Document:

Exhibit 10.3

 

INDEMNITY AGREEMENT

 

This INDEMNITY AGREEMENT (this
“Agreement”) is made as of June 17, 2021, by and between TCW Special Purpose Acquisition Corp., a Delaware
corporation (the “Company”), and David Rye (“Indemnitee”).

 

RECITALS

 

WHEREAS, highly competent
persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities unless they are provided
with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising
out of their service to and activities on behalf of such corporations;

 

WHEREAS, the board
of directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals,
the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company
and its subsidiaries from certain liabilities;

 

WHEREAS, directors,
officers and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming
litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise
itself;

 

WHEREAS, the Second
Amended and Restated Certificate of Incorporation (the “Charter”) and the Bylaws (“Bylaws”)
of the Company require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification
pursuant to applicable provisions of the Delaware General Corporation Law (“DGCL”). The Charter, Bylaws and
the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts
may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification, hold harmless,
exoneration, advancement and reimbursement rights;

 

WHEREAS, the uncertainties
relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board
has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s
stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate and to advance expenses
on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company
free from undue concern that they will not be so protected against liabilities;

 

WHEREAS, this Agreement
is a supplement to and in furtherance of the Charter and Bylaws and any resolutions adopted pursuant thereto, and shall not be deemed
a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee
may not be willing to serve as an officer or director, advisor or in another capacity without adequate protection, and the Company desires
Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf
of the Company on the condition that Indemnitee be so indemnified.

 

     

     

    

 

NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, and subject to the provisions of the letter agreement dated as of the
date hereof between the Company and Indemnitee, the Company and Indemnitee do hereby covenant and agree as follows:

 

TERMS AND CONDITIONS

 

1. SERVICES TO THE COMPANY
Indemnitee will serve or continue to serve as an officer, director, advisor, key employee or in any other capacity of the Company, as
applicable, for so long as Indemnitee is duly elected or appointed or retained or until Indemnitee tenders Indemnitee’s resignation
or until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force and effect after Indemnitee
has ceased to serve as a director, officer, advisor, key employee or in any other capacity of the Company, in each case as provided in
Section 17 hereof. This Agreement, however, shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s
service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

2. DEFINITIONS. As
used in this Agreement:

 

(a) “agent”
shall mean any person who is or was a director, officer or employee of the Company or a subsidiary of the Company or other person authorized
by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, fiduciary or
other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise at the request
of, for the convenience of, or to represent the interests of the Company or a subsidiary of the Company.

 

(b) “Beneficial
Owner” and “Beneficial Ownership” shall have the meanings set forth in Rule 13d-3
promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

 

(c) “Change in
Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following
events:

 

(i) Acquisition of Stock
by Third Party. Other than TCW Special Purpose Sponsor LLC (the “Sponsor”) or any of its affiliates, any
Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifteen
percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote generally in the
election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities by any Person results
solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors,
or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and such acquisition would not constitute
a Change in Control under part (iii) of this definition;

 

(ii) Change in Board of Directors.
Individuals who, as of the date hereof, constitute the Board, and any new director whose election by the Board or nomination for election
by the Company’s stockholders was approved by a vote of at least two thirds of the directors then still in office who were directors
on the date hereof or whose election for nomination for election was previously so approved (collectively, the “Continuing
Directors”), cease for any reason to constitute at least a majority of the members of the Board;

 

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(iii) Corporate Transactions.
The effective date of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination,
involving the Company and one or more businesses (a “Business Combination”), in each case, unless, following
such Business Combination: (1) all or substantially all of the individuals and entities who were the Beneficial Owners of securities entitled
to vote generally in the election of directors immediately prior to such Business Combination beneficially own, directly or indirectly,
more than 51% of the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election
of directors resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction
owns the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries (as defined
below)) in substantially the same proportions as their ownership immediately prior to such Business Combination, of the securities entitled
to vote generally in the election of directors; (2) other than an affiliate of the Sponsor, no Person (excluding any corporation resulting
from such Business Combination) is the Beneficial Owner, directly or indirectly, of fifteen percent (15%) or more of the combined voting
power of the then outstanding securities entitled to vote generally in the election of directors of the surviving corporation except to
the extent that such ownership existed prior to the Business Combination; and (3) at least a majority of the Board of Directors of the
corporation resulting from such Business Combination were Continuing Directors at the time of the execution of the initial agreement,
or of the action of the Board of Directors, providing for such Business Combination;

 

(iv) Liquidation. The
approval by the stockholders of the Company of a complete liquidation of the Company or an agreement or series of agreements for the sale
or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the Company’s current
receivables or escrows due (or, if such stockholder approval is not required, the decision by the Board to proceed with such a liquidation,
sale, or disposition in one transaction or a series of related transactions); or

 

(v) Other Events. There
occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or
any successor rule) (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined
below), whether or not the Company is then subject to such reporting requirement.

 

(d) “Corporate
Status” describes the status of a person who is or was a director, officer, trustee, general partner, manager, managing
member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which such person is or was serving
at the request of the Company.

 

(e) “Delaware
Court” shall mean the Court of Chancery of the State of Delaware.

 

(f) “Disinterested
Director” shall mean a director of the Company who is not and was not a party to the Proceeding (as defined below) in respect
of which indemnification is sought by Indemnitee.

 

(g) “Enterprise”
shall mean the Company and any other corporation, constituent corporation (including any constituent of a constituent) absorbed in a consolidation
or merger to which the Company (or any of its wholly owned subsidiaries) is a party, limited liability company, partnership, joint venture,
trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer,
trustee, manager, general partner, managing member, fiduciary, employee or agent.

 

(h) “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

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(i) “Expenses”
shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever, including, without limitation, all
reasonable attorneys’ fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses,
fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage, delivery
service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses in connection with prosecuting,
defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise
participating in, a Proceeding (as defined below), including reasonable compensation for time spent by Indemnitee for which he or she
is not otherwise compensated by the Company or any third party. Expenses also shall include Expenses incurred in connection with any appeal
resulting from any Proceeding (as defined below), including without limitation the principal, premium, security for, and other costs relating
to any cost bond, supersedeas bond, or other appeal bond or its equivalent. “Expenses,” however, shall not include amounts
paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(j) “fines”
shall include any excise tax assessed on Indemnitee with respect to any employee benefit plan.

 

(k) “Independent
Counsel” shall mean a law firm or a member of a law firm with significant experience in matters of corporate law
and that neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter
material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees
under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable
standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement.

 

(l) “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as in effect on the date hereof; provided,
however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries (as defined below) of the Company; (iii) any
employment benefit plan of the Company or of a Subsidiary (as defined below) of the Company or of any corporation owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company; and (iv) any trustee
or other fiduciary holding securities under an employee benefit plan of the Company or of a Subsidiary (as defined below) of the Company
or of a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership
of stock of the Company.

 

(m) “Proceeding”
shall include any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or
otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative or related
nature, in which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact that Indemnitee is or was
a director or officer of the Company, by reason of any action (or failure to act) taken by Indemnitee or of any action (or failure to
act) on Indemnitee’s part while acting as a director or officer of the Company, or by reason of the fact that Indemnitee is or was
serving at the request of the Company as a director, officer, trustee, general partner, manager, managing member, fiduciary, employee
or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred
for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement.

 

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(n) “serving at
the request of the Company” shall include any service as a director, officer, employee, agent or fiduciary of the
Company which imposes duties on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee
benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed
to be in the best interests of the participants and beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted
in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

(o) “Subsidiary,”
with respect to any Person, shall mean any corporation, limited liability company, partnership, joint venture, trust or other entity of
which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by that Person.

 

3. INDEMNITY IN THIRD-PARTY
PROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and exonerate Indemnitee
in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to be made, a party to or a participant
(as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment
in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 3, Indemnitee shall be indemnified, held
harmless and exonerated against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including all interest,
assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, liabilities, fines, penalties
and amounts paid in settlement) actually, and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such
Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to
be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe
that Indemnitee’s conduct was unlawful.

 

4. INDEMNITY IN PROCEEDINGS
BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless and
exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or is threatened to be made, a
party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right of the Company to procure a judgment
in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section 4, Indemnitee shall be indemnified, held
harmless and exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company. No indemnification, hold harmless or exoneration for Expenses shall be made
under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court
to be liable to the Company, unless and only to the extent that any court in which the Proceeding was brought or the Delaware Court shall
determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is
fairly and reasonably entitled to indemnification, to be held harmless or to exoneration.

 

5. INDEMNIFICATION FOR
EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement except for Section
27, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or a participant in) and
is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part,
the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses
actually and reasonably incurred by Indemnitee in connection therewith. If Indemnitee is not wholly successful in such Proceeding but
is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company
shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter.
If Indemnitee is not wholly successful in such Proceeding, the Company also shall, to the fullest extent permitted by applicable law,
indemnify, hold harmless and exonerate Indemnitee against all Expenses reasonably incurred in connection with a claim, issue or matter
related to any claim, issue, or matter on which Indemnitee was successful. For purposes of this Section 5 and without limitation,
the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful
result as to such claim, issue or matter.

 

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6. INDEMNIFICATION FOR
EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement, except for Section 27, to the extent that Indemnitee
is, by reason of Indemnitee’s Corporate Status, a witness or deponent in any Proceeding to which Indemnitee was or is not a party
or threatened to be made a party, Indemnitee shall, to the fullest extent permitted by applicable law, be indemnified, held harmless and
exonerated against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

7. ADDITIONAL INDEMNIFICATION,
HOLD HARMLESS AND EXONERATION RIGHTS. Notwithstanding any limitation in Sections 3, 4, or 5 hereof and subject
to Section 27, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee
if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company
to procure a judgment in its favor) against all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including
all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, liabilities,
fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection with the Proceeding. No
indemnification, hold harmless or exoneration rights shall be available under this Section 7 on account of Indemnitee’s conduct
which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its stockholders or is an act or omission not in good
faith or which involves intentional misconduct or a knowing violation of applicable law.

 

8. CONTRIBUTION IN THE
EVENT OF JOINT LIABILITY.

 

(a) To the fullest extent
permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided for in this Agreement are unavailable
to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless or exonerating Indemnitee,
shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for judgments, liabilities, fines, penalties, amounts
paid or to be paid in settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to contribute to
such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against Indemnitee.

 

(b) The Company shall not
enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding)
unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

(c) The Company hereby agrees
to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be brought by officers, directors
or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

 

9. EXCLUSIONS. Notwithstanding
any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnification, advance expenses,
hold harmless or exoneration payment in connection with any claim made against Indemnitee:

 

(a) for which payment has
actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement provision and which
payment has not subsequently been returned, except with respect to any excess beyond the amount actually received under any insurance
policy, contract, agreement, other indemnity or advancement provision or otherwise;

 

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(b) for an accounting of profits
made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b)
of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common law; or

 

(c) except as otherwise provided
in Sections 14(f)-(g) hereof, prior to a Change in Control, in connection with any Proceeding (or any part of any Proceeding) initiated
by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors,
officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its
initiation or (ii) the Company provides the indemnification, hold harmless or exoneration payment, in its sole discretion, pursuant to
the powers vested in the Company under applicable law. Indemnitee shall seek payments or advances from the Company only to the extent
that such payments or advances are unavailable from any insurance policy of the Company covering Indemnitee.

 

10. ADVANCES OF EXPENSES;
DEFENSE OF CLAIM.

 

(a) Notwithstanding any provision
of this Agreement to the contrary, except for Section 27, and to the fullest extent not prohibited by applicable law, the Company
shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee within three months)
in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement or statements requesting such advances
from time to time, prior to the final disposition of any Proceeding. Advances shall, to the fullest extent permitted by law, be unsecured
and interest free. Advances shall, to the fullest extent permitted by law, be made without regard to Indemnitee’s ability to repay
the Expenses and without regard to Indemnitee’s ultimate entitlement to be indemnified, held harmless or exonerated under the other
provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to enforce this right
of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. To the
fullest extent required by applicable law, such payments of Expenses in advance of the final disposition of the Proceeding shall be made
only upon the Company’s receipt of an undertaking, by or on behalf of Indemnitee, to repay the advanced amounts to the extent that
it is ultimately determined that Indemnitee is not entitled to be indemnified, held harmless or exonerated by the Company under the provisions
of this Agreement, the Charter, the Bylaws, applicable law or otherwise. This Section 10(a) shall not apply to any claim made by
Indemnitee for which an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9 hereof.

 

(b) The Company will be entitled
to participate in the Proceeding at its own expense.

 

(c) The Company shall not
settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, liability, fine, penalty or limitation
on Indemnitee without Indemnitee’s prior written consent.

 

11. PROCEDURE FOR NOTIFICATION
AND APPLICATION FOR INDEMNIFICATION.

 

(a) Indemnitee agrees to notify
promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document
relating to any Proceeding, claim, issue or matter therein which may be subject to indemnification, hold harmless or exoneration rights,
or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any
obligation which it may have to Indemnitee under this Agreement, or otherwise.

 

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(b) Indemnitee may deliver
to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement. Such application(s)
may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole discretion. Following such a
written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification shall be determined according
to Section 12(a) of this Agreement.

 

12. PROCEDURE UPON APPLICATION
FOR INDEMNIFICATION.

 

(a) A determination, if required
by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made in the specific case by one of the
following methods: (i) if no Change in Control has occurred (x) by a majority vote of the Disinterested Directors, even though less than
a quorum of the Board, (y) by a committee of Disinterested Directors, even though less than a quorum of the Board, or (z) if there are
no Disinterested Directors, or if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a
copy of which shall be delivered to Indemnitee; or (ii) if a Change in Control has occurred, by Independent Counsel in a written opinion
to the Board, a copy of which shall be delivered to Indemnitee. The Company promptly will advise Indemnitee in writing with respect to
any determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification
has been denied. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten
(10) days after such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination
with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable
advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’ fees
and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne
by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby agrees
to indemnify and to hold Indemnitee harmless therefrom.

 

(b) In the event the determination
of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof, the Independent Counsel
shall be selected as provided in this Section 12(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee
shall request that such selection be made by the Board), and Indemnitee shall give written notice to the Company advising it of the identity
of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel is selected by the Board, the Company shall
give written notice to Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected and certifying that the Independent
Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement. In either
event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been
received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that
such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis
of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection
is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection
is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20) days after
submission by Indemnitee of a written request for indemnification pursuant to Section 11(b) hereof, no Independent Counsel shall
have been selected and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection
which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment
as Independent Counsel of a person selected by the Delaware Court, and the person with respect to whom all objections are so resolved
or the person so appointed shall act as Independent Counsel under Section 12(a) hereof. Upon the due commencement of any judicial
proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of
any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

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(c) The Company agrees to
pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent Counsel against
any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

 

13. PRESUMPTIONS AND EFFECT
OF CERTAIN PROCEEDINGS.

 

(a) In making a determination
with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination shall presume that Indemnitee
is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section
11(b) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making
by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including by the
Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this
Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual
determination by the Company (including by the Disinterested Directors or Independent Counsel) that Indemnitee has not met such applicable
standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(b) If the person, persons
or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled to indemnification
shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination
of entitlement to indemnification shall, to the fullest extent permitted by law, be deemed to have been made and Indemnitee shall be entitled
to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a final judicial determination
that any or all such indemnification is expressly prohibited under applicable law; provided, however, that such 30-day period may be extended
for a reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect
to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or
information relating thereto.

 

(c) The termination of any
Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or
its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee
to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed
to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable
cause to believe that Indemnitee’s conduct was unlawful.

 

    9

     

    

 

(d) For purposes of any determination
of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of
account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the directors, trustees, general
partners, managers or managing members or officers of the Enterprise in the course of their duties, or on the advice of legal counsel
for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or managing member of the
Enterprise, or on information or records given or reports made to the Enterprise, its Board, any committee of the Board or any director,
trustee, general partner, manager or managing member of the Enterprise, by an independent certified public accountant or by an appraiser
or other expert selected by the Enterprise, its Board, any committee of the Board or any director, trustee, general partner, manager or
managing member. The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit in any way the other circumstances
in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

 

(e) The knowledge and/or actions,
or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary, agent or employee of the Enterprise
shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

14. REMEDIES OF INDEMNITEE.

 

(a) In the event that (i)
a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this
Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant to Section
10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a)
of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification
is not made pursuant to Section 5, 6, 7 or the last sentence of Section 12(a) of this Agreement within ten
(10) days after receipt by the Company of a written request therefor, (v) a contribution payment is not made in a timely manner pursuant
to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not
made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee
pursuant to any hold harmless or exoneration rights under this Agreement or otherwise is not made in accordance with this Agreement, Indemnitee
shall be entitled to an adjudication by the Delaware Court to such indemnification, hold harmless, exoneration, contribution or advancement
rights. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single arbitrator
pursuant to the Commercial Arbitration Rules and Mediation Procedures of the American Arbitration Association. Except as set forth herein,
the provisions of Delaware law (without regard to its conflict of laws rules) shall apply to any such arbitration. The Company shall not
oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b) In the event that a determination
shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial
proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial, or arbitration,
on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination.

 

(c) In any judicial proceeding
or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled to be indemnified, held harmless,
and exonerated and to receive advancement of Expenses under this Agreement and the Company shall have the burden of proving Indemnitee
is not entitled to be indemnified, held harmless, and exonerated and to receive advancement of Expenses, as the case may be, and the Company
may not refer to or introduce into evidence any determination pursuant to Section 12(a) of this Agreement adverse to Indemnitee
for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 14, Indemnitee shall not
be required to reimburse the Company for any advances pursuant to Section 10 of this Agreement until a final determination is made
with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed).

 

    10

     

    

 

(d) If a determination shall
have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be
bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

(e) The Company shall be precluded
from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the procedures and presumptions
of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the
Company is bound by all the provisions of this Agreement.

 

(f) The Company shall indemnify
and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within
ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the fullest extent permitted by applicable
law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee: (i)
to enforce his or her rights under, or to recover damages for breach of, this Agreement or any other indemnification, hold harmless, exoneration,
advancement or contribution agreement or provision of the Charter, or the Bylaws now or hereafter in effect; or (ii) for recovery or advances
under any insurance policy maintained by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee ultimately
is determined to be entitled to such indemnification, hold harmless or exoneration right, advancement, contribution or insurance recovery,
as the case may be (unless such judicial proceeding or arbitration was not brought by Indemnitee in good faith).

 

(g) Interest shall be paid
by the Company to Indemnitee at the legal rate under Delaware law for amounts which the Company indemnifies, holds harmless or exonerates,
or advances, or is obliged to indemnify, hold harmless or exonerate or advance for the period commencing with the date on which Indemnitee
requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses and ending with
the date on which such payment is made to Indemnitee by the Company.

 

15. SECURITY. Notwithstanding
anything herein to the contrary, except for Section 27 hereof, to the extent requested by Indemnitee and approved by the Board,
the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through
an irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked
or released without the prior written consent of Indemnitee.

 

16. NON-EXCLUSIVITY; SURVIVAL
OF RIGHTS; INSURANCE; SUBROGATION.

 

(a) The rights of Indemnitee
as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under
applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment,
alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement
in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced or completed) or claim, issue or matter
therein arising out of, or related to, any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to
such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits
greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently under the Charter,
the Bylaws or this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits
so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other
right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other right or remedy.

 

    11

     

    

 

(b) The DGCL, the Charter
and the Bylaws permit the Company to purchase and maintain insurance or furnish similar protection or make other arrangements including,
but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”
on behalf of Indemnitee against any liability asserted against Indemnitee or incurred by or on behalf of Indemnitee or in such capacity
as a director, officer, employee or agent of the Company, or arising out of Indemnitee’s status as such, whether or not the Company
would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement or under the DGCL, as it may
then be in effect. The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in any way limit or
affect the rights and obligations of the Company or of Indemnitee under this Agreement except as expressly provided herein, and the execution
and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights and obligations of the Company
or the other party or parties thereto under any such Indemnification Arrangement.

 

(c) To the extent that the
Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees, partners, managers,
managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person serves at the request
of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of
the coverage available for any such director, officer, trustee, partner, managers, managing member, fiduciary, employee or agent under
such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee is a party
or a participant (as a witness, deponent or otherwise), the Company has director and officer liability insurance in effect, the Company
shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The
Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable
as a result of such Proceeding in accordance with the terms of such policies.

 

(d) In the event of any payment
under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the extent of such payment to all of
the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(e) The Company’s obligation
to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company
as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other Enterprise shall be reduced
by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments or advancement of expenses from
such Enterprise. Notwithstanding any other provision of this Agreement to the contrary except for Section 27, (i) Indemnitee shall
have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement, contribution
or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s satisfaction and performance
of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under this Agreement without regard
to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless, exoneration, contribution or insurance
coverage rights against any person or entity other than the Company.

 

    12

     

    

 

17. DURATION OF AGREEMENT.
All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves as a director or officer
of the Company or as a director, officer, trustee, partner, manager, managing member, fiduciary, employee or agent of any other corporation,
partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves at the request of the Company and
shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (including any rights of appeal thereto and
any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of Indemnitee’s Corporate Status,
whether or not Indemnitee is acting in any such capacity at the time any liability or expense is incurred for which indemnification or
advancement can be provided under this Agreement.

 

18. SEVERABILITY. If
any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the
validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any
Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest
extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law
and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement
(including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held
to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect
to the intent manifested thereby.

 

19. ENFORCEMENT AND BINDING
EFFECT.

 

(a) The Company expressly
confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee
to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement
in serving as a director, officer or key employee of the Company.

 

(b) Without limiting any of
the rights of Indemnitee under the Charter or Bylaws as they may be amended from time to time, this Agreement constitutes the entire agreement
between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written
and implied, between the parties hereto with respect to the subject matter hereof.

 

(c) The indemnification, hold
harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement shall be binding upon and be
enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase,
merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), shall continue as to an
Indemnitee who has ceased to be a director, officer, employee or agent of the Company or a director, officer, trustee, general partner,
manager, managing member, fiduciary, employee or agent of any other Enterprise at the Company’s request, and shall inure to the
benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

(d) The Company shall require
and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial
part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to
assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if
no such succession had taken place.

 

    13

     

    

 

(e) The Company and Indemnitee
agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of
proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee
may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other things, injunctive relief and/or specific
performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific
performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. The Company
and Indemnitee further agree that Indemnitee shall, to the fullest extent permitted by law, be entitled to such specific performance and
injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of
posting bonds or other undertaking in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking
may be required of Indemnitee by a court of competent jurisdiction. The Company hereby waives any such requirement of such a bond or undertaking
to the fullest extent permitted by law.

 

20. MODIFICATION AND WAIVER.
No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the Company and Indemnitee.
No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement
nor shall any waiver constitute a continuing waiver.

 

21. NOTICES. All notices,
requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given (i) if
delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed on such delivery,
or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date on which it is so
mailed:

 

(a) If to Indemnitee, at the
address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide in writing to the Company.

 

(b) If to the Company, to:

 

TCW Special Purpose Acquisition Corp.

865 S. Figueroa St., Suite 1800

Los Angeles, CA 90017

Attn: Chief Executive Officer

 

With a copy, which shall not
constitute notice, to

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153-0019

Attn: Michael Aiello; Sachin Kohli

Email: Michael.aiello@weil.com; Sachin.kohli@weil.com

 

or to any other address as
may have been furnished to Indemnitee in writing by the Company.

 

    14

     

    

 

22. APPLICABLE LAW AND CONSENT
TO JURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance
with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced
by Indemnitee pursuant to Section 14(a) of this Agreement, to the fullest extent permitted by law, the Company and Indemnitee hereby
irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be
brought only in the Delaware Court and not in any other state or federal court in the United States of America or any court in any other
country; (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out
of or in connection with this Agreement; (c) waive any objection to the laying of venue of any such action or proceeding in the Delaware
Court; and (d) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has
been brought in an improper or inconvenient forum, or is subject (in whole or in part) to a jury trial. To the fullest extent permitted
by law, the parties hereby agree that the mailing of process and other papers in connection with any such action or proceeding in the
manner provided by Section 21 hereof or in such other manner as may be permitted by law, shall be valid and sufficient service
thereof.

 

23. IDENTICAL COUNTERPARTS.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of
which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement.

 

24. MISCELLANEOUS.
Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs
of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction
thereof.

 

25. PERIOD OF LIMITATIONS.
No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s
spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of accrual of such cause
of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing
of a legal action within such two-year period; provided, however, that if any shorter period of limitations is otherwise applicable to
any such cause of action such shorter period shall govern.

 

26. ADDITIONAL ACTS.
If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is required to the fullest
extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure to be affected or adopted in
a manner that will enable the Company to fulfill its obligations under this Agreement.

 

27. WAIVER OF CLAIMS TO
TRUST ACCOUNT. Notwithstanding anything contained herein to the contrary, Indemnitee hereby agrees that it does not have any right,
title, interest or claim of any kind (each, a “Claim”) in or to any monies in the trust account established
in connection with the Company’s initial public offering for the benefit of the Company and holders of shares issued in such offering,
and hereby waives any Claim it may have in the future as a result of, or arising out of, any services provided to the Company and will
not seek recourse against such trust account for any reason whatsoever.

 

28. MAINTENANCE OF
INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period for
which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable
insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions and
to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee shall be covered
by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured in
such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured of the
Company’s directors and officers.

 

[Signature Page Follows]

    15

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.

 

	 	TCW SPECIAL PURPOSE ACQUISITION CORP.
	 	 	 
	 	By:	/s/ Joseph R. Shaposhnik
	 	Name: 	Joseph R. Shaposhnik
	 	Title:	Chief Executive Officer
	 	 	 
	 	INDEMNITEE:
	 	 	 
	 	By:	/s/ David Rye
	 	Name: 	David Rye
	 	Address:  	c/o TCW Special Purpose Acquisition Corp.
	 	 	865 S. Figueroa St., Suite 1800
	 	 	Los Angeles, CA 90017

 

 

 

[Signature Page to Indemnity
Agreement]Exhibit
10.1

 

LICENSE
AGREEMENT

 

BY
AND BETWEEN

 

PROCESSA
PHARMACEUTICALS, INC.

 

AND

 

OCUPHIRE
PHARMA, INC.

 

 

 

DATED
AS OF JUNE 16, 2021

 

    	 

    	 

    

 

	TABLE
    OF CONTENTS
	 	 	 
	ARTICLE I DEFINITIONS	1
	 	 	 
	ARTICLE II GRANTS OF RIGHTS	11
	 	 	 
	2.1	Licenses	11
	2.2	Rights Retained by the Parties	12
	2.3	Section 365(n) of the Bankruptcy Code	12
	2.4	Transfer of Ocuphire material and Know-How	12
	 	 	 
	ARTICLE III DEVELOPMENT	13
	 	 
	3.1	General	13
	3.2	Exchange of Information Regarding Development	13
	 	 	 
	ARTICLE IV COMMERCIALIZATION	13
	 	 
	4.1	General	13
	4.2	Commercialization Plans	14
	 	 	 
	ARTICLE V DILIGENCE	14
	 	 
	5.1	Commercially Reasonable Efforts	14
	5.2	Termination for Failure to Meet Diligence Obligations	14
	 	 	 
	ARTICLE VI FINANCIAL PROVISIONS	14
	 	 
	6.1	Upfront Fee	14
	6.2	Development Milestones. 	15
	6.3	Development and Commercialization Costs	15
	6.4	Sales Milestone Payments	15
	6.5	Product Royalties	16
	6.6	Sublicense Payments	17
	6.7	Reports; Payments	18
	6.8	Books and Reconrds; Audit Rights	19
	6.9	Tax Matters	19
	6.10	Payment Method and Currency Conversion	20
	6.11	Blocked Payments	20
	6.12	Late Payments	20
	 	 	 
	ARTICLE VII INTELLECTUAL PROPERTY OWNERSHIP, PROTECTION AND RELATED MATTERS	20
	 	 
	7.1	Ownership of Inventions	20
	7.2	Prosecution and Maintenance of Patent Rights	21
	7.3	Third-Party Infringement	22
	7.4	Patent Invalidity Claim	24
	7.5	Claimed Infringement	24
	7.6	Patent Term Extensions	25
	7.7	Patent Marking	25
	7.8	Certification under Drug Price Competition and Patent Restoration Act	25
	7.9	Privileged Communications	25
	7.10	Settlement	26

 

    	- i -

    	 

    

 

	ARTICLE VIII CONFIDENTIAL INFORMATION	26
	 	 
	8.1	Treatment of Confidential Information	26
	8.2	Confidential Information	27
	8.3	Publications	27
	8.4	Press Releases and Other Disclosures	28
	8.5	Equitable Relief	28
	 	 	 
	ARTICLE IX REPRESENTATIONS, WARRANTIES AND COVENANTS	28
	 	 
	9.1	Ocuphire’s Representations	28
	9.2	Processa’s Representations	31
	9.3	Ocuphire Covenants	31
	9.4	Processa Covenants	32
	9.5	No Warranty	33
	 	 	 
	ARTICLE X INDEMNIFICATION	33
	 	 
	10.1	Indemnification in Favor of Ocuphire	33
	10.2	Indemnification in Favor of Processa	34
	10.3	General Indemnification Procedures	35
	10.4	Insurance	36
	10.5	No Consequential or Punitive Damages	36
	 	 	 
	ARTICLE XI TERM AND TERMINATION	36
	 	 
	11.1	Term	36
	11.2	Termination for Convenience	37
	11.3	Termination for Cause	37
	11.4	Additional Termination by Ocuphire	37
	11.5	Termination for Insolvency	37
	11.6	Termination for Challenge of Ocuphire Patent Rights	37
	11.7	Consequences of Termination	38
	11.8	Effect of Termination; Accrued Rights and Obligations	39
	11.9	Survival	40
	 	 	 
	ARTICLE XII MISCELLANEOUS	40
	 	 
	12.1	Governing Law; Jurisdiction	40
	12.2	Dispute Resolution	40
	12.3	Waiver	40
	12.4	Notices	41
	12.5	Entire Agreement	41
	12.6	Severability	41
	12.7	Assignment	41
	12.8	Counterparts; Exchange by Facsimile	42
	12.9	Force Majeure	42
	12.10	Third-Party Beneficiaries	42
	12.11	Relationship of the Parties	42
	12.12	Performance by Affiliates	42

 

    	- ii -

    	 

    

 

LICENSE
AGREEMENT

 

THIS
LICENSE AGREEMENT is entered into this 16 day of June, 2021 (the “Effective Date”), by and between Processa
Pharmaceuticals, Inc., a company organized under the laws of Delaware, having a business address at 7380 Coca Cola Drive, Suite 106,
Hanover, MD 21076 (“Processa”), and Ocuphire Pharma, Inc., a company organized under the laws of Delaware, having
a business address at 37000 Grand River Avenue, Suite 120, Farmington Hills, MI 48335 (“Ocuphire”).

 

WHEREAS,
Ocuphire has developed or obtained rights to Ocuphire Know-How, Ocuphire Patent Rights and the Compound (each as defined below); and

 

WHEREAS,
Processa desires to obtain a license of the Ocuphire Patent Rights and the Ocuphire Know-How to Develop and Commercialize Compounds and
Products (each as defined below), under the terms and conditions set forth herein, and Ocuphire desires to grant such a license;

 

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

 

ARTICLE
I

DEFINITIONS

 

The
following terms, whether used in the singular or plural, shall have the following meanings:

 

1.1       
“Affiliate”. Affiliate means any Person directly or indirectly controlled by, controlling or under common control
with, a Party, but only for so long as such control shall continue. For purposes of this definition, “control” (including,
with correlative meanings, “controlled by”, “controlling” and “under common control with”) means,
with respect to a Person, possession, direct or indirect, of (a) the power to direct or cause direction of the management and policies
of such Person (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise), or (b)
at least 50% of the voting securities (whether directly or pursuant to any vested and exercisable option, warrant or other similar arrangement)
or other comparable equity interests. For clarity, neither of the Parties shall be deemed to be an “Affiliate” of the other.

 

1.2       “Anti-Bribery
Laws”. Anti-Bribery Laws means all Laws in the Territory regarding corruption, bribery, ethical business conduct, money laundering,
political contributions, gifts and gratuities, or lawful expenses to public officials and private persons, agency relationships, commissions,
lobbying books and records and financial controls, including U.S. Foreign Corrupt Practices Act of 1977, 15 U.S.C. §§ 78dd-1,
et seq., as amended, the U.S. False Claims Act, 31 U.S.C. §§ 3729-3733, the U.S. Anti-Kickback Statute, 42 U.S.C. § 1320a-7b(b),
the U.K. Bribery Act 2010.

 

1.3       “Bankruptcy
Code”. Bankruptcy Code means Title 11 of the U.S. Code, as amended from time to time.

 

    	 

    	 

    

 

1.4       “Business
Day”. Business Day means a day that is not a Saturday, Sunday or a day on which banking institutions in Baltimore, Maryland
are authorized by Law to remain closed.

 

1.5       “Biosense
Agreement”. Biosense Agreement means the Collaboration and License Agreement dated February 24, 2019 between Biosense Global
LLC (“Biosense”) and Rexahn Pharmaceuticals, Inc., as amended by the first amendment dated August 24, 2019 to the
Biosense Agreement, and the second amendment dated March 10, 2020 to the Biosense Agreement, and which has been assigned to Ocuphire
pursuant to the merger of Rexahn Pharmaceuticals, Inc.

 

1.6       “Calendar
Quarter”. Calendar Quarter means each of the periods ending on March 31, June 30, September 30, and December 31 of any Calendar
Year.

 

1.7       “Calendar
Year”. Calendar Year means each calendar year during the Term.

 

1.8       “Change
of Control”. A Change of Control shall occur if: (a) any Third Party (an “Acquiror”) acquires directly or
indirectly the beneficial ownership of any voting security of a Party, or if the percentage ownership of such Third Party in the voting
securities of a Party is increased through stock redemption, cancellation or other recapitalization, and immediately after such acquisition
or increase such Acquiror is, directly or indirectly, the beneficial owner of voting securities representing more than fifty percent
(50%) of the total voting power of all of the then outstanding voting securities of a Party; (b) a merger, consolidation, recapitalization
or reorganization of a Party is consummated, other than any such transaction, which would result in stockholders or equity holders of
such Party immediately prior to such transaction, owning, directly or indirectly, at least fifty percent (50%) of the outstanding securities
of the surviving entity (or its parent entity) immediately following such transaction; (c) the stockholders or equity holders of a Party
approve a plan of complete liquidation of such Party, or an agreement for the sale or disposition by such Party of all or substantially
all of such Party’s assets, other than pursuant to a transaction described above or to an Affiliate; (d) individuals who, as of
the date hereof, constitute the Board of Directors of a Party (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the Board of Directors of such Party (provided, however, that any individual becoming a director
subsequent to the Effective Date whose election, or nomination for election by such Party’s shareholders, was recommended or approved
by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were
a member of the Incumbent Board); or (e) the sale, transfer or exclusive license to an Acquiror of all or substantially all of such Party’s
assets.

 

1.9       “Clinical
Trial” shall mean any study in which human subjects are dosed with a drug, whether approved or investigational, including any
Phase I, II, III or IV clinical study.

 

1.10       “Combination
Product”. Combination Product means (a) any pharmaceutical product that is a single formulation consisting of a Compound and
one or more other active compounds, active excipients or active ingredients, which other active compounds or active ingredients are not
Compounds (“Other API”) or (b) any combination of a Compound sold together with any separately formulated Other API
for a single invoiced price.

 

1.11       “Commercialization”
or “Commercialize”. Commercialization or Commercialize means activities directed to obtaining pricing and reimbursement
approvals, marketing, promoting, Manufacturing commercial supplies of, distributing, importing, offering for sale, or selling a product.

 

    	2

    	 

    

 

1.12       “Commercially
Reasonable Efforts”. Commercially Reasonable Efforts means, with respect to an objective, the reasonable, diligent, good faith
efforts of a Party (including the efforts of its Affiliates and Sublicensees) to accomplish such objective that a biopharmaceutical company
of comparable size and resources would normally use to accomplish a similar objective under similar circumstances, and, specifically
with respect to obligations hereunder relating to a Compound or Product, the carrying out of such obligations with those efforts and
resources that a biopharmaceutical company of comparable size and resources would use were it Developing, Manufacturing or Commercializing
its own pharmaceutical products that are at a similar stage of development or product life cycle and of similar market potential as the
Compound or Product, taking into account actual and potential issues of safety, efficacy or stability, product profile (including product
modality, category and mechanism of action), stage of development or life cycle status, product labeling or anticipated labeling, the
present and future market potential, past performance of the Compound or Product, actual and projected Development, Regulatory Approval,
pricing and reimbursement approval, Manufacturing and Commercialization costs, existing or projected pricing, sales, reimbursement and
financial return, medical and clinical considerations, present and future regulatory environment, any issues regarding the ability to
Manufacture the Compound or Product, the likelihood and timing of obtaining Regulatory Approvals and pricing and reimbursement approvals,
proprietary position, strength and duration of patent protection and anticipated exclusivity, competitive Third-Party products at the
time and the likely competitive environment at the time of projected entry into the market and thereafter, and any other relevant scientific,
technical, operational and commercial factors, all as measured by the facts and circumstances at the time such efforts are due. Commercially
Reasonable Efforts will be determined on a country-by-country and Indication-by-Indication basis for the Compound or Product, and the
level of effort is expected to change over time, reflecting changes in the status and value of the Compound or Product and the market
conditions and country(ies) involved.

 

1.13       “Compound”.
Compound means RX-3117 (fluorocyclopentenylcytosine or also known as roducitabine) [which is a cytidine analog, similar to gemcitabine,][with
a sequence of 4-amino-1-[(1S,4R,5S)-2-fluoro-4,5-dihydroxy-3-(hydroxymethyl)cyclopent-2-en-1-yl] pyrimidin-2-one] together with all analogs,
derivatives, metabolites, stereoisomers, polymorphs, formulations, mixtures or compositions thereof covered by Ocuphire Intellectual
Property, and any existing or future improved or modified versions of the foregoing developed by or on behalf of Processa, its Affiliates
or Sublicensees.

 

1.14       “Control”
or “Controlled”. Control or Controlled means, with respect to any tangible property or intellectual property right
or other intangible property, the possession (whether by ownership or license (other than by grant of a license to one Party by the other
Party pursuant to this Agreement or by grant of a license or sublicense to a Sublicensee by Processa pursuant to a license or sublicense
agreement)) by a Person of the ability to grant to another Person access to such tangible property or access to or a license or sublicense
to such intellectual property right or other intangible property, as provided herein without violating the terms of any agreement with
any other Person.

 

    	3

    	 

    

 

1.15       “Cover”,
“Covering” or “Covered”. Cover, Covering or Covered means, with respect to a compound, product,
technology, process or method that, in the absence of ownership of or a license granted under a Patent Right, the Manufacture, use, offer
for sale, sale or importation of such compound or product or the practice of such technology, process or method would infringe such Patent
Right (or, in the case of a Patent Right that has not yet issued, would infringe such Patent Right if it were to issue).

 

1.16       “Development”
or “Develop”. Development or Develop means pre-clinical, non-clinical and clinical drug research, discovery and development
activities, including IND-enabling toxicology and other IND-enabling pre-clinical development efforts, stability testing, process development,
compound property optimization, formulation development, delivery system development, quality assurance and quality control development,
statistical analysis, clinical pharmacology, Manufacturing supplies of compounds and products for pre-clinical, non-clinical and clinical
use, Clinical Trials (including pre- and post-approval studies and investigator sponsored Clinical Trials), regulatory affairs, regulatory
activities (excluding regulatory activities directed to obtaining pricing and reimbursement approvals) and other activities, reasonably
necessary to obtain or maintain Regulatory Approval of a pharmaceutical product.

 

1.17       “EMA”.
EMA means the European Medicines Agency and any successor agency.

 

1.18       “EU”.
EU means the European Union member states as then-currently constituted; provided, however, that the EU shall always be
deemed to include the Major European Countries.

 

1.19       
“FDA”. FDA means the U.S. Food and Drug Administration and any successor agency.

 

1.20       “Field”.
Field means for use in the treatment, prevention, palliation, and/or diagnosis of any and all human and/or animal diseases, disorders,
or conditions.

 

1.21       “First
Commercial Sale”. First Commercial Sale means, with respect to a Product in a country, the first sale of such Product in such
country by Processa, any of its Affiliates or any Sublicensee for which revenue has been recognized by Processa or its Affiliates or
Sublicensees in such country for use or consumption of such Product in such country after receipt of the first Regulatory Approval for
such Product in such country. Sales for purposes of testing the Product and sample purposes shall not be deemed a First Commercial Sale.
For clarity, First Commercial Sale will be determined on a Product-by-Product and country-by-country basis, as applicable.

 

1.22       “Governmental
Authority”. Governmental Authority means any national, federal, state or local government, or political subdivision thereof,
or any multinational organization or authority or any authority, agency or commission entitled to exercise any administrative, executive,
judicial, legislative, police, regulatory or taxing authority or power, any court or tribunal (or any department, bureau or division
thereof), or any governmental arbitrator or arbitral body.

 

1.23       “IND”.
IND means an investigational new drug application filed with the FDA with respect to a Compound or Product, or an equivalent application
filed with the Regulatory Authority of a country or regulatory jurisdiction in the Territory other than the U.S., and all amendments
and supplements thereto.

 

    	4

    	 

    

 

1.24       “Indication”.
Indication means the disease or condition the Product is intended to be used to diagnose, treat, prevent, cure, or mitigate, including
the target patient population. For the avoidance of doubt, the first Indication means the first disease or condition the Product is developed
for or has Regulatory Approval for within a target patient population, and the second Indication means the second disease or condition
the Product is developed for or has Regulatory Approval for within a target patient population and does not require that a Product has
Regulatory Approval for the first Indication.

 

1.25       “Invention”.
Invention means any discovery, development, update, enhancement, modification, adaptation, variation or revision conceived and reduced
to practice by or on behalf of a Party or the Parties jointly during the Term (a) in connection with the activities under this Agreement
or (b) that relate to the Ocuphire Intellectual Property, in each case, whether or not subject to the protection of any Patent Rights
or other intellectual property rights, and whether or not any exploitation thereof would infringe any of the Ocuphire Intellectual Property.

 

1.26       
“Know-How”. Know-How means all unpatented technical information, trade secrets, formulae, standards, knowledge, directions,
instructions, test protocols, procedures and results, studies, analyses, raw material sources, data, Manufacturing data, and any other
confidential or proprietary interest in information.

 

1.27       “Law”
or “Laws”. Law or Laws means all laws, statutes, rules, regulations, orders, judgments, or ordinances of any Governmental
Authority.

 

1.28       “Losses”.
Losses means any and all (a) claims, losses, liabilities, damages, fines, royalties, governmental penalties or punitive damages, deficiencies,
interest, awards, judgments, and settlement amounts (including special, indirect, incidental, and consequential damages, lost profits,
and Third-Party punitive and multiple damages), and (b) in connection with all of the items referred to in clause (a) above, any and
all costs and expenses (including reasonable counsel fees and all other expenses reasonably incurred in investigating, preparing or defending
any litigation or proceeding, commenced or threatened).

 

1.29       “Major
European Countries”. Major European Countries means, collectively, France, Germany, Italy, Spain and the United Kingdom.

 

1.30       “Major
Markets”. Major Markets means, collectively, the U.S., each of the Major European Countries and Japan, and Major Market means
any one of the foregoing.

 

1.31       
“Manufacture” or “Manufacturing”. Manufacture or Manufacturing means activities directed to making,
having made, producing, Manufacturing, processing, filling, finishing, packaging, labeling, quality assurance testing and release, shipping
and storage of a product.

 

1.32       “MHLW”.
MHLW means the Japanese Ministry of Health, Labour and Welfare, and any successor agency.

 

1.33       “NDA”.
NDA means a New Drug Application, as defined in the Act, filed with the FDA with respect to a pharmaceutical product, or an equivalent
application filed with the Regulatory Authority of a country in the Territory other than the U.S., and all amendments and supplements
thereto.

 

    	5

    	 

    

 

1.34       “Net
Sales”. Net Sales means the gross amounts billed or invoiced by Processa, or any of its Affiliates, to any Third-Party purchasers
(including its distributors) that is not a Sublicensee with respect to sales of Products in the Territory, calculated in accordance with
GAAP, consistently applied, and in the same manner as reported in such Person’s audited financial statements, less the following
(without duplication):

 

(a)       Volume,
cash or trade discounts, credits or allowances, including discounts in the form of inventory management fees paid to wholesalers and
distributors, in each case, to the extent such discounts are included in the invoices and actually granted;

 

(b)       Credits,
refunds or allowances granted upon returns, rejections or recalls and for retroactive price reductions or billing errors;

 

(c)       Freight,
postage, shipping and insurance costs incurred in transporting the applicable Products, to the extent that such items are applicable
to such sale and are separately itemized and invoiced and actually paid as evidenced by invoices, receipts or other appropriate documents;

 

(d)       Amounts
paid (including rebates and chargeback payments or credits or other equivalents thereof) to formularies, government or government agency
programs, trade customers, managed health care organizations and pharmacy benefit managers (or equivalents thereof) to obtain listing
or purchase of the applicable Products not to exceed forty percent (40%) of the billed or invoiced amount;

 

(e)       Bad
debts, , actual and estimated uncollectible amounts, and collection costs relating to the sale of Products that are actually written
off; and

 

(f)       To
the extent not reimbursed by a Third Party, taxes, tariffs, duties or other governmental charges (other than income taxes) levied on,
absorbed, or otherwise imposed on the sales, transportation, delivery, use, exportation, or importation of the applicable Products and
included in the invoice in respect of such sale.

 

Sales
of Products between Processa and its Affiliates or Sublicensees for resale shall be excluded from the computation of Net Sales, and Net
Sales shall be determined based on the total amount invoiced by such Affiliate or Sublicensee on resale. Disposal or use of Products
at or below cost for regulatory, development or charitable purposes, such as Clinical Trials, compassionate use, named patient use, or
indigent patient programs, shall not be deemed a sale hereunder.

 

With
respect to any sale of any Product in a given country for any substantive consideration other than monetary consideration on arm’s
length terms (which has the effect of reducing the invoiced amount below what it would have been in the absence of such non-monetary consideration),
for purposes of calculating the Net Sales under this Agreement, such Product shall be deemed to be sold exclusively for cash at the average
Net Sales price charged to Third Parties for cash sales in such country during the applicable reporting period (or if there were only
de minimis cash sales in such country, at the fair market value as determined in good faith based on pricing in comparable markets).

 

    	6

    	 

    

 

If
a Product is sold as part of a Combination Product, Net Sales will be the product of (x) Net Sales of the Combination Product calculated
as above (i.e., calculated as for a non-Combination Product) and (y) the fraction (A/(A+B)), where:

 

(i)       A
is the average selling price of the Product comprising a Compound as the sole therapeutically active ingredient during the most recently
completed Calendar Quarter during which such non-Combination Product was sold in such country; and

 

(ii)       B
is the average selling price in such country of products containing the Other API contained in the Combination Product as the sole therapeutically
active ingredient when sold separately during the most recently completed Calendar Quarter during which such products were sold in such
country.

 

If
both A and B cannot be determined by reference to non-Combination Product sales as described above, then Net Sales for purposes of determining
royalty payments will be calculated as above, but the average selling price in the above equation shall be determined by mutual agreement
reached in good faith by the Parties prior to the end of the accounting period in question based on an equitable method of determining
same that takes into account, in the applicable country, variations in dosage units and the relative fair market value of each therapeutically
active ingredient in the Combination Product. If the Parties are unable to reach such an agreement prior to the end of the applicable
accounting period, then the Parties will refer such matter to a jointly selected Third Party with expertise in the pricing of pharmaceutical
products that is not an employee, consultant, legal advisor, officer, director or stockholder of, and does not have any conflict of interest
with respect to, either Party for resolution, which will be final and binding on the Parties.

 

1.35       “Ocuphire
Intellectual Property”. Ocuphire Intellectual Property means the Ocuphire Know-How and the Ocuphire Patent Rights.

 

1.36       “Ocuphire
Know-How”. Ocuphire Know-How means all Know-How that is Controlled by Ocuphire or any of its Affiliates as of the Effective
Date and that is necessary or useful to Develop, Manufacture or Commercialize any Compound or Product, including the Know-How set forth
on Schedule 1.36.

 

1.37       “Ocuphire
Patent Rights”. Ocuphire Patent Rights means all Patent Rights in the Territory that are Controlled by Ocuphire or any of its
Affiliates as of the Effective Date and that Cover any Compound or Product, including the Patent Rights set forth on Schedule 1.37.

 

1.38       “Party”.
Party means either Ocuphire or Processa; “Parties” means both Ocuphire and Processa.

 

1.39       “Patent
Rights”. Patent Rights means all patent applications, patents, certificates of invention, applications for certificates of
invention and priority patent filings, including any continuations, continuations-in-part, renewals, requests for continued examination
and divisions of any such patents and patent applications, any patents or certificates of invention issuing from any of the foregoing,
any extensions, reissues, reexaminations, substitutions, confirmations, registrations, revalidations, revisions, additions or supplementary
patent certificates thereto, and all foreign counterparts thereof.

 

    	7

    	 

    

 

1.40       “Payments”.
Payments means royalties and other amounts payable by Processa to Ocuphire pursuant to this Agreement.

 

1.41       “Person”.
Person means any natural person or any corporation, company, partnership, joint venture, firm, Governmental Authority, or other entity,
including a Party.

 

1.42       “Phase
II Clinical Trial”. Phase II Clinical Trial means a Clinical Trial of a compound or product for an Indication, the principal
purpose of which is a determination of safety and efficacy for such Indication in a target patient population over a range of doses,
as more fully defined in 21 C.F.R. §312.21(b), or its successor regulation, or the equivalent in any foreign country or region.

 

1.43       “Phase
III Clinical Trial”. Phase III Clinical Trial means a Clinical Trial of a compound or product for an Indication on a sufficient
number of subjects that is designed to establish that the compound or product is safe and efficacious for its intended use, and to determine
warnings, precautions, and adverse reactions that are associated with the compound or product in the dosage range to be prescribed, and
to support Regulatory Approval of the compound or product for such Indication, as more fully defined in 21 C.F.R. §312.21(c), or
its successor regulation, or the equivalent in any foreign country or region.

 

1.44       “Pivotal
Clinical Trial” shall mean (a) a Phase III Clinical Trial that is intended by Processa or its Affiliates or Sublicensees to
be submitted (together with any other registration trials that are prospectively planned when such Phase III Clinical Trial is initiated)
for Regulatory Approval in the U.S. or the EU, or (b) any other Clinical Trial that is intended by Processa or its Affiliates or Sublicensees
to establish that a Product is safe and efficacious for its intended use, and to determine warnings, precautions, and adverse reactions
that are associated with such pharmaceutical product in the dosage range to be prescribed, which Clinical Trial is a registration trial
intended by Processa or its Affiliates or Sublicensees to be sufficient for filing an application for a Regulatory Approval for such
product in the U.S. or another country in the Territory, solely as evidenced by the acceptance for filing for a Regulatory Approval for
such Product after completion of such Clinical Trial.

 

1.45       
“Processa Intellectual Property” means, collectively, Processa Know-How and Processa Patent Rights.

 

1.46       “Processa
Know-How”. Processa Know-How means all Know-How Controlled as of the Effective Date or thereafter during the Term by Processa
or any of its Affiliates (other than any Know-How included in Joint Intellectual Property) that is used by Processa or any of its Affiliates
in the Development, Manufacture or Commercialization of any Compound or Product; provided, however, that, if Processa is
acquired by a Third Party, “Processa Know-How” shall exclude any Know-How that (a) is Controlled by such Third Party or the
Affiliates of such Third Party (other than Processa and the Persons that were Processa’s Affiliates immediately prior to the closing
of such acquisition transaction (such Affiliates, “Processa Pre-Existing Affiliates”)) (“Processa Excluded
Affiliates”) and (b) was not Controlled by Processa or any of the Processa Pre-Existing Affiliates immediately prior to the
closing of such acquisition transaction; provided further that, if, after the closing of such acquisition, any such Processa Excluded
Affiliate Develops or Commercializes any Compound or Product or otherwise performs any activities or obtains any rights with respect
to any Compound or Product, such Affiliate will cease to be a Processa Excluded Affiliate and applicable Know-How that is Controlled
by such Affiliate shall be included in Processa Know-How.

 

    	8

    	 

    

 

1.47       “Processa
Patent Rights”. Processa Patent Rights means all Patent Rights in the Territory Controlled as of the Effective Date or thereafter
during the Term by Processa or any of its Affiliates (other than Joint Patent Rights) that Cover any Compound or Product and are used
by Processa or any of its Affiliates in the Development, Manufacture or Commercialization of any Compound or Product; provided,
however, that, if Processa is acquired by a Third Party, “Processa Patent Rights” shall exclude any Patent Rights
that (a) are Controlled by such Third Party or the Affiliates of such Third Party (other than Processa and Processa Pre-Existing Affiliates)
and (b) were not Controlled by Processa or any of the Processa Pre-Existing Affiliates immediately prior to the closing of such acquisition
transaction; provided further that, if, after the closing of such acquisition, any such Processa Excluded Affiliate Develops or
Commercializes any Compound or Product or otherwise performs any activities or obtains any rights with respect to any Compound or Product,
such Affiliate will cease to be a Processa Excluded Affiliate and applicable Patent Rights that are Controlled by such Affiliate shall
be included in Processa Patent Rights.

 

1.48       “Product”.
Product means any pharmaceutical preparation containing one or more Compounds either as an active ingredient(s) or any Combination Product.
For the avoidance of doubt, nothing in this Agreement grants to Processa any right or license under any Patent Rights or Know-How Controlled
by Ocuphire with respect to any Other API.

 

1.49       “Regulatory
Approval”. Regulatory Approval means an approval by the applicable Regulatory Authority of an NDA and any other approval, license,
registration, permit, notification or authorizations (or waiver) of the applicable Regulatory Authority, which is necessary for the Manufacture,
use, storage, import, transport, promotion, marketing, distribution, offer for sale, sale, or other commercialization of pharmaceutical
products in a given country or regulatory jurisdiction, other than any pricing or reimbursement approval.

 

1.50       “Regulatory
Authority”. Regulatory Authority means any Governmental Authority with responsibility for granting licenses or approvals necessary
for the Development, Manufacture, use, storage, import, transport, or Commercialization of pharmaceutical products in a country or regulatory
jurisdiction, including but limited to the FDA, EMA or MHLW.

 

1.51       “Regulatory
Exclusivity”. Regulatory Exclusivity means exclusive marketing rights or data protection or other exclusivity rights conferred
by any Regulatory Authority with respect to a Product in a country or regulatory jurisdiction within the Territory, other than a Patent
Right, including orphan drug exclusivity, pediatric exclusivity and rights conferred in the U.S. under the Hatch-Waxman Act.

 

    	9

    	 

    

 

1.52       “Senior
Executive”. Senior Executive means, with respect to Ocuphire, the CEO of Ocuphire, or his or her designee, and, with respect
to Processa, the CEO of Processa, or his or her designee. “Senior Executives” means the applicable officers of Ocuphire and
Processa.

 

1.53       “Sublicense
Consideration”. Sublicense Consideration mean any payments or other consideration that Processa or its Affiliates receive from
a Sublicensee for the grant of a sublicense, an option to obtain such sublicense, a covenant not to asset, or a similar transfer of rights
under this Agreement, in each case, under the Ocuphire Intellectual Property, including license fees, license option fees, milestone
payments (but only to the extent in excess of the applicable milestone payments due under this Agreement), license maintenance fees,
equity, and royalties on Sublicensee Product sales, provided that in the event that Processa or its Affiliates receive non-monetary consideration
in connection with a sublicense, Sublicense Considerations shall be calculated based on the fair market value of such consideration or
transaction, assuming an arm’s length transaction made in the ordinary course of business. Notwithstanding the foregoing, “Sublicense
Considerations” shall not include amounts expressly dedicated to, and actually expended by the Sublicensee to reimburse Processa
and its Affiliates for, the Development of Products, up to the sum of the actual external costs incurred by Processa and its Affiliates
for such activities.

 

1.54       “Sublicensee”.
Sublicensee means a Third Party that has been granted a sublicense under the rights granted to Processa pursuant to Section 2.1 of this
Agreement, beyond the mere right to purchase Compound or Product from Processa or its Affiliates.

 

1.55       “Territory”.
Territory means all countries of the world, excluding any territory licensed by Ocuphire pursuant to the Biosense Agreement prior to
the date of this Agreement (such excluded territory, the “Excluded Territory”).

 

1.56       “Third
Party”. Third Party means any Person other than Ocuphire or Processa or any of their respective Affiliates.

 

1.57       “U.S.”.
U.S. means the United States of America, including its territories and possessions.

 

1.58       
“Valid Claim”. Valid Claim means any claim of (a) an issued and unexpired patent within the Ocuphire Patent Rights
that has not been revoked or held unenforceable or invalid by a final decision of a court or other Governmental Authority of competent
jurisdiction, or that has not been disclaimed, denied or admitted to be invalid or unenforceable through reissue or disclaimer or otherwise;
or (b) a patent application within the Ocuphire Patent Rights; provided that such a claim within a patent application has not
been canceled, withdrawn, or abandoned or been pending for more than seven (7) years from the date of its first priority filing in the
applicable country. For clarity, a claim of a patent that, pursuant to clause (b), had ceased to be a Valid Claim before it issued but
that subsequently issues and is otherwise described by clause (a), shall again be considered to be a Valid Claim once it issues until
it is no longer considered a Valid Claim in accordance with clause (a).

 

1.59       Additional
Definitions. Each of the following definitions is set forth in the Section of this Agreement indicated below:

 

	Definition:	Section:
	Abandoned
    Patents	Section
    7.2(a)
	Action	Section
    7.3(b)
	Agents	Section
    8.1
	Biosense	Section
    1.5
	Commercialization
    Plan	Section
    4.2
	Confidential
    Information	Section
    8.2
	Confidentiality
    Agreement	Section
    8.2
	Courts	Section
    13.1
	Development
    Milestone	Section
    6.2
	Development
    Milestone Payment	Section
    6.2
	Development
    Plan	Section
    3.2
	Effective
    Date	Preamble
	Incumbent
    Board	Section
    1.8
	Indemnified
    Party	Section
    10.3(a)
	Indemnifying
    Party	Section
    10.3(a)
	Infringement
    Claim	Section
    7.3(a)
	Joint
    Intellectual Property	Section
    7.1(c)
	Joint
    Inventions	Section
    7.1(c)
	Joint
    Patent Rights	Section
    7.2(b)
	MSs	Section
    6.2
	Ocuphire	Section
    10.2(e)
	Other
    API	Section
    1.8
	Paragraph
    IV Claim	Section
    7.8(a)
	Periodic
    Report	Section
    6.7
	Product
    Liability Claim	Section
    10.1(b)
	Processa	Preamble
	Processa
    Common Stock	Section
    6.1(a)
	Processa
    Excluded Affiliates	Section
    1.46
	Processa
    Parties	Section
    10.2
	Processa
    Pre-Existing Affiliates	Section
    1.46
	Processa
    Sole Inventions	Section
    7.1(b)
	Product
    Liability Claims	Section
    10.1(b)
	Royalty
    Term	Section
    6.5(b)
	Ocuphire	Preamble
	Ocuphire
    Parties	Section
    10.1
	Ocuphire
    Sole Inventions	Section
    7.1(b)
	Sales
    Milestone	Section
    6.4
	Sales
    Milestone Payment	Section
    6.4
	SEC	Section
    6.1(b)
	Sole
    Inventions	Section
    7.1(b)
	Sublicense
    Payment	Section
    6.6(a)
	Sublicensee
    Intellectual Property	Section
    2.1(b)
	Taxes	Section
    6.9
	Term	Section
    11.1
	Third-Party
    Claims	Section
    10.1
	Third-Party
    Patent Licenses	Section
    6.5(c)
	Upfront
    Fee	Section
    6.1(a)
	Upfront
    Shares	Section
    6.1(a)
	VWAP	Section
    6.2

 

    	10

    	 

    

 

1.60       Captions;
Certain Conventions; Construction. All headings and captions herein are for convenience only and shall not be interpreted as having
any substantive meaning. The Schedules to this Agreement are incorporated herein by reference and shall be deemed a part of this Agreement.
Unless otherwise expressly provided herein or the context of this Agreement otherwise requires:

 

(a)       words
of any gender include each other gender;

 

(b)       words
such as “herein”, “hereof” and “hereunder” refer to this Agreement as a whole and not merely to the
particular provision in which such words appear;

 

(c)       words
using the singular shall include the plural, and vice versa;

 

(d)       the
words “include,” “includes” and “including” shall be deemed to be followed by the phrase “but
not limited to”, “without limitation”, “inter alia” or words of similar import;

 

(e)       the
word “or” shall be deemed to include the word “and” (i.e., shall mean “and/or”)

 

(f)       references
to “Article,” “Section,” “subsection”, “paragraph”, “clause” or other subdivision,
or to a Schedule, without reference to a document, are to the specified provision or Schedule of this Agreement; and

 

(g)       references
to “$” or “dollars” shall be references to U.S. Dollars.

 

This
Agreement shall be construed as if the Parties drafted it jointly.

 

ARTICLE
II

GRANTS OF RIGHTS

 

2.1       Licenses.

 

(a)       License.
Subject to the terms of this Agreement, Ocuphire shall, and hereby does, grant to Processa an exclusive (even as to Ocuphire and its
Affiliates), royalty-bearing right and license, including the right to sublicense in accordance with Section 2.1(b), under the Ocuphire
Intellectual Property and Ocuphire’s interest in the Joint Intellectual Property, to Develop, Manufacture, use and Commercialize,
including filing for, obtaining and maintaining Regulatory Approval for, Products in the Field in the Territory.

 

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(b)       Sublicenses.
From the Effective Date, Processa shall have the right to grant sublicenses under the licenses to Ocuphire Intellectual Property and
Ocuphire’s interest in the Joint Intellectual Property granted to Processa under Section 2.1(a) to its Affiliates and to Third
Parties; provided that Ocuphire provides its prior written consent to such sublicense, such consent not to be unreasonably withheld,
conditioned or delayed, except that a sublicense to an Affiliate shall not require Ocuphire’s consent for so long as such Affiliate
remains an Affiliate of Processa; provided, further, that any such sublicense shall be consistent with, and subject to,
all applicable terms and conditions of this Agreement, and Processa shall remain responsible for the performance of its obligations under
this Agreement, regardless of whether Processa may have delegated those obligations to its Sublicensee or Affiliate. Each agreement with
each Sublicensee must include grants of rights sufficient to enable Processa to grant substantially the rights set forth in Sections
11.7(c) through 11.7(e) with respect to (i) all Know-How and Patent Rights (including all applicable pre-clinical and clinical data,
including pharmacology and biology data; Manufacturing documents and materials; and Manufacturing technologies) Controlled by such Sublicensee
during the Term and used by such Sublicensee in the Development, Manufacture or Commercialization of any Compound or Product (collectively,
“Sublicensee Intellectual Property”); (ii) all filings with Regulatory Authorities in the Territory relating to Compounds
and Products and Regulatory Approvals relating to Compounds and Products held by such Sublicensee, including related correspondence with
Regulatory Authorities; (iii) all Manufacturing agreements to which such Sublicensee is a party that are related to Compounds or Products;
(iv) all of such Sublicensee’s inventory of Compounds and Products existing as of the applicable date; and (v) all trademarks owned
by such Sublicensee and used solely in connection with the Products, along with all associated goodwill. Without limiting the foregoing,
Processa shall, within thirty (30) days after granting any sublicense, notify Ocuphire of the grant of such sublicense and provide Ocuphire
with a copy of such sublicense agreement.

 

2.2       Rights
Retained by the Parties. Any rights of Ocuphire or Processa, as the case may be, not expressly granted to the other Party under the
provisions of this Agreement shall be retained by such Party.

 

2.3       Section
365(n) of the Bankruptcy Code. All rights and licenses granted under or pursuant to any section of this Agreement, including the
licenses granted under Section 2.1 to Patent Rights and Know-How (including any data included in the Know-How), are and will otherwise
be deemed to be for purposes of Section 365(n) of the Bankruptcy Code, licenses of rights to “intellectual property” as defined
in Section 101(35A) of the Bankruptcy Code. Each Party will retain and may fully exercise all of its respective rights and elections
under the Bankruptcy Code. The Parties agree that each Party, as licensee of such rights under this Agreement, will retain and may fully
exercise all of its rights and elections under the Bankruptcy Code or any other provisions of applicable Law outside the United States
that provide similar protection for “intellectual property.”

 

2.4       Transfer
of Ocuphire Material and Know-How. Within thirty (30) days after the Effective Date, Ocuphire shall transition Ocuphire Know-How
to Processa by delivering to Processa, in Microsoft Word or PDF format, all documents related to the Compound required for Processa to
Develop, Manufacture and Commercialize the Compound and Products in the Field in the Territory, including: pre-IND briefing package,
reports and documentation related to Clinical Trials, Manufacturing process documentation, reports of API and finished Product, all Ocuphire
Patent Rights and documentation related to Ocuphire Know-How. Such transferred materials shall include all information relevant to the
Compound in the Field in the Territory in Ocuphire’s possession from Ocuphire’s Third-Party service providers, excluding
any information related to the Excluded Territory; provided, that Ocuphire may redact from such information any information not solely
related to the Compound in the Territory. In addition, within ninety (90) days after the Effective Date, except to the extent Ocuphire
is required to retain such documents or materials pursuant to the Biosense Agreement, Ocuphire, will transfer to Processa the following
materials related to the Compound in the Field in the Territory: (i) drug substance, (ii) drug product, and (iii) all documents related
to the Product including all Regulatory Approvals or clearances or submissions.

 

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ARTICLE
III

DEVELOPMENT

 

3.1       General.
From the Effective Date, and subject to the terms of this Agreement, including the requirements of ARTICLE V, Processa (or its Affiliates
or Sublicensees) shall control and be solely responsible for the Development of and regulatory activities with respect to Compounds and
Products in the Field in the Territory, including all costs and expenses relating thereto. If Processa requests Ocuphire’s assistance
with respect to any Development activities, and Ocuphire, in its sole discretion, agrees to provide such assistance, the Parties shall
mutually agree in advance on a budget therefor, and Processa shall reimburse Ocuphire for any expenses incurred by Ocuphire under this
Section 3.1 within thirty (30) days after receiving an invoice therefor. For clarity, following the Effective Date, Ocuphire shall have
no future obligations with regard to the Development of Products in the Field in the Territory.

 

3.2       Development
Plans. Processa’s Development activities with respect to Compounds and Products in the Field in the Territory shall be conducted
in accordance with a development plan (the “Development Plan”), which shall set forth a summary of the planned Development
activities to be conducted by or on behalf of Processa and its Affiliates and Sublicensees with respect to such Product in each country
in the Territory during the applicable Calendar Year. Since both Parties recognize that the development of the Product is an evolving
process and requires sometimes immediate decisions or changes to the Development Plan that cannot be anticipated in the beginning of
the year, both Parties acknowledge that the plan will serve as a guide not a recipe or required steps that Processa must take in order
to develop the product for regulatory approval. The initial Development Plan with respect to 2022 and 2023 shall be delivered to Ocuphire
within one hundred eighty (180) days after the Effective Date. Thereafter during the Term, Processa shall prepare and deliver to Ocuphire
before May 1st of each Calendar Year an updated Development Plan for the upcoming Calendar Year.

 

3.3       Exchange
of Information Regarding Development. At least once each Calendar Year, beginning in Calendar Year 2022 and ending on the date on
which Processa meets its diligence obligations set forth in Section 5.1 below, Processa shall provide Ocuphire with a reasonably detailed
report describing Processa’s Development activities and the summary results thereof with respect to all Compounds and Products.

 

ARTICLE
IV

COMMERCIALIZATION

 

4.1       General.
From the Effective Date, and subject to the terms of this Agreement, including the requirements of ARTICLE V, Processa (or its Affiliates
or Sublicensees) shall control and be solely responsible for the Commercialization of Products in the Field in the Territory, including
all costs and expenses relating thereto. For clarity, following the Effective Date, Ocuphire shall have no future obligations with regard
to the Commercialization of Products in the Field in the Territory.

 

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4.2       Commercialization
Plans. During the Royalty Term with respect to each Product, at least thirty (30) days prior to the commencement of each Calendar
Year, Processa shall provide Ocuphire, for information purposes only, a summary of the planned Commercialization activities to be conducted
by or on behalf of Processa and its Affiliates and Sublicensees with respect to such Product in each country in the Territory during
such Calendar Year (each such plan, a “Commercialization Plan”).

 

4.3       Exchange
of Information Regarding Commercialization. At least once each Calendar Year, beginning in the first Calendar Year during the Royalty
Term and ending, on a Product-by-Product basis, on the expiration of the applicable Royalty Term, Processa shall provide Ocuphire with
a reasonably detailed report describing Processa’s Commercialization activities and the summary results thereof with respect to
all applicable Products. 

 

ARTICLE
V

DILIGENCE

 

5.1       Commercially
Reasonable Efforts. During the Term, Processa shall, directly or through its Affiliates or Sublicensees, use Commercially Reasonable
Efforts, from and after the Effective Date, to Develop and obtain Regulatory Approval for one (1) Product in the Field in the U.S., or
one (1) other Major Market. Without limiting or derogating from the foregoing, Processa, by itself or through its Affiliates or Sublicensees,
shall meet each of the following milestones within the respective time periods set forth herein:

 

(a)       Prior
to the three (3) year anniversary of the Effective Date: first patient administered drug in a Clinical Trial of a Product; and

 

(b)       Prior
to the five (5) year anniversary of the Effective Date: first patient administered drug in a Pivotal Clinical Trial of a Product or first
patient administered drug in a Clinical Trial for a second Indication of a Product.

 

5.2       Termination
for Failure to Meet Diligence Obligation. If, at any time during the Term, Processa fails to timely achieve any of the foregoing
milestones, or if Ocuphire reasonably believes that Processa (itself and through its Affiliates and Sublicensees) has not complied with
its obligations under Section 5.1 to use Commercially Reasonable Efforts to Develop and obtain Regulatory Approval for one (1) Product
in the Field in the U.S., or one (1) other Major Market, Ocuphire shall provide written notice to Processa specifying the nature of such
reasonable belief, and Ocuphire may terminate this Agreement pursuant to Section 11.4.

 

ARTICLE
VI

FINANCIAL
PROVISIONS

 

6.1       Upfront
Fee.

 

(a)       In
partial consideration for the rights and licenses granted to Processa hereunder and for no additional consideration, within forty-five
(45) Business Days following the Effective Date, Processa shall issue to Ocuphire (i) 44,689 shares of Processa Common Stock, equal to
$300,000 in value based on the price of $ 6.7131 per share and rounded to the closest whole share, which was determined using the volume
weighted average price (“VWAP”) for Processa Common Stock over the previous thirty (30) trading days up to and including
June 15, 2021 as reported on the Nasdaq Capital Stock Market (the “Upfront Shares”) and (ii) USD $200,000 to be paid
to Ocuphire, both of which together shall be defined as the “Upfront Fee”.

 

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(b)       Lock-Up
Provision. The Upfront Shares will contain a restrictive legend that restricts the sale, transfer, or disposition of these shares
for a period commencing on the date of issuance and ending one (1) year thereafter (such period, the “Lock-up Period”).
In addition, the Upfront Shares shall contain a customary restrictive legend that specifies that such shares of common stock have not
been registered with the Securities and Exchange Commission (“SEC”) until such time as Processa shall receive a satisfactory
opinion of legal counsel that specifies that such restrictive legend is no longer required by law.

 

6.2       Development
Milestone Payments. Processa will notify Ocuphire within ten (10) days of the achievement by Processa, its Affiliates or Sublicensees
of each development milestone set forth in the table below (each, a “Development Milestone”). Within thirty (30) days
of the first achievement of each Development Milestone with respect to a Product, Processa shall remit the applicable payment corresponding
to such Development Milestone (each, a “Development Milestone Payment”). Each Development Milestone Payment shall
be made only one-time with respect to the first Product to achieve the corresponding Development Milestone. The Development Milestone
Payments shall be in the form of USD, as set forth in the table below.

 

	Development Milestone	 	Development Milestone Payment	 
	1st Patient Dosed in 1st Pivotal Clinical Trial, 1st Indication	 	$	750,000	 
	Last Patient Dosed in 1st Pivotal Clinical Trial, 1st Indication	 	$	750,000	 
	1st Patient Dosed in 1st Pivotal Clinical Trial, 2nd Indication	 	$	375,000	 
	Last Patient Dosed in 1st Pivotal Clinical Trial, 2nd Indication	 	$	375,000	 
	1st Regulatory Approval in the U.S.	 	$	7,000,000	 
	2nd Regulatory Approval in the U.S.	 	$	5,000,000	 
	1st Regulatory Approval within Licensed Territory Outside the US	 	$	4,000,000	 
	2nd Regulatory Approval within Licensed Territory Outside the US	 	$	2,000,000	 

 

6.3       Development
and Commercialization Costs. For clarity, following the Effective Date, Processa shall be solely responsible for all costs it incurs
in Developing and Commercializing Compounds and Products, including all Manufacturing costs.

 

6.4       Sales
Milestone Payments. Processa will notify Ocuphire within ten (10) days of the achievement by Processa, its Affiliates or Sublicensees
of each sales milestone set forth in the table below (each, a “Sales Milestone”). Processa shall pay Ocuphire the
one-time, non-refundable, non-creditable sales milestone payments set forth in the table below (each, a “Sales Milestone Payment”)
within thirty (30) days after the end of the first Calendar Quarter during which the worldwide annual accrued Net Sales first reach the
applicable Sales Milestone. For clarity, the Sales Milestone Payment will be payable once and only once when the applicable Sales Milestone
is first achieved. Thereafter, such Sales Milestone Payment will no longer apply. In addition, only one Sales Milestone can be achieved
in a given Calendar Year and if more than one Sales Milestone is achieved in a Calendar Year, then the highest Sales Milestone achieved
in the Calendar Year will be paid; provided that any additional Sales Milestones achieved during the same Calendar Year will remain payable
upon achievement of the applicable Sales Milestone in any of the following Calendar Years. For illustration purposes, if at a given year
worldwide annual accrued Net Sales first reach $160,000,000 (without having reached $50M prior to such year); the Sales Milestone Payment
for such year will be $5,000,000 (on account of the $100M Sales Milestone). If in any subsequent year, worldwide annual accrued Net Sales
reach $100,000,000, the Sales Milestone Payment for such year will be $2,500,000 (on account of the $50M Sales Milestone), and so on.

 

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	Worldwide Annual Accrued Net Sales	 	Payment	 
	≥ $50 M	 	$	2,500,000	 
	≥ $100 M	 	$	5,000,000	 
	≥ $250 M	 	$	12,500,000	 
	≥ $500 M	 	$	25,000,000	 
	≥ $750 M	 	$	37,500,000	 
	≥ $1 Billion	 	$	50,000,000	 
	≥ $1.5 Billion	 	$	75,000,000	 

 

6.5       Product
Royalties.

 

(a)       Royalty
Rate. Processa shall pay a seven percent (7.5%) royalty rate on the aggregate worldwide annual accrued Net Sales of Products in the
Territory during each Calendar Year to Ocuphire on a Product-by-Product basis, excluding all sales made by a Sublicensee in the event
that Processa receives Sublicense Consideration on account of a specific Product in a specific Territory from such Sublicensee for which
Processa is required to pay Ocuphire the applicable percentage of the Sublicense Consideration as set forth in Section 6.6. During any
period within the Royalty Term applicable to a Product in a country when there is no Regulatory Exclusivity and no Valid Claim of the
Ocuphire Patent Rights in such country, the royalty rate applicable to Net Sales of such Product in such country shall be reduced to
fifty percent (50%) of the royalty rates described in this Section 6.5. Notwithstanding the foregoing, such reduction shall not cause
the royalty rate payable to Ocuphire, after giving effect to any other reductions contemplated by this Section 6.5, to be reduced to
less than three percent (3%) of annual Net Sales for such Product. Upon the expiration of the Royalty Term with respect to each Product
in each country, the license granted to Processa in Section 2.1(a) shall become fully paid-up and irrevocable with respect to such Product
in such country.

 

(b)       Royalty
Term and Adjustments. Processa’s royalty obligations to Ocuphire under this Section 6.5 shall commence on a country-by-country
and Product-by-Product basis on the date of First Commercial Sale of such Product in such country and shall expire on a country-by-country
basis and Product-by-Product basis on the last to occur of (i) expiration or invalidation of the last Valid Claim Covering such Product
in such country, (ii) the tenth (10th) anniversary of the date of the First Commercial Sale of such Product in such country
and (iii) the expiration of all Regulatory Exclusivities covering such Product in such country (the “Royalty Term”).

 

(c)       Third-Party
Payments. If, in the opinion of patent counsel mutually acceptable to both Processa and Ocuphire, in order to Develop, Manufacture,
use or Commercialize a Product in the Field in a country of the Territory without infringing any Third Party intellectual property rights
relating to the Ocuphire Intellectual Property, Processa or its Affiliate or Sublicensee is obligated to obtain a license or comparable
grant of rights (e.g., a covenant not to sue) under any Patent Rights from a Third Party (“Third-Party Patent Licenses”)
and pay a royalty under such Third-Party Patent License with respect to such Product in such country, then, subject to Section 6.5, forty
percent (40%) of such royalties actually paid by Processa, its Affiliates or Sublicensees shall be creditable against royalties payable
to Ocuphire hereunder with respect to such Product in such country; provided that, if Processa is obligated to enter into any
Third-Party Patent License, Processa shall use Commercially Reasonable Efforts to minimize the royalties owed by Processa under such
Third-Party Patent License. Notwithstanding the foregoing, such credit shall not cause the royalty rate payable to Ocuphire, after giving
effect to any other reductions contemplated by this Section 6.5, to be reduced to less than three percent (3%) on annual Net Sales for
such Product.

 

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6.6       Sublicense
Payments.

 

(a)       If
Processa enters into a sublicense agreement with a Sublicensee, Ocuphire shall receive 32% of any Sublicense Consideration (the “Sublicense
Payments”). The percentages described in this Section 6.6 shall apply to all Sublicense Consideration. Processa shall pay Ocuphire
the Sublicense Payments within thirty (30) days after the receipt of the Sublicense Consideration.

 

(b)       Notwithstanding
the foregoing, achievement of a Development Milestone by a Sublicensee shall not require a Development Milestone Payment under Section
6.2 and, in the event that Processa receives Sublicense Consideration on account of a specific Product in a specific Territory, then
in such case Processa shall be required to pay Ocuphire the applicable Sublicense Payment, but such Sublicense Consideration shall not
be taken into account when calculating Sales Milestone Payments under Section 6.4 or royalties payable to Ocuphire under Section 6.5.
Notwithstanding the foregoing, the Development Milestone Payments, Sales Milestone Payments and royalty will continue to be payable for
any Product and any country in the Territory that has not been sublicensed to a Sublicensee. To clarify, three example scenarios are
presented for illustrative purposes only:

 

Example
1: If Processa Develops the Product and receives Regulatory Approval in multiple countries in the Territory and licenses out the commercial
sales to Sublicensee in countries in the Territory such that Processa does not sell such Product, the financial terms of ARTICLE VI with
respect to such Product would then be the following: Section 6.2 and 6.3 would apply, Sections 6.4 and 6.5 would no longer apply. The
Sublicense Payments set forth in Section 6.6 would apply to all Sublicense Consideration received by Processa from the Sublicensee such
as upfront fees, any milestones payments, and royalties.

 

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Example
2: If Processa Develops and Commercializes a Product in U.S. while Sublicensing the Product for Development and Commercialization in
other countries in the Territory, the financial terms of ARTICLE VI with respect to such Product would then be the following: Sections
6.2 through 6.5 would apply with respect to the Product Developed and Commercialized in the U.S. by Processa, and Sections 6.2 through
6.5 would not apply with respect to a Product Developed and Commercialized by a Sublicensee. Instead, the Sublicense Payments set forth
in Section 6.6 would apply to all Sublicense Consideration received by Processa from the Sublicensee such as upfront fees, any milestones
payments, and royalties.

 

Example
3: If Processa sublicenses a Product prior to the 1st patient dosed in the Pivotal Clinical Trial for the 1st Indication
and Sublicensee completes Development, obtains Regulatory Approval, and Commercializes such Product in all countries in the Territory,
the financial terms of ARTICLE VI with respect to such Product would then be the following: for Section 6.2, Processa would pay for Development
Milestones that Processa has completed, the remaining Development Milestones not completed by Processa would no longer apply, Sections
6.4 through 6.5 with respect to Sales Milestones and royalties would no longer apply. The Sublicense Payments set forth in Section 6.6
would apply to all Sublicense Consideration received by Processa from the Sublicensee such as upfront fees, any milestones payments,
and royalties.

 

6.7       Reports;
Payments. Within thirty (30) days after the end of each Calendar Quarter commencing from the earlier of (a) the First Commercial
Sale of a Product; or (b) the receipt of Sublicense Consideration, Processa shall furnish Ocuphire with a quarterly report (“Periodic
Report”) detailing, at a minimum, the following information for the applicable Calendar Quarter, each listed by Product and
by country of sale: (i) the total number of units of Product sold by Processa, its Affiliates and Sublicensees, including a breakdown
of the number and type of Products sold, (ii) gross amounts received for all such sales, (iii) deductions by type taken from Net Sales
as specified herein, (iv) Net Sales, (v) Royalties and milestone payments owed to Ocuphire, listed by category, (vi) Sublicense Consideration
received during the preceding Calendar Quarter and Sublicense Payments due to Ocuphire, (vii) the currency in which the sales were made,
including the computations for any applicable currency conversions, (viii) invoice dates and all other data enabling the royalties and
Sublicense Payments payable to be calculated accurately and (ix) a detailed summary of progress against each Development Milestone and
Sales Milestone, and an estimate of the timing of the achievement of the next Development Milestone and Sales Milestone. Once the requirement
to deliver Periodic Reports is triggered, Periodic Reports shall be provided to Ocuphire whether or not royalties, milestone payments
or Sublicense Payments are payable for a particular Calendar Quarter. In addition to the foregoing, upon Ocuphire’s reasonable
request, Processa will provide to Ocuphire such other information as may be reasonably requested by Ocuphire, and will otherwise cooperate
with Ocuphire as reasonably necessary, to enable Ocuphire to verify Processa’s compliance with the payment and related obligations
under this Agreement, including verification of the calculation of amounts due to Ocuphire under this Agreement and of all financial
information provided or required to be provided in the Periodic Reports. Concurrently with each such Periodic Report, Processa shall
pay to Ocuphire all amounts payable by it under Section 6.5 and 6.6.

 

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6.8       Books
and Records; Audit Rights. Processa shall keep and maintain for three (3) years complete and accurate records of the underlying revenue
and expense data relating to the calculations of Net Sales, Sublicense Consideration and payments required by this Article VI. Ocuphire
shall have the right, once annually at its own expense, to have an independent, certified public accounting firm, selected by Ocuphire
and reasonably acceptable to Processa, review any such records of Processa in the location(s) where such records are maintained by Processa
upon reasonable notice (which shall be no less than fourteen (14) days prior notice) and during regular business hours and under obligations
of confidentiality no less strict than as set forth in Article VIII, for the sole purpose of verifying the basis and accuracy of payments
made under Section 6.8 within the thirty-six (36) month period preceding the date of the request for review. The report of such accounting
firm shall be limited to a certificate stating whether any report made or payment submitted by Processa during such period is accurate
or inaccurate and the actual amounts of Net Sales and Sublicense Consideration, and milestone payments, royalties and Sublicense Payments
due, for such period. Processa shall receive a copy of each such report concurrently with receipt by Ocuphire. Should such inspection
lead to the discovery of a discrepancy to Ocuphire’s detriment, Processa shall pay within five (5) Business Days after its receipt
from the accounting firm of the certificate the amount of the discrepancy plus interest calculated in accordance with Section 6.12. Ocuphire
shall pay the full cost of the review unless the underpayment of royalties, milestone payments or Sublicense Payments is greater than
five percent (5%) of the amount due for the period being audited, in which case Processa shall pay the reasonable cost charged by such
accounting firm for such review. Any overpayment by Processa revealed by an examination shall be fully creditable against future payments.

 

6.9       Tax
Matters. Except as expressly provided below, no payments to be made to Ocuphire by Processa hereunder shall be reduced by or on account
of any taxes, levies, imposts, duties, charges, assessments or fees (collectively, “Taxes”). Notwithstanding the immediately
preceding sentence, if any applicable Law requires (with due regard to any relief to which Ocuphire may be entitled) that Taxes be deducted
and withheld from any payment made to Ocuphire by Processa under this Agreement, Processa shall (a) deduct those Taxes, together with
any interest and penalties properly assessed thereon, from such payment or from any other payment owed by Processa hereunder; (b) transmit
the amounts so deducted to the proper Governmental Authority; (c) send evidence of the requirement together with proof of due transmission
of the amounts described in clause (b) to Ocuphire promptly following such payment; and (d) remit to Ocuphire the net amount of such
payment after taking account of such deduction. In determining whether to deduct any amount hereunder and prior to making such deduction,
Processa shall contact Ocuphire and take due account of all documentation supplied by Ocuphire, and of other facts known to Processa,
supporting a reduction in any Tax otherwise required to be deducted, or a credit therefor or refund thereof. Processa will reasonably
cooperate with Ocuphire in respect of Tax matters relating to payments made by Processa to Ocuphire under this Agreement and any disputes
with a Governmental Authority regarding such matters, including without limitation: (y) complying with reasonable requests from Ocuphire
to change the form, place or other circumstances of payments to be made to Ocuphire by Processa under this Agreement so as to reduce
the incidence of Taxes on such payments or recover any Taxes imposed on such payments (any such recovery to be for the benefit of Ocuphire);
and (z) in connection with any official or unofficial audit or contest relating to such payments.

 

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6.10       Payment
Method and Currency Conversion. All Payments shall be made in U.S. dollars in immediately available funds via either a bank wire
transfer, an ACH (automated clearing house) mechanism, or any other means of electronic funds transfer, at Processa’s election,
to Ocuphire’s bank account, or to such other bank account as Ocuphire shall designate in a notice at least ten (10) days before
the payment is due. For the purposes of determining the amount of any royalties or Sublicense Payments due for the relevant Calendar
Quarter under Section 6.8, the amount of Net Sales or Sublicense Consideration in any foreign currency shall be converted into U.S. dollars
in accordance with the prevailing rates of exchange published in the Wall Street Journal for such currency on the last Business Day of
the relevant Calendar Quarter.

 

6.11       Blocked
Payments. If by reason of applicable Laws in any country in the Territory, it becomes impossible or illegal for Processa or its Affiliates
or Sublicensees to transfer, or have transferred on its behalf royalties or other payments to Ocuphire, Processa shall promptly notify
Ocuphire of the conditions preventing such transfer. To the extent any payments to Ocuphire cannot be transferred pursuant to the preceding
sentence, such amounts shall be deposited in local currency in the relevant country to the credit of Ocuphire in a recognized banking
institution designated by Ocuphire or, if none is designated by Ocuphire within a period of thirty (30) days, in a recognized banking
institution selected by Processa or its Affiliate or Sublicensee, as the case may be, and identified in a notice given to Ocuphire. If
so deposited in a foreign country, Processa shall provide, or cause its Affiliate or Sublicensee to provide, reasonable cooperation to
Ocuphire so as to allow Ocuphire to assume control over such deposit as promptly as practicable.

 

6.12       Late
Payments. If Processa shall fail to make a timely payment pursuant to the terms of this Agreement, interest shall accrue on the past
due amount starting on the date on which the applicable payment was due at the thirty (30) day U.S. dollar London Interbank Offered Rate
effective for the date that payment was due (as published in the Wall Street Journal) plus five percent (5%) per annum, computed for
the actual number of days after the due date that the payment was past due.

 

ARTICLE
VII

INTELLECTUAL
PROPERTY OWNERSHIP, PROTECTION

AND
RELATED MATTERS

 

7.1       Ownership
of Intellectual Property.

 

(a)       Background
Intellectual Property. Each Party retains all right, title, ownership and interest in and to any of its intellectual property rights,
including all Know-How and Patent Rights, that exists prior to the Effective Date and/or is developed by such Party independent of any
use of the Ocuphire Intellectual Property.

 

(b)       Sole
Inventions. Each Party shall exclusively own all Inventions made solely by or on behalf of such Party, its employees, agents, and
consultants (“Sole Inventions”). Sole Inventions made solely by Processa, its employees, agents and consultants are
referred to herein as “Processa Sole Inventions”. Sole Inventions made solely by Ocuphire, its employees, agents and
consultants are referred to herein as “Ocuphire Sole Inventions”.

 

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(c)       Joint
Inventions. The Parties shall jointly own all Inventions made jointly by employees, agents and consultants of Processa, on the one
hand, and employees, agents and consultants of Ocuphire, on the other hand (“Joint Inventions”), and all Know-How,
Patent Rights and other intellectual property rights therein (the “Joint Intellectual Property”) on the basis of each
Party having an undivided interest in the whole. Joint Inventions may only be used in accordance with and subject to the terms and conditions
of this Agreement.

 

(d)       Inventorship.
For purposes of determining whether an invention is a Processa Sole Invention, a Ocuphire Sole Invention or a Joint Invention, questions
of inventorship shall be resolved in accordance with United States patent Laws.

 

7.2       Prosecution
and Maintenance of Patent Rights.

 

(a)       Prosecution
of Ocuphire Patent Rights. With respect to Ocuphire Patent Rights, Processa shall be responsible for and control the prosecution
and maintenance of Ocuphire Patent Rights in the Territory. The out-of-pocket costs and expenses incurred by Processa after the Effective
Date to obtain prosecute and maintain Ocuphire Patent Rights shall be borne one hundred percent (100%) by Processa. Processa shall file
international patent applications, or designate for national filing and file, in all countries in the Territory desired by Processa.
Processa shall promptly deliver to Ocuphire copies of all official correspondence with the applicable patent and trademark offices in
the Territory relating to the Ocuphire Patent Rights and, after the Effective Date Processa shall promptly provide Ocuphire drafts of
all proposed material filings and correspondence to any patent authority with respect to the Ocuphire Patent Rights. Processa shall keep
Ocuphire informed of the status of all pending patent applications that pertain to any Compound or Product. Processa shall not abandon
any Ocuphire Patent Rights (the “Abandoned Patents”) without at least ninety (90) days’ prior notice to Ocuphire.
If Processa decides to abandon any Ocuphire Patent Rights, Ocuphire shall have the option to continue to prosecute and maintain the Abandoned
Patents in Ocuphire’s name and at Ocuphire’s sole expense.

 

(b)       Prosecution
of Joint Patent Rights. Processa shall be responsible for obtaining, prosecuting, and/or maintaining patents and patent applications,
in any countries in the Territory, Covering Joint Inventions (“Joint Patent Rights”). Processa shall control such
prosecution and maintenance of the Joint Patent Rights. The out-of-pocket costs and expenses incurred to obtain, prosecute and maintain
Joint Patent Rights shall be borne one-hundred percent (100%) by Processa. Processa shall keep Ocuphire informed of the status of all
pending Joint Patent Rights, and shall use reasonable efforts to solicit Ocuphire’s comments on material prosecution matters related
to the Joint Patent Rights. Processa, its agents and attorneys shall not unreasonably decline to implement or incorporate any comments
of Ocuphire regarding any aspect of such patent prosecutions. Processa shall not abandon any Joint Patent Right without at least ninety
(90) days’ prior notice to Ocuphire. If Processa decides to abandon any Joint Patent Right, Ocuphire shall have the option to continue
to prosecute and maintain such Joint Patent Right in Ocuphire’s name, at Ocuphire’s sole expense.

 

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(c)       Prosecution
of Processa Patent Rights. Processa has the sole right, but not the responsibility, to obtain, prosecute, and/or maintain the Processa
Patent Rights.

 

(d)       Cooperation.
Each Party agrees to cooperate fully in the preparation, filing, prosecution, and maintenance of Ocuphire Patent Rights, Joint Patent
Rights, and Processa Patent Rights, pursuant to this Section 7.2 and in the obtaining and maintenance of any patent term extensions,
supplementary protection certificates, pediatric extensions, and their equivalent with respect thereto. Such cooperation includes: (i)
executing all papers and instruments, or requiring its employees or contractors, to execute such papers and instruments, so as enable
the other Party to apply for and to prosecute patent applications in any country as permitted by this Section 7.2; and (ii) promptly
informing the other Party of any matters coming to such Party’s attention that may affect the preparation, filing, prosecution,
or maintenance of any such patent applications.

 

7.3       Third-Party
Infringement.

 

(a)       Notice.
Each Party shall promptly report in writing to the other Party during the Term any known or suspected (i) infringement of any of the
Ocuphire Patent Rights or Joint Patent Rights in the Territory, or (ii) unauthorized use or misappropriation of any of the Ocuphire Know-How
or Joint Inventions, in the case of either clause (i) or clause (ii), that could reasonably be expected to impact the (A) Development,
Manufacture, use or Commercialization of a Compound or Product in the Field in the Territory, or (B) scope of the rights licensed to
Processa under ARTICLE II (an “Infringement Claim”), of which such Party becomes aware, and shall provide the other
Party with all available evidence supporting such Infringement Claim.

 

(b)       Initial
Right to Enforce.

 

(i)       Subject
to Section 7.3(c), Processa (itself or through its Affiliate or Sublicensee) shall have the first right, but not the obligation, to initiate
a suit, or take other appropriate action (an “Action”) that it believes is reasonably required to protect (i.e.,
prevent or abate actual or threatened infringement or misappropriation of) or otherwise enforce the Processa Intellectual Property, Ocuphire
Intellectual Property and Joint Intellectual Property with respect to an Infringement Claim; provided, however, that Processa
shall (i) consult with Ocuphire in good faith with respect to any claim that any Ocuphire Patent Right or Joint Patent Right is invalid
or unenforceable and implement any reasonable comment from Ocuphire regarding any aspect of defending against any such claim, (ii) not
take any position with respect to such Action in any way that is reasonably likely to directly and adversely affect the scope, validity
or enforceability of the Ocuphire Intellectual Property or Joint Intellectual Property; and (c) if Processa does not intend to prosecute
or defend an Action, or ceases to diligently pursue such an Action, in either case solely for an Infringement Claim, it shall promptly
inform Ocuphire in such a manner that such Action will not be prejudiced and Section 7.3(b)(ii) shall apply. Any such Action by Processa
shall be brought either in the name of Ocuphire or its Affiliate, the name of Processa or its Affiliate, or the names of Processa, Ocuphire
and their respective Affiliates, as may be required by the Law of the forum. For this purpose, Ocuphire shall execute such legal papers
and cooperate in the prosecution of such Action, including providing full access to documents, information and witnesses as reasonably
requested by Processa in connection with such Action, as may be reasonably requested by Processa; provided that Processa shall
promptly reimburse all out-of-pocket expenses (including reasonable counsel fees and expenses) actually incurred by Ocuphire in connection
with such cooperation.

 

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(ii)       If
(A) Processa informs Ocuphire that it does not intend to prosecute an Infringement Claim in respect of the Ocuphire Intellectual Property
or Joint Intellectual Property, (B) within ninety (90) days after notice of the Infringement Claim in respect of the Ocuphire Intellectual
Property or Joint Intellectual Property Processa has not commenced any Action in respect of such intellectual property, or (C) if Processa
thereafter ceases to diligently pursue such Action, then Ocuphire shall have the right (but not the obligation), at its own expense,
upon notice to Processa to take appropriate action to address such Infringement Claim, including by initiating its own Action or taking
over prosecution of any Action initiated by Processa. In such event, Ocuphire shall keep Processa fully informed about such Action and
Processa shall provide all reasonable cooperation requested by Ocuphire in connection with such Action; provided that Ocuphire
shall promptly reimburse all out-of-pocket expenses (including reasonable counsel fees and expenses) actually incurred by Processa in
connection with such cooperation. Ocuphire shall not take any position with respect to such Action in any way that is reasonably likely
to directly and adversely affect the scope, validity or enforceability of the Joint Intellectual Property. Ocuphire’s right to
enforcement as described in this Section 7.3(b)(ii) with respect to an Infringement Claim is applicable solely to the extent permitted
by applicable Law.

 

(iii)       For
clarity, as between Ocuphire and Processa, (A) Ocuphire shall have the sole right, but not the obligation, to protect Ocuphire Intellectual
Property against any suspected misappropriation or infringement that does not constitute an Infringement Claim and (B) the Parties shall
jointly determine by mutual agreement whether and how to protect Joint Intellectual Property against any suspected misappropriation or
infringement that does not constitute an Infringement Claim, and the provisions of this ARTICLE VII shall not apply with respect thereto.

 

(c)       Conduct
of Certain Actions; Costs. The Party initiating suit or taking other action with respect to an Infringement Claim shall have the
sole and exclusive right to select counsel for, and otherwise control, any suit or action initiated by it pursuant to Section 7.3(b).
The initiating Party shall assume and pay all of its own out-of-pocket costs incurred in connection with any litigation or proceedings
initiated by it pursuant to Section 7.3(b), including the fees and expenses of the counsel selected by it. The other Party shall have
the right to participate, but not control, and be represented in, any such suit by its own counsel at its own expense.

 

(d)       Recoveries.
Except as otherwise agreed by the Parties as part of a cost-sharing arrangement, any damages, settlements, accounts of profits, or other
financial compensation recovered from a Third Party by the Party that assumes control over enforcing any Infringement Claim shall be
allocated between the Parties as follows:

 

(i)       first,
to reimburse the Parties’ actual out-of-pocket expenses (including reasonable counsel fees and expenses) incurred in pursuing such
Infringement Claim; and

 

(ii)       second,
(x) if Processa controlled the assertion of the Infringement Claim any remaining amount that represents compensatory damages relating
to any Compound or Product (including lost sales or lost profits) shall be deemed Net Sales and paid to Processa, less an amount equal
to royalty payments to Ocuphire on such deemed Net Sales in accordance with the royalty provisions of Section 6.5, which amount shall
be paid to Ocuphire, and any remaining amount that represents punitive damages shall be shared equally by the Parties and (y) if Ocuphire
controlled the assertion of the Infringement Claim, any remaining recoveries shall be retained by Ocuphire.

 

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7.4       Patent
Invalidity Claim. Each of the Parties shall promptly notify the other in the event of any legal or administrative action by any Third
Party against a Ocuphire Patent Right or Joint Patent Right of which it becomes aware, including any nullity, revocation, reexamination
or compulsory license proceeding. Ocuphire shall have the first right, but not the obligation, to defend against any such action involving
a Ocuphire Patent Right, and the costs of any such defense shall be at Ocuphire’s expense; provided, however, that,
in the case of any inter partes review or similar post-grant matter before the Patent Trial and Appeal Board or similar administrative
body that is based on the same subject matter as any claim or counterclaim in any Infringement Claim, Processa shall have the first right,
but not the obligation, to defend against any such action involving a Ocuphire Patent Right, and the costs of any such defense shall
be at Processa’s expense; provided, further that in the case of any Paragraph IV Claim, Section 7.8 shall apply.
Processa shall have the sole right, but not the obligation, to defend against any such action involving a Processa Patent Right and the
first right, but not the obligation, to defend against any action involving a Joint Patent Right, and, in each case, the costs of any
such defense shall be at Processa’s expense. If the Party that has the first right to defend against any such action involving
such Ocuphire Patent Right or Joint Patent Right does not do so within sixty (60) days of notice thereof, then the other Party shall
have the right, but not the obligation, to defend such action and any such defense shall be at such other Party’s expense. Upon
request of the Party that defends against any such action involving a Ocuphire Patent Right, Processa Patent Right or Joint Patent Right,
the other Party agrees to join in any such action and to cooperate reasonably with the defending Party, including providing full access
to documents, information and witnesses as reasonably requested by the defending Party in connection with such action, provided
that the defending Party shall promptly reimburse all out-of-pocket expenses (including reasonable counsel fees and expenses) actually
incurred by the other Party in connection with such cooperation.

 

7.5       Claimed
Infringement. If any action, suit or proceeding brought against a Party (or an Affiliate or Sublicensee of such Party) alleging that
the Manufacture, use or Commercialization of a Product infringes, or is suspected or alleged to infringe, the Know-How or Patent Rights
of any Third Party in the Territory, such Party shall notify the other Party within thirty (30) days of the earlier of (a) receipt of
service of process in such action, suit or proceeding or (b) the date such Party becomes aware that such action, suit or proceeding has
been instituted, and, thereafter, the Parties shall meet as soon as possible to discuss the overall strategy for defense of such matter.
Processa shall have the right to defend such action, suit or proceeding in the Territory at its sole cost and expense. Ocuphire shall
have the right to separate counsel at its own expense in any such action, suit or proceeding. The Parties shall cooperate with each other
in all reasonable respects in any such action, suit or proceeding. Each Party shall promptly furnish the other Party with a copy of each
communication relating to the alleged infringement that is received by such Party, including all documents filed in any litigation.

 

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7.6       Patent
Term Extensions. Processa shall have the exclusive right and obligation to seek patent term extensions or supplemental patent protection,
including supplementary protection certificates, in each country in the Territory in relation to the Products at Processa’s expense.
Ocuphire and Processa shall cooperate in connection with all such activities, and Processa, its agents and attorneys will give due consideration
to all timely suggestions and comments of Ocuphire regarding any such activities; provided that all final decisions shall be made
by Processa.

 

7.7       Patent
Marking. Processa shall comply with the patent marking statutes in each country in the Territory in which any Product is sold by
Processa, its Affiliates, or its Sublicensees.

 

7.8       Certification
under Drug Price Competition and Patent Restoration Act.

 

(a)       Notice.
If a Party becomes aware of any certification filed pursuant to 21 U.S.C. § 355(b)(2)(A) or 355(j)(2)(A)(vii)(IV) or its successor
provisions, or any similar provision in any country in the Territory other than the U.S., claiming that any Ocuphire Patent Rights or
Joint Patent Rights are invalid or otherwise unenforceable, or that infringement will not arise from the Manufacture, use, import or
sale of a product by a Third Party (a “Paragraph IV Claim”), such Party shall promptly notify the other Party in writing
within five (5) Business Days after its receipt thereof.

 

(b)       Control
of Response; Recoveries. Processa shall have the first right, but not the obligation, to initiate and control patent infringement
litigation for any Paragraph IV Claim; provided, however, that Processa shall (i) consult with Ocuphire in good faith with
respect to any claim that any Ocuphire Patent Right or Joint Patent Right is invalid or unenforceable and (ii) implement any comment
from Ocuphire regarding any aspect of defending against any such claim. Any suit by Processa shall be brought either in the name of Ocuphire
or its Affiliate, the name of Processa or its Affiliate, or the names of Processa, Ocuphire, and their respective Affiliates, as may
be required by the Law of the forum. For this purpose, Ocuphire shall execute such legal papers and cooperate in the prosecution of such
suit, including providing full access to documents, information and witnesses, as may be reasonably requested by Processa; provided
that Processa shall promptly reimburse all out-of-pocket expenses (including reasonable counsel fees and expenses) actually incurred
by Ocuphire in connection with such cooperation. If Processa elects not to assume control over litigating any Paragraph IV Claim, Processa
shall notify Ocuphire as soon as practicable but in any event not later than ten (10) days before the first action required to litigate
such Paragraph IV Claim so that Ocuphire may, but shall not be required to, assume sole control over litigating such Paragraph IV Claim
using counsel of its own choice. Any suit by Ocuphire shall be either in the name of Ocuphire or its Affiliate, the name of Processa
or its Affiliate, or the names of Processa, Ocuphire, and their respective Affiliates, as may be required by the Law of the forum. For
this purpose, Processa shall execute such legal papers and cooperate in the prosecution of such suit, including providing full access
to documents, information and witnesses, as may be reasonably requested by Ocuphire; provided that Ocuphire shall promptly reimburse
all out-of-pocket expenses (including reasonable counsel fees and expenses) actually incurred by Processa in connection with such cooperation.
Any compensation recovered as a result of such litigation shall be allocated as set forth in Section 7.3(d) above.

 

7.9       Privileged
Communications. In furtherance of this Agreement, it is expected that Processa and Ocuphire will, from time to time, disclose to
one another privileged communications with counsel, including opinions, memoranda, letters, and other written, electronic and verbal
communications. Such disclosures are made with the understanding that they shall remain confidential, that they will not be deemed to
waive any applicable attorney-client or attorney work product or other privilege and that they are made in connection with the shared
community of legal interests existing between Ocuphire and Processa, including the community of legal interests in avoiding infringement
of any valid, enforceable patents of Third Parties and maintaining the validity of Ocuphire Patent Rights, Processa Patent Rights and
Joint Patent Rights.

 

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7.10       Settlement.
Neither Party shall unilaterally enter into any settlement or compromise of any suit, action or proceeding under this ARTICLE VII that
would in any manner alter, diminish, or be in derogation of the other Party’s rights under this Agreement without the prior written
consent of such other Party, which shall not be unreasonably withheld or delayed.

 

ARTICLE
VIII

CONFIDENTIAL
INFORMATION

 

8.1       Treatment
of Confidential Information. During the Term and for five (5) years thereafter, each Party shall maintain Confidential Information
(as defined in Section 8.2) of the other Party in confidence, and shall not (a) disclose, divulge or otherwise communicate such Confidential
Information of the other Party (except to agents, directors, officers, employees, consultants, subcontractors, licensees, sublicensees,
partners, Affiliates and advisors who have a need to know such Confidential Information to perform obligations or exercise rights on
behalf of such Party (collectively, “Agents”) that are under written obligations of confidentiality no less stringent
than those set forth in this ARTICLE VIII) or (b) use such Confidential Information of the other Party for any purpose other than in
connection with the Development, Manufacture, use or Commercialization of Compounds or Products pursuant to this Agreement or otherwise
to accomplish the purposes of this Agreement, including exercising its rights or performing its obligations hereunder. Each Party shall
exercise Commercially Reasonable Efforts to prevent and restrain the unauthorized disclosure of such Confidential Information by any
of its Agents, which efforts shall be at least as diligent as those generally used by such Party in protecting its own confidential and
proprietary information, and in any event no less than reasonable efforts. Each Party will be responsible for any breach of this ARTICLE
VIII by its Agents. Either receiving Party may disclose Confidential Information of the disclosing Party (including the existence and
terms of this Agreement) (i) to Governmental Authorities in order to comply with applicable Laws, respond to inquiries, requests or investigations
by Governmental Authorities, including filing, prosecuting or maintaining Patent Rights and filings with Regulatory Authorities, in each
case as permitted by this Agreement; (ii) to comply with the regulations or requirements of any stock exchange; (iii) to the extent reasonably
necessary in order to defend or prosecute litigation; and (iv) to potential and actual bona fide investors, Acquirors and other
financial or commercial partners solely for the purpose of evaluating or carrying out an actual or potential investment, Change of Control
or collaboration; provided that the receiving Party shall (x) promptly provide prior notice of such disclosure to the disclosing
Party and use Commercially Reasonable Efforts to avoid or minimize the degree of such disclosure, (y) use reasonable efforts to secure
confidential treatment of such Confidential Information, and (z) obtain the same written confidentiality obligations from any Third Parties
to which it discloses the Confidential Information of the disclosing Party as it obtains with respect to its own similar types of confidential
information, and in any event such obligations shall be no less stringent than those set forth in this ARTICLE VIII.

 

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8.2       Confidential
Information. “Confidential Information” means all trade secrets or other proprietary information, including any
proprietary data and materials (whether or not patentable or protectable as a trade secret), that is disclosed by a Party to the other
Party. All information disclosed prior to the Effective Date by Ocuphire to Processa pursuant to the Amended and Restated Nondisclosure
Agreement dated December 17, 2020 by and between the Parties, as amended, through the Effective Date (the “Confidentiality Agreement”),
shall be deemed “Confidential Information” of Ocuphire. The terms of this Agreement shall be the Confidential Information
of both Parties. Notwithstanding the foregoing, Confidential Information shall not include any information that:

 

(a)       either
before or after the date of the disclosure to the receiving Party is lawfully disclosed to the receiving Party by a Third Party without
any violation of any obligation to the other Party; or

 

(b)       either
before or after the date of the disclosure to the receiving Party, becomes published or generally known to the public through no fault
or omission on the part of the receiving Party or its Agents; or

 

(c)       is
independently developed by or for the receiving Party without reference to or reliance upon the disclosing Party’s Confidential
Information as demonstrated by contemporaneous written records of the receiving Party.

 

8.3       Publications.
The Parties recognize the desirability of publishing and publicly disclosing the results of Clinical Trials of pharmaceutical products.
Accordingly, subject to coordination through designated representatives of each Party, Processa shall be free to publicly disclose the
results of Clinical Trials involving Compounds or Products, subject to prior review by Ocuphire for issues of patentability and protection
of its Confidential Information, in a manner consistent with all Laws applicable to Processa and best industry practices. In addition,
if Processa intends to publish articles in scientific or medical journals or to make presentations of the results of Clinical Trials
involving Compounds or Products, Processa shall provide Ocuphire through the designated representatives of each Party at its earliest
opportunity (but in any event no less than forty-five (45) days prior to intended submission or presentation) with any proposed abstracts,
manuscripts or summaries of presentations that cover the results of Development of any Compound or Product. Ocuphire shall respond promptly
through its designated representative, and in any event no later than thirty (30) days after receipt of such proposed publication or
presentation, or such shorter period as may be required by the publication. If timely requested by Ocuphire, Processa agrees to allow
a reasonable period (not to exceed sixty (60) days) to permit filings for patent protection and to otherwise address issues of Confidential
Information or related competitive harm to the reasonable satisfaction of Ocuphire. In addition, Processa will consider in good faith
any comments furnished by Ocuphire to Processa during such period. Processa shall be responsible to assure that its Affiliates and licensees
agree to, and comply with, equivalent undertakings in favor of Ocuphire. Ocuphire and its Affiliates may make any publication or public
disclosure of any data concerning the Compounds or Products that existed as of the Effective Date, provided that Ocuphire provides
Processa at least thirty (30) days (or such shorter period as may be required by the publication) to review such publication or public
disclosure, allows a reasonable period (not to exceed sixty (60) days) to permit filings for patent protection and to otherwise address
issues of Confidential Information or related competitive harm to the reasonable satisfaction of Processa, and reasonably considers any
timely comments provided by Processa with respect to such publication or public disclosure. Ocuphire shall not, and shall cause each
of its Affiliates, licensees, and sublicensees not to, make any other publications or public disclosures regarding the Compounds or Products
without Processa’s prior written consent. If Processa consents to Ocuphire making such publications, Ocuphire shall provide Processa
a reasonable opportunity to comment on any such publications and such comments shall not be unreasonably rejected. All publications involving
Compounds or Products shall include appropriate acknowledgement consistent with standard scientific practice of any contributions of
each Party to the results being publicly disclosed.

 

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8.4       Press
Releases and Other Disclosures.

 

(a)       The
Parties recognize that each Party may from time to time desire to issue press releases and make other public statements or disclosures
regarding the subject matter of this Agreement. In such event, the Party desiring to issue a press release or make a public statement
or disclosure shall provide the other Party with a copy of the proposed press release, public statement or disclosure for review at least
twenty-four (24) hours prior to release; provided, however, that a Party shall not be required to provide to the other Party for review
any press releases, public statements, or public disclosures which only discuss the development and/or the marketing and sales of the
Product, including study design, study data, study results or potential market, as long as the other Party is not named or referenced.
Neither Party shall have any obligation to disclose or approve the disclosure of Confidential Information except to the extent required
or permitted pursuant to this ARTICLE VIII. No other public statement or disclosure concerning the existence or terms of this Agreement
shall be made, either directly or indirectly, by either Party, without first obtaining the written approval of the other Party.

 

(b)       Each
party understands and agrees that this Agreement may be publicly filed with the Securities and Exchange Commission (or such other Government
Authority) and all material terms of such Agreement may be described in such Party’s filings with the Securities and Exchange Commission.

 

8.5       Equitable
Relief. Given the nature of the Confidential Information and the competitive damage that a Party would suffer upon unauthorized disclosure,
use, or transfer of its Confidential Information to any Third Party, the Parties agree that monetary damages would not be a sufficient
remedy for any breach of this ARTICLE VIII. In addition to all other remedies, a Party shall be entitled to seek specific performance
and injunctive and other equitable relief as a remedy for any breach or threatened breach of this ARTICLE VIII.

 

ARTICLE
IX

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

9.1       Ocuphire’s
Representations. Ocuphire hereby represents and warrants as of the Effective Date as follows:

 

(a)       Ocuphire
has the corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution,
delivery, and performance of this Agreement has been duly and validly authorized and approved by all necessary corporate action on the
part of Ocuphire. Ocuphire has taken all other action required by Law, its certificate of incorporation or by-laws, or any agreement
to which it is a party or by which it or its assets are bound, to authorize such execution, delivery, and performance. Assuming due authorization,
execution, and delivery on the part of Processa, this Agreement constitutes a legal, valid, and binding obligation of Ocuphire, enforceable
against Ocuphire in accordance with its terms.

 

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(b)       The
execution and delivery of this Agreement by Ocuphire do not require Ocuphire to obtain any permit, authorization or consent from any
Governmental Authority or from any other Person which has not been obtained prior to the Effective Date, and such execution and delivery
by Ocuphire will not result in the breach of or give rise to any termination of, rescission, renegotiation or acceleration under or trigger
any other rights under any agreement or contract to which Ocuphire may be a party that relates to the Ocuphire Patent Rights or the Ocuphire
Know-How.

 

(c)       Schedule
1.50 is a complete and correct list of all Patent Rights owned by Ocuphire as of the Effective Date that Cover any Compound or Product
in the Territory. No Patent Right that Covers any Compound or Product in the Territory has been licensed to Ocuphire.

 

(d)       Ocuphire
is the legal and beneficial owner of all Ocuphire Patent Rights, free and clear of any liens, mortgages, security interests or other
similar encumbrances. All assignments to Ocuphire of ownership rights relating to such Ocuphire Patent Rights are valid and enforceable.
All of the Ocuphire Patent Rights that are issued patents are in full force and effect, and all applicable filing, maintenance and other
fees required to be paid to a patent office with respect to the Ocuphire Patent Rights have been timely paid, except as indicated on
Schedule 1.50. Ocuphire has the right to grant the licenses granted by it in this Agreement and has not previously assigned, transferred,
conveyed or otherwise encumbered its right, title and interest in the Ocuphire Intellectual Property in the Territory in a manner that
conflicts with any rights granted to Processa hereunder.

 

(e)       To
Ocuphire’s knowledge, there is no action, claim, demand, suit, proceeding, arbitration, grievance, citation, summons, subpoena,
inquiry or investigation of any nature, civil, criminal, regulatory or otherwise, in law or in equity, pending against Ocuphire in connection
with the Compounds or Products or any Ocuphire Patent Rights, Ocuphire Know-How or against or relating to the transactions contemplated
by this Agreement. Ocuphire has not received any written notice from a Third Party that the Development of any Compound or Product conducted
by Ocuphire has infringed, or that any Development or Commercialization of any Compound or Product will infringe, any Patent Rights of
any Third Party. The Ocuphire Know-How does not infringe upon, misappropriate, or otherwise violate
the intellectual property rights of any Third Party.

 

(f)       To
Ocuphire’s knowledge, (i) no claim or action has been brought by any Third Party alleging that the Ocuphire Patent Rights are invalid
or unenforceable, and (ii) no Ocuphire Patent Rights are the subject of any litigation, interference, post-grant review, opposition,
cancellation or other proceeding challenging the validity or enforceability of the Ocuphire Patent Rights.

 

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(g)       Neither
Ocuphire nor, to the knowledge of Ocuphire, any of its directors, officers, employees, agents or subcontractors has been convicted of
any crime or engaged in any conduct that has resulted in, or would reasonably be expected to result, in debarment by the FDA under 21
U.S.C. § 335a or any similar state or foreign Law.

 

(h)       Ocuphire
is in compliance with all of the material terms and conditions of the Biosense Agreement.

 

(i)       Ocuphire
has not licensed any rights, title or interest in the Compound to any Third Party other than Biosense.

 

(j)       Ocuphire
is as of the date hereof is an “accredited investor” as defined in Rule 501 under the Securities Act.

 

(k)       The
Upfront Shares are being acquired for investment for Ocuphire’s own account, not as a nominee or agent, and not with a view to
the resale or distribution of any part thereof, and as of the date hereof, Ocuphire has no present intention of selling, granting any
participation or otherwise distributing the Upfront Shares. Ocuphire, either alone or together with its representatives, has such knowledge,
sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective
investment in the Upfront Shares, and has so evaluated the merits and risks of such investment. Ocuphire is able to bear the economic
risk of an investment in the Upfront Shares and, at the present time, is able to afford a complete loss of such investment.

 

(l)       Ocuphire
acknowledges that it has had the opportunity to review Processa’s filings with the SEC, including Processa’s most recent
Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and has been afforded, (i) the opportunity to ask such questions
as it has deemed necessary of, and to receive answers from, representatives of Processa concerning the terms and conditions of the offering
of the Upfront Shares and the merits and risks of investing in the Upfront Shares; (ii) access to information about Processa and its
financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment;
and (iii) the opportunity to obtain such additional information that Processa possesses or can acquire without unreasonable effort or
expense that is necessary to make an informed investment decision with respect to the investment.

 

(m)       Ocuphire
is not acquiring the Upfront Shares as a result of (a) any advertisement, article, notice or other communication published in any newspaper,
magazine or similar media or broadcast over television, radio or the Internet, in each case, relating to Processa, or (ii) any seminar
or meeting whose attendees, including Ocuphire, have been invited by any general solicitation or general advertising related to Process.

 

(n)       In
addition to any other legend required by law, the book-entry or certificated form of the Upfront Shares shall bear any legend required
by the “blue sky” laws of any state and a restrictive legend in substantially the following form:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL
SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT.

 

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9.2       Processa’s
Representations. Processa hereby represents and warrants as of the Effective Date as follows:

 

(a)       Processa
has the corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution,
delivery, and performance of this Agreement has been duly and validly authorized and approved by all necessary corporate action on the
part of Processa. Processa has taken all other action required by Law, its certificate of incorporation or by-laws or any agreement to
which it is a party or by which it or its assets are bound to authorize such execution, delivery and (subject to obtaining all necessary
governmental approvals with respect to the Development, Manufacture, use and Commercialization of Compounds and Products) performance.
Assuming due authorization, execution, and delivery on the part of Ocuphire, this Agreement constitutes a legal, valid, and binding obligation
of Processa, enforceable against Processa in accordance with its terms.

 

(b)       The
execution and delivery of this Agreement by Processa will not violate any U.S. Law or, to Processa’s knowledge, any Law of any
Governmental Authority outside the U.S.

 

(c)       There
is no action, claim, demand, suit, proceeding, arbitration, grievance, citation, summons, subpoena, inquiry or investigation of any nature,
civil, criminal, regulatory or otherwise, in law or in equity, pending or, to the knowledge of Processa, threatened against Processa
in connection with or relating to the transactions contemplated by this Agreement.

 

(d)       The
execution and delivery of this Agreement do not require Processa to obtain any permit, authorization or consent from any Governmental
Authority or from any other Person, and such execution and delivery by Processa will not result in the breach of or give rise to any
termination of, rescission, renegotiation or acceleration under or trigger any other rights under any agreement or contract to which
Processa may be a party that relates to the Products, Processa Patent Rights or Processa Know-How.

 

(e)       Neither
Processa nor, to the knowledge of Processa, any of its directors, officers, employees, agents or subcontractors has been convicted of
any crime or engaged in any conduct that has resulted in, or would reasonably be expected to result, in debarment by the FDA under 21
U.S.C. § 335a or any similar state or foreign Law.

 

9.3       Ocuphire
Covenants. Ocuphire covenants and agrees that, subject to Processa’s, its Affiliates’ and Sublicensees’ performance
of their obligations under this Agreement:

 

(a)       During
the Term, Ocuphire shall not grant to any Third Party any rights that would be inconsistent or conflict with Processa’s rights
hereunder.

 

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(b)       Ocuphire
shall not amend the terms of the Biosense Agreement without the prior written consent of Processa, which may be withheld in its sole
and absolute discretion.

 

(c)       Ocuphire
shall remain in compliance with all of the material terms and conditions of the Biosense Agreement.

 

(d)       During
the Term and subject to Section 12.7, Ocuphire shall not assign, transfer, convey, or otherwise encumber its right, title, and interest
in the Ocuphire Intellectual Property in a manner that conflicts with any rights granted to Processa hereunder.

 

9.4       Processa
Covenants.

 

(a)       Processa
shall conduct, and shall ensure that its contractors and consultants-conduct, all of activities contemplated under this Agreement in
accordance with all applicable Laws of the country in which such activities are conducted, including applicable requirements of “good
laboratory practices”, “good clinical practices” and “good Manufacturing practices”, as applicable, as
defined by the FDA.

 

(b)       All
employees of Processa or its Affiliates or Sublicensees working under this Agreement shall be under obligation to assign all right, title
and interest in and to their Inventions, if any, to Processa as the sole owner thereof;

 

(c)       Processa
shall not employ (or use any subcontractor or consultant that employs) any individual or entity debarred by the FDA or any equivalent
sanction instituted by a Regulatory Authority other than the FDA, or an individual or entity who is the subject of an FDA debarment investigation
or proceeding or any equivalent investigation or proceeding instituted by a Regulatory Authority other than the FDA, in the conduct of
its activities under the Development Plan or Commercialization Plan.

 

(d)       Subject
to Section 12.7, Processa shall not assign, transfer, convey, or otherwise encumber its right, title, and interest in the intellectual
property rights (including Processa Intellectual Property, Ocuphire Intellectual Property and Joint Intellectual Property) it Controls
in a manner that conflicts with or interferes with any of the rights granted hereunder to Ocuphire, including upon termination.

 

(e)       Processa
shall not, in the performance of its obligations under this Agreement, directly or indirectly, offer, pay, promise to pay or authorize
the giving of money or anything of value to any official or employee of any government or any department, agency or instrumentality thereof
(including any health or medical providers owned or controlled by the government), to any political party or official thereof, or to
any candidate for political office, or to any other person, for the purpose of:

 

(i)       Inappropriately
influencing any act or decisions of such person, official, political party, party official, or candidate in, if applicable, its official
capacity, including a decision to fail to perform official functions;

 

(ii)       Inducing
such person, official, political party, party official, or candidate to use influence with the government, any instrumentality thereof,
or any other entity to affect or influence any act or decision of such government or instrumentality, or entity, in order to assist Processa
in obtaining or retaining business for or with, or directing business to, any Affiliate or Third Party; or

 

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(iii)       Otherwise
inappropriately influencing any decisions favorable to Processa or its Affiliates and the business resulting therefrom in contravention
of the Anti-Bribery Laws applicable to the activities of Processa under this Agreement.

 

(f)       Processa
shall have reasonably necessary procedures in place to prevent bribery and corrupt conduct by itself and each of its Affiliates and to
comply with all applicable Anti-Bribery Laws.

 

9.5       No
Warranty. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTY
OF ANY KIND, EITHER EXPRESS OR IMPLIED. IN PARTICULAR, BUT WITHOUT LIMITATION, EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT,
NEITHER PARTY MAKES ANY REPRESENTATION OR EXTENDS ANY WARRANTY CONCERNING WHETHER ANY OF THE COMPOUNDS OR PRODUCTS ARE FIT FOR ANY PARTICULAR
PURPOSE OR SAFE FOR HUMAN CONSUMPTION.

 

ARTICLE
X

INDEMNIFICATION

 

10.1       Indemnification
in Favor of Ocuphire. Processa shall indemnify, defend and hold harmless Ocuphire, its Affiliates and their respective agents, directors,
officers, licensees, sublicensees and employees (collectively, the “Ocuphire Parties”) from and against any and all
Losses incurred, suffered or sustained by any of the Ocuphire Parties or to which any of the Ocuphire Parties becomes subject as a result
of any Third-Party claim, action, suit, proceeding, liability or obligation (collectively, “Third-Party Claims”) arising
out of, relating to or resulting from:

 

(a)       any
misrepresentation or breach of any representation, warranty, covenant or agreement made by Processa in this Agreement;

 

(b)       the
Development, Manufacture, use or Commercialization of Compounds or Products by Processa, its Affiliates or Sublicensees, including all
Third-Party Claims involving death or bodily injury caused or allegedly caused by the use of such a Compound or Product, and even if
such a Compound or Product is altered for use for a purpose not intended (any and all such Third-Party Claims “Product Liability
Claims”);

 

(c)       any
actual or alleged infringement of any trademark, Patent Right or other intellectual property right, or misappropriation of any trade
secret, of any Third Party as a result of the Development, Manufacture, use or Commercialization of Compounds or Products by Processa,
its Affiliates or Sublicensees; or

 

(d)       the
negligence, recklessness or wrongful intentional acts or omissions of any of the Processa Parties (as hereinafter defined) in connection
with Processa’s performance of its obligations or exercises of its rights under this Agreement.

 

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The
indemnification obligations set forth in this Section 10.1 shall not apply to the extent that any Loss is the result of (i) a breach
of any representation, warranty, covenant, or agreement made by Ocuphire in this Agreement or (ii) the negligence, recklessness or wrongful
intentional acts or omissions of any applicable Ocuphire Party.

 

10.2       Indemnification
in Favor of Processa. Ocuphire shall indemnify, defend and hold harmless Processa its Affiliates and their respective agents, directors,
officers, licensees, Sublicensees and employees (collectively, the “Processa Parties”) from and against any and all
Losses incurred, suffered or sustained by any of the Processa Parties or to which any of the Processa Parties becomes subject as a result
of any Third-Party Claim arising out of, relating to or resulting from:

 

(a)       any
misrepresentation or breach of any representation, warranty, covenant or agreement made by Ocuphire in this Agreement;

 

(b)       the
Development, Manufacture, use or Commercialization of Compounds or Products by Ocuphire, its Affiliates, licensees (excluding Processa)
or sublicensees prior to the Effective Date [or after any termination of this Agreement for any reason other than by Processa under Section
11.3 or 11.5], including all Product Liability Claims arising out of any such pre-Effective Date, post-termination Development, Manufacture
or Commercialization by Ocuphire, its Affiliates, licensees (excluding Processa) or sublicensees; or

 

(c)       any
actual or alleged infringement of any trademark, Patent Right or other intellectual property right, or misappropriation of any trade
secret, of any Third Party as a result of the Development, Manufacture, use or Commercialization of Compounds or Products by Ocuphire,
its Affiliates, licensees (excluding Processa) or sublicensees prior to the Effective Date [or after any termination of this Agreement
for any reason other than by Processa under Section 11.3 or 11.5]; or

 

(d)       the
negligence, recklessness or wrongful intentional acts or omissions of any of the Ocuphire Parties in connection with Ocuphire’s
performance of its obligations or exercises of its rights under this Agreement; or

 

(e)       any
claims for damages, money, property, royalties, license payments, fees, compensation or intellectual property or any other claims or
demands or injunctions made by the shareholders of Ocuphire or any other holders of any rights (including but not limited to contingent
value rights) to be issued in connection with the Agreement and Plan of Merger and Reorganization, dated June 17, 2020, with Ocuphire
Pharma, Inc. (“Ocuphire”), or Ocuphire and its shareholders in connection with the Merger Agreement, not related to
this Agreement.

 

The
indemnification obligations set forth in this Section 10.2 shall not apply to the extent that any Loss is the result of (i) a breach
of any representation, warranty, covenant, or agreement made by Processa in this Agreement, or (ii) the negligence, recklessness or wrongful
intentional acts or omissions of any applicable Processa Party.

 

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10.3       General
Indemnification Procedures.

 

(a)       A
Ocuphire Party or Processa Party seeking indemnification pursuant to this ARTICLE X (an “Indemnified Party”) shall
(a) give prompt notice to the Party from which such indemnification is sought (the “Indemnifying Party”) of the commencement
or assertion of any Third-Party Claim in respect of which indemnity may be sought hereunder, (b) give the Indemnifying Party such information
with respect to any indemnified matter as the Indemnifying Party may reasonably request, and (b) not make any admission concerning any
Third-Party Claim, unless such admission is required by applicable Law or legal process, including in response to questions presented
in depositions or interrogatories. Any admission made by the Indemnified Party or the failure to give such notice shall relieve the Indemnifying
Party of any liability hereunder only to the extent that the ability of the Indemnifying Party to defend such Third-Party Claim is prejudiced
thereby (and no admission required by applicable Law or legal process shall be deemed to result in prejudice). The Indemnifying Party
shall assume and conduct the defense of such Third-Party Claim, with counsel selected by the Indemnifying Party and reasonably acceptable
to the Indemnified Party. Subject to the initial and continuing satisfaction of the terms and conditions of this ARTICLE X by the Indemnifying
Party, the Indemnifying Party shall have full control of such Third-Party Claim, including settlement negotiations and any legal proceedings.
If the Indemnifying Party does not assume the defense of such Third-Party Claim in accordance with this Section 10.3, the Indemnified
Party may defend the Third-Party Claim. If both Parties are Indemnifying Parties with respect to the same Third-Party Claim, the Parties
shall determine by mutual agreement, within twenty (20) days following their receipt of notice of commencement or assertion of such Third-Party
Claim (or such lesser period of time as may be required to respond properly to such claim), which Party shall assume the lead role in
the defense thereof. Should the Indemnifying Parties be unable to mutually agree on which of them shall assume the lead role in the defense
of such Third-Party Claim, both Indemnifying Parties shall be entitled to participate in such defense through counsel of their respective
choosing.

 

(b)       Any
Indemnified Party or Indemnifying Party not managing the defense of a Third-Party Claim shall have the right to participate in (but not
control), at its own expense (subject to the immediately succeeding sentence), the defense. The Indemnifying Party managing the defense
shall not be liable for any litigation cost or expense incurred, without its consent, by the Indemnified Party where the action or proceeding
is under the control of such Indemnifying Party; provided, however, that, if the Indemnifying Party managing the defense
fails to take reasonable steps necessary to defend such Third-Party Claim, the Indemnified Party may assume its own defense, and the
Indemnifying Party managing the defense will be liable for all reasonable costs or expenses paid or incurred in connection therewith.

 

(c)       The
Indemnifying Party shall not, except with the consent of the Indemnified Party, consent to a settlement of, or the entry of any judgment
against, an Indemnified Party arising from any Third-Party Claim to the extent such settlement or judgment involves equitable or other
non-monetary relief from the Indemnified Party. No Party shall, without the prior written consent of the other Party or the Indemnified
Party, enter into any compromise or settlement that commits the other Party or the Indemnified Party to take, or to forbear to take,
any action.

 

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(d)       The
Parties shall cooperate in the defense or prosecution of any Third-Party Claim and shall furnish such records, information and testimony,
and attend such conferences, discovery proceedings, hearings, trials and appeals, as may be reasonably requested in connection therewith;
provided, however, that the Indemnifying Party shall reimburse the Indemnified Party for any out-of-pocket expenses actually
and reasonably incurred in connection with any such cooperation.

 

(e)       Any
indemnification hereunder shall be made net of any insurance proceeds or amounts actually recovered by the Indemnified Party from unaffiliated
Third Parties; provided, however, that if, following the payment to the Indemnified Party of any amount under this ARTICLE
X, such Indemnified Party recovers any such insurance proceeds in respect of the claim for which such indemnification payment was made,
the Indemnified Party shall promptly pay an amount equal to the amount of such proceeds (but not exceeding the amount of such net indemnification
payment) to the Indemnifying Party.

 

10.4       Insurance.
During the Term, for so long as a Third-Party Claim may be brought for which Processa must indemnify Ocuphire pursuant to Section 10.1,
Processa shall obtain and maintain, at its sole cost and expense, product liability insurance in amounts that are reasonable and customary
in the pharmaceutical industry, but in no event less than five million dollars ($5,000,000) per occurrence or claim, and ten million
dollars ($10,000,000) in the aggregate, or a comparable program of self-insurance. Such product liability insurance shall insure against
all liability, including product liability and property damage arising out of the Development, use or Commercialization of Compounds
and Products by Processa, its Affiliates, or Sublicensees in the Territory. Without limiting the generality of the foregoing, Processa
shall maintain comprehensive general liability insurance, including product liability insurance, to cover its activities and, unless
its Affiliates and Sublicensees maintain comparable coverage, the activities of its Affiliates and Sublicensees, with respect to Compounds
and Products.

 

10.5       No
Consequential or Punitive Damages. NEITHER PARTY WILL BE LIABLE FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, OR PUNITIVE
DAMAGES, INCLUDING LOST PROFITS, ARISING FROM OR RELATING TO THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF SUCH DAMAGES. NOTHING IN THIS
SECTION 10.5 IS INTENDED TO LIMIT OR RESTRICT (A) THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF EITHER PARTY UNDER THIS AGREEMENT WITH
RESPECT TO THIRD-PARTY CLAIMS, OR (B) DAMAGES TO WHICH A PARTY MAY BE ENTITLED FOR BREACH OF CONFIDENTIALITY AND LIMITATION ON USE OBLIGATIONS
SET FORTH IN THIS AGREEMENT, OR (C) DAMAGES TO WHICH A PARTY MAY BE ENTITLED FOR THE WILLFUL MISCONDUCT, INTENTIONAL BREACH OR FRAUD
OF THE OTHER PARTY.

 

ARTICLE
XI

TERM
AND TERMINATION

 

11.1       Term;
Expiration. The term of this Agreement (the “Term”) shall commence on the Effective Date and, unless earlier terminated
as provided in this ARTICLE XI, shall continue in full force and effect until and expire upon the expiration of the last Royalty Term.
On a country-by-country and Product-by-Product basis, upon the expiration of the Royalty Term in such country with respect to such Product,
Processa shall have a fully paid-up, perpetual, irrevocable license under the Ocuphire Intellectual Property and Ocuphire’s interest
in the Joint Intellectual Property with respect to such Product in such country.

 

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11.2       Termination
for Convenience. Processa shall have the right upon one hundred twenty (120) days prior written notice to Ocuphire to terminate this
Agreement in its entirety for any reason.

 

11.3       Termination
for Cause. In the event of a material breach of this Agreement by a Party, the other Party may give the Party in default notice requiring
it to cure such default, which notice shall specify the nature of the breach. If such material breach is not cured within one-hundred
twenty (120) days after receipt of such notice (or within fifteen (15) days in the case of a payment breach), the notifying Party shall
be entitled (without prejudice to any other rights conferred on it by this Agreement or under applicable Law) to terminate this Agreement
by giving written notice to the defaulting Party. The right of either Party to terminate this Agreement as set forth in this Section
11.3 shall not be affected in any way by its waiver of, or failure to take action with respect to, any previous default.

 

11.4       Additional
Termination by Ocuphire. In the event that Ocuphire has provided written notice to Processa pursuant to Section 5.2, if Processa
does not respond to Ocuphire in writing within ninety (90) days of receipt of such notice from Ocuphire and reasonably demonstrate in
such response compliance with Processa’s obligations under Section 5.1, Ocuphire shall be entitled (without prejudice to any other
rights conferred on it by this Agreement or under applicable Law) to terminate this Agreement by giving written notice to Processa.

 

11.5       Termination
for Insolvency. This Agreement may be terminated by a Party upon written notice to the other Party if (a) the other Party shall make
an assignment for the benefit of its creditors, file a petition in bankruptcy, petition or apply to any tribunal for the appointment
of a custodian, receiver or trustee for it or a substantial part of its assets, or shall commence any proceeding under any bankruptcy,
reorganization, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect;
or (b) if there shall have been filed against the other Party any such bona fide petition or application, or any such proceeding
shall have been commenced against it, in which an order for relief is entered or that remains undismissed or unstayed for a period of
ninety (90) days or more; or (c) if the other Party by any act or omission shall consent to, approve of or acquiesce in any such petition,
application or proceeding or order for relief or the appointment of a custodian, receiver or trustee for it or any substantial part of
its assets, or shall suffer any such custodianship, receivership or trusteeship to continue undischarged or unstayed for a period of
ninety (90) days or more. Termination shall be effective upon the date specified in such notice.

 

11.6       Termination
for Challenge of Patent Rights. If a Processa or any of Processa’s Affiliates or Sublicensees commences an action in any court
or tribunal of competent jurisdiction that challenges, opposes or disputes the validity, enforceability or patentability of any of the
Ocuphire Patent Rights or Joint Patent Rights that are the subject of this Agreement, or any of the claims thereof, or supports or assists
any Third Party that commences such an action in any such court or tribunal, the Ocuphire shall have the right to terminate this Agreement
upon notice to Processa; provided, however, that the Ocuphire shall not have a right to terminate if the challenge is brought
by a Sublicensee, either directly or indirectly through any Third Party, and Processa or its Affiliate, as the case may be, terminates
such Sublicensee’s sublicense rights hereunder within thirty (30) days after becoming aware of such challenge.

 

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11.7       Consequences
of Termination. From and after the effective date of termination of this Agreement, the following clause (a) shall apply and, in
the event of termination by Ocuphire pursuant to Section 11.3, 11.4, 11.5 or 11.6, the following clauses (b) through (f) shall apply:

 

(a)       Ocuphire
Intellectual Property and Products. All rights and licenses granted by Ocuphire to Processa under this Agreement will terminate.
Processa and its Affiliates and Sublicensees (except as set forth in subsection (b) below) will cease all use of the Ocuphire Intellectual
Property and all Development, use and Commercialization of Products, except to the extent necessary for Processa to perform its obligations
under this Section 11.7.

 

(b)       Sublicenses.
Ocuphire hereby grants, effective automatically upon any termination of this Agreement for any reason, a direct license to each then-existing
Sublicensee, provided that (i) such Sublicensee is not in breach under the applicable sublicense, (ii) such Sublicensee’s failure
to comply with the terms of its sublicense or other actions or omissions were not a basis for such termination, and (iii) such Sublicensee
continues to satisfy all obligations under this Agreement applicable to such sublicense, including the diligence obligations set forth
in ARTICLE V and all payments under the then-existing Sublicensee agreement, from and after the effective date of termination of this
Agreement. For clarity, Ocuphire shall not be bound to any responsibility or liability of Processa under its sublicense agreements that
has already accrued at the time of such termination of this Agreement by Ocuphire pursuant to this ARTICLE XI, or that is attributable
to a period prior to such termination.

 

(c)       Regulatory
Matters. Processa shall promptly transfer to Ocuphire ownership of all filings with Regulatory Authorities in the Territory relating
to Compounds and Products and Regulatory Approvals relating to Compounds and Products held Processa or its Affiliates or applicable Sublicensees,
including related correspondence with Regulatory Authorities, and Processa shall provide copies thereof to Ocuphire.

 

(d)       Pre-clinical
and Clinical Matters. Processa shall transfer to Ocuphire all pre-clinical and clinical data, including pharmacology and biology
data, within the Processa Know-How and applicable Sublicensee Intellectual Property;

 

(e)       Manufacturing
Matters. Processa shall promptly provide to Ocuphire copies of all agreements relating to the Manufacture of Product in the Territory.
At Ocuphire’s option, to be exercised no later than the later of (x) thirty (30) days after the effective date of termination or
(y) thirty (30) days after Ocuphire’s receipt of the applicable Manufacturing agreements, Processa shall (or shall cause its Affiliates
or Sublicensees to):

 

(i)       use
Commercially Reasonable Efforts to effect the assignment of each Manufacturing agreement specific and exclusive to Compounds or Products
to Ocuphire, if such agreement is then in effect and such assignment is permitted under such agreement or by the applicable Third Party;
provided that Processa and its applicable Affiliates and applicable Sublicensees shall be released (to the extent the applicable
Third Party will permit) from any obligation arising out of such agreement following such assignment and Ocuphire shall execute such
documentation reasonably satisfactory to Processa to effectuate such agreement; provided further that if any such agreement is
specific but not exclusive to Compounds or Products, or is not assigned to Ocuphire for any reason, Processa will discuss in good faith
with Ocuphire terms upon which Processa and its Affiliates and applicable Sublicensees shall use Commercially Reasonable Efforts to provide
Ocuphire with the benefits of such agreement to the extent it relates to Compounds or Products for a limited period of time (not to exceed
six (6) months) and upon payment of a reasonably acceptable fee to Processa;

 

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(ii)       for
a period of up to six (6) months following the effective date of termination, (A) cooperate with Ocuphire in reasonable respects to transfer
Manufacturing documents and materials within the Processa Know-How and applicable Sublicensee Intellectual Property that are used (at
the time of the termination) by Processa or its Affiliates or applicable Sublicensees in the Manufacture of Compounds and Products to
the extent such Manufacturing documents and materials are not obtained by Ocuphire pursuant to the assignment of agreements pursuant
to paragraph (i) above, and (B) cooperate with Ocuphire to provide Ocuphire with access to and right to use such Manufacturing documents
and materials in Processa’s or its Affiliates’ or applicable Sublicensees’ possession or Control to the extent they
relate to, but are not used in, the Manufacture of Compounds and Products, subject to appropriate confidentiality and limitation on use
protections applicable to for Manufacturing documents and materials;

 

(iii)       for
a period of up to six (6) months following the effective date of termination, (A) cooperate with Ocuphire in reasonable respects to transfer
Manufacturing technologies within the Processa Intellectual Property and applicable Sublicensee Intellectual Property that are used (at
the time of the termination) by Processa or its Affiliates or applicable Sublicensees exclusively in the Manufacture of Compounds and
Products, and (B) cooperate with Ocuphire to provide Ocuphire with reasonable access to and right to use such Manufacturing technologies
Controlled by Processa or its Affiliates (other than Processa Excluded Affiliates) or applicable Sublicensees to the extent they relate
to, but are not used exclusively in, the Manufacture of Compounds and Products and that Processa or such Affiliates or Sublicensees are
permitted to provide such access to Ocuphire; provided that Ocuphire shall reimburse Processa for Processa’s reasonable
out-of-pocket expenses to provide such requested assistance, to the extent such Manufacturing technologies are not obtained by Ocuphire
pursuant to the assignment of agreements pursuant to paragraph (i) above.

 

(f)       Inventory.
At Ocuphire’s request within thirty (30) days after the effective date of termination, Processa shall (i) sell to Ocuphire all
of Processa’s or its Affiliates’ or applicable Sublicensees’ then-existing inventory of Compounds and Products to Ocuphire,
at Processa’s or its applicable Affiliates’ or applicable Sublicensees’ cost of Manufacture, but only if the following
conditions have been met: (A) such Compounds and Products meet the applicable release specifications; and (B) Processa does not reasonably
believe the continued use of such Compounds and Products causes safety concerns; and (ii) discard any remaining inventory of Compounds
and Products that do not meet the requirements set forth in clauses (A) and (B).

 

11.8       Effect
of Termination or Expiration; Accrued Rights and Obligations. Termination or expiration of this Agreement for any reason shall not
release either Party from any liability that, at the time of such termination or expiration, has already accrued or that is attributable
to a period prior to such termination (including payment obligations accrued prior to the Effective Date of termination or expiration
pursuant to ARTICLE VI) nor preclude either Party from pursuing any right or remedy it may have hereunder or at Law or in equity with
respect to any breach of this Agreement.

 

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11.9       Survival.
The rights and obligations set forth in this Agreement shall extend beyond the Term or termination or expiration of this Agreement only
to the extent expressly provided for in this Agreement or to the extent required to give effect to a termination or expiration of this
Agreement or the consequences of a termination or expiration of this Agreement as expressly provided for in this Agreement. Without limiting
the generality of the foregoing, it is agreed that the provisions of ARTICLE I, Sections 2.2, 2.3, 6.8 (only for thirty-six (36) months
after expiration or termination), 6.9, 6.10, 6.11, 6.12, 7.1, 7.9, 8.1, 8.2, 8.5, 9.5, ARTICLE X, and Sections 11.1 (last sentence as
to any such license that became perpetual and irrevocable prior to expiration or termination), 7, 11.8, and 11.9, and ARTICLE XII shall
survive expiration or termination of this Agreement for any reason.

 

ARTICLE
XII

MISCELLANEOUS

 

12.1       Governing
Law; Jurisdiction. This Agreement shall be governed by and interpreted in accordance with the laws of the state of Maryland without
regard to its conflicts of laws rules. Each Party (a) irrevocably submits to the exclusive jurisdiction in the state court sitting in
Maryland (collectively, the “Courts”), for purposes of any action, suit or other proceeding arising out of this Agreement,
and (b) agrees not to raise any objection at any time to the laying or maintaining of the venue of any such action, suit or proceeding
in any of the Courts, irrevocably waives any claim that such action, suit or other proceeding has been brought in an inconvenient forum
and further irrevocably waives the right to object, with respect to such action, suit or other proceeding, that such Court does not have
any jurisdiction over such Party. Either Party may serve any process required by such Courts by way of notice under this Agreement. Notwithstanding
anything to the contrary in this Section 12.1, each Party shall have the right to institute judicial proceedings against the other Party
or anyone acting by, through, or under such other Party, in any court of competent jurisdiction, in order to enforce the instituting
Party’s rights hereunder through reformation of contract, specific performance, injunction, or similar equitable relief.

 

12.2       Dispute
Resolution. In the event of a dispute arising out of or relating to this Agreement, either Party shall provide written notice of
the dispute to the other, in which event the dispute shall be referred to the Senior Executives of each Party, for attempted resolution
by good faith negotiations within twenty (20) days after such notice is received. In the event the Senior Executives do not resolve such
dispute within the allotted twenty (20) days, either Party may, after the expiration of the twenty (20) day period, seek to resolve the
dispute in accordance with Section 12.1.

 

12.3       Waiver.
Waiver by a Party of a breach hereunder by the other Party shall not be construed as a waiver of any succeeding breach of the same or
any other provision. No delay or omission by a Party to exercise or avail itself of any right, power, or privilege that it has or may
have hereunder shall operate as a waiver of any right, power, or privilege by such Party. No waiver shall be effective unless made in
writing with specific reference to the relevant provision(s) of this Agreement and signed by a duly authorized representative of the
Party granting the waiver.

 

    	40

    	 

    

 

12.4       Notices.
All notices, instructions and other communications hereunder or in connection herewith shall be in writing, shall be sent to the address
specified in this Section 12.4 and shall be: (a) delivered personally; (b) sent by registered or certified mail, return receipt requested,
postage prepaid; (c) sent via a reputable nationwide overnight courier service; or (d) sent by electronic mail. Any such notice, instruction
or communication shall be deemed to have been delivered upon receipt if delivered by hand, three (3) Business Days after it is sent by
registered or certified mail, return receipt requested, postage prepaid, one (1) Business Day after it is sent via a reputable nationwide
overnight courier service, or when transmitted with confirmation of receipt, if transmitted by electronic mail (if such transmission
is on a Business Day; otherwise, on the next Business Day following such transmission).

 

Notices
to Processa shall be addressed to:

 

Processa
Pharmaceuticals, Inc.

7380
Coca Cola Drive, Suite 106

Hanover,
MD 21076

Attn:
Wendy Guy, Chief Administrative Officer

Email:
wguy@processapharmaceuticals.com

 

Notices
to Ocuphire shall be addressed to:

 

Ocuphire
Pharmaceuticals, Inc.

37000
Grand River Avenue, Suite 120

Farmington
Hills, MI 48335

Attn:
Mina Sooch, Chief Executive Officer

Email:
msooch@ocuphire.com

 

Either
Party may change its address by giving notice to the other Party in the manner provided above.

 

12.5       Entire
Agreement. This Agreement (including Schedules) contains the complete understanding of the Parties with respect to the subject matter
of this Agreement and supersedes all prior understandings and writings between the Parties relating to such subject matter, including
the Confidentiality Agreement.

 

12.6       Severability.
If any provision of this Agreement is held unenforceable by a court or tribunal of competent jurisdiction because it is invalid or conflicts
with any Law of any relevant jurisdiction, the validity of the remaining provisions shall not be affected. In such event, the Parties
shall negotiate a substitute provision that, to the extent possible, accomplishes the original business purpose.

 

12.7       Assignment.
Neither this Agreement nor any right or obligation hereunder may be assigned or otherwise transferred by any Party without the consent
of the other Party; provided, however, that any Party may, without such consent, assign this Agreement, in whole or in
part: (a) to any of its respective Affiliates, provided that such Affiliate has acknowledged and confirmed in writing that effective
as of such assignment, such Affiliate shall be bound by this Agreement to the identical extent applicable to the assigning Party; or
(b) to any successor in interest by way of a Change of Control or other merger, acquisition or sale of all or substantially all of its
business or assets relating to the subject matter of this Agreement, provided that such successor (if the applicable Party is
not the surviving entity in such transaction) agrees in writing to be bound by the terms of this Agreement to the identical extent applicable
to the assigning Party. Any purported assignment in violation of this Section 12.7 shall be void. Any permitted assignee shall assume
all obligations of its assignor under this Agreement.

 

    	41

    	 

    

 

12.8       Counterparts;
Exchange by PDF. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and that together
shall constitute one and the same instrument. Such counterparts may be exchanged by PDF (provided that each executed counterpart
is transmitted in one complete transmission or electronic mail message). Where there is an exchange of executed counterparts by PDF,
each Party shall be bound by the Agreement notwithstanding that original copies of the Agreement may not be exchanged.

 

12.9       Force
Majeure. No Party shall be liable for failure of or delay in performing obligations set forth in this Agreement, and no Party shall
be deemed in breach of its obligations, if such failure or delay is due to a natural disaster, pandemic, explosion, fire, flood, tornadoes,
thunderstorms, earthquake, war, terrorism, riots, embargo, losses or shortages of power, labor stoppage, or any injunction, Laws, order,
proclamation, demand or requirement of any Governmental Authority, provided that such Party uses Commercially Reasonable Efforts
to overcome the difficulties created by such force majeure event and to resume performance of its obligations as soon as practicable.

 

12.10       Third-Party
Beneficiaries. None of the provisions of this Agreement shall be for the benefit of or enforceable by any Third Party other than
a Ocuphire Party or a Processa Party, as applicable, that is an Indemnified Party under ARTICLE X, and no Third Party shall obtain any
right under any provision of this Agreement or shall by reason of any such provision make any claim in respect of any debt, liability
or obligation (or otherwise) against either Party.

 

12.11       Relationship
of the Parties. Each Party shall bear its own costs incurred in the performance of its obligations hereunder without charge or expense
to the other, except as expressly provided in this Agreement. Neither Party shall have any responsibility for the hiring, termination
or compensation of the other Party’s employees or for any employee compensation or benefits of the other Party’s employees.
No employee or representative of a Party shall have any authority to bind or obligate the other Party for any sum or in any manner whatsoever,
or to create or impose any contractual or other liability on the other Party without said other Party’s approval. For all purposes
and notwithstanding any other provision of this Agreement to the contrary, the legal relationship under this Agreement of each Party
to the other Party shall be that of independent contractor. Nothing in this Agreement shall be construed to establish a relationship
of partners or joint venturers between the Parties.

 

12.12       Performance
by Affiliates. To the extent that this Agreement imposes obligations on Affiliates of a Party, such Party agrees to cause its Affiliates
to perform such obligations.

 

[Signature
page follows]

 

    	42

    	 

    

 

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

 

	PROCESSA
    PHARMACEUTICALS, INC. 	 	OCUPHIRE
    PHARMACEUTICALS, INC. 
	 	 	 	 	 
	By:	/s/
David Young	 	By:	/s/
    Mina Sooch
	Name:	David
    Young

    
	 	Name:	Mina
    Sooch

    

	Title:	CEO	 	Title:	CEO

    

 

    	 

    	 

    

 

Exhibit
A

 

Initial
Development Plan

 

Pursuant
to Section 3.2, the initial Development Plan is to be delivered within one-hundred eighty (180) days from the Effective Date.

    	 

    	 

    

 

Schedule
1.49

 

Ocuphire
Know-How

 

The
Ocuphire Know-How consists of information regarding:

 

		●	Preclinical
                                            studies

 

		○	Biomarker
                                            Studies

 

		○	Toxicology
                                            and safety

 

		○	ADME
                                            Studies

 

		○	In
                                            Vitro Studies

 

		○	In
                                            Vivo Studies

 

		●	Regulatory

 

		○	IND
                                            Filing

 

		○	FDA
                                            Correspondence

 

		○	Investigator’s
                                            Brochure

 

		○	Orphan
                                            Drug Designation

 

		●	Clinical

 

		●	CMC

 

that
is presently collected in a digital data room, and any other previously extant information relevant to the Compound that is discovered
to be in Ocuphire’s possession.

 

    	 

    	 

    

 

Schedule
1.50

 

Ocuphire
Patent Rights

 

[See
following pages]

 

    	 

    	 

    

 

RX-3117
Related Patents and Applications

 

1.
Granted Patents

 

	Name
    of Applicant/Registrant	 	Client
    Reference Number	 	Registration
    Number	 	Title	 	Country	 	Annuity
    Due Date*	 	Expiration
    date
	Rexahn
        Pharmaceuticals, Inc.

    
	 	RX-3117 AU	 	2005230676	 	NUCLEOSIDE DERIVATIVES AND
    THERAPEUTIC USES THEREOF	 	Australia	 	04/01/2021

    
	 	04/01/2025
	Rexahn
        Pharmaceuticals, Inc.

    
	 	RX-3117 EP	 	1732902	 	NUCLEOSIDE DERIVATIVES AND
    THERAPEUTIC USES THEREOF	 	European Patent Office	 	04/01/2021	 	04/01/2025
	Rexahn
        Pharmaceuticals, Inc.

    
	 	RX-3117 JP	 	 5001832	 	NUCLEOSIDE DERIVATIVES AND
    THERAPEUTIC USES THEREOF	 	Japan	 	05/25/2021	 	04/01/2025
	Rexahn
        Pharmaceuticals, Inc.

    
	 	RX-3117 KR	 	10-0926596	 	NUCLEOSIDE DERIVATIVES AND
    THERAPEUTIC USES THEREOF	 	Republic of Korea	 	11/05/2021	 	04/01/2025
	Rexahn
        Pharmaceuticals, Inc.

    
	 	RX-3117 MX	 	284646	 	NUCLEOSIDE DERIVATIVES AND
    THERAPEUTIC USES THEREOF	 	Mexico	 	04/01/2021	 	04/01/2025
	Rexahn
        Pharmaceuticals, Inc.

    
	 	RX-3117 US	 	7405214	 	NUCLEOSIDE DERIVATIVES AND
    THERAPEUTIC USE THEREOF	 	United States of America	 	Fully paid	 	08/24/2025
	Rexahn Pharmaceuticals, Inc.	 	RX-3117 BR	 	PI0509553-0	 	NUCLEOSIDE DERIVATIVES AND
    THERAPEUTIC USES THEREOF	 	Brazil	 	04/01/2021	 	04/01/2025
	Rexahn Pharmaceuticals, Inc.	 	RX-3117 CA	 	2562965	 	NUCLEOSIDE DERIVATIVES AND
    THERAPEUTIC USES THEREOF	 	Canada	 	04/01/2021	 	04/01/2025
	Rexahn Pharmaceuticals, Inc.	 	RX-3117 IN	 	301190	 	NUCLEOSIDE DERIVATIVES AND
    THERAPEUTIC USES THEREOF	 	India	 	04/01/2021 	 	04/01/2025
	Rexahn Pharmaceuticals, Inc.	 	RX-3117M US	 	9782410	 	FLUOROCYCLOPENTENYLCYTOSINE
    METHODS OF USE	 	United States of America	 	04/10/2021	 	06/29/2036
	Rexahn Pharmaceuticals, Inc.	 	RX-3117M US2	 	10278971	 	FLUOROCYCLOPENTENYLCYTOSINE
    METHODS OF USE	 	United States of America	 	Fee due 05/08/2023	 	06/29/2036
	Rexahn Pharmaceuticals, Inc.	 	RX-3117P US3	 	9920016	 	PROCESS FOR THE PREPARATION
    OF 4-AMINO-1-((1S,4R,5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	United States of America	 	09/20/2021	 	03/17/2034
	Rexahn Pharmaceuticals, Inc.	 	RX-3117P AU	 	2014232502	 	PROCESS FOR THE PREPARATION
    OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	Australia	 	03/17/2021	 	03/17/2034
	Rexahn Pharmaceuticals, Inc.	 	RX-3117P AU2	 	2017258856	 	PROCESS FOR THE PREPARATION
    OF 4-AMINO-1-((1S,4R,5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	Australia	 	03/17/2021

     
	 	03/17/2034
	Rexahn Pharmaceuticals, Inc.	 	RX-3117P AU3	 	2018253555	 	PROCESS FOR THE PREPARATION
    OF 4-AMINO-1-((1S,4R,5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	Australia	 	03/17/2021	 	03/17/2034
	Rexahn Pharmaceuticals, Inc.	 	RX-3117P EP	 	EP2970147	 	PROCESS FOR THE PREPARATION
    OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	European Patent Office	 	03/17/2021	 	03/17/2034
	Rexahn Pharmaceuticals, Inc.	 	RX-3117P EP2	 	3246320	 	PROCESS FOR THE PREPARATION
    OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	European Patent Office	 	03/17/2021	 	03/17/2034
	Rexahn Pharmaceuticals, Inc.	 	RX-3117P JP	 	6334676	 	PROCESS FOR THE PREPARATION
    OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	Japan	 	05/11/2021	 	03/17/2034
	Rexahn Pharmaceuticals, Inc.	 	RX-3117P JP2	 	6503100	 	PROCESS FOR THE PREPARATION
    OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	Japan	 	03/29/2022

    Not
    on CPi list
	 	03/17/2034
	Rexahn Pharmaceuticals, Inc.	 	RX-3117P US	 	9150520	 	PROCESS FOR THE PREPARATION
    OF 4-AMINO-1-((1S,4R,5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	United States of America	 	7.5 year due 10/06/2023	 	03/17/2034
	Rexahn Pharmaceuticals, Inc.	 	RX-3117P US2	 	9533958	 	PROCESS FOR THE PREPARATION
    OF 4-AMINO 1-((1S,4R,5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	United States of America	 	7.5 year due 01/03/2025	 	03/17/2034
	Rexahn
                                    Pharmaceuticals, Inc.

     
	 	RX3117P MX	 	368669	 	PROCESS FOR THE PREPARATION
    OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	Mexico	 	March
                                    2024

    Not
    on CPi list
	 	03/17/2034
	Rexahn
                                    Pharmaceuticals, Inc.

    
	 	RX-3117M AU	 	2016276783	 	FLUOROCYCLOPENTENYLCYTOSINE
    METHODS OF USE	 	Australia	 	06/09/2021	 	06/09/2036
	Rexahn Pharmaceuticals,
    Inc.	 	RX-3117P IN	 	9421/DELNP/2015	 	PROCESS FOR THE PREPARATION
    OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	India	 	8th year annuity
    due 03/17/2021	 	03/17/2034

 

*
Annuities due in 2021 have not yet been paid

 

PRIVILEGED
AND CONFIDENTIAL

 

    	 

    	 

    

 

RX-3117
Related Patents and Applications

 

2.
Pending Patents

 

	Name of Applicant/Registrant	 	Client Reference
    Number	 	Application
    Number	 	Title	 	Country	 	Application
    status/action
	Rexahn Pharmaceuticals,
    Inc.	 	RX-3117M CA	 	2986703	 	FLUOROCYCLOPENTENYLCYTOSINE METHODS OF USE	 	Canada	 	Request for Examination
    (RFE) due June 9, 2021 not filed; awaiting Notice of extended deadline from Canadian Intellectual Property Office (CIPO) setting
    two month deadline for payment. Final Deadline December 9, 2021
	Rexahn Pharmaceuticals,
    Inc.	 	RX-3117M EP	 	16730210.8	 	FLUOROCYCLOPENTENYLCYTOSINE METHODS OF USE	 	European Patent Office	 	Grant fee and claim translations
    due June 5, 2021 were not filed. awaiting Notice of EPO setting deadline for payment of fee.  Deadline will also be deadline
    for filing divisional applications
	Rexahn Pharmaceuticals,
    Inc.	 	RX-3117M IN	 	

    201817000799
	 	FLUOROCYCLOPENTENYLCYTOSINE METHODS OF USE	 	India	 	Possible divisional due
    before patent is granted, which occurs without notice.
	Rexahn Pharmaceuticals,
    Inc.	 	RX-3117M JP	 	2017-563544	 	FLUOROCYCLOPENTENYLCYTOSINE METHODS OF USE	 	Japan	 	Action in appeal. No formal
    deadline.
	Rexahn Pharmaceuticals,
    Inc.	 	RX-3117P BR	 	BR112015023591-3	 	PROCESS FOR THE PREPARATION OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	Brazil	 	Response filed in March
    2020, no further updates in iManage
	Rexahn Pharmaceuticals,
    Inc.	 	RX-3117P CA	 	2904374	 	PROCESS FOR THE PREPARATION OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	Canada	 	**

    Maintenance
    fee due March 17, 2021 was not paid. Deadline for Payment September 17, 2021.

    Grant
    fee and divisional applications due July 5, 2021

    

	Rexahn Pharmaceuticals,
    Inc.	 	RX-3117P EP3	 	18170924.7	 	PROCESS FOR THE PREPARATION OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	European Patent Office	 	Grant fee and claim translations
    due June 24, 2021
	Rexahn Pharmaceuticals,
    Inc.	 	RX-3117P EP3-HK	 	19121297.6	 	PROCESS FOR THE PREPARATION OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	Hong Kong	 	First annuity fee due 03/17/2025
	Rexahn Pharmaceuticals,
    Inc.	 	RX-3117P IN2	 	

    201918035621
	 	PROCESS FOR THE PREPARATION OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	India	 	Response to Office was due
    May 17, 2021 not filed. Deadlines in India are temporarily suspended until further notice from the patent office.
	Rexahn
                                    Pharmaceuticals, Inc.

    
	 	RX-3117P IN3	 	202018013284	 	PROCESS FOR THE PREPARATION OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	India	 	Response due September 10,
    2021
	Rexahn Pharmaceuticals,
    Inc.	 	RX-3117P KR	 	10-2015-7028577	 	PROCESS FOR THE PREPARATION OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	Republic of Korea	 	Response due July 30, 2021
	Rexahn Pharmaceuticals,
    Inc.	 	RX-3117P MX2	 	MX/a/2019/000207	 	PROCESS FOR THE PREPARATION OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	Mexico	 	Pending, awaiting office
    action
	Rexahn Pharmaceuticals,
    Inc.	 	RX3117P MX3	 	MX/a/2019/006783	 	PROCESS FOR THE PREPARATION OF 4-AMINO-1-((1S, 4R, 5S)-2-FLUORO-4,5-DIHYDROXY-3-HYDROXYMETHYL-CYCLOPENT-2-ENYL)-1H-PYRIMIDIN-2-ONE	 	Mexico	 	Pending, awaiting office
    action

 

**
Maintenance fee due March 17, 2021 was not paid.

 
3.
Abandoned Applications

 

	Name of Applicant/Registrant	 	Client Reference Number	 	Application Number	 	Title	 	Country	 	Application status/action
	Rexahn Pharmaceuticals, Inc.	 	RX-3117M BR	 	BR112017025742-4	 	FLUOROCYCLOPENTENYLCYTOSINE METHODS OF USE	 	Brazil	 	Response due May 10, 2021 was not filed.. Application is currently abandoned but may be revivable if filed with a petition establishing that the delay was due to difficulties related to Covid. 
	Rexahn Pharmaceuticals, Inc.	 	RX-3117M US3	 	16/356328	 	FLUOROCYCLOPENTENYLCYTOSINE METHODS OF USE	 	United States of America	 	Abandoned for failure to pay issue fee 03/08/2021; two granted patents
	Rexahn Pharmaceuticals, Inc.	 	RX-3117M KR	 	10-2018-7000447	 	FLUOROCYCLOPENTENYLCYTOSINE METHODS OF USE	 	Republic of Korea	 	Abandoned 06/09/2021 for failure to request examination
	Rexahn Pharmaceuticals, Inc.	 	RX-3117M MX	 	MX/a/2017/015984	 	FLUOROCYCLOPENTENYLCYTOSINE METHODS OF USE	 	Mexico	 	Abandoned 06/03/2021 for failure to respond to Office Action

 

PRIVILEGED
AND CONFIDENTIAL

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