applicable conversion
  rates for buying United States Dollars published by The Wall Street Journal on the last business day of the calendar quarter
  to which the royalty report relates. All reports provided by Licensee shall be certified by an executive officer of Licensee as being,
  true, correct and complete on the date provided.

 

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4.14.
Records Retention by Licensee; Review.

 

	 	4.14.1	Royalty Records. Commencing as of the
  date of First Commercial Sale of the first Licensed Product hereunder, Licensee and its Affiliates and Sublicensees shall keep for
  at least three (3) years from the end of the calendar year to which they pertain complete and accurate records of sales by Licensee
  or its Affiliates and Sublicensees, as the case may be, of each Licensed Product, in sufficient detail to allow the accuracy of the
  payments hereunder to be confirmed.
	 	 	 
	 	4.14.2	Review. Subject to the other terms
  of this Section 4.14, at the request of Licensor, which shall not be made more frequently than once per calendar year during the Term,
  and upon at least thirty (30) days’ prior written notice from Licensor, and at the expense of Licensor (except as otherwise provided
  herein), Licensee shall permit an independent certified public accountant selected by Licensor and reasonably acceptable to Licensee
  to inspect (during Licensee’s regular business hours) the relevant records required to be maintained by Licensee under Section
  4.4. In every case the accountant must have previously entered into a confidentiality agreement with both Parties substantially similar
  to the provisions of Article 5 and limiting the disclosure and use of such information by such accountant to authorized representatives
  of the Parties and the purpose of verifying amounts payable to Licensor hereunder. Results of any such review shall be binding on both
  Parties absent manifest error. If any review reveals a deficiency in the calculation and/or payment of amounts owed by Licensee, then
  (a) Licensee shall pay Licensor the amount remaining to be paid, and (b) if such underpayment is by five percent (5%) or more for any
  twelve (12) month consecutive period, then Licensee shall reimburse Licensor for its reasonable out-of-pocket costs and expenses incurred
  in performing the review.

 

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5.
TREATMENT OF CONFIDENTIAL INFORMATION

 

5.1.
Confidential Obligations. Licensor and Licensee each recognize that the other Party’s Confidential Information constitutes
highly valuable and proprietary confidential information. Licensor and Licensee each agree that during the Term and for five (5) years
thereafter, it will keep confidential, and will cause its employees, consultants (including academic collaborators and CROs), professional
advisors, Affiliates and, in the case of Licensee, Sublicensees to keep confidential, all Confidential Information of the other Party.
Neither Licensor nor Licensee nor any of their respective employees, consultants, Affiliates or, in the case of Licensee, Sublicensees,
shall use any Confidential Information of the other Party for any purpose whatsoever other than exercising any rights granted to it hereunder
or as expressly permitted in this Article 5. Licensee may disclose Licensor’s Confidential Information to the extent such
disclosure is reasonably necessary to file and prosecute patent applications and/or maintain patents which are filed or prosecuted in
accordance with the provisions of this Agreement, or to obtain any authorization to conduct clinical studies or any regulatory
approval for Licensed Products. Each Party may disclose the other Party’s Confidential Information as reasonably necessary to file,
conduct or defend litigation in accordance with the provisions of this Agreement or comply with applicable laws, regulations or court
orders; provided, however, that if a Party is required to make any such disclosure of the other Party’s Confidential Information
in connection with any of the foregoing, it will give reasonable advance notice to the other Party of such disclosure requirement and
will use reasonable efforts to assist such other Party in efforts to secure confidential treatment of such information required to be
disclosed.

 

5.2.
Limited Disclosure and Use. Each Party may disclose the other Party’s Confidential Information to any of its officers, employees,
consultants, agents or Affiliates, or in the case of Licensee, Sublicensees, if and only to the extent necessary to carry out its rights
and responsibilities under this Agreement. Such disclosures shall be limited to the maximum extent possible consistent with such rights
and responsibilities and shall only be made to the extent any such persons receiving the other Party’s Confidential Information
are bound by written confidentiality obligations to maintain the confidentiality thereof and not to use such Confidential Information
except as expressly permitted by this Agreement. Licensor and Licensee each agree not to disclose or transfer the other Party’s
Confidential Information to any Third Parties under any circumstance without the prior written approval from the other Party, except
as otherwise required by law, and except as otherwise expressly permitted under this Article 5 or elsewhere in this Agreement. Each Party
shall take such action, and shall cause its Affiliates, and in the case of Licensee, Sublicensees, to take such action, to preserve the
confidentiality of each other’s Confidential Information as it would customarily take to preserve the confidentiality of its own
Confidential Information, using, in all such circumstances, not less than reasonable care. Each Party, upon the request of the other
Party, will return all the Confidential Information disclosed or transferred to it by the other Party pursuant to this Agreement, including
all copies and extracts of documents and all manifestations in whatever form, in such Party’s possession within sixty (60) days
of such request or, if earlier, the termination or expiration of this Agreement;provided, however, that a Party may retain (a)
any Confidential Information of the other Party relating to any license that is still in force hereunder or which expressly survives
such termination, and (b) one (1) copy of all other Confidential Information in inactive archives solely for the purpose of establishing
the contents thereof.

 

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5.3.
Terms of Agreement. The terms of this Agreement constitute each Party’s Confidential Information; provided, however,
that either Party may disclose the terms of this Agreement (a) to the extent required by law or by the requirements of any nationally
recognized securities exchange, quotation system or over-the-counter market on which such Party has its securities listed or traded,
or (b) in confidence to its attorneys, accountants and other fiduciaries, and (c) to any acquirers, potential acquirers, investors, prospective.
investors, lenders and other potential financing sources who are obligated to keep such information confidential.

 

6.
FILING, PROSECUTION AND MAINTENANCE OF PATENT RIGHTS

 

6.1.
Patent Filings. Licensor will be responsible, in consultation with Licensee, for the preparation, filing, prosecution, and maintenance
of patent applications and patents within the Licensed Patents. Licensor will not, without prior written notice to Licensee, abandon
any patent application or patent within the Licensed Patents. In the event Licensor, in its sole discretion, determines not to prepare,
file, prosecute or maintain any patent application or patent within the Licensed Patents in any country in the Territory, Licensor will
promptly notify Licensee thereof, and Licensee will have the right, at its own expense, to prepare, file, prosecute and maintain any
such patent application or patent in such country, subject to Section 6.2. If Licensee fails to assume control of such preparation, filing,
prosecution and maintenance or if Licensee otherwise elects to surrender any patent application or patent in Licensed Patents in any
country in the Territory upon sixty (60) days prior written notice to Licensor, Licensor shall be relieved of its obligations regarding
such surrendered patent application or patent under Section 6.2 below and Licensee shall be relieved of the obligation to reimburse Licensor
for future patent expenses with respect to such surrendered patent application or patent; provided, that, Licensee shall continue to
have the obligation to reimburse Licensor for patent expenses incurred in connection with that patent application or patent prior to
the expiration of the sixty (60) day notice. For purposes of clarity, in the event Licensee elects to surrender or abandon any patent
application or patent in Licensed Patents, such application or patent will be excluded from the definition of Licensed Patents.

 

6.2.
Patent Cooperation. Each Party will provide the other Party with copies of all substantive communications from all patent offices regarding
patent applications or patents the filing or maintenance of which they are responsible for pursuant to Section 6.1 above, promptly after
the receipt thereof. Each Party will provide the other Party with copies of all proposed substantive communications to such patent
offices regarding patent applications or patents the filing or maintenance of which they are responsible for pursuant to Section 6.1
above, in sufficient time before the due date in order to enable the other Party an opportunity to comment on the content thereof.

 

6.3.
Patent Expenses. Licensee will reimburse Licensor for all of Licensor’s unreimbursed out-of-pocket costs associated with the preparation,
filing and prosecution of the Licensed Patents as follows:

 

	 	6.3.1	Licensee will reimburse Licensor for Back Patent Expenses within 150 days
  of Effective Date;
	 	 	 
	 	6.3.2	Licensee will reimburse Licensor for all Ongoing Patent
  Expenses within thirty days of invoice.

 

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7
PATENT ENFORCEMENT

 

 

	 	7.3
    	Notice
    of Infringement. If, during the Term, either Party learns of any actual, alleged or threatened infringement by a Third Party
    of any Licensed Patents, such Party shall promptly notify the other Party and shall provide the other Party with available evidence
    of such infringement.
	 	 	 
	 	7.4
    	Infringement
    of Patent Rights. Licensee shall have the first right (but not the obligation), at its own expense and with legal counsel of
    its own choice, to bring suit (or take other appropriate legal action) against any actual, alleged or threatened infringement of
    the Licensed Patents in the Field by any product or service that competes with a Licensed Product, as reasonably determined by Licensee.
    Licensor shall take all actions necessary to assist Licensee in any suit, including joining in such suit as a party if legally required,
    at Licensee’s expense. Licensor shall have the right, at its own expense, to be represented in any such action by counsel of
    Licensor’s own choice; provided, however, that the foregoing shall not affect the right of Licensee to control the suit
    as described in this Section. In the event that the Licensee does not bring suit, Licensor shall have the right to bring suit, provided
    that there is no commercially reasonable reason that Licensee did not bring suit.
	 	 	 
	 	7.5
     	Recoveries
    or reimbursements from Infringement actions commenced by Licensee pursuant to Article 7.2(a) will be distributed as follows: (a)
    Licensee and Licensor will be reimbursed for their respective litigation expenses, including but not limited to reasonable attorneys’
    fees; (b) any recoveries based on Licensee’s lost sales shall be treated as Net Sales and Licensor shall be entitled to receive
    the royalty due hereunder, with Licensee entitled to receive the balance of such recoveries that are based on Licensee’s lost
    sales; and (c) any remaining recoveries or reimbursements will be divided between Licensor and Licensee equally between the Parties.
    Licensee and Licensor agree to negotiate in good faith an appropriate compensation to Licensor for any non-cash settlement or non-cash
    cross-license. Recoveries and reimbursements from Infringement actions commenced by Licensor will be distributed as follows: (i)
    Licensor and Licensee will be reimbursed for their respective litigation expenses, including but not limited to reasonable attorneys’
    fees, and (ii) the remainder will be divided equally between the Parties.

 

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8
REPRESENTATIONS AND WARRANTIES

 

	 	8.3	Licensor Representations. Licensor represents,
  warrants and covenants to Licensee that:

 

	 	 	8.3.1.1.1	the execution and delivery
  of this Agreement and the performance of the transactions contemplated hereby have been duly authorized by all appropriate Licensor
  corporate action;
	 	 	 	 
	 	 	8.3.1.1.2	this Agreement is a legal and valid obligation
  binding upon Licensor and enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by
  the Parties does not conflict with any agreement, instrument or understanding to which Licensor is a party or by which it is bound;
	 	 	 	 
	 	 	8.3.1.1.3	Licensor has the full right and legal capacity
  to grant the rights granted to Licensee hereunder;

 

	 	8.4	Licensee Representations. Licensee represents
  and warrants to Licensor that:

 

	 	 	8.4.1	the execution and delivery of this Agreement and the performance of the
  transactions contemplated hereby have been duly authorized by all appropriate Licensee corporate action;
	 	 	 	 
	 	 	8.4.2	this Agreement is a legal and valid obligation binding upon Licensee and
  enforceable in accordance with its terms, and the execution, delivery and performance of this Agreement by the Parties does not conflict
  with any agreement, instrument or understanding to which Licensee is a party or by which it is bound;
	 	 	 	 
	 	 	8.4.3	it is a limited liability company incorporated in Guernsey, Channel Islands
  and has the power and authority to enter into this Agreement; and
	 	 	 	 
	 	 	8.4.4	it is prepared and intends to diligently develop products under the Licensed
  Patents and to bring Licensed Products and License Royalty Product to market.

 

	 	8.5	No Warranties. Except as expressly
  set forth in this Agreement, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED.
  THERE ARE NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR OF NON INFRINGEMENT OF ANY PATENT,
  COPYRIGHT, TRADEMARK, OR OTHER RIGHTS OF THIRD PARTIES, OR AS TO THE SUCCESS OR LIKELIHOOD OF SUCCESS OF THE RESEARCH, DEVELOPMENT
  OR COMMERCIALIZATION OF LICENSED PRODUCTS UNDER THIS AGREEMENT, OR ANY OTHER EXPRESS OR IMPLIED WARRANTIES.
	 	 	 
	 	8.6	Limitation of Liability. NEITHER PARTY
  WILL BE LIABLE UNDER ANY LEGAL THEORY (WHETHER TORT, CONTRACT OR OTHERWISE) FOR SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES
  ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE EXERCISE OF ITS RIGHTS HEREUNDER, INCLUDING LOST PROFITS ARISING FROM OR RELATING
  TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF SUCH DAMAGES, EXCEPT AS A RESULT OF A MATERIAL BREACH OF THE CONFIDENTIALITY
  AND NON-USE OBLIGATIONS IN ARTICLE 5. NOTHING IN THIS SECTION 8.4 IS INTENDED TO LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS
  OF EITHER PARTY. Notwithstanding the foregoing, Licensor liability to Licensee under this Agreement for any and all claims, losses,
  damages and expenses shall not exceed the total amounts paid by Licensee to Licensor under this Agreement.

 

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9
INDEMNIFICATION AND INSURANCE

 

	 	9.3	Indemnification by Licensee.
  Licensee and its Affiliates (if applicable) and Sublicensee agree to indemnify, hold harmless and defend Licensor and Tufts University
  and their current and former directors, governing board members, trustees, officers, faculty, medical and professional staff, employees,
  students, Affiliates and agents and their respective successors, heirs and assigns (collectively, the “Licensor Indemnitees”),
  against any liability, damage, loss or expenses (including reasonable attorneys’ fees and expenses of litigation) incurred by
  or imposed upon the Licensor Indemnitees or any of them in connection with any claims, suits, actions, demands or judgments arising
  out of (a) the practice by Licensee, its Affiliates or Sublicensees
  of any Licensed Patents and/or rights granted in this Agreement, (b) any theory of product liability (including, but not limited to,
  actions in the form of tort, warranty, or strict liability) or the development, manufacture, use or sale of any Licensed Products developed,
  manufactured, used or sold by Licensee or any of its Affiliates or Sublicensees, (c) the negligence or willful misconduct of the Licensee,
  or (d) Licensee’s breach of this Agreement (collectively, “Covered Claims”). Licensee will not be responsible for
  the indemnification or defense of the Licensor Indemnitees to the extent a Covered Claim is solely caused by the gross negligence or
  willful misconduct of any Licensor Indemnitees. Licensor will notify Licensee of any Covered Claim hereunder and Licensee will, at
  its own expense, provide attorneys reasonably acceptable to Licensor to defend against such Covered Claim. The Licensor Indemnitees
  will reasonably cooperate with Licensee and may, at Licensor option and expense, be represented in such action or proceeding by counsel
  of their own choosing; provided that in the event a Licensor Indemnity elects to be represented by their own counsel due to a reasonable
  perceived conflict of interest with counsel selected by Licensee, Licensee agrees to that such representation will be at Licensee’s
  expense. Licensee agrees not to settle any Covered Claim without the written consent of Licensor.

 

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	 	9.4	Insurance. Licensee will comply, and
  will cause its Affiliates and Sublicensees to comply, at all times, through insurance or self-insurance, with all statutory workers’
  compensation and employers’ liability requirements covering any and all employees and consultants of Licensee or its Affiliates
  or Sublicensees, as the case may be, with respect to activities performed under this Agreement. In addition to the foregoing, Licensee
  will maintain, and will cause its Affiliates and Sublicensees to maintain, (a) during the term of this Agreement and at all times thereafter
  until the expiration of all applicable statutes of limitation pertaining to the manufacture, marketing, possession, use, sale or other
  disposition of any Licensed Products, Comprehensive General Liability Insurance, including coverage for contractual liability assumed
  by Licensee and coverage for Licensee’s independent contractors with per occurrence limits of at least Three Million Dollars
  ($3,0000,000) each and a general aggregate limit of Five Million Dollars ($5,000,000) and (b) commencing immediately prior to the first
  clinical study, Products Liability Insurance exclusive of the coverage provided by the Comprehensive General Liability policy, with
  an aggregate limit of at least Ten Million Dollars ($10,000,000), both with reputable and financially secure insurance carrier(s) to
  cover the activities of Licensee, its Affiliates and Sublicensees hereunder, as the case may be. Such insurance will include Licensor
  and Tufts as additional insureds and will be written to cover claims incurred, discovered, manifested, or made during or after the
  expiration of this Agreement and should be placed with carriers with ratings of at least A VIII or better as rated by A.M. Best. Within
  thirty (30) days of the Effective Date, Licensee will furnish, and will cause its Affiliates and Sublicensees to furnish, to Licensor
  a Certificate of Insurance evidencing primary coverage and additional insured requirements and requiring thirty (30) days prior written
  notice of cancellation or material change. All such insurance will be primary coverage and any insurance obtained by Licensor in its
  discretion will be deemed to be excess and noncontributory.

 

10
TERM AND TERMINATION

 

	 	10.3	Term; Expiration. Unless earlier terminated
  in accordance with this Article, the term of this Agreement (the “Term”) shall commence as of the Effective Date
  and remain in force until the Royalty Term has expired with respect to all Licensed Products in all countries.
	 	 	 
	 	10.4	Termination for Breach. Subject to
  the other terms of this Agreement, this Agreement and the rights granted herein may be terminated by either Party for the material
  breach by the other Party of any material obligation or condition hereof, provided that the breaching Party has not cured such breach
  within forty five (45) days after the date of written notice to the breaching Party in the case of a payment breach and sixty (60)
  days after the date of written notice to the breaching Party in the case of any other breach, which notice shall describe such breach
  in reasonable detail and shall state the non-breaching Party’s intention to terminate this Agreement pursuant to this Section
  or in the case of Licensee, its intention to either terminate this Agreement or elect its alternative remedy pursuant to Section 10.8.
  Licensee (or an Affiliate as applicable) does not use Commercially Reasonable Efforts or cause its Sublicensee(s) to do so;
	 	 	 
	 	10.5	Voluntary Termination. Licensee may terminate
  this Agreement at any time upon ninety (90) days’ notice to Licensor.

 

    	17

    	 

    

 

	 	10.6	Effects of Expiration or Termination. Upon
  any termination of this Agreement, (i) as of the effective date of such termination all licenses granted by Licensor to Licensee under
  this Agreement hereunder shall terminate automatically; provided, however, that Licensee and its Affiliates and Sublicensees
  may sell Licensed Products in their inventory as of the effective date of such termination, subject to the payment of royalties under
  Section 4, (ii) each Party shall return all Confidential Information of the other Party (iii) no such termination of this Agreement
  shall be construed as a termination of any valid Sublicense to any Sublicensee hereunder, and thereafter each such Sublicensee shall
  be considered a direct licensee of Licensor; provided, that, (iv) such Sublicensee is then in full compliance with all terms and conditions
  of its Sublicense, (v) all accrued payment obligations of Licensee to Licensor have been paid, (vi) such Sublicensee agrees in writing
  to assume all applicable obligations of Licensee under this Agreement within thirty (30) days; or (viii) Licensee and its Affiliates
  will not be discharged from any liability or obligation to Licensor that arose or became due or payable before the effective date of
  termination. All rights licensed or transferred by Licensor to Licensee under this Agreement will revert to Licensor, and Licensee
  agrees to execute and deliver all instruments necessary or desirable to re-vest those rights in Licensor.
	 	 	 
	 	10.7	Survival of Sublicenses.
  Notwithstanding anything to the contrary, no termination of this Agreement shall be construed as a termination of any sublicense
  of any Sublicensee, and thereafter each such Sublicensee shall be considered a direct licensee of Licensor, provided that (i) Licensee
  represents and warrants to Licensor that, to Licensee’s actual knowledge, as of the effective date of such termination, such
  Sublicensee is then in full compliance with all terms and conditions of its sublicense, (ii) such Sublicensee agrees in writing to
  assume all obligations of Licensee under this Agreement.
	 	 	 
	 	10.8	Remedies. Except as otherwise expressly
  set forth in this Agreement, the termination provisions of this Article 10 are in addition to any other relief and remedies available
  to either Party at law.
	 	 	 
	 	10.9	Surviving Provisions. Notwithstanding
  any provision herein to the contrary, the rights and obligations of the Parties set forth in Articles and Sections 1 (Definitions),
  4.14 (Records Retention by Licensee; Review), 5 (Treatment of Confidential Information), 8 (Representations and Warranties), 9 (Indemnification
  and Insurance), 10.6 (Effects of Expiration or Termination), 10.7 (Survival of Sublicenses), 10.8 (Remedies), 10.7 (Surviving Provisions),
  and 11 (Miscellaneous) as well as any rights or obligations otherwise accrued hereunder (including any accrued payment obligations),
  shall survive the expiration or termination of the Term. Without limiting the generality of the foregoing, Licensee shall have no obligation
  to make any milestone or payment to Licensor that has not accrued prior to the effective date of any termination of this Agreement.

 

    	18

    	 

    

 

11
MISCELLANEOUS

 

	 	11.3	Notices. All notices, requests and
  other communications hereunder shall be in writing, shall be addressed to the receiving Party’s address set forth below or to
  such other address as a Party may designate by notice hereunder, and shall be either (i) delivered by hand, (ii) made by email (to
  be followed with postal confirmation), (iii) sent by private courier service providing evidence of receipt, or (iv) sent by registered
  or certified mail, return receipt requested, postage prepaid. The addresses and other contact information for the Parties are as follows:

 

 

	 	If
    to Licensor:	Tufts
    Medical Center, Inc
	 	 	800
    Washington Street
	 	 	Boston,
    MA 02111
	 	 	Phone:
    (617) 636-7680
	 	 	Fax:
    (617) 636-8568

 

If
to Licensee:

 

OKYO
Pharma Limited

Martello
Court,

Admiral
Park,

St.
Peter Port,

Guernsey
GY1 3HB

 

All
notices, requests and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of the delivery
thereof to the receiving Party at the address of such Party set forth above, (ii) if made by telecopy or facsimile transmission, at the
time that receipt thereof has been acknowledged by the recipient, (iii) if sent by private courier, on the day such notice is delivered
to the recipient, or (iv) if sent by registered or certified mail, on the seventh (7th) business day following the day such mailing is
made.

 

	 	11.4	Language. The Parties hereto have requested
  that this Agreement and any related documents be drafted in English, which shall be controlling for all purposes. Any translation of
  this Agreement or any part hereof into a language other than English is for convenience only, and only the original English language
  version of this Agreement, as it may be amended from time to time as permitted herein, shall have legal effect.
	 	 	 
	 	11.5	Governing Law. This
  Agreement will be construed, interpreted and applied in accordance with the laws of Massachusetts (excluding any law controlling conflicts
  of law). The UN Convention for the International Sale of Goods shall not apply to this Agreement.
	 	 	 
	 	11.6	Venue. Any dispute, controversy or
  claim initiated by either Party arising out of, resulting from or relating to this Agreement, or the performance by either Party of
  its obligations under this Agreement, whether before or after termination of this Agreement, shall be subject to the sole jurisdiction
  of, and venue in, the courts of competent jurisdiction located within Massachusetts. Licensee and Licensor each irrevocably consent
  to the jurisdiction of such courts, irrevocably waive any objection based on inconvenience of forum, and agree that process may be
  served in the manner provided herein for giving notices or otherwise as allowed by the law of Massachusetts. Notwithstanding the foregoing,
  either Party shall have the right, without waiving any right or remedy available to such Party under this Agreement or otherwise, to
  seek and obtain from any court of competent jurisdiction any interim or provisional relief that is necessary or desirable to protect
  the rights or property of such Party.

 

    	19

    	 

    

 

	 	11.7	Entire Agreement; Amendment. This Agreement
  comprises the entire Agreement between the Parties with respect to the subject matter hereof and thereof and supersede all prior representations,
  understandings and agreements between the Parties with respect to the subject matter hereof. No modification shall be effective unless
  in writing with specific reference to this Agreement and signed by the Parties.
	 	 	 
	 	11.8	Assignment. Licensee may, with the
  written consent of Licensor, assign this Agreement, in whole or in part, and its rights and delegate its obligations hereunder to its
  Affiliates, for any reason, including, without limitation, in the event of its merger, consolidation, change in control or similar
  transaction. Any permitted assignee shall assume all obligations of its assignor under this Agreement. The terms and conditions of
  this Agreement shall be binding upon and inure to the benefit of the permitted successors and assigns of the Parties.
	 	 	 
	 	11.9	Force Majeure. Neither Party shall
  be liable for failure of or delay in performing obligations set forth in this Agreement, and neither shall be deemed in breach of its
  obligations, if such failure or delay is due to natural disasters or any causes beyond the reasonable control of such Party. In event
  of such force majeure, the Party affected thereby shall use reasonable efforts to cure or overcome the same and resume performance
  of its obligations hereunder.
	 	 	 
	 	11.10	Construction. The Parties hereto acknowledge
  and agree that: (i) each Party and its counsel reviewed and negotiated the terms and provisions of this Agreement and have contributed
  to its revision; (ii) the rule of construction to the effect that any ambiguities are resolved against the drafting Party shall not
  be employed in the interpretation of this Agreement; and (iii) the terms and provisions of this Agreement shall be construed fairly
  as to all Parties hereto and not in favor of or against any Party, regardless of which Party was generally responsible for the preparation
  of this Agreement. In this Agreement: (a) the word “including” shall be deemed to be followed by the phrase “without
  limitation” or like expression; (b) the singular shall include the plural and vice versa; (c) masculine, feminine and neuter
  pronouns and expressions shall be interchangeable; (d) all references to “days” means “calendar days” unless
  expressly stated to be “business days”; and (e) all references to dollars or$ are to United States dollars, whether or
  not so expressly stated.

 

    	20

    	 

    

 

	 	11.11	Severability, If any
  provision(s) of this Agreement arc 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 hereof, it is the intention of the Parties that such
  provision(s) be deemed to be severed from this Agreement and the remainder of this Agreement shall not be affected thereby. The Parties
  hereto agree to renegotiate any such severed provision in good faith in order to provide a reasonably acceptable, valid alternative
  to the severed provision, it being the intent of the Parties that the basic purposes of this Agreement are to be effectuated.
	 	 	 
	 	11.12	Further Assurances.
  Each Party agrees to execute, acknowledge and deliver such further instructions, and to do all such other acts, as may be necessary
  or appropriate in order to carry out the purposes and intent of this Agreement.
	 	 	 
	 	11.13	Counterparts.
                                  This Agreement may be executed simultaneously in one or more counterparts, each of which shall
                                  be deemed an original, but all of which together shall constitute one and the same instrument.

	 	 	 
	 	11.14	Use of Name, Licensee, its Affiliates
  and its Sublicensees will not use Tufts, Trustees of Tufts College, Tufts University and Licensor’s name or insignia, or any
  adaptation of them, or the name of any of Tufts University and Licensor’s faculty and staff, in any advertising, promotional
  or sales literature without the prior written approval of Tufts University and Licensor.
	 	 	 
	 	11.15	No Agency. Nothing herein will be deemed
  to constitute either Party as the agent or representative of the other Party or both Parties as joint venturers or partners for any
  purpose. Neither Party will be responsible for the acts or omissions of the other Party and neither Party will have authority to speak
  for, represent or obligate the other Party in any way without prior written authority from the other Party.
	 	 	 
	 	11.16	Successors and Assigns. This Agreement
  will be binding upon and inure to the benefit of the Parties hereto and their permitted successors and assigns.

 

    	21

    	 

    

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement effective as of the Effective Date.

 

	OKYO
    PHARMA LID	 	TUFTS
    MEDICAL CENTER, INC
	 	 	 
	 	 	 
		 	Susan
    Blanchard
		 	VP,
    Research Administration
		 	4/30/2018

 

    	22

    	 

    

 

EXHIBIT
A

 

	 

    Country
	 	Application
NO,·

    Patent
    No.
	 

                           
	Filing
                                            Date

    lssue
Date
	 	 

    Case
    Status
	 	 

    Applicant/Assignee
	 	Title/Mark
	 	 	 	 	 	 	 	 	 	 	 
	BAM8•22	 	 	 	 	 	 	 	 	 	 
	Patent
                                            Cooperation 

                                                         Treaty
	 	 

    PCT/US2016/061101
	 	 

    11/19/2016
	 	 

    Application
    Flied
	 	Tufts
    Medical Center, Trustees of Tufts College	 	COMPOUNDS
AND METHODS FOR TREATING PAIN

	

    United
    States of America
	 	

    621253,094
	 	

    11/19/2015
	 	

    Expired
	 	

    Tufts
    Medical Center; Trustees of Tufts College
	 	COMPOUNDS
    AND METHODS QR TREATING NEUROPATIC PAIN

 

    	 

     

    

 

EXHIBIT
B

 

FORM
OF ANNUAL PROGRESS REPORT

 

To:
Tufts Medical Center, Inc.

 

From:
________________

 

Date:
________________

 

Period
Covered by Report:through (the “Reporting Period”).

 

This
Annual Progress Report is provided by LICENSEE to TUFTS MC pursuant to the License Agreement dated f         l.

 

	1.	A copy of LICENSEE’s development plan
  in effect for the Reporting Period covered by this report is attached as Exhibit D.
	 	 
	2.	LICENSEE’s discussion
  of the results for the Reporting Period shall be provided in this report. That discussion should include, among other things,
  LICENSEE’s explanation for any material difference in LICENSEE’s
  achievement of progress from what was set forth in the then current development plan.

 

    	2

     

    

 

EXIDBIT
C

 

DEVELOPMENT
MILESTONES

 

1)
IND filing: Three (3) years from Effective Date.

2)
Phase I completion: Four (4) years from Effective Date

3)
Phase 2 completion: Six (6) years from Effective Date

4)
Phase 3 completion: Nine (9) years from Effective Date

5)
First Commercial Sale: Ten (10) years from Effective Date

 

    	3

     

    

 

EXHIBIT
D 

 

FORM
OF DEVELOPMENT PLAN

 

    	4

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