Document:

Amendment
No. 1 to

Research
and Development Services Agreement

 

This
Amendment No. 1 to Research and Development Services Agreement
(this “Amendment”) dated as of February 17th, 2016 (the “Amendment Date”) is entered into between OncoSec
Medical Incorporated, a Nevada corporation (hereinafter, “Company”), having offices at 5820 Nancy Ridge Drive,
San Diego, California 92121, and Rev.1 Engineering Inc., a California corporation
(hereinafter, “Rev.1”), having offices at 41693 Date Street, Murrieta, California 92562, with respect to the following
facts:

 

A.
The Parties entered into the Research and Development Services Agreement dated as of March 3, 2015 (the “Agreement”).
All terms used, but not defined, herein shall have the respective meanings set forth in the Agreement.

 

B.
The Parties now desire to amend the Agreement in certain respects on the terms and conditions set forth below.

 

Now
Therefore, in consideration of the foregoing
premises and the mutual covenants set forth below, the Parties hereby amend the Agreement and otherwise agree as follows:

 

1.
Amendments.

 

1.1
Exhibit A to the Agreement is hereby amended and restated to read in full as set forth on Attachment 1 hereto.

 

1.2
Exhibit B to the Agreement is hereby amended and restated to read in full as set forth on Attachment 2 hereto.

 

1.3
Attachment 3 hereto is hereby incorporated into the Agreement as Exhibit C.

 

1.4
Section 4(a) of the Agreement is hereby amended by deleting the words “Exhibit ‘B’” and replacing them
with “Exhibit ‘A’”.

 

2.
Miscellaneous.

 

2.1
This Amendment shall be effective for all purposes as of the Amendment Date. Except as otherwise expressly modified by this Amendment,
the Agreement shall remain in full force and effect in accordance with its terms.

 

2.2
This Amendment may be executed in counterparts, each of which shall be deemed to be an original and together shall be deemed to
be one and the same agreement.

 

2.3
This Amendment has been executed in the State of California and its validity, construction, and all rights under it shall be governed
by the laws of the State of California without reference to conflicts of law principles.

 

    		Page 1 of 8	 

    	 		 

    

 

In
Witness Whereof, the Parties have duly executed
and delivered this Amendment as of the Amendment Date.

 

	Rev.1
    Engineering Inc.	 	OncoSec
    Medical Incorporated
	 	 	 	 	 
	By:	 	 	By:	 
	 	Phillip
    Burke	 	 	Punit
    S. Dhillon
	 	COO	 	 	President
    and CEO

 

    		Page 2 of 8	 

    	 		 

    

 

Attachment
1

 

Exhibit
A – Services; Compensation

 

A.
Services

 

Services
(and related Products) shall be described in Statements of Work in substantially the form attached hereto as Exhibit B. As shown
on Exhibit B, each Statement of Work should include, among other things, a term, a description of Services to be performed, deliverable(s)
(or percentage progress toward deliverable(s)), and a budget. Each Statement of Work executed under this Agreement shall be incorporated
into this Agreement and be governed by its terms.

 

At
least sixty (60) days prior to the commencement of each Period (as identified in the table below) after Period 1, the Parties
shall begin negotiation of a Statement of Work for that Period.

 

During
each Period, the Parties shall hold regular meetings (at least monthly) to monitor activity and discuss any changes to or deviations
from the Services described in the Statement of Work. Significant changes or deviations must be documented in (i) a Change Order
in substantially the form attached hereto as Exhibit C, or (ii) a new Statement of Work.

 

	Period	 	Dates	 	Min. Spend

    during Period	 	 	Deposit Amount Applied

    to Period	 	 	Monthly 

    Retainer	 
	1	 	Jan. 1 – June 30, 2016	 	$	250,000	 	 	$	50,000	 	 	$	3,333/mo.	 
	2	 	July 1 – Dec. 31, 2016	 	$	400,000	 	 	$	80,000
                                         (plus rollover)	 	 	$	5,333/mo.	 
	3	 	Jan. 1 – June 30, 2017	 	$	500,000	 	 	$	100,000
                                         (plus rollover)	 	 	$	6,666/mo.	 
	4	 	July 1 – Dec. 31, 2017	 	$	500,000	 	 	 	Remainder
                                         (inc. rollover)	 	 	$	6,666/mo.	 
	5	 	Jan. 1 – June 30, 2018	 	$	544,963	 	 	 	Remainder
                                         (inc. rollover)	 	 	$	7,266/mo.	 

 

B.
Compensation

 

This
is a Time and Materials contract. Monthly invoices will be provided for Services provided. Payment of each invoice is due within
fifteen (15) calendar days of Company’s receipt of such invoice. A late payment penalty of two percent (2%) will be imposed
following any payments that are deemed late and will be due immediately.

 

Rev.1
estimates total labor under the Agreement of $2,455,000 and total expenses under the Agreement of $928,000, for an estimated total
of $3,383,000. Company has placed a purchase order with Rev.1 in that amount.

 

The
Company has paid to Rev.1 an initial deposit of $350,000 (the “Deposit”). 10% of each invoice related to the Agreement
shall be offset by the Deposit, reducing the Deposit accordingly. As of the start of Period 1 (January 1, 2016), $235,827 of the
Deposit remains outstanding.

 

    		Page 3 of 8	 

    	 		 

    

 

A
portion of the Deposit has been allocated to each Period according to the table above. Any Deposit allocated to a Period and remaining
(i.e., not applied against an invoice or forfeited as described below) at the end of the Period shall “roll over”
to the next Period, in addition to any Deposit amount allocated to that next Period.

 

If
at the conclusion of a calendar month (i) the Company has not yet used/completed Services for the applicable Period that meet
or exceed the Minimum Spend for the applicable Period (as identified above), and (ii) the Company did not request Services for
the month that met or exceeded the Monthly Retainer for such calendar month (as identified above), the Company shall owe Rev.1
the Monthly Retainer for such month, and Rev.1 may invoice the Company for such monthly retainer, less the 10% portion that shall
be applied against the Deposit as described above. Should the Company receive Services in a subsequent month during the same Period,
Rev.1 shall credit Monthly Retainer payments it has received against the invoices for such Services.

 

If
at the conclusion of a Period the Company has not requested Services for the applicable Period that meet or exceed the Minimum
Spend for the applicable Period (i) any Deposit amounts that were allocated to such Period (including amounts “rolled over”
from previous periods) and remain outstanding shall be forfeited by the Company and considered earned by Rev.1, and (ii) any Monthly
Retainer payments applicable to such Period and not credited against Services during the Period shall be forfeited by the Company
and considered earned by Rev.1.

 

The
Deposit will be consumed over the term of the Agreement as described above until all projects are complete. Any remaining Deposit
will be applied to the final project invoice. Except as provided in Section 5(a), upon conclusion of the Agreement and after payment
of the final invoice, any remaining portion of the Deposit will be returned to the Company.

 

    		Page 4 of 8	 

    	 		 

    

 

Attachment
2

 

Exhibit
B – Form of Statement of Work

 

Statement
of Work No. _______

 

This
Statement of Work (this “SOW”) dated as of ___________, 201__ (the “Project Effective Date”), is subject
to and governed by the Research and Development Services Agreement (the “Agreement”) effective as of March 3, 2015
and amended as of February 17th, 2016, between ONCOSEC Medical Incorporated, a
Nevada corporation (“OncoSec”), with a place of business at 5820 Nancy Ridge Drive, San Diego, California 92121, and
Rev.1 Engineering Inc., a California corporation (“Rev.1”), having
a place of business at 41693 Date Street, Murrieta, California 92562.

 

All
terms used, but not defined in this SOW, shall have the respective meanings set forth in the Agreement.

 

OncoSec
hereby engages Rev.1 to perform the Project described below on the terms and conditions of this SOW and the Agreement. Rev.1 hereby
accepts such engagement, and shall perform such Project and otherwise act in strict accordance with the terms and conditions of
this SOW and the Agreement.

 

	 	A.	Project
    Name:	 	 

 

	 	B.	Project
    Effective Date:	 	 

 

	 	C.	Project
    End Date:	 	 

 

	 	D.	Services:	 	 

 

	 	a.	Project
    description:	 	 

 

	 	b.	Project
    work product, milestones, and other deliverables:

 

	 	i.	 	 	 
	 	 	 	 	 
	 	ii.	 	 	 

 

	 	iii.	 	Other
    related Research and Development Services, as requested by OncoSec

 

	 	E.	Project
    materials and other technology to be provided by OncoSec (if any):

 

	 	a.	 	 
	 	 	 	 
	 	b.	 	 

 

    		Page 5 of 8	 

    	 		 

    

 

	 	F.	Project
    budget/estimate (attach detailed budget if appropriate):

 

	 	a.	 	 
	 	 	 	 
	 	b.	 	 

 

The
term of the Project described herein shall commence on the Project Effective Date and shall continue until the earlier of the
date on which the Project is completed or the Project End Date, unless this SOW is terminated by either party upon 10 days’
written notice.

 

IN
WITNESS WHEREOF, the parties hereto have each caused this SOW to be executed by their duly-authorized representatives as of the
date first set forth above.

 

	 	OncoSec
    Medical Incorporated
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Rev.1
    Engineering Inc.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    		Page 6 of 8	 

    	 		 

    

 

Attachment
3

 

Exhibit
C – Form of Change Order

 

Change
Order No. _______ for Task Order No. _______

 

This
Change Order (this “Change Order”) dated as of ___________, 201__ (the “Change Date”), hereby amends the
Task Order No. ___ (the “Task Order”) pursuant to the Research and Development Services Agreement (the “Agreement”)
effective as of March 3, 2015 and amended as of February 17th, 2016, between ONCOSEC Medical
Incorporated, a Nevada corporation (“OncoSec”), with a place of business at 5820 Nancy Ridge Drive, San Diego,
California 92121, and Rev.1 Engineering Inc., a California corporation (“Rev.1”),
having a place of business at 41693 Date Street, Murrieta, California 92562.

 

This
Change Order is subject to and governed by the Agreement.

 

Effective
as of the Change Date, the Task Order hereby is amended as follows:

 

	 	A.	Changes
    to Project End Date:	 	 

 

	 	B.	Changes
    to Services to be performed by Rev.1:

 

	 	a.	Changes
    to Project description:
	 	 	 	 

 

	 	b.	Changes
    to Project work product, milestones, and other deliverables:	 
	 	 	 	 

 

	 	C.	Changes
    to Project materials and other technology to be provided by OncoSec:	 
	 	 	 	 

 

	 	D.	Changes
    to Project budget/estimate:	 	 

 

Except
as otherwise expressly amended hereby, the remaining terms and conditions of the Task Order shall remain in full force and effect.

 

    		Page 7 of 8	 

    	 		 

    

 

IN
WITNESS WHEREOF, the parties hereto have each caused this Change Order to be executed by their duly-authorized representatives
as of the date first set forth above.

 

	 	OncoSec
    Medical Incorporated
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Rev.1
    Engineering Inc.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    		Page 8 of 8sjdocs-7218256v2third_amendm.htm - Generated by SEC Publisher for SEC Filing

NATION ENERGY INC.

Suite F - 1500 West 16th Avenue

Vancouver BC V6H 4B9 Canada

May 31, 2016

TO:                  Paltar Petroleum Limited

1555 Blake Street, Suite 1002

Denver, Colorado  80202 

Attention:         Mr.
Marc A. Bruner 

Dear Sirs:

RE:      Third Amendment to Third Amended and Restated
Agreement

By this letter, effective as of May 31, 2016,
Nation Energy Inc. (“Nation”) and Paltar Petroleum Limited (“Paltar”)
amend their Third Amended and Restated Agreement dated August 30, 2015 and
amended by the First Amendment to Third Amended and Restated Agreement dated
effective December 17, 2015 and further amended by the Second Amendment to
Third Amended and Restated Agreement dated effective February 8, 2016 (as
amended the “Agreement”), principally to extend the time allowed for certain
actions contemplated in the Agreement.  Capitalized terms not specifically defined
in this Third Amendment to Third Amended and Restated Agreement (the “Amendment”)
shall have the meaning accorded them in the Agreement.  All dollar amounts in
this Agreement are expressed in Australian dollars.  Marc A. Bruner (“Bruner”)
and John R. Hislop (“Hislop”), as major shareholders (indirectly or
directly) of Paltar and Nation, respectively, agree to the terms of this
Amendment.  

Nation and Paltar amend the Agreement as
follows:

1.                 
The first sentence of Item 1 of the Agreement is
hereby amended in its entirety as follows:

Effective May 31, 2016 (the “Earn-In Closing Date”) and under seven
separate earning agreements (the “Earning Agreements”), Paltar will farm out certain
interests in exploration permits EP 136, EP 143, EP 231, EP 232, EP 234, and EP
237 and will cause Officer to farm out interests in EP 468 (collectively, the
“Nation Blocks”) to Nation Energy (Australia) Pty Ltd, an Australian limited
company and wholly owned subsidiary of Nation (“Nation Australia”), in exchange
for the consideration specified in each Earning Agreement.

2.                 
Item 2 of the Agreement is deleted in its
entirety and replaced with the words “[Reserved].”

3.                 
Item 3 of the Agreement is hereby amended in its
entirety as follows:

Within seven (7) days after delivery to Nation of
Paltar’s audited financials as set forth in Item 18(d) of this Agreement,
Nation shall issue an aggregate of 900,000,000 Nation common shares (the
“Earning Agreement Shares”) to Paltar, with an agreed upon value of US$0.03 per
share.

4.                 
Item 4 of the Agreement is hereby amended in its
entirety as follows:

Effective as of the Earn-In Closing Date, the option agreement
previously executed on August 30, 2015 between Paltar and Nation , as amended
(the “Option Agreement”), is terminated and of no further effect, except that: 
(i) Nation still retains the right to acquire the Assets and Applications (as
each are defined in the Option Agreement) to the extent such acquisition is not
provided for by the Earning Agreements, (ii) the consideration for the
acquisition specified in (i) will be satisfied by the
consideration paid under the Earning Agreements and as may be set forth in this
Agreement, (iii) the representations, warranties and covenants made by Paltar
in the Option Agreement are hereby adopted into this Item 4 of this Agreement,
and (iv) Paltar and Nation shall subsequently agree on any closing procedures
in the event the acquisition specified in this Item 4 is to occur.

 

5.                 
Item 5 of the Agreement is deleted in its
entirety and replaced with the words “[Reserved].”

6.                 
Item 18(b) of the Agreement is hereby amended in
its entirety as follows:

(b)  Within 60 days after the issuance of the Earning Agreement
Shares, Nation shall file a registration statement with the SEC seeking
registration under the Securities Act of 1933 of as many of the approximately
1.05 billion shares of common stock of Nation (on a pro rata basis) anticipated
then to be beneficially owned by Hislop and Paltar as may be permitted by the
SEC. As soon as practicable after the Earn-In Closing Date the parties may, at
the request of Hislop or Paltar, as applicable, negotiate and sign a
Registration Rights agreement with Hislop or Paltar, or both, as applicable,
which sets out these rights and provides for penalties if registration does not
occur as contemplated;

7.                 
Item 18(d) of the Agreement is hereby amended in
its entirety as follows:

(d)  As soon as practicable after May 31, 2016, Paltar
shall deliver to Nation consolidated financial statements for Paltar’s three
most recently completed fiscal years audited pursuant to Australian generally
accepted accounting principles, together with such additional fiscal period
financial statements as may be required under SEC regulations; and

8.                 
Item 11 of the Agreement is hereby amended by replacing
the phrase “alternatively, in the event that an Exchange Transaction is not
consummated on or prior to December 16, 2015 and the Earning Agreement Shares
are issued on February 19, 2016” in 11(B) with the phrase “upon the issuance of
the Earning Agreement Shares”.

9.                 
The Agreement is hereby amended generally by
replacing the term “Exchange Transaction” with “Transactions” except for the
first instance of Exchange Transaction in the introductory paragraph.

No
changes or amendments other than those expressly set forth above are being made
in the Agreement.  Nation and Paltar confirm and ratify the validity and
current effectiveness of the Agreement, as amended by this Amendment.

[Remainder
of page intentionally left blank]

 

 

 

 

If the foregoing
correctly sets out our agreed amendments, please execute this letter in the
space provided.

 

NATION ENERGY
INC.                                                       PALTAR PETROLEUM
LIMITED

 

 

Per:      /s/ John R. Hislop                          
                             Per:      /s/ Marc A. Bruner                   

        Authorized Signatory 

        John R. Hislop, CEO &
President                                                        Authorized
Signatory

 

AGREED TO
AND ACCEPTED,

 

                                                            )

/s/
Zachary M. Bruner                          )

Witness
Signature                                )

                                                            )

Zachary
M. Bruner                              )           /s/
Marc A. Bruner                               

Name                                                   )           MARC
A. BRUNER

                                                            )

Blavenweg
29, Metzerlen,                   )

 Switzerland
4116                                )

Address                                               )

 

                                                            )

 

                                                            )

/s/David
W. Peat                                  )

Witness
Signature                                )

                                                            )

David
W. Peat                                      )           /s/
John R. Hislop                                

Name                                                   )           JOHN
R. HISLOP

241295
Simpson Loan                         )

Edinburgh,
Scotland                            )

Address                                               )

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