Document:

Exhibit 10.1

 

 

 

Joint
Venture Agreement

 

 

 

dated

 

October 6, 2021

 

by

 

ABVC Biopharma,
inc.

ABVC

 

and

 

Lucidaim Co., Ltd.

Lucidaim

 

and

 

BioLite Japan K.K.

Company

 

     

     

    

 

Table of contents

 

	1.	Interpretation	1
	 	 	 
	2.	Conditions	5
	 	 	 
	3.	Subscription for Shares	5
	 	 	 
	4.	The Business	6
	 	 	 
	5.	Directors and management	6
	 	 	 
	6.	Financing	8
	 	 	 
	7.	Shareholders’ consent	9
	 	 	 
	8.	Continuing obligations	9
	 	 	 
	9.	Distribution policy	10
	 	 	 
	10.	Restrictive covenants	11
	 	 	 
	11.	Intellectual Property	12
	 	 	 
	12.	Transfer of Shares	12
	 	 	 
	13.	Term and termination	15
	 	 	 
	14.	Deadlock	17
	 	 	 
	15.	Representation and Warranties	18
	 	 	 
	16.	Confidentiality and announcements	19
	 	 	 
	17.	Relationship with ABVC Group and Lucidaim Group	20
	 	 	 
	18.	Tax matters	21
	 	 	 
	19.	Conflict with articles	21
	 	 	 
	20.	No partnership	21
	 	 	 
	21.	Survival of Representations and Warranties; Indemnification	21
	 	 	 
	22.	Counterparts	24
	 	 	 
	23.	Further assurance	24
	 	 	 
	24.	Waiver	24
	 	 	 
	25.	Entire agreement	25
	 	 	 
	26.	Notices	25
	 	 	 
	27.	Costs	26
	 	 	 
	28.	No Third-Party Beneficiaries	26
	 	 	 
	29.	Amendments	26
	 	 	 
	30.	Continuing effect	26
	 	 	 
	31.	Illegality and Severability	26

 

    i

     

    

 

	32.	Successors and Assigns	27
	 	 	 
	33.	Governing law and Arbitration	27
	 	 	 
	34.	Advice of Counsel	27
	 	 	 
	35.	Captions	27
	 	 	 
	36.	Governing language	27

 

Schedule 1

The Company

 

Schedule 2

Conditions Precedent

 

Schedule 3

Reserved Matters

 

Schedule 4

Part 1: Roulette Notice

Part 2: Acceptance Notice

 

Schedule 5

Share Transfer Provisions

 

Exhibit

Form of Share Transfer Agreement

 

    ii

     

    

 

Joint Venture Agreement

 

This Agreement is dated
October 6, 2021

 

Between

 

ABVC BioPharma, Inc.,
a Nevada corporation with its principal place of business located at 44370 Old Warm Springs Blvd., Fremont, CA 94538, U.S.A. (“ABVC”);

 

Lucidaim Co., Ltd., a
Japanese corporation with its principal place of business located at 4-26-37 Najima, Higashi-ku, Fukuoka-shi, Fukuoka 813-0043, Japan
(“Lucidaim”); and

 

BioLite Japan K.K., a
Japanese corporation with its principal place of business located at 3-8-3 Nihonbashi Honcho, Chuo-ku, Tokyo 103-0023, Japan (“Company”).

 

ABVC, Lucidaim and Company are
referred to herein individually as a “Party” and, collectively, the “Parties”.

 

Recitals

 

		A.	WHEREAS, the Company is a private limited company (a Japanese Kabushiki Kaisha) incorporated on
18 December 2018 and at the date of this Agreement has an issued share capital of JPY thirty million four hundred ninety thousand (30,490,000)
with three thousand forty nine (3,049) ordinary shares. One thousand five hundred one (1,501) ordinary shares out of such three thousand
forty nine (3,049) ordinary shares have been issued nil paid and are held by Lucidaim and the remaining one thousand five hundred forty
eight (1,548) ordinary shares have been issued nil paid and are held by ABVC. Further details of the Company as at the time immediately
prior to the execution of this Agreement are set out in Schedule 1;

 

		B.	WHEREAS, the Shareholders now wish to invest in and operate the Company as a joint venture for the purposes
and on the terms set out below; and

 

		C.	WHEREAS, the Shareholders propose to conduct the business operations of the Company as set forth in, subject
to, and under the terms and conditions contained in this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements and undertakings contained herein, the Parties, intending to be legally bound, hereby agree as follows:

 

AGREEMENT

 

		1.	Definitions

 

The following terms
used in this Agreement have the meanings ascribed to them below (unless otherwise expressly provided herein):

 

“ABVC Director”
means a director appointed by ABVC in accordance with the Articles.

 

“ABVC Group”
means the group of companies comprising ABVC, any holding company from time to time of ABVC and any subsidiary of ABVC or of any such
holding company and “member of the ABVC Group” shall be construed accordingly. ABVC Group includes without limitation
BioFirst Corporation, a Taiwanese corporation with its principal place of business located at 3F, 248, Sec 1 Neihu Rd, Taipei, 11493,
Taiwan.

 

“ABVC Indemnified
Parties” has the meaning set forth in Section 21.2(b).

 

“Affiliate”
means, with respect to any Person, any Person directly or indirectly Controlling, Controlled by, or under common Control with such other
Person.

 

“Agreement”
has the meaning set forth in the Preamble.

 

    1

     

    

 

“Ancillary
Agreements” means License Agreement and any other agreement between the Parties or their respective Affiliates to be executed
in the agreed form, as may be amended from time to time.

 

“Anti-Corruption
Laws” means any applicable foreign or domestic anti-bribery and/or anti-corruption laws and regulations, including the Penal
Code in Japan (Act No. 45 of 1907 as amended), the Unfair Competition Prevention Act in Japan (Act No. 47 of 1993 as amended), the UK
Bribery Act 2010, the US Foreign Corrupt Practices Act 1977 and any laws and regulations intended to implement the OECD Convention on
Combating Bribery of Foreign Public Officials in International Business Transactions.

 

“Articles”
means the new articles of association of the Company as amended from time to time.

 

“Associated
Company” means, in relation to a Shareholder, any holding company from time to time and any subsidiary of the Shareholder or
of any such holding company.

 

“Associated
Person” means, in relation to a company, a person (including an employee, agent or subsidiary) who performs services for or
on behalf of that company.

 

“Applicable
Law” means any applicable statute, law, rule, regulation, ordinance, order, code, ruling, judgment, writ, injunction, decree,
or other official act of or by any Governmental Authority.

 

“Business”
means research and development of drugs, medical device and digital media, investment, fund running and consulting, distribution and marketing
of supplements carried on by the Group in Japan or such other business or businesses as may from time to time be agreed by an amendment
to this Agreement.

 

“Business
Day” means a day other than a Saturday, Sunday, or other day on which commercial banks in Japan are authorized or required by
law to close.

 

“Business
Plan” means the Business Plan for the Company in the agreed form and thereafter as amended from time to time by the Shareholders
in accordance with the provisions of this Agreement setting out details of the Company’s strategic planning for the then current
and five succeeding Financial Years in respect of customers (including market development and capacity growth), resourcing, capital expenditure
and financing.

 

“Companies
Act” means the Companies Act of Japan (Act No. 86 of 2005 as amended).

 

“Change
of Control” means with respect to a Party, a change of the Person that has Control, directly or indirectly, of that Party.

 

“Completion”
has the meaning set forth in Section 3.

 

“Completion
Date” means the first Business Day following fourteen (14) days after the satisfaction or waiver of the last Condition to be
satisfied or waived or such other date as the Shareholders may agree.

 

“Conditions”
means the conditions precedent referred to in Section 2.

 

“Confidential
Information” means Know How, trade secrets and other information of a confidential nature (including all proprietary technical,
industrial and commercial information and techniques in whatever form (including computer disks or tapes) that information may be recorded
or stored).

 

“Consumption
Tax” means Japanese consumption tax as defined in the Consumption Tax Act in Japan (Act No. 108 of 1988 as amended).

 

    2

     

    

 

“Control,”
“Controlling,” or “Controlled” means the ownership of more than 50% of the equity interests of a
Person, or the right, contractual or otherwise, to control the management and operations of a Person.

 

“Director”
means a director of the Company.

 

“Encumbrance”
means, with respect to any property, any mortgage, lien, pledge, charge, security interest, restriction, preemptive, preferential, or
similar purchase rights, hypothecation, and/or encumbrances of any kind, title defect, easement, or invalidity of leasehold interests
in respect of such property.

 

“Excluded
Liabilities” means (i) any indebtedness of the Parties; (ii) any Damages related or attributable to any business of the Parties
other than the Business; and (iii) any Damages related or attributable to the businesses of the Parties conducted prior to the Completion
Date.

 

“Execution
Date” has the meaning set forth in the Preamble.

 

“Financial
Year” means the financial year of the Company being December 1 to November 30.

 

“Group”
means the group of companies comprising the Company and any subsidiary or subsidiary undertaking of the Company and “member of
the Group” or “Group Company” shall be construed accordingly.

 

“Governmental
Authority” means (i) any foreign or domestic, federal, territorial, state, or local governmental authority; (ii) quasi-governmental
authority, instrumentality, court, commission, or tribunal; (iii) any regulatory, administrative, or other agency; or (iv) any political
or other subdivision, department, or branch of any of the foregoing.

 

“Indemnified
Party” means the Party and/or other Persons having the right to be indemnified with respect to Liabilities by the Indemnifying
Party.

 

“Indemnifying
Party” has the meaning set forth in Section 21.4(a).

 

“Indemnity
Deductible” has the meaning set forth in Section 21.3(a).

 

“Individual
Indemnity Threshold” has the meaning set forth in Section 21.3(a).

 

“Insolvency
Event” means, by reference to any member of the Group:

 

		(a)	a court making an order for the winding-up, bankruptcy, dissolution, liquidation, administration, reorganisation
or rehabilitation (excluding any solvent reorganisation otherwise permitted by the Finance Documents) of the relevant member of the Group,
or a liquidator or administrator or equivalent (but not a receiver, manager, or equivalent appointed by the holder of a Security) is appointed
to the relevant member of the Group;

 

		(b)	the relevant member of the Group assigning its assets for the benefit of its creditors or entering into
any composition or arrangement with its creditors generally or any arrangement being ordered or declared whereby its affairs and/or its
assets are submitted to the control of, or are protected from, its creditors, including pursuant to any moratorium; or

 

		(c)	any event analogous to any of the foregoing occurs in relation to the relevant member of the Group or
its assets in any jurisdiction.

 

    3

     

    

 

“Intellectual
Property” means rights in and in relation to Confidential Information, trade marks, service marks, trade and business names,
logos and get up (including any and all goodwill associated with or attached to any of the same), domain names, patents, inventions (whether
or not patentable), registered designs, design rights, copyrights (including rights in software) and moral rights, database rights, semi-conductor
topography rights, utility models and all rights or forms of protection having an equivalent or similar nature or effect anywhere in the
world, whether enforceable, registered, unregistered or registrable (including, where applicable, all applications for registration) and
the right to sue for damages for past and current infringement (including passing off and unfair competition) in respect of any of the
same.

 

“Japanese
GAAP” means generally accepted accounting principles prescribed in Japan in effect from time to time

 

“Know How”
means all unpatented, secret, substantial and identified know how, expertise, technical or other information including all related ideas,
concepts, methods, inventions, discoveries, data, formulae, processes, methods, techniques and specifications.

 

“Loan Notes”
means loan agreements between the Company and a Shareholder to be executed in the agreed form pursuant to Section 6.7.

 

“Liabilities”
means any and all claims, obligations, causes of action, payments, charges, judgments, assessments, liabilities, losses, damages, penalties,
fines, costs, and expenses, including any reasonable attorneys’ and experts’ fees, legal, or other expenses incurred in connection
therewith, including, without limitation, liabilities, costs, losses, and damages for personal injury, death, property damage, or environmental
damage.

 

“License
Agreement” means the research collaboration and license agreement between ABVC and the Company to be executed in the agreed
form, as may be amended from time to time.

 

“Lucidaim
Director” means a director appointed by Lucidaim in accordance with the Articles and “Lucidaim Directors”
shall be construed accordingly.

 

“Lucidaim
Group” means the group of companies comprising Lucidaim, any holding company from time to time of Lucidaim and any subsidiary
of Lucidaim or of any such holding company and “member of the Lucidaim Group” shall be construed accordingly.

 

“Lucidaim
Indemnified Parties” has the meaning set forth in Section 21.2(c).

 

“Party”
or “Parties” has the meaning set forth in the Recitals.

 

“Person”
means an individual, a corporation, a partnership, a limited liability company, an association, a trust, or any other entity or organization,
including a government or political subdivision or an agency or instrumentality thereof.

 

“Reserved
Matters” means those matters listed in Schedule 3.

 

“Shareholder”
means Lucidaim or ABVC and/or any person to whom Shares are transferred or issued in accordance with this Agreement (or who is a successor
to Lucidaim or ABVC or such other person where a Termination Notice under Section 13.4 has not been served in connection with a merger
or consolidation) from time to time and “Shareholders” shall be construed accordingly.

 

“Shares”
means the ordinary shares of the Company.

 

“Tax”
includes all taxes, duties, levies, imposts, withholdings, social security contributions, deductions or amounts in the nature of taxation,
whenever and by whatever authority imposed and whether of Japan or elsewhere, irrespective of the person against or to which any such
taxes, duties, levies, imposts, withholdings, social security contributions, deductions or amounts in the nature thereof are directly
or primarily chargeable, together with all interest, fines, penalties and surcharges imposed pursuant to any legislation relating to taxation
and which are incidental or relating thereto.

 

    4

     

    

 

“Tax Authority”
means any person, body, authority or institution which seeks to impose, assess, enforce, administer or collect any Tax whether in Japan
or elsewhere.

 

“Third
Party” means any Person other than a Party to this Agreement or an Affiliate of a Party to this Agreement.

 

“Third-Party
Claim” has the meaning set forth in Section 21.4(a).

 

		2.	Conditions

 

		2.1	Conditional Completion

 

Completion is conditional
on those matters listed in Schedule 2.

 

		2.2	Waiver of Conditions

 

Lucidaim may in
its absolute discretion waive either in whole or in part at any time by notice to ABVC any of the Conditions detailed in Schedule 2.

 

		2.3	Shareholders’ commitments

 

Each of the Shareholders
undertakes to use all reasonable endeavours to ensure that the Conditions are fulfilled as soon as reasonably practicable and in any event
by the end of August 2021.

 

		3.	Transfer of Shares

 

		3.1	Obligations of the Parties on Completion

 

On the Completion
Date :

 

		(a)	the Shareholders shall procure that a decision by Director of the Company is implemented for general meetings
of the Company shall be held on short notice at which special resolutions are passed to, approve transfer of the Shares referred to in
Section 3.1(b);

 

		(b)	subject to completion of the matters referred to in Section 3.1(a), the Shareholders shall execute share
transfer agreement in the form attached here to as Exhibit (“Share Transfer”) so that each Shareholder shall own the
following Shares, respectively, at the completion of the Share Transfer:

 

	Subscriber	 	Number and Class of Shares
	 	 	 
	Lucidaim	 	1,555 ordinary shares
	ABVC 	 	1,494 ordinary shares

 

		(c)	the Company shall update the register of members of the Company to reflect the Share Transfer pursuant
to Section 3.1(b);

 

		(d)	the Shareholders shall procure that a decision by Director of the Company is implemented for general meetings
of the Company shall be held on short notice at which special resolutions are passed to, approve appointment of directors of the Company
referred to in Section 3.1(e).

 

    5

     

    

 

		(e)	subject to completion of the matters referred to in Section 3.1(d), the Shareholders shall procure that,
in addition to Toru Seo, who is the existing Lucidaim Director, the following person is appointed as directors of the Company with the
following designations:

 

	Name	 	Designation
	 	 	 
	Michihito Onishi	 	Lucidaim Director
	 	 	 
	Name	 	Designation
	 	 	 
	Eugene Jiang	 	ABVC Director

 

		(f)	the Parties who are also parties to License Agreement shall enter into the same or, if License Agreement
itself is yet to be ready, its term sheet or memorandum to provide main terms and conditions of it.

 

		3.2	Non-performance of obligations on Completion

 

If any of the provisions
of Section 3.1 are not complied with in any respect by any of the Parties on the date upon which Completion is proposed to take place,
Lucidaim may in its absolute discretion (in addition and without prejudice to any other remedy available to it):

 

		(a)	defer Completion by a period of not more than twenty eight (28) days to such other date as it may specify
in such notice (and so that the provisions of this Section 3.2 shall apply to Completion as so deferred);

 

		(b)	waive all or any of the requirements (save for those which it alone is responsible) contained or referred
to in Section 3.1 at its discretion (and without prejudice to its rights under this Agreement) and proceed to Completion so far as practicable;
or

 

		(c)	refuse to perform its obligations under this Section and terminate this Agreement without liability on
its part.

 

		4.	The Business

 

		4.1	Nature of the Business

 

The Shareholders
shall procure that the Group shall carry on the Business (or such other business(es) in such other territor(y)(ies) as may from time to
time be agreed by an amendment to this Agreement).

 

		4.2	The Business Plan

 

The Business shall
be conducted in accordance with the Business Plan.

 

		5.	Directors and management

 

		5.1	Supervision by the Shareholders

 

The Shareholders
shall have responsibility for the overall direction, supervision and management of the Company and the Business including in respect of
those matters which are specifically provided in Section 7.

 

    6

     

    

 

		5.2	Number of Directors

 

Unless otherwise
agreed in writing by the Shareholders, the number of Directors at all times during the term of this Agreement shall be three which shall
be made up of one ABVC Director and two Lucidaim Directors.

 

		5.3	Appointment and removal of Directors

 

Each Shareholder
may remove a Director appointed by it and appoint a new Director in his place by notice to the Company and the other Shareholder provided
that neither Shareholder shall appoint a Director without reasonable prior consultation with the other Shareholder with a view to reaching
agreement on the person to be appointed.

 

		5.4	Remuneration

 

The Directors shall
not be entitled to any remuneration in their capacity as directors of the Company.

 

		5.5	Resignation of Directors

 

At the time of the
completion of any sale, assignment, transfer or other disposition of all of the Shares held by a Shareholder, that Shareholder shall procure
the resignation of each Director appointed by it.

 

		5.6	Indemnity

 

Any Shareholder
removing a Director shall be responsible for and agrees to indemnify the other Shareholder and the Company on demand against all Liabilities
which the other Shareholder or the Company may suffer or incur arising out of, or in connection with, any claim by the Director for wrongful
or unfair dismissal or redundancy or other compensation arising out of the Director’s removal or loss of office.

 

		5.7	Directors’ meetings

 

Meetings of the
Directors shall be properly convened and held at such times as may be determined by the Shareholders and in any event at least one every
three months at the Company’s principal place of business in Japan or such other place as the Directors may from time to time determine.
No Directors meeting shall be convened on less than five (5) Business Days’ notice unless at least one ABVC Director and one Lucidaim
Director approve a shorter notice period. Any notice of a Directors meeting shall include an agenda identifying in reasonable detail the
matters to be discussed at the meeting and shall be accompanied by copies of any relevant papers to be discussed at the meeting. Any action
to be taken at any Directors meeting may be taken without a meeting if all directors consent to such action in writing and the auditor
accept it.

 

		5.8	Quorum

 

The quorum for transacting
business at any Directors’ meeting shall be at least one ABVC Director and at least one Lucidaim Director present when the relevant
business is transacted. Nothing in this Section shall be interpreted as prohibiting Directors’ meetings held by telephone or other
electronic communication.

 

		5.9	Voting

 

The Directors shall
decide on matters by simple majority vote. Each Director shall have one vote.

 

    7

     

    

 

		6.	Financing

 

		6.1	Proceeds of subscription for Shares

 

The subscription
moneys shall be applied by the Company solely for the purposes specified in the Business Plan.

 

		6.2	Pre-emptive right

 

		6.2.1	If there is an issuance of new Shares (or any other type of security that is convertible into Shares)
pursuant to the terms and conditions of this Agreement and Applicable Laws, each of the Shareholders shall have the right (but not the
obligation) to subscribe for such newly issued Shares (or any other type of security that is convertible into Shares) such that subsequent
to the subscription, each Shareholder will maintain its shareholding percentage at the shareholding percentage (on an as converted and
fully diluted basis) of the Company that such Shareholder held immediately prior to the relevant issuance of new Shares (or any other
type of security that is convertible into Shares). To the extent one Shareholder does not elect to subscribe for such issuance of new
Shares (or any other type of security that is convertible into Shares), the other Shareholder shall have the right (but not the obligation)
to subscribe for such unsubscribed for Shares (or any other type of security that is convertible into such unsubscribed for Shares).

 

		6.2.2	In the event that ABVC fails to go public on the New York Stock Exchange by the end of December 2021,
ABVC shall not have the pre-emptive right under Section 6.2.1 on and after January 1, 2022.

 

6.3       Bank
facility

 

The Company shall
arrange a facility for its initial working capital (the “Bank Facility”) with Mizuho Bank (or such other bank as the
Shareholders may select which offers more favourable terms) (the “Bank”). The amount of the Bank Facility shall be
JPY 30,460,000 or such other amount as the Bank will lend without requiring any recourse to either Shareholder. To the extent required
by the Bank, the Shareholders shall severally guarantee the Bank Facility. The proportions in which the Shareholders shall each be required
to guarantee the Company’s obligations shall not exceed the proportion in which the Shareholders respectively hold Shares. The Bank
Facility shall be on the basis that the Bank will not acquire the right to participate in the share capital of the Company or otherwise
in the Business. To the extent required by the Bank, the Shareholders shall subordinate any Loan Notes to all sums owed to the Bank.

 

		6.4	Further Finance

 

The Shareholders
acknowledge that the Company may require further finance to fund its projected cash requirements under the Business Plan and agree that
the Company may borrow additional sums from third parties on the most favourable terms available as to interest, repayment and security
compatible with its needs, but shall not allow any prospective lender the right to participate in the share capital of the Company or
otherwise in the Business as a condition or term of any loan or advance.

 

		6.5	Guarantees

 

Except to the extent
required pursuant to Section 6.3 or with the written consent of each Shareholder, neither Shareholder shall be obliged to provide guarantees
or security for any indebtedness of the Company. In the event that the Shareholders agree to give a joint and several guarantee or indemnity
to a third party in respect of any obligations of the Company, the following provisions shall apply:

 

		(a)	subject to Section 6.5(b), as between the Shareholders, the aggregate liability of a Shareholder under
a joint and several guarantee or indemnity shall be in the same proportion as its holding of Shares at the time the guarantee or indemnity
is given;

 

    8

     

    

 

		(b)	a Shareholder shall be responsible for the whole of any liability pursuant to the guarantee or indemnity
which is solely attributable to its own act or default or to that of any Director appointed by it; and

 

		(c)	each Shareholder shall indemnify the other on demand for all amounts payable by the first-named Shareholder
pursuant to Sections 6.5(a) and 6.5(b).

 

6.6       Terms
of Guarantees etc

 

Any guarantee, indemnity
or other security provided pursuant to this Section 6 shall be provided by the Shareholders without cost to the Company and on such other
terms as the Shareholders may agree.

 

		6.7	Subscription for Loan Notes

 

If the Shareholders
is unable to borrow funds from third parties on terms specified in Section 6.3, then the Company shall be funded by the issue of Loan
Notes on such terms as the Shareholders may agree.

 

		6.8	Funding support by Shareholders

 

Except as otherwise
provided in this Agreement, neither Shareholder shall be obliged to provide any capital to the Company by way of subscription for further
Shares or by way of loans or subscription for Loan Notes unless they both agree on the amount and method of providing the finance. Unless
they agree otherwise, they shall contribute the same amount to the Company (whether by way of subscription for further Shares or by way
of loans or subscription for Loan Notes) at the same time and on the same terms.

 

		7.	Shareholders’ consent

 

		7.1	The Shareholders shall take all steps to ensure, so far as they are legally able, that no decision relating
to the Reserved Matters is taken by the Company without the prior approval of each Shareholder.

 

		7.2	The Shareholders may give their approval of any of the Reserved Matters either in writing to the Company
or by voting in favour at a general meeting of the Company properly convened and held.

 

		8.	Continuing obligations

 

		8.1	Accounting records

 

The Company shall
maintain accurate and complete accounting and other financial records in accordance with the Japanese GAAP.

 

		8.2	Access to information

 

		(a)	The Company shall provide each Shareholder and its authorised representatives with all information and
access, during normal business hours, as is necessary to:

 

		(i)	keep it properly informed about the business and affairs of the Company and generally to protect its interests
as a Shareholder;

 

		(ii)	satisfy itself that the provisions of Section 8.1 are being met; and

 

		(iii)	allow it to comply with any obligations to which it is subject under the laws.

 

    9

     

    

 

		8.3	Business Plan

 

		(a)	The Shareholders shall prepare for the approval of the Shareholders a Business Plan for each Financial
Year which it shall submit to the Shareholders not less than thirty (30) Business Days before the end of the then current Financial Year
of the Company. Each Business Plan shall include:

 

		(i)	a projected profit and loss account and balance sheet for the Company;

 

		(ii)	an estimate of the working capital requirements of the Company; and

 

		(iii)	an operating budget for the Company.

 

		(b)	Subject to any amendments which they deem appropriate, the Shareholders shall approve the Business Plan
within the 30 Business Day period referred to in Section 8.3(a).

 

		(c)	The Shareholders shall review the Business Plan at quarterly intervals during the course of each Financial
Year and may propose changes to the Shareholders. The Shareholders shall respond to the Company within thirty (30) Business Days of receipt
of any proposal.

 

		(d)	The Shareholders shall prepare for the approval of the Shareholders the first Business Plan which it shall
submit to the Shareholders by the end of December 2021. Subject to any amendments which they deem appropriate, the Shareholders shall
approve such first Business Plan by the end of March 2022.

 

		8.4	Approvals

 

The Company shall
use its best endeavours to obtain and maintain in full force and effect all approvals, consents and/or licences necessary for the conduct
of the Business.

 

		8.5	Shareholders’ Obligation

 

The Shareholders
shall procure that the Company complies with its obligations under this Section 8.

 

		9.	Distribution policy

 

		9.1	The Shareholders shall take all steps to ensure that:

 

		(a)	subject to the Company’s cash requirements, the Company shall distribute by way of dividend in each
Financial Year at least 1.5 per cent. of the Company’s profits available for distribution (within the meaning of Section 461 of
Companies Act) for that Financial Year; and

 

		(b)	to the extent permitted by law, the Company shall pay dividends within thirty (30) days after the date
of the holding of the annual general meeting before which the audited accounts of the Company for the relevant Financial Year are laid,
save that the Company may pay interim dividends in accordance with the Articles.

 

		9.2	In deciding whether the Company has profits available for distribution in any Financial Year, the Company’s
auditor shall be instructed to report (at the expense of the Company) the amount of the profits available for distribution by the Company
at the same time as they sign their report on the audited accounts of the Company for the relevant Financial Year. In giving such report,
the Company’s auditors shall act as experts and not as arbitrators and their determination shall (in the absence of manifest error)
be final and binding on the Parties.

 

    10

     

    

 

		10.	Restrictive covenants

 

		10.1	Restriction of Shareholders

 

Each Shareholder
covenants with the other Shareholder, the Company and each member of the Group that, except with the consent in writing of the other Shareholder:

 

		(a)	for so long as it, or any Associated Company of it, remains a member of the Company and (subject to Section
10.2) for a period of 2 years from the date on which it or any Associated Company of it ceases to be a member (the “Termination
Date”), it will not within any country in which any member of the Group carries on business, either on its own account or in
conjunction with or on behalf of any other person, carry on or be engaged, concerned or interested, directly or indirectly, whether as
shareholder, director, partner, agent or otherwise, in carrying on any business which competes with the business of any member of the
Group (other than as a holder of shares in a company carrying on such a business where the shareholding is for investment purposes only
and does not confer a degree of control amounting to or exceeding material influence over the business in question);

 

		(b)	for so long as it, or any Associated Company of it, remains a member of the Company and (subject to Section
10.2) for a period of 2 years from the Termination Date, it will not, either on its own account or in conjunction with or on behalf of
any other person, canvass, solicit or approach or cause to be canvassed, solicited or approached any person who is a client or customer,
prospective client or customer, representative or agent of any member of the Group or in the habit of dealing with any member of the Group
for the purpose of offering to that person goods or services which are of the same type as or similar to any goods or services supplied
by any member of the Group or enter into any contract for sale and purchase with or accept business from any such person in relation to
any such goods or services;

 

		(c)	for so long as it, or any Associated Company of it, remains a member of the Company and for a period of
2 years from the Termination Date, it will not, either on its own account or in conjunction with or on behalf of any other person, interfere
or seek to interfere with the continuance of supplies to any member of the Group from any person who is a supplier of goods or services
to any member of the Group if such interference causes or would be likely to cause that supplier to cease supplying or materially to reduce
or alter the terms of its supply of such goods or services to any member of the Group;

 

		(d)	for so long as it, or any Associated Company of it, remains a member of the Company and for a period of
2 years from the Termination Date, it will not either on its own account or in conjunction with or on behalf of any other person, solicit
or entice away or attempt to solicit or entice away from any member of the Group ,offer employment to or employ, or offer to conclude
any contract of services with, any person who is employed by or seconded to in a managerial, supervisory, technical or sales capacity,
or engaged as a consultant to, any member of the Group and who remains so employed, seconded or engaged immediately prior to the relevant
breach of this Section 10.1(d) (whether or not such person would commit a breach of contract by reason of leaving such employment, secondment
or engagement); and

 

		(e)	it will not at any time hereafter in relation to any trade, business or company use a trade name, trade
or service mark, design or logo including the word “BioLite Japan” or “BLJ” or any word confusingly similar thereto
in such a way as to be capable of or likely to be confused with any trade name, trade or service mark, design or logo of any member of
the Group (whether registered or not).

 

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		10.2	Where a Shareholder, or any Associated Company of it, ceases to be a member of the Company:

 

		(a)	for the purposes of Section 10.1(a), the business of any member of the Group shall be deemed to be that
carried on at the Termination Date; and

 

		(b)	for the purposes of Section 10.1(b), the goods or services supplied by any member of the Group shall be
deemed to be those supplied as at the Termination Date or at any time within the year prior to the Termination Date.

 

		10.3	Severance

 

Each of the restrictions
contained in Sections 10.1(a) to 10.1(e) is separate and severable and in the event of any such restriction being determined to be unenforceable
in whole or in part for any reason, that unenforceability shall not affect the enforceability of the remaining restrictions or (in the
case of restrictions unenforceable in part) the remainder of that restriction.

 

		10.4	Modification of restrictions

 

While the restrictions
contained in this Section 10 are considered by the Shareholders to be reasonable in all the circumstances, it is recognised that restrictions
of the nature in question may fail for technical reasons and accordingly it is hereby agreed and declared that if any of such restrictions
shall be adjudged to be void as going beyond what is reasonable in all the circumstances for the protection of the interests of the Group
but would be valid if part of the wording thereof were deleted or the periods thereof reduced or the range of activities or area dealt
with thereby reduced in scope, the said restriction shall apply with such modifications as may be necessary to make it valid and effective.

 

		10.5	Restrictions on each Shareholder’s group

 

Each Shareholder
shall procure that each of its Associated Companies shall be bound by and observe the provisions of this Section 10 as if they were parties
covenanting with the other Shareholder in the same terms.

 

		10.6	Exception[s] from restrictions

 

The restrictions
contained in Section 10.1 shall not preclude any member of the ABVC Group from being interested in the business in any other areas than
the ophthalmologic field or the central neurological field and/or any member of the Lucidaim Group from being interested in the business
in any other areas than the ophthalmologic field or the central neurological field.

 

		11.	Intellectual Property

 

Any rights to Intellectual
Property which arise in the course of the Group’s activities shall belong to the Company or, as the case may be, the relevant member
of the Group.

 

		12.	Transfer of Shares

 

		12.1	General prohibition

 

Unless permitted
by this Section 12 or Section 3.1(b) or with the prior written consent of the other Shareholder, neither Shareholder shall do, or agree
to do, any of the following:

 

		(a)	sell, transfer or otherwise dispose of, any of its Shares or any interest in any of its Shares;

 

		(b)	Encumber any of its Shares or any interest in any of its Shares;

 

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		(c)	enter into any agreement or arrangement in respect of the votes or other rights attached to any of its
Shares; or

 

		(d)	enter into any agreement or arrangement to do any of the foregoing.

 

		12.2	Initial period

 

Except for transfers
to Associated Companies pursuant to Section 12.2, neither Shareholder shall transfer any Shares during a period of three years from
the date of this Agreement.

 

		12.3	Transfers to third parties

 

Subject to Sections
12.2 and 12.3, either Shareholder (the “Selling Shareholder”) may transfer its Shares to a third party only if it
receives an offer (the “Offer”) which:

 

		(a)	is a bona fide offer in writing;

 

		(b)	is from a third party which has its own financial resources to meet its obligations under the Offer or
has a legally binding commitment from a lender for that finance;

 

		(c)	is irrevocable during the period of the Offer;

 

		(d)	is for cash consideration only and is for all the Shares of the Selling Shareholder and all the Shares
of the other Shareholder if it also elects to accept the Offer; and

 

		(e)	contains all material terms and conditions (including the price and the intended completion date of the
Offer);

 

and in circumstances
in which the Selling Shareholder complies with the remaining provisions of this Section 12.

 

		12.4	Notice of Offers

 

If a Selling Shareholder
receives an Offer which it wishes to accept, it must immediately give written notice, including details of the proposed purchaser and
the purchase price for the Shares, (the “Transfer Notice”) to the other Shareholder (the “Remaining Shareholder”)
offering to sell those Shares which are the subject of the Offer to the Remaining Shareholder at the same cash price as set out in the
Offer and on terms which are no less favourable than those contained in the Offer. The Transfer Notice must also state:

 

		(a)	the period within which the offer to sell the Shares to the Remaining Shareholder shall remain open for
acceptance. This period must be at least thirty (30) Business Days from the date of service of the Transfer Notice (the “Acceptance
Period”); and

 

		(b)	full details of all other terms and conditions of the Offer.

 

		12.5	Options of Remaining Shareholder

 

Once the Remaining
Shareholder has received a Transfer Notice it may:

 

		(a)	send a written notice to the Selling Shareholder within the Acceptance Period accepting the offer set
out in the Transfer Notice;

 

		(b)	send a written notice to the Selling Shareholder within the Acceptance Period declining the offer set
out in the Transfer Notice;

 

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		(c)	send a written notice to the Selling Shareholder (a “Sale Notice”) within the Acceptance
Period offering to sell all of its Shares to the third party on the same terms and conditions as those contained in the Offer; or

 

		(d)	not reply to the Transfer Notice within the Acceptance Period or reply in a manner other than as specified
in Sections 12.5(a) to (c). In those cases, the Remaining Shareholder shall be deemed not to have accepted the offer set out in the Transfer
Notice and not to have issued a Sale Notice.

 

		12.6	Consequences of Transfer Notice

 

		(a)	If the offer set out in the Transfer Notice is accepted, the Selling Shareholder must sell its Shares
to the Remaining Shareholder.

 

		(b)	If the offer set out in the Transfer Notice is not accepted, or deemed not to be accepted, and a Sale
Notice is not issued, or deemed not to be issued, the Selling Shareholder may accept the Offer and sell its Shares on the terms and conditions
of the Offer.

 

		(c)	If a Sale Notice is issued, the Selling Shareholder and the Remaining Shareholder must sell their Shares
on the terms and conditions of the Offer.

 

		12.7	Completion of transfer

 

The sale of Shares
pursuant to this Section 12 shall be made on the following terms:

 

		(a)	completion of the transfer of the Shares shall take place seven (7) Business Days after the date of expiry
of the Acceptance Period (the “Transfer Date”) and at such reasonable time and place as the Shareholders agree or,
failing which, at noon at the registered office of the Company;

 

		(b)	the Selling Shareholder and, if relevant, the Remaining Shareholder must deliver to the purchaser in respect
of the Shares which it is selling on or before the Transfer Date:

 

		(i)	duly executed share transfer forms; and

 

		(ii)	a power of attorney in such form and in favour of such person as the purchaser may nominate to enable
the purchaser to exercise all rights of ownership in respect of the Shares to be sold including voting rights;

 

		(c)	the purchaser must pay the total consideration due for the Shares to the Selling Shareholder and, if relevant,
the Remaining Shareholder by same day transfer of funds to the bank account(s) notified to it for the purpose on the Transfer Date; and

 

		(d)	if relevant, completion of the sale of the Shares of the Selling Shareholder and the Remaining Shareholder
must take place simultaneously; and

 

		(e)	in accordance with the provisions of Schedule 5.

 

		12.8	Failure to complete sale

 

		(a)	If the Selling Shareholder and/or, if relevant, the Remaining Shareholder fail(s) or refuse(s) to comply
with its/their obligations in this Section 12, the Company may authorise a person to execute and deliver the necessary transfer on its/their
behalf. The Company may receive the purchase money in trust for the Selling Shareholder and/or, if relevant, the Remaining Shareholder
and cause the purchaser to be registered as the holder of the Shares being sold. The receipt of the Company for the purchase money shall
be a good discharge to the purchaser (who shall not be bound to see to the application of those moneys). After the purchaser has been
registered as holder of the Shares being sold in purported exercise of these powers, the validity of the proceedings shall not be questioned
by any person.

 

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		(b)	If a Shareholder fails or refuses to transfer any Shares in accordance with this Section 12, the
other Shareholder may serve a default notice. At the end of the period of five (5) Business Days from the date of service of such a default
notice (unless the non-compliance has previously been remedied to the reasonable satisfaction of the other Shareholder), the defaulting
Shareholder shall not be entitled to exercise any of its/their powers or rights in relation to management of, and participation in the
profits of, the Company under this Agreement, the Articles or otherwise. The directors appointed by the defaulting Shareholder (or its
predecessor(s) in title) shall not:

 

		(i)	be entitled to vote at any directors meeting;

 

		(ii)	be required to attend any meeting of directors in order to constitute a quorum; or

 

		(iii)	be entitled to receive or request any information from the Company.

 

		12.9	General

 

The Shareholders
shall keep the Company informed, at all times, of the issue and contents of any notice(s) served pursuant to this Section 12 and any election
or acceptance relating to those notices.

 

		13.	Term and termination

 

		13.1	Termination

 

Subject to Section
3.2, this Agreement can be terminated only in accordance with the following provisions of this Section13.

 

		13.2	Initial term and termination by notice thereafter

 

This Agreement shall
(unless terminated at an earlier date pursuant to the terms of this Agreement) continue in force for an initial term (the “Initial
Term”) of ten years and shall continue in force after the Initial Term until terminated by either Shareholder giving to the
other Parties not less than six month notice of termination expiring at the end of the Initial Term or at any time after the Initial Term.

 

		13.3	Termination by consent

 

This Agreement may
be terminated at any time by the written agreement of the Shareholders and shall terminate automatically without notice on the date upon
which all of the Shares are owned by one Shareholder.

 

		13.4	Termination for default

 

Either Shareholder
(the “Non-Defaulting Shareholder”) may terminate this Agreement by notice (“Termination Notice”)
to the other Shareholder (the “Defaulting Shareholder”) or to any successor to the Defaulting Shareholder in any case
within Section 13.4(h) if:

 

		(a)	the Defaulting Shareholder commits a material breach or persistent breaches of its obligations under this
Agreement (whether such breach or breaches amount to a repudiatory breach or breaches or not) and, if the breaches are capable of remedy,
fails to remedy the breaches within twenty (20) Business Days of being specifically required in writing so to do by the Non-Defaulting
Shareholder;

 

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		(b)	the Company terminates in accordance with its terms an Ancillary Agreement to which the Defaulting Shareholder
or an Associated Company of it is a party before expiration of the contractual term;

 

		(c)	the Company as non-Defaulting Shareholder determines not to execute the License Agreement in accordance
with Section 17.1.2;

 

		(d)	the Defaulting Shareholder sells or otherwise disposes of all or substantially all of its undertaking
or assets;

 

		(e)	the Defaulting Shareholder makes an assignment for the benefit of creditors generally or fails to pay
its debts generally as they become due or any material financial indebtedness of the Defaulting Shareholder becomes payable or capable
of being declared payable before its stated maturity date;

 

		(f)	an Insolvency Event occurs in relation to the Defaulting Shareholder;

 

		(g)	there is a Change of Control of the Defaulting Shareholder; or

 

		(h)	there is a merger or consolidation of the Defaulting Shareholder with any other person such that one of
the entities involved ceases to exist.

 

The Defaulting Shareholder
shall forthwith give notice to the Non-Defaulting Shareholder of the occurrence of any of the events in Sections 13.4(a) to (h) and the
Non-Defaulting Shareholder may serve a Termination Notice no later than thirty (30) Business Days from the date of that notification.

 

		13.5	Transfer Notice

 

Within five (5)
Business Days of receipt of a Termination Notice, the Defaulting Shareholder shall make an offer to the Non-Defaulting Shareholder by
notice (the “Transfer Notice”) stating a single price at which it would be prepared either:

 

		(a)	to purchase the Shares of the Non-Defaulting Shareholder; or

 

		(b)	to sell to the Non-Defaulting Shareholder the Shares of the Defaulting Shareholder

 

(in either case
these Shares are referred to as the “Sale Shares”).

 

		13.6	Acceptance

 

Within five (5)
Business Days of receipt of the Transfer Notice, the Non-Defaulting Shareholder shall notify the Defaulting Shareholder whether it wishes
to purchase or sell the Sale Shares in accordance with the terms of the Transfer Notice.

 

		13.7	Dispute as to price

 

If the Defaulting
Shareholder fails to serve a Transfer Notice in accordance with Section 13.5 or the Non-Defaulting Shareholder does not agree with the
price for the Sale Shares proposed by the Defaulting Shareholder, the Non-Defaulting Shareholder may by notice to the Defaulting Shareholder
require a price for the Sale Shares to be established by an independent chartered accountant (the “Valuer”) (acting
as an expert and not as an arbitrator). The Valuer shall be agreed upon by the Shareholders or, in default of agreement within five (5)
Business Days of receipt of the Non-Defaulting Shareholder’s notice pursuant to this Section, appointed by the President for the
time being of the Institute of Chartered Accountants in England and Wales (or any person for the time being performing the functions of
that official) on the application of the Non-Defaulting Shareholder. The Valuer shall determine the fair price of the Shares being sold
on a going concern basis between a willing seller and a willing purchaser and on the basis that each Share, whatever its class, has the
same value corresponding to its proportion of the value of all the Shares taken as a whole and that no additional or reduced value is
attached to any holding of Shares by virtue only of that holding comprising or after purchase conferring or giving rise to a majority
or minority of the total issued share capital of the Company. Any costs of the Valuer shall be borne by the Defaulting Shareholder. Following
the determination of the price by the Valuer the Non-Defaulting Shareholder may by notice to the Defaulting Shareholder require the Defaulting
Shareholder either to purchase the Sale Shares or to sell to the Non-Defaulting Shareholder the Sale Shares at the price so established.

 

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		13.8	Transfer of Sale Shares

 

Within two (2) Business
Days of the Non-Defaulting Shareholder notifying the Defaulting Shareholder whether it wishes to purchase or sell pursuant to Section
13.6 or Section 13.7, the appropriate Shareholder shall execute the necessary instrument(s) of transfer of the Sale Shares in favour of
the other Shareholder against payment in full of the price for the Sale Shares and the Shareholders shall procure that the Company will
enter the purchaser’s name in the register of members of the Company as the holder of the Sale Shares.

 

		13.9	Business pending registration

 

Following service
of a Termination Notice until such time as the completion of the transfer of the Sale Shares pursuant to Section 13.8 (including, if appropriate,
the period of valuation or any period during which any matter relating to this Section is the subject of proceedings), each Shareholder
shall do all things in its power to continue to operate the Company in the ordinary course of its business as it existed at the time at
which the Termination Notice was served.

 

		13.10	Mechanics of transfers

 

The provisions of
Schedule 5 shall apply to all transfers of Shares pursuant to this Section 13.

 

		14.	Deadlock

 

		14.1	If the Shareholders are unable to arrive at a decision on any matter listed in Schedule 3, which is material
to the business of the Company, by reason of disagreement between themselves, then a deadlock shall be deemed to have occurred in relation
to the matter. Whenever a deadlock is deemed to have occurred, each Shareholder may, within twenty eight (28) days of the event that has
given rise to the deadlock, give notice to the other Shareholder that in its opinion there is a deadlock (“Deadlock Notice”)
and identifying the matter over which the Shareholders are deadlocked.

 

		14.2	The Shareholders undertake that within a period of five (5) Business Days following service of the Deadlock
Notice they shall forthwith refer the matter which has given rise to the deadlock to the Chairman of each of the Shareholders and shall
each use all reasonable endeavours in good faith to resolve the dispute.

 

		14.3	If the deadlock has not been resolved within ten (10) Business Days from the date of referral to the Chairmen
under Section 14.2 (the “Referral Period”), then either Shareholder (in this Section 14 the “First Shareholder”)
may by notice in the form set out in Part 1 of Schedule 4 (the “Roulette Notice”) given at any time within ten (10)
Business Days of the expiry of the Referral Period offer to buy all of the other Shareholder’s (the “Second Shareholder”)
Shares for cash at a price per Share specified in the Roulette Notice (the “Specified Price”).

 

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		14.4	The Roulette Notice shall be deemed to constitute:

 

		(a)	an offer by the First Shareholder to purchase all (but not some only) of the Second Shareholder’s
Shares at the Specified Price; and

 

		(b)	an alternative offer by the First Shareholder to sell to the Second Shareholder all (but not some only)
of the First Shareholder’s Shares at the Specified Price.

 

		14.5	Within ten (10) Business Days of service of the Roulette Notice, the Second Shareholder may accept either
of the offers referred to in Section 14.4 by notice in the form set out in Part 2 of Schedule 4 (the “Acceptance Notice”).

 

		14.6	Service of the Acceptance Notice shall constitute an acceptance of the offer specified therein and:

 

		(a)	in the case of the offer contained in Section 14.4(a), the First Shareholder shall be bound to purchase,
and the Second Shareholder shall be bound to sell the Second Shareholder’s Shares; and

 

		(b)	in the case of the offer contained in Section 14.4(b), the First Shareholder shall be bound to sell, and
the Second Shareholder shall be bound to purchase, the First Shareholder’s Shares

 

in accordance with
the provisions of Section 14.8.

 

		14.7	If no valid Acceptance Notice is served (or it is served incorrectly completed) by the Second Shareholder
under Section 14.5, then the First Shareholder shall be bound to purchase, and the Second Shareholder shall be bound to sell, the Second
Shareholder’s Shares in accordance with the provisions of Section 14.8.

 

		14.8	Completion of the sale and purchase contemplated by this Section 14 shall be at the date, time and place
specified in the Roulette Notice. At that completion, the transferring Shareholder shall deliver or cause to be delivered to the purchasing
Shareholder (or as it may direct) a duly executed transfer or transfers in respect of the transferring Shareholder’s Shares in favour
of the purchasing Shareholder (or as it may direct) and accompanied by the relative share certificates or other documents of title, together
with any power or authority under which such transfer or transfers have been executed, against which the purchasing Shareholder shall
pay by wire transfer to the bank account of the transferring Shareholder as notified in the Roulette Notice an amount equal to the Specified
Price multiplied by the relevant number of Shares being sold. The transferring Shareholder shall do all such other things and execute
all such other documents as the purchasing Shareholder may reasonably require to give effect to the sale and purchase of the relevant
Shares.

 

		14.9	No Roulette Notice or Acceptance Notice may be withdrawn except with the written consent of the Shareholder
to which it was given and save as aforesaid shall constitute a binding obligation on the Shareholders to sell and purchase the relevant
Shares in the manner contemplated by this Section 14.

 

		14.10	The provisions of Schedule 5 shall apply to all transfers of Shares pursuant to this Section 14.

 

		15.	Representations and Warranties

 

Each of the Shareholders
represents and warrants to the other that:

 

		(a)	it has the full power and authority to enter into and to perform its obligations under the Transaction
Documents which, when executed, will constitute valid and binding obligations on it in accordance with its terms; and

 

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		(b)	the entry into and delivery of, and the performance by it of, the Transaction Documents will not result
in any breach of any provision of its articles of association or result in any claim by a third party against the other Shareholder or
the Company.

 

		16.	Confidentiality and announcements

 

		16.1	Confidentiality

 

		(a)	This Section applies to all Confidential Information disclosed (whether in writing, verbally or by any
other means and whether directly or indirectly) by one Party (the “Disclosing Party”) to any other Party (the “Receiving
Party”) whether before or after the date of this Agreement.

 

		(b)	During the term of this Agreement and after termination or expiration of this Agreement for any reason
whatsoever, the Receiving Party shall:

 

		(i)	keep the Confidential Information confidential;

 

		(ii)	not disclose the Confidential Information to any other person other than with the prior written consent
of the Disclosing Party or in accordance with Sections 16.1(c) and 16.1(d); and

 

		(iii)	not use the Confidential Information for any purpose other than the performance of its obligations under
this Agreement.

 

		(c)	During the term of this Agreement, the Receiving Party may disclose the Confidential Information to any
of its employees or advisers or those of members of the Group (the “Recipient”) to the extent that it is necessary
for the purposes of this Agreement.

 

		(d)	The Receiving Party shall procure that each Recipient is made aware of and complies with all the Receiving
Party’s obligations of confidentiality under this Agreement as if the Recipient was a party to this Agreement. The Receiving Party
shall remain responsible for any breach of this Section 16 by the Recipient.

 

		(e)	The obligations contained in Sections 16.1(b) to 16.1(d) shall not apply to any Confidential Information
which:

 

		(i)	is at the date of this Agreement, or at any time after the date of this Agreement, comes into the public
domain other than through breach of this Agreement by the Receiving Party or any Recipient;

 

		(ii)	can be shown by the Receiving Party to the reasonable satisfaction of the Disclosing Party to have been
known to the Receiving Party prior to it being disclosed by the Disclosing Party to the Receiving Party;

 

		(iii)	subsequently comes lawfully into the possession of the Receiving Party from a third party; or

 

		(iv)	is required to be disclosed by law or any court of competent jurisdiction, any governmental, official
or regulatory authority or any binding judgment, order or requirement of any other competent authority.

 

		(f)	Without prejudice to any other rights or remedies which a Party may have, the Parties acknowledge and
agree that damages would not be an adequate remedy for any breach of this Section 16 and the remedies of injunction, specific performance
and other equitable relief are appropriate for any threatened or actual breach of any such provision and no proof of special damages shall
be necessary for the enforcement of the rights under this Section 16.

 

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		16.2	Announcements

 

		(a)	Subject to the provisions of Section 16.2(b), no disclosure or announcement relating to the existence
or subject matter of this Agreement shall be made or issued by or on behalf of any Party or any member of the group of companies of which
that Party is a member without the prior written approval of the other Parties (which approval may be subject to reasonable conditions
but shall otherwise not be unreasonably withheld or delayed) provided that these restrictions shall not apply to any disclosure or announcement
if required by any law, applicable securities exchange, supervisory, regulatory or governmental body.

 

		(b)	Nothing in this Agreement will prohibit the Parties from making or sending after Completion any announcement
to a customer, client or supplier of the Company informing it of the establishment of the Business.

 

		(c)	The Party making the communication shall use its reasonable endeavours to consult with the other Parties
in advance as to the form, content and timing of the communication.

 

		17.	Relationship with ABVC Group and Lucidaim Group

 

		17.1	Ancillary Agreements

 

		18.1.1	Each Shareholder shall take all steps to perform, and shall procure that each member of the Group performs,
its obligations under the Ancillary Agreements to which it is a party. In the event that any dispute or difference arises between the
relevant member of the Group and either of the Shareholders or any of their Associated Companies in relation to the Ancillary Agreements
or any of them, the Shareholders agree that the conduct of any dispute or difference on behalf of the relevant member of the Group shall
be passed to the directors appointed by the Shareholder who is not itself party to the relevant Ancillary Agreement who shall have full
authority on behalf of the relevant member of the Group to negotiate, litigate and settle that dispute or difference, and each Shareholder
shall take all steps to give effect to this Section 17.1.1.

 

		18.1.2	ABVC and the Company shall use its reasonable endeavours to execute the License Agreement by the end of
December 2021. ABVC agrees that the conduct of any negotiation on behalf of the Company for the terms of License Agreement shall be passed
to Lucidaim Directors who shall have full authority on behalf of the Company to negotiate the terms. In the event that ABVC and Lucidaim
Directors representing the Company do not reach agreement on the terms, the Company may at its sole discretion determine not to execute
the License Agreement without any liability to ABVC.

 

		17.2	Enforcement of Company’s Rights

 

Any right of action
which the Company may have in respect of breach of this Agreement or of any other obligation owed to the Company shall be prosecuted by
the Directors appointed by the Shareholder which is not, or whose Associated Company is not, responsible for the breach. Those Directors
shall have full authority on behalf of the Company to negotiate, litigate and settle any claim arising out of the breach or exercise any
right of termination arising out of the breach and the Shareholders shall take all steps within their power to give effect to the provisions
of this Section 17.2.

 

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		17.3	Anti-Corruption

 

		(a)	Each Shareholder undertakes that it will, and will procure that its Associated Companies and each member
of the Group will:

 

		(i)	comply with the Anti-Corruption Laws;

 

		(ii)	not engage in any activity, practice or conduct that may constitute a breach of the Anti-Corruption Laws;
and

 

		(iii)	maintain any procedures under the Anti-Corruption Laws to prevent any Associated Person from undertaking
any conduct that may give rise to a breach of the Anti-Corruption Laws.

 

		(b)	Each Shareholder undertakes that it will from time to time, at the reasonable request of the other Shareholder,
confirm in writing that it has complied with its undertakings under Section 17.3(a) and will provide any information reasonably requested
by the other Party in support of such compliance.

 

		(c)	Each Shareholder agrees that it will indemnify the other Shareholder and its Associated Companies for
any Liabilities incurred as a result of its breach of Section 17.3(a).

 

		18.	Tax matters

 

In the event that
the Company shall, at any time, have available to it trading losses or other amounts eligible for relief from corporation tax, the Shareholders
shall procure that relief in respect of such amounts shall not be surrendered to either of the Shareholders without the prior written
consent of the other Shareholder and in the event that such relief is so surrendered to a Shareholder, the Shareholder receiving the relief
shall be responsible for any taxes incurred in connection with the surrender.

 

		19.	Conflict with articles

 

If there is any
conflict between the provisions of this Agreement and the provisions of the Articles, the Shareholders agree that, as between themselves
and for so long as this Agreement remains in force but not so as to amend the Articles, the provisions of this Agreement shall prevail
and the Shareholders shall exercise all voting and other rights and powers available to them to give effect to the provisions of this
Agreement.

 

		20.	No partnership

 

Nothing in this
Agreement (or any of the arrangements contemplated by it) is or shall be deemed to constitute a partnership between the Parties nor, except
as may be expressly set out in it, constitute any Party the agent of the others for any purpose.

 

		21.	Survival of Representations and Warranties; Indemnification

 

		21.1	Survival of Representations and Warranties

 

Notwithstanding
any investigation made by a Party or its authorized representatives with respect to the representations or warranties of the other Parties,
all representations and warranties of the Parties contained in this Agreement shall survive the Closing for a period of twenty-four (24)
months from and after the Completion Date. No claim for indemnification with respect to a breach of or inaccuracy in any representation
or warranty contained in this Agreement may be asserted after the expiration of the aforementioned twenty-four month period. Representations,
warranties, covenants, and agreements shall be of no further force or effect after the date of their expiration; provided that
there shall be no termination of any bona fide claim asserted pursuant to this Agreement with respect to such a representation, warranty,
covenant, or agreement prior to its expiration date.

 

    21

     

    

 

		21.2	Indemnification Claims

 

		(a)	Indemnification by ABVC. Effective as of the Completion Date, subject to the limitations set forth in
Section 21.1 and Section 21.3, ABVC shall be responsible for, shall pay on a current basis, and hereby agree to defend, indemnify,
hold harmless, and forever release Lucidaim, the Affiliates of Lucidaim, and each of their respective equity holders, directors, officers,
managers, employees, attorneys, consultants, agents, and representatives (collectively, the “Lucidaim Indemnified Parties”)
from and against any and all Liabilities, whether or not incurred in the investigation or defense of any of the same or in asserting,
preserving, or enforcing any of their respective rights hereunder, arising from, based upon, related to, or associated with: (A) any misrepresentation
or breach of any representation or warranty made by ABVC in this Agreement, provided a claim for such breach is made in writing before
the expiration of the period set forth in Section 21.1; (B) the breach or non-performance of any covenant or obligation required
by this Agreement to be observed or performed by ABVC; or (C) any Excluded Liabilities of ABVC.

 

		(b)	Indemnification by Lucidaim. Effective as of the Completion Date, subject to the limitations set forth
in Section 21.1 and Section 21.3, Lucidaim shall be responsible for, shall pay on a current basis, and hereby agree to defend,
indemnify, hold harmless, and forever release ABVC, the Affiliates of ABVC, and each of their respective equity holders, directors, officers,
managers, employees, attorneys, consultants, agents, and representatives (collectively, the “ ABVC Indemnified Parties”)
from and against any and all Liabilities, whether or not incurred in the investigation or defense of any of the same or in asserting,
preserving, or enforcing any of their respective rights hereunder, arising from, based upon, related to, or associated with: (A) any misrepresentation
or breach of any representation or warranty made by Lucidaim in this Agreement, provided a claim for such breach is made in writing before
the expiration of the period set forth in Section 21.1; (B) the breach or non-performance of any covenant or obligation required
by this Agreement to be observed or performed by Lucidaim; or (C) any Excluded Liabilities of Lucidaim.

 

		21.3	Limitations on Indemnification

 

Rights to indemnification
under Section 21.2 are subject to the following limitations:

 

		(a)	Notwithstanding anything contained
in this Agreement to the contrary, no Indemnifying Party shall have any liability pursuant to Section 21.2(a)(A), Section 21.2(b)(A),
or Section 21.2(c)(A), as the case may be, (A) for any individual Liability unless the amount of such Liability exceeds JPY 500,000
(the “Individual Indemnity Threshold”) and (B) until and unless the aggregate amount of all Liabilities (each of which
Liability having exceeded the Individual Indemnity Threshold) exceeds JPY 2,000,000 (the “Indemnity Deductible”),
and then only to the extent such Liabilities exceed the Indemnity Deductible.

 

		(b)	Except for Liabilities paid in connection with a Third-Party Claim (as hereinafter defined), none of the
Indemnified Parties shall be entitled to recover from the Parties or their respective Affiliates, any special, indirect, consequential,
punitive, exemplary, remote, or speculative damages (including damages for lost profits of any kind) arising under or in connection with
this Agreement or the transactions contemplated hereby, except to the extent any such Person suffers such damages to a Third Party, which
damages to a Third Party (including costs of defense and reasonable attorneys’ fees incurred in connection with defending against
such damages) shall not be excluded by this provision as to recovery hereunder. Subject to the preceding sentence, ABVC, on behalf of
each of the ABVC Indemnified Parties, and Lucidaim, on behalf of each of the Lucidaim Indemnified Parties, waives any right to recover
any special, indirect, consequential, punitive, exemplary, remote, or speculative damages (including damages for lost profits of any kind)
arising in connection with or with respect to this Agreement or the transactions contemplated hereby.

 

    22

     

    

 

		21.4	Procedures

 

		(a)	Notice. To make a claim for indemnification under this Agreement, an Indemnified Party shall promptly
notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing of its claim under Section 21.2,
including the specific details of and specific basis under this Agreement for its claim (the “Claim Notice”). In the
event that the claim for indemnification is based upon a claim by a Third Party against the Indemnified Party (a “Third-Party
Claim”), the Indemnified Party shall provide its Claim Notice promptly after the Indemnified Party has actual knowledge of the
Third-Party Claim and shall enclose a copy of all papers (if any) served with respect to the Third-Party Claim; provided that the failure
of any Indemnified Party to give notice of a Third-Party Claim as provided in Section 21.3(d) shall not relieve the Indemnifying Party
of its obligations under Section 21.2, except to the extent such failure results in insufficient time being available to permit the
Indemnifying Party to effectively defend against the Third-Party Claim or otherwise materially prejudices the Indemnifying Party’s
ability to defend against the Third-Party Claim. In the event that the claim for indemnification is based upon an inaccuracy or a breach
of a representation, warranty, covenant, or agreement, the Claim Notice shall specify the representation, warranty, covenant, or agreement
that was inaccurate or breached.

 

		(b)	Defense and Settlement of Claims.

 

		(i)	In the case of a claim for indemnification based upon a Third-Party Claim, the Indemnifying Party shall
have thirty (30) days from its receipt of the Claim Notice to notify the Indemnified Party whether it admits or denies its obligation
to defend and indemnify the Indemnified Party against such Third-Party Claim at the sole cost and expense of the Indemnifying Party. The
Indemnified Party is authorized, prior to and during such thirty (30) day period, at the expense of the Indemnifying Party, to file any
motion, answer, or other pleading that it shall deem necessary or appropriate to protect its interests or those of the Indemnifying Party
and that is not prejudicial to the Indemnifying Party.

 

		(ii)	If the Indemnifying Party admits its obligation to defend and indemnify the Indemnified Party against
a Third-Party Claim, it shall have the right and obligation diligently to defend and indemnify, at its sole cost and expense, the Indemnified
Party against such Third-Party Claim. The Indemnifying Party shall have full control of such defense and proceedings, including any compromise
or settlement thereof. If requested by the Indemnifying Party, the Indemnified Party agrees to cooperate in contesting any Third-Party
Claim that the Indemnifying Party elects to contest. The Indemnified Party may participate in, but not control, at its own expense, any
defense or settlement of any Third-Party Claim controlled by the Indemnifying Party pursuant to this Section 21.4. An Indemnifying
Party shall not, without the written consent of the Indemnified Party (which shall not be unreasonably withheld, denied, conditioned,
or delayed), (i) settle any Third-Party Claim or consent to the entry of any judgment with respect thereto that does not include an unconditional
written release of the Indemnified Party from all Liability in respect of such Third-Party Claim or (ii) settle any Third-Party Claim
or consent to the entry of any judgment with respect thereto in any manner that may materially and adversely affect the Indemnified Party
(other than as a result of money damages covered by the indemnity).

 

    23

     

    

 

		(iii)	If the Indemnifying Party does not admit its obligation or admits its obligation to defend and indemnify
the Indemnified Party against a Third-Party Claim, but fails diligently to prosecute, indemnify against, or settle such Third-Party Claim,
then the Indemnified Party shall have the right to defend against the Third-Party Claim at the sole cost and expense of the Indemnifying
Party, with counsel of the Indemnified Party’s choosing, subject to the right of the Indemnifying Party to admit its obligation
and assume the defense of the Third-Party Claim at any time prior to settlement or final determination thereof. If settlement has been
offered and the Indemnifying Party has not yet admitted its obligation to defend and indemnify the Indemnified Party against a Third-Party
Claim, the Indemnified Party shall send written notice to the Indemnifying Party of any proposed settlement and the Indemnifying Party
shall have the option for ten (10) days following receipt of such notice to (i) admit in writing its obligation to indemnify the Indemnified
Party from and against the liability and consent to such settlement, (ii) if liability is so admitted, reject, in its reasonable judgment,
the proposed settlement, or (iii) deny liability. Any failure by the Indemnifying Party to respond to such notice shall be deemed to be
an election under subsection (iii), above.

 

		(c)	Non-Third-Party Claims. In the case of a claim for indemnification not based upon a Third-Party Claim,
the Indemnifying Party shall have thirty (30) days from its receipt of the Claim Notice to (A) cure the Liabilities complained of, (B)
admit its liability for such Liabilities, or (C) dispute the claim for such Liabilities. If the Indemnifying Party does not notify the
Indemnified Party within such thirty (30)-day period that it has cured the Liabilities or that it disputes the claim for such Liabilities,
the Indemnifying Party shall be deemed to have disputed the claim for such Liabilities.

 

		22.	Counterparts

 

This Agreement may
be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures to such counterparts
and to this Agreement were upon the same instrument.

 

		23.	Further assurance

 

Each Party agrees
(at its own cost) to perform (or procure the performance of) all further acts and things, and execute and deliver (or procure the execution
and delivery of) such further documents, as may be required by law or as the other Parties may reasonably require, whether on or after
Completion, to implement and/or give effect to this Agreement and the transaction contemplated by this Agreement.

 

		24.	Waiver

 

Any of the terms,
covenants, representations, warranties, or conditions hereof may be waived only by a written instrument executed and delivered by or on
behalf of the Party waiving compliance. No course of dealing on the part of any Party or its officers, directors, managers, employees,
agents, or representatives, and no failure by any Party to exercise any of its rights under this Agreement, shall, in any such case, operate
as a waiver thereof or affect in any way the right of such Party at a later time to enforce the performance of such provision. No waiver
by any Party of any condition, or any breach of any term, covenant, representation, or warranty contained in this Agreement, in any one
or more instances, shall be deemed to be or construed as a further or continuing waiver of any such condition or breach or a waiver of
any other condition or of any breach of any other term, covenant, representation, or warranty. The rights of the Parties under this Agreement
shall be cumulative, and the exercise or partial exercise of any such right shall not preclude the exercise of any other right.

 

    24

     

    

 

		25.	Entire agreement

 

This Agreement (and
any other agreements contemplated hereby or thereby) constitutes the entire agreement among the Parties with respect to the subject matter
of this Agreement and supersedes all prior agreements, understandings, and negotiations, both written and oral, among the Parties with
respect to the subject matter hereof. No representation, inducement, promise, understanding, condition, or warranty not set forth in this
Agreement has been made or relied upon by any Party. This Agreement is not intended to confer upon any Person other than the Parties hereto
any rights or remedies hereunder. The Exhibits to this Agreement are and shall be deemed to be a part of this Agreement.

 

		26.	Notices

 

		26.1	Save as otherwise provided in this Agreement, any notice, demand or other communication (“Notice”)
to be given by any Party under, or in connection with, this Agreement shall be in writing and signed by or on behalf of the Party giving
it. Any Notice shall be served by sending it by fax to the number set out in Section 26.2, or delivering it by hand to the address set
out in Section 26.2 and in each case marked for the attention of the relevant Party set out in Section 26.2 (or as otherwise notified
from time to time in accordance with the provisions of this Section 26). Any Notice so served by fax or hand shall be deemed to have
been duly given or made as follows:

 

		(a)	if sent by fax, at the time of transmission; or

 

		(b)	in the case of delivery by hand, when delivered,

 

provided that in
each case where delivery by fax or by hand occurs after 6 pm on a Business Day or on a day which is not a Business Day, service shall
be deemed to occur at 9 am on the next following Business Day.

 

References to time
in this Section are to local time in the country of the addressee.

 

		26.2	The addresses and fax numbers of the Parties for the purpose of Section 26.1 are as follows:

 

(a) ABVC

 

Address: 44370 Old
Warm Springs Blvd., Fremont, CA 94538, USA

 

For the attention
of: Andy An

 

(b) Lucidaim

 

Address:

 

Fax:

 

For the attention
of: Toru Seo

 

(c) Company

 

Address: 3-8-3 Nihonbashi
Honcho, Chuo-ku, Tokyo 103-0023, Japan

 

For the attention
of: Toru Seo

 

    25

     

    

 

		26.3	A Party may notify all other Parties to this Agreement of a change to its name, relevant addressee, address
or fax number for the purposes of this Section 26, provided that such notice shall only be effective on:

 

		(a)	the date specified in the notification as the date on which the change is to take place; or

 

		(b)	if no date is specified or the date specified is less than five (5) Business Days after the date on which
notice is given, the date following five (5) Business Days after notice of any change has been given.

 

		26.4	In proving service it shall be sufficient to prove that the envelope containing such notice was properly
addressed and delivered to the address shown thereon or that the facsimile transmission was made and a facsimile confirmation report was
received, as the case may be.

 

		27.	Costs

 

		27.1	Subject to any Sections entitling any Party to recover its costs from any other Party if particular conditions
are not fulfilled, each of the Parties shall be responsible for its own legal, accountancy and other costs, charges and expenses incurred
in connection with the negotiation, preparation and implementation of this Agreement and any other agreement incidental to or referred
to in this Agreement unless otherwise agreed by the Parties.

 

		27.2	Unless otherwise agreed by the Parties, each Party undertakes to the others that the Company has not paid
and will not pay (in connection with the subscription contemplated by this Agreement) any legal, accounting or other professional charges,
fees, expenses or commissions relating to the subscription of the Shares including any such costs incurred in connection with any investigation
of the affairs of the Company or the negotiation, preparation, execution and carrying into effect of this Agreement.

 

		28.	No Third-Party Beneficiaries

 

The Parties and
this Agreement do not confer any rights or remedies upon any Person other than the Parties to this Agreement and their respective successors
and permitted assigns.

 

		29.	Amendments

 

This Agreement may
be amended, restated, supplemented, or otherwise modified only by an instrument in writing executed and delivered by all Parties and expressly
identified as an amendment, restatement, supplement, or modification.

 

		30.	Continuing effect

 

Each provision of
this Agreement shall continue in full force and effect after Completion, except to the extent that a provision has been fully performed
on or before Completion.

 

		31.	Illegality and Severability

 

If application of
any one or more of the provisions of this Agreement shall be unlawful under Applicable Law, then the Parties will attempt in good faith
to make such alternative arrangements as may be legally permissible and that carry out as nearly as practicable the terms of this Agreement.
Should any portion of this Agreement be deemed unenforceable by a court of competent jurisdiction, the remaining portions hereof shall
remain unaffected and be interpreted as if such unenforceable portion had been initially deleted.

 

    26

     

    

 

		32.	Successors and Assigns

 

No Party shall assign
this Agreement or any of its rights in and to this Agreement without the prior written approval of the other Party. Subject to the preceding
sentence, the provisions of this Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors
and assigns.

 

		33.	Governing law and Arbitration

 

		33.1	Governing law

 

This Agreement shall
be governed by and construed in accordance with the laws of Japan without regard to principles of conflicts of laws.

 

		33.2	Arbitration

 

All
disputes arising out of or in connection with this Agreement shall be finally settled under the Rules of Arbitration of the International
Chamber of Commerce (“ICC”) by one or more arbitrators appointed in accordance with the said Rules. The seat of arbitration
shall be Japan. Any arbitration proceeding will proceed in Tokyo, Japan. The arbitration
proceedings will be conducted in English, and the award will be rendered in writing in English. Unless otherwise ordered by the
arbitrator, each Party shall bear its own costs and fees, including attorneys’ fees and expenses. The Parties agree to treat
any award made by the arbitral tribunal as final and binding upon them and immediately enforceable against them, and undertake not to
exercise or seek to exercise any right of appeal or other challenge against such final award before any court or jurisdiction. Notwithstanding
the foregoing, nothing in this Agreement shall prohibit the Parties from seeking any preliminary, emergency or interim injunctive relief
in any court of competent jurisdiction or from the ICC or arbitrators. Judgment upon any award rendered by the arbitrator may be
entered by any court having jurisdiction over the Party against whom enforcement is sought.

 

		34.	Advice of Counsel

 

The Parties have
each consulted counsel of their choice regarding this Agreement and each acknowledges and agrees that this Agreement shall not be deemed
to have been drafted by one Party or another and shall be construed accordingly.

 

		35.	Captions

 

The captions in
this Agreement are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

 

		36.	Governing language

 

The official text
of this Agreement and any notices given hereunder shall be in English. In the event of any dispute concerning the construction or interpretation
of this Agreement, reference shall be made only to this Agreement as written in English and not to any translation into any other language.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    27

     

    

 

Execution

 

IN WITNESS WHEREOF, the Parties
to this Agreement have caused this Agreement to be duly executed by their respective authorized representatives on the day and year first
above written.

 

 

	 	ABVC BioPharma, Inc.
	 	 
	 	By:	/s/ Eugene Jiang
	 	Name: 	Eugene Jiang
	 	Title:	Chairman

 

    28

     

    

 

Execution

 

IN WITNESS WHEREOF, the Parties
to this Agreement have caused this Agreement to be duly executed by their respective authorized representatives on the day and year first
above written.

 

 

	 	Lucidaim Co., Ltd.
	 	 
	 	By:	/s/ Toru Seo
	 	Name: 	Toru Seo
	 	Title:	Representative Director

 

    29

     

    

 

Execution

 

IN WITNESS WHEREOF, the Parties
to this Agreement have caused this Agreement to be duly executed by their respective authorized representatives on the day and year first
above written.

 

 

	 	BioLite Japan K.K
	 	 
	 	By:	/s/Toru Seo
	 	Name: 	Toru Seo
	 	Title:	Representative Director

 

 

    30

     

    

 

Schedule 1

 

The Company

 

	Name	:	BioLite Japan K.K.
	Date of Incorporation	:	18 December 2018
	Place of Incorporation	:	Japan
	Registered office	:	3-8-3 Nihonbashi Honcho, Chuo-ku, Tokyo 
	Director	:	Toru Seo
	Representative Director	:	Toru Seo
	 	 	3-42-12 Musashidai, Fuchu-shi, Tokyo 
	Number of Authorized Shares	:	10,000 shares
	Number of Issued Shares	:	3,049 ordinary share
	Amount of Share Capital	:	JPY 30,490,000 

 

     

     

    

 

Schedule 2

 

Conditions Precedent

 

Completion is conditional on:

 

		1.	All government, governmental, supranational or trade agency or regulatory body consents (including the
expiry of any period following a notification such that consent is deemed to be given or no consent is required) which are required for
the Transaction being obtained in terms satisfactory to the Shareholders;

 

     

     

    

 

Schedule 3

 

Reserved Matters

 

General

 

		1.	Any amendment to the articles of association of the Company.

 

		2.	Any change in the name of the Company.

 

Accounting and Financial

 

		3.	Any alteration to the Company’s accounting reference date or, other than as required by law, the
Japanese GAAP.

 

		4.	Save as required by Section 9, the declaration or payment of any dividend or other distribution by the
Company.

 

Commercial

 

		5.	Any material change in the nature of the Business.

 

		6.	The approval or amendment of the Business Plan.

 

		7.	Any arrangement for the disposal of the whole or substantially the whole of the assets of the Company.

 

Employment

 

		8.	The determination of the remuneration, if any, of the directors of the Company.

 

Insolvency

 

		9.	Unless otherwise expressly provided for in this Agreement, the making of any compromise or arrangement
with the Company’s creditors, any application for the appointment of a receiver or an administrator over the Company’s assets
or the winding up of the Company (whether voluntarily or compulsorily).

 

     

     

    

 

Schedule 4

 

Part 1: Roulette Notice

 

		To:	[Insert name of Shareholder

and contact details from

Section 26 of the Agreement]

 

[Date]

 

Dear Sirs

 

Roulette Notice

 

We refer to the Joint Venture
Agreement dated [insert date] (“Agreement”) and made between yourselves and ourselves and to the Deadlock
provisions contained in Section 14 of the Agreement.

 

We hereby:

 

		(a)	offer to purchase all (but not some only) of the shares in the capital of [insert name]
Limited (the “Company”) held by you, at the price of £[insert amount] per share; or

 

		(b)	in the alternative, offer to sell to you all (but not some only) of the shares held by us in the capital
of the Company, at that price per share.

 

You may accept either of the
above offers by service on us of an Acceptance Notice pursuant to Section 14 of the Agreement. Completion of the sale and purchase of
the shares contemplated by Section 14 of the Agreement shall take place at [insert location] on [insert time
and date].

 

In the event that you accept
the offer set out in paragraph (b), then details of our bank account into which the aggregate consideration should be transferred on completion
are [insert name] Bank plc, [insert address], Sort Code [        ],
Account Number [        ].

 

Yours faithfully

 

[Name]

 

For and on behalf of

 

[Shareholder]

 

     

     

    

 

Part 2: Acceptance Notice

 

		To:	[Insert name of Shareholder

and contact details from

Section 26 of the Agreement]

 

[Date]

 

Dear Sirs

 

Acceptance Notice

 

We refer to the Joint Venture
Agreement dated [insert date] (“Agreement”) and made between yourselves and ourselves (and, in particular,
to the Deadlock provisions contained in Section 14 of the Agreement) and to the Roulette Notice dated [insert date]. This
letter is the Acceptance Notice referred to in Section 14.5 of the Agreement.

 

[We hereby accept your offer
to purchase all (but not some only) of the shares in the capital of [insert name] Limited held by us, at the price of £[insert
amount] per share]

 

OR

 

[We hereby accept your offer
to sell to us all (but not some only) of the shares held by you in the capital of [insert name] Limited, at the price of
£[insert amount] per share.]

 

Yours faithfully

 

[Name]

 

For and on behalf of

 

[Shareholder]

 

     

     

    

 

Schedule 5

 

Share Transfer Provisions

 

		1.	Transfer terms

 

		1.1	Any sale and/or transfer of Shares pursuant to this Agreement shall be on terms that those Shares:

 

		(a)	are transferred with full legal and beneficial title free from all Encumbrances; and

 

		(b)	are transferred with the benefit of all rights attaching to them as at the date of the agreement to sell
or transfer the Shares or of the relevant Roulette Notice, Acceptance Notice, Action Notice or Bid, as appropriate but without the benefit
of any other warranties or representations whatsoever.

 

		2.	Approval

 

The Directors shall
promptly register any transfer of Shares permitted by this Agreement and each Shareholder shall procure that each Director appointed by
it shall comply with this obligation.

 

		3.	Registration

 

The Parties shall
procure that a transfer of Shares is not approved for registration unless this Agreement and the Articles have been complied with.

 

		4.	Further assurance

 

Each Party shall
do all things and carry out all acts which are reasonably necessary to effect the transfer of the shares in accordance with the terms
of this Agreement in a timely fashion.

 

		5.	Return of documents, etc.

 

On ceasing to be
a Shareholder, a Shareholder must use reasonable endeavours to hand over to the Company, save to the extent required by law, material
correspondence, budgets, Business Plans, schedules, documents and records relating to the Business held by it or an Associated Company
or any third party which has acquired such matter through that Shareholder and shall not keep any copies.

 

		6.	Loans, borrowings, guarantees and indemnities

 

		6.1	Upon a transfer of all the Shares held by a Shareholder

 

		(a)	the continuing Shareholder shall procure that all loans, borrowings and indebtedness in the nature of
borrowings outstanding owed by the Company to a transferring Shareholder (together with any accrued interest) are either assigned to the
continuing Shareholder for such value as may be agreed between the transferring Shareholder and the continuing Shareholder, or failing
agreement with the continuing Shareholder, are repaid by the Company;

 

		(b)	all loans, borrowings and indebtedness in the nature of borrowings outstanding owed by that transferring
Shareholder to the Company shall be repaid; and

 

		(c)	the continuing Shareholder shall use all reasonable endeavours (but without involving any financial obligation
on its part) to procure the release of any guarantees, indemnities, security or other comfort given by the transferring Shareholder to
or in respect of the Company or its Business and, pending such release, shall indemnify the transferring Shareholder in respect of them.

 

     

     

    

 

		6.2	Any assumption of the obligations of a transferring Shareholder by the continuing Shareholder is without
prejudice to the right of the continuing Shareholder and/or the Company to claim from the transferring Shareholder in respect of liabilities
arising prior to the completion date of the transfer of Shares.

 

		7.	Assumption of obligations

 

The Shareholders
shall procure that no person shall be registered by the Company as the holder of any Shares unless it first enters into agreement to be
bound by all the terms of this Agreement as if it had been a signatory.

 

		8.	Waiver of pre-emption rights

 

The Shareholders
waive their pre-emption rights to the transfer of Shares contained in this Agreement and the Articles to the extent necessary to give
effect to this Agreement.

 

		9.	Removal of appointees

 

		9.1	If a Shareholder ceases to be a Shareholder it shall immediately upon transfer of its Shares procure the
resignation of all its appointees to the Directors. If the continuing Shareholder requests, it shall do all such things and sign all such
documents as may otherwise be necessary to procure the resignation or dismissal of such persons in a timely manner.

 

		9.2	Those resignations shall take effect without any liabilities on the Company for compensation for loss
of office or otherwise except to the extent that the liability arises in relation to a service contract with a Director who was acting
in an executive capacity. Any Shareholder removing a Director appointed by it shall fully indemnify and hold harmless the other Shareholder
and the Company from and against any claim for unfair or wrongful dismissal arising out of such removal.

 

		10.	Interest

 

The purchase moneys
shall, to the extent that they are not delivered to the Selling Shareholder on or before the appropriate completion date, bear interest
against the purchasing Party at the rate of 4 per cent. over the base lending rate from time to time of Mizuho Bank, Ltd. calculated on
a daily basis from such date until the Selling Shareholder is reimbursed by the other Party.

 

     

     

    

 

Exhibit

 

FORM OF SHARE TRANSFER AGREEMENT

 

As attached

 

     

     

    

 

Share Transfer Agreement

 

This Agreement is
dated October 6, 2021

 

Between

 

ABVC BioPharma, Inc.,
a Nevada corporation with its principal place of business located at 44370 Old Warm Springs Blvd., Fremont, CA 94538, U.S.A. (“ABVC”);
and

 

Lucidaim Co., Ltd., a
Japanese corporation with its principal place of business located at
                         (“Lucidaim”).

 

ABVC and Lucidaim are referred
to herein individually as a “Party” and, collectively, the “Parties”.

 

Recitals

 

		A.	WHEREAS, BioLite Japan K.K. is a private limited company (a Japanese Kabushiki Kaisha) incorporated
on 18 December 2018 with its principal place of business located at 3-8-3 Nihonbashi Honcho, Chuo-ku, Tokyo 103-0023, Japan (“Company”)
and at the date of this Agreement has an issued share capital of JPY thirty million four hundred ninety thousand (30,490,000) with three
thousand forty nine (3,049) ordinary shares. One thousand five hundred one (1,501) ordinary shares out of such three thousand forty nine
(3,049) ordinary shares have been issued nil paid and are held by Lucidaim and the remaining one thousand five hundred forty eight (1,548)
ordinary shares have been issued nil paid and are held by ABVC.

 

		B.	Lucidaim desires to acquire from ABVC ordinary shares of the
Company (“Shares”), and ABVC desires to transfer the Shares to Lucidaim,
all pursuant to and in accordance with the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual agreements and undertakings contained herein, the Parties, intending to be legally bound, hereby agree as follows:

 

		1.	Share Transfer

 

		1.1	On the terms of this agreement and with effect from the date of this Agreement, ABVC shall transfer and
Lucidaim shall acquire, for no consideration, fifty four (54) Shares with full title guarantee free from all any interest or equity of
any person (including any right to acquire, option or right of pre-emption) or any mortgage, charge, pledge, lien, assignment, hypothecation,
security interest, title retention or any other security agreement or arrangement (“Encumbrances”) and together with
all rights that attach (or may in the future attach) to the Shares including, in particular, the right to receive all dividends and distributions
declared, made or paid on or after the date of this Agreement.

 

		1.2	ABVC represents and warrants to, and covenants with, Lucidaim that:

 

		(a)	it has the right to transfer the Shares on the terms set out in this Agreement;

 

		(b)	it shall do all it can, at its own cost, to give Lucidaim the full legal and beneficial title to the Shares;

 

		(c)	it transfers the Shares free from all Encumbrances;

 

     

     

    

 

		(d)	there is no right to require the Company to issue any share capital or create an Encumbrance affecting
any unissued shares or debentures or other unissued securities of the Company; and

 

		(e)	no commitment has been given to create an Encumbrance affecting the Shares (or any unissued shares or
debentures or other unissued securities of the Company), or for the Company to issue any share capital and no person has claimed any rights
in connection with any of those things.

 

		1.3	Each Party shall:

 

		(a)	Conduct transactions contemplated under this Agreement in compliance
with any Applicable Laws including without limitation the Companies Act of Japan (Act No. 86 of 2005);
and

 

		(b)	At the date of this Agreement, deliver a certified copy of the resolutions adopted by the board of directors,
or any other applicable organ, of the Party authorizing the transactions contemplated under this
Agreement and the execution and delivery by the officers specified in the resolution[s] of this agreement, and any documents necessary
to transfer, or acquire as applicable, the Shares in accordance with this Agreement.

 

		1.4	Taxes, Costs and Expenses

 

		(a)	Except as otherwise provided for in this Agreement, each of
ABVC and Lucidaim shall bear all local, national and foreign taxes and assessments, including all interest, penalties and additions
with respect thereto, incurred by or levied on it in connection with the transactions contemplated
under this Agreement.

 

		(b)	Except as expressly provided otherwise herein, each Party shall
bear its own costs and expenses (including advisory fees) incurred in the negotiation, preparation and completion of this Agreement.

 

		2.	Governing law and Arbitration

 

		2.1	Governing law

 

This Agreement shall
be governed by and construed in accordance with the laws of Japan without regard to principles of conflicts of laws.

 

		2.2	Arbitration

 

All disputes arising
out of or in connection with this Agreement shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce
(“ICC”) by one or more arbitrators appointed in accordance with the said Rules. The seat of arbitration shall be Japan. Any
arbitration proceeding will proceed in Tokyo, Japan. The arbitration proceedings will be conducted in English, and the award will be
rendered in writing in English. Unless otherwise ordered by the arbitrator, each Party shall bear its own costs and fees, including
attorneys’ fees and expenses. The Parties agree to treat any award made by the arbitral tribunal as final and binding upon
them and immediately enforceable against them, and undertake not to exercise or seek to exercise any right of appeal or other challenge
against such final award before any court or jurisdiction. Notwithstanding the foregoing, nothing in this Agreement shall prohibit
the Parties from seeking any preliminary, emergency or interim injunctive relief in any court of competent jurisdiction or from the ICC
or arbitrators. Judgment upon any award rendered by the arbitrator may be entered by any court having jurisdiction over the Party
against whom enforcement is sought.

 

		3.	Counterparts

 

This Agreement may be signed
in any number of counterparts, each of which shall be an original, with the same effect as if the signatures to such counterparts and
to this Agreement were upon the same instrument.

 

[SIGNATURES ON FOLLOWING PAGE]

 

     

     

    

 

Execution

 

IN WITNESS WHEREOF, the Parties
to this Agreement have caused this Agreement to be duly executed by their respective authorized representatives on the day and year first
above written.

 

	 	ABVC BioPharma, Inc.
	 	 	 
	 	By:	/s/ Eugene Jiang
	 	Name: 	Eugene Jiang
	 	Title:	Chairman

 

     

     

    

 

Execution

 

IN WITNESS WHEREOF, the Parties
to this Agreement have caused this Agreement to be duly executed by their respective authorized representatives on the day and year first
above written.

 

	 	Lucidaim Co., Ltd.
	 	 	 
	 	By:	/s/ Toru Seo
	 	Name: 	Toru Seo
	 	Title:	Representative DirectorExhibit 10.12

 

CERTAIN CONFIDENTIAL INFORMATION, MARKED BY
[***] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE
OR CONFIDENTIAL.

 

EXCLUSIVE LICENSE AGREEMENT

AGT. NO.________

 

This Exclusive License Agreement
(the “Agreement”) is made this 14th day of December, 2018 (the “Effective Date”) by and between
the Ohio State Innovation Foundation, with an address at 1524 North High Street, Columbus, OH 43201 (hereinafter, “OSIF”)
and Entrada Therapeutics, Inc., with an address at 16 Cavendish Court, Suite 401, Lebanon, NH 03766 (hereinafter, “Licensee”);
collectively, “Parties”, or singly, “Party”.

 

WHEREAS, OSIF, the
technology transfer function for The Ohio State University (“OSU”), owns, controls or has the right to
license the Licensed Subject Matter;

 

WHEREAS, OSIF desires
to have the Licensed Subject Matter developed and used for the benefit of the public; and

 

WHEREAS, the Licensee
has entered into an Agreement for Sponsored Program with OSU, dated May 12, 2017, (the “SRA”);

 

WHEREAS, the Parties
have entered into an Option Agreement dated May 12, 2017, as amended May 16, 2018 (the “Option Agreement”);
and

 

WHEREAS, pursuant to
the Option Agreement, Licensee has exercised its option to acquire an exclusive license under Licensed Subject Matter to develop and commercialize
Licensed Products under the terms and conditions of this Agreement.

 

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

 

		1.	Definitions.

 

“Affiliate” means any entity
that: (a) directly or indirectly owns or controls; (b) is owned or controlled by; or (c) is under common ownership or control
with another entity; where “ownership” and “control” mean: (i) possession, or the right to possession, of
at least fifty percent (50%) of the voting stock of the entity; (ii) the power to direct the management and policies of the entity;
(iii) the power to appoint or remove a majority of the board of directors of the entity; or (iv) the right to receive fifty
percent (50%) or more of the profits or earnings of the entity. While an entity is entitled to the benefits of an Affiliate under this
Agreement for only the period of time the entity qualifies as an Affiliate under this definition, all obligations under this Agreement
that accrued to the entity while an Affiliate shall survive until fulfilled even though the entity no longer qualifies as an Affiliate.

 

“Change of Control” means,
the closing of (i) a sale of all or substantially all of the assets of the Licensee, or (ii) a stock tender or a merger, consolidation,
sale of stock or similar event pursuant to a transaction in which a person or group acquires more than fifty percent (50%) of the equity
voting securities of the Licensee outstanding immediately prior to the consummation of such transaction, and the shareholders of the Licensee
do not retain a majority of the equity voting securities of the surviving entity, other than (a) a merger, conversion or other transaction
the principal goal of which is to change the jurisdiction of incorporation of the Licensee, or (b) an equity security financing for
the account of the Licensee in which equity securities of the Licensee are sold to one or more institutional investors.

 

     

     

    

 

“Commercially Reasonable Efforts”
means, with respect to the efforts to be expended by a Party or its Affiliate with respect to any objective, activity or decision, those
efforts that a company would reasonably use to accomplish such objective, activity or decision and, with respect to commercialization
of a Licensed Product, specifically means the carrying out of research, development and commercialization activities using efforts that
a company would reasonably devote to a product at a similar stage in its development or product life and of similar market potential and
profit potential, based on conditions then prevailing, including without limitation relevant scientific, technical and commercial factors.

 

“Confidential Information”
means all non-public information, whether provided orally, in writing or through tangible materials, that is provided by one Party (“Discloser”)
to the other Party (“Recipient”); unless the information: (a) was already in possession of Recipient (or
when Recipient is OSIF, in its possession or that of OSU) when provided by Discloser, as shown by competent evidence; (b) is now,
or becomes in the future, public knowledge other than through a violation of this Agreement; (c) is independently developed by individual(s) not
affiliated with both Parties and without knowledge of or access to the Discloser’s Confidential Information, as shown by contemporaneously
written records; or (d) is lawfully obtained without restriction from a third party who did not obtain the information directly or
indirectly from Discloser (or when the Discloser is OSIF, from OSIF or OSU). The terms and conditions of this Agreement shall constitute
Confidential Information of both Parties.

 

“Contract Period” means [***].

 

“Contract Year” means [***].

 

“Covers” or “Covered
by” with reference to a particular product or process, means that the manufacture, use, sale, offering for sale, or importation
of such product or process would, but for ownership of or a license to the relevant Patent Right, infringe a Valid Claim in the country
in which the activity occurs.

 

“Designee” means (i) OSIF
or (ii) any entity to which any of OSIF’s rights under Section 3 have been assigned, including to any Affiliate of OSIF.

 

“Equity Financing” means a
cash investment in exchange for any Equity Securities.

 

“Equity Securities” means shares
of common stock, preferred stock or any options, warrants or other convertible securities of the Licensee.

 

“Field of Use” means all therapeutic,
diagnostic or prophylactic uses.

 

“First Commercial Contract Year”
means the Contract Year in which the First Commercial Sale of a Licensed Product occurs in any country.

 

    Page 2 of 39

     

    

 

“First Commercial Sale” means,
with respect to a particular Licensed Product in a given country, the first arm’s-length commercial sale of such Licensed Product
following Marketing Approval in such country by or under the authority of Licensee or any Sublicensee to a third party who is not a Sublicensee.

 

“Fully-Diluted” means the number
of shares outstanding assuming conversion of all issued and outstanding securities convertible into capital stock, and the exercise of
all then outstanding options, warrants, and other rights to acquire capital stock, whether or not then exercisable.

 

“Government” means any agency,
department or other unit of the United States of America or the State of Ohio.

 

“including” means including,
but without limitation.

 

“IND-Enabling Toxicology Study”
means the dosing of the first animal subject in the first pre-clinical toxicity study design to profile the toxicity potential of a development
candidate for purposes of submission of an Investigational New Drug Application or the equivalent.

 

“Licensed Platform Product”
means any product or process that: (a) is Covered by a Valid Platform Claim and/or whose manufacture or use is Covered by a Valid
Platform Claim, or (b) itself - or its manufacture, use, sale or importation - uses, incorporates, is made with and/or is or was
created or derived from any Platform Technology Rights but not any Program Technology Rights.

 

“Licensed Product” means a
Licensed Platform Product or a Licensed Program Product.

 

“Licensed Program Product”
means any product or process that: (a) is Covered by a Valid Program Claim and/or whose manufacture or use is Covered by a Valid
Program Claim, or (b) itself - or its manufacture, use, sale or importation - uses, incorporates, is made with and/or is or was created
or derived from any Program Technology Rights. For avoidance of doubt, a product that is Covered by both a Valid Program Claim and a Valid
Platform Claim, or uses both Program Technology Rights and Platform Technology Rights, shall be deemed a Licensed Program Product hereunder.

 

“Licensed Subject Matter” means
Patent Rights and/or Technology Rights.

 

“Marketing Approval” means
all approvals, licenses, registrations or authorizations of any federal, state or local regulatory agency, department, bureau or other
governmental entity, necessary for the manufacturing, distribution, use, storage, import, transport, marketing or sale of Licensed Products
in a country or regulatory jurisdiction.

 

“Net Sales” means the gross
amount of consideration received by Licensee, Affiliates, and/or Sublicensees for Licensed Products sold, leased, transferred, used, performed
or otherwise provided, less the amount specifically identified on the invoice for the following items directly attributable to the Licensed
Products and borne by Licensee, Affiliates, or Sublicensees as the provider: (a) [***]; (b) [***]; (c) [***]; and (d) [***].
Net Sales on Licensed Products transferred as part of a non-cash exchange or where the gross amount is not in immediately available funds
shall be calculated at the average amount invoiced to third parties for such Licensed Products in the same country in the Contract Period.
If there is no average amount, then the Parties shall select another reasonable benchmark.

 

    Page 3 of 39

     

    

 

[***].

 

If more than one product or service sold separately
by Licensee are combined for sale at a single offering price (e.g. as a kit including as separate items both a Licensed Product and a
device or other freestanding product that is not a Licensed Product) (a “Combination Product”), the total gross amount
received for purposes of determining Net Sales shall be calculated by multiplying the revenue for said Combination Product by the fraction
A/(A+B), where A is the sum of the offering prices of each product and service that independently constitutes a Licensed Product when
sold separately, and B is the sum of the offering prices of each other product or service combined therewith at said single offering price.
Notwithstanding the foregoing and for the avoidance of doubt, sale of a single product that embodies more than one technology or biological
component (e.g. a drug product that includes a cyclic cell-penetrating peptide and an enzyme) shall not constitute a Combination Product
subject to the provisions of this paragraph.

 

“Non-Royalty Sublicensing Consideration”
means the gross amount of consideration, excluding Net Sales and any royalties based on Net Sales, received directly or indirectly by
Licensee, Affiliate, Related Party or Related Party Entity, (as defined in Section 3.10) and/or each Sublicensee that grants a further
sub license, in return for the grant of a sublicense of any Patent Rights, including: (a) fees, including fixed, option, license,
maintenance and joint marketing fees; (b) payments, including milestones and minimum royalty payments (provided that such payments
shall not constitute Net Sales); (c) non-cash consideration, including equity, the fair market value for each cross-license of intellectual
and/or tangible property and debt forgiveness; (d) funding in excess of Licensee’s or such Sublicensee’s cost of performing
the prospective research and development; and (e) any other property, remuneration or value given or exchanged for a Sublicense Agreement
regardless of how any party characterizes such consideration. Notwithstanding the foregoing, Non-Royalty Sub licensing Consideration excludes
all consideration in the form of (i) payments or reimbursement for documented sponsored research, development activities, pilot studies
and/or transfer of research materials, (ii) payment or reimbursement of reasonable patent expenses actually incurred or paid by Licensee
and not otherwise reimbursed, or payment of patent expenses required to be paid by Licensee hereunder, (iii) payments for the purchase
of equity in Licensee at the fair market value of such equity, (iv) payments in consideration of the license or sub license of any
intellectual property other than the Patent Rights and (v) payments received by Licensee from Sublicensees in support of full time
equivalent employees to run a partnered program.

 

“Option Agreement” has the
meaning set forth in the Preamble.

 

“Patent Rights” means all (a) patents
and/or patent applications listed in Appendix 1A (Platform Patent Rights) or 1B (Program Patent Rights), or arising out of the invention
disclosures (Tech IDs) listed in Appendix 1A or 1B; (b) patents and/or patent applications included in this Agreement pursuant to
Sections 2.7 and 2.8; (c) patent applications that claim priority to the patents and patent applications in (a) and (b), including
all divisionals, continuations and continuations-in-part (but only to the extent of the subject matter that is fully disclosed and enabled
by (a) and/or (b) to satisfy 35 U.S.C. §112); (d) patents issuing on (a), (b) and/or (c); and (e) reissues,
reexaminations, extensions, foreign counterparts and supplementary protection certificates referencing any of the foregoing.

 

    Page 4 of 39

     

    

 

“Payment Deadline” means each
day that is [***] days after the last day of any particular Contract Period.

 

“Phase 1 Clinical Trial” means,
as to a specific Licensed Product, a study as described in 21 C.F.R. §312.21(a) or a comparable clinical study in a country
other than the United States.

 

“Phase 2 Clinical Trial” means,
as to a specific Licensed Product, a study in humans designed with the principal purpose of determining initial efficacy and dosing of
such Licensed Product in patients for the indication(s) being studied as described in 21 C.F.R. §312.21(b); or a similar clinical
study in a country other than the United States.

 

“Phase 3 Clinical Trial” means,
as to a specific Licensed Product, a lawful study in humans of the efficacy and safety of such Licensed Product, which is prospectively
designed to demonstrate statistically whether such Licensed Product is effective and safe for use in a particular indication in a manner
sufficient to file an application to obtain Marketing Approval to market and sell that Licensed Product in the United States or another
country for the indication being investigated by the study, as described in 21 C.F.R. § 312.21(c); or similar clinical study in a
country other than the United States.

 

“Platform Claims” means [***].

 

“Platform Technology Rights”
means [***].

 

“Program Claims” means [***].
Program Claims are set forth in Appendix 1B, which shall be updated from time to time in accordance with this Agreement.

 

“Program Technology Rights”
means [***].

 

“Related Work(s)” means [***].

 

“SRA Technology” means all
patents, patent applications, and technology arising out of an SRA and (i) not already included in the Patent Rights, (ii) not
a Related Work, and (iii) not already included in the Technology Rights.

 

“SRA” has the meaning set forth
in the Preamble.

 

“Sublicense Agreement” means
any agreement or arrangement pursuant to which Licensee directly or indirectly through intermediaries authorizes a third party to: (a) develop,
manufacture, offer for sale, sell, lease, transfer, import and/or otherwise provide a Licensed Product; or (b) practice the Licensed
Subject Matter; regardless of whether the agreement or arrangement requires or is captioned as a License or sublicense under the Licensed
Subject Matter; provided in each case that a Sublicense Agreement does not include agreements with vendors and contractors providing services
(including without limitation contract research organizations, contract manufacturing organizations and distributors) on behalf of Licensee
or an Affiliate or Sublicensee.

 

    Page 5 of 39

     

    

 

“Sublicensee” means any third
party, including an Affiliate, with a Sublicense Agreement. For the avoidance of doubt, Sublicensee does not include vendors and contractors
providing services (including without Limitation contract research organizations, contract manufacturing organizations and distributors)
on behalf of Licensee or an Affiliate.

 

“Technology Rights” means [***].

 

“Territory” means worldwide.

 

“Transferred Materials” has
the meaning set forth in Section 2.9.

 

‘Valid Claim” means a Valid
Platform Claim or a Valid Program Claim.

 

“Valid Platform Claim” means
a Platform Claim of a pending patent application or an issued and unexpired patent in a particular jurisdiction, which claim has not,
in such jurisdiction, (a) been finally rejected or been declared invalid or cancelled by the patent office or a court of competent
jurisdiction in a decision that is no longer subject to appeal as a matter of right or (b) been pending at least [***] years after
First Commercial Sale; provided that, for avoidance of doubt, “Valid Platform Claim” shall include an issued Platform Claim
even if issued from an application that had been pending more than [***] years since First Commercial Sale.

 

“Valid Program Claim” means
a Program Claim of a pending patent application or an issued and unexpired patent in a particular jurisdiction, which claim has not, in
such jurisdiction, (a) been finally rejected or been declared invalid or cancelled by the patent office or a court of competent jurisdiction
in a decision that is no longer subject to appeal as a matter of right or (b) been pending at least [***] years after First Commercial
Sale; provided that, for avoidance of doubt, “Valid Program Claim” shall include an issued Program Claim even if issued from
an application that had been pending more than [***] years since First Commercial Sale.

 

		2.	License Grant and Commercialization.

 

		2.1	Grant. Subject to the terms and conditions of this Agreement and Licensee’s compliance
therewith, OSIF grants and Licensee accepts a sublicensable (through multiple tiers, pursuant to Section 2.2 non-transferable, except
as provided in Section 15, royalty-bearing (as provided in Section 3.2):

 

		(a)	exclusive (even as to OSIF, except as expressly provided herein), license under Patent Rights make, have
made, use, sell, offer for sale and, import (and otherwise exercise all statutory patent rights with respect to) Licensed Products, in
the Field of Use in the Territory;

 

		(b)	exclusive license to research, have researched, develop, have developed, make, have made, use, have used,
sell, have sold, offer for sale, import, export, commercialize and otherwise exploit the Transferred Materials in the Field of Use in
the Territory; and

 

		(c)	sole (even as to OSIF, except as expressly provided herein) non-exclusive license to use Technology Rights
(other than Transferred Materials) to research, have researched, develop, have developed, make, have made, use, have used, sell, have
sold, offer for sale, import, export, commercialize and otherwise exploit products and services in the Field of Use in the Territory.

 

    Page 6 of 39

     

    

 

On behalf of itself and OSU, OSIF reserves
the right to practice, have practiced and transfer the Licensed Subject Matter for teaching, non-commercial research, education, public
service and other non-commercial research-related purposes and to publish in connection therewith in accordance with Section 9.7
including to grant rights to, and transfer material embodiments of, the Licensed Subject Matter to OSU, other academic institutions, non-profit
research institutions and governmental entities for these purposes (provided in each case, that any such transfer shall preclude commercial
research on behalf of third party commercial entities).

 

Nothing contained in this Agreement or
a Party’s performance hereunder shall be construed as conferring, by implication, estoppel or otherwise, upon Licensee, Affiliates,
Sublicensees, any party in privity therewith or any customer thereof, any right, title or interest under any intellectual or tangible
property right at any time, except for those rights expressly granted under this Agreement. OSIF reserves all rights, titles and interests
not expressly granted under this Agreement. Nothing herein shall be construed as a sale of the Licensed Subject Matter. Licensee agrees
not to practice the Patent Rights or use the Technology Rights outside the Field of Use or outside the Territory.

 

		2.2	Sublicensing. Subject to the terms and conditions of this Agreement and Licensee’s
and Sublicensee’s compliance therewith, Licensee may grant Sublicense Agreements under the Licensed Subject Matter without the consent
of OSIF, through multiple tiers, provided:

 

		(a)	The Sublicense Agreement: (i) is in writing; (ii) has restrictions consistent with and terms
that do not exceed the scope of rights granted to Licensee hereunder; and (iii) includes a right of termination by Licensee in the
event that Sublicensee acts in any manner that would constitute a breach of this Agreement if such action or inaction were that of Licensee.

 

		(b)	Licensee shall deliver to OSIF a copy of each Sublicense Agreement granted and all modifications or terminations
thereof, within [***] days following the applicable execution, modification or termination, provided that Licensee may redact portions
of the Sublicense Agreements not relevant to determining compliance with this Agreement.

 

		(c)	Notwithstanding any Sublicense Agreement, Licensee shall remain liable to OSIF for all of Licensee’s
duties and obligations contained in this Agreement and Sublicensee’s breach of its Sub license Agreement and shall enforce the terms
of the Sublicense Agreement.

 

    Page 7 of 39

     

    

 

In the event a Sublicensee is an Affiliate
of Licensee, the obligations of Sections 2.2(a) and 2.2(b) do not apply if an authorized officer of Licensee has certified in
writing to OSIF that Licensee’s corporate documents authorize it to obligate and bind the Affiliate named in the certification and
Licensee has in fact done so in a manner that is consistent with the terms and conditions of this Agreement. Each such certification shall
be attached and incorporated into this Agreement to evidence the Sublicense Agreement with the named Affiliate as a Sublicensee without
the requirement for a formal amendment to this Agreement. Regardless of when the certification is attached to this Agreement, such Sublicense
Agreement shall be given effect as of the date such certification is received by OSIF pursuant to Section 18. Licensee may also engage
vendors and contractors (including without limitation contract research organizations, contract manufacturing organizations and distributors)
to provide services on behalf of Licensee or an Affiliate with respect to Licensed Products consistent with the terms of this Agreement,
and shall not be required to provide OSIF notice or provide copies of such contracts.

 

		2.3	Confirmatory License. To the extent OSIF has any ownership rights in (a)-(d) below,
OSIF grants and Licensee accepts a worldwide, perpetual, irrevocable, fully - paid, royalty-free, exclusive license, with the right to
sublicense through multiple tiers, to any rights OSIF, OSU or its Affiliates may have in (a) the patents and patent applications
identified in Appendix 6, (b) patent applications that claim priority to the patents and patent applications in (a), including all
divisionals, continuations and continuations-in-part (but only to the extent of the subject matter that is fully disclosed and enabled
by (a) to satisfy 35 U.S.C. §112); (c) patents issuing on (a) and/or (b); (d) reissues, reexaminations, extensions,
foreign counterparts and supplementary protection certificates referencing any of the foregoing. Notwithstanding and without limiting
the foregoing license, OSIF shall provide Licensee reasonable assistance, at Licensee’s expense, to perfect Licensee’s rights
in such foregoing patents and applications, including submissions to NIH or other federal agency required to perfect assignment pursuant
to Bayh-Dole Act statutory provisions and related regulations. Notwithstanding the foregoing, OSIF makes no representations in this Section 2.3
as to its ownership rights in (a)-(d) of this Section 2.3.

 

		2.4	Government Rights. Licensee understands that Licensed Subject Matter may have been conceived
or first actually reduced to practice, or during the Term may be first actually reduced to practice, under a funding agreement with a
Government and, if so, that Government has certain rights relative thereto. This Agreement is limited by and made subject to the Government’s
rights under any such agreement and under any applicable Government’s law or regulation, including 35 U.S.C. §200 et seq. (“Bayh-Dole
Act”). To the extent that there is a conflict between any such agreement, such applicable law or regulation and this Agreement,
the terms and conditions of such Government agreement, and/or applicable law or regulation, shall prevail. Licensee agrees to comply and
permit OSIF to comply with the Bayh-Dole Act, including to provide the reporting required, and unless waived pursuant to the Bayh-Dole
Act, to substantially manufacture Licensed Products and products produced through the use of Licensed Products in the United States to
the extent required by the Bayh-Dole Act.

 

    Page 8 of 39

     

    

 

		2.5	Diligent Commercialization. Licensee, by itself or through its Sublicensees, shall use Commercially
Reasonable Efforts to commercialize Licensed Products in the Field of Use within the Territory. Without limiting the foregoing, Licensee,
by itself or through its Sublicensees shall, at a minimum: (a) maintain bona fide, funded, ongoing and active research and development
until product approval and thereafter diligently make, offer for sale and sell Licensed Products so that Licensed Products are commercially
available to the public as soon as reasonably commercially practicable; and (b) fulfill the milestone events stated below (the “Diligence
Milestones”):

 

	Diligence Milestone	Date to be Completed/Achieved
	[***].	End of [***] Contract Year
	[***].	End of [***] Contract Year
	[***].	End of [***] Contract Year
	[***].	End of [***] Contract Year

 

If any of the obligations under this Section 2.5
are not fulfilled, OSIF may treat such failure as a breach in accordance with Section 8.3(b).

 

Licensee shall provide a written report
on the completion of each Diligence Milestone to OSIF within [***] days of completion.

 

		2.6	No Use of OSU Resources. Licensee acknowledges that unless OSU executes a sponsored research
agreement with Licensee, Licensee shall not satisfy its diligence obligations with work conducted at OSU. Licensee agrees not to develop
Licensed Products at OSU, or absent a separate agreement executed by the Parties, otherwise benefit from any development of Licensed Products
performed by OSU. The Parties shall evaluate the need for, and implement when necessary, a conflict of interest management plan for overseeing
Licensee’s activities related to the licensed rights in accordance with OSU’s conflict of interest policies and procedures.

 

		2.7	[***].

 

		2.8	[***].

 

		2.9	Technology Transfer. During the [***] day period following the Effective Date (the “Transition
Period”), [***]. During the Transition Period, OSIF and OSU shall reasonably cooperate with Licensee to assist Licensee with
understanding and using the Technology Rights provided to Licensee under this Section 2.8.

 

    Page 9 of 39

     

    

 

		3.	Compensation.

 

		3.1	License Fee. Licensee shall pay to OSIF a non-refundable, up-front license fee in the amount
of [***] (“License Fee”). [***].

 

		3.2	Royalties. By each Payment Deadline, Licensee shall pay OSIF non-refundable and non-creditable
running royalties on Net Sales as follows:

 

		(a)	With respect to Licensed Program Products:

 

	 	Royalty
	(i) If Net Sales of all Licensed Products for the Contract Year are up to and including $[***]:	[***]% of Net Sales of Licensed Program Products
	(ii) If annual Net Sales of all Licensed Products for the Contract Year are greater than $[***] up to and including $[***]:	[***]% of Net Sales of Licensed Program Products
	(iii) If annual Net Sales of all Licensed Products for the Contract Year are greater than $[***]:	[***]% of Net Sales of Licensed Program Products

 

		(b)	With respect to Licensed Platform Products:

 

	 	Royalty
	(i) If annual Net Sales of all Licensed Products for the Contract Year are up to and including $[***]:	[***]% of Net Sales of Licensed Platform Products
	(ii) If annual Net Sales of all Licensed Products for the Contract Year are greater than $[***]	[***]% of Net Sales of Licensed Platform Products

 

Royalties under’ Sections 3.2(a) and
3.2(b), collectively, are deemed the “Royalties.” Royalties shall be paid on a Licensed Product-by-Licensed Product and country-by-country
basis until the later of (1) expiration of the last to expire of the Valid Claims Covering such Licensed Product in such country
or (2) ten (10) years after First Commercial Sale of such Licensed Product in such country. The payment of Royalties for the
last Contract Period of each Contract Year shall be adjusted as necessary to resolve any over- or underpayment in the prior Contract Period,
based on the Royalties tier resulting from actual Net Sales in the Contract Year. Only a single royalty payment under this Section 3.2
shall be due and payable on Net Sales of a Licensed Product, regardless if such Licensed Product is Covered by more than one Valid Claim.
Upon expiration of the last Valid Claim Covering a Licensed Product in a country, the Royalties shall be reduced by [***] percent ([***]%).

 

    Page 10 of 39

     

    

 

		3.3	Third Party Offsets. In the event that the total royalties paid by Licensee in connection
with a License Product exceed [***] the royalty rate set forth in the tables in Section 3.2, Licensee shall have the right to deduct,
against Royalties payable to OSIF under this Agreement for any Licensed Product in any Contract Period, [***] percent ([***]%) of royalty
payments paid to a Third Party in consideration for a license to intellectual property that is necessary to make, have made, use, sell,
offer to sell, export, or import the Licensed Subject Matter, provided that this Section 3.3 shall not be applied to reduce the royalty
rates set forth in the tables in Section 3.2 by more than [***] percent ([***]%). For the avoidance of doubt, such offset shall not
include payments for licenses to other technology that Licensee combines with the Licensed Subject Matter.

 

		3.4	Minimum Annual Royalties. Beginning in the First Commercial Contract Year and for each Contract
Year thereafter during the Term, Licensee shall pay OSIF a non-refundable minimum annual royalty of $[***] (the “Minimum Annual
Royalty”).

 

Payment of the Minimum Annual Royalty
may be credited towards Royalties due in the Contract Year to which the payment corresponds. For the First Commercial Contract Year, the
amount of Minimum Annual Royalty payable shall be pro-rated to reflect the actual number of days during the First Commercial Contract
Year following the First Commercial Sale.

 

		3.5	Milestone Fees. Licensee shall pay OSIF the following amounts within [***] days of achievement
by Licensee or its Affiliates of each corresponding Milestone for each of the first [***] Licensed Products to achieve the milestone,
and not for any subsequent Licensed Products according to the following (collectively the “Milestone Fees”):

 

	Milestone	 	Milestone Fee	 
	[***]	 	$	[***]	 
	[***]	 	$	[***]	 
	[***]	 	$	[***]	 
	[***]	 	$	[***]	 
	[***]	 	$	[***]	 
	[***]	 	$	[***]	 
	[***]	 	$	[***]	 

 

		3.6	Sublicense Fees. For clarity, Net Sales by Sublicensees shall be subject to royalties payable
to OSIF as provided in Section 3.2, and shall therefore not be subject to Sublicensee Fees pursuant to this Section 3.6. Also,
within [***] days of receiving any Non-Royalty Sublicensing Consideration, Licensee shall pay to OSIF an amount equal to the percentage
of all Non-Royalty Sublicensing Consideration as follows (collectively the “Sublicensee Fees”), subject to Sections
3.6(b) and 3.6(c)) below:

 

		(a)	

 

	Event	 	 	% Non-Royalty Sublicensing

 `Consideration	 
	[***]	 	 	[***]	%
	[***]	 	 	[***]	%
	[***]	 	 	[***]	%

 

    Page 11 of 39

     

    

 

		(b)	The Sublicensee Fees set forth in Section 3.6(a) shall apply only to Non-Royalty Sublicensing
Consideration received in exchange for activities that are not Covered by any patents owned or controlled by Licensee or its Affiliates
or Sublicensees. Sublicensee Fees on Non-Royalty Sublicensing Consideration received in exchange for activities that are Covered by patents
owned or controlled by Licensee or its Affiliates or Sublicensees (even though also Covered by Patent Rights) shall be reduced by [***]
percent ([***]%).

 

		(c)	[***].

 

		3.7	License Maintenance Fee. Beginning in the [***] Contract Year and each Contract Year thereafter
until the First Commercial Contract Year, Licensee shall pay to OSIF a non-refundable license maintenance fee of [***] per year. Notwithstanding
anything to the contrary herein, Licensee shall no longer pay and OSIF shall no longer receive a license maintenance fee beginning in
the First Commercial Contract Year. The license maintenance fee shall be due and payable by Licensee within [***] days after the last
day of each Contract Year in which OSIF is entitled to receive such license maintenance fee pursuant to this Section 3.7.

 

		3.8	Equity Consideration. On or within [***] days of the Effective Date, Licensee shall issue
to Designee, [***] shares of common stock of the Licensee constituting [***] percent ([***]%) of the ownership of Licensee on a Fully-Diluted
basis as of the Effective Date, provided that Designee shall execute a subscription agreement mutually agreeable to the Licensee and OSIF.
Certificates duly signed by authorized officers of Licensee evidencing such shares of common stock shall be delivered to Designee and
issued in Designee’s name. All shares issued to Designee under this Section will be considered fully paid, non-assessable,
and have no requirement of contribution of any kind to Licensee.

 

At Designee shall be entitled to receive
the same participation, co-sale, information and other rights as Licensee’s investors by becoming a party to a subscription agreement,
as well as the Investors’ Rights Agreement, Voting Agreement and Right of First Refusal and Co-Sale Agreement to be entered into
by Licensee, Licensee’s investors and the other parties thereto on or around the Effective Date (collectively, the “Stockholder
Agreements”). Prior to the Effective Date, Licensee shall have delivered to OSIF a near-final version of the Stockholder Agreements.

 

		3.9	Anti-Dilution. As anti-dilution protection, Licensee shall issue to Designee (without cost)
additional Equity Securities in the form of common stock sufficient for Designee to preserve its [***] percent ([***]%) share of ownership
on a Fully - Diluted basis until Licensee has obtained paid in capital (i.e., capital contributed by investors through direct purchase
of Equity Securities from Licensee) of at least [***] dollars ($[***]) (“Equity Financing Threshold”). OSIF’s
Equity Securities shall in no event be subject to revocation, refund or nullification for any reason.

 

    Page 12 of 39

     

    

 

A cash investment in exchange for convertible
securities shall not contribute to the Equity Financing Threshold at the time of issuance of such convertible securities, but instead
shall contribute to the Equity Financing Threshold only at the time that the convertible securities are convertible or exchangeable into
Equity Securities.

 

For clarity, in the event the Licensee
receives Equity Financing in a certain transaction, a portion of which (“Applicable Portion”), when added to the prior
aggregate amount of Equity Financing received by Licensee, brings the total amount of Equity Financing received by the Licensee up to
the Equity Financing Threshold and a portion of which, when added to the aggregate amount of Equity Financing received by Licensee (inclusive
of the Applicable Portion), brings the total amount of Equity Financing received by the Licensee above the Equity Financing Threshold
(“Excess Portion”), the anti-dilution provision in this Section 3.9 shall only apply to the Applicable
Portion and not to the Excess Portion.

 

		3.10	Related Party Transactions. Notwithstanding the foregoing, in the event Licensee, prior
to achieving the Equity Financing Threshold, enters into any agreement that constitutes a Related Party Transaction, Licensee shall cause
the party with which it enters the Related Party Transaction (the “Related Party Entity”) to issue to Designee the
Applicable Percentage of the fully-diluted equity of the Related Party Entity which, at the option of the Licensor or Designee, may be
in voting common stock or the same type and class of equity security issued to the related investors (such voting or other securities,
the “Investor Equity Securities”) concurrent with the closing of the Related Party Transaction. Licensee will ensure
that, as a condition of entering into any Related Party Transaction, the Related Party Entity will provide the same rights to Designee
as provided in Sections 3.8 and 3.9 of this Agreement.

 

For purposes of this Section, a “Related
Party Transaction” means any agreement or arrangement pursuant to which Licensee directly or indirectly through intermediaries
authorizes a Related Party to: (a) develop, manufacture, offer for sale, sell , lease, transfer, import and/or otherwise provide
a Licensed Product; or (b) practice the Licensed Subject Matter; regardless of whether the agreement or arrangement requires or is
captioned as a license or sublicense under the Licensed Subject Matter.

 

For purposes of this Section, “Related
Party” means any one or more investors, officers, employees or directors of Licensee or any entity in which any such investor,
officer, employee or director (or any of their respective Affiliates) has a direct or indirect financial interest of [***] percent ([***]%)
or more. Nothing in this Section 3.10 shall be interpreted to diminish the obligations of Licensee as set forth in Section 3
of this Agreement.

 

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		4.	Reports and Plans.

 

		4.1	Reports and Plans. Utilizing the report forms in Appendices 2 and 3, incorporated herein
by reference, Licensee shall provide to the attention of OSIF’s payment and reporting contact stated in Appendix 4: (a) an
annual written progress report by January 31 of each Contract Year; (b) a payment and royalty report each Contract Period by
the Payment Deadline; (c) annual funding and employment survey. If no payments are due in any Contract Period, then Licensee shall
submit the report so stating. The obligations in this Section 4.1 are in addition to and not in lieu of the other reporting obligations
in this Agreement.

 

		4.2	Financial Statements. The capitalization table set forth as Appendix 5 shows all outstanding,
committed and reserved Equity Securities and convertible notes of Licensee as of the date hereof on a Fully-Diluted basis. Upon the consummation
of any Equity Financing or at OSIF’s request, Licensee shall provide an updated capitalization table along with a certification
from the Licensee’s chief financial officer certifying the tables’ completeness and accuracy and identifying any holders of
Equity Securities who are employees of OSU. Any information provided to OSIF under this Section 4.2 shall be the Confidential Information
of Licensee and subject to the confidentiality and non-use obligations and exceptions in Section 9.

 

		5.	Payment, Records, and Audits.

 

		5.1	Payments. All amounts referred to in this Agreement are expressed in U.S. dollars without
deductions for taxes, assessments, fees, or charges of any kind except as permitted in the definition of Net Sales. All payments to OSIF
shall be made in U.S. dollars by check or wire transfer (Licensee to pay all wire or other transfer fees) payable to Ohio State Innovation
Foundation as stated in Appendix 4. Licensee may not make any tax or other deductions or withholdings unless required by applicable law
from payments to OSIF. If such taxes deductions, or withholdings are required by law, Licensee agrees to reasonably cooperate with OSIF
in claiming refunds or exemptions from such deductions or withholdings as are available under applicable law.

 

		5.2	Sales Outside the U.S. If any currency conversion shall be required in connection with the
calculation of payments hereunder, such conversion shall be made using the rate used by Licensee for its financial reporting purposes
in accordance with U.S. Generally Accepted Accounting Principles (or foreign equivalent).

 

		5.3	Late Payments. Amounts that are not paid when due shall accrue a late charge from the due
date until payment is received by OSIF, at a rate equal to [***]% per month (or the maximum allowed by law, if less). Acceptance of late
payments does not negate or waive any other right or remedy to which OSIF may be entitled.

 

		5.4	Records. For a period of [***] years after the Contract Period to which the records pertain,
Licensee agrees that it, Affiliates and Sublicensees shall keep complete and accurate records pertaining to any consideration relating
to this Agreement and/or Sublicense Agreements, including Net Sales, Royalty payment calculations, Milestone Fees, Equity Financing and
Non-Royalty Sublicensing Consideration, in sufficient detail to enable payments or securities due hereunder to be determined and audited.

 

    Page 14 of 39

     

    

 

		5.5	Auditing. OSIF or its representatives, through an independent certified public accountant
reasonably acceptable to Licensee, shall be permitted, at OSIF’s expense, to periodically examine and/or audit the records required
by Section 5.4 (“Examination”) during regular business hours, at Licensee’s or its Affiliates’ place
of business, on at least [***] days advance notice, to verify any payment, securities or report relating to this Agreement and/or any
Sublicense Agreement. For each Sublicensee, Licensee shall obtain comparable Examination rights for itself. If Licensee conducts an Examination
of Sublicensee’s records, Licensee shall furnish to OSIF a copy of the findings from such Examination, subject to confidentiality
obligations. No more than one Examination of Licensee or its Affiliates shall be conducted under this Section 5.5 in any Contract
Year. If any amounts due OSIF have been underpaid as of the date of the Examination, then Licensee shall immediately pay OSIF the amount
of such uncontested underpayment plus accrued interest due in accordance with Section 5.3. If there is an uncontested overpayment
for such periods, then OSIF shall provide to Licensee a credit against future payments (such credit equal to the full amount of that overpayment),
or, if Licensee is not obligated to make any future payments, then OSIF shall pay to Licensee the full amount of that overpayment. If
the amount of any uncontested underpayment is equal to or greater than [***] percent ([***]%) of the total amount due for the records
so examined, Licensee shall also reimburse OSIF the costs of such Examination and any collection actions taken. Such Examinations may,
at OSIF’s sole discretion, consist of a self-audit conducted by Licensee or its Affiliates at their respective expense and certified
in writing by an authorized officer of Licensee and/or its Affiliate.

 

		6.	Intellectual Property Management.

 

		6.1	Ongoing Patent Expenses. Licensee shall pay all [***] costs and expenses associated with
prosecution or maintenance of the Patent Rights within [***] days after Licensee’s receipt of OSIF’s invoice therefor. Without
limitation, failure to strictly comply with Section 6.1 shall be considered a payment default under Section 8.3(a).

 

    Page 15 of 39

     

    

 

 

		6.2	Responsibility & Coordination. In its discretion, OSIF shall control the preparation,
prosecution, defense and maintenance of the Patent Rights using counsel of its choosing. So long as Licensee is not in default of Section 6.1,
OSIF shall instruct such patent counsel to provide copies of all material documents it receives from or submits to patent offices regarding
the Patent Rights in the Field of Use and Territory, keep Licensee fully informed of all steps with regard to the preparation, filing,
prosecution, and maintenance of the Patent Rights, and provide Licensee drafts of any filings or responses to be made to patent office’s
sufficiently in advance of submitting such filings or responses so as to allow for a reasonable opportunity for Licensee to review and
comment thereon, and OSIF shall reasonably consider Licensee’s comments in good faith, with respect to such drafts and with respect
to strategies for filing and prosecuting the Patent Rights, when timely provided. OSIF shall pay under large entity designation unless
the Licensee and each of its Sublicensees are entitled to claim small entity designation with the USPTO and Licensee has provided OSIF
written notice thereof. Licensee shall promptly notify OSIF upon loss of entitlement to small entity designation and, without limitation,
pay all costs and expenses associated therewith. OSIF shall promptly inform Licensee of any adversarial patent office proceeding or sue
sponte filing, including a request for, or filing or declaration of, any interference, opposition, or reexamination relating to the Patent
Rights and OSIF shall consider in good faith all comments, requests, and suggestions provided by Licensee. In the event that OSIF decides
not to prepare, file, prosecute, or maintain the Patent Rights during the Term, (a) OSIF shall provide reasonable prior written notice
to Licensee of such intention (which notice shall, in any event, be given no later than [***] days prior to the next deadline for any
action that may be taken with respect to such Patent Rights), (b) Licensee shall thereupon have the option, in its sole discretion,
to assume the control and direction of the preparation, filing, prosecution, and maintenance of such Patent Rights at its sole cost and
expense.

 

		6.3	Foreign Filings. In addition to the U.S., the Patent Rights shall, subject to applicable
bar dates and Licensee’s compliance with Section 6.1, be pursued in such foreign countries as Licensee so designates in writing
to OSIF in sufficient time to reasonably enable the preparation of such additional filings (in no event less than [***] days prior to
any deadline), and in those foreign countries in which OSIF has filed applications prior to the Effective Date. If Licensee does not choose
to pursue patent rights in a particular foreign country and OSIF chooses to do so, Licensee shall so notify OSIF, and thereafter said
patent application or patent shall no longer be included in the Licensed Subject Matter and Licensee shall have no further rights thereto.

 

		6.4	Withdrawal from Paving Patent Costs. If at any time Licensee wishes to cease paying for
any costs for a particular Patent Right, including for patent prosecution in a particular jurisdiction, Licensee must give OSIF at least
[***] days prior written notice and Licensee shall continue to be obligated under Section 6.1 for costs and expenses incurred during
said notice period. Thereafter, said patent application or patent shall no longer be included in the Licensed Subject Matter and Licensee
shall have no further rights thereto.

 

		6.5	Challenge. In the event Licensee, its Affiliate and/or any Sublicensee intends to challenge
the validity or enforce ability of any of the Patent Rights, whether through a declaratory judgment action, opposition, post-grant proceeding
or otherwise, then Licensee shall: (a) give OSIF [***] days prior written notice; (b) continue to make all payments due hereunder
directly to OSIF; and (c) have no right to pay into escrow or other account any amounts due OSIF. For purposes of clarity, no payment
made to OSIF is refundable or may be offset, including any amounts paid under this Agreement prior to or during the period of the challenge,
even if the challenge is successful or it is otherwise determined that the Patent Rights are invalid or unenforceable.

 

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7.            Infringement
and Litigation.

 

		7.1	Licensee’s Enforcement Rights. In the event that OSIF or Licensee believes there is
infringement of any Patent Rights under this Agreement, including actual or alleged infringement under 35 USC §271(e)(2) that
is or would be infringing activity involving the using, making, importing, offering for sale or selling of articles that the Party reasonably
believes infringes any of the Patent Rights conferred under this Agreement, or becomes aware of a filed or threatened action by a party
relating to the infringement, validity, or enforceability of the Patent Rights, the Party shall notify the other Party promptly, including
all information available to such Party with respect to such alleged infringement or action. Licensee shall have the first right, in its
discretion, to commence abatement of the infringement in the Field of Use and in the Territory, within a period of [***] months from notice
of the infringement, provided OSIF is kept fully informed and given the opportunity to advise and comment thereon. Licensee shall exercise
reasonable efforts to take into account all reasonable comments timely offered from or on behalf of OSIF. Licensee shall be responsible
for payment of costs associated with such abatement, including those costs and expenses incurred by OSIF in providing cooperation or joining
an enforcement action as a party as provided in Section 7.3. In the event that Licensee exercises the rights conferred in this Section 7.1
and recovers any damages or other sums in such, action, suit or proceeding or in settlement thereof, such damages or other sums recovered
shall first be applied to all reasonable out- of-pocket costs and expenses incurred by each of the Parties in connection therewith, including
attorneys’ fees. If such recovery is insufficient to cover all such costs and expenses of both Parties, it shall be shared in proportion
to the total of such costs and expenses incurred by each Party. If after such reimbursement any funds shall remain from such damages or
other sums recovered, [***] percent ([***]%) of such funds shall be retained by Licensee and [***] percent ([***]%) shall be provided
to OSIF.

 

		7.2	OSIF’s Enforcement Rights. After the [***] month period described in Section 7.1,
or earlier if Licensee provides written notice to OSIF that Licensee does not intend to initiate abatement, then OSIF shall have the right,
at its sole discretion, to abate the infringement or potential infringement, provided Licensee is kept fully informed and given the opportunity
to advise and comment thereon. OSIF shall exercise reasonable efforts to take into account all reasonable comments timely offered from
or on behalf of Licensee. OSIF shall be responsible for payment of all costs and expenses associated with such abatement, including those
costs and expenses incurred by Licensee in providing cooperation or joining an enforcement action as a party as provided in Section 7.3.
In the event that OSIF exercises the rights conferred in this Section 7.2 and recovers any damages or other sums in such action,
suit or proceeding or in settlement thereof, such damages or other sums recovered shall first be applied to all reasonable out-of-pocket
costs and expenses incurred by the Parties in connection therewith, including attorneys’ fees. If such recovery is insufficient
to cover all such costs and expenses of both Parties, it shall be shared in proportion to the total of such costs and expenses incurred
by each Party. If after such reimbursement any funds shall remain from such damages or other sums recovered, [***] ([***]%) of such funds
shall be retained by OSIF and [***] percent ([***]%) shall be provided to Licensee.

 

    Page 17 of 39

     

    

 

		7.3	Cooperation between OSIF and Licensee. In any infringement suit or dispute regarding the
Patent Rights, the Parties agree to cooperate fully with each other in a reasonable manner. OSIF hereby agrees to be joined as a plaintiff
to any enforcement action or proceeding to the extent required by law for Licensee to enforce the Patent Rights, provided costs and expenses
are being reimbursed as allocated herein.

 

8.            Term
and Termination.

 

		8.1	Term. Unless earlier terminated as provided herein, the term of this Agreement shall commence
on the Effective Date and continue until the longer of: (a) the last to expire of the Patent Rights; or (b) Licensee’s
obligation to pay Royalties (the “Term”).

 

		8.2	Termination by Licensee. Licensee, at its option, may terminate this Agreement by providing
OSIF written notice of termination, and such termination shall become effective [***] days after receipt of such notice by OSIF or, if
OSIF is in material breach, termination shall become effective [***] days after receipt of Licensee’s notice of termination.

 

		8.3	Termination by OSIF. OSIF, at its option, may immediately terminate this Agreement, in whole
or in part, upon delivery of written notice to Licensee of OSIF’s decision to terminate, if any of the following occur:

 

		(a)	Licensee has failed to make any payment when due under this Agreement, and does not make the required
payment within [***] days after delivery of written notice thereof from OSIF, provided that if there is a reasonable bona fide
dispute regarding such payment obligation, such period shall run from the resolution of such dispute to the extent payment is required;

 

		(b)	Licensee is in material breach of any non-payment provision of this Agreement (except for breaches under
Section 2.5), and does not cure such breach within [***] days after delivery of written notice from OSIF. Any such termination of
this Agreement under this Section 8.3(b) shall become effective at the end of the applicable cure period, unless Licensee has
cured any such breach or default prior to the expiration of such cure period; [***]; or

 

		(c)	To the extent not prohibited by applicable law, Licensee or its Affiliate or Sublicensee initiates any
proceeding or action to challenge the validity or enforce ability of one or more of the Licensed Subject Matter, or assists a third party
in pursuing such a proceeding or action, subject to subsection (d) below;

 

    Page 18 of 39

     

    

 

		(d)	In the case of a proceeding or action by a Sublicensee, as described in subsection (c), above, only if
Licensee or its Affiliate does not resolve such challenge such that either the proceeding is ended or the applicable sublicense is terminated
within [***] days of receiving notice of such proceeding or action.

 

		8.4	Bankruptcy. Either Party shall have the right to terminate this Agreement upon notice to
the other Party, in the event that a proceeding in bankruptcy or insolvency is filed by or against the Party receiving notice and not
withdrawn, removed or vacated within [***] days of such filing, or there is adjudication by a court of competent jurisdiction that said
Party is bankrupt or insolvent. All rights and licenses granted under or pursuant to this Agreement by either Party are, and shall otherwise
be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code (the “Bankruptcy Code”),
licenses of rights to “intellectual property” as defined under Section 101 of the Bankruptcy Code. The Parties agree
that the Parties, as licensees of such rights under this Agreement, shall retain and may fully exercise all of their rights and elections
under the Bankruptcy Code. The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against either
Party under the Bankruptcy Code, the Party hereto that is not subject to such proceeding shall be entitled to a complete duplicate of
(or complete access to, as appropriate) any such intellectual property and all embodiments of such intellectual property, which, if not
already in the non-subject Party’s possession, shall be promptly delivered to it (A) following any such commencement of a bankruptcy
proceeding upon the non-subject Party’s written request therefor, unless the Party subject to such proceeding elects to continue
to perform all of its obligations under this Agreement, or (B) if not delivered under the immediately preceding clause (A), upon
written request therefor by the non-subject Party following the rejection of this Agreement by or on behalf of the Party subject to such
proceeding.

 

		8.5	Other Conditions of Termination. This Agreement shall terminate:

 

		(a)	Immediately unless prohibited by applicable law, without the necessity of any action being taken by OSIF
or Licensee if: (i) Licensee files a bankruptcy action or becomes bankrupt or insolvent; (ii) Licensee’s Board of Directors
elects to liquidate its assets or dissolve its business; (iii) Licensee ceases its business operations; (iv) Licensee makes
an assignment for the benefit of creditors; or (v) if the business or assets of Licensee are otherwise placed in the hands of a receiver,
assignee or trustee, whether by voluntary act of Licensee or otherwise; or

 

		(b)	At any time by mutual written agreement between Licensee and OSIF.

 

    Page 19 of 39

     

    

 

		8.6	Effect of Termination. If this Agreement:

 

		(a)	Is terminated, then all Sublicense Agreements in compliance with this Agreement where the Sublicensee
is in compliance as of the date of such termination with such Sublicense Agreement shall remain in effect and shall be assigned to OSIF,
except that OSIF shall not be bound by terms or conditions set forth in any Sublicense Agreement that extend beyond the duties and obligations
of OSIF set forth in this Agreement;

 

		(b)	Is terminated, then except as provided in Section 8.6(a), all rights granted under this Agreement
immediately revert to OSIF, and Licensee and any Sublicensee that is not in compliance with this Agreement and its Sublicense Agreement,
shall cease to practice the Licensed Subject Matter, including making, having made, distributing, having distributed, using, providing,
selling, offering to sell, leasing, loaning and importing any Licensed Products after the effective date of termination, except that Licensee
shall have the right to continue to sell Licensed Products manufactured prior to the effective date of such termination until the earlier
of: (i) [***] days after the effective date of termination, or (ii) the exhaustion of Licensee’s inventory of Licensed
Products;

 

		(c)	Expires, OSIF hereby grants Licensee a perpetual, irrevocable, royalty-free, fully paid-up right and license,
with the ability to sublicense, under the Licensed Subject Matter, to make, have made, use, sell, offer to sell, have sold, import, export
and otherwise exploit products and services in the Field of Use in the Territory;

 

		(d)	Is terminated or expires, then subject to Section 8.6(a) and 8.6(c), within [***] days thereof,
each Party shall promptly comply with Section 9.4 with respect to the other Party’s Confidential Information;

 

		(e)	Is terminated or expires, then Licensee immediately shall tender payment of all accrued payments due to
OSIF as of the effective date of termination or expiration, including payment of all unreimbursed costs and expenses incurred under Section 6
prior to the effective date of termination or expiration upon receipt of invoice therefor, and render a final report covering the subject
matter described in Section 4.1; in each case regardless of whether otherwise due hereunder;

 

		(f)	Is terminated or expires, then nothing in this Agreement shall be construed to release either Party from
any right or obligation that matured prior to the effective date of termination or expiration; and

 

		(g)	Is terminated or expires, then this provision Section 8.6(g) and the provisions of Sections
1 (Definitions), 2.3 (Confirmatory License), 8 (Term and Termination), 9 (Confidentiality), 11.4 (Limit of Liability), 13 (Indemnification
Obligation), 13.2 (Insurance Requirements), 15 (Assignment), 17 (Use of Name), 18 (Notices), and 19 (General Provisions) shall survive
any termination or expiration of this Agreement until their purposes are fulfilled. In addition, the provisions of Sections 3 (Compensation),
4.1 (Reports and Plans), 5 (Payment, Records and Audits), 6 (Intellectual Property Management) and Section 11 (Representations and
Disclaimers) shall survive with respect to all activities and payment obligations accruing prior to the termination or expiration of this
Agreement. In addition the termination or expiration of this Agreement has no effect on the equity issued to OSIF or Designee.

 

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9.            Confidentiality.

 

		9.1	Treatment of Confidential Information. Recipient shall use reasonable care to safeguard
the confidentiality of the Confidential Information and shall not provide any Confidential Information to third parties or use Confidential
Information other than for the exercise of its rights or performance of obligations hereunder or as permitted below without Discloser’s
prior written consent.

 

		9.2	Right to Disclose.

 

		(a)	Licensee consents to OSIF disclosing Confidential Information to OSU, and OSIF and OSU counsel, auditors,
service providers, contractors, and agents, to the extent it is reasonably necessary to fulfill its obligations or exercise its rights
under’ this Agreement, on the condition OSIF has confidentiality obligations and non-use restrictions at least as stringent as those
on OSIF hereunder with OSU and/or such third parties.

 

		(b)	To the extent it is reasonably necessary to fulfill its obligations or exercise its rights under this
Agreement, Licensee may disclose Confidential Information on the condition that the party to whom it provides the Confidential Information
has agreed to terms and conditions of confidentiality and non-use at least as stringent as those on Licensee herein. In no event shall
Licensee or anyone receiving Confidential Information from Licensee use Confidential Information of OSIF or OSU in a manner detrimental
to OSIF, OSU or their respective rights.

 

		(c)	If Recipient is required by law, regulation, or court order to disclose any of the Confidential Information,
then it may do so provided it had promptly notified Discloser and had reasonably assisted Discloser, if needed, for Discloser to try to
obtain a protective order or other remedy of Discloser’s election and expense.

 

		(d)	Notwithstanding anything to the contrary, neither Party is obligated to maintain the existence of this
Agreement (or the fact Licensee holds a license under the Patent Rights) as Confidential Information.

 

		9.3	Further Exclusions to Obligations of Confidentiality. When Recipient is OSIF, Recipient
is under no obligation for any Confidential Information which is provided by Discloser to anyone other than OSIF.

 

    Page 21 of 39

     

    

 

		9.4	Surviving Obligations. All Confidential Information of the other party shall be returned
or destruction certified at the end of the Term, at Discloser’s election, provided that Recipient shall be permitted to retain one
copy of the Confidential Information in its legal function in order to verify its compliance hereunder and electronic records maintained
for archival purposes need not be destroyed. The Parties’ confidentiality and non-use obligations under this Agreement shall survive
the expiration or termination of this Agreement, and shall continue for a period of [***] years thereafter.

 

		9.5	Trade Secrets. Each party shall ensure it complies with and gives the requisite notice of
immunity set forth in Section 1833(b) of Title 18 of the United States Code in any agreement, including any updates, it enters
into with any employee, consultant or contractor of such party having access to Confidential Information of the other party.

 

		9.6	Injunctive Relief. In addition to and not in lieu of any other rights or remedies but subject
to Section 19.6, Discloser may seek specific performance, injunctive and other equitable relief as a remedy for any breach or threatened
breach of this Section 9 without showing actual monetary damages in connection therewith.

 

		9.7	Publication.

 

		(a)	Subject to Section 9.7(b) below, each Party reserves the right to publicly disclose the results
of any research related to the Patent Rights, Technology Rights, or Related Works (the “Research”). In connection with
a publication, the Parties agree to abide by the policies of journals in which the publications will appear on such matters as the public
release or availability of data or biological materials relating to the publication. Authorship of results of the Research will be determined
in accordance with academic standards and custom. Proper acknowledgment will be made for the contributions of each Party to the results
of the Research being published.

 

		(b)	For any proposed public disclosure of Research, OSIF will provide a copy of the proposed written or oral
publication (including manuscripts, abstracts and oral presentations) to Licensee at least [***] days prior to submission for publication
in order to allow Licensee an opportunity to protect its Confidential Information or inventions that may be disclosed by the proposed
public disclosure. OSIF shall cause OSU to comply with such disclosure requirement, and with all other terms of this Section 9.7.
If Licensee determines that its Confidential Information or an invention would likely be disclosed by the proposed public disclosure,
it shall so advise OSIF and/or OSU within such [***] day period, whereupon (a) OSIF and/or OSU shall delete all references to such
Confidential Information and (b) OSIF and/or OSU shall postpone the proposed publication or presentation for up to an additional
[***] days to afford Licensee, or if applicable, OSIF, the opportunity to prepare and file one or more patent applications with respect
thereto. In addition, OSIF and/or OSU will not publish Confidential Information received from Licensee without Licensee’s prior
written consent.

 

    Page 22 of 39

     

    

 

10.            Export
Compliance. Without limiting Section 11.4(c), Licensee shall observe all applicable
United States and foreign laws and regulations with respect to the research, development, manufacture, marketing and transfer of Licensed
Products and related technical data, including, without limitation, the International Traffic in Arms Regulations (ITAR) and the Export
Administration Regulation and hereby represents and covenants that Licensee: (a) is neither a national of, nor controlled by a national
of, any country to which the United States prohibits the export or re-export of goods, services, or technology; (b) is not a person
specifically designated as ineligible to export from the United States or deal in U.S. origin goods, services, or technologies; (c) shall
not export or re-export, directly or indirectly, any goods, services, or technology to any country or person (including juridical persons)
to which the United States prohibits the export of goods, technology or services; and (d) in the event that a United States government
license or authorization is required for an export or re-export of goods, services, or technology (including technical information acquired
from OSIF under this Agreement and/or any products created by using such technical information or any part thereof), shall obtain any
necessary United States government license or other authorization prior to undertaking the export or re-export. Without limitation, Licensee
shall require a provision in Sublicense Agreement, substantially similar to this Section 10, requiring that Sublicensees comply with
all then- current applicable export laws and regulations and other applicable laws and regulations.

 

11.            Representations
and Disclaimers.

 

		11.1	Mutual Representations and Warranties. Each of OSIF and Licensee represents and warrants
as follows:

 

		(a)	This Agreement, when executed and delivered, will constitute valid and legally binding obligations of
such Party, enforceable in accordance with its terms, subject to applicable law.

 

		(b)	Entry into this Agreement will not constitute a breach of any other agreement to which it is party.

 

		11.2	OSIF Representations and Covenants. Except for the rights, if any, of the Government resulting
from a funding agreement or the Bayh-Dole Act, OSIF represents, warrants and covenants to Licensee that: (a) OSIF is, and during
the Term shall remain, the owner of the entire right, title, and interest in and to Patent Rights; (b) OSIF has, and during the Term
shall continue to have, the right to grant the license(s) hereunder; (c) OSIF has not granted and shall not grant licenses or
other rights under the Patent Rights that are in conflict with the terms and conditions in this Agreement; (d) OSIF has obtained,
or caused its Affiliates, as applicable, to obtain, assignments from the inventors of all inventorship rights to the Patent Rights.

 

    Page 23 of 39

     

    

 

		11.3	Disclaimers. EXCEPT AS SPECIFICALLY SET FORTH IN SECTION 11, EACH PARTY UNDERSTANDS
AND AGREES THAT THE OTHER PARTY MAKES NO OTHER REPRESENTATIONS OR WARRANTIES AND LICENSEE AND OSIF, ON BEHALF OF ITSELF AND OSU, EXPRESSLY
DISCLAIM ALL OTHER REPRESENTATIONS AND WARRANTIES, WHETHER STATUTORY, IMPLIED OR OTHERWISE, INCLUDING AS TO THE LICENSED PRODUCTS,
THE OPERABILITY OR FITNESS FOR ANY USE OR PARTICULAR PURPOSE, MERCHANTABILITY, SAFETY, EFFICACY, APPROVABILITY BY REGULATORY AUTHORITIES,
TIME AND COST OF DEVELOPMENT, PATENTABILITY, NONINFRINGEMENT, BREADTH OF PATENT RIGHTS, WHETHER ANY CLAIM WILL ISSUE OR IS VALID, AND
AS TO WHETHER THERE ARE ANY PATENTS NOW HELD, OR WHICH MAY BECOME HELD, BY ANY ENTITY THAT MIGHT BE REQUIRED FOR THE PRACTICE OF
LICENSED SUBJECT MATTER.

 

		11.4	Licensee Representation. Licensee represents and warrants that: (a) Licensee has: (i) not
been induced in any way by OSIF or its employees to enter into this Agreement; (ii) been given an opportunity to conduct sufficient
due diligence with respect to all items and issues pertaining to this Agreement; (iii) adequate knowledge and expertise to conduct
the due diligence; and (iv) accepted all risks inherent herein; (b) it is a duly organized and validly existing entity in good
standing under the laws of its jurisdiction of organization, and has all necessary corporate or other appropriate power and authority
to execute, deliver and perform its obligations hereunder; (c) it shall comply with all applicable international, national, or local
laws and regulations in its performance under this Agreement, including export control laws; (d) it shall diligently pursue the development,
manufacture, and sale of Licensed Products throughout the Term; and (e) it shall continue to maintain throughout the Term and beyond
insurance coverage as set forth in Section 14.

 

12.            Limit
of Liability. IN NO EVENT SHALL OSIF, OSU OR THEIR RESPECTIVE AFFILIATES, OR THEIR RESPECTIVE
OFFICERS, DIRECTORS, EMPLOYEES, STUDENTS, TRUSTEES, AGENTS OR INDEPENDENT CONTRACTORS IN THEIR CAPACITY FOR OSIF OR OSU OR SUCH AFFILIATE,
BE LIABLE FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, INCIDENTAL, EXEMPLARY, OR PUNITIVE DAMAGES (INCLUDING DAMAGES FOR LOSS OF PROFITS
OR REVENUE) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR LICENSED SUBJECT MATTER, REGARDLESS OF WHETHER ANY SUCH PARTY KNOWS
OR SHOULD KNOW OF THE POSSIBILITY OF SUCH DAMAGES. OTHER THAN FOR LIABILITIES AGAINST LICENSEE FOR WHICH IT PROVIDES INDEMNIFICATION (SECTION 13)
OR FOR MISUSE, MISAPPROPRIATION OR INFRINGEMENT OF OSIF’S INTELLECTUAL PROPERTY RIGHTS, LICENSEE SHALL NOT BE LIABLE TO OSIF OR
OSU FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, INCIDENTAL, EXEMPLARY OR PUNITIVE DAMAGES (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR
LOSS OF PROFITS OR REVENUE) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, REGARDLESS OF WHETHER LICENSEE KNOWS OR SHOULD HAVE KNOWN
OF THE POSSIBILITY OF SUCH DAMAGES.

 

    Page 24 of 39

     

    

 

13.            Indemnification
Obligation.

 

		13.1	Licensee agrees to hold harmless, defend and indemnify OSIF, OSU, their respective Affiliates, and their
respective officers, directors, employees, students, inventors, trustees, agents, and independent contractors (“Indemnified
Parties”) from and against any liabilities, damages, causes of action, suits, judgments, liens, penalties, fines, losses, costs
and expenses, including reasonable attorneys’ fees and other expenses of litigation, resulting from claims or demands brought by
third parties (collectively “Liabilities”) against an Indemnified Party on account of any injury or death of persons,
damage to property, or any other damage or loss arising out of or in connection with this Agreement, and/or the exercise or practice of
the rights granted hereunder by or under authority of Licensee and/or Sublicensee, or third party person or entity having a Licensed Product;
provided, however, Licensee shall have no responsibility or obligation under this Section to the extent of Liabilities caused solely
by the gross negligence or willful misconduct by OSIF.

 

		13.2	Procedure. The indemnities set forth in this Section 13 are subject to the condition
that the Indemnified Party seeking the indemnity shall forthwith notify Licensee on being notified or otherwise made aware of a liability,
claim, suit, action or expense and that Licensee shall use attorneys reasonably acceptable to the Indemnified Party to defend and control
any proceedings with the Indemnified Party being permitted to participate at its own expense); provided that Licensee may not settle the
liability, claim, suit, action or expense, or otherwise admit fault of the Indemnified Party or consent to any judgment, without the written
consent of the Indemnified Party (such consent not to be unreasonably withheld).

 

14.            Insurance
Requirements. Prior to any Licensed Product being used in humans or animals for veterinary
applications, including for the purpose of obtaining regulatory approval, or offered for sale by Licensee or Sublicensee, and for a period
of [***] years after this Agreement expires or is terminated, Licensee shall, at its sole cost and expense, procure and maintain commercial
general liability insurance in commercially reasonable and appropriate amounts for the Licensed Product to ensure its obligations under
this Agreement. Licensee shall use commercially reasonable efforts to have OSIF, OSU and their respective Affiliates, officers, directors
and employees named as additional insureds. Such commercial general Liability insurance shall provide, without limitation: (a) product
liability coverage; and (b) broad form contractual liability coverage for Licensee’s indemnification under this Agreement.
Upon request by OSIF, Licensee shall provide OSIF with written evidence of such insurance. Additionally, Licensee shall provide OSIF with
advance written notice of at least [***] days prior to Licensee cancelling, not renewing, or materially changing such insurance.

 

    Page 25 of 39

     

    

 

15.            Assignment.
This Agreement is not assignable or otherwise transferable, provided, however, that notwithstanding
the foregoing Licensee may assign or transfer this Agreement and some or all of its rights and obligations hereunder (a) to an Affiliate,
or (b) to an acquirer or successor to all or substantially all of Licensee’s business or assets relating to any Licensed Product,
whether by sale, merger, operation of law or otherwise. For any permitted assignment or transfer to be effective, the assignee must assume
in writing all of Licensee’s interests, rights, duties, liabilities and obligations under this Agreement and agree to comply with
all terms and conditions of this Agreement as if assignee were an original Party to this Agreement. OSIF shall be provided a copy of such
writing promptly following its execution. OSIF may assign its rights under Section 3.8, and will provide advance written notice thereof
to Licensee.

 

16.            Patent
Markings. Licensee agrees that all Licensed Products shall be marked as permitted in accordance
with each country’s patent marking laws, including Title 35, U.S. Code, in the United States.

 

17.            Use
of Name. Licensee shall not use the name, trademarks or other marks of OSIF or OSU without
the advance written consent of OSIF and OSU. OSIF and OSU may use Licensee’s name for annual reports, brochures, website and internal
reports with Licensee’s prior consent, such consent not to be unreasonably withheld. Licensee may use OSIF’s name for business
and financial presentations without their prior consent.

 

18.            Notices.
Any notice or other communication of the Parties required or permitted to be given or made under
this Agreement shall be in writing and shall be deemed effective on the date received when sent in a manner that provides confirmation
or acknowledgement of delivery and received at the applicable address set forth in Appendix 4, incorporated herein by reference. Notices
required under this Agreement may be delivered via E-mail provided such notice is confirmed in writing as indicated. Late payment notices
are sufficiently delivered via E-mail only.

 

19.            General
Provisions.

 

		19.1	Binding Effect. This Agreement is binding upon the Parties hereto, their respective executors,
administrators, heirs, assigns and successors in interest and inures to the benefit of the Parties and their permitted successors and
assigns. OSIF shall ensure that OSU complies with any obligations on OSU set forth herein. Conveyances made in contravention with the
terms of this Agreement shall be null and void.

 

		19.2	Construction of Agreement. Both Parties agree that any ambiguity in this Agreement shall
not be construed more favorably toward one Party than the other Party, regardless of which Party primarily drafted this Agreement. Headings
are for the convenience of the Parties and do not impart independent meaning to this Agreement.

 

		19.3	Counterparts and Signatures. This Agreement may be executed in multiple counterparts, each
of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. A Party may evidence
its execution and delivery of this Agreement by transmission of a signed copy of this Agreement via facsimile or email.

 

		19.4	Registration of Licenses. Licensee agrees to register and give required notice concerning
this Agreement, at its expense, in each country where an obligation exists under law to so register or give notice and shall reasonably
consider OSIF’s comments regarding redaction.

 

    Page 26 of 39

     

    

 

		19.5	Force Majeure. If the performance of this Agreement or any obligations hereunder is prevented,
restricted or interfered with by reason of earthquake, fire, flood or other casualty or due to strikes, riot, storms, explosions, acts
of God, war, terrorism, changes in governmental regulation, embargo, shortage of transportation facilities, or a similar occurrence or
condition beyond the reasonable control of the Parties, the Party so affected shall, upon giving prompt notice to the other Parties, be
excused from such performance during such prevention, restriction or interference, and any failure or delay resulting therefrom shall
not be considered a breach of this Agreement.

 

		19.6	Dispute Resolution. All disputes shall be first referred to the President of OSIF and the
Chief Executive Officer of Licensee for resolution, prior to proceeding under the other provisions of this Section 19.6. A dispute
shall be referred to such executives upon one Party (the “Initiating Party”) providing the other Party (the “Responding
Party”) with notice that such dispute exists, together with a written statement describing the dispute with reasonable specificity
and proposing a resolution to such dispute that the Initiating Party is willing to accept, if any. Within [***] days after having received
such statement and proposed resolution, if any, the Responding Party shall respond with a written statement that provides additional information,
if any, regarding such dispute, and proposes a resolution to such dispute that the Responding Party is willing to accept, if any. In the
event that such dispute is not resolved within [***] days after the Responding Party’s receipt of the Initiating Party’s notice,
either Party may bring initiate further action with respect to such dispute consistent with this Section 19.6.

 

		19.7	Governing Law; Jurisdiction. This Agreement shall be construed and enforced in accordance
with laws of the State of Ohio, without regard to choice of law and conflicts of law principles. The Parties agree that any claim or cause
of action regarding this Agreement shall be brought in a court of competent jurisdiction in Franklin County, Ohio and this is the Parties’
sole and exclusive process for seeking a remedy for any and all claims and causes of action regarding this Agreement that are permitted
to be brought in Franklin County, Ohio. Licensee waives any objection to the jurisdiction of the courts in Franklin County.

 

		19.8	Modification. Any modification of this Agreement shall be effective only if it is in writing
and signed by duly authorized representatives of both Parties.

 

		19.9	Severability. If any provision hereof is invalid, illegal or unenforceable in any jurisdiction,
the Parties hereto shall negotiate in good faith a valid, legal and enforceable substitute provision that most nearly reflects the original
intent of the Parties, and all other provisions hereof shall remain in full force and effect in such jurisdiction and shall be construed
in order to carry out the intentions of the Parties hereto as nearly as may be possible. Such invalidity, illegality or unenforceability
shall not affect the validity, legality or enforce ability of such other provisions in any other jurisdiction, so long as the essential
essence of this Agreement remains enforceable.

 

    Page 27 of 39

     

    

 

		19.10	Third Party Beneficiaries. Nothing in this Agreement shall be interpreted as placing the
Parties in an employment, partnership, joint venture or agency relationship and neither Party shall have the right or authority to obligate
or bind the other Party on its behalf. Nothing in this Agreement, express or implied, is intended to confer any benefits, rights or remedies
on any entity, other than the Parties, OSU, and their permitted successors and assigns.

 

		19.11	Waiver. Neither Party shall be deemed to have waived any of its rights under this Agreement
unless the waiver is in writing and signed by such Party, and any such written waiver shall be limited solely to the specified scope.
No delay or omission of a Party in exercising or enforcing a right or remedy under this Agreement shall operate as a waiver thereof.

 

		19.12	Entire Agreement. This Agreement constitutes the entire agreement between the Parties regarding
the subject matter hereof, and supersedes all prior written or verbal agreements, representations and understandings relative to such
matters.

 

    Page 28 of 39

     

    

 

IN WITNESS WHEREOF, the Parties
hereto have caused their duly authorized representatives to execute this Agreement.

 

	Ohio State Innovation Foundation	 	Entrada Therapeutics, Inc.
	BY: /s/ R. Scott Osborne	 	BY: /s/ Dipal Doshi
	NAME: R. Scott Osborne	 	NAME: Dipal Doshi
	TITLE: President 	 	TITLE: President & CEO
	DATE: 12/14/18	 	DATE: 12/14/2018

 

The Ohio State University acknowledges and agrees
to its obligations under Section 9.7 of this Agreement:

 

	The Ohio State University	 
	BY: /s/ Michael Papadakis	 
	NAME: Michael Papadakis	 
	TITLE: Interim Sr. Vice President For Business & Finance, and CFO 	 
	DATE: 12-14-18	 

 

    Page 29 of 39

     

    

 

Appendix 1A

Platform Rights

 

[***]

 

    Page 30 of 39

     

    

 

 

Appendix 1B 

Program Rights

 

[***]

    	 	 	Page 31 of 39

     

    

 

Appendix 2A 

ANNUAL REPORT

 

[***]

 

    	 	 	Page 32 of 39

     

    

 

Appendix 2B

OSIF FUNDING SOURCE & EMPLOYMENT SURVEY

 

[***]

 

    	 	 	Page 33 of 39

     

    

 

Appendix 3A

MILESTONE REPORT

 

[***]

 

    	 	 	Page 34 of 39

     

    

 

Appendix 3B

ROYALTY REPORT

 

[***]

 

    	 	 	Page 35 of 39

     

    

 

Appendix 4

Contact Information

 

[***]

 

    	 	 	Page 36 of 39

     

    

 

Appendix 5

Proposed Capitalization Table

 

[***]

 

    	 	 	Page 37 of 39

     

    

 

Appendix 6 

Confirmatory License Patent Rights

 

[***]

    	 	 	Page 38 of 39

     

    

 

Appendix 7 

Technology Transfer

 

[***]

 

    	 	 	Page 39 of 39

     

    

  

CERTAIN CONFIDENTIAL INFORMATION, MARKED BY
[***] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE
OR CONFIDENTIAL.

 

AMENDMENT NO. 1 TO LICENSE AGREEMENT

 

This Amendment No. 1 to the License Agreement
(“Amendment”), having an effective date of October 8, 2019 (“Amendment Effective Date”), is made and entered
by and between Ohio State Innovation Foundation, located at 1524 North High Street, Columbus, Ohio 43201 (“OSIF”) and Entrada
Therapeutics, Inc. located at 50 Northern Avenue, Boston, MA 02210 (“Licensee”), (individually “Party” or
together “the Parties”).

 

BACKGROUND

 

WHEREAS, OSIF and Licensee entered into an Exclusive
License Agreement dated December 14, 2018, OSIF agreement No. A2019-1293 (“License Agreement”); and,

 

WHEREAS, OSIF and Licensee would like to amend
and modify the License Agreement as identified below and such amendment shall be incorporated as part of the License Agreement.

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereto agree as
follows:

 

		1.	Amendments

 

(a)            The
following row is added to the Program Patent Rights in Appendix 1B:

 

	[***]	[***]	[***]	[***]	[***]	[***]	[***]

 

(b)            The
following row is added to the Tech IDs in Appendix 1B:

 

	[***]	[***]	[***]

 

		2.	Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original
and all of which together shall constitute an agreement, notwithstanding that all parties are not signatories to the same counterpart.

 

		3.	Continued Force and Effect. Except as provided in this Amendment, all terms, conditions, and provisions of the License Agreement
shall remain and continue in full force and effect as provided therein.

 

    		 	

     

    

 

IN WITNESS WHEREOF, the Parties hereto have entered
into this Amendment effective as of the Amendment Effective Date.

 

	OHIO STATE INNOVATION FOUNDATION	 	ENTRADA THERAPEUTICS, INC
	 	 	 
	By:	/s/ Kevin Taylor 	 	By: 	/s/ Dipal Doshi
	Name: 	Kevin Taylor	 	Name: 	Dipal Doshi
	Title: 	Vice President	 	Title: 	President & Chief Executive Officer
	Date:	10/23/2019	 	Date: 	10/21/2019

 

    		2 of 2	

     

    

  

CERTAIN CONFIDENTIAL INFORMATION, MARKED BY
[***] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE
OR CONFIDENTIAL.

 

AMENDMENT NO. 2 TO LICENSE AGREEMENT

 

This Amendment No. 2 to the License Agreement
(“Amendment”), having an effective date of March 9, 2020 (“Amendment Effective Date”), is made and entered
by and between Ohio State Innovation Foundation, located at 1524 North High Street, Columbus, Ohio 43201 (“OSIF”) and Entrada
Therapeutics, Inc. located at 50 Northern Avenue, Boston, MA 02210 (“Licensee”), (individually “Party” or
together “the Parties”).

 

BACKGROUND

 

WHEREAS, OSIF and Licensee entered into an Exclusive
License Agreement dated December 14, 2018, OSIF agreement No. A2019-1293, as amended October 8, 2019 (“License Agreement”);
and,

 

WHEREAS, OSIF and Licensee would like to amend
and modify the License Agreement as identified below and such amendment shall be incorporated as part of the License Agreement.

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereto agree as
follows:

 

		1.	Amendments

 

		(a)	The following row of the Platform Patent Rights in Appendix 1A is deleted in its entirety:

 

	[***]	[***]	 	 	 	[***]	 

 

And replaced with the following:

 

	[***]	[***]	[***]	[***]	[***]	[***]	[***]

 

		2.	Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original
and all of which together shall constitute an agreement, notwithstanding that all parties are not signatories to the same counterpart.

 

		3.	Continued Force and Effect. Except as provided in this Amendment, all terms, conditions, and provisions of the License Agreement
shall remain and continue in full force and effect as provided therein.

 

    			

     

    

 

IN WITNESS WHEREOF, the Parties hereto have entered
into this Amendment effective as of the Amendment Effective Date.

 

	OHIO STATE INNOVATION FOUNDATION	 	ENTRADA THERAPEUTICS, INC
	 	 	 
	By:	/s/ Kevin Taylor	 	By: 	/s/ Dipal Doshi
	Name: 	Kevin Taylor	 	Name: 	Dipal Doshi
	Title: 	Vice President	 	Title: 	President & CEO
	Date: 	03/16/2020	 	Date: 	3/9/2020

 

    	 	2 of 2	 

     

    

 

CERTAIN CONFIDENTIAL INFORMATION, MARKED BY
[***] HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE
OR CONFIDENTIAL.

 

AMENDMENT NO. 3 TO LICENSE AGREEMENT

 

This Amendment No. 3 to the License Agreement (“Amendment”),
having an effective date of July 6, 2021 (“Amendment Effective Date”), is made and entered by and between Ohio State
Innovation Foundation, located at 1524 North High Street, Columbus, Ohio 43201 (“OSIF”) and Entrada Therapeutics, Inc.
located at 6 Tide Street, Boston, MA 02210 (“Licensee”), (individually “Party” or together “the Parties”).

 

BACKGROUND

 

WHEREAS, OSIF and Licensee entered into an Exclusive License Agreement
dated December 14, 2018, OSIF agreement No. A2019-1293, and amended on October 8, 2019 and March 9, 2020 (“License
Agreement”); and,

 

WHEREAS, OSIF and Licensee would like to amend and modify the License
Agreement as identified below and such amendment shall be incorporated as part of the License Agreement.

 

NOW THEREFORE, in consideration of the foregoing and for other good
and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereto agree as follows:

 

		1.	Definitions. All capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms
in the License Agreement.

 

		2.	The following row shall be added to the Program Patent Rights in Appendix 1B:

 

	[***]	[***]	[***]	[***]	[***]	[***]	[***]

 

		3.	The following row shall be added to the Tech IDs in Appendix 1B:

 

	[***]	[***]	[***]

 

		4.	As consideration for this Amendment, Licensee agrees to pay all of the costs and expenses, paid or incurred by OSIF, on or prior to
the Amendment Effective Date associated with [***] within [***] ([***]) days after Licensee’s receipt of an invoice from OSIF. All
costs, paid or incurred by OSIF, after the Amendment Effective Date shall be treated as Ongoing Patent Expenses pursuant to Section 6.1
of the License Agreement.

 

    			 

     

    

 

		5.	Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original
and all of which together shall constitute an agreement, notwithstanding that all parties are not signatories to the same counterpart.
Facsimile, documents executed, scanned and transmitted electronically and electronic signatures, including portable document format (“.pdf”),
shall be deemed original documents for purposes of this Agreement, including the signature pages, and all matters related thereto, with
such facsimile, scanned and electronic signatures having the same legal effect as original signatures.

 

		6.	Continued Force and Effect. Except as provided in this Amendment, all terms, conditions, and provisions of the License Agreement
shall remain and continue in full force and effect as provided therein.

 

IN WITNESS WHEREOF, the parties hereto have entered
into this Amendment effective as of the Amendment Effective Date.

 

[AUTHORIZED SIGNATURES APPEAR ON THE FOLLOWING
PAGE]

 

    			 

     

    

 

	OHIO STATE INNOVATION FOUNDATION	 	ENTRADA THERAPEUTICS, INC
	 	 	 
	By:  	/s/ Kevin Taylor	 	By: 	/s/ Dipal Doshi
	Name: 	Kevin Taylor	 	Name: 	Dipal Doshi
	Title: 	Vice President	 	Title:  	President and CEO
	Date: 	07/20/2021	 	Date:  	July 15, 2021

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