Document:

Exhibit 10.6 

 

CONFIDENTIAL

 

THE
GEORGE WASHINGTON UNIVERSITY

 

Patent
License Agreement

 

This
Patent License Agreement (this “Agreement”) is between the George Washington University, a congressionally chartered
not-for-profit corporation (“University”) located in the District of Columbia, and BullFrog AI Holdings, Inc., a Nevada
corporation, having a principal place of business at 325 Ellington Blvd., #317, Gaithersburg, MD 20878 (“Company”).
This Agreement will become effective as of January 14th, 2022 (the “Effective Date”). University and Company
are collectively or individually, the “Parties” or “Party”.

 

BACKGROUND

 

University
owns certain intellectual property developed by Dr. Lopa Mishra of the University’s School of Medicine and Health Sciences and
her colleagues (identified in Exhibit A), relating to GW Tech ID# 020-030-Mishra – “Inhibition of SPTBN1 to treat Obesity/NASH
and Obesity/NASH-driven cancer”. University also owns certain letters patent and/or applications for letters patent relating to
the intellectual property. Company desires to obtain an exclusive license under the patent rights to exploit the intellectual property.
University has determined that the exploitation of the intellectual property by Company is in the best interest of University and is
consistent with its educational and research missions and goals.

 

In
consideration of the mutual obligations contained in this Agreement, and intending to be legally bound, the parties agree as follows:

 

	1.	LICENSE

 

1.1. License
Grant. University grants to Company a license (the “License”) according to the exclusivity and territory terms
described in Appendix A to make, have made, use, import, offer for sale and sell Licensed Products in the Field of Use during the Term
(as such terms may be defined in Sections 1.2, 6.1, Appendix A). The License includes the right to sublicense as permitted by this Agreement.
No other rights or licenses are granted by University.

 

1.2. Related
Definitions. The term “Licensed Products” means products and services that are made, made for, used, imported,
offered for sale or sold by Company or its Affiliates or Sublicensees and that would (i) in the absence of the License, infringe (or,
in the case of pending patent applications, upon issuance, would infringe) at least one claim of the Patent Rights or (ii) use a process
or machine covered by a claim of Patent Rights, whether the claim is issued or pending. The term “Sublicense Agreement”
means an arms-length transaction pursuant to which Company grants an unrelated third party (a “Sublicensee”) access
to Patent Rights and/or Technology. Any delivery of Licensed Products to an End User via an Application Program Interface (API) shall
be considered a Sale of Licensed Product. Under the License Agreement, University will agree that End User License Agreements will not
be treated as Sublicense Agreements. The term “Patent Rights” means all of University’s patent rights represented
by or issuing from: (a) the United States patents and patent applications listed in Exhibit A; (b) any continuation, divisional and re-issue
applications of (a); and (c) any foreign counterparts and extensions of (a) or (b). The term “Affiliate” means a legal
entity that is controlling, controlled by or under common control with Company and that has executed either this Agreement or a written
Joinder Agreement agreeing to be bound by all of the terms and conditions of this Agreement. For purposes of this Section 1.2, the word
“control” means (x) the direct or indirect ownership of more than fifty percent (50%) of the outstanding voting securities
of a legal entity, (y) the right to receive fifty percent (50%) or more of the profits or earnings of a legal entity, or (z) the right
to determine the policy decisions of a legal entity. The term “Field of Use” means the definition agreed to in Appendix
A.

 

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1.3. Reservation
of Rights by University. University reserves the right to use, and to permit other non-commercial entities to use, the Patent Rights
for educational and research purposes.

 

1.4. U.S.
Government Rights. The parties acknowledge that the United States government retains rights in intellectual property funded under
any grant or similar contract with a Federal agency. The License is expressly subject to all applicable United States government rights,
including, but not limited to, any applicable requirement that products, which result from such intellectual property and are sold in
the United States, must be substantially manufactured in the United States.

 

1.5. Sublicense
Agreement Conditions. The Company’s right to sublicense granted by University under the License is subject to each of the following
conditions:

 

(a) In
each Sublicense Agreement, Company will prohibit the Sublicensee from further sublicensing and require the Sublicensee to comply with
the terms and conditions of this Agreement.

 

(b) Within
thirty (30) days after Company enters into a Sublicense Agreement, Company shall deliver to University a complete and accurate copy of
the entire Sublicense Agreement written in the English language. University’s receipt of the Sublicense Agreement, however, will
constitute neither an approval of the Sublicense Agreement nor a waiver of any right of University or obligation of Company under this
Agreement.

 

(c) In
the event that Company causes or experiences a Trigger Event (as defined in Section 6.4), all payments due to Company from its Affiliates
or Sublicensees under the Sublicense Agreement will, upon notice from University to such Affiliate or Sublicensee, become payable directly
to University for the account of Company. Upon receipt of any such funds, University will remit to Company the amount by which such payments
exceed the amounts owed by Company to University.

 

(d) Company’s
execution of a Sublicense Agreement will not relieve Company of any of its obligations under this Agreement, including its obligation
to use Commercially Reasonable Efforts to develop, commercialize, market and sell Licensed Products and to do so in a manner consistent
with the Development Plan. Company is primarily liable to University for any act or omission of an Affiliate or Sublicensee of Company
that would be a breach of this Agreement if performed or omitted by Company, and Company will be deemed to be in breach of this Agreement
as a result of such act or omission.

 

1.6 Required
Sublicensing. If Company is unable or unwilling to serve or develop a potential market or market territory for which there is another
entity willing to be a Sublicensee, Company will, at University’s request, negotiate in good faith a Sublicense Agreement with
any such entity. University would like Company or Sublicensees to address unmet needs, such as those of neglected patient populations
or geographic areas, giving particular attention to improved therapeutics, diagnostics and agricultural technologies for the developing
world.

 

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1.7 No
License by Implication. Nothing in this Agreement confers by estoppel implication or otherwise, any license or rights under any University
patent other than the Patent Rights, regardless whether such patents are dominant or subordinate to the Patent Rights.

 

		2.	DILIGENCE

 

2.1 Development
Plan. Company will deliver to University, prior to the Effective Date, a copy of an initial development plan for the Patent Rights
(the “Development Plan”). The purpose of the Development Plan is (a) to demonstrate Company’s capability to
bring the Patent Rights to commercialization, (b) to project the timeline for completing the necessary tasks, and (c) to measure Company’s
progress against the projections. Thereafter, Company will deliver to University an annual updated Development Plan no later than December
1 of each year during the Term. The Development Plan will include all principal activities necessary for Commercially Reasonable Efforts
to commercialize, market and sell Licensed Products. The Development Plan will also include, at a minimum, the information listed in
Exhibit B. Company will use Commercially Reasonable Efforts to develop, commercialize, market and sell Licensed Products and will do
so in a manner consistent with the written Development Plan.

 

2.2 “Commercially
Reasonable Efforts” shall mean, with respect to development of the Patent Rights under this Agreement, the use of efforts and
resources that are consistent with the exercise of prudent scientific and business judgment, as applied by companies with similar resources
to those of the applicable party to other products and services of similar commercial potential, potential market size and facing a similar
potential competitive environment all as measured by the facts and circumstances at the time such efforts are made, which facts and circumstances
may include, but are not limited to, reasonable application of the following: safety and efficacy; proposed product label and indication;
patent protection, including scope, strength of claims, and term; anticipated pricing and reimbursement terms; manufacturing costs and
other costs of goods sold; addressable patient population; addressable market; and potential competition from third parties.

 

2.3 Diligence
Events. The Company will use Commercially Reasonable Efforts to achieve each of the diligence events by the applicable completion
date listed in Appendix A. In addition to usual and reasonable terms for termination, the University reserves the right to terminate
the Agreement if Company fails to achieve one or more diligence events on or before their respective achievement date.

 

2.4 Diligence
Resources. Until the first commercial sale of the first Licensed Product, Company will expend resources in the development and commercialization
of the Licensed Products of amounts not less than the diligence minimums specified in Appendix A in each 12-month period following the
Effective Date. If Company’s total expenditures for development and commercialization of Licensed Products in any 12-month period
do not meet or exceed the applicable diligence minimum, then Company will pay to University the amount of the shortfall. Company will
make any payments of the shortfall to University together with the next Development Plan due to University under Article 2.

 

2.5 A
failure of Company to create and deliver a Development Plan or otherwise satisfy its obligations under this Article 2 will be deemed
a material breach of this Agreement.

 

		3.1	FEES AND ROYALTIES

 

3.1 License
Initiation Fee. In partial consideration of the License, Company will pay to University no later than 30 days from the Effective
Date a non-refundable, non-creditable license initiation fee as specified in Appendix A.

 

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 3.2 Equity Issuance. Intentionally omitted.

 

 3.3 Dilution Protection. Intentionally omitted.

 

 3.4 Follow-On Investments. Intentionally omitted.

 

3.5 License
Maintenance Fees. In partial consideration of the License, Company will pay to University, on each anniversary of the Effective Date
until the first Sale (as defined in Section 3.8) of the first Licensed Product, the applicable license maintenance fee listed in Appendix
A.

 

3.6
Milestone Payments. In partial consideration of the License, Company will pay to University the applicable milestone payment listed
in Appendix A after achievement of each milestone event for each Licensed Product. Company will provide University with written notice
within thirty (30) days after achieving each milestone.

 

For
clarity, each time a milestone is achieved with respect to a Licensed Product, then any other milestone payments with respect to earlier
milestones that have not yet been paid will be due and payable together with the milestone payment for the milestone that is actually
achieved. For additional clarity, milestones are due and payable on Licensed Products and on products that, upon FDA approval, would
become Licensed Products.

 

3.7 Earned
Royalties. In partial consideration of the License, Company will pay to University a royalty as specified in Appendix A.

 

3.8 Related
Definitions. The term “Sale” means any bona fide transaction for which consideration is received by Company or
its Affiliate or Sublicensee for the sale, use, lease, transfer or other disposition of a Licensed Product to a third party. A Sale is
deemed completed at the time that Company or its Affiliate or Sublicensee receives payment for a Licensed Product. The term “Quarter”
means each three-month period beginning on January 1, April 1, July 1 and October 1. The term “Net Sales” means the
consideration received or the fair market value attributable to, each Sale, less Qualifying Costs that are directly attributable to a
Sale, specifically identified on an invoice or other documentation and actually borne by Company or its Affiliates or Sublicensees. For
purposes of determining Net Sales, the words “fair market value” means the cash consideration that Company or its
Affiliates or Sublicensees would realize from an unrelated buyer in an arm’s length sale of an identical item sold in the same
quantity and at the time and place of the transaction. The term “Qualifying Costs” means: (a) customary discounts
in the trade for quantity purchased or for wholesalers and distributors; (b) credits or refunds for claims or returns that do not exceed
the original invoice amount; (c) prepaid outbound transportation expenses and transportation insurance premiums; and (d) sales and use
taxes and other fees imposed by and indefeasibly paid to a governmental agency.

 

3.9 Minimum
Royalties. In partial consideration of the License, Company will pay on a Quarterly basis to University the applicable minimum royalty
listed in Appendix A, if Company’s actual earned royalties under Section 3.7 for each Quarter after the first Sale following the
first New Drug Applications (“NDA”) or Biologics License Application (“BLA”) approval of a Licensed Product does
not exceed this amount.

 

3.10 Sublicense
Fees. In partial consideration of the License, Company will pay to University a sublicense fee specified in Appendix A of the sum
of all payments plus the fair market value of all other consideration of any kind, received by Company from Sublicensees during the Quarter,
excluding: (a) royalties paid to Company by a Sublicensee based upon Sales or Net Sales by the Sublicensee; (b) equity investments in
Company by a Sublicensee up to the amount of the fair market value of the equity purchased on the date of the investment; (c) loan proceeds
paid to Company by a Sublicensee in an arm’s length, full recourse debt financing to the extent that such loan is not forgiven;
and (d) sponsored research funding paid to Company by a Sublicensee in a bona fide transaction for future research to be performed by
Company.

 

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3.11 Assignment
Fee. In partial consideration of the License, Company will pay an assignment fee equal to the amount specified in Appendix A within
30 days of each assignment of this Agreement, following procedures for assignment as specified in Section 14.5 herein.

 

		4.	REPORTS
                                            AND PAYMENTS

 

4.1 Royalty
Reports. Within forty-five (45) days after the end of each calendar year following the first Sale of a Licensed Product and
until the first NDA or BLA approval of a Licensed Product, Company will deliver to University a report (the “Royalty
Report”), certified by the chief financial officer of Company, detailing the calculation of all royalties, fees and other
payments due to University for such annual period. The Royalty Report will include, at a minimum, the following information for the
period, each listed by product, by country: (a) the number of units of Licensed Products constituting Sales; (b) the gross
consideration received for Sales; (c) Qualifying Costs, listed by category of cost; (d) Net Sales; (e) the gross amount of any
payments and other consideration received by Company from Sublicensees and the amounts of any deductions permitted by Section 3.8;
(f) the royalties, fees and other payments owed to University, listed by category; and (g) the computations for any applicable
currency conversions. Each Royalty Report will be substantially in the form of the sample report attached as Exhibit C. In addition
to the pre-approval Royalty Reports described above, following the first Sale after the first NDA or BLA approval of a Licensed
Product, Company will commence delivery of the Royalty Reports to University within forty-five (45) days after the end of each
Quarter.

 

4.2 Payments.
Company will pay all royalties, fees and other payments due to University under Sections 3.6, 3.7, 3.8, 3.10 within forty-five (45)
days after the end of the relevant annual or Quarter period in which the royalties, fees or other payments accrued.

 

4.3 Records.
Company will maintain, and will cause its Affiliates and Sublicensees to maintain, complete and accurate books, records and related
background information to verify Sales, Net Sales, and all of the royalties, fees, and other payments due or paid under this Agreement,
as well as the various computations reported under Section 4.1. The records for each annual or Quarter period will be maintained for
at least five (5) years after submission of the applicable report required under Section 4.1.

 

4.4 Audit
Rights. Upon reasonable prior written notice to Company, Company and its Affiliates and Sublicensees will provide University and
its accountants with access to all of the books, records and related background information required by Section 4.3 to conduct a review
or audit of Sales, Net Sales, and all of the royalties, fees, and other payments payable under this Agreement. Access will be made available:
(a) during normal business hours; (b) in a manner reasonably designed to facilitate University’s review or audit without unreasonable
disruption to Company’s business; and (c) no more than once each calendar year during the Term (as defined below) and for a period
of five (5) years thereafter. Within forty-five (45) days of completion of the audit, Company will pay to University the amount of any
underpayment determined by the Auditor, plus accrued interest as defined in Section 4.8. If the review or audit determines that Company
has underpaid any payment by five percent (5%) or more, then Company within 45 days will also pay the costs and expenses of University
and its accountants in connection with the review or audit.

 

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4.5 Information
Rights. Until the closing of the Company’s initial public offering, Company will provide to University, at least as frequently
as the following reports are distributed to the Board of Directors or management of Company, copies of all Board and managerial reports
that relate to the Patent Rights or the Licensed Products.

 

4.6 Currency.
All dollar amounts referred to in this Agreement are expressed in United States dollars. All payments will be made in United States
dollars. If Company receives payment from a third party in a currency other than United States dollars for which a royalty or fee is
owed under this Agreement, then (a) the payment will be converted into United States dollars at the conversion rate for the foreign currency
as published in the eastern edition of the Wall Street Journal as of the last business day of the annual or Quarter period in which the
payment was received by Company, and (b) the conversion computation will be documented by Company in the applicable report delivered
to University under Section 4.1.

 

4.7 Place
of Payment. All payments by Company are payable to “The George Washington University” and will be made to the following
addresses:

 

By
Check:

 

Send
notice of check to: patent@gwu.edu

 

Mail
Check to:

The
George Washington University

Technology Commercialization Office

ATTN: TCO Program Manager

1922
F ST NW, 4TH FL

Washington,
DC 20052

 

By
Electronic Transfer:

 

For
Patent Cost Reimbursements please include:

“Funds
should be credited to Alias 111406, Account 47571”

 

For
License Fees and Royalties please include:

“Funds
should be credited to Alias 100035, Account 47514.”

 

	Beneficiary
    Account Number:	5303
    55 3334
	Beneficiary
    Account Type (for ACH):	Checking
	Beneficiary
    Account Name:	The
    George Washington University
	Beneficiary
    Address:	1918
    F ST NW
	 	Washington,
    DC 20052
	 	 
	Bank’s
    Name:	PNC
    Bank, N.A.
	Bank’s
    Address:	800
    17th ST, NW
	 	Washington,
    DC 20006
	ABA
    # (for ACH):	054
    000 030
	ABA
    # (for Wires):	0310
    000 53
	SWIFT:	PNCCUS33

 

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4.8 Interest.
All amounts that are not paid by Company when due will accrue interest from the date due until paid at a rate equal to one and one-half
percent (1.5%) per month (or the maximum allowed by law, if less). The payment of such interest shall not foreclose University from exercising
any other rights it may have as a consequence of the lateness of any payment.

 

		5.	CONFIDENTIALITY
                                            AND USE OF UNIVERSITY’S NAME

 

5.1 Confidentiality.
Except as specifically permitted hereunder, Parties hereby agree to hold in confidence and not use on behalf of itself or others
all technology, data, samples, technical and economic information (including economic terms hereof), commercialization, clinical and
research strategies, know-how and trade secrets provided by the other party (the “Disclosing Party”) (collectively the “Confidential
Information”), except that the term “Confidential Information” shall not include:

 

	 	(a)	information
    that is or becomes part of the public domain through no fault of the non-Disclosing Party;
	 	 	 
	 	(b)	information
    that is obtained after the Effective Date by the non-Disclosing Party or one of its Affiliates from any third party which is lawfully
    in possession of such Confidential Information and not in violation of any contractual or legal obligation to the Disclosing Party
    with respect to such Confidential Information;
	 	 	 
	 	(c)	information
    that is known to the non-Disclosing Party or one or more of its Affiliates prior to the disclosure by the Disclosing Party, as evidenced
    by the non-Disclosing Party’s written records; and
	 	 	 
	 	(d)	information
    which has been independently developed by the non-Disclosing Party without the aid or use of Confidential information as shown by
    competent written evidence.

 

Notwithstanding
the foregoing, (i) the party receiving the Confidential Information may disclose the Disclosing Party’s Confidential Information
to the extent required to comply with, a court or administrative subpoena or a lawful court order provided that the receiving party first
uses its best efforts to obtain an order preserving the confidentiality of the information of the Disclosing Party and provided the receiving
party gives the Disclosing Party timely notice of the contemplated disclosure to give the Disclosing Party an opportunity to intervene
to preserve the confidentiality of the information, (ii) the receiving party may disclose the Disclosing Party’s Confidential Information
to third parties engaged as legal advisors, (iii) University may disclose Confidential Information to a third party with whom University
has monetized or with whom it is seeking to monetize its rights to receive all or a portion of payments under this Agreement and to placement
agents or structuring agents engaged for monetization, provided that any such third party is bound by written agreement to respect the
Confidential Information in a manner substantially similar as set forth in this Agreement.

 

Upon
prior review of the University, Company may disclose in a patent application or the prosecution thereof, any Confidential Information
necessary to obtain or secure patent protection of the commercialized products or processes.

 

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Each
Party intends that to the extent that any confidential information is disclosed under this Agreement, such Confidential Information does
not contain export control-listed technology or technical data identified on any US export control list, including the Commerce Control
List (CCL) set forth in the Export Administration Regulations at 15 CFR Part 774 and the US Munitions List (USML) set forth in the International
Traffic in Arms Regulations at 22 CFR Part 121. Prior to one Party providing the other Party with export control-listed information,
the disclosing Party will provide advance written notice to the receiving Party regarding the export classification of such information,
and the receiving Party must issue written approval to the disclosing Party prior to the transmission of such information to the receiving
Party. Notwithstanding any other provision of this Agreement, the receiving Party is under no obligation to accept export control-listed
information from the disclosing Party.

 

5.2 Use
of University’s Name. Company and its Affiliates, Sublicensees, employees, and agents may not use the name, logo, seal, trademark,
or service mark (including any adaptation of them) of University or any University school, organization, employee, student or representative,
without the prior written consent of University.

 

		6.	TERM
                                            AND TERMINATION

 

6.1 Term.
This Agreement will commence on Effective Date and terminate upon the later of: (a) the expiration or abandonment of the last patent
to expire or become abandoned of the Patent Rights; or (b) ten (10) years after the first Sale of the first Licensed Product if no patent
has issued from the Patent Rights (as the case may be, the “Term”).

 

6.2 Early
Termination by Company. Company may terminate this Agreement at any time effective upon completion of each of the following conditions:
(a) providing at least sixty (60) days prior written notice to University of such intention to terminate; (b) ceasing to make, have made,
use, import, offer for sale and sell all Licensed Products; (c) terminating all Sublicense Agreements and causing all Affiliates and
Sublicensees to cease making, having made, using, importing, offering for sale and selling all Licensed Products; and (d) paying all
amounts owed to University under this Agreement between University and Company related to the Patent Rights, through the effective date
of termination.

 

6.3 Early
Termination by University. University may terminate this Agreement if: (a) Company is more than thirty (30) days late in paying to
University any amounts owed under this Agreement and does not immediately pay University in full, including accrued interest, upon demand
(a “Payment Default”); (b) other than a Payment Default, Company or its Affiliate or Sublicensee breaches this Agreement
and does not cure the breach within forty-five (45) days after written notice of the breach; or (c) Company or its Affiliate or Sublicensee
experiences a Trigger Event.

 

6.4 Trigger
Event. The term “Trigger Event” means any of the following: (a) a material default by Company under any Agreement
between Company and University related to the Patent Rights (whether entered prior to, contemporaneous with, or subsequent to the Effective
Date) that is not cured during any specified cure periods; (b) if Company or its Affiliate or Sublicensee (i) becomes insolvent, bankrupt
or generally fails to pay its debts as such debts become due, (ii) is adjudicated insolvent or bankrupt, (iii) admits in writing its
inability to pay its debts, (iv) suffers the appointment of a custodian, receiver or trustee for it or its property and, if appointed
without its consent, not discharged within thirty (30) days, (v) makes an assignment for the benefit of creditors, or (vi) suffers proceedings
being instituted against it under any law related to bankruptcy, insolvency, liquidation or the reorganization, readjustment or release
of debtors and, if contested by it, not dismissed or stayed within ten (10) days; (c) the institution or commencement by Company or its
Affiliate or Sublicensee of any proceeding under any law related to bankruptcy, insolvency, liquidation or the reorganization, readjustment
or release of debtors; (d) the entering of any order for relief relating to any of the proceedings described in Section 6.4(b) or (c)
above; (e) the calling by Company or its Affiliate or Sublicensee of a meeting of its creditors with a view to arranging a composition
or adjustment of its debts; (f) the act or failure to act by Company or its Affiliate or Sublicensee indicating its consent to, approval
of or acquiescence in any of the proceedings described in Section 6.4(b) – (e) above; (g) failure by Company to pay patent counsel
pursuant to the terms of a Client and Billing Agreement, if any; or (h) the commencement by Company of any action against University,
including an action for declaratory judgment, to declare or render invalid or unenforceable the Patent Rights, or any claim thereof.

 

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6.5 Effect
of Termination. Upon the termination of this Agreement for any reason: (a) the License terminates; (b) Company and all its Affiliates
and Sublicensees will cease all making, having made, using, importing, offering for sale and selling all Licensed Products, except to
extent permitted by Section 6.6; (c) Company will pay to University all amounts, including accrued interest, owed to University under
this Agreement and any Sponsored Research Agreement related to the Patent Rights, through the date of termination, including royalties
on Licensed Products invoiced or shipped through the date of termination and any sell off period permitted by Section 6.6, whether or
not payment is received prior to termination or expiration of the sell-off period permitted by Section 6.6; (d) Company will, at University’s
request, return or destroy all confidential information of University and provide to University one complete copy of all data with respect
to Licensed Products generated by Company during the Term that will facilitate the further development of the technology licensed under
this Agreement; and (e) in the case of termination under Section 6.3, all duties of University and all rights (but not duties) of Company
under this Agreement immediately terminate without further action required by either University or Company.

 

6.6 Inventory
& Sell Off. Upon the termination of this Agreement for any reason, Company will cause physical inventories to be taken immediately
of: (a) all completed Licensed Products on hand under the control of Company or its Affiliates or Sublicensees; and (b) such Licensed
Products as are in the process of manufacture and any component parts on the date of termination of this Agreement. Company will deliver
promptly to University a copy of the written inventory, certified by an officer of the Company. Upon termination of this Agreement for
any reason, Company will promptly remove, efface or destroy all references to University from any advertising, labels, web sites or other
materials used in the promotion of the business of Company or its Affiliates or Sublicensees, and Company and its Affiliates and Sublicensees
will not represent in any manner that it has rights in or to the Patent Rights or the Licensed Products. Upon the termination of this
Agreement for any reason other than pursuant to Section 6.3(a) or (c), Company may sell off its inventory of Licensed Products existing
on the date of termination for a period of six (6) months and pay University royalties on Sales of such inventory within thirty (30)
days following the expiration of such six (6) month period.

 

6.7 Survival.
Company’s obligation to pay all amounts, including accrued interest, owed to University under this Agreement will survive the
termination of this Agreement for any reason. Sections 3.4, 14.10, and 14.11 and Articles 4, 5, 6, 9, 10, and 11 will survive the termination
of this Agreement for any reason in accordance with their respective terms.

 

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		7.	PATENT
                                            PROSECUTION AND MAINTENANCE

 

7.1 Patent
Control. University controls the preparation, prosecution, and maintenance of the Patent Rights and the selection of patent counsel,
with input from Company. For purposes of this Article 7, the word “maintenance” includes any interferences, claims,
or other proceedings, in any forum (including litigation in a lower or appellate court), brought by University, Company, a third party,
or the United States Patent and Trademark Office involving the Patent Rights, any reexamination, review (such as inter partes reviews
or post grant reviews), or validity challenge of the Patent Rights, and any requests by University or Company that the United States
Patent and Trademark Office reexamine or reissue any patent in the Patent Rights.

 

7.2 Payment
and Reimbursement. Company agrees that the University has incurred historically accrued attorney fees, expenses, official fees and
all other charges accumulated and invoiced to the University incident to the preparation, filing, prosecution and maintenance of the
Patent Rights (the “Past Patent Expenses”) as specified in Appendix A. By the Past Patent Expenses Reimbursement Date identified
in Appendix A, Company will reimburse University for Past Patent Expenses. For patent expenses not included in Appendix A, including,
but not limited to those incurred during the Term, Company will reimburse University for all documented attorneys’ fees, expenses,
official fees and all other charges accumulated or invoiced to the University incident to the preparation, filing, prosecution, and maintenance
of the Patent Rights, within thirty (30) days after Company’s receipt of invoices for such fees, expenses and charges. University
reserves the right to require the Company to provide a deposit in advance of incurring out of pocket patent expenses estimated by counsel
to exceed $2,500. If Company fails to reimburse patent expenses under Paragraph 7.2, or provide a requested deposit with respect to a
Patent Right, then University will be free at its discretion and expense to either abandon such applications or patents related to such
Patent Right or to continue such preparation, prosecution and/or maintenance activities and to the extent University has pursued protection
of any patent rights associated with such patent action will remain subject to the license granted under this Agreement, at University’s
sole discretion. Any abandonment of patents or applications under Patent Rights by the University shall not affect Company’s obligation
to pay prior royalties due under this Agreement that were accrued prior to the date of abandonment of patents or applications for such
the Patent Rights.

 

7.3 Patent
Marking. Company shall include appropriate marking on all Licensed Products made, sold or otherwise disposed of by Company, which
patent marking will be in accordance with appropriate patent marking laws of the United States and any other country in which such the
Licensed Products are made, sold or otherwise disposed of. Company will cause its Affiliates and/or Sublicensees to similarly mark any
Licensed Products made, sold or otherwise disposed of by such Affiliates or Sublicensees. The patent marking obligations required by
this Section 7.3 shall apply to issued patents and to pending claims, and in either case covering Licensed Products.

		8.	INFRINGEMENT

 

8.1 Notice.
Company and University will notify each other promptly, but in no event later than five (5) days after any apparent infringement
of the Patent Rights that comes to their attention. Company and University will consult each other in a timely manner concerning any
appropriate response to the apparent infringement.

 

8.2 Prosecution
of Infringement. Company may prosecute any infringement of the Patent Rights at Company’s expense, including defending against
any counterclaims or cross claims brought by any party against Company or University regarding the Patent Rights and defending against
any claim that the Patent or Patent Rights are invalid in the course of any infringement action or in a declaratory judgment action.
University reserves the right to intervene voluntarily and join Company in any such infringement litigation. If University chooses not
to intervene voluntarily, but University is a necessary party to the action brought by Company, then Company may join University in the
infringement litigation. If Company decides not to prosecute any infringement of the Patent Rights, then University may elect to prosecute
such infringement independently of Company in University’s sole discretion.

 

    	 	Page 10 of 24	 

    	 

    

 

8.3 Cooperation.
In any litigation under this Article 8, either party, at the request and sole expense of the other party, will cooperate to the fullest
extent reasonably possible. This Section 8.3 will not be construed to require either party to undertake any activities, including legal
discovery, at the request of any third party, except as may be required by lawful process of a court of competent jurisdiction. If, however,
either party is required to undertake any activity, including legal discovery, as a right of lawful process of a court of competent jurisdiction,
then Company will pay all expenses incurred by Company and by University.

 

8.4 Control
of Litigation. Company controls any litigation or potential litigation involving the prosecution of infringement claims regarding
the Patent Rights in which University is not a party, including the selection of counsel, all with input from University. If such litigation
involves a challenge to the validity or enforceability of any claim within United States Patent Rights, University will have the absolute
right, in its sole discretion, to be involved in such challenge with counsel of its choice and at its own expense. Company must not settle
or compromise any such litigation in a manner that imposes any obligations or restrictions on University (including, without limitation,
injunctive or non-monetary relief affecting University or an admission of invalidity of unenforceability of any United States Patent
Right) or grants any rights to the Patent Rights, other than any permitted Sublicense Agreements, without University’s prior written
permission. University controls any litigation or potential litigation involving the prosecution of infringement claims regarding the
Patent Rights in which University has elected to prosecute the infringement independently of Company or has voluntarily or involuntarily
joined Company in the infringement litigation, including the selection of counsel, all with input from Company. In all instances in which
University is a party, University reserves the right to select its own counsel. If University is involuntarily joined as a party, University
retains the right to select its own counsel, but Company will be responsible for all litigation expenditures as set forth in Section
8.5.

 

8.5 Recoveries
from Litigation. If Company prosecutes any claims of actual or alleged infringement of the Patent Rights either without University
as a party or with University involuntarily joined as a party, then Company will reimburse University for University’s litigation
expenditures, including any attorneys’ fees, expert fees, expenses, official fees and other charges incurred by University, even
if there are no financial recoveries from the infringement action. Company will reimburse University within thirty (30) days after receiving
each invoice from University. After reimbursing University for its expenditures, Company will next use the financial recoveries from
such claims, if any, (a) first, to reimburse Company for its litigation expenditures; and (b) second, to retain any remainder but to
treat the remainder as either (i) Net Sales for the purpose of determining the royalties due to University under Section 3.7 or (ii)
Sublicense Agreement consideration for the purpose of determining the sublicense fees due to University under Section 3.10, whichever
would result in a larger payment to University. If Company prosecutes any claims of actual or alleged infringement of the Patent Rights
with University joined as a voluntary party, then any financial recoveries from such claims will be (x) first, shared between Company
and University in proportion with their respective shares of the aggregate litigation expenditures by Company and University; and (y)
second, shared equally by Company and University as to any remainder after Company and University have fully recovered their aggregate
litigation expenditures. If University prosecutes any claims of actual or alleged infringement of the Patent Rights independent of Company,
then University will prosecute such infringement at University’s expense and will retain any financial recoveries in their entirety.

 

    	 	Page 11 of 24	 

    	 

    

 

		9.	DISCLAIMER
                                            OF WARRANTIES

 

9.1 Disclaimer. THE
PATENT RIGHTS, LICENSED PRODUCTS AND ANY OTHER TECHNOLOGY LICENSED UNDER THIS AGREEMENT ARE PROVIDED ON AN “AS IS”
BASIS. UNIVERSITY MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY OF ACCURACY,
COMPLETENESS, PERFORMANCE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, COMMERCIAL UTILITY, NON-INFRINGEMENT, ABSENCE OF
LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, OR TITLE. Specifically, and not in limitation of the foregoing, University
makes no representation or warranty (i) regarding the validity or scope of the Patent Rights, and (ii) that the exploitation of the
Patents or Patent Rights or Licensed Products will not infringe on any patents or other intellectual property of any third
party.

 

		10.	LIMITATION
                                            OF LIABILITY

 

10.1 Limitation
of Liability. UNIVERSITY WILL NOT BE LIABLE TO COMPANY, ITS AFFILIATES, SUBLICENSEES, SUCCESSORS OR ASSIGNS, OR ANY THIRD PARTY WITH
RESPECT TO ANY CLAIM: ARISING FROM COMPANY’S USE OF THE PATENT RIGHTS, LICENSED PRODUCTS OR ANY OTHER TECHNOLOGY LICENSED UNDER
THIS AGREEMENT; OR ARISING FROM THE DEVELOPMENT, TESTING, MANUFACTURE, USE OR SALE OF LICENSED PRODUCTS. UNIVERSITY WILL NOT BE LIABLE
TO COMPANY, ITS AFFILIATES, SUBLICENSEES, SUCCESSORS OR ASSIGNS, OR ANY THIRD PARTY FOR LOST PROFITS, BUSINESS INTERRUPTION, OR INDIRECT,
SPECIAL OR CONSEQUENTIAL DAMAGES OF ANY KIND.

 

		11.	INDEMNIFICATION

 

11.1 Indemnification.
Company will defend, indemnify, and hold harmless each Indemnified Party from and against any and all Liabilities with respect to
an Indemnification Event.

 

The
term “Indemnified Party” means each of University and its trustees, officers, faculty, students, employees, contractors,
and agents.

 

The
term “Liabilities” means all damages, awards, deficiencies, settlement amounts, defaults, assessments, fines, dues,
penalties, costs, fees, liabilities, obligations, taxes, liens, losses, lost profits and expenses (including, but not limited to, court
costs, interest and reasonable fees of attorneys, accountants and other experts) that are incurred by an Indemnified Party or awarded
or otherwise required to be paid to third parties by an Indemnified Party.

 

The
term “Indemnification Event” means any Claim against one or more Indemnified Parties arising out of or resulting from:

 

(a) the
development, testing, use, manufacture, promotion, sale or other disposition of any Patent Rights or Licensed Products by Company, its
Affiliates, Sublicensees, assignees or vendors or third parties, including, but not limited to,

 

(i) any
product liability or other Claim of any kind related to use by a third party of a Licensed Product,

 

    	 	Page 12 of 24	 

    	 

    

 

(ii) any
Claim by a third party that the practice of any of the Patent Rights or the design, composition, manufacture, use, sale or other disposition
of any Licensed Product infringes or violates any patent, copyright, trade secret, trademark or other intellectual property right of
such third party, and

 

(iii) any
Claim by a third party relating to clinical trials or studies for Licensed Products;

 

 (b) any material breach of this Agreement by Company or its Affiliates or Sublicensees;

 

(c) any
Claim arising from, relating to or in connection with Company’s capital or debt raising activities, including but not limited to
its private placement memorandum, stock purchase agreements, convertible purchase arrangements and/or debt instruments, and/or Company’s
written or oral statements and/or representations made about University in all such capital or debt raising activities; and

 

 (d) the enforcement of this Article 11 by any Indemnified Party.

 

The
term “Claim” means any charges, complaints, actions, suits, proceedings, hearings, investigations, claims or demands.

 

11.2 Reimbursement
of Costs. Company will pay directly all Liabilities incurred for defense or negotiation of any Claim or will reimburse University
for all documented Liabilities incident to the defense or negotiation of any Claim within thirty (30) days after Company’s receipt
of invoices for such fees, expenses and charges.

 

11.3 Control
of Litigation. Company controls any litigation or potential litigation involving the defense of any Claim, including the selection
of counsel, with input from University. University reserves the right to protect its interest in defending against any Claim by selecting
its own counsel, with any attorneys’ fees and litigation expenses paid for by Company, pursuant to Sections 11.1 and 11.2.

 

11.4 Other
Provisions. Company will not settle or compromise any Claim giving rise to Liabilities in any manner that imposes any restrictions
or obligations on University (including, without limitation, injunctive or non-monetary relief affecting University or an admission of
invalidity of unenforceability of any United States Patent Right) or grants any rights to the Patent Rights or the Licensed Products
without University’s prior written consent. If Company fails or declines to assume the defense of any Claim within thirty (30)
days after notice of the Claim, or fails to reimburse an Indemnified Party for any Liabilities pursuant to Sections 11.1 and 11.2 within
the thirty (30) day time period set forth in Section 11.2, then University may assume the defense of such Claim for the account and at
the risk and expense of Company, and any Liabilities related to such Claim will be conclusively deemed a liability of Company and Company
shall reimburse University for all Liabilities in accordance with Section 11.1. The indemnification rights of the Indemnified Parties
under this Article 11 are in addition to all other rights that an Indemnified Party may have at law, in equity or otherwise.

 

    	 	Page 13 of 24	 

    	 

    

 

		12.	INSURANCE

 

12.1 Coverages.
Company will procure and maintain insurance policies for the following coverages with respect to personal injury, bodily injury and
property damage arising out of Company’s performance under this Agreement: (a) during the Term, comprehensive general liability,
including broad form and contractual liability, in a minimum amount of $2,000,000 combined single limit per occurrence and in the aggregate;
(b) prior to the commencement of clinical trials involving Licensed Products, clinical trials coverage in a minimum amount of $3,000,000
combined single limit per occurrence and in the aggregate; and (c) prior to the Sale of the first Licensed Product, product liability
coverage, in a minimum amount of $2,000,000 combined single limit per occurrence and in the aggregate. University may review periodically
the adequacy of the minimum amounts of insurance for each coverage required by this Section 12.1, and University reserves the right to
require Company to adjust the limits accordingly. The required minimum amounts of insurance do not constitute a limitation on Company’s
liability or indemnification obligations to University under this Agreement.

 

12.2 Other
Requirements. The policies of insurance required by Section 12.1 will be issued by an insurance carrier with an A.M. Best rating
of “A” or better and will name University as an additional insured with respect to Company’s performance under this
Agreement. Company will provide University with insurance certificates evidencing the required coverage within thirty (30) days after
the Effective Date and the commencement of each policy period and any renewal periods. Each certificate will provide that the insurance
carrier will notify University in writing at least thirty (30) days prior to the cancellation or material change in coverage.

 

		13.	COMPANY’S
                                            REPRESENTATIONS AND WARRANTIES

 

13.1 Organization,
Good Standing and Qualification. Company is a corporation, duly organized, validly existing and in good standing under the laws of
the State of Nevada and has all requisite corporate power and authority to conduct on its business, to execute and deliver this Agreement,
and to consummate the transactions contemplated by this Agreement.

 

13.2 Authorization.
All corporate action on the part of Company, its officers, directors and members or stockholders necessary for the authorization,
execution and delivery of this Agreement, the performance of all obligations of Company hereunder and this Agreement, when executed and
delivered by Company, will constitute valid and legally binding obligations of Company, enforceable against Company in accordance with
its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, and other laws
of general application affecting enforcement of creditors’ rights generally, and as limited by laws relating to the availability
of specific performance, injunctive relief, or other equitable remedies.

 

		14.	ADDITIONAL
                                            PROVISIONS

 

14.1 Independent
Contractors. The parties are independent contractors. Nothing contained in this Agreement is intended to create an agency, partnership
or joint venture between the parties. At no time will either party make commitments or incur any charges or expenses for or on behalf
of the other party.

 

14.2 No
Discrimination. Neither University nor Company will discriminate against any employee or applicant for employment because of race,
color, sex, sexual or affectional preference, age, religion, national or ethnic origin, handicap, or veteran status.

 

14.3 Compliance
with Laws. Company must comply with all prevailing laws, rules and regulations that apply to its activities or obligations under
this Agreement. For example, Company will comply with applicable United States export laws and regulations, including, but not limited
to, the export laws and regulations of the United States, and will not sell, transfer, export or re-export any such Licensed Products
or information to any persons or any third parties with regard to which there exist grounds to suspect or believe that they are violating
such laws, and will comply with applicable laws governing the marketing and promotion of pharmaceutical products. The transfer of certain
technical data and commodities may require a license from the applicable agency of the United States government and/or written assurances
by Company that Company will not export data or commodities to certain foreign countries without prior approval of the agency. University
does not represent that no license is required, or that, if required, the license will issue.

 

    	 	Page 14 of 24	 

    	 

    

 

14.4 Modification,
Waiver & Remedies. This Agreement may only be modified by a written amendment that is executed by an authorized representative
of each party. Any waiver must be express and in writing. No waiver by either party of a breach by the other party will constitute a
waiver of any different or succeeding breach. Unless otherwise specified, all remedies are cumulative.

 

14.5 Assignment
& Hypothecation. Company may not assign this Agreement or any part of it, either directly or by merger or operation of law, without
the prior written consent of University. University will not unreasonably withhold or delay its consent, provided that: (a) at least
thirty (30) days before the proposed transaction, Company gives University written notice and such background information as may be reasonably
necessary to enable University to give an informed consent; (b) the assignee agrees in writing to be legally bound by the terms of this
Agreement; (c) the assignee agrees to deliver to University an updated Development Plan within sixty (60) days after the closing of the
proposed transaction; (d) Company provides University with a copy of assignee’s affirmation of the obligations under (c) and (d);
(e) Company provides University with a copy of the assignment agreement between Company and the assignee; and (f) University receives
from Company the assignment fee per Section 3.11. Any permitted assignment will not relieve Company of responsibility for performance
of any obligation of Company that has accrued at the time of the assignment. Company will not grant a security interest in the License
or this Agreement during the Term. Any prohibited assignment or security interest will be null and void. Any assignment made where the
foregoing conditions (b) through (f) of this Section are not met shall be deemed null and void.

 

14.6 Notices. Any
notice or other required communication (each, a “Notice”) must be in writing, addressed to the party’s respective
Notice Address listed on the signature page, and delivered: (a) personally; (b) by certified mail, postage prepaid, return receipt
requested; (c) by recognized overnight courier service, charges prepaid; or (d) by facsimile. A Notice will be deemed received: if
delivered personally, on the date of delivery; if mailed, five (5) days after deposit in the United States mail; if sent via
courier, one (1) business day after deposit with the courier service; or if sent via facsimile, upon receipt of confirmation of
transmission provided that a confirming copy of such Notice is sent by certified mail, postage prepaid, return receipt
requested.

 

14.7 Severability
& Reformation. If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction,
then the remaining provisions of this Agreement will remain in full force and effect. Such invalid or unenforceable provision will be
automatically revised to be a valid or enforceable provision that comes as close as permitted by law to the parties’ original intent.

 

14.8 Headings
& Counterparts. The headings of the articles and sections included in this Agreement are inserted for convenience only and are
not intended to affect the meaning or interpretation of this Agreement. This Agreement may be executed in several counterparts, all of
which taken together will constitute the same instrument.

 

14.9 Governing
Law. This Agreement and all amendments, exhibits, modifications, alterations, or supplements hereto, and the rights of the parties
hereunder, shall be construed under and governed by the laws of the District of Columbia, without regard to principles of conflict of
laws thereof which may require the application of the law of another jurisdiction.

 

    	 	Page 15 of 24	 

    	 

    

 

14.10 Dispute
Resolution. If a dispute arises between the parties concerning any right or duty under this Agreement, then the parties will confer,
as soon as practicable, in an attempt to resolve the dispute. If the parties are unable to resolve the dispute amicably, then the parties
will submit to the exclusive jurisdiction of, and venue in, the state and Federal courts located in the Washington, DC with respect to
all disputes arising under this Agreement.

 

14.11 Integration.
This Agreement with its Appendix and Exhibits and the Confidentiality Agreement, contain the entire agreement between the parties with
respect to the Patent Rights and the License and supersede all other oral or written representations, statements, or agreements with
respect to such subject matter, including but not limited to the Term Sheet.

 

14.12 Signatures.
The parties acknowledge and agree that this Agreement may be executed or accepted using electronic or facsimile signatures, and that
such a signature shall be legally binding to the same extent as a written signature by a party’s authorized representative. Each
party waives any legal requirement that this Agreement be embodied, stored or reproduced in tangible media, and agrees that an electronic
reproduction shall be given the same legal force and effect as a signed writing.

 

[SIGNATURES
TO FOLLOW]

 

    	 	Page 16 of 24	 

    	 

    

 

Each
party has caused this Agreement to be executed by its duly authorized representative.

 

	THE
    GEORGE WASHINGTON UNIVERSITY	 	BULLFROG
    Al HOLDINGS, INC.
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	MarkDia	 	Name:	Vin
    Singh
	Title:	Executive
                                            Vice President and CFO
	 	Title:	Founder
    and CEO
	Date:	1/12/2022	 	Date:	116122

 

	Addresses:

     

    Technology
    Commercialization Office

    The George Washington University

    1922
F ST NW, 4TH Floor

    Washington
DC. 20052

    Attention:
    TCO Operations Coordinator

     

    Required
    copy to:

    

    The
    George Washington University

    Office
of the Genera\ Counsel

    2000 Pennsylvania Avenue NW

    Suite 305

    Washington,
DC 20006

    Attention:
    General Counsel

    202-994-6503

    gwlegal@gwu.edu

    
	 

                                                                      

                                                                     Bullfrog
                                            Al Holdings, Inc.

                                                                     325
Ellington Blvd., #317

    Gaithersburg,
    MD 20878

    Attention: Alan Alfano

    Phone:
301-752-4432

    Email:
    alan.a@bullfrogai.com

     

 

    	 	Page 17 of 24	 

    	 

    

 

APPENDIX
A – Key License Terms

 

	1.	License
                                            Grant.

 

	 	a.	Technology:
    GW Tech ID# 020-030-Mishra entitled, “Inhibition of SPTBN1 to treat Obesity/NASH and Obesity/NASH-driven cancer”, protected
    by the patents and patent applications listed in Exhibit A, including data and know-how.
	 	 	 
	 	b.	Exclusivity:
    exclusive
	 	 	 
	 	c.	Territory:
    worldwide
	 	 	 
	 	d.	Field
    of Use: USE OF THE TECHNOLOGY FOR TREATMENT OF HUMAN DISEASES (INCLUDING IN CLINICAL TRIALS), including but not limited to: cancers,
    obesity, non- alcoholic steatohepatitis (NASH), non-alcoholic fatty liver disease (NAFLD).

 

	2.	Diligence.

 

	 	a.	Diligence
    Minimums: First year: $150,000. Second year: $300,000. Third year and thereafter:
	 	 	$500,000.
	 	 	 
	 	b.	Diligence
    Events: listed in the table below

 

	DILIGENCE
    EVENT	 	COMPLETION
    DATE
	Receipt
    of IND approval for a Licensed Product	 	July
    1, 2023
	Completion
    of first-in-human clinical trial (e.g., Phase 0 or Phase 1 CT for hepatocellular carcinoma or obesity)	 	July
1, 2024

	Completion
    of Phase 2 clinical trial for lead indication	 	January
    1, 2026
	Completion
    of Phase 3 or registrational clinical trial for lead indication	 	July
    1, 2029
	Submission
    of application for NDA/BLA approval for lead indication	 	January
    1, 2030
	First
    twenty (20) million dollars (USD $20,000,000) net sales of a Licensed Product in the United States	 	July
    1, 2032
	Completion
    of a first clinical trial either for additional indications after the lead indication, or from a non-US regulatory agency	 	January
    1, 2027
	Completion
    of a registrational clinical trial either for additional indications after the lead indication, or from a non-US regulatory agency	 	January
    1, 2032
	Filing
    of an application for approval to sell a Licensed Product either for non-cancer use, or from the EMA	 	July
    1, 2032
	First
    Sale of a Licensed Product outside of the United States	 	January
    1, 2034

 

	3.	Fees
                                            and Royalties.

 

	 	a.	License
    Initiation Fee: $20,000

 

    	 	Page 18 of 24	 

    	 

    

 

	 	b.	License
    Maintenance Fees: First year: none. Second year: none. Third year: $10,000. Fourth year and thereafter: $20,000.
	 	 	 
	 	c.	Milestone
    Payments: Per table below.

 

	MILESTONE	 	PAYMENT	 
	Completion of first-in-human clinical trial (e.g., Phase 0 or Phase 1 CT for hepatocellular carcinoma or obesity)	 	$	110,000	 
	Completion of Phase 2 clinical trial for lead indication	 	$	250,000	 
	Receipt of NDA/BLA approval for lead indication	 	$	500,000	 
	First twenty (20) million dollars (USD $20,000,000) net sales of a Licensed Product in the United States	 	$	1,000,000	 
	Filing of an application for approval to sell a Licensed Product either for non-cancer use, or from the EMA	 	$	200,000	 

 

	 	d.	Earned
    Royalties: 3% of Net Sales.
	 	 	 
	 	e.	Minimum
    Royalties: Minimum royalties come into effect after the first Sale following NDA or BLA approval of a Licensed Product First 4 Quarters
    = $10,000 per quarter. Next 4 Quarters = $25,000 per quarter. All Quarters thereafter = $50,000 per quarter.
	 	 	 
	 	f.	Sublicense
    Fee: per the table below.

 

	PERIOD	 	SUBLICENSE FEE	 
	Until first IND acceptance	 	 	25	%
	Until first patient treated in a Phase 2 clinical trial for lead indication.	 	 	12	%
	Until completion of Phase 2 clinical trial for lead indication	 	 	9	%
	Thereafter	 	 	5	%

 

	 	g.	Assignment
    Fee: The higher of either: (i) 5% of all consideration received by Company in conjunction with the assignment; or (ii) $75,000 in
    the event that the assignment is made after Company has paid a Sublicense Fee of at least $300,000 to University to comply with Section
    3.10 of the Agreement.

 

	4.	Patent
                                            Costs.

 

	 	a.	Past
    Patent Expenses: Past Patent Expenses billed to University through September 22, 2021 that have not yet been reimbursed amount to
    $6,550.00 (see invoice in Exhibit D). Past Patent Expenses may also include work incurred by University prior to Effective Date,
    but that has not been billed to University by Effective Date.
	 	 	 
	 	b.	By
    thirty (30) days after the Effective Date (the “Past Patent Expenses Reimbursement Date”) Company will reimburse University
    for all patent and legal expenses with respect to the Patent Rights incurred by University prior to Effective Date.
	 	 	 
	 	c.	Ongoing
    patent costs to be reimbursed by Company according to Section 7.2 of the Agreement.

 

    	 	Page 19 of 24	 

    	 

    

 

EXHIBIT
INDEX

 

	Exhibit
    A	Patents
    and Patent Applications in Patent Rights
	 	 
	Exhibit
    B	Minimum
    Contents of Development Plan
	 	 
	Exhibit
    C	Format
    of Royalty Report
	 	 
	Exhibit
    D	Invoice
    of Past Patent Costs

 

    	 	Page 20 of 24	 

    	 

    

 

Exhibit
A

 

Patents
and Patent Applications in Patent Rights

 

	Law
    firm Reference	 	GW

    Reference
	 	

    Status
	 	 Country
	 	Application
    Number	 	Application
    Date	 	Patent
    Number	 	 Title
	 	Inventors

	SKGF
3973.0180000
	 	020-030-

    

    Mishra-P
	 	Converted
                                            to PCT
	 	US
	 	63/113,745
	 	11/13/2020
	 	 	 	Inhibition
of SPTBN1 to treat Obesity/NASH and Obesity/NASH-driven cancer
	 	Wilma
    Jogunoori, Bibhuti Mishra, Lopa Mishra, Kazufumi Ohshiro, Shuyun Rao, Sobla Ziadi
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

    SKGF
    3973.0180001
	 	020-030-
                                                         Mishra-P2
	 	Converted
                                            to PCT
	 	

    US
	 	

    63/147,141
	 	

    2/8/2021
	 	 	 	

    Inhibition
    of SPTBN1 to treat Obesity/NASH and Obesity/NASH-driven cancer
	 	Wilma
    Jogunoori, Bibhuti Mishra, Lopa Mishra, Kazufumi Ohshiro, Shuyun Rao, Sobla Ziadi
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	SKGF
3973.018PC02
	 	020-030-

    

    Mishra-PCT
	 	Filed
	 	WO
	 	PCT/US2021/
059245
	 	11/12/2021
	 	 	 	Inhibition
of SPTBN1 to treat Obesity/NASH and Obesity/NASH-driven cancer
	 	Wilma
    Jogunoori, Bibhuti Mishra, Lopa Mishra, Kazufumi Ohshiro, Shuyun Rao, Sobla Ziadi

 

    	 	Page 21 of 24	 

    	 

    

 

Exhibit
B

 

Minimum
Contents of Development Plan

 

The
initial Development Plan shall contain as much material as possible from the below, and each annual update to the Development Plan shall
include, at a minimum, the following information:

 

	 	●	The
    date of the Development Plan and the reporting period covered by the Development Plan.
	 	 	 
	 	●	Identification
    and nature of each active relationship between Company and its Affiliates, Sublicensees or subcontractors in the research, development
    or commercialization of Licensed Products or Patent Rights
	 		 
	 	●	Significant
    projects completed during the reporting period by Company or its Affiliates, Sublicensees or subcontractors in the research, development
    or commercialization of Licensed Products or Patent Rights.
	 	 	 
	 	●	Significant
    projects currently being performed by Company or its Affiliates, Sublicensees or subcontractors in the research, development or commercialization
    of Licensed Products or Patent Rights.
	 	 	 
	 	●	Future
    projects expected to be undertaken during the next reporting period by Company or its Affiliates, Sublicensees or subcontractors
    in the research, development or commercialization of Licensed Products or Patent Rights.
	 	 	 
	 	●	Projected
    timelines to product launch of each Licensed Product prior to first Sale.
	 	 	 
	 	●	Projected
    annual Net Sales for each Licensed Product after first Sale.
	 	 	 
	 	●	Significant
    changes to the current Development Plan since the previous Development Plan and the reasons for the changes.
	 	 	 
	 	●	Significant
    assumptions underlying the Development Plan and the future variables that may cause significant changes to the Development Plan.

 

    	 	Page 22 of 24	 

    	 

    

 

Exhibit
C

 

Format of Royalty Report

 

 

 

    	 	Page 23 of 24	 

    	 

    

 

Exhibit
D

 

Invoice
of Past Patent Costs

 

 

    	 	Page 24 of 24Exhibit 10.7 

 

EXCLUSIVE
LICENSE AGREEMENT

Johns
Hopkins University and BullFrog AI Holdings, Inc.

JHU
Agreement Number A40219

 

This
AGREEMENT is entered into by and between the Johns Hopkins University (“JHU”), a Maryland corporation having an address at
3400 N. Charles Street, Baltimore, Maryland, 21218- 2695, and BullFrog AI Holdings, Inc., (“LICENSEE”), a Nevada corporation
having an address at 325 Ellington Blvd., #317, Gaithersburg, MD 20878, and is effective on the 22nd day of February, 2022
(“EFFECTIVE DATE”).

 

RECITALS

 

WHEREAS,
JHU owns, by assignment or otherwise from members of its faculty and staff, certain valuable inventions, know-how, and data as specified
in Exhibit A-1, which JHU desires to have commercialized to make useful products and services available for the benefit of the
public, including members of undeveloped countries and poor populations, as soon as possible, in accordance with JHU’s mission
and purpose;

 

WHEREAS,
LICENSEE and JHU entered into a Non-Disclosure Evaluation, and Option Agreement dated October 15, 2021 (“OPTION AGREEMENT”);
and

 

WHEREAS,
LICENSEE exercised the license option from JHU on November 22, 2021, and in accordance with the terms of the OPTION AGREEMENT, the parties
now wish to enter into an exclusive license agreement; and

 

WHEREAS,
LICENSEE desires to obtain certain rights in accordance with this AGREEMENT so that it may develop, manufacture, use and/or distribute
certain products and services for public use and benefit as soon as possible.

 

NOW
THEREFORE, the parties agree, with the intent to be legally bound, as follows:

 

	1.	DEFINITIONS
                                            AND SCOPE

 

Capitalized
terms have the meanings provided by Exhibit B or as defined in the body of this AGREEMENT.

 

	2.	GRANT
                                            OF LICENSES

 

		2.1.	Grant
                                            of Exclusive Patent License. Subject to this AGREEMENT, JHU grants LICENSEE an exclusive
                                            license under the LICENSED PATENTS to make, have made, use, import, export, offer to sell
                                            and sell LICENSED PRODUCTS in the LICENSED TERRITORY and FIELD OF USE and to grant SUBLICENSES
                                            subject to the limitations provided by this AGREEMENT.
	 	 	 
		2.2.	Grant
                                            of Non-Exclusive Right to Use Data, and Know-How. JHU grants LICENSEE a non-exclusive
                                            right to use the LICENSED DATA, or LICENSED KNOW-HOW, existing as of the EFFECTIVE DATE of
                                            this AGREEMENT and as identified in and subject to restrictions identified in Exhibit
                                            A-1. This right to use is granted solely to LICENSEE to permit LICENSEE to make, have
                                            made, use, import, export, offer to sell, sell, develop, and commercialize LICENSED PRODUCTS
                                            in the LICENSED TERRITORY in the FIELD OF USE, provided that LICENSEE may grant SUBLICENSES
                                            to LICENSED DATA and LICENSED KNOW-HOW, solely in connection with SUBLICENSES of the LICENSED
                                            PATENTS and solely to the extent needed to practice the LICENSED PATENTS and subject to the
                                            limitations provided by this AGREEMENT.

 

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		2.3.	Affiliate
                                            Rights and Obligations. The LICENSED RIGHTS granted herein extend to AFFILIATES, except
                                            that AFFILIATES may not grant SUBLICENSES without JHU’s written consent. An AFFILIATE
                                            that exercises rights under this AGREEMENT shall automatically be bound by all terms and
                                            conditions of this AGREEMENT, including but not limited to indemnity and insurance provisions
                                            and the obligation to pay ROYALTIES. All acts or omissions by an AFFILIATE shall be considered
                                            acts or omissions of LICENSEE, which is, and shall remain, liable for them.
	 	 	 
		2.4.	Sublicense
                                            Notification. LICENSEE shall provide a complete and unredacted copy of each SUBLICENSE
                                            to JHU within thirty (30) days of execution. Each SUBLICENSE shall (i) expressly reference
                                            this AGREEMENT and declare void and unenforceable against JHU any terms contrary to this
                                            AGREEMENT; (ii) prohibit sublicensing by the SUBLICENSEE; (iii) expressly incorporate the
                                            Articles (inclusive of subsections) of this AGREEMENT numbered 4, 5, 6, 7, 8, 9, 10, 11,
                                            and 12 for the benefit of JHU; and (iv) acknowledge JHU as a third party beneficiary of the
                                            SUBLICENSE having the right to audit and enforce its terms and (v) expressly require SUBLICENSEE
                                            to provide LICENSEE diligence reports on an annual basis for the express purpose of providing
                                            those SUBLICENSEE diligence reports to JHU. In addition, each SUBLICENSE shall provide for
                                            its own immediate termination or expiration upon termination or expiration of this AGREEMENT,
                                            unless LICENSEE’s entire right and interest in such SUBLICENSE (including all rights
                                            to receive ROYALTIES and other payments) is assigned in writing to JHU with JHU’s consent,
                                            which shall not be unreasonably withheld or delayed. Failure to comply with the requirements
                                            of this Section 2.4 shall cause any purported SUBLICENSE to be void.
	 	 	 
		2.5.	Retained
                                            Research and Publication Rights. JHU retains the unrestricted right, on behalf of itself,
                                            its faculty and staff and non-profit academic or research institutions to whom JHU extends
                                            such rights, to practice and use any LICENSED RIGHTS described in Exhibit A-1 for
                                            any research or non-profit purpose, including sponsored research and collaborations with
                                            commercial entities and assessment and treatment of patients at Johns Hopkins Health System/JHU
                                            institutions. In addition, the right of JHU’s faculty and staff to publish all information
                                            concerning what is described in Exhibit A-1 shall not be restricted by this AGREEMENT.
	 	 	 
		2.6.	Government
                                            Rights. LICENSED PATENTS arising from research funded in whole or part by the United
                                            States government are subject to the Bayh Dole Act and its implementing regulations (35 U.S.C.
                                            §§ 200-204, 37 CFR Part 401) (collectively, “Bayh Dole Obligations”),
                                            including requirements to take effective steps in a reasonable time to achieve practical
                                            application of the LICENSED PATENTS in the FIELD OF USE and to assure LICENSED PRODUCTS sold
                                            or produced in the United States be “manufactured substantially in the United States.”
                                            LICENSEE shall comply with, and cooperate with, JHU in assuring compliance with the Bayh
                                            Dole Obligations. JHU’s obligations under Title 35 Sections 200-204 of the United States
                                            Code include the grant of an irrevocable, non-exclusive, nontransferable, royalty-free worldwide
                                            license to LICENSED PATENTS by JHU to the United States government, and a statement of United
                                            States government patent rights on all LICENSED PATENTS. All determinations of federal research
                                            funding involvement will be made solely by JHU, and JHU’s determination shall be honored
                                            by LICENSEE.

 

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	 	2.7.	Humanitarian
                                            Rights and Obligations.

 

		2.7.1.	The
                                            parties will cooperate such that essential medicines developed under this AGREEMENT can be
                                            made available in LEAST DEVELOPED COUNTRIES. JHU agrees to consider reasonable requests of
                                            LICENSEE for a commensurate reduction of payment obligations to JHU to facilitate the availability
                                            of LICENSED PRODUCTS in such countries.
	 	 	 
		2.7.2.	Provided
                                            JHU first consults with LICENSEE, pursuant to this Section 2.7.2, JHU retains the right to
                                            grant rights to manufacture, use, distribute, sell and import the LICENSED RIGHTS described
                                            in Exhibit A-1 to a QUALIFIED HUMANITARIAN ORGANIZATION for HUMANITARIAN PURPOSES,
                                            provided that any such grant shall expressly prohibit the manufacture, use, distribution,
                                            sale or importation of any LICENSED PRODUCT in a country other than a LEAST DEVELOPED COUNTRY.
                                            Prior to granting such rights, JHU will notify LICENSEE, and LICENSEE shall have the first
                                            right to grant such rights to such QUALIFIED HUMANITARIAN ORGANIZATION.

 

		2.8.	Commercial
                                            Development Sublicenses. In the event LICENSEE is unable or unwilling to develop a LICENSED
                                            PRODUCT for an unserved market, use, indication or territory, upon JHU’s written request
                                            and LICENSEE’S failure to provide JHU with a reasonable development plan for such unserved
                                            market, use, indication, or territory within ninety (90) days of such written request, LICENSEE
                                            shall negotiate with one or more potential sublicensees identified by JHU to authorize development
                                            of such product. LICENSEE shall not, however, be obligated to enter into a sublicense that
                                            poses a material risk to the successful development and commercialization of LICENSED PRODUCTS
                                            by LICENSEE.
	 	 	 
		2.9.	Exclusions.
                                            Nothing in this AGREEMENT imposes obligations on JHU or grants rights in any JHU technology,
                                            intellectual property or other assets except as expressly identified in this AGREEMENT. Except
                                            as specifically provided in this AGREEMENT, JHU does not have any obligation to provide to
                                            LICENSEE any know how, inventions, data, materials, or assistance.

 

	3.	DILIGENCE
                                            AND DILIGENCE REPORTS

 

		3.1.	Milestones.
                                            LICENSEE shall achieve the MILESTONES set forth in Exhibit A-3 and shall notify
                                            JHU of the achievement of each MILESTONE within thirty (30) days of achieving them.
	 	 	 
		3.2.	Extension
                                            of Diligence Milestone. LICENSEE may request, in writing, an extension of the period
                                            for achieving a diligence MILESTONE set forth in Exhibit A-3 (each a MILESTONE) by
                                            up to six months. JHU will grant the requested extension provided (i) LICENSEE has diligently
                                            pursued achievement of the MILESTONE; and (ii) LICENSEE remits the milestone payment amount
                                            within thirty (30) days of achievement of the delayed MILESTONE. The extension of a MILESTONE
                                            shall automatically extend the deadline for subsequent MILESTONES of Exhibit A-3 respecting
                                            the same subject matter by like amount. LICENSEE may seek extensions for MILESTONES no more
                                            than twice during the term of this AGREEMENT.

 

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		3.3.	Diligence
                                            Reports. Annually, on or before March 1 of each year, LICENSEE shall submit a Diligence
                                            Report for the prior calendar year to JHU substantially in the form attached as Exhibit
                                            D and in sufficient detail to facilitate JHU’s compliance with its Bayh Dole Obligations.

 

		4.	FEES,
                                            ROYALTIES, MILESTONES, AND EQUITY CONSIDERATION

 

		4.1.	Licensee’s
                                            Obligation to Pay Fees, Royalties and Other Payments. As partial consideration for the
                                            rights granted by JHU under this AGREEMENT, LICENSEE shall pay to JHU all ROYALTIES, fees,
                                            PAST PATENT COSTS, PATENT COSTS,SUBLICENSE
NON-ROYALTY CONSIDERATION, and other payments LICENSED PARTIES are required to pay JHU under this AGREEMENT. SALES, actions, or omissions
by any LICENSED PARTY are deemed to be SALES, actions, or omissions of LICENSEE.
	 	 	 
		4.2.	Upfront
                                            License Fee. LICENSEE shall pay to JHU a nonrefundable UPFRONT LICENSE FEE as specified
                                            in Exhibit A-2 within thirty (30) days of the EXECUTION DATE. The UPFRONT LICENSE
                                            FEE paid by LICENSEE to JHU shall
not be credited towards any other payments LICENSEE is required to pay JHU under this AGREEMENT.

 

		4.3.	Annual
                                            License Fee. LICENSEE shall pay to JHU annually on or before January 1 of each calendar
                                            year the ANNUAL LICENSE FEE as specified in Exhibit A-2.
	 	 	 
		4.4.	Patent
                                            Costs. LICENSEE shall reimburse JHU for all PAST PATENT COSTS specified in Exhibit
                                            A-2 according to the time schedule specified in Exhibit A-2. PATENT COSTS will be invoiced
                                            to LICENSEE on a rolling basis as processed by JHU or JHU’s patent counsel and are
                                            due and payable within thirty (30) days of receipt by LICENSEE.
	 	 	 
		4.5.	Minimum
                                            Annual Royalty. By January 1 of each calendar year, LICENSEE shall pay JHU the MINIMUM
                                            ANNUAL ROYALTY (“MAR”) specified in Exhibit A-2. MAR payments are non-refundable
                                            and will be credited against ROYALTIES incurred by LICENSEE for the calendar year in which
                                            the MAR was due. No MAR credits will be applied to ROYALTIES incurred in prior or subsequent
                                            calendar years.
	 	 	 
		4.6.	Royalties
                                            on Licensed Products and Reports. Within forty-five (45) days of the end of each calendar
                                            quarter following FIRST COMMERCIAL SALE, LICENSEE shall pay ROYALTIES in accordance with
                                            Exhibit A-2 and submit the electronic Excel Quarterly SALES & ROYALTY Report set
                                            forth in Exhibit C. ROYALTIES shall be paid on all SALES, use or manufacture of LICENSED
                                            PRODUCTS in the LICENSED TERRITORY by all LICENSED PARTIES.
	 	 	 
		4.7.	Milestone
                                            Payments. Within thirty (30) days of achieving a MILESTONE, LICENSEE shall pay the related
                                            milestone payment to JHU as specified in Exhibit A- 3.

 

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		4.8.	Private
                                            Offering Purchase Rights. As partial consideration in addition to license fees, in the
                                            event of any private offering of the LICENSEE’s equity securities for cash (or in satisfaction
                                            of debt issued for cash)(also outline on Exhibit A-5):

 

		4.8.1.	JHU
                                            and/or its Assignee (as defined below) may purchase for cash up to one percent (1%) of the
                                            securities or interests issued in such offering.

 

		4.8.1.1.	“Assignee”
                                            means: (a) any entity to which JHU’s participation rights under this Section 1 have
                                            been assigned either by JHU or another entity; or (b) any entity that is controlled by JHU.

 

		4.8.2.	In
                                            any private offering subject to this AGREEMENT (“Offering”), JHU and/or its Assignee’s
                                            purchase right shall be at the same price and on the same terms as the most favored other
                                            investors, except that JHU and/or its Assignee shall not have any board representation or
                                            board meeting attendance rights.
	 	 	 
		4.8.3.	LICENSEE
                                            shall give JHU at least thirty (30) days advance written notice of the terms of each Offering,
                                            including the names of the investors and the amounts to be invested by each, and JHU may
                                            elect to exercise its right of purchase, in whole or in part, by written notice given to
                                            the LICENSEE within fifteen (15) business days after receipt of LICENSEE’S notice.
                                            To exercise this right, JHU must provide the written notice of its election to invest per
                                            the prior sentence and must sign all purchase and shareholder agreements that are signed
                                            by the other investors. If JHU and/or its Assignee elects not to purchase or fails to give
                                            an election notice within such period, JHU’s purchase right will not apply to the Offering
                                            if (and only if and to the extent) it is consummated within ninety (90) days on the same
                                            or less favorable (to the investor) terms as stated in LICENSEE’s notice to JHU.

 

All
rights under this Section 1.4 will not apply to the issuance of stock to employees and other service providers pursuant to a plan approved
by LICENSEE’s board of directors, or to shares issued as additional consideration in lending or leasing transactions. In the event
of the closing of a firm commitment underwritten public offering, the rights granted in Section 1.4 will terminate (in addition to any
earlier termination pursuant to their terms) immediately before such closing.

 

		4.8.4.	JHU’s
                                            rights respecting equity of or securities in LICENSEE are cumulative. In the event of a conflict,
                                            the provision of this AGREEMENT granting greater interests or purchase rights to JHU will
                                            govern.
	 	 	 
		4.8.5.	This
                                            Section 1 shall survive the termination of this AGREEMENT.

 

		4.9.	Patent
                                            Expiration and Royalty Adjustments.

 

		4.9.1.	Expiration
                                            of Valid Claims. Upon expiration of all VALID CLAIMS, LICENSEE’s ROYALTY obligation
                                            shall be reduced by 50%.

 

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		4.9.2.	Royalty
                                            Stacking. In the event a LICENSEE pays royalties on one or more third party patents (“OTHER
                                            ROYALTIES”) as a requirement to make, use or sell a LICENSED PRODUCT, then the LICENSEE
                                            may deduct 50% of the amount paid for such OTHER ROYALTY from the ROYALTIES owed to JHU under
                                            this AGREEMENT. At no time, however, may the effective ROYALTY rate applicable to a LICENSED
                                            PRODUCT that requires OTHER ROYALTIES be less than 50% of the applicable ROYALTY rate as
                                            set forth in Exhibit A-2. No deduction under this Section 4.9.2 shall be made for
                                            OTHER ROYALTIES paid to an AFFILIATE, division, or corporation sharing a common business
                                            location or any corporate officer with LICENSEE or to any SUBLICENSEE.

 

		4.10.	Royalty
                                            Duration. LICENSEE’s obligation to pay ROYALTIES on SALES of each LICENSED PRODUCT
                                            shall remain in effect for the longer of (i) 10 years from date of FIRST COMMERCIAL SALE,
                                            or (ii) the expiration of all VALID CLAIMS, and thereafter LICENSEE shall no longer be obligated
                                            to pay ROYALTIES in connection with the SALES of each LICENSED PRODUCT.
	 	 	 
		4.10.1.	International
                                            Licensed Products. The duration of the LICENSEE’s obligation to pay ROYALTIES shall
                                            be determined on a country-by-country basis from the date of FIRST COMMERCIAL SALE to the
                                            date of expiration of all VALID CLAIMS.
	 	 	 
		4.11.	Sublicense
                                            Non-Royalty Consideration. LICENSEE shall pay to JHU the SUBLICENSE NON-ROYALTY CONSIDERATION
                                            as stated on Exhibit A-2 within sixty (60) days of receipt of SUBLICENSE NON-ROYALTY
                                            CONSIDERATION by LICENSEE.
	 	 	 
		4.12.	Assignment
                                            Fee. LICENSEE shall pay to JHU an assignment fee as provided for in Exhibit A-4
                                            within sixty (60) days of receipt of assignment consideration from its assignee.
	 	 	 
		4.13.	Currency.
                                            All payments by LICENSEE to JHU shall be made in U.S. Dollars. Computation of conversion
                                            to U.S. Dollars from foreign currency transactions shall be made on a quarterly basis using
                                            the exchange rate quoted by United States Federal Reserve Bank for the last business day
                                            of the calendar quarter for which payment is due.
	 	 	 
		4.14.	Non-U.S.
                                            Taxes. LICENSEE shall pay all non-U.S. taxes imposed on all amounts payable by LICENSEE
                                            under this AGREEMENT. Such tax payments are not deductible from any payments due to JHU.
	 	 	 
		4.15.	Invoicing
                                            by JHU. Payments shall be due in accordance with this AGREEMENT, and JHU shall invoice
                                            LICENSEE for each payment due. Should JHU send an invoice to LICENSEE, it may do so in electronic
                                            form via e-mail sent to the e-mail address supplied by LICENSEE from time to time, and will
                                            be deemed received by LICENSEE upon transmission.
	 	 	 
		4.16.	Purchase
                                            Orders. If at any time LICENSEE requires a Purchase Order to complete payment to JHU
                                            under this AGREEMENT or a new Purchase Order number is issued on an annual basis, LICENSEE
                                            shall provide Purchase Order No. with JHU Agreement AXXXXX to JHTVReports@JHU.edu
                                            or other email address provided by JHTV. Alternatively, LICENSEE may inform JHU of need for
                                            or change in Purchase Order number on the electronic Excel Quarterly Royalty and Sales Report

 

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		4.17.	Payment
                                            Methods. All payments to JHU shall be made either by check or wire transfer,
in accordance with the payment instructions set forth in Exhibit A-2 as may be updated from time to time.
	 	 	 
		4.18.	Interest.
                                            Payments not received when due shall bear interest at the rate of six percent (6%) per annum
                                            (compounded monthly) from the date due until paid in full.

 

	5.	ROYALTY
                                            REPORTS AND ACCOUNTING

 

		5.1.	Royalty
                                            Reports. Beginning with the FIRST COMMERCIAL SALE of a LICENSED PRODUCT, LICENSEE shall
                                            thereafter submit to JHU a Quarterly Sales and Royalty Report thirty (30) days after the
                                            end of each calendar quarter (even if there are no sales during that quarter), along with
                                            royalty payment under Section 4.6. LICENSEE agrees to submit an electronic Excel royalty
                                            report using the electronic royalty report template provided by JHU. This report will be
                                            in the form of Exhibit C and will state the number, description, and aggregate SALES
                                            of LICENSED PRODUCTS during the completed calendar quarter. All indicated columns shall be
                                            populated as they pertain to the completed calendar quarter with adjustments and unusual
                                            occurrences documented.
	 	 	 
		5.2.	Accounting
                                            and Audit Rights. Each LICENSED PARTY shall maintain complete and accurate books and
                                            records, for no less than seven years, relating to the rights and obligations under this
                                            AGREEMENT and any amounts payable to JHU. Such books and records shall include information
                                            sufficient to permit JHU to confirm the accuracy and completeness of any payments and reports
                                            delivered to JHU and compliance in all other respects with this AGREEMENT. Upon 14 days’
                                            notice, a LICENSED PARTY shall make such books and records available for inspection by JHU
                                            or its designee (provided that such designee has signed a confidentiality agreement with
                                            terms consistent with those in Article 6 of this Agreement) during normal business hours,
                                            to verify any reports, accuracy and completeness of payments and/or compliance with this
                                            AGREEMENT. In the event the inspections shows an underpayment to JHU of 5% or more for any
                                            quarter during the period examined, LICENSEE shall bear the full cost of the inspection,
                                            which shall be due and payable (along with past due ROYALTY, ROYALTY shortfall and other
                                            payment amounts plus interest per Section 4.18 from the date that such payments should have
                                            been made to JHU) within thirty (30) days of receiving notice from JHU of the inspection
                                            results. JHU may exercise this inspection right not more than annually, unless prior inspections
                                            show consistent underpayment of 10% or more (in which case JHU may conduct follow up inspections
                                            at its discretion).
	 	 	 
		5.3.	Statute
                                            of Limitations. Notwithstanding any applicable statute of limitation, LICENSEE agrees
                                            that it shall pay JHU for any underpayments revealed by an inspection for a period of seven
                                            (7) years prior to the inspection.
	 	 	 
		5.4.	Final
                                            Royalty Report and Payment. Within ninety (90) days of termination of this AGREEMENT,
                                            each LICENSED PARTY shall submit a final written Sales and Royalty Report and pay all outstanding
                                            amounts due under this AGREEMENT.

 

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	6.	CONFIDENTIAL
                                            INFORMATION

 

		6.1.	Term
                                            of Confidentiality. During the term of this AGREEMENT and for a period of three (3) years
                                            thereafter, the parties agree that all CONFIDENTIAL INFORMATION disclosed by a party shall
                                            be maintained in confidence by the receiving party and shall not be disclosed by the receiving
                                            party to any third party unless agreed to in writing by the disclosing party or compelled
                                            by a court of competent jurisdiction; nor shall any such CONFIDENTIAL INFORMATION be used
                                            by the receiving party for any purposes other than those contemplated by this AGREEMENT.
	 	 	 
		6.2.	Standard
                                            for Confidentiality. Each party shall maintain the security of CONFIDENTIAL INFORMATION
                                            it receives from the other party by employing reasonable safeguards that are no less secure
                                            than those used to protect its own confidential records.
	 	 	 
		6.3.	Permitted
                                            Disclosures. These obligations respecting CONFIDENTIAL INFORMATION do not preclude disclosures
                                            about this AGREEMENT and amounts paid by LICENSED PARTIES as part of routinely prepared summary
                                            documents or financial reports, nor do they impede or impair JHU’s exercise of retained
                                            research and publication rights pursuant to Section 2.5, provided that JHU not disclose LICENSEE’s
                                            CONFIDENTIAL INFORMATION in such publications.

 

		7.	DISCLAIMERS,
                                            LIABILITY LIMITATION

 

		7.1.	DISCLAIMER. JHU
                                            MAKES NO WARRANTIES UNDER THIS AGREEMENT. ALL TANGIBLE AND INTANGIBLE MATTER, INTELLECTUAL
                                            PROPERTY, TECHNOLOGY, RIGHTS, DATA, KNOW-HOW, AND MATERIALS (“DELIVERABLES”)
                                            LICENSED, GRANTED, OR PROVIDED BY JHU ARE “AS IS.” JHU MAKES NO REPRESENTATIONS
                                            WARRANTIES OF ANY KIND, EITHER EXPRESSED OR IMPLIED, AS TO ANY MATTER INCLUDING WARRANTY
                                            OF FITNESS FOR PARTICULAR PURPOSE, MERCHANTABILITY, USEFULNESS, TITLE, NONINFRINGEMENT, VALIDITY,
                                            ENFORCEABILITY, USE, UTILITY, SCOPE, OR SUCCESFUL OPERATION OF DELIVERABLES.
	 	 	 
		7.2.	LIMITS
                                            OF LIABILITY. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR INDIRECT, SPECIAL, OR CONSEQUENTIAL
                                            DAMAGES, SUCH AS LOSS OF PROFITS OR INABILITY TO USE DELIVERABLES, HOWEVER ARISING, EVEN
                                            IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
Under no circumstances shall JHU be liable for damages in excess amounts received by JHU under this AGREEMENT during the 12 months prior
to the event giving rise to the claim for damages.

 

	8.	INDEMNITY
                                            AND INSURANCE

 

		8.1.	Indemnification.
                                            LICENSEE and each applicable LICENSED PARTY (each an “Indemnitor” and collectively
                                            “Indemnitors”) shall protect, defend, and indemnify the JHU INDEMNITEES from
                                            and against any claims, losses, or damages of third parties (i)
allegedly arising from or related in any way to any act or omission of an Indemnitor performing or exercising rights granted under this
AGREEMENT, or (ii) allegedly caused by or arising in any way from LICENSED PRODUCTS. Indemnitors shall pay to defend the JHU INDEMNITIES
against any claim subject to this Section 8.1 with counsel reasonably acceptable to JHU, and shall pay and/or hold the JHU INDEMNITEES
harmless as against any judgments, fees, expenses, or other costs arising from or incidental to any such lawsuit, claim, demand or other
action, whether or not any JHU INDEMNITEE is named as a party defendant in any such lawsuit and whether or not the JHU INDEMNITEES are
alleged to be negligent or otherwise responsible for any injuries to persons or property.

 

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		8.1.1.	Exclusions.
                                            The LICENSED PARTY Indemnification obligation as stated herein excludes: (i) claims arising
                                            solely from the practice by JHU of its retained rights under Section 2.5 of this AGREEMENT;
                                            and (ii) claims arising solely from the negligent use or administration by a JHU INDEMNITEE
                                            of a LICENSED PRODUCT (but any related claim of product liability or Indemnitor negligence
                                            shall remain subject to Indemnification).

 

		8.1.2.	Notice,
                                            Cooperation, and Participation. JHU or a JHU Indemnitee shall provide LICENSEE with prompt
                                            notice of any claims subject to indemnification, and will provide reasonable cooperation
                                            in the investigation and defense of such claims. JHU shall have the right to participate
                                            in the defense of any claim with counsel of its choice and at its own expense. JHU shall
                                            have the right to approve any settlement against JHU or that imposes any liability or obligation
                                            on JHU, such approval not to be unreasonably withheld. JHU shall not be entitled to indemnification
                                            if it concludes any settlement or compromise of a claim without the prior written consent
                                            of LICENSEE, which consent shall not be unreasonably withheld, delayed, or conditioned.

 

		8.2.	Insurance.
                                            LICENSEE shall, continuing throughout the term of this AGREEMENT and for a period of
                                            three years thereafter, obtain and maintain, in full force and effect and at LICENSEE’s
                                            sole cost and expense, the insurance coverage as set forth in Exhibit E. LICENSEE
                                            shall provide written proof of such insurance coverage to JHU within 30 days of EXECUTION
                                            DATE or initial coverage, whichever is later, and each renewal thereof. This AGREEMENT and
                                            the licenses granted herein shall immediately and automatically terminate in the event LICENSEE
                                            or a LICENSED PARTY (as applicable) fails to obtain the required insurance or if the insurance
                                            lapses or is cancelled.

 

		8.3.	Survival.
                                            The foregoing indemnification obligations shall survive termination or expiration of this
                                            AGREEMENT, and shall not be subject to any limitation of liability set forth in this AGREEMENT.

 

		9.	PATENTS

 

		9.1.	Title
                                            and Authority. JHU shall retain and hold title to all patents and patent applications
                                            included in the PATENT RIGHTS. JHU retains all decision-making authority with respect to
                                            patent filing and prosecution of the PATENT RIGHTS.

 

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		9.2.	Domestic
                                            Filing and Prosecution. JHU shall have sole control over the selection of counsel, filing,
                                            prosecution, maintenance and management of all issued patents and pending and future patent
                                            applications in the United States that are subject to this AGREEMENT. JHU, at LICENSEE’s
                                            expense, shall have the right to file, prosecute and maintain all patents and patent applications
                                            included in the PATENT RIGHTS. JHU shall request its patent counsel to timely copy LICENSEE
                                            on all official actions and written correspondence with any patent office and to afford LICENSEE
                                            an opportunity to comment on prosecution matters. LICENSEE may elect to abandon its participation
                                            in, and rights to, a patent application or issued patent filed in the United States, provided
                                            that LICENSEE notifies JHU in writing at least ninety (90) days before any due date for any
                                            pending Office Action or matter or any maintenance fee due date in the case of an issued
                                            patent. Such election shall not relieve LICENSEE of the obligation to reimburse JHU for PATENT
                                            COSTS and PAST PATENT COSTS associated with such application that were incurred before JHU
                                            received actual notice of LICENSEE’s abandonment. Thereafter, JHU may file, prosecute,
                                            and/or maintain such patent applications or patents at its own expense and for its own benefit
                                            and any PATENT RIGHTS granted on such applications or patents shall be excluded from the
                                            LICENSED PATENTS. Failure to provide such notification may be considered by JHU to be LICENSEE’s
                                            authorization to proceed at LICENSEE’s expense.

 

		9.3.	Foreign
                                            Filing and Prosecution. Upon LICENSEE’s written request and at LICENSEE’s
                                            expense, JHU will file and prosecute PATENT RIGHTS in one or more foreign jurisdiction. JHU
                                            or its designee shall have sole control over the selection of counsel, filing, prosecution,
                                            maintenance and management of all foreign issued patents and pending and future patent applications
                                            that are subject to this AGREEMENT. Upon written notification to JHU and its patent counsel
                                            at least ninety (90) days in advance of any filing, response, or fee deadline, LICENSEE may
                                            elect to abandon its participation in, and rights to, a patent application filed in a foreign
                                            jurisdiction. Such election shall not relieve LICENSEE of the obligation to reimburse JHU
                                            for PATENT COSTS and PAST PATENT COSTS associated with such application that were incurred
                                            before JHU received actual notice of LICENSEE’s abandonment. Thereafter, JHU may file,
                                            prosecute, and/or maintain such foreign patent applications or patents at its own expense
                                            and for its own benefit and any PATENT RIGHTS granted on such applications or patents shall
                                            be excluded from the LICENSED PATENTS.

 

		9.4.	Common
                                            Interest. All non-public information exchanged between JHU and the LICENSED PARTIES or
                                            their respective counsel regarding preparation, filing, prosecution, and maintenance of the
                                            PATENT RIGHTS shall be deemed CONFIDENTIAL INFORMATION. In addition, the parties acknowledge
                                            and agree that, with respect to such preparation, filing, prosecution and maintenance of
                                            the PATENT RIGHTS, the interests of the parties are to obtain the strongest patent protection
                                            possible, and as such, are aligned and are legal in nature. The parties agree and acknowledge
                                            that they have not waived, and nothing in this AGREEMENT constitutes a waiver of, any legal
                                            privilege concerning the PATENT RIGHTS or the CONFIDENTIAL INFORMATION, including privilege
                                            under the common interest doctrine and similar or related doctrines.

 

		9.5.	INFRINGEMENT.

 

		9.5.1.	Notification
                                            of Infringement by third party. Each party will promptly notify the other in writing
                                            in the event it discovers, receives notice of, or otherwise reasonably suspects infringement
                                            by a third party.

 

    	10

    	 

    

 

		9.5.2.	Suits
                                            for Infringement. LICENSEE shall have the first right, at its own expense, to initiate
                                            and prosecute an infringement action against one or more third parties to enforce the LICENSED
                                            PATENTS in the FIELD OF USE in the LICENSED TERRITORY, provided that LICENSEE: (i) notifies
                                            JHU at least ninety (90) days in advance of any such suit; (ii) does not file said action
                                            without the prior written consent of JHU; and (iii) carefully considers the views of JHU
                                            and the public interest in making its decision whether or not to file suit. LICENSEE: (i)
                                            shall not initiate an infringement action in the absence of a good faith belief in the infringement,
                                            validity and enforceability of the asserted claims after reasonable investigation, (ii) shall
                                            at all times keep JHU informed as to the status of the action and shall consult with JHU
                                            throughout the action; and (iii) shall at all times carefully consider the views of JHU with
                                            respect to any infringement action, including, for example, choice of litigation counsel,
                                            venue, and litigation strategy. LICENSEE shall pay to JHU 20% of any monetary award, settlement
                                            or recovery, net of all reasonable LICENSEE and JHU attorneys’ fees and out-of-pocket costs and expenses paid to third parties by LICENSEE and/or JHU in connection
with each suit or settlement.
	 	 	 
		9.5.3.	Party
                                            Communications. All communications concerning a suit or potential suit against a third
                                            party between JHU and LICENSEE shall be treated as CONFIDENTIAL INFORMATION and are agreed
                                            to be subject to all available privileges and protections including the joint defense privilege
                                            and common interest privilege. Settlement or other voluntary final disposition of the suit
                                            may not be concluded without the prior written consent of JHU. JHU shall reasonably cooperate
                                            in any such litigation at LICENSEE’s expense.
	 	 	 
		9.5.4.	JHU’s
                                            Secondary Right to Enforce. LICENSEE understands and agrees that JHU has no obligation
                                            to bring suit against third parties for infringement of the LICENSED PATENTS. In the event
                                            LICENSEE does not initiate an infringement action within ninety (90) days after its discovery
                                            of or receiving notification of alleged infringement, JHU may initiate and prosecute such
                                            infringement action in its sole discretion and on its own behalf. LICENSEE shall reasonably
                                            cooperate in such litigation at JHU’s request, including as a co-plaintiff, and agrees
                                            to provide any evidence, witnesses or other support of litigation as needed at its own expense.
                                            Upon initiation of an infringement action by JHU, JHU shall have the sole right to seek resolution
                                            of the alleged infringement through litigation, settlement agreement or otherwise. After
                                            the ninety day period of discovery/notice has elapsed, LICENSEE shall not be permitted to
                                            transfer its rights or sublicense the LICENSED PATENTS or otherwise reach an agreement with
                                            any suspected infringer that would impact JHU’s action in any way. Any recovery from
                                            JHU’s action shall be for JHU’s sole benefit and account. All communications
                                            concerning a suit or potential suit against a third party between JHU and LICENSEE shall
                                            be treated as CONFIDENTIAL INFORMATION and are agreed to be subject to all available privileges
                                            and protections including the joint defense privilege and common interest privilege.

 

    	11

    	 

    

 

		9.6.	Third
                                            Party Invalidity Actions. LICENSEE shall defend at LICENSEE’s expense any declaratory
                                            judgment or other action brought by a third party naming LICENSEE and/or JHU as a defendant
                                            and alleging invalidity of any of the PATENT RIGHTS unless such action is brought as a counterclaim
                                            to a suit against the third party initiated by JHU pursuant to JHU’s secondary right
                                            to enforce. JHU may, in its sole discretion and at its own expense, assume control of the
                                            defense of any third party action naming JHU as a defendant, in which case LICENSEE shall
                                            cooperate fully with JHU in such defense at its own expense.
	 	 	 
		9.7.	Waiver
                                            of Invalidity Claims. LICENSEE, on behalf of itself, AFFILIATEs, and SUBLICENSEEs, understands
                                            and agrees that transfer of LICENSED RIGHTS under this AGREEMENT will confer substantial
                                            benefits to them, even in the absence of one of more VALID CLAIMS. Such benefits include
                                            “early mover” advantage. In addition, LICENSEE on behalf of itself, AFFILIATEs,
                                            and SUBLICENSEEs understands and agrees that the consideration paid for LICENSED RIGHTS reflects
                                            the nature and risks of early-stage technology, and the consideration required for a license
                                            to later stage technology would be significantly higher. Accordingly, each LICENSED PARTY
                                            agrees that it shall not initiate any action or proceeding to invalidate PATENT RIGHTS and
                                            hereby waives any rights they may have to do so.

 

		9.8.	Patent
                                            Challenges. Notwithstanding the foregoing, if a LICENSED PARTY initiates an action or
                                            proceeding challenging the validity or scope of PATENT RIGHTS or that a LICENSED PRODUCT
                                            practices the PATENT RIGHTS, the following shall apply:

 

		(a)	JHU
                                            may terminate this AGREEMENT upon written notice to LICENSEE and/or the LICENSED PARTY.
	 	 	 
		(b)	No
                                            payments or reports required by this AGREEMENT shall be suspended or delayed during any challenge
                                            to PATENT RIGHTS and no such payments shall be subject to refund or recoupment for any reason.
	 	 	 
		(c)	Not
                                            less than ninety (90) days prior to initiating any challenge to a PATENT RIGHTS, the party
                                            challenging PATENT RIGHTS (the “Challenging Party”) shall provide written notice
                                            of the expected challenge to JHU which shall include a clear statement of the factual and
                                            legal basis for the challenge, and an identification of all prior art, documents, products
                                            or other matter the Challenging Party believes to provide a basis for such challenge.
	 	 	 
		(d)	If
                                            such action or proceeding determines that at least one claim of the PATENT RIGHTS is a VALID
                                            CLAIM or practiced by a LICENSED PRODUCT, LICENSEE and the Challenging Party shall, thereafter,
                                            pay to JHU three times all payment amounts which LICENSEE and Challenging Party would otherwise
                                            be required to be paid under this AGREEMENT, other than PATENT COSTS. LICENSEE shall not
                                            be obligated to pay increased charges if it is not a party to the challenge to PATENT RIGHTS,
                                            has not assisted or facilitated the challenge, and has fully cooperated with JHU in the defense
                                            of such challenge.

 

		9.9.	Marking.
                                            All LICENSED PRODUCTS shall be marked with the number of the applicable licensed patent(s)
                                            in accordance with each country’s patent laws.

 

    	12

    	 

    

 

		10.	DISPUTES

 

		10.1.	Governing
                                            Law, Jurisdiction and Venue. This AGREEMENT shall be construed, and
legal relations between the parties shall be determined, in accordance with the laws of the State of Maryland applicable to contracts
executed and wholly to be performed within the State of Maryland without giving effect to the principles of conflicts of laws. Any disputes
between the parties to the AGREEMENT shall be brought in the state or federal courts located in Baltimore, Maryland. Both parties hereby
waive their right to a jury trial and consent to jurisdiction in such courts with respect to any disputes between them.

 

		10.2.	Resolution.
                                            The parties shall attempt in good faith to resolve all disputes through means other than
                                            litigation, such as mediation, arbitration, or structured negotiations. Each party agrees
                                            that, prior to initiating litigation, it will confer with other party about alternatives
                                            to litigation that may enable them to resolve the dispute fairly and efficiently.

 

	11.	TERM
                                            AND TERMINATION

 

		11.1.	Term.
                                            The term of this AGREEMENT shall commence on the EFFECTIVE DATE and shall continue until
                                            the date of expiration of the last to expire patent included within PATENT RIGHTS, or if
                                            no patents issue, then for 20 years from the EFFECTIVE DATE. LICENSEE shall not make, use,
                                            sell, import, export or offer for sale any LICENSED PRODUCTS after termination (but not expiration)
                                            of this AGREEMENT
	 	 	 
		11.2.	Licensee
                                            Termination for Convenience. LICENSEE may terminate this AGREEMENT upon ninety (90) days’
                                            advance written notice.
	 	 	 
		11.3.	JHU
                                            Termination for Cause. JHU may terminate this AGREEMENT upon thirty (30)
days’ written notice to LICENSEE in the event of any material breach hereof, provided that LICENSEE does not cure such breach prior
to expiration of such thirty (30)
day period. JHU may terminate this AGREEMENT immediately upon written notice to LICENSEE in the event of a material breach that is incapable
of cure. A material breach may include:

 

		(a)	LICENSEE’s
                                            delinquency with respect to payment or reporting;
	 	 	 
		(b)	Failure
                                            to timely achieve a MILESTONE specified in Exhibit A-3 or otherwise failing to diligently
                                            develop, commercialize, and sell LICENSED PRODUCTS throughout the term of this AGREEMENT;
	 	 	 
		(c)	Non-compliance
                                            with record keeping or audit obligations as stated in Articles 3 and 5 of this AGREEMENT;
	 	 	 
		(d)	Voluntary
                                            bankruptcy or insolvency of LICENSEE.
	 	 	 
		(e)	Non-compliance
                                            with LICENSEE’S insurance obligations.

 

		11.4.	Licensee
                                            Obligations Upon Termination or Expiration. Upon expiration or termination of this AGREEMENT
                                            for any reason, LICENSEE shall remit payment to JHU for all amounts due or incurred prior
                                            to the effective date of termination, and any non-cancellable expenses (such as PATENT COSTS)
                                            undertaken prior to termination.
	 	 	 
		11.5.	Effect
                                            of Termination. Upon termination of this AGREEMENT pursuant to 11.2 or 11.3, all rights
                                            and licenses granted by JHU to LICENSEE under this AGREEMENT shall terminate and all rights
                                            in, to, and under the LICENSED RIGHTS will revert to JHU.

 

    	13

    	 

    

 

		12.	MISCELLANEOUS

 

		12.1.	Use
                                            of Name. LICENSEE may not use the name, trademarks, logos, or trade dress of The Johns
                                            Hopkins University, The Johns Hopkins Health System, and any of their constituent parts,
                                            such as JHU, Johns Hopkins, Hopkins, the Johns Hopkins Hospital, Johns Hopkins Medicine or
                                            any contraction thereof or the name of INNOVATORS in any advertising, promotional literature,
                                            Web sites, electronic media applications, sales literature, fundraising documents, or press
                                            releases and other print or electronic communications without prior written consent from
                                            an authorized representative of JHU. Any request to make use of such names shall be made
                                            at least thirty (30) business days’ in advance of any proposed use and may be made
                                            by written request through JHTV. JHU shall have the right to list LICENSEE and display the
                                            logotype or symbol of LICENSEE on JHU’s website and on JHU publications as a licensee
                                            of JHU technology.
	 	 	 
		12.2.	Independent
                                            Parties. Nothing in this AGREEMENT shall be construed to create any agency, employment,
                                            partnership, joint venture or similar relationship between the parties other than that of
                                            a licensor/licensee. Neither party shall have any right or authority whatsoever to incur
                                            any liability or obligation (express or implied) or otherwise act in any manner in the name
                                            or on the behalf of the other, or to make any promise, warranty or representation binding
                                            on the other.
	 	 	 
		12.3.	Notice
                                            of Claim. Each party shall give the other party or its representative prompt notice of
                                            any suit or action filed, or of any claim made against them arising out of the performance
                                            of this AGREEMENT.
	 	 	 
		12.4.	No
                                            Assignment. Neither party may assign this AGREEMENT, in whole or in part, without the
                                            prior written consent of the other party. Notwithstanding the foregoing, LICENSEE may assign
                                            this AGREEMENT in accordance with the terms and transfer fee requirements set forth in Exhibit
                                            A-4.
	 	 	 
		12.5.	Notices.
                                            Any notice under any of the provisions of this AGREEMENT shall be deemed given when deposited
                                            in the mail, postage prepaid, registered or certified first class mail or by nationally-recognized
                                            private mail carrier and addressed to the applicable party at the address stated below, or
                                            such other address as such party shall specify for itself by like notice to other party.
                                            Transmission of notice by electronic mail is insufficient to meet the requirements of this
                                            provision.

 

If
to JHU:

 

Executive
Director

Johns
Hopkins Technology Ventures

1812 Ashland Avenue, Suite 110

Baltimore,
Maryland 21205

 

If
to LICENSEE:

 

BullFrog
AI Holdings, Inc.

325 Ellington Blvd., #317,

Gaithersburg,
MD 20878

 

    	14

    	 

    

 

LICENSEE
contacts by agreement function:

 

	 	Legal: Vin Singh, MS, MBA
	 	 	vin@bullfrogai.com
	 	Patent: Alan Alfano, PhD
	 	 	alan.a@bullfrogai.com
	 	Licensing: Alan Alfano, PhD
	 	 	alan.a@bullfrogai.com
	 	Billing: Vin Singh, MS, MBA
	 	 	vin@bullfrogai.com
	 	Insurance: Vin Singh, MS, MBA
	 	 	vin@bullfrogai.com
	 	Reporting: Vin Singh, MS, MBA
	 	 	vin@bullfrogai.com

 

		12.6.	Export
                                            Control. Certain of the LICENSED RIGHTS may be subject to United States laws and regulations
                                            (including the Arms Export Control Act, as amended, and the Export Administration Act of
                                            1979) controlling the export of technical data, computer software, laboratory prototypes,
                                            and other commodities. The transfer of certain technical data and commodities may require
                                            a license from the cognizant agency of the United States Government and/or written assurances
                                            that such transfers shall not be made to certain foreign countries without prior approval
                                            of such agency. LICENSEE or the applicable LICENSED PARTY shall fully comply with such export
                                            control laws. JHU makes no representation respecting the requirements for such a license,
                                            or that, if required, that such a license will be issued.
	 	 	 
		12.7.	Successors
                                            and Assigns. This AGREEMENT shall bind and inure to the benefit of the successors and
                                            permitted assigns of the parties.
	 	 	 
		12.8.	No
                                            Waivers; Severability. No waiver of any breach of any provision of this AGREEMENT shall
                                            constitute a waiver of any other breach of the same or other provision of this AGREEMENT,
                                            and no waiver shall be effective unless made in writing and signed by the party waiving.
                                            Any provision of this AGREEMENT prohibited by or unenforceable under any applicable law of
                                            any jurisdiction shall as to such jurisdiction be deemed ineffective and deleted without
                                            affecting any other provision of this AGREEMENT, which shall be interpreted so as to most
                                            fully achieve the intentions of the parties.
	 	 	 
		12.9.	Entire
                                            Agreement. This AGREEMENT supersedes all previous agreements and understandings relating
                                            to its subject matter, whether oral or in a writing, and constitutes the entire agreement
                                            of the parties and shall not be amended or altered in any respect except in a writing executed
                                            by the parties.
	 	 	 
		12.10.	No
                                            Agency. LICENSEE agrees that no representation or statement by any JHU employee shall
                                            be deemed to be a statement or representation by JHU, and that LICENSEE was not induced to
                                            enter this AGREEMENT based upon any statement or representation of JHU, or any employee of
                                            JHU. JHU is not responsible for any publications, experiments or results reported by any
                                            JHU employee prior to, or after, the EFFECTIVE DATE, including those reported by any of the
                                            INNOVATORS.

 

    	15

    	 

    

 

		12.11.	Binding
                                            Agreement. Exchange of this AGREEMENT in draft or final form between the parties shall
                                            not be considered a binding offer, and this AGREEMENT shall not be deemed final or binding
                                            on either party until the final AGREEMENT has been signed by both parties.
	 	 	 
		12.12.	Delays
                                            or Omissions. Except as expressly provided by this AGREEMENT, no delay or omission to
                                            exercise any right, power or remedy accruing to any party, shall impair any such right, power
                                            or remedy to such party nor shall it be construed to be a waiver of any such breach or default,
                                            or an acquiescence therein, or in any similar breach or default be deemed a waiver of any
                                            other prior or subsequent breach or default. Any waiver, permit, consent or approval of any
                                            kind or character on the part of any party of any breach or default under this AGREEMENT,
                                            or any waiver on the part of any party of any provisions or conditions of this AGREEMENT,
                                            must be in writing and shall be effective only to the extent specifically set forth in such
                                            writing. All remedies either under this AGREEMENT or by law or otherwise afforded to any
                                            party, shall be cumulative and not alternative.
	 	 	 
		12.13.	Survival.
                                            All representations, warranties, covenants and agreements made in this AGREEMENT and
                                            which by their express terms or by implication are to be performed or continue to apply after
                                            the execution and/or termination of this AGREEMENT or are prospective in nature shall survive
                                            such expiration and/or termination. In addition and for avoidance of doubt, the following
                                            articles shall survive any termination or expiration: Articles 5, 6, 7, 8, 9, 10, and 11.
	 	 	 
		12.14.	No
                                            Third-Party Beneficiaries. Nothing in this AGREEMENT shall be construed as giving any
                                            person, firm, corporation or other entity, other than the parties and their successors and
                                            permitted assigns, any right, remedy or claim under or in respect of this AGREEMENT or any
                                            provision hereof.
	 	 	 
		12.15.	Headings.
                                            Article headings are for convenient reference and are not a part of this AGREEMENT. All
                                            referenced Exhibits are part of this AGREEMENT.
	 	 	 
		12.16.	Electronic
                                            Signature. Any signature, including any electronic symbol or process affirmatively attached
                                            to or associated with this AGREEMENT and adopted by JHU or LICENSEE to sign, authenticate,
                                            or accept such contract or record acceptance of the AGREEMENT, hereto shall have the same
                                            legal validity and enforceability as a manually executed signature or use of a paper-based
                                            recordkeeping system to the fullest extent permitted by applicable law, including the Federal
                                            Electronic Signatures in Global and National Commerce Act or any state law based on the Uniform
                                            Electronic Transactions Act, and the parties hereby waive any objection to the contrary.

 

[The
Balance of This Page Intentionally Left Blank - Signature Page Follows]

 

    	16

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this AGREEMENT to be executed in duplicate counterparts, each of which shall be deemed to
constitute an original, effective as of EFFECTIVE DATE. The undersigned verify that they have the authority to bind to this AGREEMENT
the party on behalf of which they are executing.

 

This
AGREEMENT includes the following Exhibits:

 

Exhibit
A: Financial Terms

Exhibit
A-1: LICENSED RIGHTS, FIELD OF USE, and LICENSED TERRITORY

Exhibit
A-2: PATENT COSTS, Fees, ROYALTIES, and Payment Terms

Exhibit
A-3: MILESTONES

Exhibit
A-4: Permitted Assignment

Exhibit
A-5: Equity Consideration – Private Offering Purchase Rights

Exhibit
A-6: Table of LICENSED PATENTS

Exhibit
A-7: Publication List for LICENSED DATA and LICENSED KNOW-HOW

Exhibit
B: Definition of Terms

Exhibit
C. Quarterly Sales & Royalty Report Form

Exhibit
D: Diligence and Annual Report Form

Exhibit
E: Insurance

 

	Johns Hopkins University

	BullFrog AI Holdings, Inc.

	 	 	 	 
	By:

    		By:

    	
	 	 	 	 
	Name: 	Steven L. Kousouris	 Name: 	Vin Singh, MS, MBA
	 	 	 	 
	Title:
    	Executive Director, JHTV	Title:	Founder & CEO
	 	 	 	 
	Date: 	February 22, 2022 | 2:22 PM EST	Date: 	February
    22, 2022 | 8:22 AM PST

 

			 			 

 

    	17

    	 

    

 

Exhibit
A (A-1, A-2, A-3, A-4, A-5, A-6, A-7)

 

Exhibit
A-1: LICENSED RIGHTS, FIELD OF USE, and LICENSED TERRITORY

 

	

    JHU
    TECH ID, CASE TITLE, and INVENTORS
	JHU
                                            TECH ID #C13270 – “An Improved Formulation of Mebendazole and Drug Combination
                                            for Improved Cancer Therapy”

     

    INVENTORS:

    Gregory
    Riggins, Avadhut Joshi, Renyuan Bai, Tara Williamson, Verena Staedtke

	 	 
	LICENSED
    PATENTS	

                                                                                SEE
                                            PATENT TABLE BELOW (EXHIBIT A-6)

                                                                                

	 	 
	LICENSED
KNOW-HOW
	SEE
REFERENCE LIST BELOW FOR BOTH KNOW-HOWAND
    DATA (EXHIBIT A-7)

	 	 
	LICENSED
    DATA	SEE
REFERENCE LIST BELOW FOR BOTH KNOW-HOW AND DATA (EXHIBIT A-7)
	 	 
	FIELD
    OF USE	Treatment
of any human cancer or neoplastic disease, including in clinical trials
	 	 
	LICENSED
    TERRITORY	WORLDWIDE

 

    	18

     

    

 

Exhibit
A-2

 

PATENT
COSTS, Fees, ROYALTIES, and Payment Terms

 

	UPFRONT
    LICENSE FEE	Two
    hundred fifty thousand US Dollars (USD $250,000), payable as listed below:
	 	 
	 	(a)	Fifty
    (50) thousand US Dollars (USD $50,000) upon execution of this AGREEMENT, in partial consideration (due within 30 days of the EFFECTIVE
    DATE); and
	 	(b)	Two
    hundred (200) thousand US Dollars (USD $200,000) upon the earlier of (i) completion of BullFrog AI IPO, (ii) $10 million USD financing,
    or (iii) within nine (9) months of the EFFECTIVE DATE.
	 	 	 
	PAST
    PATENT COSTS	$116,903.53
    payable as follows:
	 	 
	 	(a)	$41,561.53
    within thirty (30) days of invoice after the Effective Date
	 	(b)	$37,671.00
    within four (4) months of the Effective Date
	 	(c)	$37,671.00
    within ten (10) months of the Effective Date
	 	 	 
	MINIMUM
    ANNUAL ROYALTY (“MAR”)	Due
                                            by January 1 of each calendar year:

 

	 	1st
                                            year: USD $5,000 due 1/1/2023

2nd
year: USD $10,000 due 1/1/2024

3rd
year: USD $20,000 due 1/1/2025

4th
year: USD $30,000 due 1/1/2026

5th
year, etc.: USD $50,000 due 1/1/2027 (until FIRST COMMERCIAL SALE)

 

Upon
FIRST COMMERCIAL SALE of a LICENSED PRODUCT the MAR shall be: $250,000 due on January 1 in the year after the FIRST COMMERCIAL
SALE.

	 	 	 
	ROYALTY	3.5%
    on LICENSED PRODUCTS
	 	 	 
	SUBLICENSE
    NON-ROYALTY CONSIDERATION	The
                                                                                          percent of all consideration, as outlined below, received by LICENSEE from a SUBLICENSEE in exchange for grant of SUBLICENSE rights
                                                                                          under this AGREEMENT, but excluding (i) any consideration received by LICENSEE for ROYALTIES on SUBLICENSEE SALES (ROYALTIES
                                                                                          on SALES by SUBLICENSEES will be treated as if LICENSEE made the SALE), and (ii) any payment of PAST PATENT COSTS or PATENT COSTS
                                                                                          made by SUBLICENSEE to LICENSEE.

	 	 
	 	a)	20%
                                            - Prior to dosing of the first patient in the first Phase II Clinical Trial

    

	 	b)	15%
    - After dosing of the first patient in the first Phase II Clinical Trial, but prior to dosing of a first patient in a Phase III or
    REGISTRATIONAL CLINICAL TRIAL
	 	c)	10%
    after dosing of the first patient in a Phase III or REGISTRATIONAL CLINICAL TRIAL

 

    	19

     

    

 

Payment
Instructions

 

Checks
are to be made payable to the “Johns Hopkins University.”

All check payments from LICENSEE to JHU shall be sent to:

 

Executive
Director

Johns
Hopkins Technology Ventures The Johns Hopkins University

1812
Ashland Avenue, Suite 110

Baltimore,
MD 21205

Attention:
JHU AGREEMENT No. A40219

 

or
such other addresses which JHU may designate in writing from time to time. .

 

Wire
transfers may be made through:

 

DOMESTIC
ACH & WIRE

 

Johns
Hopkins University – JHTV M&T Bank

1
M&T Plaza

Buffalo,
NY 14203

ABA
#022000046

Account
number: 9864226981 Type of account: depository

CTX
format is preferred; CCD+ is also accepted

Attention:
JHU AGREEMENT A40219

 

INTERNATIONAL
FED WIRE

 

Johns
Hopkins University – JHTV M&T Bank

1
M&T Plaza

Buffalo,
NY 14203

ABA
#022000046

Account
number: 9864226981 Type of account: depository

CHIPS
ABA number: N/A IBAN number: N/A

Attention:
JHU AGREEMENT A40219_

 

LICENSEE
shall be responsible for any and all costs associated with wire transfers.

 

    	20

     

    

 

Exhibit
A-3

 

MILESTONES

 

All
milestone payment fees are denoted in United States dollars (USD), unless otherwise noted

 

	Date or Deadline	 	Description of MILESTONE	 	Milestone 

Payment Fee	 
	Within 6 months of EFFECTIVE DATE	 	Financing of $10M in LICENSEE	 	NO FEE	 
	None	 	Validation of EU jurisdictions for granted EPO patent	 	NO FEE	 
	Within 6 months of EFFECTIVE DATE	 	Submission of Development Plan to JHU/JHTV	 	NO FEE	 
	Within 36 months of the EFFECTIVE DATE	 	Enrollment of a first patient in a first Phase 2 clinical trial for the first LICENSED PRODUCT	 	 
NO FEE
	 
	None	 	COMPLETION of the first Phase 2 clinical trial for each LICENSED PRODUCT	 	$250,000	 
	Within 36 months from the COMPLETION of the first Phase 2 study for the first LICENSED PRODUCT	 	Enrollment of a first patient in the first REGISTRATIONAL CLINICAL TRIAL	 	
NO FEE
	 
	None	 	COMPLETION of REGISTRATIONAL CLINICAL TRIAL for each LICENSED PRODUCT	 	$500,000 (if Phase 3);
 $250,000 (if Phase 2b)
	 
	None	 	MARKET APPROVAL for each LICENSED PRODUCT – US (FDA)	 	$750,000	 
	None	 	MARKET APPROVAL for each LICENSED PRODUCT – outside of US	 	$500,000	 
	None	 	FIRST COMMERCIAL SALE for the first LICENSED PRODUCT	 	NO FEE	 
	None	 	First twenty (20) million dollars (USD $20,000,000) NET SALES REVENUE of a LICENSED PRODUCT in the United States	 	$1,000,000	 
	None	 	First year cumulative NET SALES REVENUE of a LICENSED PRODUCT exceeds $100M	 	$2,000,000	 
	None	 	First year cumulative NET SALES REVENUE of a LICENSED PRODUCT exceeds $500M	 	$10,000,000	 
	None	 	First year cumulative NET SALES REVENUE of a LICENSED PRODUCT exceeds $1000M (i.e., $1B)	 	$20,000,000	 
	None	 	COMPLETION of each first-in-human trial for any indication other than Glioblastoma	 	$250,000	 

 

	 	a)	Pursuant
    to Section 3.1 of the AGREEMENT, milestone payment fees set forth in the above table shall be payable within thirty (30) days of
    each LICENSED PRODUCT achieving such MILESTONE.
	 	 	 
	 	b)	In
    the event that a Phase I, II and/or Phase III clinical trial is conducted at JHU, LICENSEE is excused from making the accrued related
    milestone payments fees to JHU until the earlier of, a clinical trial milestone is met where such sites include at least two (2)
    sites other than JHU or the milestone for the receipt of regulatory approval from the FDA (or marketing approval from a foreign equivalent
    of the FDA) (“MARKET APPROVAL”) is met. Under such circumstance, LICENSEE agrees that it will pay the accrued Phase I,
    II and/or Phase III milestone payments fees upon completion and when it submits milestone payment fee to JHU for MARKET APPROVAL.
    Further, in the event that a Phase I and/or Phase II and/or Phase III clinical trial is not required for MARKET APPROVAL, LICENSEE
    agrees that it will pay the accrued Phase I and/or Phase II and/or Phase III milestone payment fees otherwise due under Phase I through
    Phase III milestones when it submits milestone payment fee to JHU for MARKET APPROVAL.
	 	 	 
	 	c)	The
    milestones described above shall be deemed achieved if the objectives are met by LICENSEE or any SUBLICENSEE. Any amounts payable
    by LICENSEE hereunder may be assigned to, and payable by, a SUBLICENSEE.

 

    	21

     

    

 

Exhibit
A-4

 

Permitted
Assignment

 

	1.	LICENSEE
                                            may assign this AGREEMENT as part of a sale or merger of substantially all of LICENSEE’s
                                            business or assets, regardless of whether such a sale occurs through an asset sale, stock
                                            sale, merger or other combination, provided:

 

	 	(a)	LICENSEE
    provides written notice to JHU at least thirty (30) days in advance of such assignment;
	 	 	 
	 	(b)	The
    assignee agrees, in a writing delivered to JHU, to be bound by all provisions of this AGREEMENT; and
	 	 	 
	 	(c)	LICENSEE
    remits an assignment fee to JHU equal to

 

	 	i.	the
    greater of twice the MAR applicable to the year when the assignment will be completed; OR
	 	ii.	one
    hundred thousand US dollars (USD $100,000)

 

    	22

     

    

 

Exhibit
A-5

 

Equity
Consideration – Private Offering Purchase Rights

 

Private
Offering Purchase Rights. In the event of any private offering of the LICENSEE’s equity securities for cash (or in satisfaction
of debt issued for cash):

	1.	JHU
                                            and/or its Assignee (as defined below) may purchase for cash up to 1% of the securities or
                                            interests issued in such offering.

 

	 	1.1.	“Assignee”
                                            means: (a) any entity to which JHU’s participation rights under this Section 1 have
                                            been assigned either by JHU or another entity; or (b) any entity that is controlled by JHU

 

	2.	In
                                            any private offering subject to this AGREEMENT (“Offering”), JHU and/or its Assignee’s
                                            purchase right shall be at the same price and on the same terms as the most favored other
                                            investors, except that JHU and/or its Assignee shall not have any board representation or
                                            board meeting attendance rights.

 

	3.	Licensee
                                            shall give JHU at least thirty (30) days advance notice of the terms of each Offering, including
                                            the names of the investors and the amounts to be invested by each, and JHU may elect to exercise
                                            its right of purchase, in whole or in part, by written notice given to LICENSEE within fifteen
                                            (15) business days after receipt of LICENSEE’s notice. To exercise this right, JHU
                                            must provide the written notice of its election to invest per the prior sentence and must
                                            sign all purchase and shareholder agreements that are signed by the other investors. If JHU
                                            and/or its Assignee elects not to purchase or fails to give an election notice within such
                                            period, JHU’s purchase right will not apply to the Offering if (and only if and to
                                            the extent) it is consummated within ninety (90) days on the same or less favorable (to the
                                            investor) terms as stated in LICENSEE’s notice to JHU.

 

All
rights under this Section 1.4 will not apply to the issuance of stock to employees and other service providers pursuant to a plan approved
by LICENSEE’s board of directors, or to shares issued as additional consideration in lending or leasing transactions. In the event
of the closing of a firm commitment underwritten public offering, the rights granted in Section 1.4 will terminate (in addition to any
earlier termination pursuant to their terms) immediately before such closing.

 

	4.	JHU’s
                                            rights respecting equity of or securities in LICENSEE are cumulative. In the event of a conflict,
                                            the provision of this AGREEMENT granting greater interests or purchase rights to JHU will
                                            govern.

 

This
Section 1 shall survive the termination of this AGREEMENT.

 

    	23

     

    

 

Exhibit
A-6

 

Table
of LICENSED PATENTS

 

	JHU
    ID	 	Title	 	Serial
    Number	 	File
    Date	 	Application
    Type	 	Country	 	Status	 	Patent
    Number	 	Expiration
    Date	 	Composition,
    MoU
	P13270-
    01	 	An
    Improved Formulation of Mebendazole and Drug Combination to Improve Anti- cancer Activity	 	 

    62/112,706
	 	 

    06
    Feb

    2015
	 	 

    Provisional
	 	 

    US
	 	 

    Expired
	 	 	 	 	 	 
	P13270-
    02	 	An
    Improved Formulation of Mebendazole and Drug Combination to Improve Anti- cancer Activity	 	PCT/US2016/016968	 	08
    Feb 2016	 	PCT	 	PCT
    - Parent	 	Expired	 	 	 	11
    Aug 2016	 	Both
	P13270-
    03	 	MEBENDAZOLE
    POLYMORPH FOR TREATEMENT AND PREVENTION OF TUMORS	 	 

    15/548,959
	 	04
                                            Aug

    2017
	 	 

    PCT
	 	 

    US
	 	 

    GRANTED
	 	 

    11,110,079
	 	08
                                            Feb

    2036
	 	 

    Both

	P13270-
    04	 	Mebendazole
    Polymorph For Treatment And Prevention Of Tumors	 	 

    16747414.7
	 	08
                                            Feb

    2016
	 	 

    PCT
	 	 

    EPO
	 	 

    GRANTED
	 	 

    Pending
	 	08
                                            Feb

    2036
	 	 

    Both

	P13270-
    05	 	MEBENDAZOLE
    POLYMORPH FOR TREATMENT AND PREVENTION OF TUMORS	 	 

    253854
	 	08
                                            Feb

    2016
	 	 

    PCT
	 	 

    Israel
	 	 

    GRANTED
	 	 

    253854
	 	08
                                            Feb

    2036
	 	 

    Both

	P13270-	 	An
    Improved Formulation of	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	06	 	Mebendazole
                                            and Drug

    Combination
    to Improve Anti-
	 	2016800144274	 	08
                                            Feb

    2016
	 	PCT	 	China	 	GRANTED	 	1ZL20168-

    0014427.4
	 	08
                                            Feb

    2036
	 	Both
	 	 	cancer
    Activity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P13270-	 	An
    Improved Formulation of	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	07	 	Mebendazole
                                            and Drug

    Combination
    to Improve Anti-
	 	201717028684	 	08
                                            Feb

    2016
	 	PCT	 	India	 	GRANTED	 	352734	 	08
                                            Feb

    2036
	 	Both
	 	 	cancer
    Activity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P13270-
    08	 	Mebendazole
    Polymorph For Treatment And Prevention Of Tumors	 	 

    2017-541687
	 	08
                                            Feb

    2016
	 	 

    PCT
	 	 

    Japan
	 	 

    GRANTED
	 	 

    6796586
	 	08
                                            Feb

    2036
	 	 

    Both

	P13270-
    09	 	CONTINUATION:
    Mebendazole Polymorph For Treatment And Prevention Of Tumors	 	 

    17/402,131
	 	13
                                            Aug

    2021
	 	 

    CON
	 	United
    States	 	 

    PENDING
	 	 	 	 	 	 

    Both

 

    	24

     

    

 

Exhibit
A-7

 

Publication
List for LICENSED DATA and LICENSED KNOW-HOW

 

	1.	Gallia
    GL, Holdhoff M, et al. Mebendazole and temozolomide in patients with newly diagnosed high-grade gliomas: results of a phase 1 clinical
    trial. Neuro-Oncology Advances. 2021;3(1):1-8
	2.	Williamson
    T, Mendes TB, et al. Mebendazole inhibits tumor growth and prevents lung metastasis in models of advanced thyroid cancer. Endocrine-Related
    Cancer. 2020:27;123-136
	3.	Skibinski
    CG, Williamson T, Riggins GJ. Mebendazole and radiation in combination increase survival through anticancer mechanisms in an intracranial
    rodent model of malignant meningioma. J. Neuro-Oncology. 2018:140;529-538
	4.	Bai
    RY, Staedtke V, et al. Brain Penetration and Efficacy of Different Mebendazole Polymorphs in a Mouse Brain Tumor Model. Clin Cancer
    Res. 2015:21(15);3462-3470
	5.	Bai
    RY, Staedtke V, et al. Antiparasitic mebendazole shows survival benefit in 2 preclinical models of glioblastoma multiforme. Neuro-Oncology.
    2011:13(9);974-982
	6.	Bai
    RY, Staedtke V, et al. Effective treatment of diverse medulloblastoma models with mebendazole and its impact on tumor angiogenesis.
    Neuro-Oncology. 2014:0;1-10
	 	 
	7.	Williamson
    T, Bai RY, et al. Mebendazole and a non-steroidal anti-inflammatory combine to reduce tumor initiation in a colon cancer preclinical
    model. Oncotarget. 2016:7(42);68571- 68584

 

    	25

     

    

 

Exhibit
B

 

DEFINITIONS

 

“AFFILIATE”
means any corporation, licensee, partnership, joint venture or other entity, which controls, is controlled by or is under common control
with LICENSEE, as evidenced by the direct or indirect ownership of at least 50% of voting rights governing the entity or the contractual
power to control such rights.

 

“COMBINATION
PRODUCT” means a collection or group of products sold together (such as in a kit or package) that contains (i) a LICENSED PRODUCT
and (ii) one or more other functional products (“Other Products”) that has been sold separately for use without the LICENSED
PRODUCT and which is not essential to the use or practice of the LICENSED PRODUCT. For example, a diagnostic panel comprising a LICENSED
PRODUCT and an independent diagnostic biomarker.

 

“COMPLETION”
of a clinical trial milestone means first public release of TOP-LINE data.

 

“CONFIDENTIAL
INFORMATION” means information disclosed by a party (the “Disclosing Party”) to the other party (the “Receiving
Party”) in connection with performance of this AGREEMENT that (i) concern the LICENSED RIGHTS and has been maintained by the Disclosing
Party as nonpublic or proprietary information, and (ii) is marked Confidential or otherwise expressly designated as Confidential. To
be deemed CONFIDENTIAL INFORMATION, oral disclosures must (i) concern the LICENSED RIGHTS, have been maintained by the Disclosing Party
as nonpublic or proprietary information, and be described in writing as confidential by the Disclosing Party within fourteen (14) days
of disclosure to the Receiving Party. CONFIDENTIAL INFORMATION does not include information that (a) was already in the Receiving Party’s
possession before the disclosure by the Disclosing Party; (b) has been published or is later published, unless such publication is a
breach of this AGREEMENT; (c) is received by the Receiving Party from a third party not under an obligation of confidentiality; or (d)
is independently developed by the Receiving Party’s employees who did not have access to CONFIDENTIAL INFORMATION.

 

“DISCOVERED
PRODUCT” means a product, material, or service that is identified, selected or determined to have utility in whole or in part by
the use of a LICENSED PRODUCT, including the use of a screening method or assay covered by the LICENSED RIGHTS.

 

“EXECUTION
DATE” means the date that the last party to sign executes this AGREEMENT. “FIELD OF USE” is defined in Exhibit A-1.

 

“FIRST
COMMERCIAL SALE” means the first transfer by a LICENSEE to a third party for value of a LICENSED PRODUCT, with the exemption of
materials transferred for use in a clinical trial at a nominal cost to the recipient.

 

    	26

     

    

 

“HUMANITARIAN
PURPOSE” means practice of LICENSED RIGHTS in the prevention or treatment of disease in humans by or on behalf of any
QUALIFIED HUMANITARIAN ORGANIZATION (including, for clarity, practice of LICENSED RIGHTS by contractors, manufactures or
distributors acting for or on behalf of such QUALIFIED HUMANITARIAN ORGANIZATIONs on a fee-for-service, fee-for-product or
charitable basis): (i) to manufacture LICENSED PRODUCTS anywhere in the world for the sole and express purposes of distribution and
use of such LICENSED PRODUCTS in one or more LEAST DEVELOPED COUNTRIES, and (ii) to sell or otherwise distribute LICENSED PRODUCTS
for use solely in one or more LEAST DEVELOPED COUNTRIES; provided, however, that sales and distribution of LICENSED PRODUCTS shall
not be deemed made for humanitarian purposes unless products are distributed at locally-affordable prices.

 

“INNOVATORS”
means the individuals who invented, authored, or created the LICENSED RIGHTS as identified in in Exhibit A-1.

 

“JHU
INDEMNITEES” means JHU, The Johns Hopkins Hospital, The Johns Hopkins Health System Corporation, and their affiliated entities,
their present and former trustees, officers, INNOVATORS, agents, faculty, employees and students.

 

“LEAST
DEVELOPED COUNTRY” means those jurisdictions so defined by the United Nations Country Classification in the most recent United
Nations’ publication “Statistical Annex.”

 

“LICENSED
DATA” means the data specified in Exhibit A-1 that exists as of the EFFECTIVE DATE of this AGREEMENT.

 

“LICENSED
KNOW-HOW” means the know-how described in Exhibit A-1 that exists as of the EFFECTIVE DATE of this AGREEMENT.

 

“LICENSED
PARTIES” means LICENSEE, AFFILIATE, and/or SUBLICENSEE (as applicable).

 

“LICENSED
PATENTS” means the patents and patent applications listed on Exhibit A-1, and includes any foreign patent applications sharing
the same disclosure, and any divisional, continuation, or reexamination applications of the listed patents or applications, and every
patent that issues or reissues from such applications.

 

“LICENSED
PRODUCT” means any service, process, method, material, compositions, drug, or other product that (i) comprises, constitutes, or
embodies the LICENSED RIGHTS, (ii) requires use or practice of the LICENSED RIGHTS by LICENSED PARTIES or their customers, or (iii) is
a DISCOVERED PRODUCT.

 

“LICENSED
RIGHTS” means all rights respecting LICENSED PATENTS, LICENSED DATA, and LICENSED KNOW-HOW granted to LICENSEE in Article 2 of
this AGREEMENT.

 

“LICENSED
TERRITORY” means the territory specified in Exhibit A.-1. “MILESTONE” means a diligence milestone or event specified
in Exhibit A-3.

 

“NET
SALES REVENUE” means and includes the gross value of everything of value received by LICENSED PARTIES as consideration for the
SALE of LICENSED PRODUCTS or COMBINATION PRODUCTS, including the fair market value of equity, intangible rights, services and other things
of value directly provided in return for SALES except for SUBLICENSEE NON- ROYALTY CONSIDERATION, as that term is defined in Exhibit
A-2 of this AGREEMENT.

 

NET
SALES REVENUE generated from COMBINATION PRODUCTS shall be determined with the formula: COMBINATION PRODUCT NET SALES REVENUE = NET
SALES REVENUE*C/(C+D), where C is the total gross invoice price of the LICENSED PRODUCT when sold separately and D is the total
gross invoice price of the Other Product(s) when sold separately. In the event that no such separate sales are made of the LICENSED
PRODUCT or Other Product in such COMBINATION PRODUCT during the royalty paying period in question, NET SALES REVENUE, for the
purposes of determining ROYALTY payments shall be calculated using the above formula where C is the commercial value of the LICENSED
PRODUCT sold separately and D is the commercial value of the Other Product(s) active ingredients or components sold separately. Any
such estimates shall be determined using criteria to be mutually agreed upon by the parties. Such estimates shall be reported to JHU
with the reports to be provided pursuant to Section 5.1 hereof. The term “Other Products” does not include solvent,
diluents, excipients, buffers or the like used in formulating a product.

 

    	27

     

    

 

NET
SALES REVENUE excludes the following items, provided they are separately invoiced to and paid by a purchaser of LICENSED PRODUCTS and
thereafter paid or remitted by a LICENSED PARTY:

 

	 	●	import,
    export, excise and sales taxes, and custom duties;
	 	●	shipping
    charges and transportation from the place of manufacture to the customer’s premises or point of installation;
	 	●	cash,
    trade or quantity discounts actually granted to end users;
	 	●	patient
    assistance and co-pay programs;
	 	●	sales
    rebates actually paid or credited to end users including managed care rebates and chargebacks; and
	 	●	allowances
    or credits to end users because of rejections or returns.

 

For
clarity, NET SALES REVENUE shall not include SALES between LICENSED PARTY and its AFFILIATES or SUBLICENSES for the purpose of subsequent
resale to a third party, but shall include SALES by AFFILIATES or SUBLICENSEES to Third Parties. In the event that the LICENSED PRODUCT
is consumed, depleted or exhausted by the AFFILIATE or SUBLICENSEE, then such use shall be deemed a SALE.

 

“PATENT
COSTS” means all costs of prosecuting and maintaining any LICENSED PATENT, including reasonable attorneys’ fees and expenses,
and fees for patent filing(s), maintenance, annuities, translation, and defense against claims of infringement or invalidity, including
fees and costs incurred in administrative proceedings or disputes pursuant to the America Invents Act of 2011 (such as an Inter Partes
Review, Post Grant Review or Derivation Proceedings before the U.S. Patent Trial and Appeal Board), incurred by JHU. PATENT COSTS excludes
PAST PATENT COSTS.

 

“PAST
PATENT COSTS” means all PATENT COSTS that are incurred by JHU prior to the EXECUTION DATE of this AGREEMENT and are able to be
billed to LICENSEE on the EXECUTION DATE. For the avoidance of doubt, those PATENT COSTS incurred before the EXECUTION DATE but not available
for billing until after the EXECUTION DATE will be billed as PATENT COSTS.

 

“PATENT
RIGHTS” means the rights granted to LICENSEE in respect of the LICENSED PATENTS (and subject to the rights reserved or maintained
by JHU).

 

    	28

     

    

 

“QUALIFIED
HUMANITARIAN ORGANIZATION” means any governmental agency, non- governmental agency or other not-for-profit organization that
has as one of its bona fide missions to address the public health needs of underserved populations on a not-for-profit basis.
For clarity, QUALIFIED HUMANITARIAN ORGANIZATIONS do not include non-governmental agencies and not-for-profit organizations that are
formed or established for the benefit of any for-profit entity.

 

“REGISTRATIONAL
CLINICAL TRIAL” means, with respect to a given Product, either: (a) a Phase III Clinical Trial with such Product; or (b) a Phase
IIb Clinical Trial that, at the time of commencement, is expected to be the basis for initial Regulatory Approval of such Product.

 

“ROYALTIES”
means payments owed to JHU in consideration of the rights granted to LICENSED PARTIES under this AGREEMENT that are determined as a percentage
of NET SALES REVENUE as explicitly set forth in Exhibit A-2 of this AGREEMENT.

 

“SALE”
means a sale, license, lease, performance, transfer, delivery, contract to provide, or other disposition or conveyance for value of a
LICENSED PRODUCT.

 

“SUBLICENSE”
means an agreement in which LICENSEE (i) grants or otherwise transfers any of the LICENSED RIGHTS, (ii) agrees not to assert or seek
a legal remedy for the practice of LICENSED RIGHTS, or (iii) creates an obligation to grant, assign or transfer any LICENSED RIGHTS to
any other entity (other than an AFFILIATE).

 

“SUBLICENSEE”
means any person or entity to which LICENSEE has granted a SUBLICENSE under this AGREEMENT.

 

“SUBLICENSE
NON-ROYALTY CONSIDERATION” is defined in Exhibit A-2 of this AGREEMENT.

 

“TOP-LINE
DATA” means, with respect to a clinical study, a summary of patient demographic data, data for the primary endpoint, and safety
data derived from the unblinded, locked clinical trial database.

 

“VALID
CLAIM” means (i) any claim of an issued and unexpired patent within the LICENSED PATENTS that has not been (a) conclusively revoked
or held unenforceable, unpatentable or invalid by a competent court or tribunal and which is unappealable or unappealed in the time allowed
for appeal, and (b) irrevocably disclaimed, cancelled, withdrawn or abandoned or admitted to be invalid or unenforceable through reissue,
disclaimer or otherwise; or (ii) a pending claim of a pending patent application within the LICENSED PATENTS.

 

    	29

     

    

 

Exhibit
C

 

Quarterly
Sales and Royalty Report

 

 

    	30

     

    

 

Exhibit
D

 

Diligence
and Annual Report

 

LICENSEE
Name: _______________________________________________________________

 

JHU
Agreement Number: ___ A40219 __________________________________________________

 

JHU
Reference Number(s) C13270, _________ , __________ , __________ ,

 

Reporting
Period: From ______________         To  _______________

 

A
description of progress by LICENSED PARTIES toward commercialization of LICENSED PRODUCTS, including work completed, key scientific discoveries,
summary of work-in- progress, current schedule of anticipated events or MILESTONES, market plans (if any), significant corporate transactions
and documents sufficient to evidence each.

 

A
description and documentation of all FDA or other governmental filings and/or approvals regarding any LICENSED PRODUCT or LICENSED RIGHTS.

 

Certificate
of Insurance or other evidence of insurance

 

________is
attached

 

Identification
of all LICENSED PARTIES (AFFILIATE and SUBLICENSEE):

 

_________NONE

_________List
attached with description of rights exercised.

 

SUBLICENSE(s)
entered during the year:

 

_________NONE

(copy
of each SUBLICENSE attached)

 

A
description of any Material Event (e.g., change of control, name change or other significant change related to this AGREEMENT or LICENSEE:

 

_________NONE

 

Details:

 

    	31

     

    

 

SEND
DILIGENCE AND ANNUAL DILIGENCE REPORT TO:

 

	Via
    mail or private mail carrier:	Via
    email (Preferred):
	 	 
	Licensee
    Reporting Group	JHTVReports@JHU.EDU
	 	 
	Johns
    Hopkins Technology Ventures	Expect
    Auto-Reply
	 	 
	The
    Johns Hopkins University	No
    Auto-Reply?
	 	 
	1812
    Ashland Avenue, Suite 110	Contact:
	 	 
	Baltimore,
    MD 21205	Marlene
    Moore at
	 	 
	Telephone
    for overnight courier: 410-614-0300	mmoore26@jhmi.edu
    or 410-614-0300

 

Interested
in reporting via our Licensee Reporting Portal? Contact us at JHTVReports@JHU.edu to request details about this reporting option.

 

    	32

     

    

 

Exhibit
E

 

Required
Insurance Coverages

 

	1.	Assumption
                                            of Liability. LICENSEE hereby assumes full liability for any and all lawsuits, claims,
                                            demands, judgments, costs, fees (including attorney’s fees), expenses, injuries or
                                            losses arising from or relating to its use of the LICENSED PRODUCTS.

 

	2.	Insurance.
                                            LICENSEE will obtain and maintain Comprehensive General Liability Insurance with a reputable
                                            and financially secure insurance carrier acceptable to JHU. Prior to initial human testing
                                            or FIRST COMMERCIAL SALE of any LICENSED PRODUCT, LICENSEE will obtain and maintain in addition
                                            to the Comprehensive General Liability Insurance, Product Liability Insurance with a reputable
                                            and financially secure insurance carrier acceptable to JHU, to cover any liability arising
                                            from or relating to the LICENSED PRODUCTS. The insurance policy shall provide minimum coverage
                                            in the amounts and subject to the provisions below.

 

	3.	General.
                                            LICENSEE shall obtain and maintain, in full force and effect and at LICENSEE’s sole
                                            cost and expense insurance policies providing:

 

	 	a)	Commercial
    general liability insurance (including coverage and any necessary endorsements for products /completed operations as well as for
    clinical trials if any such trials are to be performed by or on behalf of LICENSEE) which provides, for each annual policy period,
    coverage of no less than the minimum limits specified below for injury, death and property damage resulting from each occurrence
    during the policy period; and
	 	 	 
	 	b)	If
    required by law, worker’s compensation insurance.

 

	4.	Initial
                                            Policy Limits. The commercial general liability and products liability coverages shall
                                            have the following minimum limits:

 

	 	a)	Commercial
    general liability: one million dollars ($1,000,000) each occurrence, two million dollars ($2,000,000) general aggregate. LICENSEE
    shall have thirty (30) days following the Effective Date to obtain such coverage.
	 	 	 
	 	b)	Products
    liability: From the date immediately prior to initial human testing or first Commercial SALE: $5,000,000 per claim and $10,000,000
    in the aggregate.
	 	 	 
	 	c)	JHU
    may periodically evaluate the adequacy of the minimum coverage of insurance and coverage limits specified in this AGREEMENT. JHU
    reserves the right to require LICENSEE to adjust the insurance coverage by modifying the types of required coverages, the limits
    and/or financial rating and/or the method of financial rating of LICENSEE’s insurers as such changes are required of JHU by
    its insurance carrier. JHU shall provide LICENSEE with reasonable notice, contingent on JHU receiving timely notice from its insurance
    carrier, of any proposed modification, and, if so requested by LICENSEE, discuss any proposed modifications in good faith.

 

	5.	Policy
                                            Requirements. Each policy of insurance required by this AGREEMENT shall:

 

	 	a)	be
    issued by reputable and financially secure insurance carriers having at least an A- rating (A- rating or above by A.M. Best) and
    an A.M. Best Class Size of at least VIII,
	 	 	 
	 	b)	list
    each of JHU, its trustees, officers, employees, faculty, staff, students, agents and their successors, heirs and assigns as additional
    insureds,

 

    	33

     

    

 

	 	c)	be
    endorsed to provide that the insurer waives all subrogation rights it has or may have against any additional insured, and
	 	 	 
	 	d)	be
    primary in respect of all additional insureds.

 

	6.	Evidence
                                            of Insurance. LICENSEE shall provide JHU with a Certificate of Insurance from each such
                                            insurer which evidences compliance by LICENSEE with its obligations under this AGREEMENT.
                                            Upon the request of JHU, LICENSEE shall provide JHU with a copy of the policy, status of
                                            claims and claims history respecting any of the insurance required to be maintained by LICENSEE
                                            under this AGREEMENT. Further, LICENSEE will not cancel or fail to renew the identified insurance
                                            without giving JHU at least thirty (30) days’ prior written notice of such cancellation.

 

	7.	Primary
                                            Coverage. All insurance of LICENSEE will be primary coverage; other insurance of JHU
                                            and JHU Indemnities will be excess and noncontributory.

 

	8.	Clarifications.
                                            For the avoidance of doubt, the minimum insurance coverage and limits set forth in this AGREEMENT
                                            do not constitute a limitation on LICENSEE’s liability or obligations to indemnify
                                            or defend JHU and the JHU INDEMNITEES and any other additional insured under this AGREEMENT.

 

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]