Document:

Exhibit 10.1

 

CBAK
ENERGY TECHNOLOGY, INC. 

 

2015
EQUITY INCENTIVE PLAN

 

NOTICE
OF RESTRICTED SHARE UNITS AWARD

 

CBAK
Energy Technology, Inc.., a Nevada corporation (the “Company”), pursuant to its 2015 Equity Incentive
Plan, as amended from time to time (the “Plan”), hereby grants to the holder listed below (“Grantee”),
an award of Restricted Share Unitss (“Restricted Share Units” or “RSUs”).
Each Restricted Share Units represents the right to receive one share of Common Stock upon vesting of such Restricted Share Units.
This award of Restricted Share Units is subject to all of the terms and conditions set forth herein and in the Restricted Share
Units Award Agreement attached hereto as Exhibit A (the “Restricted Share Units Award Agreement”)
and the Plan, each of which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan
shall have the same defined meanings in this Notice and the Restricted Share Units Award Agreement.

 

Grantee
Name: ________________________________

 

Grant
Date: ___________________________________

 

Total
Number of RSUs Granted: __________________

 

Agreement
Date: _______________________________

 

Vesting
Schedule: Your RSUs will vest according to the following schedule, provided that you remain continuously employed by or in
the service of the Company or an Affiliate through the applicable vesting date:

 

“Cause”
has the meaning ascribed to such term or words of similar import in Grantee’s written employment or service contract with
the Company or its Affiliate and, in the absence of such agreement or definition, means Grantee’s (i) conviction of,
or plea of nolo contendere to, a felony or any other crime involving moral turpitude; (ii) fraud on or misappropriation of
any funds or property of the Company or any of its Affiliates, customer or vendor; (iii) personal dishonesty, incompetence,
willful misconduct, willful violation of any law, rule or regulation (other than minor traffic violations or similar offenses),
or breach of fiduciary duty which involves personal profit; (iv) willful misconduct in connection with Grantee’s duties
or willful failure to perform Grantee’s responsibilities in the best interests of the Company or any of its Affiliates;
(v) illegal use or distribution of drugs; (vi) violation of any rule, regulation, procedure or policy of the Company
or any of its Affiliates; or (vii) breach of any provision of any employment, non-disclosure, non-competition, non-solicitation
or other similar agreement executed by Grantee for the benefit of the Company or any of its Affiliates, all as determined by the
board of directors of the Company or its Affiliate (as the case may be), which determination will be conclusive.

 

“Retirement”
means Grantee’s retirement from Company employ as determined in accordance with the policies of the Company or its Affiliates
in good faith by the Board of Directors of the Company, which determination will be final and binding on all parties concerned.

 

     

     

    

 

CBAK
ENERGY TECHNOLOGY, INC.

 

2015
EQUITY INCENTIVE PLAN

 

RESTRICTED
SHARE UNITS AWARD AGREEMENT

 

This
RESTRICTED SHARE UNITS AWARD AGREEMENT (this “Agreement”), dated as of the Agreement Date specified
on the Notice of Restricted Share Units Award is made by and between CBAK ENERGY TECHNOLOGY, INC., a Nevada corporation (the “Company”),
and the grantee named in the Notice of Restricted Share Units Award (the “Grantee,” which term as used
herein shall be deemed to include any successor to Grantee by will or by the laws of descent and distribution, unless the context
shall otherwise require). Capitalized terms used but not otherwise defined in this Agreement have the meanings ascribed to them
in the CBAK ENERGY TECHNOLOGY, INC. 2015 Equity Incentive Plan (the “Plan”).

 

BACKGROUND

 

Pursuant
to the Plan, the Company, acting through the Administrator, approved the issuance to Grantee, effective as of the Agreement Date,
of an award of the number of Restricted Share Units (“Restricted Share Units” or “RSUs”)
as is set forth in the attached Notice of Restricted Share Units Award (which is expressly incorporated herein and made a part
hereof, the “Notice”), upon the terms and conditions hereinafter set forth.

 

NOW,
THEREFORE, in consideration of the mutual premises and undertakings hereinafter set forth, the parties agree as follows:

 

1. Award
of Restricted Share Units. The Company hereby grants to you, as of the Grant Date, the number of RSUs identified on the
Notice, subject to the restrictions and other terms and conditions set forth in the Notice, this Agreement and the Plan.

 

2. Vesting
of RSUs. Subject to Section 5 hereof, the RSUs awarded by the Notice will vest and become nonforfeitable with respect
to the applicable portion thereof according to the vesting schedule set forth on the Notice to which this Agreement is attached
(the “Vesting Schedule”), subject to Grantee’s continued employment or services through the applicable
vesting dates, as a condition to the vesting of the applicable installment of the RSUs and the rights and benefits under this
Agreement. In the event of a Change in Control, the Administrator, pursuant to the Plan, at its sole discretion, may accelerate
the time at which all or any portion of Grantee’s RSUs will vest. The RSUs which have vested and are no longer subject to
forfeiture are referred to as “Vested RSUs.” All RSUs which have not become Vested RSUs are referred
to as “Nonvested RSUs.”

 

3. Consideration
to the Company. In consideration of the grant of the award of RSUs by the Company, Grantee agrees to render faithful and
efficient services to the Company or any Affiliate. Nothing in the Plan, the Notice or this Agreement shall confer upon Grantee
any right to continue in the employ or service of the Company or any Affiliate or shall interfere with or restrict in any way
the rights of the Company and its Affiliates, which rights are hereby expressly reserved, to discharge or terminate the services
of Grantee at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in
a written agreement between the Company or an Affiliate and Grantee.

 

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4. Grant
is Not Transferable. During the lifetime of Grantee, the RSUs may not be sold, pledged, assigned or transferred in any
manner other than by will or the laws of descent and distribution, unless and until the shares of Common Stock (the “Shares”)
underlying the RSUs have been issued, and all restrictions applicable to such Shares have lapsed. Neither the RSUs nor any interest
or right therein shall be liable for the debts, contracts or engagements of Grantee or his successors in interest or shall be
subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such
disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or
equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except
to the extent that such disposition is permitted by the preceding sentence.

 

5. Forfeiture
of Nonvested RSUs. Except as otherwise provided herein, if Grantee's service with the Company terminates for any reason
other than Grantee’s (a) death, (b) Disability, (c) Retirement, or (d) termination by the Company without Cause, any Nonvested
RSUs will be automatically forfeited, terminated and cancelled as of the applicable termination date without payment of any consideration
by the Company, and Grantee, or Grantee’s beneficiary or personal representative, as the case may be, shall have no further
rights hereunder. In the event of Grantee’s death, Disability, Retirement, or termination by the Company without Cause,
all Nonvested RSUs shall become fully vested and no longer such just to forfeiture upon the date of such event.

 

6. Payment
upon Vesting.

 

(a) As
soon as administratively practicable following the vesting of any RSUs pursuant to Section 2 hereof, but in no event later than
sixty (60) days after such vesting date (for the avoidance of doubt, this deadline is intended to comply with the “short-term
deferral” exemption from Section 409A of the Code), the Company shall deliver to Grantee (or any transferee permitted under
Section 4 hereof) a number of Shares (either by delivering one or more certificates for such shares or by entering such shares
in book entry form, as determined by the Company in its sole discretion) equal to the number of RSUs subject to this award that
vest on the applicable vesting date, unless such RSUs terminate prior to the given vesting date pursuant to Section 5 hereof.
Notwithstanding the foregoing, in the event Shares cannot be issued pursuant to Section 6(a), (b) or (c) hereof, then the Shares
shall be issued pursuant to the preceding sentence as soon as administratively practicable after the Administrator determines
that Shares can again be issued in accordance with Sections 6 (a), (b) and (c) hereof.

 

(b) Notwithstanding
anything to the contrary in this Agreement, the Company shall be entitled to require payment by Grantee of any sums required by
applicable law to be withheld with respect to the grant of RSUs or the issuance of Shares. Such payment shall be made by deduction
from other compensation payable to Grantee or in such other form of consideration acceptable to the Company which may, in the
sole discretion of the Administrator, include:

 

(i) Cash
or check;

 

(ii) Surrender
of Shares (including, without limitation, Shares otherwise issuable under the RSUs) held for such period of time as may be required
by the Administrator in order to avoid adverse accounting consequences and having a Fair Market Value on the date of delivery
equal to the minimum amount required to be withheld by statute; or

 

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(iii)
Other property acceptable to the Administrator (including, without limitation, through the delivery of a notice that Grantee has
placed a market sell order with a broker with respect to Shares then issuable under the RSUs, and that the broker has been directed
to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of its withholding obligations; provided
that payment of such proceeds is then made to the Company at such time as may be required by the Company, but in any event
not later than the settlement of such sale).

 

The
Company shall not be obligated to deliver any new certificate representing Shares to Grantee or Grantee’s legal representative
or enter such Share in book entry form unless and until Grantee or Grantee’s legal representative shall have paid or otherwise
satisfied in full the amount of all federal, state, local or foreign taxes applicable to the taxable income of Grantee resulting
from the grant or vesting of the RSUs or the issuance of Shares.

 

If
Grantee is subject to the laws of the People’s Republic of China (the “PRC”), Grantee hereby acknowledges
that Grantee is aware of the relevant requirements under the laws of the PRC regarding overseas investment, including the requirements
for approval and registration of overseas securities with competent authorities. Grantee is acquiring the Shares after obtaining
requisite approval or registration from competent authorities of the PRC. Failure to obtain requisite approval or registration
shall relieve the Company, and any Affiliate, of any liability in respect of the failure to issue the Shares subject to the RSUs.
If the failure is revealed or occurs after the issuance of the Shares, the Company shall be entitled, at its sole discretion,
to redeem or request Grantee to transfer the Shares to a transferee who is legally entitled to hold the Restricted Shares at a
redemption price (if any) to be determined by the Administrator in its sole discretion. The Company and its Affiliates shall be
relieved from any liability for any redemption or request for transfer made pursuant to the foregoing.

 

7. Conditions
to Delivery of Shares. Subject to Section 5, the Shares deliverable hereunder, or any portion thereof, may be either previously
authorized but unissued Shares or issued Shares which have then been reacquired by the Company. Such Shares shall be fully paid
and nonassessable. The Company shall not be required to issue or deliver any Shares deliverable hereunder or portion thereof prior
to fulfillment of all of the following conditions:

 

(a) The
admission of such Shares to listing on all stock exchanges on which such Shares are then listed;

 

(b) The
completion of any registration or other qualification of such Shares under any state or federal law or under rulings or regulations
of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its
absolute discretion, deem necessary or advisable;

 

(c) The
obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its
absolute discretion, determine to be necessary or advisable;

 

(d) The
receipt by the Company of full payment for such Shares, including payment of any applicable withholding tax, which may be in one
or more of the forms of consideration permitted under Section 5 hereof; and

 

(e) The
lapse of such reasonable period of time following the vesting of any RSUs as the Administrator may from time to time establish
for reasons of administrative convenience.

 

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8. No
Rights as Shareholder. The holder of the RSUs shall not be, nor have any of the rights or privileges of, a shareholder
of the Company, including, without limitation, voting rights and rights to dividends, in respect of the RSUs and any Shares underlying
the RSUs and deliverable hereunder unless and until such Shares shall have been issued by the Company and held of record by such
holder (as evidenced by the appropriate entry of the name of the holder of Shares underlying the RSUs on the register of members
of the Company). No adjustment will be made for a dividend or other right for which the record date is prior to the date of such
entry.

 

9. Administration.
The Administrator shall have the power to interpret the Plan, the Notice and this Agreement and to adopt such rules for the administration,
interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules (including,
but not limited to, the determination of whether or not any RSUs have vested). All actions taken and all interpretations and determinations
made by the Administrator in good faith shall be final and binding upon Grantee, the Company and all other interested persons.
Neither any person or persons acting as the Administrator and nor any member of the Administrator shall be personally liable for
any action, determination or interpretation made in good faith with respect to the Plan, the Notice and this Agreement.

 

10. Incorporation
of Terms of Plan. The text of the Plan is incorporated in this Agreement by reference. This Agreement and the Notice are
subject to all terms and provisions of the Plan. In the event of a conflict between one or more provisions of this Agreement or
the Notice and one or more provisions of the Plan, the provisions of the Plan will govern.

 

11. Notices.
All notices or other communications which are required or permitted hereunder will be in writing and sufficient if (i) personally
delivered or sent by email, (ii) sent by nationally-recognized overnight courier or (iii) sent by registered or certified mail,
postage prepaid, return receipt requested, addressed as follows:

 

(a) if
to Grantee, to Grantee’s last mailing address or email address reflected on the Company’s records; and

 

(b)if
to the Company, to its principal executive office as specified in any report filed by the Company with the Securities and Exchange
Commission or to such address as the Company may have specified to Grantee in writing, Attention: Corporate Secretary;

 

or
to such other address as the party to whom notice is to be given may have furnished to the other party in writing in accordance
herewith. Any such communication will be deemed to have been given (i) when delivered, if personally delivered, (ii) on the first
Business Day (as hereinafter defined) after sent by the electronic mail (assuming that there is no error in delivery) or nationally-recognized
overnight courier and (iii) on the fifth Business Day following the date on which the piece of mail containing such communication
is posted, if sent by mail. As used herein, “Business Day” means a day that is not a Saturday, Sunday or a day on
which banking institutions in the city to which the notice or communication is to be sent are not required to be open.

 

12. Entire
Agreement. The Plan, the Notice and this Agreement constitute the entire agreement of the parties and supersede in their
entirety all prior undertakings and agreements of the Company and Grantee with respect to the subject matter hereof.

 

13. Amendments,
Suspension and Termination. To the extent permitted by the Plan, the Notice and this Agreement may be wholly or partially
amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator; provided that,
except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall
adversely affect the RSUs in any material way without the prior written consent of Grantee.

 

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14. Successors
and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement
shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth
in Section 4 hereof, this Agreement shall be binding upon Grantee and his heirs, executors, administrators, successors and assigns.

 

15. Governing
Law. This Agreement is governed by, and construed in accordance with, the laws of the State of Nevada, without regard
to the principles of conflicts of law thereof.

 

16. Conformity
to Securities Laws. Grantee acknowledges that the Plan, the Notice and this Agreement are intended to conform to the extent
necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by
the Securities and Exchange Commission thereunder, state and applicable foreign securities laws and regulations. Notwithstanding
anything herein to the contrary, the Plan shall be administered, and the RSUs are granted, only in such a manner as to conform
to such laws, rules and regulations. To the extent permitted by applicable law, the Plan, the Notice and this Agreement shall
be deemed amended to the extent necessary to conform to such laws, rules and regulations.

 

17. No
Waiver. No waiver of any breach or condition of this Agreement will be deemed to be a waiver of any other or subsequent
breach or condition, whether of like or different nature.

 

18. Grantee
Undertaking. Grantee hereby agrees to take whatever additional actions and execute whatever additional documents the Company
may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions
imposed on Grantee pursuant to the express provisions of this Agreement.

 

19. Severability.
In the event one or more of the provisions of this Agreement should, for any reason, be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability will not affect any other provisions of this Agreement, and this
Agreement will be construed as if such invalid, illegal or unenforceable provision had never been contained herein.

 

20. WAIVER
OF JURY TRIAL. GRANTEE HEREBY EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

21. Section
409A. The RSUs are intended to be exempt from Section 409A of the Code this Agreement shall be administered and interpreted
in accordance with such intent. The Administrator reserves the right to unilaterally amend this Agreement without the consent
of Grantee in order to maintain an exclusion from the application of, or to maintain compliance with, Code Section 409A; and Grantee
hereby acknowledges and consents to such rights of the Administrator.

 

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IN
WITNESS WHEREOF, the parties hereto have executed this Restricted Share Units Award Agreement as of the date first written
above.

 

	 	CBAK
    ENERGY TECHNOLOGY, INC.
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	               
	 	 	 
	 	GRANTEE:
	 	 	 
	 	 	 
	 	Name:	 

 

 

7Exhibit 4.1

 

AMENDED AND
RESTATED TECHNOLOGY LICENCE AGREEMENT

 

THIS AMENDED AND RESTATED TECHNOLOGY
LICENCE AGREEMENT is made as of May 16, 2011

 

BETWEEN:

 

SUNNYBROOK HEALTH SCIENCES CENTRE, with offices
located at 2075 Bayview Avenue in Toronto, Ontario (the “Licensor”)

 

- and -

 

PROFOUND MEDICAL INC.,
a company governed by the laws of the Province of Ontario (the “Licensee”)

 

RECITALS:

 

		A.	The Inventors, while employed by Licensor, have made inventions,
as described in the patent applications and disclosures listed on Schedules B and C hereto (collectively, the “Inventions”);

 

		B.	Each of the Inventors has assigned all of his respective
right, title and interest in the Inventions to Licensor;

 

		C.	Licensor has filed or is filing patent applications for
such Inventions, as listed and described in Schedules B and C;

 

		D.	Licensee wishes to commercialize, develop, manufacture,
market, distribute and sell Products which may be derived in whole or in part from the practice of the Technology and, therefore,
desires to obtain a licence from Licensor for rights to the Technology in the Field of Use;

 

		E.	Licensor is willing
                                         to grant Licensee such licence upon the terms and conditions in this Agreement;

 

		F.	The Licensor and Licensee
entered into a technology licence agreement dated June 16, 2008, as amended March 22, 2010 (the “Original Technology
Licence Agreement”);

 

		G.	Licensee wishes to complete a financing through the issuance
of preferred shares (the “Financing”);

 

		H.	A shareholders meeting has been called to amend the constating
documents of Licensee in satisfaction of a condition of the Financing and Licensor has agreed to support and vote in favour of
the amendment to those constating documents and otherwise to support that preferred share financing transaction; and

 

		I.	In connection with the Financing the parties have agreed
to amend and restate the Original Technology Licence Agreement as set forth in this Agreement, the terms of which shall supersede
any and all licence agreements between the Licensor and Licensee, including the Original Technology Licence Agreement.

 

     

     

    

 

NOW THEREFORE, in consideration
of the mutual premises set forth herein (the receipt and sufficiency of which are hereby acknowledged), the Parties agree as follows:

 

ARTICLE 1

DEFINITIONS

 

		1.1	The following capitalized terms, and other capitalized
terms defined elsewhere in this Agreement, will have the meanings ascribed thereto wherever used in this Agreement:

 

		(a)	“Acceptance Period” has the meaning
set forth in Section 4.1.

 

		(b)	“Affiliate” means any legal entity (such
as a corporation, partnership or limited liability company) that controls, is controlled by or is under common control with a
Party hereto. The term “control” means the ability to direct the management and policies of said entity, whether through
ownership of equity, by contract or otherwise.

 

		(c)	“Agreement” means this agreement and
all schedules attached hereto, as the same may be amended from time to time.

 

		(d)	“Business Day” means any day other than
a Saturday, Sunday or a day which is a statutory or civic holiday in Toronto, Ontario.

 

		(e)	“Buy Out IP” has the meaning set forth
in Section 8.3.

 

		(f)	“Buy Out Milestones” means the milestones
set out in Part 1  of Schedule D.

 

		(g)	“Calendar
                                         Quarter” means the following periods of time for each year that this Agreement
                                         is in effect: January 1st through March 31st (1st Calendar
                                         Quarter); April lst through June 30th (2nd Calendar
                                         Quarter); July 1st through September 30th (3rd Calendar
                                         Quarter); and October 1st through December 31st (4th Calendar
                                         Quarter).

 

		(h)	“Confidential Information” means any business, marketing, technical,
                                                                                 scientific or other information disclosed by either Party which, at the time of disclosure, is designated as confidential (or
                                                                                 like designation), is disclosed in circumstances of confidence, or would be understood by the Parties, upon exercising
                                                                                 reasonable business judgment, to be confidential. Confidential Information includes, without limitation, all technical
                                                                                 information, all design documentation and all implementation details relating to the Technology, and all Licensee Updates,
                                                                                 and all Licensor Updates and all Trade Secrets.

 

		(i)	“Copyright” means the rights prescribed
in the Copyright Act (Canada), including those copyright registrations and applications relating to the Technology identified
in Schedules B and C.

 

		(j)	“Effective Date” means June 16, 2008.

 

    	 	- 2 -	 

     

    

 

		(k)	“End User” means an individual, body corporate, unincorporated
                                                                                 organization or any other entity recognized by law to whom or to which, as the case may be, Products are sold or otherwise
                                                                                 transferred.

 

		(l)	“Fees” means all amounts payable to
Licensor under this Agreement for the sale of Products and Services.

 

		(m)	“Field of Use” means MRI-guided trans-urethral
ultrasound therapy throughout the world.

 

		(n)	“Intellectual Property Rights” means
all Patents, Copyrights, trade-names and other intellectual property rights relating to the Technology, whether registered or
not, owned by or licensed to Licensor, including any and all proprietary rights provided under patent law, copyright law, trademark
law or any other statutory provision or applicable common law principles which may provide a right in either ideas, formulae,
algorithms, concepts, inventions or know-how relating to the Technology, including Trade Secrets, or the expression or use thereof.

 

		(o)	“Inventors”
                                         means, collectively, Michael Bronskill, Rajiv Chopra, Kee Tang and Mathieu Burtynk and
                                         “Inventor” means any one of them.

 

		(p)	“Know-how” means any and all trade secrets,
technical expertise, knowledge, confidential information and know-how, whether patentable or unpatentable, relating to the Technology
and/or the Inventions, whether in written, machine readable, drawing or oral form, including, without limitation, all technical
information, raw material data, product specifications, processes and designs, operating and production data, calculations, computer
programs, instructions and techniques, quality control, and other standards and drawings relating thereto developed by an Inventor
and which exists as at the Effective Date.

 

		(q)	“Licensee Updates” means any update,
correction, improvement, enhancement or modification of the Technology created, produced or developed by the Licensee (without
the active participation of Licensor personnel) in the Field of Use during the Term.

 

		(r)	“Licensor Updates” means any update,
correction, improvement, enhancement or modification of the Technology created, produced or developed by the Inventors (or any
of them) or Licensor in the Field of Use during the Term.

 

		(s)	“Milestones” means the milestones set
out in Part 2 of Schedule D.

 

		(t)	“Notice of Offer” has the meaning set
forth in Section 4.1.

 

		(u)	“Party”
                                         means either Licensee or Licensor, and “Parties” means both of them,
                                         collectively.

 

		(v)	“Patents” means the patents, patent
applications and patent disclosures listed on Schedules B and C and any continuations, continuations in part, divisionals, reissues,
re-examinations, renewals or extensions of such foregoing patents and patent applications and any patents which may issue on,
from or as a result of any of the foregoing. For greater clarity, Patents does not include patented Licensor Updates or patented
Licensee Updates.

 

    	 	- 3 -	 

     

    

 

		(w)	“Person” means any individual, sole proprietorship, partnership,
                                                                                 unincorporated association, unincorporated syndicate, unincorporated organization, trust, body corporate and a natural person
                                                                                 in his or her capacity as trustee, executor, administrator or other legal representative.

 

		(x)	“Prime Rate” means the published
prime rate of interest per annum that the Royal Bank of Canada offers to its most credit-worthy commercial customers for Canadian
dollar loans, adjusted monthly on the last business day of each month that any amount remains outstanding hereunder.

 

		(y)	“Product” means any product derived
from the Technology or that results from practising or using the Technology, in whole or in part.

 

		(z)	“Service” means any service to Third
Parties, not provided for free, that is provided by using the Technology, by using a Product or that relates to a Product.

 

		(aa)	“Sponsored Research Agreement” means
any sponsored research agreement entered into between Licensor and Licensee with respect to the Technology, including the Sponsored
Research Agreement entered into between the Parties as of the Effective Date.

 

		(bb)	“Technology” means: (i) all existing
technology relating to the Field of Use that is described and claimed in the Patents and possessed as at the Effective Date by
Licensor that is not (other than as contained in any patent application or patent disclosure) presently available to the public
by publication, and (ii) all Know-How and all Intellectual Property Rights relating to such existing technology.

 

		(cc)	“Term” has the meaning set forth in
Section 13.1.

 

		(dd)	“Third Party” means a Person who deals
with a Party to this Agreement at arm’s length, which for these purposes has the meaning that it has for purposes of the
Income Tax Act (Canada), as in effect on the Effective Date.

 

		(ee)	“Trade Secrets” means information and/or
knowledge which derives economic value, actual or potential, from not being generally known to, or readily ascertainable by proper
means by, other persons who can obtain economic value from its disclosure or use, and which is the subject of efforts that are
reasonable under the circumstances to maintain its secrecy.

 

		(ff)	“Update Interest” has the meaning set
forth in Section 4.1.

 

    	 	- 4 -	 

     

    

 

ARTICLE 2

LICENCE

 

		2.1	Grant of Licences. Subject to the terms and conditions
of this Agreement, Licensor hereby grants to Licensee and Licensee hereby accepts an exclusive, royalty-free, worldwide right
and licence under the Intellectual Property Rights to use the Technology in the Field of Use, with no right to sublicense except
as specifically provided in this Section 2.1:

 

		(a)	to use, copy, display, create derivative works of and integrate
the Technology and any such derivative works into the Products and otherwise to use, copy and practice the Technology (including
making Licensee Updates and other improvements to the Technology);

 

		(b)	to engage contractors and collaborators to (i) market and
sell the Products and (ii) reproduce, develop and make components and any parts thereof incorporated into any Products;

 

		(c)	to make any Licensee Updates and derivative works thereof,
and incorporate Licensee Updates and any such derivative works into the Products, provided that: (i) Licensee provides notification
to Licensor of such Licensee Updates, and (ii) Licensee grants Licensor the licence described in Section 3.2(b);

 

		(d)	to make, have made, use, lease, sell, offer for sale and
import Products and to make, have made, use, copy, display, sell and distribute Technology (solely for the purpose to be incorporated
into Products) to End Users as components of other products intended for Sale to End Users;

 

		(e)	to sell any Service(s); and

 

		(f)	to provide technical support to End Users; and

 

		(g)	to grant sub-licences of all rights set out above and to
disclose Confidential Information to sub-licensees, provided that sub-licensees are: (i), with respect to Licensee, a Third Party
(ii) bound by terms and conditions no less onerous than set forth in this Agreement (it being understood that no further amount
shall be payable to Licensor or the Inventors in connection with any such sub-licence), provided that Licensee shall provide at
least five (5) days prior written notice to Licensor of Licensee’s intent to enter into any such sub-license.

 

		2.2	Prohibited Uses. Licensee may not provide the Technology
to any Third Party without Licensor’s prior written permission, except as expressly provided in this Agreement.

 

		2.3	Validity. Licensee agrees that, during the Term,
it will not, either directly or indirectly, challenge the validity of the Technology and any Intellectual Property Rights associated
therewith, including any patents issuing in relation to Licensor Updates, or the ownership rights of Licensor in the Technology
or Licensor Updates, and shall not assist any person or entity to do so, provided such obligations are not contrary to law, in
which case this Section shall be read down only as necessary to make the obligation valid and enforceable.

 

    	 	- 5 -	 

     

    

 

		2.4	Retained Rights. Subject to the provisions set forth
in Section 2.5, Licensor expressly reserves from the licence rights granted above:

 

		(a)	the right of Licensor to publish or disclose research results
arising from performance of the Technology; and

 

		(b)	the right to use any and all of the Patents and Technology
for the purpose of non-commercial research and teaching, educational and administrative purposes.

 

provided
that Licensor Updates that result from such research are subject to the right of first refusal set out in Section 4.1 and the obligation
to disclose set out in Section 3.2(b).

 

		2.5	Publications.

 

		(a)	Each Party (the “First Party”) will
provide a copy of any proposed publication or disclosure related to the Technology to the other Party for its review at least
thirty (30) days before submission for publication or disclosure.

 

		(b)	Upon the other Party’s written request, to be delivered
to the First Party within twenty (20) days of the other Party’s receipt of such proposed publication or disclosure, the
First Party will, at the other Party’s Sole option: (i) delay publication up to sixty (60) additional days to enable the
other Party to secure intellectual property protection of any intellectual property that would be publicly disclosed by such publication,
and/or (ii) delete any Confidential Information provided by the other Party from the manuscript or proposed disclosure.

 

		(c)	Licensor agrees to acknowledge the support of Licensee
in all publications and disclosure related to the Technology that have been funded by Licensee under the Sponsored Research Agreement,
unless otherwise agreed in writing by the Parties.

 

		2.6	Know-how.

 

Licensor shall give to Licensee a copy
of all relevant Know-how that has been reduced to written form, including all Patents, together with all documentation that is
reasonably necessary for understanding the Technology, to the extent that it exists and is within the control of Licensor or any
of the Inventors, along with oral explanations of the Know-how and of unwritten Confidential Information.

 

ARTICLE 3

OWNERSHIP

 

		3.1	Ownership of Technology.

 

		(a)	Except for the rights expressly granted under this Agreement, all right, title and interest
                                                                                 in and to the Technology and Licensor Updates, including the Technology incorporated in the Products, are and shall at all
                                                                                 times remain the property of Licensor, the entity from whom the Licensor has licensed such Technology or any permitted
                                                                                 transferee to whom the Technology has been transferred.

 

    	-6-

     

    

 

		(b)	Except for the rights expressly granted under this Agreement,
all right, title and interest in and to the Licensee Updates are and shall at all times remain the property of Licensee.

 

		3.2	Ownership of Improvements.

 

		(a)	If Licensor receives
from any third party (the “Third Party”) a bona fide written offer (the “Third Party Offer”)
with respect to a Licensor Update or if Licensor (or any Inventor) proposes to in any other way take any steps to commercialise
any Licensor Update, then Licensor shall, except as provided otherwise in Section 3.2(e), promptly inform Licensee and Licensee
shall have a right of first refusal to obtain an exclusive licence to use such Licensor Update in accordance with Article 4. Any
disclosure of Licensor Updates shall constitute Licensor’s Confidential Information and be treated in strict confidence
by Licensee in accordance with Article 11. For greater clarity, “steps to commercialise” does not include actions
to obtain intellectual property rights with respect to any Licensor Update in the absence of any Third Party Offer with respect
to such Licensor Update.

 

		(b)	Within 10 days of the end of each calendar year during
the Term, Licensor shall disclose (on a confidential basis) to Licensee all Licensor Updates (if any) that were generated during
the twelve (12) months preceding the end of such calendar year.

 

		(c)	Within 10 days
                                         of the end of each year during the Term, Licensee shall disclose (on a confidential basis)
                                         to Licensor all Licensee Updates (if any) that were generated during the twelve (12)
                                         months preceding the end of such calendar year and Licensee shall provide to Licensor
                                         a licence, without cost, to use all such Licensee Updates exclusively for the purposes
                                         set out in Section 2.4(b), on the same terms and conditions as set out therein, and Licensee
                                         Updates shall be deemed to form part of the Technology for the purposes of Section 2.4(b).

 

		(d)	Where Licensee exercises its Right of First Refusal in
accordance with Article 4, Licensee shall have the right (and Licensor, for greater certainty, shall have no obligation) to file
patent applications on any such Licensor Updates, provided that Licensee agrees to pay for all expenses associated with the filing
and prosecution of such patent applications. If Licensee elects not to file patent applications for such additions or changes,
Licensor shall have the right to apply for patents at its own expense. It is understood that Licensor shall not be obligated to
undertake responsibility with respect to any such additions or changes unless it elects to do so.

 

		(e)	Notwithstanding Subsections 3.2(a), (b), (c) and (d), any
Licensee Updates or Licensor Updates to the Technology which qualify as New Intellectual Property under the terms of the Sponsored
Research Agreement shall be treated in accordance with the provisions of such research agreement.

 

    	 	- 7 -	 

     

    

 

		3.3	Reservation of Rights. Licensor reserves all rights
not expressly granted in this Agreement, and nothing in this Agreement, including any grant or reservation of rights set forth
herein, shall be construed as implying or giving rise to any implied grant or licence of any right, or as implying any limitation
of any reservation of rights, except as expressly set forth in this Agreement.

 

ARTICLE 4

RIGHT OF FIRST REFUSAL

 

		4.1	Right of First Refusal.

 

		(a)	Licensor may not license, convey, transfer or otherwise
grant an interest in or to a Licensor Update (an “Update Interest”) to any person or entity and shall
not take any action or proceed in any manner with a view to commercialising any Licensor Update except in accordance with the
provisions of this Section 4.1 and pursuant to a Third Party Offer that is subject to the right of first refusal set out in this
Section 4.1. For greater clarity, “View to commercialising” does not include actions to obtain intellectual property
rights with respect to any Licensor Update in the absence of a Third Party Offer with respect to such Licensor Update.

 

		(b)	If Licensor receives from any Third Party (including without
limitation (i) any entity in which Licensor, any Inventor or any member of Licensor’s faculty or staff has any equity or similar
interest and (ii) any entity proposed to receive any rights or interest in or to a Licensor Update in connection with a spin-out
or similar transaction with respect to a Licensor Update) a Third Party Offer with respect to an Update Interest, Licensor shall
only accept such Third Party Offer subject to compliance with the provisions of this Section 4.1. Upon such conditional acceptance,
Licensor shall deliver a written notice (the “Notice of Offer”) to Licensee irrevocably offering the Update
Interest at the same price and in all other material respects on the same terms and conditions as provided in the Third Party
Offer, provided that if the applicable Licensor Update was developed pursuant to a sponsored research or similar agreement,
the price in the Notice of Offer shall not include or account for any funding (whether made in the form of cash or otherwise)
previously advanced or otherwise made available to Licensor or any Inventor. Licensor shall deliver, with the Notice of Offer,
a true copy of the Third Party Offer, The offer contained in the Notice of Offer shall be irrevocable except with the Licensee’s
consent and shall be open for acceptance for a period of 30 Business Days after the date upon which the Notice of Offer is received
by the Licensee (the “Acceptance Period”).

 

		(c)	Within the Acceptance
                                         Period, Licensee may accept the offer contained in the Notice of Offer by delivering
                                         to Licensor a written notice to such effect (an “Acceptance Notice”).
                                         To permit the practical implementation of this Section 4.11, no Update Interest may be
                                         provided by Licensor to any Third Party for consideration other than cash or publicly
                                         traded common shares of a corporation with a public float in excess of $250 million,
                                         the common shares of which are listed and posted for trading on a recognised North American
                                         stock exchange. Where the Third Party Offer contemplates consideration in the form of
                                         such publicly traded common shares, then Licensee may, in its Acceptance Notice, specify
                                         that it shall pay, on the Same terms and timelines, the cash equivalent of the market
                                         price of such shares. For the purposes of this Section 4.1, “market price”
                                         shall have the meaning ascribed to such term in Section 1.3 of OSC Rule 62-504 as in
                                         effect on May 16, 2011 and where the relevant date for determination of such market price
                                         is the date of the Third Party Offer.

 

    	 	- 8 -	 

     

    

 

		(d)	If Licensor does not receive an Acceptance Notice from
Licensee within the Acceptance Period confirming its acceptance of the offer contained in the Notice of Offer, Licensee’s
right to acquire the Update Interest under this Section 4.1 shall cease as at the end of the Acceptance Period and Licensor may
thereafter provide the Update Interest to the Third Party at the price and upon the terms and conditions specified in the Third
Party Offer, provided that in any event the agreement with the Third Party is on the same terms as contained in the Third Party
Offer.

 

		(e)	Any provision of an Update Interest to a Third Party pursuant  to this Section 4.1 must be
                                                                                 completed within 60 days following the expiry of the Acceptance Period, failing which the provisions of this Section 4.1
                                                                                 shall again apply to any proposed provision of an Update Interest, and so on from time to time.

 

ARTICLE 5

PAYMENTS; LEASED PREMISES

 

		5.1	Execution
                                         Payments; Leased Premises. Licensee has paid to Licensor $37,500 ($25,000 on December
                                         30, 2009 and 12,500 in February 2010) and agrees to pay to Licensor a further $62,500
                                         (collectively, the “Execution Payments”) on the following dates: $12,500
                                         on April 1, 2010 and $50,000 on June 1, 2010. The Parties acknowledge the lease of Suite
                                         4040, 3080 Yonge Street, Toronto, ON, M4N 3N1 from September 1, 2008 to August 31, 2009
                                         and further acknowledge that there are no outstanding payment obligations in respect
                                         thereof. If the Sponsored Research Agreement executed on June 17, 2008, between the Parties,
                                         continues to a mutually agreed-upon level beyond June 30, 2010, Licensor will consider
                                         extending the payment dates of the unpaid Execution Payments, with any extension to be
                                         agreed to by Licensor in writing at least forty-five (45) days prior to the due date.
                                         The Lease Term shall not be less than the aggregate Execution Payments divided by the
                                         Lease Rate. For greater certainty, Licensor agrees that the location of the rental space
                                         described in the Lease Agreement will not change during the Lease Term without Licensee’s
                                         prior written consent, such consent not to be unreasonably withheld or delayed. Licensor
                                         will provide to Licensee a draft of the lease agreement with respect to such premises
                                         (the “Lease Agreement”) within sixty (60) days of the Effective Date.
                                         The Execution Payments shall be credited against any payments owing by Licensee to Licensor
                                         under the Lease Agreement. If Licensee vacates the rental space provided by Licensor
                                         prior to expiry of the Lease Term (in circumstances where Licensor is in full compliance
                                         with its obligations under the Lease Agreement), all remaining Execution Payments shall
                                         accelerate and immediately become due and payable and Licensor, subject to compliance
                                         with the terms of the Lease Agreement, may re-let such premises without deduction against
                                         the Execution Payments.

 

    	 	- 9 -	 

     

    

 

		5.2	Milestone
                                         Payment. Licensee shall pay to Licensor the amount of Cdn.$250,000 (the “Milestone
                                         Payment”) within fifteen (15) days of notification of clearance by the United
                                         States Food and Drug Administration (“FDA”) of Licensee’s first
                                         Product for sale for human use, including any U.S. 510k or pre-market approval (“PMA”).

 

		5.3	Payment.

 

The Parties acknowledge that Fees payable
within Canada are subject to Harmonized Sales Tax (“HST”). Licensee shall provide to Licensor a statement as
to Licensee’s HST status and shall remit such amounts to Licensor as are required under Canadian HST legislation. Licensor
is registered to collect HST under registration number 10809 1281 RT0001.

 

		(a)	Licensee shall pay promptly all Fees to Licensor, free
and clear of all taxes or other charges, including income taxes except such taxes as Licensee shall be required by
law to withhold. Any withholding taxes or like charges which Licensee shall be required by law to withhold on remittance of the
Fees shall be deducted from Fees paid to Licensor. Licensee shall furnish Licensor with copies of official receipts for such taxes
or other charges. If any currency conversion shall be required in connection with the payment of Fees hereunder, such conversion
shall be made quarterly by using the published closing exchange rate (as published by the Bank of Canada) for the purchase of
Canadian Dollars for the day preceding the date of payment.

 

		(b)	If Licensee does not pay any amount owing to Licensor within thirty (30) days of such amount
                                                                                 becoming due, it shall pay such amount, plus interest calculated at the Prime Rate plus three percent, compounded monthly.
                                                                                 The payment of interest shall not be deemed an alternative to the payment of amounts owing on the due date, which payment,
                                                                                 shall be deemed to be in default and Licensor may terminate this Agreement as provided in Section 13.4 if Licensee fails to
                                                                                 remedy the default within the time period set out therein.

 

ARTICLE 6

LICENSOR REPRESENTATIONS AND WARRANTIES

 

		6.1	Right and Authority Warranty. Licensor represents
and warrants that it has the right and authority to grant the rights and licences granted herein, that it has not previously granted
any rights with respect to the Technology or the Intellectual Property Rights that would conflict with the rights granted hereunder
and further that each of the Inventors has assigned his respective right, title and interest in and to the Inventions and the
Technology to Licensor.

 

		6.2	No Lien on Intellectual Property Rights. Licensor
represents and warrants that, to its knowledge, the Technology is not subject to any outstanding order, ruling, decree, court
judgment or stipulation by or with any court, arbitrator or administrative agency. Licensor further represents and warrants that
it has proceeded with reasonable due diligence prior to filing for the Patents and that, to its actual knowledge, the Technology
docs not infringe on any patent or any other intellectual property rights of any Third Party.

 

    	 	- 10 -	 

     

    

 

		6.3	Validity. Nothing in this Agreement shall constitute
a representation or warranty by Licensor that any Patent pertaining to the Technology is valid or enforceable in any country.

 

		6.4	Exclusion. Except as expressly otherwise set forth
herein or provided by applicable law, any liability of the Parties and their respective directors, officers, employees, agents
or advisers for any misrepresentation or other act or omission made or committed in the preparation of this Agreement, but rot
included in this Agreement (including any liability in tort, for breach of pre-contractual obligations or under any implied representations
and warranties), shall be excluded.

 

		6.5	Inventors. Licensor confirms that, other than as
provided below in this Section 6.5, Nicolas Yak and each of the Inventors is currently, and has been since June 17, 2008, a member
of Licensor’s faculty and/or staff. Licensor and Licensee confirm and acknowledge that Kee Tang ceased to be a member of
Licensor’s faculty and/or staff on October 31, 2008 and that Dr. Bronskill ceased to be a member of Licensor’s faculty
and/or staff on June 30, 2009. Each of the Inventors and Nicolas Yak, to the extent that he contributed to the development of
Licensor Updates (including Licensor Updates which qualify as New Intellectual Property under the terms of the Sponsored Research
Agreement) while a member of Licensor’s faculty and/or staff, assigned to Licensor all of his respective right, title and
interest in and to all such Licensor Updates and New Intellectual Property.

 

ARTICLE 7

LICENSEE WARRANTIES

 

		7.1	Development and Use of Technology.

 

		(a)	Licensee shall diligently proceed with the integration of the Technology into, and the
                                                                                 development and manufacture of, Products in order to make them readily available to End Users for sale and use as soon as is
                                                                                 commercially reasonable.

 

		(b)	Licensee shall market the Products. All marketing and promotion
of Products and decisions with respect thereto shall be made by Licensee in the exercise of its absolute discretion.

 

		(c)	Licensee shall spend sufficient funds on the development
and sale of Products to reasonably carry out its obligations hereunder.

 

		(d)	Licensee shall use its commercially reasonable efforts, consistent with reasonable business
                                                                                 practices,  to perform the Milestones within the established timelines set forth on Schedule D.

 

		(e)	The Parties hereby agree that, upon the written request
of either of them, they will enter into good faith discussions with respect to the Milestones to be achieved after January 1,
2014 and, in particular, whether the Milestones remain appropriate in the context of Licensee’s progress and the state of
development of the Technology, it being understood that there shall be no change to the Milestones unless each of the Parties
agree to such change.

 

    	 	- 11 -	 

     

    

 

		7.2	Reports and Other Deliveries.

 

		(a)	Within forty-five (45) days of each calendar year end,
Licensee shall provide Licensor with a written report with respect to the Technology that sets out: (i) the amount of money spent
by Licensee on research and development, (ii) the amount of money spent by Licensee on operations, (iii) a summary of technological
and clinical progress achieved in the previous calendar year, and (iv) the regulatory status of any Products under development.

 

		(b)	Within forty-five (45) days of the calendar year end in
which Products are first sold to an End User, and within forty-five (45) days of each subsequent calendar year end thereafter,
Licensee shall provide Licensor with a written report with respect to the Technology that sets out: (i) a summary of all sales
and uses, if any, made of Products during the preceding Calendar Quarter, and (ii) the number and dollar amount of sales made
during such Calendar Quarter.

 

		(c)	Each written report delivered to Licensor shall include
at least the following:

 

		(i)	the number of Products manufactured;

 

		(ii)	the number of Products sold by Licensee;

 

		(iii)	an accounting for all Products used or sold by Licensee.

 

		(d)	Unless otherwise provided under the Sponsored Research
Agreement, Licensee shall provide Licensor with two copies of software and documentation for all major releases of Products developed
throughout the Term, which deliverables shall constitute Licensee’s Confidential Information and shall be treated in strict
confidence by Licensor in accordance with Article 11.

 

		(e)	Within forty-five (45) days of the date of this Amended and Restated Technology Licence
                                                                                 Agreement, Licensor will complete filing all remaining disclosure(s) contemplated pursuant to the terms of the Original
                                                                                 Technology Licence Agreement, including disclosing all Updates generated since the Effective Date and prior to May 16, 2011,
                                                                                 together with such assistance, advice and correspondence contemplated under Sections 8.2(a) and 8.2(b) of the Original
                                                                                 Technology License Agreement.

 

		7.3	Books and Records. Licensee shall keep complete,
true and accurate books of account containing the particulars that may be necessary for the purpose of showing the amounts payable
to Licensor hereunder, which books of account shall be kept at Licensee’s principal place of business or the principal place
of business of the appropriate division of Licensee to which this Agreement relates. Upon at least 24 hours advance notice to
Licensee and during regular working hours, all applicable books and the supporting data shall be available for inspection by Licensor
or its agents, on a confidential basis, not more than once during any calendar year during the term of this Agreement, unless
there is a discrepancy of greater than two percent (2%) from the amounts reported under Section 7.2, for the purpose of verifying
compliance with this Agreement, provided that any such inspection shall be conducted in a manner that does not unreasonably interfere
with Licensee’s normal operations.

 

    	 	- 12 -	 

     

    

 

		7.4	Good Faith. Licensee shall act reasonably and in
good faith in all respects regarding the Fees and Milestones, and Licensee shall not participate in any scheme, alliance, partnership
or other business arrangement or activity that has the effect of evading or reducing the Fees that would otherwise be payable.

 

ARTICLE 8

INTELLECTUAL PROPERTY PROSECUTION AND
MAINTENANCE

 

		8.1	Patent Fees. Licensee shall pay all future costs and legal fees incurred in the
                                                                                    preparation, filing and maintenance of United States patent applications US 2007/0239062 and US 2006/0206105. United States
                                                                                    patent US 6,589,174, or any issued patents thereof and any United States patents or patent applications derived from
                                                                                    confidential disclosure forms as listed in Schedule C, including any taxes payable with respect thereto. The parties hereby
                                                                                    confirm and agree that Licensee has paid to Licensor the amount of Cdn.$50,000 as reimbursement for Licensor’s
                                                                                    work and expenses incurred in connection with the Patents.

 

		8.2	Filings.

 

		(a)	Licensee shall, as between Licensor and Licensee, be responsible
for filing, prosecuting and maintaining the Patents and any subsequent patent applications relating to the Technology under this
Agreement. Licensee shall use reasonable efforts to obtain such patents and shall not allow such patents to lapse for failure
to comply with maintenance obligations. Licensor shall provide to Licensee all such assistance, at Licensee’s cost and expense,
as Licensee may reasonably request in connection with Licensee’s efforts to obtain and maintain such patents. Licensee shall
consult with Licensor (whose consent shall not be required) in order to determine in which countries other than the United States
to pursue any patent applications relating to the Technology, provided that, if Licensee elects not to pursue a patent application
in any country, Licensor shall be entitled to do so and (i) Licensee’s license for the Technology for such jurisdiction
shall promptly terminate; (ii) Licensor may license the Technology to a Third Party in such jurisdiction; and (iii) Licensee shall
provide such assistance to Licensor, at Licensor’s cost and expense, in this regard as Licensor may reasonably request.

 

		(b)	Licensee will keep Licensor reasonably advised of the progress
of prosecution and of any actions Licensee proposes to take or has taken in connection with the prosecution or maintenance of
the Patents or any patent application included in the definition of Patents. Licensee will provide Licensor with copies of correspondence
and all actions issued by patent authorities and shall consider, but is not obligated to incorporate, any comments, remarks or
suggestions Licensor may promptly provide to Licensee in writing at least (30) days prior to any patent office due dates of which
it becomes aware.

 

    	 	- 13 -	 

     

    

 

		(c)	Unless otherwise agreed, for all Technology and any Licensor
Updates thereof, the Parties agree that, if necessary, inventorship shall  be defined according to Title 35 of the United States
Code.

 

		8.3	Assignment of Rights.

 

		(a)	Licensor hereby
                                         grants to Licensee an option (the “Buy Out”) to acquire ownership
                                         of the Technology, including, without limitation, the Patents (the “Buy Out
                                         IP”) upon Licensee having satisfied or otherwise achieved the Buy Out Milestones
                                         and paying to Licensor the amount of Cdn $200,000, which amount shall be in addition
                                         to any Fees owing or already paid.

 

		(b)	Licensor shall assign to Licensee all of its (and of the Inventors’) right, title and
                                                                                 interest in and to the Buy Out IP, all pursuant to a written agreement prepared by Licensee and to be entered into by the
                                                                                 Parties, which agreement shall contain terms reasonable and customary in similar transactions (it being understood and agreed
                                                                                 that no consideration or amount other than the Cdn $200,000 amount noted in Section 8.3(a) plus reimbursement by Licensee for
                                                                                 all reasonable costs incurred by Licensor in connection with necessary third party consents or assistance (as notified to
                                                                                 Licensee in advance of the Buy Out becoming final) incurred in connection with meeting the Licensor’s obligations under
                                                                                 this Section 8.3(a) shall be payable in connection with such assignment). To the extent any rights to the Buy Out IP,
                                                                                 including any moral rights, are not capable of assignment under applicable law, Licensor hereby irrevocably and
                                                                                 unconditionally waives all enforcement of those rights to the maximum extent permitted under applicable law and agrees to
                                                                                 obtain such a waiver in writing from each Licensor personnel, each Inventor and any other personnel involved in the
                                                                                 development or creation of any part of the Buy Out IP. Upon Licensee’s request and at Licensee’s expense,
                                                                                 Licensor shall execute and deliver to Licensee all instruments and other documents, and shall take such other actions as may
                                                                                 be necessary or reasonably requested by Licensee, so that Licensee may protect and defend its rights in and to such Buy Out
                                                                                 IP.

 

		(c)	Licensee shall, in connection with any Buy Out, provide
to Licensor, upon completion of such Buy Out transaction, a license to use the Buy Out IP, without cost, for the purposes set
out in Section 2.4(b), on the same terms and conditions as set out therein.

 

		8.4	Infringement.

 

		(a)	Each Party will notify the other Party promptly upon becoming
aware of any claim or assertion by a Third Party that the Intellectual Property Rights infringe or otherwise are in violation
of a Third Party’s patents or intellectual property. The Parties shall promptly enter into discussions with the Third Party
to determine the existence and extent of the infringement and the Parties’ mutually agreed course of action. Each Party
will absorb its own costs of the discussions.

 

    	 	- 14 -	 

     

    

 

		(b)	Licensee and Licensor may agree to jointly defend or pursue litigation, but neither of them
                                                                                 shall bind or commit the other to any course of action which involves liability for legal costs, expenses or damages. If
                                                                                 Licensee and Licensor fail to agree, within a reasonable time, having regard to the normal progress of litigation, as to any
                                                                                 course of action which might be jointly taken, then either of them may take or defend proceedings alone, if legally entitled
                                                                                 to act alone, and shall be entitled to retain anything awarded to it by a court or paid to it as a settlement by the Third
                                                                                 Party. Where either Licensee or Licensor wishes to act alone or is unable to agree on a joint defence, but
                                                                                 formalities require participation of the other, then the other shall join in the proceeding to the extent necessary for
                                                                                 formalities. Each will cooperate with the other in making available all necessary documents and witnesses for any legal
                                                                                 proceedings. The Party acting alone will reimburse the other for its time and all costs associated with participation in the
                                                                                 proceedings, and making available of documents. If either Licensee or Licensor proceeds alone (or with the other as a
                                                                                 formality), it shall indemnify the other for reasonable legal costs for representation that is reasonably necessary and for
                                                                                 any court-ordered payments. Neither Licensee nor Licensor shall settle any such claim without the consent of the other, such
                                                                                 consent not to be unreasonably withheld.

 

		(c)	The Parties may negotiate with a Third Party to obtain any
additional rights required such as may arise if a Third Party’s patent emerges. Each Party shall absorb its own costs of
negotiation.

 

ARTICLE 9

PATENT MARKING

 

		9.1	Technology Patent. Licensor covenants to provide
issued patent numbers pertaining to the Technology to Licensee and such information will be set forth on Schedule B, as may be
amended from time to time.

 

		9.2	Patent Marking. Licensee shall mark all Products
made, used or sold pursuant to the terms of this Agreement, in accordance with all applicable patent marking laws and, prior to
marketing the Product, will obtain written confirmation from Licensor that all applicable patent numbers are set forth on Schedule
B. Thereafter, Licensor shall keep Licensee apprised of further Patents it wishes to have marked on Products.

 

ARTICLE 10

INDEMNIFICATION AND INSURANCE

 

		10.1	Disclaimer. Except as otherwise set forth in this Agreement, all Technology, Licensor
                                                                                     Updates and Intellectual Property Rights arc provided on an “as is” basis.

 

		10.2	Indemnification by Licensee. Licensee shall save, defend and hold Licensor and its
                                                                                     officers, directors, employees, consultants and agents harmless from and against any and all suits, claims, actions, demands,
                                                                                     liabilities, expenses and losses, including reasonable legal expenses and attorneys’ fees, resulting directly or
                                                                                     indirectly from this Agreement or the development or sale of Products (save and except for any and all suits, claims,
                                                                                     actions, demands, liabilities, expenses and losses to the extent caused by the gross negligence or wilful misconduct
                                                                                     of Licensor or arising directly or indirectly out of or in connection with the breach of this Agreement by Licensor). This
                                                                                     provision shall survive expiration or other termination of the Agreement.

 

    	 	- 15 -	 

     

    

 

		10.3	Insurance.

 

		(a)	Licensee, at  its own expense, shall maintain in full force and effect throughout the term of
                                                                                 this Agreement (and following termination thereof to cover any claims arising from the performance of this Agreement), a
                                                                                 policy of insurance at levels sufficient for the conduct of Licensee’s business and the services contemplated by this
                                                                                 Agreement, including the indemnification obligations hereunder, in such amounts and on terms as are customary in the
                                                                                 industry for the activities to be conducted by the License under this Agreement.

 

		(b)	Upon Licensor’s reasonable request, the amount of insurance coverage shall be increased
                                                                                 as may be reasonably necessary.

 

		(c)	The coming into force of this Agreement is conditional upon Licensor having reviewed a
                                                                                 certificate of insurance from the relevant insurance company, in a form acceptable to Licensor, acting reasonably, evidencing
                                                                                 Licensee’s compliance with the provisions of this Section 10.3. Such policy shall contain an endorsement by the insurer
                                                                                 providing that it shall not be cancelled or amended without thirty (30) days’ prior notice to Licensor. Licensee shall
                                                                                 provide any further certificates of such insurance to Licensor upon Licensor’s written request.

 

		10.4	No Consequential Damages. Except with respect to
each Party’s obligations under Article 11, Licensor’s representations under Section 6.2 and Licensee’s obligations
under Sections 10.2, neither Party shall be liable for consequential damages or indirect loss of whatever nature hereunder including,
but not limited to, lost profits, unless such damage was caused by the gross negligence or wilful misconduct of the breaching
party or others for whom such Party is responsible.

 

ARTICLE 11

CONFIDENTIALITY

 

		11.1	Confidential Information. Any Confidential Information
received by one Party (the “Recipient”) from the other Party (the “Disclosing Party”) pursuant
to this Agreement shall be used, disclosed or copied only for the purposes of, and only in accordance with, this Agreement. The
Recipient shall use, at a minimum, the same degree of care as it uses to protect its own Confidential Information of a similar
nature, but no less than reasonable care, to prevent the unauthorized use, disclosure or publication of the Disclosing Party’s
Confidential Information. Without limiting the generality of the foregoing:

 

		(a)	Recipient shall only disclose the Disclosing Party’s
Confidential Information to Recipient’s employees or any individual or entity which (i) has entered into a written agreement
with Recipient containing obligations of confidence substantially similar to (but no less protective of the Confidential Information
than) those contained in this Agreement and (b) needs access to the Disclosing Party’s Confidential Information consistent
with the Recipient’s rights under this Agreement;

 

    	 	- 16 -	 

     

    

 

		(c)	Recipient shall not make or have made any copies of the
Disclosing Party’s Confidential Information, except those copies which are reasonable for the purposes of this Agreement;
and

 

		(d)	Recipient shall affix to any copies it makes of the Disclosing
Party’s Confidential Information, to the extent reasonably practicable, all proprietary notices or legends affixed to the
Confidential Information as they appear on the copies of the Confidential Information originally received from the Disclosing
Party.

 

		11.2	Exclusions. Recipient shall not be bound by obligations
restricting disclosure set forth in this Agreement with respect to any Confidential Information which:

 

		(a)	was known by the Recipient prior to disclosure, as evidenced
by its written records;

 

		(b)	was lawfully in the public domain prior to its disclosure,
or lawfully becomes publicly available other than through a breach of this Agreement or any other confidentiality obligation on
behalf of any Third Party;

 

		(c)	was disclosed to the Recipient by a Third Party provided
such Third Party, or any other party from whom such Third Party receives such information, is not in breach of any confidentiality
obligation in respect of such information;

 

		(d)	is independently developed by the Recipient, as evidenced
by its written records; or

 

		(e)	is required to be disclosed for patient safety reason.

 

In addition, Disclosing Party’s Confidential
Information may be disclosed by a Recipient when such disclosure is compelled pursuant to legal, judicial or administrative proceedings,
or otherwise required by law, provided that Recipient advises the Disclosing Party of any such compelled disclosure
in a timely manner prior to making any such disclosure (so that Disclosing Party can apply for such legal protection as may be
available with respect to the confidentiality of the information which is to be disclosed), and provided that Recipient shall apply
for such legal protection as may be available with respect to the confidentiality of the Disclosing Party’s Confidential
Information which is required to be disclosed.

 

		11.3	Notice of Disclosures. Except for disclosures authorized
under the terms of this Agreement, each Party shall notify the other immediately upon learning of any unauthorized disclosure
of the other Party’s Confidential Information.

 

ARTICLE 12

ASSIGNMENT

 

		12.1	Assignment. This Agreement may not be assigned by
a Party except that a Party may assign this Agreement in connection with the sale of all or substantially all of the assets of
such Party provided that such Party provides at least sixty (60) days’ prior written notice to the other Party of the intent
to assign this Agreement and executes an instrument agreeing to remain bound by the terms of this Agreement and further provided
that, where such sale is by Licensee, such sale is a bona fide transaction entered into with a third party that deals at
arm’s length with Licensee and also with each of the holders of preferred shares in the capital of Licensee.

 

    	 	- 17 -	 

     

    

 

ARTICLE 13

TERM AND TERMINATION

 

		13.1	Term.
Subject to Sections 13.2, 13.3 and 13.6, the term of this Agreement (the “Term”) shall commence on the Effective
Date and will continue until the earlier of: (i) expiration of the last of the Patents to expire and (ii) the effective date of
the Buy Out.

 

		13.2	Breach. Subject to Section 13.4, if a Party is in
breach of, or fails to perform, a material obligation under this Agreement, and fails to cure such breach or perform such obligation
to the non-breaching Party’s satisfaction, acting reasonably, within thirty (30) days after the date of written notice thereof,
the non-breaching Party may, upon thirty (30) days’ additional written notice, terminate this Agreement. For the purposes
of this Agreement, breach of a “material obligation” shall include, but not be limited to; (a) use of the Technology
and/or Intellectual Property Rights outside of, or otherwise committing or causing to be committed a material act that is outside
of the scope of, the licences set forth in Article 2 of this Agreement, (b) authorizing or knowingly acquiescing in an End User’s
use of the Product for a purpose other than specified in Section 2.1 of this Agreement, or (c) committing or causing to be committed
an act that is a material breach of Article 11 (Confidentiality).

 

		13.3	Termination
                                         on Bankruptcy, Insolvency. In the event that (a) a Party ceases to operate as a going
                                         concern, or (b) a decree or order of a competent court is entered finally (i) winding
                                         up all the affairs of such Party and its Affiliates under the Companies Creditors
                                         Arrangement Act (Canada), the Bankruptcy and Insolvency Act (Canada) or the
                                         Winding-Up and Restructuring Act (Canada), United States Bankruptcy Code,
                                         or any other bankruptcy, insolvency or analogous law, or (ii) ordering the winding-up
                                         or liquidation of such Party, and any such decree or order continues and is in effect
                                         for a period of thirty (30) days from its issuance and is not withdrawn or discharged
                                         within such thirty (30) days of issuance, the other Party shall have the right to terminate
                                         this Agreement after the relevant cure period, if any.

 

		13.4	Non-Performance Termination. Licensor may terminate
this Agreement, effective immediately, if Licensee is determined to be in non-performance (as set out in Schedule D) of any of
the Milestones or if it defaults in any of its payment obligations hereunder and does not: (i) in the case of achievement of Milestones,
cure such non-performance within thirty (30) days of receipt of written notice from Licensor as to such non-performance, all as
stipulated and in accordance with the description of the Milestones in Schedule D; and (ii) in the case of a payment obligation,
cure such default within thirty (30) days of receipt of written notice from Licensor as to such default.

 

		13.5	Conduct on Termination of this Agreement. On termination
of this Agreement other than in connection with the Buy Out or expiry of the Term:

 

    	 	- 18 -	 

     

    

 

		(a)	Licensee shall cease to initiate any new sale of Products.
Licensee may complete the sale of all Products with respect to (i) written purchase orders that require delivery within ninety
(90) days of such termination, or (ii) outstanding quotations to actual and prospective customers, provided these quotations expire
within thirty (30) days of such termination;

 

		(b)	Licensee shall, within thirty (30) days of such termination,
return to Licensor or, if so requested by Licensor, certify in writing to Licensor that all copies of the Technology, Licensor
Updates and Confidential Information in the possession or under the legal control of Licensee have been destroyed; and

 

		(c)	all existing obligations that have accrued to the date of such termination shall be
                                                                                 honoured.

 

		13.6	Survival. The following provisions shall survive termination or expiry of this
                                                                                     Agreement: Article 1 (Definitions), Article 3 (Ownership) (except in the case of termination in connection with the Buy Out,
                                                                                     in which case Article 3 shall not survive), Article 10 (Indemnification), Article 11 (Confidentiality), Section 13.5 (Conduct
                                                                                     on Termination of this Agreement), Section 13.6 (Survival), Article 14 (Arbitration) and Article 15 (General).

 

ARTICLE 14

ARBITRATION

 

		14.1	Arbitration. Subject to either Party’s right
to seek injunctive or other temporary relief in any court or other tribunal of competent jurisdiction, any controversy, dispute,
difference of opinion or failure to agree which shall arise between the Parties concerning this Agreement or its construction
or application, or the rights, duties and obligations of any Party to this Agreement, shall be resolved in the following listed
order as needed:

 

		(a)	Direct negotiation
                                         between Licensee and Licensor with specific regard to the disputed item and reconciliation
                                         thereof in good faith, to continue for a maximum period of fifteen (15) days from the
                                         “date of initial dispute”, which shall mean the date of notice under
                                         Section 14.1 of a dispute initialed by a Party;

 

		(b)	Mediation between Licensee and Licensor through an independent
individual (“Mediator”), selected upon mutual agreement by the Parties, who has at least ten (10) years experience
in the practice of law relating to the subject matter of the dispute, is familiar with details of the disputed item and can assist
in reconciliation thereof in good faith, to continue for a maximum period of thirty (30) days from the date of initial dispute;
and

 

		(c)	Arbitration before a sole arbitrator (“Arbitrator”), selected upon mutual
                                                                                 agreement by the Parties, the award and determination for which shall be final and binding upon the Parties. If the Parties
                                                                                 do not agree upon the Arbitrator, each Party may apply to a judge of the Ontario Court, General Division under the Arbitration
                                                                                 Act. 1991 (Ontario) (the “Arbitration Act”) for the appointment of the Arbitrator. The rules and
                                                                                 procedures of the Arbitration Act shall apply to any arbitration conducted hereunder. Unless otherwise agreed to by the
                                                                                 Parties in writing, the arbitration shall take place in Toronto in the English language. The Parties shall jointly pay and be
                                                                                 responsible for the costs of the arbitration, provided that the Arbitrator may make an award of costs upon the conclusion of
                                                                                 the arbitration making one of the Parties liable to pay the costs of the other Party.

 

    	 	- 19 -	 

     

    

 

		14.2	Notwithstanding Section 14.1, the individual selected as
Mediator or Arbitrator shall be (a) qualified by education and experience to decide the matter in dispute and, in the case of
any dispute regarding the performance of the Milestones, an expert in the Field of Use; and (b) at arm’s length from the Parties
and shall not be a member of the audit or legal firm or firms who advise the Parties, nor shall the Mediator or Arbitrator be
an individual who is, or is a member of a firm, otherwise regularly retained by each of the Parties.

 

ARTICLE 15

GENERAL

 

		15.1	Notices. All notices shall be in writing and sent
by certified or registered mail, return receipt requested, or by hand delivery to the other Party at the following address or
fax number:

 

		(a)	If to Licensor:

 

Sunnybrook Health Sciences Centre

2075 Bayview Avenue

Toronto, Ontario M4N 3M5

 

	Attention: 	Leslie Boehm, Director of Operations and Business Development
	Fax:	(416) 480-5814

 

		(b)	If to Licensee:

 

Profound Medical Inc.

c/o Genesys Ventures II

200 Front Street West, Ste 3004

Toronto, Ontario M5V 3K2

 

	Attention:	Paul Chipperton, Chief Operating Officer
	Fax:	(416) 598-3328

 

Such notices shall be deemed to have been
received five (5) Business Days after mailing if forwarded by mail or on the day of receipt if delivered by hand or fax. The address
of either Party may be changed by giving notice to the other Party in accordance with the foregoing.

 

		15.2	Independent Contractors. No agency, partnership,
joint venture or employment relationship is or shall be created by virtue of this Agreement.

 

		15.3	Publicity. Neither Party shall use the name of the
other Party or make any reference to the terms of this Agreement in any advertising, public relations, promotional materials or
media releases without the prior written consent of such other Party, except that Licensee may state that it has licensed Technology
from Licensor.

 

    	 	- 20 -	 

     

    

 

		15.4	Entire Agreement. The attached Schedules form part
of this Agreement and are incorporated by reference herein. This Agreement and the Sponsored Research Agreement, entered into
between the Parties as of the same effective date constitute the entire agreement between the Parties as to the subject matter
contained herein and supersedes all other agreements between the Parties concerning such subject matter. This Agreement may only
be modified by an instrument in writing executed by each Party’s duty authorized representative.

 

		15.5	Headings. The headings, sections and articles are
inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of
this Agreement.

 

		15.6	Waiver. Any waiver of, or consent to depart from,
the requirements of any provision of this Agreement shall be effective only if it is in writing and signed by the Party giving
it, and only in the specific instance and for the specific purpose for which it has been given. No failure on the part of any
Party to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver of such right. No single
or partial exercise of any such right shall preclude any other or further exercise of such right or the exercise of any other
right.

 

		15.7	Governing Law. This Agreement shall be governed
by, and interpreted and enforced in accordance with, the laws in force in the Province of Ontario (excluding any conflict of laws
rule or principle which might refer such questions to the laws of another jurisdiction). Each Party irrevocably attorns to and
submits to the non-exclusive jurisdiction of the courts of Ontario with respect to any matter arising hereunder or related hereto.

 

		15.8	Severability. If any one or more of the provisions
contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provisions of this Agreement. All other provisions shall remain in full
force and effect.

 

		15.9	Due Authority. The persons executing this Agreement
on behalf of Licensor and Licensee represent and warrant that they are duly authorized to legally bind Licensor and Licensee,
respectively, to the terms and conditions of this Agreement.

 

		15.10	Gender and Number. Any reference in this Agreement
to gender includes all genders and words importing the singular number only shall include the plural and vice versa.

 

		15.11	Currency. All dollar amounts referred to herein
are in Canadian currency, unless otherwise indicated.

 

		15.12	Further Assurances. Each Party shall from time to
time promptly execute and deliver and take all further action as may be reasonably necessary or appropriate to give effect to
the provisions and intent of this Agreement and to complete the transactions contemplated by this Agreement.

 

    	 	- 21 -	 

     

    

 

		15.13	Counterparts; Facsimile. This Agreement may be executed
in counterparts and transmitted by facsimile, each of which shall be deemed an original and all of which, taken together, shall
constitute one and the same instrument.

 

[REMAINDER OF THIS PAGE INTENTIONALLY
LEFT BLANK]

 

    	 	- 22 -	 

     

    

 

IN WITNESS WHEREOF, the Parties
have executed this Agreement as of the date first written above.

 

	 	SUNNYBROOK HEALTH SCIENCES CENTRE
	 	 
	 	By:	/s/ Michael
    Julius
	 	 	Authorized Signature
	 	 	 
	 	Date:     	May 18, 2011
	 	 	 
	 	By:	/s/ Ahsan
    Welch
	 	 	Authorized Signature
	 	 	 
	 	Date:	May 18, 2011
	 	 	 
	 	PROFOUND MEDICAL INC.
	 	 
	 	By:	/s/ Paul
    Chipperton
	 	 	Authorized Signature
	 	 	 
	 	Date:	May 25, 2011

 

     

     

    

 

SCHEDULE A

TECHNOLOGY DESCRIPTION

 

MRI-guided transurethral ultrasound therapy
is an image-guided, minimally-invasive treatment for localized prostate cancer performed within a standard clinical MR imager.
High-intensity ultrasound energy is delivered from a device in the urethra using rotational control to generate a precise region
of thermal coagulation in the prostate gland. Real-time temperature maps acquired with MRI during heating are used as active feedback
to ensure a precise region of thermal damage is generated within the prostate gland. The nature of the heating applicator enables
a high degree of spatial control over tissue heating which improves targeting within the prostate gland while reducing damage to
surrounding tissues, the main limitation of existing treatments for prostate cancer. The hardware, software and medical devices
that make up this technology have been developed within the Imaging Research group at Sunnybrook Health Sciences Centre over the
past eight years through peer-reviewed grant support.

 

The technology is designed to treat low-
to moderate-risk localized prostate cancer which is the most rapidly growing segment in this patient population due to widespread
use of PSA testing and ultrasound-guided transrectal biopsy. In this population, a minimally invasive treatment that can be delivered
efficiently with high precision and minimal recovery time would be highly desirable from the perspective of patients, clinicians
and healthcare providers due to the significant complications and lengthy recovery times that accompany conventional radical treatments.

 

The potential features of this technology
are:

 

		1.	the minimally-invasive transurethral approach;

 

		2.	the incorporation of real-time quantitative MR temperature
imaging for precise control of treatment

 

		3.	short treatment time (~30 minutes);

 

		4.	rapid recovery; and

 

		5.	the capability to perform multiple treatments in  the case of recurrent disease or deliberate
                                                                            focal therapy.

 

     

     

    

 

SCHEDULE B

PATENT APPLICATIONS; PATENTS; AND COPYRIGHTS

 

Chopra and Bronskill: US 6589174 Technique
and apparatus for ultrasound therapy.

 

Chopra, Bronskill & Burtnyk:
US20060206105 Treatment of diseased tissue using controlled ultrasonic heating.

 

Chopra, Bronskill & Tang: US20070239062
Method and apparatus for obtaining quantitative temperature measurements in prostate and other tissue undergoing thermal therapy
treatment.

 

     

     

    

 

SCHEDULE C

CONFIDENTIAL INVENTION FORMS

 

Sunnybrook Research Institute Confidential Invention Disclosures:

 

Chopra, Bronskill & Burtnyk:
3D algorithm to control transurethral ultrasound heating including temperature noise reduction and extrapolation techniques.

 

Chopra & Bronskill: Rectal cooling device for use with transurethral
thermal therapy.

 

     

     

    

 

SCHEDULE D

 

		Part 1.	BUY OUT MILESTONES

 

	Event	 	Sunset
    Dale
	 	 	 
	Treatment of first human patient using the Technology	 	December
    31, 2010
	 	 	 
	Total direct Third Party investment in Licensee (whether through equity or debt financing, government grants, refundable tax credits or other sources of non-dilutive financing) of at least Cdn $7.5 million or such lesser amount as the Board of Directors of Licensee determines (acting in good faith) is sufficient to fund Licensee’s business plan and to enable Licensee to develop a Product.	 	December
31, 2012
	 	 	 
	PMA or 510k regulatory approval	 	December 31, 2018

 

		Part 2.	MILESTONES

 

Licensee will use its commercially reasonable
efforts to develop and commercialize the Technology as it extends to all other intellectual property and technology under its control.
Formal performance reviews may be performed by Licensor every six (6) months from the Effective Date to the termination or expiry
of this Agreement. At each review, Licensee will provide a full description of the research and development being performed and
to be performed with the Technology by the Licensee, including copies of relevant internal disclosures, reports and memos.

 

Non-performance will be regarded as two
(2) consecutive reviews in which Licensor, acting reasonably, determines that the progress of the research and development that
the Licensee has performed up to the relevant date, in the context of Licensee’s goal to achieve 510k regulatory approval
from the U.S. Food and Drug Administration or a PMA from it or any similar regulatory authority by the Sunset Date noted above,
is not satisfactory, provided that Licensor shall provide written notice to Licensee of the results of each such investigation.
Any conclusion as to non-performance shall be conclusive, subject only to the dispute resolution provisions of this Agreement.

 

     

     

    

 

SCHEDULE E

LEASED PREMISES

 

Up to 1000 square feet at 3080 Yonge St. Toronto, Ontario.

 

Space can be increased by mutual consent, such consent not to
be unreasonably withheld.

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