Document:

Exhibit 10.14

 

Micromedic
Technologies Ltd. 

 

Options
Agreement

 

Made
and executed in Ramat Gan on the 20th of March, 2012

 

Between

 

Micromedic
Technologies Ltd.

3 Hayetzira Street, Ramat Gan

Company Incorporated in Israel

(the “Company”)

Of the first part;

And

 

Makov
Associates Ltd., Company No. 51-415390-7 (the “Makov Company” or

the
“Offeree”)

By Mr. Israel Makov, bearer of I.D. no 005030200 (“Makov”)

20 Hanarkis Street, Karmei Yossef

Of the second part;

 

		Whereas:	On March 20, 2012, the Company’s board of directors resolved, after receiving the approval
of the audit committee dated February 14, 2012, to compensate the Offeree and grant him non-marketable options in the amount and
price set forth in Appendix B to this Agreement (the “Options”), which are exercisable into ordinary
shares par value NIS 1 each of the Company (the “Exercise Shares”), all under the option plan of the Company
for 2010 (the “Option Plan”); and

 

		Whereas:	The Offeree agrees that the Company will allocate the Options for him, all in accordance with the
terms and provisions of the Plan and this Agreement;

 

Therefore,
it is stipulated and agreed by the parties as follows:

 

		1.	Preamble

 

		1.1.	The Preamble to this Agreement and its appendices constitute an integral part hereof.

 

		1.2.	It is hereby clarified that all of the terms defined in the Plan are valid in this Agreement as
well, unless defined otherwise in the body of the Agreement.

 

		2.	Allocation of Options

 

		2.1.	In accordance with the terms of the Option Plan, the Company hereby allocates to the Offeree a
number of Options as set forth in Appendix B to this Agreement. Each Option is exercisable into one ordinary share
of the Company par value NIS 1, subject to payment of the exercise price set forth in Appendix B and subject to all
of the terms set forth in the Option Plan and this Agreement.

 

     

     

    

 

		2.2.	The Offeree is aware that the Company intends to grant shares and/or additional options, from time
to time, to various entities and to individuals, at its sole discretion.

 

		2.3.	The Options under this Agreement are granted to the Offeree for the services of Makov as chairman
of the Company’s board of directors.

 

		2.4.	The allocation of Options is subject to approval of the Tel Aviv Stock Exchange Ltd. to listing
the shares that arise from the exercise for trade.

 

		3.	Duration of the Option

 

		3.1.	Subject to the terms of the Plan and notwithstanding the durations set forth in subsection 10.4,
10.5(1) and 10.5(2) of the Option Plan, the Options may be exercised into shares subject to the purchase dates listed in Appendix
B of this Agreement, as of the grant date of the Options and until the expiration date of the Options, as set forth in
Appendix B, unless the Options or part thereof have expired before the end of the aforesaid duration under the terms
of the Option Plan (other than as stated above) and this Agreement.

 

		3.2.	The Options are exercisable into full shares only, and fragments of shares cannot be purchased
in any event. In the event in which fragments of shares are received as a result of the exercise of Options, the share fragments
will be rounded upward or downward to the nearest full number.

 

		4.	Purchase Dates; Exercise Term 

 

Options are exercisable by the
Offeree in full at any time, or in part, from time to time, subject to the purchase dates listed in Appendix B of
this Agreement, as of the date of entitlement of the Options and before the expiration date occurs, provided that in each exercise
of Options, the Offeree exercises at least 10% of the total Options allocated to him. Notwithstanding the above, the Offeree may
exercise less than 10% of the total Options allocated to him, if the balance of the Options remaining in the Offeree’s possession
is less than 10% of the total Options allocated to him.

 

Any Options that were granted
to the Offeree and are not exercised into shares will expire and will not be exercisable on the expiration date of the Options,
as defined in Section 2.19 of the Option Plan and subject to Appendix B of this Agreement.

 

		5.	Conditions for Offeree’s Entitlement to Exercise the Options

 

		5.1.	The Options will be exercisable in the manner and under the terms set forth in Section 10.1 of
the Option Plan.

 

     

     

    

 

		5.2.	In order to enable the Company to issue shares following exercise of the Options, the Offeree hereby
agrees to sign any document that will be required and reasonably required under any law and/or under the Company’s articles
of association.

 

		5.3.	The Company will not be required to allocate shares following exercise of the Options in the event
that the allocation, according to the Company’s perception, may cause the Company to violate the provisions of the law.

 

		6.	Restrictions to the Transfer of Options and/or Shares

 

		6.1.	The transfer of Options will be subject to the restrictions set forth in the Option Plan and the
Company’s articles of association.

 

		6.2.	The Offeree will not sell or transfer any share in a transaction that would violate a law, regulations
or rules. The sale of the shares issued following exercise of the Options will be performed by the Offeree in accordance with the
instructions of the Company, the provisions of the Securities Law, 5728-1968, the regulations and rules allocated thereunder, and
in accordance with the guidelines of the Tel Aviv Stock Exchange.

 

		7.	Taxation; Indemnification

 

		7.1.	The Offeree alone will bear any tax liability for granting and exercising Options, payment for
shares under the exercise of Options or for any other action under this Agreement (of the Company and/or affiliated companies and/or
the trustee and/or Offeree). The Company and/or affiliated companies and/or the trustee will withhold under any law, regulations
and rules any taxes, including withholding tax at source. The Offeree hereby agrees to indemnify the Company and/or affiliated
companies and/or the trustee, and to exempt them of any liability with respect to payment of taxes as stated, interest and fines,
and from any other payment, including for charges that originate in the need to withhold tax or an omission from withholding tax,
from any payment transferred to the Offeree. Notwithstanding the above, the Offeree will not be required to indemnify, as stated
above, in the case in which the tax liability, interest or fines arise from an action or inaction of the Company and/or affiliated
companies and/or the trustee that was done in contravention to this Agreement, trust document between the Company and trustee,
statute, regulations, rules or another law.

 

		7.2.	The Offeree will not be entitled to receive from the Company shares that have been allocated following
exercise of Options before payment of the entire tax about required by the Offeree for granting the Options or the allocation of
the shares following exercise of the Options. For the avoidance of doubt, the Company and/or trustee will not be required to transfer
to the Offeree a share certificate until payment of the entire tax amount required by the Offeree.

 

		7.3.	There may be tax implications to granting the Options and the allocation of the shares following
exercise of the Options. It is hereby recommended that the Offeree consult with a tax advisor with respect to the tax implications
arising from granting the Options, their exercise and the sale or transfer of the shares.

 

     

     

    

 

		7.4.	Section 3(i) – the offer of the Options to the Offeree is in accordance with Section 3(i)
of the Income Tax Ordinance.

 

		8.	Miscellaneous 

 

		8.1.	No obligation to exercise options

 

Receipt of the options under
this Agreement does not require the Offeree to exercise the Options.

 

		8.2.	Confidentiality

 

The Offeree will refer to this
Agreement and all of its appendices for as long as it is not disclosed to the public by the Company, as confidential material,
and will not disclose its content to any person other than to the extent required under law or in order to receive a legal, tax
or other opinion.

 

		8.3.	Continued employment or provision of services

 

No provision of this Agreement
and the Option Plan should be interpreted as an undertaking and/or consent on the part of the Company and/or affiliate for the
continuation of service of Makov as an officer of the Company or employ the Offeree or limit the right of the Company and/or an
affiliated company to terminate the service of Makov in the Company or the employment of the Offeree or its engagement with the
Offeree at any time, at its sole discretion and in accordance with the law.

 

		8.4.	Full agreement 

 

Subject to the terms of the
Plan, this Agreement, including its appendices, constitutes the full agreement between the Company and the Offeree with respect
to the Options granted through this Agreement, and prevails over any previous agreement, arrangement and/or understanding, whether
written or oral, between the Offeree and the Company with respect to the matters included in the Plan.

 

		8.5.	Non-enforcement is not a waiver

 

The failure of a party to this
Agreement to enforce any of the terms of this Option Agreement or the Plan will not be considered a waiver of this terms or any
other term.

 

		8.6.	Terms of the Plan

 

The Options under this Agreement
were granted subject to the Plan, and are subject, in all respects, to the terms of the Plan. Any interpretation given to this
Agreement will be given in accordance with the terms of the Plan; however, in the case of a conflict between the provisions of
this Option Agreement and the provisions of the Plan, the provisions of this Option Agreement will prevail.

 

     

     

    

 

		8.7.	Binding effect

 

The Plan and this Option Agreement
will be binding vis-à-vis heirs, will executors, estate managers and the survivors of the parties to the Agreement.

 

		8.8.	Notices 

 

Any notice under this Agreement
or the Plan will be provided in writing and delivered via mail, email, facsimile, with delivery confirmation. The Offeree shall
inform the Company in writing of any change to his address, and the Company will inform the Offeree of a change to its address
by sending a notice to the address listed above.

 

The Offeree declares that he is not party
to an agreement relating to the purchase or sale of securities of the Company, or relating to the voting rights for securities
of the Company.

 

The Offeree hereby declares that he has
read the Plan and this Agreement and agrees to all of their terms, limitations and any term of the Options allocated to him under
this Agreement. The Offeree undertakes to inform the Company of a change to his address as stated above.

 

In witness whereof, the parties affix
their signatures: 

 

	 	 	 
	Makov Company	 	Micromedic Technologies Ltd.

 

Attached:

Appendix A: Option Plan for 2010 of Micromedic
Technologies Ltd.

Appendix B: Terms of the Option.

 

     

     

    

 

Appendix B

 

Terms of the Option

 

	Name of the Offeree:	 	Makov Company
	Grant Date as defined in the Services Agreement dated March 20, 2012 (the “Grant Date”:	 	May 1, 2012
	Type of Options granted: 	 	
        x
        Option 3(i)

         ̈
        Option in capital gains track

	Number of ordinary shares subject to the option	 	632,316
	Exercise price	 	NIS 3.25
	Purchase terms:	 	The Options will vest during a period of 36 months as of March 20, 2012, the date on which the Company’s board of directors approved the allocation of the Options to the Offeree (the “Effective Date”), such that in each quarter (3 months) as of the Effective Date, the Offeree may exercise 1/12 of the total quantity of Options, provided that on the exercise date of the Options, Mr. Makov serves as chairman of the Company’s board of directors. 
	Expiration date of the Options:	 	Options that vest may be exercised by the earlier of: (1) six years from the Grant Date; or (2) after 12 months transpire from the conclusion of service of Mr. Makov as chairman of the Company’s board of directors for any reason.

 

	 	 	 
	[Stamp: Makov Associations Ltd.

514153907] [Signature]	 	[Signature]
	Makov Company	 	Micromedic Technologies Ltd.LICENSE
AGREEMENT

between

Microlin
Bio, Inc.

and

UNIVERSITÉ
LAVAL

 

	Article 1 – 
    DEFINITIONS	1
	Article 2 – 
    GRANT	4
	Article 3 – 
    EFFECTIVE DATE AND EXPIRY	4
	Article 4 – 
    ABSENCE OF GUARANTEE	5
	Article 5 – 
    IMPROVEMENTS	5
	Article 6 – 
    OWNERSHIP	6
	Article 7 – 
    OBLIGATIONS AND COMMITMENTS OF THE LICENSEE	6
	Article 8 – 
    OBLIGATIONS OF THE UNIVERSITY	7
	Article 9 – 
    CLAIM OR LEGAL ACTION FILED BY THIRD PARTY	8
	Article 10 – 
    CLAIM OR ACTION FILED AGAINST A THIRD PARTY	8
	Article 11 – 
    FINANCIAL CONSIDERATIONS	9
	Article 12 – 
    ACCOUNTING JOURNALS, REGISTERS AND REPORTS	13
	Article 13 – 
    USE FOR EDUCATION, RESEARCH AND PUBLICATION	14
	Article 14 – 
    PUBLICITY	15
	Article 15 – 
    TERMINATION	15
	Article 16 – 
    NOTIFICATION	16
	Article 17 – 
    CONFIDENTIALITY	16
	Article 18 – 
    CLAIMS, RESPONSIBILITY AND INDEMNIFICATION	17
	Article 19 – 
    ASSIGNMENT	17
	Article 20 – 
    INDEPENDENCE	18
	Article 21 – 
    PARTIAL INVALIDITY	18
	Article 22 – 
    APPLICABLE LAWS	18
	Article 23 – 
    VENUE	18
	Article 24 – 
    INTEGRALITY AND MODIFICATIONS	18
	Article 25 – 
    RENUNCIATION	18
	Article 26 – 
    FORCE MAJEURE	18
	Article 27 – 
    SUCCESSORS AND LEGAL REPRESENTATIVES	19
	Article 28 – 
    LANGUAGE	19
	Article 29 – 
    INTERVENTION	19

    	 	 	 

     

    

LICENSE
AGREEMENT

 

		BETWEEN:	Université
                                         Laval, a private corporation duly incorporated under the provisions of an act of
                                         the National Assembly, sanctioned on December 8, 1970 (S.Q. 1970, c. 78), having its
                                         head office in Québec, Province of Québec, herein represented by Edwin
                                         Bourget who is the Vice-President for Research and Innovation, and who declares that
                                         he is duly authorized to act as representative of the University;

                                         

                                         (Hereafter designated as the “University”);

		AND:	Microlin
                                         Bio, Inc., a public corporation, having its head office at 135 E. 57th Street 24th
                                         Floor, New York, NY, 10022 , herein represented by M Joseph Hernandez, who declares that
                                         he is duly authorized to act as representative for the purpose;

                                         

                                         (Hereafter designated as the “Licensee”);

                                         

                                         

                                         (Hereafter designated individually the “Party” or collectively as the “Parties”).

WHEREAS the University is the owner of all rights,
titles, and interests in the technology described within this Agreement;

 

WHEREAS
the Licensee wishes to obtain a license from the University, who accepts, to commercially exploit the aforesaid technology
on a exclusive basis;

 

THEREFORE,
in light of the conditions, commitments and agreements set forth herein, including the preamble, which is an integral part thereof,
the Parties agree to the following:

 

Article 1 – DEFINITIONS

 

In
this Agreement and its appendix, unless the context of a specific article indicates otherwise, the terms listed below shall be
defined as indicated hereafter. The singular shall include the plural; the masculine shall include the feminine, and vice versa:

		1.1	“Affiliate”
                                         shall mean, with respect to a Party, any corporation, firm, partnership or other entity
                                         which, at the time in question, directly or indirectly controls, is controlled by or
                                         is under common control with such Party. For the purposes of this definition “control”
                                         shall mean (i) owns, directly or indirectly, more than fifty percent (50%) (or such lesser
                                         percentage that is the maximum allowed to be owned by a foreign entity in a particular
                                         jurisdiction) of the voting stock or shares of such corporation, firm, partnership or
                                         other entity, or (ii) has the power to direct, directly or indirectly, or cause
                                         the directions of, the management or policies of such corporation, firm, partnership
                                         or other entity, whether through the ownership of voting securities, by contract or in
                                         any other manner;

    	 	1	 

     

    

		1.2	Commercialization”
                                         or “Commercialize” shall mean any activities directed to producing,
                                         manufacturing, marketing, promoting, pricing/reimbursement, distributing, importing or
                                         selling a Product;

		1.3	“Commercially
                                         Reasonable Efforts” shall mean the commitment of resources and efforts in accordance
                                         with reasonable business, legal, medical, and scientific judgment that are consistent
                                         with the efforts, resources and judgment that a public company of similar size and position
                                         of Licensee in the marketplace would use in Developing and Commercializing its other
                                         pharmaceutical products and compounds which are of similar market potential and at a
                                         similar stage in their life cycle, taking into account market exclusivity, safety, efficacy,
                                         product labeling or anticipated labeling, market potential, past performance (if any),
                                         economic return potential (including pricing and reimbursement status achieved), medical
                                         and clinical considerations, the regulatory environment, and competitive market conditions
                                         in the therapeutic area, including the global impact of regional marketing, launch and
                                         pricing decisions, all as measured by the facts and circumstances at the time such efforts
                                         are due;

		1.4	“Develop”
                                         or “Development” shall mean any activities directed to research, discovery
                                         and preclinical and clinical drug development of a Product, including without limitation
                                         test method development and stability testing, toxicology, formulation, manufacturing
                                         process or method, quality assurance/quality control development, statistical analysis,
                                         clinical studies (including such studies conducted after marketing authorization of a
                                         Product has been obtained or for additional indications or label expansion for which
                                         marketing authorization has been obtained) , regulatory affairs, product approval and
                                         registration or any other activity that may be required by a regulatory authority for
                                         the obtaining, maintaining or expansion of the marketing authorization of a Product;

		1.5	“Improvements”
                                         shall mean all Patent Rights that claim any changes, modifications, perfection, additions,
                                         updates and upgrades applied to the Technology by the Licensee and/or its sublicensees
                                         after
                                         the
                                         Effective
                                         Date
                                         and
                                         that
                                         are
                                         dominated
                                         by the
                                         Technology;

		1.6	“Intellectual
                                         Property Rights” shall mean all registered and/or unregistered intellectual
                                         property rights including all rights relating to patents, copyrights, industrial designs,
                                         integrated circuits, new plant varieties, inventions (whether or not they may be patentable),
                                         discoveries, commercial secrets, know-how, domain names, trademarks, brand names and
                                         all other rights recognized under statutory law or common law as applied above, including
                                         all requests for protection;

		1.7	“Confidential
                                         Information” shall mean all information disclosed by one Party to the other
                                         Party hereunder in any verbal, written, or electronic form, particularly information
                                         concerning customers and suppliers, details of agreements, conventions, commitments,
                                         offers, options, proposed contracts and contracts, banking data, financial data, sales
                                         data, relations with existing and future customers, sales operations, services, marketing
                                         data, plans, research results, production formulae and methods, technologies, inventions,
                                         improvements and perfection, and intellectual properties and the Parties agree that this
                                         list is neither exhaustive nor limitative;

		1.8	“Invention”
                                         shall mean the invention described in the patent application entitled “microRNA-132/212
                                         for the treatment of neurodegenerative disorders ” and listed in Appendix I;

    	 	2	 

     

    
		1.1	“Net
                                         Sales Price” shall mean the price billed for the commercially sold Products
                                         by the Licensee or one of its Sublicensees to independent customers, less the costs of
                                         transportation, customs, volume discounts, wholesale discounts, guarantees, cash discounts
                                         and relative taxes. In the case of a transfer or sale of Products at a price below market
                                         value to a person or corporation having a non arm's-length relationship with the Licensee
                                         or its Sublicensee, the Net Sales Price shall be deemed to correspond to the price billed
                                         for similar products sold, within the same time frame, to independent customers. The
                                         same disposition shall be applied for Products transferred at no cost for promotion purposes
                                         by the Licensee or its Sublicensee;

		1.9	“Patent
                                         Rights” shall mean all worldwide patents and patent applications within the
                                         Technology, together with all registrations, reissues, reexaminations or extensions of
                                         any kind with respect to any of such patents and any continuation, divisional, continuation-in-part,
                                         substitute or provisional application thereof;

 

		1.2	“Products”
                                         shall mean the product or products produced from or the service or services derived from
                                         the Technology;

		1.10	“Royalties”
                                         means any income derived from a licence or a sub-licence, especially including any lump-sum
                                         or any percentage applicable to the Net Sales Price of Products produced from or the
                                         service or services derived from the Technology held by the University, together with
                                         any Improvements thereof as well as any other income from the licence or sub-licence.
                                         The Term Royalties excludes the amounts received by the Licensee for research work undertaken
                                         on behalf of third parties;;

 

		1.3	“Interest
                                         Rate” shall mean a rate of one and one-half per cent (1.5%) per month, composed
                                         monthly, i.e. the equivalent of nineteen point fifty-six per cent (19.56%) per year;

		1.11	“Technology
                                         – Technologies” shall mean, as of the Effective Date, the Intellectual
                                         Property Rights, patent applications, documents, models, patterns, technical information,
                                         specifications and prototypes, that are not in the public domain, pertaining to the Invention;

		1.12	“Third
                                         Party” shall mean any entity other than a Party;

		1.13	“Territory”
                                         “Territory” shall mean the world. It is agreed that the University
                                         may from time to time reduce the extent of this territory if it becomes obvious to the
                                         University that the Licensee cannot satisfy the performance conditions established for
                                         the Products as specified in Article 7.2. In this event, and whenever Articles 9 and/or
                                         10 of the present Agreement are invoked, the term “Territory” shall
                                         mean the world, leaving aside each of the geographic regions stipulated by the deduction
                                         or reduction.

 

Article 2 – GRANT

		2.1	License

Subject
to the terms and conditions of the present Agreement, the University hereby grants an exclusive license under the Technology to
the Licensee, who accepts it, conferring thereby the exclusive right, authorization, and privilege to manufacture, sell, have
made, offer for sale, import, Develop and Commercialize and otherwise commercially exploit the Products and to use and commercially
exploit the Technology in the Territory in accordance with the terms and conditions of the present Agreement.

    	 	3	 

     

    

		2.2	Right
                                         to Sublicense

The
Licensee shall enjoy the right to grant sublicenses to third parties, subject to the prior written consent of the University.
This consent, however, will not be withheld without reason. The University shall benefit from a delay of fifteen (15) working
days from the date of receipt of the Licensee's written notice to accept or reject the application for a sublicense. Upon expiry
of that period, the University shall be deemed to have accepted the sublicense application. The written notice of application
for a sublicense shall contain sufficient details concerning the prospective sublicensee, including specifically all corporate
and financial information and the identity of the shareholders, to enable the University to make a decision.

Licensee
shall provide the University with a copy of the sublicense agreement signed by the the Licensee and sublicensee within thirty
(30) days of entering into such sublicense.

Without
limiting the scope of the above, the Licensee shall not permit a third party to use or commercially exploit the Technology or
to manufacture, sell or commercially exploit the Products, either directly or indirectly, without having first granted a sublicense,
which must comply with the provisions of the present Agreement. All sublicense agreements shall incorporate the licensing terms
and conditions stipulated herein and a copy of the agreement shall be transmitted to the University as soon as it is signed by
the Licensee and the Sublicensee.

		2.3	Technology
                                         Transfer

                                                                                 

                                                                                Without
                                         limiting any other provision of this Agreement beginning promptly after the Effective
                                         Date and from time to time thereafter upon the reasonable request of Licensee, University
                                         shall transfer to the Licensee, at it cost and expenses, all tangible items within the
                                         Technology, to the extent not previously transferred to the Licensee hereunder and as
                                         reasonably necessary for the Licensee to exercise the rights and licenses granted by
                                         the University to the Licensee hereunder. Without limiting the foregoing and in connection
                                         with such transfer of such Technology, the University shall make reasonable efforts,
                                         at the request and expense (including significant labour costs and expenses) of the Licensee,
                                         to make available such personnel reasonably familiar with the transferred Technology
                                         to consult with and assist the Licensee in implementing such Technology.

 

Article 3 – EFFECTIVE
DATE AND EXPIRY

 

This
Agreement shall become effective when fully executed by the Parties (“Effective Date”) and continue in full
force and effect until expiration, revocation or invalidation of the last patent or the abandonment of the last patent application
within the Patent Rights, whichever is later, unless it is terminated earlier pursuant to Article 15 of this Agreement.

    	 	4	 

     

    

Article 4 – ABSENCE
OF GUARANTEE

		4.1	The
                                         Licensee recognizes that the rights that it has received under the terms of the present
                                         Agreement convey no legal, conventional, or other guarantee from the University.

		4.2	Without
                                         limiting the scope of the preceding, except as provided expressly herein, the Licensee
                                         agrees that the University has made no express or implied guarantee, declaration or condition,
                                         including implicit guarantees concerning the marketable quality, market value, or possibilities
                                         of adapting the Technology or Products to a particular use or of selling Products after
                                         the use of the Technology by the Licensee or its sublicensees.

		4.3	The
                                         Licensee agrees that the University has made no express or implied guarantee, declaration
                                         or condition concerning the patentability of the Technology, the validity of the patent(s),
                                         the extent of claims, or the fact that the commercial exploitation of these patents does
                                         not violate any other patent.

 

Article 5 – IMPROVEMENTS

		5.1	As
                                         between the Parties, the Licensee shall be the sole owner of all rights, titles and interests
                                         of all Improvements. It is agreed, however, that the Licensee shall automatically grant
                                         to the University an irrevocable, royalty free, non-exclusive
                                         license to use any Improvements without fees in connection
                                         with
                                         the
                                         use
                                         of the
                                         Technology
                                         for
                                         its own
                                         internal
                                         teaching
                                         and research and training purposes pursuant
                                         to Article
                                         13.

		5.2	As
                                         between the Parties, the University shall be the sole owner of all rights, titles and
                                         interests of all improvements made solely by the University to the Products and the Technology
                                         pursuant to its rights to use the Technology for its own internal teaching and research
                                         purposes under Article 13. University hereby grants to Licensee an exclusive option to
                                         an exclusive license for a period of 5 years after the Effective date under all rights
                                         and titles in any such improvements to the Technology as developed in Dr Sebastien Hébert’s
                                         lab by Dr. Hébert and/or his research team ( including all related intellectual
                                         property rights, information, know-how, materials or other subject matter reasonably
                                         necessary for the practice of such improvements) (“University improvements”)
                                         to research, develop, manufacture and commercialize and exploit such University improvements.
                                         As such in the event that University receives a written declaration of any University
                                         improvements, it shall first offer any such rights to Licensee with sixty (60) days prior
                                         written notice. Such notice shall contain a description of such University improvements
                                         to be licensed and any other relevant information to entitle Licensee to make an informed
                                         decision. Licensee shall than inform University by written notice, within such sixty
                                         (60) days period (the “Option Period”), whether or not it accepts to obtain
                                         a license under such University improvements. If Licensee does not reply within the Option
                                         Period, it shall be presumed to have refused to exercise its option pursuant to this
                                         Section 5.2 with respect to the University improvements referred to the notice. If the
                                         Licensee does reply within the Option Period in exercise of its option pursuant to this
                                         Section 5.2, Licensee and the University shall enter into exclusive negotiations and
                                         shall use good faith efforts to execute a license agreement with respect to such University
                                         improvements in accordance with this Section 5.2. Terms and conditions of any such license
                                         agreement to be

    	 	5	 

     

    

entered
into are to be negotiated in good faith and agreed upon between Licensee and University, according to commercially reasonable
terms and conditions in accordance with industry norms for similar intellectual property rights at the time the Parties negotiate
any such license agreement, within a period of sixty (60) days following the end of the Option Period (the Negotiation Period),
which may be extended , if necessary, upon mutual agreement of both parties to complete such license agreement. If an agreement
is not reached by the end of such additional period, Licensee right of the first refusal to these University improvements will
expire. Both Licensee and University shall inform the other Party in writing and without delay, of all Improvements and University
improvements applied by it to the Technology respectively.

Except
as expressly provided otherwise under this Agreement, until the end of the Option Period and Negotiation Period (and any extension
thereof), the University shall not offer any rights in any University improvements to any Third Party and shall not discuss with
or provide any information to any Third Party regarding any University improvements or terms under which such University improvements
would be licensed.

 

Article 6 – OWNERSHIP

 

The
Licensee hereby acknowledges that the University is the sole owner of any and all Intellectual Property Rights attached to the
Technology and University improvements. The Licensee shall not contest its validity, directly or indirectly, or register for its
own benefit any Intellectual Property Right concerning the Technology, Products, or University improvements. Moreover, the Licensee
shall ensure that these same provisions apply to each of its sublicensees.

 

Article 7 – OBLIGATIONS
AND COMMITMENTS OF THE LICENSEE

		7.1	Exploitation

 

The
Licensee shall take Commercially Reasonable Efforts to commercialize or otherwise exploit the Technology, including incorporating
its use in the manufacturing and sale of the Products. Licensee shall be deemed to have satisfied its diligence obligations under
this Section with respect to the Technology or a Product so long as Licensee met the milestones for Development of a Product as
set forth in Section 7.2 (“Diligence Milestones”) on or before the date set forth therein, as may be extended pursuant
to Sections 7.2.4 and 7.2.5. Licensee shall be deemed to have failed its diligence obligations under this Section should Licensee
fail to meet any Diligence Milestone on or before the date specified in Section 7.2, as may be extended pursuant to Sections 7.2.4
and 7.2.5, except to the extent such failure is caused by demonstrated toxicity or drug safety issues determined in accordance
with industry standards or inadequate efficacy demonstrated by the Technology and/or Products.

		7.2	Performance
                                         Conditions

 

The
Licensee shall respect the following performance conditions:

		7.2.1	The
                                         Licensee will commence a phase I clinical trial with respect to a Product within two
                                         (2) years from the Effective Date.

    	 	6	 

     

    
		7.2.2	The
                                         Licensee will commence a phase II clinical trial with respect to a Product within five
                                         (5) years from the Effective Date.

		7.2.3	The
                                         Licensee will commence a clinical phase III trial with respect to a Product within seven
                                         (7) years from the Effective Date.

		7.2.4	As
                                         used throughout this Agreement, the “commencement” or “start”
                                         of a clinical trial for a Product shall mean the first dosing of a patient in such clinical
                                         trial.

		7.2.5	Notwithstanding
                                         the foregoing, Licensee may satisfy its obligations under this Article 7 through itself
                                         and/or its sublicensees, as applicable. In the event that Licensee is unable to meet
                                         such time frame or date under its obligations under this Article 7 despite using Commercially
                                         Reasonable Efforts to do so, taking into account delays which are due to factors (including
                                         technical or regulatory issues) which are out of the reasonable control of or not reasonably
                                         foreseeable by Licensee, University and Licensee agree to extend the foregoing time frames
                                         and dates in good faith.

		7.3	Development
                                         Reports

 

Within
ninety (90) days after June 30 and December 31 of each calendar year ending prior to the First Commercial Sale of a Product by
Licensee, a Licensee Affiliate or a Licensee sublicensee, Licensee shall provide to University a written report in substantially
the form set forth in Appendix II, which summarizes the activities undertaken by Licensee, its Affiliates and sublicensees during
the immediately preceding calendar year in connection with the Development of the Products, including progress toward the development
activities outlined in Section 7.2.

		7.4	Marking
                                         Products and promotional material

 

In
an attempt to discourage patent infringements, the Licensee shall ensure that the numbers of registered patents and patents
pending within the Technology appear on the applicable Product covered by such patents as required in accordance with the applicable
patent statutes or regulations in the country or countries of sale thereof.

 

Article 8 – OBLIGATIONS
OF THE UNIVERSITY

		8.1	Right
                                         of ownership

 

The
University declares that, to the best of its knowledge, it is the owner of all of the Technology pertaining to the Invention.

		8.2	Absence
                                         of claim

 

The
University declares that, as of the date of signature of this Agreement, it has received no claim or contestation, real or presumed,
concerning the Technology.

    	 	7	 

     

    

Article 9 – CLAIM
OR LEGAL ACTION FILED BY THIRD PARTY

		9.1	The
                                         Licensee and the University shall, as soon as they obtain knowledge thereof, disclose
                                         to the other Party any claim, legal action, or any other action concerning the infringement
                                         of a patent or Intellectual Property Right owned by a third party in conjunction with
                                         the exercise of any of the rights granted under the present Agreement to that party or
                                         to any of the sublicensees on the Territory. The Parties shall collaborate to prepare
                                         a suitable course of action to respond to the claim or defend the action..

		9.2	The
                                         Licensee shall assume all costs related to these procedures, including all fees and disbursements
                                         of legal counsel and expert witnesses retained for the purpose. In the event that the
                                         action is allowed or if a settlement is reached that limits the full and complete enjoyment
                                         of the rights set forth herein, that portion of the Territory applicable to the claim
                                         or action shall automatically be excluded from the present Agreement.

 

Article 10 – CLAIM
OR ACTION FILED AGAINST A THIRD PARTY

		10.1	The
                                         Licensee and the University shall, as soon as they obtain knowledge thereof, disclose
                                         to the other Party any infringement to the Technology and any violation of any related
                                         right. The Parties shall collaborate to prepare a suitable course of action to undertake
                                         in the Territory as a result of the aforementioned infringement or violation.

		10.2	Notwithstanding
                                         the foregoing, Licensee shall have the first right, but not the obligation, to institute
                                         procedures for infringement of the Technology or violation of any related right.

		10.3	If
                                         the Licensee decides not to institute procedures for infringement of the Technology that
                                         would
                                         be consistent
                                         with
                                         Commercially
                                         Reasonable
                                         Efforts
                                         within ninety (90) days following the receipt of a notice from the University specifying
                                         that the Technology has been infringed or that one of the rights granted hereunder has
                                         been infringed as well, the University may institute such procedures alone in its own
                                         name at its own expense. In any case, including in whichthe Parties cannot agree on the
                                         procedures to be instituted, each Party shall supply assistance, documents, witnesses
                                         and reasonable information which the enforcing Party may require to institute procedures
                                         for infringement of the Technology pursuant to this Article 10, including joining any
                                         action as a party-plaintiff as may be required under applicable laws, and the enforcing
                                         Party shall keep the other Party regularly informed of the status and progress of such
                                         enforcement efforts, and shall reasonably consider the other Party’s comments on
                                         such efforts.

		10.4	Unless
                                         otherwise agreed on before legal proceedings are undertaken, all damages, interest or
                                         other settlements resulting from legal proceedings undertaken pursuant to this article
                                         will beshared between the University and the Licensee as follows below once the expenses,
                                         including legal fees, are paid, considering the participation of each one of the parties
                                         to the proceedings and the damages each one of them will have sustained: enforcing Party
                                         shall retain the remainder, less the amount of any Royalties that would have been due
                                         to the University on sales
of Products lost by Licensee as a result of the infringement had Licensee’s sublicensee(s) made such sales.

    	 	8	 

     

    
		10.5	If
                                         Licensee
                                         decides
                                         not
                                         to institute
                                         procedures
                                         for
                                         infringement
                                         of the
                                         Technology
                                         that
                                         would
                                         be consistent
                                         with
                                         Commercially
                                         Reasonable
                                         Efforts
                                         within
                                         ninety
                                         (90)
                                         days
                                         following
                                         the
                                         receipt
                                         of a
                                         notice
                                         from
                                         the University
                                         specifying
                                         that
                                         the Technology
                                         has been
                                         infringed,
                                         and University
                                         elects
                                         to institute
                                         such procedures
                                         alone
                                         in its own
                                         name
                                         at its own
                                         expense
                                         pursuant
                                         to Section
                                         10.3,
                                         then University
                                         shall
                                         not
                                         settle or
                                         otherwise
                                         compromise
                                         any such
                                         proceeding
                                         in any
                                         manner
                                         that
                                         would
                                         adversely
                                         affect the
                                         Technology
                                         or Licensee’s
                                         rights
                                         and licenses
                                         hereunder;
                                         provided
                                         that
                                         University
                                         may grant
                                         a non-exclusive,
                                         non-sublicenseable,
                                         and non-transferable
                                         license
                                         under
                                         the applicable
                                         Patent
                                         Rights
                                         with
                                         respect
                                         to 
                                         that
                                         part
                                         of the
                                         Territory
                                         in which
                                         such proceeding
                                         has
                                         been initiated
                                         to such third
                                         party
                                         in connection
                                         with any
                                         settlement
                                         thereof.

 

Article 11 – FINANCIAL
CONSIDERATIONS

		11.1	Royalties

 

In
consideration for the license granted to the Licensee under the terms and conditions of the present Agreement, the Licensee agrees
to pay the amounts to the University as established and calculated hereafter:

		11.1.1	The
                                         Licensee shall pay a lump-sum amount *** upon the Effective Date;

		11.1.2	The
                                         Licensee shall pay a calendar quarterly payment to the University, for the duration of
                                         the Agreement, equal to ***.

		11.1.3	The
                                         Licensee shall pay to the University a percentage *** Sublicensing Income for sublicenses
                                         granted by the Licensee after the Effective Date. “Sublicensing Income” shall
                                         mean, cash or stock option or participation in a company or Person received by Licensee
                                         in consideration of a grant to any Third Party or Third Parties of a sublicense under
                                         the Patent Rights, to make, have made, use, market, sell, distribute and import the Products,
                                         including but not limited to upfront fees, milestone payments, or license maintenance
                                         fees.

		11.1.4	Notwithstanding
                                         the above, the Licensee shall pay to the University, each year, starting on the second
                                         anniversary of the Effective Date, an annual maintenance fee of *** payable within thirty
                                         (30) days after receipt of the invoice, until such time that Licensee is commercially
                                         selling Products and paying earned Royalties or minimum annual royalties thereon to University
                                         (“Annual Maintenance Fee”).

		11.1.5	The
                                         Licensee shall pay the following miles stones payment:

		-	***
                                         at the start of the first phase I clinical trial for a Product by the Licensee or its
                                         Sublicensees. This payment should be made within sixty (60) days from the start of such
                                         phase I clinical trial.

    	 	9	 

     

    

		-	***
                                         at the start of the phase II clinical trial for a Product by the Licensee or its Sublicensees.
                                         This payment should be made within sixty (60) days from the start of the phase II clinical
                                         trial.

		-	***
                                         at the start of the phase III clinical trial for a Product by the Licensee or its Sublicensees.
                                         This payment should be made within sixty (60) days from the start of the phase III clinical
                                         trial.

		-	***
                                         at the submission of an application for marketing approval of a Product to the applicable
                                         regulatory agency by the Licensee or its Sublicensees. This payment should be made within
                                         sixty (60) days from such submission.

		-	***
                                         upon the first commercial sale of a Product by the Licensee or its Sublicensees in the
                                         first Key Market (“First Commercial Sale”). This payment should be made within
                                         sixty (60) days from such first sale. For purposes of this Section, “Key Market”
                                         shall mean the United States, Canada, France, Germany, Italy, Spain, the United Kingdom,
                                         and Japan.

		-	The
                                         Licensee shall pay to the University, at the end of each calendar year, starting after
                                         the first anniversary of the First Commercial Sale, minimum royalties of *** (“Annual
                                         Minimum Royalty”) payable within thirty (30) days after receipt of the invoice;
                                         provided that any earned Royalties due on the Products sold by Licensee and its sublicensees
                                         during such calendar year pursuant to Section 11.1.2 . The Annual Minimum Royalty will
                                         be readjusted at *** starting at the end of the second calendar year after the First
                                         Commercial Sale;

		11.1.6	Within
                                         thirty days (30) of the Effective Date the Licensee and University will enter into a
                                         Sponsored Research Agreement under which Licensee will sponsor research to be performed
                                         in the laboratory of Sébastien Hébert (“Principal Investigator”)
                                         at CHU de Québec Université Laval on reasonable and customary terms for
                                         a period of two (2) years (“Research Program”). The research will
                                         be conducted in accordance with a plan and budget mutually agreed upon between University,
                                         the Principal Investigator and Licensee. Except as the Parties may otherwise agree, the
                                         amount of the research funding for costs and expenses, excluding overhead, will not exceed
                                         *** each year of the Research Program and the amount of overhead will not exceed ***
                                         of such costs and expenses each year of the Research Program. An initial plan and budget
                                         of the Research Program is attached as Appendix III.

For
clarity, University will retain ownership of all inventions and other intellectual property that are conceived or first reduced
to practice by the Principal Investigator, or by other faculty, staff or personnel associated with University in the course of
performing the Research Program. University hereby grants to Licensee an exclusive option to an exclusive license to and under
all rights and titles in any such inventions and other intellectual property ( including all related intellectual property

    	 	10	 

     

    

rights,
information, know-how, materials or other subject matter reasonably necessary for the practice of such inventions) (“Research
Program Inventions”) to research, develop, manufacture and commercialize and exploit such Research Program Inventions in
accordance with the terms and conditions of Sections 5.2 and 5.3 above as applied to such Research Program Inventions, mutatis
mutandis, so that each reference to “University improvements” shall be deemed a reference to such Research Program
Inventions.

		11.1.7	The
                                         Royalties payable by the Licensee pursuant to Section 11.1.2 and Section 11.1.3 will
                                         be determined quarterly on the thirtieth (30th) day of the months of March, June, September
                                         and December of each year as of and throughout the duration of this Agreement. The Licensee
                                         must pay such Royalties within thirty (30) days following the end of each quarter in
                                         which they were received by the Licensee during the quarter in question.

		11.1.8	All
                                         Royalties must be paid in compliance with the conditions stipulated in Article 11.4 (payment).
                                         Except as otherwise provided herein, no deduction, cross claim or set off will be made,
                                         except in connection with the deductions specified under any applicable legislation,
                                         especially income tax deductions for non-residents which may be required from the University
                                         by a government organization having jurisdiction.

For
greater clarity, Licensee agrees to require its sublicensees to comply with the provisions of this Agreement as such provisions
are applicable to the exercise by sublicensees of rights licensed to Licensee hereunder. Licensee hereby guarantees, and shall
remain responsible for, the performance of its permitted sublicensees under this Agreement. Any such sublicenses by Licensee shall
include an obligation for the sublicensee to account for and report its Net Sales, and Licensee shall pay to University (or arrange
for the sublicensee to pay to University, with Licensee remaining responsible for any failure of the sublicensee to pay amounts
when due under this Agreement) any amounts set forth in this Section 11 as if such amount were due by Licensee.

It
is agreed that the Royalties shall not be subject to either the Goods and services tax (GST), the Québec sales tax (QST),
or any other similar tax. However, in the event that applicable tax laws are modified and/or reinterpreted, taxes will be payable
to the University in addition to the Royalties paid by the Licensee and sub-licensees.

		11.2	Costs
                                         relating to Patents

		11.2.1	In
                                         addition to the amounts specified in Article 11.1, the Licensee shall reimburse University
                                         for all reasonable out-of-pocket costs incurred by the University for the filing for,
                                         prosecution and maintenance of the Patent Rights before the coming into force of this
                                         Agreement within thirty (30) days of the receipt of an invoice by the Licensee for such
                                         expenses.

    	 	11	 

     

    

		11.2.2	The
                                         University shall be responsible for making decisions and giving instructions concerning
                                         the filing for, prosecution and maintenance of the Patent Rights; provided that University
                                         shall first consult with Licensee as to the filing, prosecution and maintenance of such
                                         patents and patent applications and shall furnish to Licensee copies of documents relevant
                                         to any such filing, prosecution and maintenance. For purposes of this Article 11.2, “prosecution
                                         and maintenance” of patents and patent applications shall be deemed to include,
                                         requests for re-examinations, reissues or extensions of patent terms.

		11.2.3	The
                                         Licensee shall reimburse University for all reasonable out-of-pocket costs incurred by
                                         the University after the Effective Date for the filing for, prosecution and maintenance
                                         of the Patent Rights. Such payments shall be due thirty (30) days following receipt of
                                         invoice by Licensee for such expenses. If Licensee elects to no longer pay the expenses
                                         of a patent or patent application within the Patent Rights in any country, Licensee shall
                                         notify University not less than thirty (30) days prior to such action and the license
                                         granted to Licensee hereunder with respect to such patent or patent application shall
                                         become nonexclusive.

		11.2.4	If
                                         Licensee elects not to file, prosecute or maintain a Patent Right
                                         in a
                                         country
                                         pursuant
                                         to its
                                         right
                                         under
                                         Section
                                         11.2.2,
                                          then in such event, such Patent Right shall
                                         no longer
                                         be included
                                         within
                                         the Patent
                                         Rights
                                         licensed
                                         hereunder.

		11.2.5	Small
                                         Entity Status – The University and the Licensee declare that, as of the Effective
                                         Date, they both qualify for Small Entity Status for payment of patent maintenance fees
                                         for the Territory. The Licensee acknowledges that the University has informed it that
                                         in the event of any change that might cause the Licensee to lose its status as a small
                                         entity, or of the signature of a sublicense contract with a sublicensee that is not a
                                         small entity or who loses its small entity status, the patents may be invalidated in
                                         that part of the Territory affected by the change. Consequently, the Licensee shall inform
                                         the University without delay of any change in the status of the Licensee and/or its sublicenses.

		11.3	Late
                                         Payment

 

Any
late payment of Royalties or of any other financial consideration shall bear interest at the established Interest Rate or the
maximum rate permitted by law, computed from the payment due date to the date of receipt of payment in full.

		11.4	Payment
                                         by cheques

 

All
payments made in accordance with the terms and conditions of the present Agreement shall be presented in the form of a cheque,
in US currency, payable to the order of Université Laval, and addressed to the attention of the Vice Rector for Research
and Innovation, one signatory of the present Agreement, at the address stipulated in Article 16.

    	 	12	 

     

    

 

Article 12 – ACCOUNTING
JOURNALS, REGISTERS AND REPORTS

		12.1	The
                                         Licensee and each of its sublicensees shall keep and maintain proper accounting journals
                                         and complete and exact registers concerning the license granted under the present Agreement,
                                         indicating the number, Net Sales Price and date of sale or other similar information
                                         concerning any other form of transfer of the Products.

		12.2	The
                                         Licensee shall present to the University, within thirty (30) days from the end of each
                                         quarter, as stipulated in Article 11.1.2 (Quarterly payment), a report indicating the
                                         number and Net Sales Price of all Products sold during the reporting period by the Licensee
                                         and each of its sublicensees, together with any other information that the University
                                         may reasonably request. The Licensee shall also present to the University, within ninety
                                         (90) days from the end of the fiscal year, a report signed by an executive officer of
                                         the Company, containing the number and Net Sales Price of Products sold during the reported
                                         financial year by the Licensee and each of its sublicensees.

		12.3	The
                                         Licensee shall ensure that all journals and registers mentioned in the present Agreement
                                         are maintained for at least five (5) years following the end of the calendar quarter
                                         to which they pertain and available for inspection, no more than one per calendar year,
                                         on their premises during normal working hours, upon reasonable written notice but no
                                         earlier than 5 business days after the receipt of such written notice. The inspection
                                         shall be conducted by an independent firm of chartered accountants, appointed by the
                                         University and reasonable acceptable to Licensee, and shall be conducted in accordance
                                         with the accounting procedures generally used by the Licensee as consistently applied
                                         to all products of Licensee which procedures shall never be less stringent then those
                                         of the International Financial Reporting Standards (IFRS) adopted by the International
                                         Accounting Standards Board subject to such charter accountants executing a reasonable
                                         confidentiality agreement prior to commencing any inspection. Except as otherwise expressly
                                         provided herein, these accounting procedures must comply with generally accepted accounting
                                         procedures. University shall bear the cost of the inspection, except that Licensee will
                                         bear the cost of the inspection if a variation or error producing an underpayment in
                                         Royalties or other amounts payable exceeding the greater of five percent (5%) of the
                                         amount paid for the period covered by the inspection is established in the course of
                                         such inspection. The chartered accountants shall limit their opinion to the University
                                         concerning any variation or error producing an underpayment to the amounts of Royalties
                                         or other amounts payable for the period under review. The conclusions and opinion of
                                         these chartered accountants shall definitively bind the Licensee and the University.
                                         Any additional payment to be made to the University or any reimbursement to be made to
                                         the Licensee as a result of the audit, shall be payable immediately, together with interest
                                         accrued since the initial due date at the established Interest Rate.

 

Article 13 – USE
FOR EDUCATION, RESEARCH AND PUBLICATION

 

The
Licensee acknowledges and accepts that the University has a role of education, training and research. In respect thereof, and
insofar as adequate measures have been established to protect Intellectual Property Rights, the University is authorized to use
the Technology for its own internal teaching and research purposes, and to publish them in the normal course of the dissemination
of knowledge, including the publication of essays, master'’s theses and doctoral dissertations, provided
that University agrees to submit to Licensee for its review a copy of any proposed publication or

    	 	13	 

     

    

disclosure
of information relating to the Technology or University improvements at least thirty (30) days prior to the proposed date of submission
for publication, and agree to consider in good faith all comments received during that time. If Licensee determines that the proposed
publication or disclosure contains patentable subject matter requiring protection, in order to protect the potential patentability
of such subject matter, Licensee may require the delay of the publication for a period of time not to exceed an additional sixty
(60) days for the purpose of allowing the pursuit of such protection in accordance with the terms and conditions of Section 11.2.2
as applied to such patentable subject matter, mutatis mutandis, so that each reference to Patent Right shall be deemed a reference
to such patentable subject matter and the exercise of the option to license such patentable subject matter in accordance with
the terms and conditions of Sections 5.2 and 5.3 as applied to such patentable subject matter, mutatis mutandis, so that each
reference to University improvements shall be deemed a reference to such patentable subject matter. Further, if Licensee believes
that any such material submitted for review contains Confidential Information (as defined in Section 1.3) of Licensee, University
agrees to remove such Confidential Information from the proposed publication or disclosure.

 

Article 14 – PUBLICITY

 

The
Licensee shall not make note of the participation of the University or of University personnel in any public announcement, publicity,
or information document to be made public unless the University has signified its prior authorization, in writing, not to be unreasonably
withheld. The same shall apply in relation to any other announcement related to this license. The Licensee and the University
shall ensure that any such publicity does not convey any understanding that the University supports any product, procedure or
practice of any kind whatsoever. Notwithstanding the foregoing, the Parties shall agree upon a mutual press release to announce
the execution of this Agreement; thereafter, each Party may each disclose to any Third Party the information contained in such
press release without the need for further approval by the other Party.

 

Article 15 – TERMINATION

		15.1	Termination
                                         without notice

The
Agreement shall be cancelled, in accordance with the law, without notice or notification in the event of the following:

		15.1.1	If
                                         the Licensee files for protection under the U.S. Bankruptcy Act or any such act concerning
                                         insolvency and/or bankruptcy, or if any legal action pertaining to any such act, or any
                                         other act, is filed against the Licensee; provided that if any such legal action is filed
                                         against Licensee, this Agreement will be reinstated (wherein the effective date of reinstatement
                                         shall be the date of automatic cancellation) under this Section 15.1 if such case is
                                         withdrawn or dismissed within ninety (90) days of such filing. Further: (a) during such
                                         ninety (90)-day period, University will not grant a license to any Third Party that could
                                         preclude full reinstatement of Licensee’s rights and licenses hereunder, and (b)
                                         University will not assert the Patent Rights against

    	 	14	 

     

    

Licensee
resulting from Licensee’s use or sale of the Products during such ninety (90) day period, except, in the event of reinstatement,
University may pursue a claim for earned Royalties or other payments that would have otherwise been due during such ninety (90)-day
period.

		15.2	Termination
                                         with notice

Either
Party may, upon ninety (90) days following a written notice to the effect, terminate this Agreement, without prejudice to its
rights and recourses, if the other Party is in material breach of one or more of the terms and conditions of this Agreement, and
if such material breach is not corrected within ninety (90) days following written notification containing a description thereof;
Licensee may terminate this Agreement, in its entirety or as to any particular patent or patent application within the Patent
Rights, or as to any particular Product, at any time by giving University at least sixty (60) days prior written notice. From
and after the effective date of such termination under this Section 15.2 with respect to a particular patent or patent application,
such patent(s) and application(s) in the particular country shall cease to be within the Patent Rights for all purposes of this
Agreement, and all rights and obligations of Licensee with respect to such patent(s) and patent application(s) shall terminate;
from and after the effective date of a termination under this Section 15.2 with respect to particular Product, the license granted
to Licensee under Section 2.1 shall terminate with respect to such Product. For greater certainty, the parties agree that in the
event of any such termination, any payment due to University at the time of such termination shall remain to be payable to
University.

		15.3	Results
                                         of Termination or Expiration

		15.3.1.	Notwithstanding
                                         the termination or expiration of this Agreement in its entirety, all parties shall continue
                                         to be bound by the applicable provisions of Article 4 – (Absence of Guarantee),
                                         Article 6 – (Ownership), Article 10 – (Claim or Action Filed
                                         against a third party), 11.3 (Late Payment), Article 14 – (Publicity), Article
                                         17 – (Confidentiality) (for the period specified therein) and Article 18 –
                                         (Claims, Responsibility and Indemnification) of the Agreement. Except as otherwise provided
                                         in this Article 15, all rights and obligations of the parties under this Agreement shall
                                         terminate upon the termination or expiration of this Agreement in its entirety.

 

		15.3.2.	After
                                         the termination or expiration of this Agreement, all unpaid royalties or other financial
                                         considerations, which at the time of such termination or expiration has already accrued,
                                         shall be paid within thirty (30) days following the aforementioned termination or expiration,
                                         pursuant to Article 11.1 of the Agreement. Upon expiration (but not an earlier termination)
                                         of this Agreement, the licenses granted to Licensee under Article 2 shall become fully
                                         paid-up royalty-free and irrevocable.

 

		15.3.3.	Upon
                                         termination of the present Agreement in its entirety, all rights held by the Licensee
                                         by virtue thereof, including, but not limited to the right to manufacture, sell,

    	 	15	 

     

    

and
commercially exploit the Products in the Territory shall cease immediately, subject to the specifically authorized privilege granted
to the Licensee to sell on a non-exclusive basis its inventory of Products and to terminate the manufacturing of any products
then being manufactured. This privilege is granted for a limited period that shall terminate within six (6) months following the
termination date. Upon termination of this Agreement by University for any reason, any sublicense granted by Licensee hereunder
shall survive, provided that any such sublicensee is not in breach of its sublicense and provided further that the sublicensee
promptly, and no later than 10 business days following such termination of this Agreement, agrees in writing to be bound
by the applicable terms of this Agreement.

 

Article 16 – NOTIFICATION

		16.1	All
                                         notices, payments, or other communications required to be made or given pursuant to the
                                         terms of this Agreement shall be delivered to the parties by messenger or registered
                                         mail at the addresses set forth below:

 

	FOR THE UNIVERSITY:		Thierry
                                         BourgeoisAssistant
to the Vice President, Research and Innovation

Pavillon
des sciences de l’éducation

Université
Laval

2320,
rue des Bibliothèques, room 1482

Québec
(Québec) G1V 0A6

E-mail :
biper@vrr.ulaval.ca

Telephone :
(418) 656-2131, ext. 13506

	 	 	 
	FOR THE LICENSEE:	 	Joseph Hernandez, CEO and Executive Chairman

Microlin
Bio, Inc.

135
East 57th Street 24th Floor

New
York, NY, 10022

e-mail:
jhernandez@microlinbio.com

Telephone:
646 612 4000

		16.2	Unless
                                         otherwise stipulated within this Agreement, a notice to be delivered in accordance with
                                         the provisions of this Agreement shall be deemed to have been received by the addressee
                                         on the actual day of delivery, if delivered by messenger, or on the third (3rd) day following
                                         the date of mailing, if it is delivered by registered mail.

 

Article 17 – CONFIDENTIALITY

		17.1	Within the
                                                                                                                                             limits of the present Agreement, it is agreed that the Parties may be called upon to
                                                                                                                                             exchange Confidential Information. Considering the nature of this Confidential Information,
                                                                                                                                             and their respective interests, the Parties agree to take all reasonable measures required
                                                                                                                                             to ensure the confidential nature thereof, to prevent any inopportune disclosure thereof.

    	 	16	 

     

    
		17.2	Each
                                         Party shall use its best efforts to prevent the unauthorized disclosure, publication
                                         or dissemination of the Confidential Information and, in any case, the effort deployed
                                         shall not be less than the effort utilized to protect its own confidential information;
                                         except that: (i) each Party may disclose Confidential Information of the other Party
                                         to: (A) its employees, consultants and other persons on a need-to-know basis in accordance
                                         with the receiving Party’s exercise of its rights or performance of its obligations
                                         under this Agreement; provided that such persons are bound by obligations of confidentiality
                                         and non-disclosure with respect to such Confidential Information which are substantially
                                         similar in scope and duration as those set forth in this Article 17; and (B) its existing
                                         and potential investors, collaborators and advisers (including financial, accounting
                                         and legal advisers) with a need to know, under appropriate confidentiality terms; and
                                         (ii) each party may disclose Confidential Information of the other Party to government
                                         or regulatory authorities to the extent that such disclosure is required by applicable
                                         law, regulation, agency or court order or is reasonably necessary in connection with
                                         the prosecution of any patent or patent application. This Article 17 shall remain in
                                         effect during the term of this Agreement and for five (5) years thereafter.

		17.3	Neither
                                         Party shall have any obligation for confidentiality concerning information that:

		a)	was
                                         already lawfully in its possession without obligations of confidentiality before it was
                                         received from the other Party;

		b)	is
                                         or becomes public knowledge through no fault or action of the Party;

		c)	is
                                         legally received by the Party from a Third Party who has no obligation of confidentiality
                                         with respect thereto;

		d)	is
                                         independently developed by the Party without using the Confidential Information delivered
                                         under the terms and conditions of this Agreement.

Article 18 – CLAIMS,
RESPONSIBILITY AND INDEMNIFICATION

		18.1	It
                                         is specifically agreed that the University shall have no responsibility for loss incurred
                                         by any person resulting
                                          from
                                          the
                                           subsequent
                                         use by 
                                         Licensee
                                          or
                                         its 
                                         sublicensees
                                           of
                                         the Technology licensed to the Licensee under the terms of this License Agreement, or
                                         to any subsequent sublicensee by the Licensee.

		18.2	The
                                         Licensee shall indemnify the University and hold it harmless against any claim filed
                                         against the University relating to the use of the Technology licensed to the Licensee,
                                         and any subsequent sublicensee, and to any Product manufactured or sold by the Licensee
                                         and any subsequent sublicensee by virtue of the applicable license or sublicense.

 

Article 19 – ASSIGNMENT

 

Neither
Party shall, in any way whatsoever, assign, transfer, or dispose of its rights or obligations under this agreement without the
prior written consent of the other Party, except that Licensee may assign, transfer or dispose of its rights or obligations under
this Agreement without the prior written consent of University to a party that succeeds to all or substantially all of Licensee’s
business or

    	 	17	 

     

    

assets
relating to this Agreement whether by sale, merger, operation of law or otherwise; provided that such assignee or transferee agrees
in writing to be bound by the terms and conditions of this Agreement.

 

Article 20 – INDEPENDENCE

 

The
present Agreement shall not constitute an agency, partnership, joint venture, or temporary association between the Parties.

 

Article 21 – PARTIAL
INVALIDITY

 

If
a competent tribunal finds that one or more of the provisions of the present Agreement is invalid or unenforceable, only that
portion of the Agreement declared invalid or unenforceable shall be invalidated, and the remaining provisions and the remainder
of the present Agreement shall be integrally applied.

 

Article 22 – APPLICABLE
LAWS

 

The
Parties agree that the present Agreement shall be governed and interpreted in accordance with the laws in force in the Province
of Québec, Canada.

 

Article 23 – VENUE

 

The
Courts of the city of Québec, province of Québec, Canada, shall have jurisdiction, to the exclusion of the Courts
of any other State, in respect of any dispute, controversy or claim arising out of or in connection with this Agreement.

 

Article 24 – INTEGRALITY
AND MODIFICATIONS

 

The
present Agreement and its Appendices shall constitute the entire Agreement binding the Parties and replacing all previous oral
and written communications, representations and agreements. Moreover, any addition or modification to this present Agreement shall
be made in writing, and shall be signed by both Parties.

 

Article 25 – RENUNCIATION

 

The
failure of either of the Parties to exercise one or more of its rights on any particular occasion, as set forth in the Agreement,
shall not be interpreted as a waiver of its rights and recourses, and shall not affect either the Agreement, in any manner, or
any right set forth therein.

 

Article 26 – FORCE
MAJEURE

 

The
Parties agree that neither Party shall be held responsible for any default or delay caused by force majeure, which is defined
as an outside, unforeseeable, irresistible event. Examples of force majeure include, but are not limited to natural disasters,
fires, labour unrest, and the imposition of regulations or ordinances by government authorities.

    	 	18	 

     

    

 

Article 27 – SUCCESSORS
AND LEGAL REPRESENTATIVES

 

The
present Agreement is of benefit to both Parties and binds their respective successors, assignees, heirs and legal representatives.

 

Article 28 – LANGUAGE

 

The
Parties have expressly agreed that this Agreement be drawn up in English only. Les Parties aux présentes ont expressément
requis que la présente entente soit rédigée en anglais seulement.

 

Article 29 – INTERVENTION

 

The
following researcher Sébastien Hébert, having read the present Agreement and having accepted its terms and conditions,
insofar as they are applicable to him, hereby intervene in the present Agreement. The researcher acknowledge that he is bound
thereby and, if applicable, that he shall take whatever steps are required to ensure that all members of his team at the University
are informed of their obligations under the terms and conditions of the present Agreement.

 

Mrs.
Gertrude Bourdon, general director of the CHU de Québec-Université Laval, having read the present Agreement and
having accepted its terms and conditions, insofar as they are applicable to the CHU de Québec-Université Laval,
hereby agrees to the terms and conditions in the present Agreement.

    	 	19	 

     

    

IN
WITNESS WHEREOF, the Parties have signed this Agreement in Québec, in two (2) copies.

 

	The
                                         University:

        UNIVERSITÉ
        LAVAL

         

         

         

        By:
        /s/ Edwin Bourget
	 	The
                                         Licensee:

        MICROLINBIO
        INC.

         

         

         

        By:
        /s/ Joseph Hernandez

	 
	 
	Edwin
                                         Bourget

        Vice-President
        for Research and Innovation
	 	Joseph
                                         Hernandez

        President
        and CEO

	Date:	 	Date:
	
    	 	
	Sébastien
                                         Hébert

        Date :
	

 

 

	CHU
    de Québec-Université Laval 
	By :
    /s/ Gertrude Bourdon	
	Gertrude
                                         Bourdon

        General
        Director

        Date
        :
	

    	 	20	 

     

    

APPENDIX
I

 

As
of the date of the signature of the present Agreement, the invention « microRNA-132/212 for the treatment of neurodegenerative
disorders » mentioned therein is more fully described by the applications for the following patents:

 

DESCRIPTION
OF THE INVENTION

 

	PATENT
                                         No. /

        APPLICATION
        No.
	COUNTRY	FILING
                                         DATE 
                                         /

        DELIVERY
        DATE
	COMMENT
	62/053308	United
    States	September,
    22 2014	
	PCT/CA2015/050931	PCT	September,
    22 2015	

 

    	 	21	 

     

    

Appendix
II

Progress
report for Microlinbio

CASE
NO. [________]

Six
months ended [________]

Product:

[Description
of Product]

 

Product
development:

[Summary
of activities to support regulatory approval by month, year]

 

 

Preclinical
development:

[Summary
of progress of preclinical by month, year]

 

Clinical
development:

[Summary
of progress of clinical trials by month, year]

 

Regulatory
development:

[Summary
of progress of regulatory approval by month, year]

    	 	22	 

     

    

APPENDIX
III

Research
Program

    	 	23

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