Document:

Exhibit 10.24

 

CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE
BEEN OMITTED PURSUANT TO REGULATION S-K ITEM 601(b)(10)(iv) OF THE SECURITIES ACT OF 1933, AS AMENDED. CERTAIN CONFIDENTIAL
INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT (i) IS NOT MATERIAL AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM
TO EYENOVIA, INC. IF PUBLICLY DISCLOSED. THE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT AT THE APPROPRIATE PLACES WITH
EMPTY BRACKETS INDICATED BY [    ].

 

LICENSE AMENDMENT

 

This LICENSE AMENDMENT
(the “LA”) by and between:

 

Senju Pharmaceutical Co., Ltd., a corporation
duly organized and existing under the laws of Japan, having a principal place of business at 3-1-9, Kawaramachi, Chuo-ku, Osaka
541-0048, Japan (“Senju”); and

 

Eyenovia, Inc., a corporation
organized and existing under the laws of Delaware, having a principal place of business at 295 Madison Avenue, Suite 2400, New
York, NY 10017, U.S.A. (“Eyenovia”);

 

shall be effective as of
April 8, 2020 (the “LA Effective Date”), and where Senju and Eyenovia are each individually referred to herein as a
“Party” and collectively referred to as the “Parties”.

 

RECITALS

 

WHEREAS, Senju and Eyenovia are parties to an
Exclusive License Agreement dated March 18, 2015 (the “Agreement”), which remains in full force and effect; and

 

WHEREAS, the Parties wish to confirm their mutual
understanding of the terms of the Agreement as stated in this LA; and

 

WHEREAS, it is the intentions of the Parties
that the terms of the Agreement be so confirmed by way of this LA.

 

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

 

		1.	Any capitalized terms in this LA shall have the meaning assigned to them in the Agreement, provided that the following terms
are defined by this LA:

 

     

     

    

 

		(1)	“China” shall mean the People’s Republic of China, and also Hong Kong, Macao, and Taiwan.

 

		(2)	“LA Licensed Products” shall mean a Licensed Product using piezo-print technology in a microdose dispenser
containing: the chemical substance atropine sulfate as its sole active ingredient and that is used for the treatment of myopia
in humans; the chemical substance pilocarpine as its sole active ingredient and that is used for the treatment of presbyopia in
humans.

 

		(3)	“LA Term” shall mean the period of time from the LA Effective Date until the end of one (1) year thereafter.

 

		(4)	“Senju Licensed Know-How” shall mean any and all information, data, clinical studies, instructions, proprietary
information, trade secrets, techniques or materials which are related to and generated by Senju’s activities (or those performed
on Senju’s behalf) under the Agreement for the Licensed Product.

 

		(5)	“Senju Inventions” shall mean Inventions generating from Senju’s activities (or those performed on
Senju’s behalf) under the Agreement for the Licensed Product.

 

		2.	For the LA Term and only for the LA Licensed Products, the Territory as stated in Section 1.15 of the Agreement shall exclude
China and South Korea. For the purpose of clarification, this exclusion shall not affect Senju’s rights to the LA Licensed
Product outside of China and South Korea.

 

		3.	If before the end of the LA Term, Eyenovia enters into a definitive arrangement with any third party which Eyenovia designates
(“Eyenovia Designated Third Party”) for the LA Licensed Products in China and South Korea, then the exclusion of Section
2 of this LA shall continue as long as the definitive agreement with the Eyenovia Designated Third Party is in place, unless otherwise
altered by agreement of the Parties. Provided, however, that:

 

		(1)	Eyenovia itself may not research, develop, commercialize, manufacture, or use the LA Licensed Products in China and South Korea
(and accordingly it doing so would not extend the exclusion of Section 2 of this LA); this restriction would not apply to the third
party under terms of a license agreement; and

 

     

     

    

 

		(2)	Subject to the terms and conditions of this LA, and without limitation of Sections 2.1.4, 6.1.1, 7.4.3, and 7.4.4 of the Agreement,
Eyenovia has a right by way of sub-license to the Eyenovia Designated Third Party, to research, develop, commercialize, manufacture,
or use the LA Licensed Products in China and South Korea, under the Senju Licensed Know-How and Senju Inventions, as applicable.

 

		(3)	Senju has a right, with a right to Sublicense in accordance with the Agreement, to research, develop, commercialize, manufacture,
or use, under the Licensed Know-How and Inventions with respect to the Licensed Product generated from the Eyenovia Designated
Third Party’s activities under this LA, (a) the Licensed Products other than LA Licensed Products in China and South Korea,
and (b) the Licensed Products in countries of the Territory other than China and South Korea. For the purpose of clarification,
Senju’s right to use the Licensed Know-How and Invention under this Section will not increase the Running Royalty in Section
6.2 of the Agreement and/or extend Royalty Term/Term under Sections 6.3 and 7.1 of the Agreement, respectively,

 

		(4)	Senju makes no representations or warranties that the Senju Licensed Know-How and/or Senju Inventions are sufficient to develop,
manufacture or commercialize the Licensed Product, including LA Licensed Products, nor that any resulting patent applications for
Senju Inventions will be granted or patents enforceable.

 

		(5)	In consideration for the exclusion of Section 2 of this LA, Eyenovia shall pay to Senju the following compensation upon and
after the execution of the arrangement with Eyenovia Designated Third Party:

 

		(i)	Non-Royalty License Revenue:

 

		(a)	[ ] percent ([ ]%) of any lump-sum payment received from Eyenovia Designated Third Party if Eyenovia licenses the LA Licensed
Product, including, without limitation, any signing fee, upfront and milestone; and

 

		(b)	[ ] percent ([ ]%) of any net revenue obtained from contract research and/or development for the LA Licensed Product; and

 

		(c)	[ ] percent ([ ]%) of any net revenue obtained from contract manufacture for the device of the LA Licensed Product,

 

     

     

    

 

In the case of contract manufacturing,
Net Revenue is defined as [  ].

 

In the case of contract research
and or development, Net Revenue is defined as [  ].

 

Senju must receive a minimum of [
] United States Dollars (US$[ ]) in payments for Non-Royalty License Revenue under this Section 3.(3) (i).

 

		(ii)	Revenue from running royalty based on sales:

 

[ ] percent ([ ]%) of all sales royalty
revenues received by Eyenovia for the sale or commercialization of the LA Licensed Product in China and South Korea by Eyenovia
Designated Third Party.

 

	 	(iii)	At the request of Senju, Eyenovia shall deliver to Senju a true and accurate report setting out in detail the information necessary
to calculate the payments and revenues due under Section 3(3), including all deductions made under Net Revenues. Eyenovia shall
retain records pertaining to such payments and revenues, which will be open for inspection by an auditor chosen by Senju, for
the purpose of verifying the amounts payable by Eyenovia hereunder. Such inspections shall be at the expense of Senju, unless
a variation or error producing an underpayment in amounts payable exceeding five percent (5%) of the amount paid for any period
covered by the inspection is established, in which case, all reasonable costs relating to the inspection for such period and any
unpaid amounts that are discovered shall be paid by Eyenovia.

  

     

     

    

 

		4.	In the event that Eyenovia fails to enter into such a definitive arrangement with Eyenovia Designated Third Party for the LA
Licensed Product in China and South Korea during the LA Term, then the exclusion of Section 2 of this LA shall end at the end of
the LA Term. In the event that such arrangement were to be entered into during the LA Term, but then expire or otherwise terminate
thereafter, then the exclusion of Section 2 of this LA shall end upon such expiration or termination. In either such case, Senju
would regain and retain full rights to the LA License Product in China and South Korea.

 

		5.	Any material breach by Eyenovia of the terms of this LA shall be grounds for Senju to terminate this LA upon notification to
Eyenovia and after Eyenovia is given sixty (60) days to address any such material breach. If Eyenovia remains in such material
breach after that time, Senju may terminate this LA and the rights and obligations stated herein.

 

		6.	The remaining terms and conditions of the Agreement shall remain unchanged, and in full force and effect.

 

		7.	This LA may be executed in counterparts and signature pages may be delivered by facsimile or scanned (“PDF”) form,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

  

[Signature Page Follows]

 

     

     

    

 

       IN
WITNESS WHEREOF, Eyenovia and Senju have executed this LA by their respective duly authorized representatives.

 

	EYENOVIA,
    INC.	 	SENJU
    PHARMACEUTICAL CO., LTD.
	 	 	 
	 	 	(“Senju”)
	 	 	 
	 	 	By:
	/s/
    Tsontcho Ianchulev 	 	 	/s/
    Shuhei Yoshida
	Name:
    Tsontcho Ianchulev	 	 	Name:
    Shuhei Yoshida
	Title:
    CEO	 	 	Title:
    President
	Date:
    04/08/2020	 	 	Date:
    04/08/2020Exhibit 10.27

 

CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE
BEEN OMITTED PURSUANT TO REGULATION S-K ITEM 601(b)(10)(iv) OF THE SECURITIES ACT OF 1933, AS AMENDED. CERTAIN CONFIDENTIAL
INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT (i) IS NOT MATERIAL AND (ii) WOULD LIKELY CAUSE COMPETITIVE HARM
TO EYENOVIA, INC. IF PUBLICLY DISCLOSED. THE REDACTED TERMS HAVE BEEN MARKED IN THIS EXHIBIT AT THE APPROPRIATE PLACES WITH
EMPTY BRACKETS INDICATED BY [               
].

 

 

 

August 10, 2020

 

Tsontcho Ianchulev

Chief Executive Officer

Eyenovia, Inc.

295 Madison Avenue

Suite 2400

New York, NY 10017

U.S.A.

 

RE: Eye Spray Exclusive License Agreement

Dear Mr. Ianchulev:

 

Eyenovia, Inc. (“Eyenovia”)
and Senju Pharmaceutical Co., Ltd., (“Senju”) executed (1) the Exclusive License Agreement dated March 18, 2015 under
which Eyenovia granted to Senju an exclusive license, in countries or areas of the Asia, for the Licensed Product (“Original
Agreement”), and (2) License Amendment dated April 8, 2020 to amend Senju’s right in the People’s Republic of
China, Taiwan, the Hong Kong Special Administrative Region of the People’s Republic of China, the Macao Special Administrative
Region of the People’s Republic of China, and the Republic of Korea (“LA Territory”) under the Original Agreement
so that Eyenovia can grant to a third party such as Arctic Vision (Hong Kong) Limited, a Hong Kong company with a registered office
at 23/F Nan Fung Tower 88 Connaught Road C & 173 Des Voeux Road C, Central, Hong Kong (“AV”), a certain license
in the same (“License Amendment”). By way of this Letter, Senju and Eyenovia, hereby confirm and agree upon the following
terms and conditions upon the request of Eyenovia which are given in consideration of Eyenovia granting such a license to AV. Terms
in capitals employed herein have the meaning attributed to them in the Original Agreement and License Amendment if not stated otherwise.

 

		1.	Senju shall not, and shall ensure that its Affiliates and any Sublicensees do not, develop, have
developed, commercialize, have commercialized, import or have imported any pharmaceutical product containing atropine for the treatment
of myopia or pilocarpine for the improvement in near vision or presbyopia in the LA Territory through the exercise of any rights
granted to it under the Original Agreement.

 

 

     

     

    

 

		2.	Eyenovia or AV on behalf of Eyenovia shall, at Eyenovia’s cost and responsibility,
                                                           file, prosecute and maintain the Licensed Patent in the LA Territory, and shall be responsible for all material actions
                                                           relating to the filing, prosecution and
maintenance thereof, including, without limitation, patent interference, reexaminations, reissuances, appeals, oppositions and
revocation proceedings. Eyenovia or AV shall not knowingly take any action during the filing, prosecution and maintenance of the
Licensed Patent in the LA Territory that would adversely affect Senju or the Licensed Patent outside the LA Territory (including
any reduction in claim scope), without Senju’s prior written consent.

 

		3.	AV has a right (which shall be sublicensable through multiple tiers) to manufacture or have manufactured
the LA Licensed Product outside of the LA Territory under Senju Licensed Know-How, Senju Inventions, or any patent rights covering
either of the foregoing. AV’s limited license to manufacture or have manufactured outside the LA Territory shall be limited
to the LA Licensed Product for marketing and distributing in the LA Territory and may be applied only to LA Licensed Product manufactured
outside the LA Territory. For clarity, if the license agreement between AV and Eyenovia is assigned by AV (or any successor thereto)
as permitted by such agreement’s terms, the rights described in this Section 3 shall be assigned with such license. If AV
(or any successor thereto) enters into sublicensing or assigning of the license agreement between AV and Eyenovia or enters into
contract manufacturing, Eyenovia shall promptly inform Senju of the name of the sublicensee, assignor or contract manufacturer
and Eyenovia guarantees that such sublicensing, assignment or contract manufacturing will be in compliance with License Amendment
and this letter and no changes will be made to License Amendment and this letter.

 

		4.	Senju agrees that for purposes of Eyenovia’s license with AV, the definition of “Senju
Competitor” is a pharmaceutical company that, as determined as of the execution of such license by Eyenovia and AV (for purposes
of such license) or the execution of any subsequent sublicense or assignment permitted thereunder (for purposes of such sublicense
or assignment), holds [ ]% of the TRx pharmaceutical topical ophthalmic market in Japan. For the purpose of this letter, TRx means
[ ].

 

		5.	Senju agrees that Senju Licensed Know-How and Senju Inventions shall each include the relevant
respective subject matter described in each respective definition that is related to and generated by Senju’s Affiliates’
or Sublicensees’ activities (or those performed on their behalf) under the Original Agreement (as amended) for the Licensed
Product, in addition to such subject matter resulting from such activities of Senju (or those performed on its behalf).

 

 

 

     

     

    

 

		6.	Senju agrees that the rights granted under Section 3(2) of the License Amendment shall include
rights to any patent rights owned or controlled by Senju, its Affiliates, or Sublicensees covering Senju Licensed Know-How or Senju
Inventions and be (i) exclusive and (ii) sublicensable (through multiple tiers of sublicensing) for LA Licensed Product in the
LA Territory. For clarity, if the license agreement between AV and Eyenovia is assigned in
its entirety by AV (or any successor thereto) as permitted by such agreement’s terms, AV’s sublicense to Senju Licensed
Know-How, Senju Inventions, and patent rights covering either of the foregoing shall be transferable to the applicable assignee.
If AV (or any successor thereto) enters into sublicensing or assigning of the license agreement between AV and Eyenovia, Eyenovia
shall promptly inform Senju of the name of the sublicensee or assignor and Eyenovia guarantees that such sublicensing or assignment
will be in compliance with License Amendment and this letter and no changes will be made to License Amendment and this letter.

 

		7.	The parties agree that the following shall replace the last sentence of Section 5.2 of the Original
Agreement as amended by the License Amendment:

 

“The
Parties shall, as required by applicable laws, enter into a reasonable and customary form of safety data exchange agreement setting
forth the pharmacovigilance and safety data exchange procedures for the Parties with respect to the Licensed Products to enable
the Parties to fulfill regulatory reporting obligations to monitor patients’ safety.”

 

		8.	Senju agrees that all data provided to Eyenovia, or to which Eyenovia is provided access, pursuant
to Section 5.2 of the Original Agreement as amended by the License Amendment and this letter, shall be included in Senju Licensed
Know-How for purposes of the License Amendment, and that such data shall include any Safety Data generated or obtained by any Affiliate
of Senju or Sublicensee.

 

The parties hereto hereby agree that apart
from the clarifications stated in this letter, all terms and conditions of the Original Agreement and License Amendment remain
and shall remain in full force and effect. Please indicate your consent to the foregoing by countersigning of this letter and returning
it to the undersigned. For the purpose of hereof, a facsimile copy or E-mailed PDF copy of this letter, including the signature
page hereto, shall be deemed to be an original.

 

Regards,

 

	/s/ Takeshi Sugisawa	 
	Takeshi Sugisawa
	Member of Board of Directors, Managing Executive Officer
	Agreed and accepted on behalf of Eyenovia
	 
	/s/ Tsontcho Ianchulev	 
	Name: Tsontcho Ianchulev
	Title: CEO
	Date: August 10, 2020

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