Document:

Exhibit
10.8 

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

LICENSE
AGREEMENT

 

This
license agreement (the “Agreement”) is entered into and made effective as of July 8, 2022 (the “Effective
Date”) between The Johns Hopkins University Applied Physics Laboratory LLC, a Maryland limited liability company, having business
offices at 11100 Johns Hopkins Road, Laurel, Maryland 20723 (“APL”) and BullfrogAI, Inc., a Delaware corporation having
business offices at P.O. Box 336, Boyds, Maryland 20841 (“Licensee”). For purposes of this Agreement, APL and Licensee
may be individually referred to as a “Party,” and collectively referred to as the “Parties.”

 

This
Agreement includes attached Appendix A (APL Patent Rights), Appendix B (APL Copyrights), Appendix C (APL Know-how),
Appendix D (Stock Issuance Agreement), Appendix E (Fees and Payment Options), Appendix F (Form of Diligence and
Annual Report), and Appendix G (Form of Quarterly Sales and Royalty Report), the entire contents of which are incorporated herein
by reference.

 

BACKGROUND

 

WHEREAS,
The Johns Hopkins University (“JHU”) through APL has acquired or is entitled to acquire through assignment or otherwise
all right, title, and interest, with the exception of any applicable retained rights by the United States government, in certain intellectual
property, including patentable and non-patentable intellectual property as described in Appendices A, B, and C,
and JHU has granted APL responsibility for, as well as operating control and unencumbered use of, the intellectual property;

 

WHEREAS,
APL desires to have the APL IP (as defined below) perfected and marketed as soon as possible so that resulting products and services
may be available for public use and benefit; and

 

WHEREAS,
Licensee desires to acquire a license under the APL IP for the purposes of exploiting Licensed Products and Licensed Services in the
Territory and in the Field of Use, as set forth and defined below.

 

NOW,
THEREFORE, in consideration of the premises and mutual covenants herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

 

	1.	DEFINITIONS

 

Unless
otherwise specifically provided herein, the following defined terms shall have the following meanings:

 

	 	1.1	“Accounting
    Standards” shall mean the accounting standards applicable to Licensee, its Affiliates or Sublicensees as reported in their
    audited financial statements, and may include Generally Accepted Accounting Principles (GAAP) or International Financial Reporting
    Standards (IFRS).
	 	 	 
	 	1.2	“Affiliate”
    shall mean any corporation or other business entity controlled by, controlling, or under common control with, APL or Licensee. For
    this purpose, “control” shall mean direct or indirect beneficial ownership of at least a fifty percent (50%) of the equity
    interests of, or at least a fifty percent (50%) interest in the income of such corporation or other business entity, or any business
    entity that is more than fifty percent (50%) owned by a business entity that owns more than fifty percent (50%) of APL or Licensee,
    or such other relationship as in fact, constitutes actual control.

    

 

    	1

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	1.3	“APL
    Copyrights” shall mean (a) APL’s copyrights in or related to the APL Know-How and APL Patent Rights, and (b) the
    copyrights specifically set forth in Appendix B.
	 	 	 
	 	1.4	“APL
    IP” shall mean collectively, the APL Patent Rights, the APL Copyrights, and the APL Know-How.
	 	 	 
	 	1.5	“APL
    Know-How” shall mean any Know-How (a) Controlled by APL as of the Effective Date and that is described in the APL Patent
    Rights or is uniquely necessary to practice the inventions claimed in the APL Patent Rights, or (b) described or specifically set
    forth in Appendix C, and in each case, not general know-how broadly applicable across multiple technologies.

 

	 	1.6	“APL
    Patent Rights” shall mean:
	 	 	 	 
	 	 	(a)	the
    patents and patent applications specifically set forth in Appendix A and any United States patents that issue therefrom or
    on inventions originally disclosed therein (including any and all divisionals, continuations, and continuations-in-part solely to
    the extent that all of the claims of any such continuations-in-part are wholly supported by the patents, patent applications, and/or
    invention disclosures set forth in Appendix A) together with re-examinations or reissues of such United States patents; and
	 	 	 	 
	 	 	(b)	any
    foreign (non-United States) patents and patent applications claiming priority to any patents or patent applications specifically
    set forth in Appendix A and any patents issuing therefrom or on inventions originally disclosed therein (including any and
    all divisionals, continuations, and continuations-in-part solely to the extent that all of the claims of any such continuations-in-part
    are wholly supported by the patents and/or patent applications set forth in Appendix A) together with any re-examinations
    or reissues of such foreign patents.

 

	 	1.7	“Calendar
    Quarter” shall mean a period of three (3) consecutive months ending on the last day of March, June, September, or December,
    respectively.
	 	 	 
	 	1.8	“Calendar
    Year” shall mean a period of twelve (12) consecutive months beginning on January 1 and ending on December 31.
	 	 	 
	 	1.9	“Control”
    shall mean, with respect to any intellectual property right, the possession of the right (whether by ownership, license, or otherwise
    (other than pursuant to a license granted under this Agreement)), to assign, or grant a license, sublicense, or other right to or
    under, such intellectual property right as provided for herein without violating the terms of any agreement or other arrangement
    with any Third Party.

 

    	2

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	1.10	“Excluded
    Entity” shall mean (a) the United States government including any agency, department, commission, board, corporation, or
    instrumentality of the United States government, (b) any Person associated with the development or commercialization of alcohol,
    tobacco products, private prisons, military armaments, or pornography, or (c) any Person on any list of prohibited individuals or
    entities enacted under United States economic sanctions and anti-boycott Laws.
	 	 	 
	 	1.11	“Field
    of Use” shall mean analytical services for applications in biological and chemical derived pharmaceutical therapeutics,
    and application of analytics in the development and testing of pharmaceutical products.
	 	 	 
	 	1.12	“First
    Commercial Sale” shall mean, on a country-by-country and Licensed Product-by-Licensed Product or Licensed Service-by-Licensed
    Service basis, the first commercial transfer or disposition for value of such Licensed Product or Licensed Service in such country
    to a Third Party by Licensee, or any of its Affiliates or Sublicensees, in each case, after all necessary Governmental Approvals
    have been obtained for such country.
	 	 	 
	 	1.13	“Governmental
    Approval” shall mean, with respect to a Licensed Product or Licensed Service in a country or region, all approvals, licenses,
    registrations, and authorizations of the relevant Governmental Authority, if applicable, required for the commercialization of such
    Licensed Product or Licensed Service in such country.
	 	 	 
	 	1.14	“Governmental
    Authority” shall mean any: (a) nation, principality, state, commonwealth, province, territory, county, municipality, district,
    or other jurisdiction of any nature; (b) federal, provincial, state, local, municipal, foreign, or other government; (c) governmental
    or quasi-governmental authority of any nature (including any governmental division, subdivision, department, agency, bureau, branch,
    office, commission, council, board, instrumentality, officer, official, representative, organization, unit, body, or entity and any
    court or other tribunal); (d) multi-national or supranational organization or body; or (e) individual, entity, or body exercising,
    or entitled to exercise, any executive, legislative, judicial, administrative, regulatory, police, military, or taxing authority
    of any nature.
	 	 	 
	 	1.15	“Improvements”
    shall mean any and all Know-How, Patent Rights, copyrights, or other intellectual property conceived or created by APL or created
    by or on behalf of Licensee incorporating or based upon the APL IP on or after the Effective Date.
	 	 	 
	 	1.16	“Know-How”
    shall mean any proprietary results, data, inventions, trade secrets, and other information, in any tangible or intangible form, including
    databases, discoveries, practices, methods, tests, assays, techniques, specifications, processes, formulations, formulae, protocols,
    procedures, drawings, plans, designs, diagrams, sketches, documentation, and materials, including pharmaceutical, chemical, and biological
    materials and their sequences.
	 	 	 
	 	1.17	“Law”
    or “Laws” shall mean all applicable laws, statutes, rules, regulations, ordinances, and other pronouncements having
    the binding effect of Law of any Governmental Authority.

 

    	3

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	1.18	“Licensed
    Product” shall mean any product or part thereof made, developed, discovered, used, or sold by Licensee or an Affiliate
    or Sublicensee of Licensee, which:
	 	 	 	 
	 	 	(a)	is
    covered in whole or in part by a Valid Claim; or
	 	 	 	 
	 	 	(b)	employs
    or incorporates the APL Know-How or APL Copyrights.

 

	 	1.19	“Licensed
    Analytic Product” shall mean any Licensed Product that includes software or data.
	 	 	 
	 	1.20	“Licensed
    Pharmaceutical Product” shall mean any Licensed Product that is a pharmaceutical.

 

	 	1.21	“Licensed
    Service” shall mean any process, method, or part thereof, made, developed, used, or sold by Licensee or an Affiliate or
    Sublicensee of Licensee, which:
	 	 	 	 
	 	 	(a)	is
    covered in whole or in part by a Valid Claim; or
	 	 	 	 
	 	 	(b)	employs
    or incorporates the APL Know-How or APL Copyrights.

 

	 	1.22	“Net
    Sales” shall mean and include everything of value received by Licensee, its Affiliates, and its Sublicensees for the sale,
    license, lease, or other transfer of Licensed Products and for the performance of Licensed Services, but does not include Non-Royalty
    Sublicensing Income or sublicensee end sales of Licensed Pharmaceutical Product. Net Sales include currency and the fair market value
    of equity, intangible rights, services, and other things of value provided to, or received by, Licensee, its Affiliates, and its
    Sublicensees for the sale, license, lease, or other transfer of Licensed Products and/or for the performance of Licensed Services,
    other than Non-Royalty Sublicensing Income. Net Sales may be calculated using the accrual or cash method, but such calculation must
    (a) be consistent from month to month and year to year and (b) use the same method used generally by Licensee in reporting its business
    activity for applicable Accounting Standards. The following items are excluded from Net Sales only to the extent that they are separately
    billed to purchasers of Licensed Products or Licensed Services: (i) import, export, excise and sales taxes, custom duties, and shipping
    charges; (ii) costs of packing, insurance covering damage during shipping, and transportation from the place of manufacture to the
    customer’s premises or point of installation; and (iii) credits (including credit card charge-backs) or allowances, refunds
    or discounts, if any, actually granted on account of price adjustments, recalls, rejection or return of services previously sold,
    leased or otherwise disposed of; provided, that such deductions or exclusions shall be determined in accordance with applicable Accounting
    Standards, consistently and strictly applied. If a Licensed Product is sold in combination with other products, services, ingredients,
    or substances or as part of a kit or package, Net Sales of such Licensed Product shall include revenues and fees received for the
    entire combination, kit, or package. If a Licensed Service is provided in combination with other products, services, ingredients,
    or substances or results in the production of a kit or package, Net Sales of such Licensed Service shall include revenues and fees
    received for the entire combination, kit, or package.

 

    	4

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	1.23	“Non-Royalty Sublicensing Income” (“NRSI”) shall mean everything of value received by Licensee in consideration for any Sublicense; provided that the following shall be excluded from the gross amount received for the Sublicense when calculating NRSI:
	 	 	 	 
	 	 	(a)	the
    reasonable cost of research and development services to be performed thereafter by Licensee for or on behalf of Sublicensee, if Licensee
    is required to perform such services for Sublicensee, including under a written agreement to perform such services;
	 	 	 	 
	 	 	(b)	reimbursement
    of the amount paid for patent fees incurred by Licensee;
	 	 	 	 
	 	 	(c)	royalty
    payments to Licensee based on Sublicensee’s sale of Licensed Products or Licensed Services, where royalties are provided and
    will be paid to APL on Sublicensee’s Net Sales under this Agreement; and
	 	 	 	 
	 	 	(d)	the
    amount of any milestone payment made to APL under this Agreement as a result of activity of Licensee or Sublicensee, which results
    in a milestone payment by Sublicensee to Licensee under the Sublicense; provided that the difference between the milestone payment
    to be paid to APL and the milestone payment paid to Licensee by Sublicensee shall be considered NRSI.

 

	 	1.24	“Patent
    Rights” shall mean any of the following, whether existing now or in the future anywhere in the world: issued patents, including
    inventor’s certificates, substitutions, extensions, confirmations, reissues, re-examinations, renewals, or any like governmental
    grant for protection of inventions, and any pending provisional or non-provisional applications for any of the foregoing.
	 	 	 
	 	1.25	“Person”
    shall mean any natural person, corporation, firm, business trust, joint venture, association, organization, company, partnership,
    or other business entity, or any Governmental Authority or political subdivision thereof.
	 	 	 
	 	1.26	“Sublicense”
    shall mean an agreement entered into by Licensee and any Third Party including a license or option to obtain a license to research,
    develop, make, have made, use, sell, offer to sell, import, perform, or offer to perform a Licensed Product or Licensed Service,
    or including a covenant not to sue or any transfer of rights to the APL IP.
	 	 	 
	 	1.27	“Sublicensee”
    shall mean any Third Party to whom Licensee has entered into a Sublicense.
	 	 	 
	 	1.28	“Territory”
    shall mean worldwide.
	 	 	 
	 	1.29	“Third
    Party” shall mean any Person other than APL, Licensee, or any of their respective Affiliates.
	 	 	 
	 	1.30	“Valid
    Claim” shall mean a claim of (a) an issued, unexpired patent in the APL Patent Rights, which claim has not been revoked
    or held unenforceable or invalid by a decision of a court or Governmental Authority of competent jurisdiction from which no appeal
    can be taken, or with respect to which an appeal is not taken within the time allowed for appeal, and that has not been disclaimed
    or admitted to be invalid or unenforceable through reissue, disclaimer, or otherwise; or (b) a pending patent application in the
    APL Patent Rights, which claim has not been abandoned, disclaimed, allowed to lapse, or finally determined to be unallowable by the
    applicable Governmental Authority in a decision from which no appeal can be taken, or with respect to which an appeal is not taken
    within the time allowed for appeal.

    

 

    	5

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

The
definition of each of the following terms is set forth in the section of the Agreement indicated below.

 

	Defined
    Term	 	Section
	2018
    License	 	4.5(a)(i)
	Achievement
    Date	 	3.2(a)
	Agreement	 	Preamble
	APL	 	Preamble
	APL
    Indemnitees	 	8.1
	Confidential
    Information	 	10.1
	Diligence
    Milestone	 	3.2(a)
	Diligence
    Report	 	5.1(a)
	Disclosing
    Party	 	10.1
	Effective
    Date	 	Preamble
	Federal
    Laws	 	2.2(b)(i)
	Government	 	2.2(b)(i)
	Independent
    Accountant	 	5.4
	JHU	 	Recitals
	JHU
    Names	 	12.3(b)
	Key
    Employees	 	12.1
	Liabilities	 	8.1
	License	 	2.1
	Licensee	 	Preamble
	Milestone	 	4.2(b)
	Milestone
    Payment	 	4.2(b)
	New
    Securities	 	4.5(d)
	Non-Sales
    Fees	 	4.3(a)(ii)
	Notice	 	4.5(d)
	Party	 	Preamble
	Parties	 	Preamble

 

    	6

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	Defined
    Term	 	Section
	Patent
    Costs	 	7.2
	Performance
    Milestone	 	4.2(a)
	Performance
    Milestone Payment	 	4.2(a)
	Receiving
    Party	 	10.1
	Royalty	 	4.3(a)
	Royalty
    Report	 	5.2(a)
	Royalty
    Term	 	4.3(d)
	Sale
    of the Company	 	4.5(f)
	Sales
    Milestone	 	4.2(b)
	Sales
    Milestone Payment	 	4.2(b)
	Shares	 	4.5(a)
	Term	 	11.1
	Third
    Party IP	 	4.3(c)(i)

 

All
terms defined in this Agreement may be used in the singular or plural, and a reference to the singular includes the plural and vice versa.

 

	2.	LICENSE
    GRANT

 

	 	2.1	License
    Grants. APL hereby grants to Licensee and Licensee hereby accepts an exclusive license in the Territory for the Field of Use,
    under the APL IP, to research, develop, make, have made, use, sell, offer to sell, import, perform, and offer to perform the Licensed
    Products and/or Licensed Services (the “License”).

 

	 	2.2	Retained
    Rights.

 

	 	(a)	Retained
    Rights. APL retains on behalf of itself and its Affiliates a non- exclusive, royalty-free, perpetual, irrevocable, worldwide
    right to practice, make, and use, or allow others to practice, make, and use, APL IP for any research and development use for its
    non-profit purposes, including educational, clinical, and government purposes, and research purposes including sponsored research
    and collaborations with commercial entities outside of the Field of Use.
	 	 	 	 
	 	(b)	Government
    Rights; Related Licensee Obligations.
	 	 	 	 
	 	 	(i)	APL
    IP arising from research funded in whole or in part by United States government (the “Government”) research funding
    may be subject to Title 35 U.S.C. Sections 200-212, the Federal Acquisition Regulation (FAR), the Defense Federal Acquisition Regulation
    Supplement (DFARS) or other supplements to the FAR, and other federal laws and regulations (collectively, the “Federal Laws”).
    Any action taken by APL to fulfill its obligations thereunder shall be and hereby is deemed to be consistent with APL’s obligations
    hereunder.

    

 

    	7

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	 	(ii)	APL’s
    obligations under the Federal Laws may include the grant of a non-exclusive, nontransferable, irrevocable, paid-up worldwide license
    to APL IP by APL to the Government, and a statement of Government patent rights on certain APL Patent Rights.
	 	 	 	 
	 	 	(iii)	Any
    and all determinations of Government funding will be made solely by APL, and APL’s determination shall be final and binding
    on Licensee, its Affiliates, and its Sublicensees.
	 	 	 	 
	 	 	(iv)	Any
    Licensed Products embodying, or produced through the use of, APL IP, arising from research funded in whole or in part by the Government,
    that are used or sold in the United States must be manufactured substantially in the United States for so long as the License remains
    exclusive, unless Licensee obtains a prior written waiver from the Government, if required, specifically authorizing the manufacture
    of Licensed Products outside of the United States.

 

	 	(c)	Right
    to Refuse. APL shall at all times retain the right to refuse to accept any subcontract or other agreement to perform any work
    under any such subcontract or other agreement between APL and Licensee in APL’s sole discretion. APL has a technical direction
    agent relationship with the Government, which requires that APL refrain from performing any work under any contract or agreement
    that would jeopardize its or its employees’ ability to act for the Government as an impartial or neutral evaluator.

 

	 	(d)	Exclusions.
	 	 	 	 
	 	 	(i)	Except
    for those rights specifically granted by APL to Licensee under this Agreement, APL does not grant to Licensee any other rights, implied,
    or otherwise, regardless of whether any other rights are or may be required to exploit any APL IP.
	 	 	 	 
	 	 	(ii)	Except
    as otherwise specifically provided in this Agreement, APL does not have any obligation to provide to Licensee any additional information,
    know how, inventions, data, results, materials, or other assistance after the Effective Date hereof.
	 	 	 	 
	 	 	(iii)	Notwithstanding
    the License grant, Licensee shall not have the right to use the APL IP to solicit or conduct research or development with or for
    the benefit of Excluded Entities, unless Licensee has obtained the prior written approval of APL.

 

	 	2.3	Sublicensing.
	 	 	 	 
	 	 	(a)	Right
    to Sublicense. Subject to the terms and conditions of this Section 2.3 and otherwise as set forth in the Agreement, Licensee
    may grant Sublicenses to Third Parties without any right to sublicense further; provided, that Licensee has requested and obtained
    the prior written approval of APL for Licensed Analytic Product or Licensed Services, which approval shall not be unreasonably withheld
    (provided, that it shall not be unreasonable to withhold consent if the applicable Third Party is an Excluded Entity). APL
    shall provide a response to a request for a sublicense within 30 business days.

     

 

    	8

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	(b)	Mandatory
    Terms of Sublicenses. Each and every Sublicense granted by Licensee to Sublicensees (as permitted under Section 2.3(a)
    above) for Licensed Analytic Product or Licensed Services must comply with all of the following requirements:
	 	 	 	 
	 	 	(i)	the
    Sublicense shall be made specifically subject to all of the terms and conditions of this Agreement;
	 	 	 	 
	 	 	(ii)	the
    Sublicense shall specifically provide that the Sublicensee is not permitted to further sublicense;
	 	 	 	 
	 	 	(iii)	the
    Sublicense shall specifically include for the benefit of APL the provisions of Section 5 (“Reports and Records”),
    Section 8 (“Indemnification, Assumption of Liability, Limitation of Liability, Disclaimers, and Insurance”), Section
    9 (“Marking and Standards”), Section 10 (“Confidentiality”), and Section 12.3 (“Use
    of Name”) of this Agreement, and APL shall expressly be made a third party beneficiary of all such provisions;
	 	 	 	 
	 	 	(iv)	the
    Sublicense shall provide that upon the expiration or earlier termination of this Agreement (pursuant to Section 11 hereof)
    all of Licensee’s rights in such Sublicense shall, at APL’s sole discretion, be transferred to APL, including the right
    to receive all royalty payments owed by Sublicensee under the terms thereof, without offset for debts or obligations owed by Licensee
    to Sublicensee; and
	 	 	 	 
	 	 	(v)	the
    Sublicense shall not be valid against APL as to terms, conditions, obligations, or limitations that exceed or conflict with the terms
    and conditions of this Agreement as applicable to APL.

 

	 	(c)	Licensee
    shall provide APL with a copy of each Sublicense agreement and any other agreement that transfers intellectual property rights granted
    hereunder to a Third Party, within five (5) business days following the execution of such agreement.
	 	 	 
	 	(d)	Notwithstanding
    the Sublicensee’s payment obligation to Licensee, Licensee shall be directly responsible for all Royalties and payments due
    pursuant to Section 4.

 

	 	2.4	Delivery
    of APL IP. APL shall deliver Licensee requested physical or tangible APL IP, existing on the Effective Date, to Licensee within
    thirty (30) days of the Effective Date.

 

    	9

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	3.	DILIGENCE
	 	 	 
	 	3.1	Diligence.
    Licensee shall use commercially reasonable efforts to develop, manufacture, market, and sell Licensed Products and Licensed Services
    in the Territory.
	 	 	 
	 	3.2	Diligence
    Milestones.

 

	 	(a)	Licensee,
    at its sole expense, shall achieve each event listed below (each, a “Diligence Milestone”) by the corresponding
    achievement date (each, an “Achievement Date”):

 

	Diligence
    Milestone	 	Achievement
    Date
	First
    service contract, memorandum of understanding (MOU), or equivalent	 	June
    30, 2022
	Raise
    $5,000,000 or initial public offering	 	December
    31, 2022
	Company
    reaches $50,000 net sales	 	December
    31, 2022
	Company
    reaches $300,000 net sales	 	December
    31, 2023
	Company
    reaches $1,000,000 net sales	 	December
    31, 2024

 

	 	(b)	Licensee,
    upon written request to and approval from APL, may be granted an extension of one or more of the above Diligence Milestones by six
    (6) months up to two (2) times for a total possible extension of twelve (12) months; provided, that Licensee pays APL five thousand
    dollars ($5,000.00) per extension. If APL agrees to extend a particular Diligence Milestone, all subsequent Diligence Milestones
    will be extended by the same time period.

 

	4.	FEES,
    MILESTONE PAYMENTS, ROYALTIES, AND OTHER CONSIDERATION
	 	 	 
	 	4.1	Annual
    License Fees.

 

Licensee
shall pay APL annual license fees as follows:

 

	Payment
    Date	 	Amount
    Due
	Within
    90 days of Effective Date	 	$10,000
	First
    anniversary of the Effective Date and each year thereafter	 	$1,500

 

	 	4.2	Intentionally
    Omitted.
	 	 	 
	 	4.3	Royalties.

 

	 	(a)	Royalty.
    As further consideration for the License, during the Royalty Term, Licensee shall pay to APL a non-refundable, non-creditable royalty
    (the “Royalty”) equal to:
	 	 	 	 
	 	 	(i)	Eight
    percent (8%) of quarterly Net Sales of Licensed Services or Licensed Analytic Products, on a Licensed Service-by-Licensed Service
    or Licensed Analytic Product-by-Licensed Analytic Product basis, regardless of whether sold by Licensee or a Sublicensee or Affiliate
    of Licensee,

     

 

    	10

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	(ii)	Three
    percent (3%) of quarterly Net Sales of Licensed Pharmaceutical Products, on a Licensed Pharmaceutical Product- by-Licensed Pharmaceutical
    Product basis, regardless of whether sold by Licensee or an Affiliate of Licensee, and
	 	 	 
	 	(iii)	Eight
    percent (8%) of quarterly profit or fees realized on each contract performed by Licensee, its Affiliates, and its Sublicensees using
    any Licensed Service or Licensed Analytic Product, but excluding any amounts otherwise included in Net Sales of Licensed Services
    or License Analytic Product (the “Non-Sales Fees”).

 

Notwithstanding
Licensee’s obligation to pay to APL the Royalties as specified in this Section 4.3(a), Licensee shall pay to APL minimum
annual royalty payments (each, a “Minimum Annual Royalty Payment”) in the amounts and by the dates indicated below:

 

	Payment
    Date	 	Minimum
    Annual Royalty Payment
	December
    31, 2022	 	$30,000
	December
    31, 2023	 	$80,000
	December
    31, 2024	 	$300,000
	December
    31 of each year after 2024 during the Royalty Term	 	$300,000

 

For
the avoidance of doubt, Licensee shall pay a Minimum Annual Royalty Payment for a calendar year even if the Royalties for that calendar
year do not reach the amount of the Minimum Annual Royalty Payment.

 

	 	(b)	Licensee
    shall make quarterly payments to APL of all Royalties due under this Section 4.3 on a quarterly basis as set forth in Section
    4.7. If Licensed Products are made, used, imported, or offered for sale by Licensee, any Affiliate and/or any Sublicensee on
    or before the date of expiration or termination of any Valid Claim or APL Copyright, then Licensee shall pay to APL the full Royalty
    payment required under this Section 4.3 based on Net Sales earned by Licensee, its Affiliate and/or its Sublicensee from the
    sale of such Licensed Products, even if such Licensed Products are sold after the date of expiration or termination of this Agreement.

 

    	11

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	(c)	Royalty
    Reduction.
	 	 	 	 
	 	 	(i)	Notwithstanding
    anything in this Section 4.3, if a Third Party Controls a patent relating to a Licensed Product or Licensed Service, a license
    or other right to which is necessary for the use, manufacture, sale, import, export, performance, or other exploitation of such Licensed
    Product or Licensed Service without infringing that intellectual property, then Licensee shall have the right (but not the obligation)
    to obtain a license to such Third Party intellectual property (the “Third Party IP”). In the event Licensee obtains
    such license, fifty percent (50%) of the royalties that Licensee actually pays to such Third Party for the exploitation of such Licensed
    Product or Licensed Service in a country during a Calendar Quarter may be credited against Royalties otherwise payable by Licensee
    to APL under Section 4.3(a) for such Licensed Product or Licensed Service in such country in such Calendar Quarter.
	 	 	 	 
	 	 	(ii)	The
    maximum aggregate reduction in the Royalty otherwise payable by Licensee to APL under Section 4.3(a) with respect to any Licensed
    Product or Licensed Service in any country during a given Calendar Quarter during the applicable Royalty Term pursuant to Section
    4.3(d) shall be fifty percent (50%).
	 	 	 	 
	 	(d)	Royalty
    Term. Unless prohibited by Applicable Law, Licensee’s obligation to pay Royalties with respect to a Licensed Product or
    Licensed Service in a particular country in the Territory, even if reduced as provided in this Section 4.3, shall commence
    upon the First Commercial Sale of such Licensed Product or Licensed Service in such country and shall expire on a country-by-country
    and Licensed Product-by-Licensed Product and Licensed Service-by-Licensed Service basis on the later of (i) the expiration of the
    last to expire Valid Claim that covers (in whole or in part) a Licensed Product or Licensed Service (if applicable) in such country
    or (ii) the date that is twenty (20) years after First Commercial Sale of such Licensed Product or Licensed Service in such country
    (the “Royalty Term”). Upon expiration of the Royalty Term with respect to a Licensed Product or Licensed Service
    in a country, the License shall become fully paid-up, royalty-free, perpetual, and irrevocable for such Licensed Product or Licensed
    Service in such country. If a Licensed Product or Licensed Service is not covered by a Valid Claim or APL Copyright at any period
    during a Royalty Term, then the Royalty otherwise payable shall be reduced by 50%.

 

	 	4.4	Non-Royalty
    Sublicensing Income.
	 	 	 	 	 
	 	 	(a)	Licensee
    shall pay APL on the following graduated scale for NRSI received from each sublicensee, on a per sublicensee basis, for any NRSI
    that includes an Licensed Analytic Product or Licensed Service:
	 	 	 	 	 
	 	 	 	(i)	Fifty
    percent (50%) of the first five-hundred thousand dollars ($500,000) of NRSI received from each sublicensee;
	 	 	 	 	 
	 	 	 	(ii)	Twenty-Five
    percent (25%) of NRSI over five-hundred thousand dollars ($500,000) received from each sublicensee.
	 	 	 	 	 
	 	 	(b)	Licensee
    shall pay APL three percent (3%) of NRSI received from licensees for NRSI on Licensed Pharmaceutical Products.

 

    	12

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	4.5	Equity.

 

		(a)	Equity
                                            Grant.

 

		(i)	Licensee
                                            confirms that Licensee previously issued to APL a warrant to acquire that number of shares
                                            of common stock of Licensee equal to five percent (5%) of the outstanding shares of stock
                                            of Licensee as of March 31, 2019 (the “2019 Shares”), pursuant to the Stock Purchase
                                            Agreement executed in connection with the previous license effective February 27, 2018 between
                                            APL and Licensee (the “2018 License”). To the extent that the terms of
                                            section 4.5 under this Agreement are inconsistent with the terms of Section 6.2 (b) of the
                                            2018 License, the terms of Section 4.5 under this Agreement shall control.

 

		(ii)	As
                                            further consideration for this License, Licensee shall additionally issue to APL that number
                                            of shares of common stock of Licensee equal to one percent (1%) of the outstanding shares
                                            of stock of Licensee as of the Effective Date (collectively with the 2019 Shares known hereinafter
                                            as the “Shares”), pursuant to the Stock Issuance Agreement attached hereto
                                            as Appendix D.

 

		(b)	Anti-Dilution.
                                            If at any time after the Effective Date and prior to an initial public offering, and before
                                            Licensee receives a total of five million dollars ($5,000,000) cash in exchange for the issuance
                                            of Licensee’s equity securities and/or debt securities that are convertible into or
                                            exercisable or exchangeable for Licensee’s equity securities, Licensee issues any (i)
                                            shares of Licensee’s common stock or (ii) securities that are convertible into or exercisable
                                            for shares of Licensee’s common stock, then Licensee shall issue additional shares
                                            of common stock to APL such that immediately after such issuance to APL the total number
                                            of shares of common stock issued to APL under this Section 4.5 remains and constitutes
                                            one percent (1%) of the outstanding shares of stock of Licensee.

 

		(c)	Information
                                            Rights. If, at any time, prior to an initial public offering, and as long as APL owns
                                            any Shares (including any issued pursuant to Section 4.5(b)), Licensee shall promptly
                                            provide to APL annual and quarterly financial statements, annual operating plan, and quarterly
                                            capitalization table updates. Additionally, Licensee shall provide to APL such other information
                                            respecting the business, affairs, and financial condition of Licensee as APL may reasonably
                                            request from time to time.

 

		(d)	Preemptive
                                            Rights. If, at any time, prior to an initial public offering, if Licensee proposes to
                                            offer and sell any equity securities (other than pursuant to an equity incentive plan) (“New
                                            Securities”), Licensee shall offer APL its pro rata share (on a fully-diluted,
                                            as converted, basis) of such New Securities. Licensee will provide written notice to APL
                                            of the anticipated date of the closing of the sale of such New Securities (the “Notice”),
                                            which date shall be no less than twenty (20) days after the date of the Notice. APL may exercise
                                            its right to purchase all or any of its pro rata portion of the New Securities by providing
                                            written notice to Licensee no less than ten (10) days prior to the proposed closing date
                                            of the sale of such New Securities. Except as otherwise agreed by the Parties, the equity
                                            securities purchased by APL shall be issued under the same terms and subject to the same
                                            conditions as those offered to the other purchasers of the New Securities.

 

    	13

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	(e)	Registration
    Rights. Until such time as APL is permitted to sell all of its shares in the Licensee pursuant to Rule 144 under Securities Act
    of 1933, as amended (the “Securities Act”), if Licensee at any time proposes to register any of its securities
    under the Securities Act for sale to the public, whether for its own account or for the account of other security holders or both
    (except with respect to registration statements on Forms S-4, S-8 or another form not available for registering the registrable securities
    for sale to the public), each such time it will give prompt written notice to APL of its intention to do so. Upon the written request
    of APL, received by Licensee within thirty (30) days after giving of any such notice by Licensee, to register any of the Shares (including
    any issued pursuant to Section 4.5(b)), Licensee will use its commercially reasonable efforts to effect such registration,
    cause it to become effective promptly and maintain it as effective for at least thirty six (36) months (or less if all the shares
    of capital stock included therein are sooner sold). If so requested by APL, Licensee shall enter into an underwriting agreement in
    customary form with any underwriter selected by Licensee with respect to such registration. Notwithstanding any other provision of
    this Section 4.5(e), if the underwriter(s) advise(s) Licensee in writing that marketing factors require a limitation on the
    number of shares to be underwritten, then Licensee shall so advise APL, and the number of Shares that may be included in the underwriting
    shall be allocated among stockholders that have notified Licensee of their intention to include shares in the registration, including
    APL, in proportion (as nearly as practicable) to the number of shares owned by each such stockholder. Notwithstanding anything in
    this Section, Licensee shall have the right to terminate or withdraw any registration initiated by it before the effective date of
    such registration, whether or not APL has elected to include Shares in such registration. All expenses incurred by Licensee and APL
    in connection with any registration hereunder for the Shares (including any issued pursuant to Section 4.5(b)), including
    reasonable fees and disbursements of accountants and counsel for APL, but excluding underwriting discounts and commissions and transfer
    taxes, shall be borne solely by Licensee.
	 	 	 
	 	(f)	Drag-Along
    Rights. If, at any time, prior to an initial public offering, the holders of at least a majority of the then-outstanding capital
    stock of Licensee and the Board of Directors of Licensee approve a sale, in any one transaction or a series of related private transactions
    (irrespective of how structured), of capital stock of Licensee which, in the aggregate, represents more than fifty percent (50%)
    of the outstanding capital stock of Licensee on a fully-diluted basis (a “Sale of the Company”), then Licensee
    has the right to require APL to participate in such Sale of the Company with respect to the Shares (including any issued pursuant
    to Section 4.5(b)), on a pro rata basis for the same consideration per share and otherwise on the same terms as the other
    shareholders who are disposing their shares of the same class. APL shall not be required to comply with the foregoing sentence in
    connection with any proposed Sale of the Company unless:

 

    	14

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	(i)	any
    representations and warranties to be made by APL in connection with such transaction are limited to those related to authority, ownership,
    and ability to convey title to the Shares;
	 	 	 
	 	(ii)	APL
    shall not be liable for the inaccuracy of any representation or warranty made by any other Person other than Licensee (except to
    the extent that funds may be paid out of an escrow established to cover breach of representations, warranties and covenants of Licensee
    as well as breach by any stockholder of any identical representations, warranties, and covenants provided by all stockholders);
	 	 	 
	 	(iii)	liability
    shall be limited to APL’s applicable share of a negotiated aggregate indemnification amount that applies equally to all stockholders
    (not to exceed the amount of consideration payable to the stockholders);
	 	 	 
	 	(iv)	upon
    the consummation of the proposed Sale of the Company each holder of each class or series of capital stock will receive the same amount
    of consideration per share as is received by other holders in respect of their shares of such class or series of capital stock; and
	 	 	 
	 	(v)	subject
    to clause (iv) above, if any holders of any capital stock of Licensee are given an option as to the form and amount of consideration
    to be received as a result of the proposed Sale of the Company, all holders of such class or series of capital stock will be given
    the same option.

 

	 	(g)	Tag-Along
    Rights. If, at any time, prior to an initial public offering, any of the shareholders of Licensee propose to sell in any one
    or more private transactions, capital stock of Licensee which, in the aggregate, represents more than fifty percent (50%) of the
    outstanding capital stock of Licensee on a fully-diluted basis (other than in a reorganization of Licensee employees) and have not
    required APL to sell a pro rata portion of its Shares in such transaction, then APL shall have the right to participate in such sale
    with respect to the Shares (including any issued pursuant to Section 4.5(b)), on a pro rata basis for the same consideration
    per share and otherwise on the same terms as the other shareholders who are disposing their shares of the same class.

 

	 	4.6	Currency.
    All payments hereunder shall be made in U.S. dollars. Royalties in dollars shall be computed by converting the Royalty in the currency
    of the country in which the sales were made at the exchange rate for dollars prevailing at the close of the last business day of
    the relevant calendar quarter for which Royalties are being calculated, as quoted by the United States Federal Reserve Bank.

 

    	15

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	4.7	Payment
                                            Terms.

 

		(a)	All
                                            payments due hereunder are payable by check or wire transfer to the address listed in Section
                                            12.6 or using the wiring instructions provided by APL, as applicable, and shall be deemed
                                            received when the complete payment is credited to APL’s bank account. Until all funds
                                            are received by APL, the payment by Licensee is not considered to be complete. No transfer,
                                            exchange, collection, or other charges, including any wire transfer fees, shall be deducted
                                            from such payments.

 

		(b)	Royalties
                                            shall be paid by Licensee to APL, in amounts set forth in Section 4.3, for each Calendar
                                            Quarter within sixty (60) days of the end of such Calendar Quarter, until the applicable
                                            Royalty Term expires. If this Agreement terminates before the end of a Calendar Quarter and
                                            the obligation to pay Royalties does not survive such termination, the payment for that terminal
                                            fractional portion of a Calendar Quarter shall be made within sixty (60) days after the date
                                            of termination of this Agreement.

 

		(c)	All
                                            payments (including Royalties and Milestone Payments) payable hereunder that are overdue
                                            shall bear interest until paid at a rate equal to one and one half percent (1.5%) per month,
                                            but in no event to exceed the maximum rate of interest permitted by Applicable Law. This
                                            provision for interest shall not be construed as a waiver of any rights APL has as a result
                                            of Licensee’s failure to make timely payment of any amounts.

 

		4.8	Taxes.

 

		(a)	In
                                            the event that any taxes, withholding or otherwise, are levied by any taxing authority of
                                            any Governmental Authority in connection with accrual or payment of any Royalties or other
                                            payments payable to APL under this Agreement, Licensee shall be solely responsible to pay
                                            such taxes to the local tax authorities on behalf of APL, as a nonprofit, tax-exempt organization
                                            as defined in Section 501(c)(3) of the Internal Revenue Code.

 

		(b)	Should
                                            Licensee be required under any Law of any Governmental Authority to withhold or deduct any
                                            portion of the payments on Royalties or other payments due to APL, then the sum payable to
                                            APL shall be increased by the amount necessary to yield to APL an amount equal to the sum
                                            it would have received had no withholdings or deductions been made. No such withholdings
                                            or deductions shall be creditable against any payments Licensee makes or is required to make
                                            to APL. APL shall cooperate reasonably with Licensee in the event Licensee elects to assert,
                                            at its own expense, any exemption from any such tax or deduction.

 

		4.9	Payments
                                            and Reports Due During Pendency of Any Dispute. All payments and obligations accrued
                                            and owing hereunder shall be and remain due and owing notwithstanding any dispute between
                                            the Parties hereto, and any such dispute shall not suspend any obligations of the Parties
                                            under this Agreement. Licensee understands and agrees that all payments made by Licensee
                                            to APL shall be non- refundable even if the APL IP is later determined by a court of competent
                                            jurisdiction to be invalid or not applicable to any particular Licensed Product or Licensed
                                            Service. In addition, during the pendency of any dispute Licensee must continue to submit
                                            all reports required hereunder.

 

    	16

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	5.	REPORTS
                                            AND RECORDS

 

		5.1	Diligence
                                            Reports.

 

		(a)	During
                                            the Term, Licensee shall deliver to APL a written annual diligence report (each, a “Diligence
                                            Report”) within thirty (30) days of the end of each Calendar Year. Each Diligence
                                            Report will cover Licensee’s (and any of its Affiliates’ and Sublicensees’)
                                            activities related to the development and commercialization of all Licensed Products and
                                            Licensed Services and obtaining any Governmental Approvals necessary for commercialization
                                            of Licensed Products and Licensed Services.

 

		(b)	Each
                                            Diligence Report shall be in the same form and substance as the Form of Diligence and Annual
                                            Report set forth in Appendix F, and will include information to demonstrate the progress
                                            made in the development and commercialization of Licensed Products and Licensed Services
                                            during the applicable year, and at a minimum shall include the following to the extent applicable:

 

		(i)	summary
                                            of development and commercialization conducted during such period;

 

		(ii)	key
                                            scientific and technical discoveries;

 

		(iii)	summary
                                            of work in progress;

 

		(iv)	good
                                            faith estimate of resources (dollar value) spent by or on behalf of Licensee, its Affiliates
                                            and its Sublicensees in the reporting period on the development and commercialization of
                                            Licensed Products and Licensed Services; and

 

current
schedule of anticipated events or milestones, including anticipated timeline for achievement of the Diligence Milestones.

 

Royalty
Reports are Confidential Information of Licensee.

 

		5.2	Royalty
                                            Reports.

 

		(a)	No
                                            later than sixty (60) days after the end of each Calendar Quarter, Licensee shall provide
                                            to APL a written report (each, a “Royalty Report”) covering all sales
                                            of Licensed Products and Licensed Services in the Territory by Licensee, its Affiliates,
                                            and Sublicensees, all profits or fees realized on contracts performed by Licensee, its Affiliates,
                                            and Sublicensees using Licensed Products or Licensed Services, as well as all NRSI received
                                            by Licensee, its Affiliates, and Sublicensees.

 

    	17

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		(b)	Each
                                            such Royalty Report shall be in the same form and substance as the Form of Quarterly Sales
                                            and Royalty Report as set forth in Appendix G, and at a minimum shall set forth in
                                            reasonable detail:

 

		(i)	the
                                            total gross sales (including all service, implementation, maintenance and other related fees)
                                            for each Licensed Product and Licensed Service on a country-by-country basis;

 

		(ii)	the
                                            calculation of the amount of Net Sales for each Licensed Product and Licensed Service on
                                            a country-by-country basis;

 

		(iii)	the
                                            Non-Sales Fees on a Licensed Product-by-Licensed Product and Licensed Service-by-Licensed
                                            Service basis;

 

		(iv)	pursuant
                                            to Section 4.3, the calculation of the amount of Royalties due on such Net Sales for
                                            each Licensed Product and Licensed Service on a country-by-country basis, and the Non-Sales
                                            Fees for each Licensed Product and Licensed Service, including any exchange rate used and
                                            any offsets against or decreases in Royalties due pursuant to Section 4; and

 

		(v)	the
                                            NRSI on a Licensed Product-by-Licensed Product and Licensed Service-by-Licensed Service basis.

 

Royalty
Reports are Confidential Information of Licensee.

 

		5.3	Books
                                            and Records. For a period of five (5) years from the date of each report pursuant to
                                            Section 5.2, Licensee shall maintain accurate books and records adequate to verify
                                            the Royalties and Milestone Payments due and payable under this Agreement. Such books and
                                            records shall be maintained at Licensee’s principal place of business and shall be
                                            available for inspection in accordance with Section 5.4.

 

		5.4	Audit.
                                            Licensee shall make available its books and records for audit by an independent certified
                                            public accountant or accounting firm selected by APL and reasonably acceptable to Licensee
                                            (the “Independent Accountant”), on reasonable notice (but not less than
                                            five (5) business days) during regular business hours, not to exceed once per calendar year,
                                            and following the initial public offering, not during the period in which the independent
                                            public accounting firm engaged by Licensee is conducting its annual audit of Licensee’s
                                            financial statements. Licensee’s acceptance of APL’s selection of said Independent
                                            Accountant shall not be unreasonably withheld. Such Independent Accountant shall not disclose
                                            to APL any information other than that information relating solely to the accuracy of, or
                                            necessity for, the reports and payments made hereunder. The fees and expense of the Independent
                                            Accountant performing such verification shall be borne by APL, unless the audit reveals an
                                            underpayment of Royalty by more than five percent (5%), in which case the cost of the audit
                                            shall be paid by Licensee.

 

    	18

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		5.5	Licensee
                                            Self-audit. Prior to an initial public offering Licensee will conduct an independent
                                            audit of sales, Non-Sales Fees, NRSI, and Royalties paid and payable to APL at least once
                                            every two (2) years if the cumulative sum of annual sales of Licensed Products and Licensed
                                            Services, annual Non-Sales Fees, and annual NRSI exceeds Ten Million Dollars ($10,000,000).
                                            The audit will address the amount of gross sales and gross profits for contracts, by or on
                                            behalf of Licensee, its Affiliates, and Sublicensees during the audit period, the amount
                                            of funds owed to APL under this Agreement, and whether the amount owed has been paid to APL,
                                            as reflected in the records of Licensee, its Affiliates, and Sublicensees. Licensee shall
                                            pay all self-audit costs and shall submit the auditor’s report promptly to APL upon
                                            completion. The independent certified public accountant or accounting firm may include the
                                            accounting firm that Licensee engages to audit its financial statements.

 

	6.	COMPLIANCE
                                            WITH LAWS

 

		6.1	Compliance
                                            with Applicable Laws. Licensee shall at all times during the Term and for so long as
                                            it shall exercise its rights to the APL IP under the License comply with all Laws that may
                                            apply with respect to the import, export, manufacture, use and other commercial exploitation
                                            of the APL IP or any other activity undertaken pursuant to this Agreement.

 

		6.2	Government
                                            Rights. Licensee understands that the APL IP may have been developed under a funding
                                            agreement with the Government and, if so, that the Government may have certain rights relative
                                            thereto. This Agreement is explicitly made subject to the Government’s rights under
                                            any funding agreement and any applicable Law. If there is a conflict between a funding agreement
                                            with the Government, applicable Law, and this Agreement, the terms of the funding agreement
                                            with the Government or applicable Law shall prevail. Specifically, this Agreement may be
                                            subject to terms and conditions specified in the Federal Laws, and Licensee agrees to take
                                            all reasonable action necessary on its part to enable APL to satisfy its obligations thereunder,
                                            relating to the APL IP.

 

		6.3	Export
                                            Control Regulations. It is understood that APL and Licensee are subject to United States
                                            Laws controlling the export of technical data, computer software, laboratory prototypes and
                                            other commodities (including the Arms Export Control Act, as amended and the Export Administration
                                            Act of 1979), and that the obligations of APL hereunder are contingent on compliance with
                                            applicable United States export Laws. The transfer of certain technical data and commodities
                                            may require a license from the cognizant agency of the Government and/or written assurances
                                            by Licensee that Licensee shall not export data or commodities to certain foreign countries
                                            without prior approval of such agency. APL neither represents that a license shall or shall
                                            not be required nor that, if required, it shall be issued. Licensee represents and warrants
                                            that it will comply with, and will cause its Sublicensees and Affiliates to comply with all
                                            United States export control Laws, rules, and regulations. Licensee is solely responsible
                                            for any violation of such Laws by itself or its Affiliates or Sublicensees, and it will indemnify,
                                            defend, and hold APL and its Affiliates harmless for the consequences of any such violation.

 

    	19

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		6.4	Committee
                                            on Foreign Investment in the United States. The regulations of the Government require
                                            submission of a declaration or notice to the Committee on Foreign Investment in the United
                                            States forty-five (45) days before consummation of certain transactions with a foreign person.
                                            In order to facilitate the exchange of technical information under this Agreement, Licensee
                                            shall not, without appropriate prior notice to the Committee on Foreign Investment in the
                                            United States and simultaneous prior written notice to APL, pursue or complete any covered
                                            transaction as defined under 31 CFR 800.207 or 31 CFR 801.210. Failure by Licensee to provide
                                            such prior written notice to APL or appropriate prior notice to the Committee on Foreign
                                            Investment in the United States shall constitute a material breach of this Agreement. APL,
                                            at its sole discretion, may allow Licensee to cure such material breach in accordance with
                                            Section 11.2(b). APL neither represents that notice to the Committee on Foreign Investment
                                            in the United States of any particular transaction is required, nor that, if required, any
                                            such transaction will be permitted to proceed by the Government.

 

	7.	INTELLECTUAL
                                            PROPERTY

 

		7.1	Improvements.

 

		(a)	Licensee
                                            hereby grants to APL a non-exclusive, fully paid up, perpetual, irrevocable, and worldwide
                                            license under Licensee-owned Improvements for internal research and development use for its
                                            non-profit purposes, including educational, clinical, public service, and government purposes.

 

		(b)	APL
                                            hereby grants to Licensee a non-exclusive, fully paid up, perpetual, irrevocable, and worldwide
                                            license, within the Field of Use and Territory, for any APL-owned Improvements created by
                                            one or more APL employees where said Improvements were fully funded by License under a separate
                                            research and development agreement, wherein this section 7.1(b) is subject to the terms and
                                            conditions of said separate research and development agreement.

 

		(c)	APL
                                            grants to Licensee an exclusive option to negotiate a license, within the Field of Use and
                                            Territory and subject to any contractual or statutory restrictions, for any APL-owned Improvements
                                            created by one or more APL employees and not funded by Licensee. Licensee may exercise said
                                            option within ninety (90) days of Licensee’s notice of said Improvement by informing
                                            APL in writing. Upon exercise of said option, and for a reasonable period not to exceed sixty
                                            (60) calendar days, APL and Licensee agree to negotiate in good faith to establish the terms
                                            of a new license agreement or an amendment to this License.

 

		(d)	Upon
                                            request by APL or Licensee, the other party shall provide a report of available Improvements
                                            within the field of use to the requesting party within sixty (60) days. Upon request, Improvements
                                            subject to Section 7.1(a) or Section 7.1(b), shall be provided within ninety
                                            (90) days, subject to the terms of this agreement.

 

    	20

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		7.2	Patent
                                            Costs. The Parties shall each pay for X percent (X%) of the costs of patent preparation,
                                            filing, prosecution, maintenance, and management, including all interferences, reissues,
                                            re-examinations, oppositions, or requests for patent term extensions, including reasonable
                                            attorneys’ fees (collectively, “Patent Costs”), for each APL Patent
                                            Right. Licensee shall reimburse APL for X percent (X%) of all past Patent Costs for each
                                            APL Patent Right within thirty (30) days of receipt of an invoice from APL, which will indicate
                                            the total number of licensees for each APL Patent Right. For each APL Patent Right, Licensee
                                            agrees to pay to APL X percent (X%) of all future Patent Costs incurred after the Effective
                                            Date and throughout the Term hereof. For these purposes, X is 1 divided by the total number
                                            of licensees (including APL) of the APL Patent Rights times 100. For example, if there are
                                            4 licensees, each licensee is responsible for 1⁄4 or 25% of the Patent Costs. Licensee
                                            may terminate its obligation with respect to future Patent Costs for a particular APL Patent
                                            Right in any particular country upon three (3) months advance written notice to APL. Upon
                                            APL’s receipt of such notice, Licensee’s rights under any license to such APL
                                            Patent Rights shall terminate immediately. APL may elect to maintain such APL Patent Rights
                                            at its sole discretion and expense and shall be free to license any such rights to Third
                                            Parties without further obligation to Licensee with respect to such terminated APL Patent
                                            Rights.

 

		7.3	Patent
                                            Prosecution and Maintenance. APL or its designee shall have sole control over the filing,
                                            prosecution, maintenance, and management of all issued patents and pending and future patent
                                            applications encompassing the APL Patent Rights. During the Term of this Agreement, APL shall
                                            keep Licensee reasonably informed, at Licensee’s expense, of substantive official actions
                                            and written correspondence with any patent office regarding APL Patent Rights. APL will provide
                                            Licensee with draft copies of any nonprovisional patent applications claiming inventions(s)
                                            included in the materials listed in Appendices A, B, or C, at least
                                            seven (7) days in advance of filing. Licensee shall provide any feedback to APL within five
                                            (5) days. If no feedback is received, or if filing deadlines require, APL will proceed with
                                            the filing in order to meet such deadlines. APL will be under no obligation to incorporate
                                            feedback provided by Licensee into the patent applications prior to filing.

 

		7.4	Third
                                            Party Infringement and Invalidity.

 

		(a)	Notification.
                                            Each Party will notify the other promptly in writing when any actual, alleged or threatened
                                            infringement of APL IP by another is discovered or reasonably suspected.

 

		(b)	Licensee’s
                                            First Right to Enforce. Licensee shall have the first right, at its own expense, to enforce
                                            the APL IP licensed under Section 2.1 against any infringement or alleged infringement
                                            thereof in the Field of Use. Licensee shall not initiate an infringement action without the
                                            prior written consent of APL, which consent shall not be unreasonably withheld or delayed,
                                            and without a good faith belief in the validity of the asserted claims of infringement after
                                            reasonable investigation. Licensee shall consult with and keep APL informed of the status
                                            of any action. Licensee may, at its own expense, control and defend such action in a manner
                                            consistent with the terms of the Agreement.

 

		(c)	No
                                            Final Disposition Without APL Consent. No settlement, consent judgment or other voluntary
                                            final disposition of an infringement suit may be concluded without the prior written consent
                                            of APL, which consent shall not be unreasonably withheld or delayed. APL shall reasonably
                                            cooperate in any such litigation at Licensee’s sole expense.

 

    	21

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		(d)	APL’s
                                            Secondary Right to Enforce. Licensee understands and agrees that APL has no obligation
                                            to bring suit against Third Parties for infringement of APL IP. However, if Licensee does
                                            not initiate an infringement action with respect to the APL IP licensed under Section
                                            2.1 within ninety (90) days after notification of the alleged infringement, then APL
                                            may, at its sole option and expense, take whatever steps APL deems necessary (consistent
                                            with the terms hereof) to enforce any APL IP, to control, settle, and defend any patent infringement
                                            suit APL may bring in any court of competent jurisdiction, and to recover for APL’s
                                            own account any resulting damages, awards, or settlements. Upon initiation of any action
                                            to enforce the APL IP by APL, Licensee shall thereafter have no right to enter into a sublicense
                                            or otherwise reach an agreement with the alleged infringer that would have the effect of
                                            settling, terminating, or foreclosing APL’s action.

 

		(e)	Patent
                                            Invalidity Suit. Licensee shall defend at Licensee’s expense any declaratory judgment
                                            or other action brought by a Third Party naming Licensee or APL, or their respective Affiliates,
                                            as a defendant and alleging invalidity of any APL IP licensed under Section 2.1; provided,
                                            however, Licensee shall not defend such action to the extent that such action resulted
                                            from the gross negligence or willful misconduct of such APL Indemnitee or material breach
                                            of this Agreement by APL; and , and provided further that APL notifies Licensee promptly
                                            of any such lawsuit, claim, demand or other action. APL in its discretion may elect to solely
                                            defend any such action at its own expense, in which case Licensee shall cooperate fully with
                                            APL in connection therewith.

 

		(f)	Recovery.
                                            Licensee shall pay to APL a share of forty percent (40%) of any infringement recovery by
                                            Licensee in connection with each suit or settlement, less reasonable attorneys’ fees
                                            and out-of-pocket expenses paid to Third Parties, which shall be equally apportioned between
                                            Licensee and APL.

 

	8.	INDEMNIFICATION,
                                            ASSUMPTION OF LIABILITY, LIMITATION OF LIABILITY, DISCLAIMERS, AND INSURANCE

 

		8.1	Indemnification.
                                            Licensee will defend, with counsel reasonably acceptable to APL, indemnify, and hold
                                            harmless APL and its Affiliates, and its and their trustees, officers, faculty, employees,
                                            and students (the “APL Indemnitees”) against any and all losses, expenses,
                                            claims, actions, lawsuits, and judgments thereon (including attorney’s fees through
                                            the appellate levels) (collectively “Liabilities”) which may be brought
                                            against APL Indemnitees by Third Parties as a result of or arising out of: (a) any negligent
                                            act or omission of Licensee, its Sublicensees or Affiliates, or its or their agents or employees;
                                            (b) any breach of this Agreement; or (c) the manufacture, use, production, sale, offer for
                                            sale, lease, importation, consumption, or advertisement by Licensee, its Sublicensees or
                                            Affiliates, or its or their agents or employees of any Licensed Products, Licensed Services,
                                            or APL IP licensed under Section 2.1; provided, however, Licensee shall not
                                            defend, indemnify, or hold harmless any APL Indemnitee from any Liabilities to the extent
                                            that such Liabilities are finally determined to have resulted from the gross negligence or
                                            willful misconduct of such APL Indemnitee. APL and Licensee shall promptly notify the other
                                            Party of any lawsuit, claim, demand, or other action related to the APL IP. Licensee’s
                                            obligation to indemnify APL Indemnitees shall survive the expiration or termination of this
                                            Agreement, and shall continue after any assignment of this Agreement by Licensee under Section
                                            12.2.

 

    	22

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		8.2	Assumption
                                            of Liability. Licensee hereby assumes full liability for any and all lawsuits, claims,
                                            demands, judgments, costs, fees (including attorney’s fees), expenses, injuries, or
                                            losses arising from or relating to the Licensed Products, Licensed Services, or any APL IP
                                            licensed under Section 2.1 provided, however, Licensee shall not be responsible
                                            for any Liabilities to the extent that such Liabilities are finally determined to have resulted
                                            from the gross negligence or willful misconduct of APL.

 

		8.3	Limitation
                                            of Liability.

 

		(a)	APL
                                            and its Affiliates shall have no liability to Licensee for any loss or damages Licensee may
                                            incur as a result of the invalidity of any of the APL Patent Rights.

 

		(b)	APL
                                            and its Affiliates shall have no responsibility with respect to Licensee’s own trademarks
                                            and trade name, and Licensee in respect to the use thereof will defend, indemnify, and hold
                                            harmless APL and its Affiliates against any and all Third Party claims.

 

		(c)	NOTWITHSTANDING
                                            ANYTHING TO THE CONTRARY IN THIS AGREEMENT, NEITHER PARTY NOR ITS AFFILIATES SHALL BE LIABLE
                                            FOR ANY SPECIAL, LOST PROFIT, EXPECTATION, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY,
                                            OR OTHER INDIRECT DAMAGES IN CONNECTION WITH ANY CLAIM ARISING OUT OF OR RELATED TO THIS
                                            AGREEMENT, WHETHER GROUNDED IN TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, CONTRACT, OR
                                            OTHERWISE. EXCEPT WITH RESPECT TO EITHER PARTY’S CONFIDENTIALITY OBLIGATIONS, APL’S
                                            TOTAL LIABILITY FOR ANY AND ALL CLAIMS OR ACTIONS ARISING FROM OR RELATED TO THIS AGREEMENT
                                            WILL IN NO EVENT EXCEED THE TOTAL AMOUNT PAID BY LICENSEE TO APL.

 

		8.4	DISCLAIMER
                                            OF WARRANTIES. APL AND ITS AFFILIATES MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AND HEREBY
                                            DISCLAIM ALL SUCH WARRANTIES, AS TO ANY MATTER WHATSOEVER, INCLUDING THE CONDITION OF ANY
                                            APL IP, LICENSED PRODUCT OR LICENSED SERVICE, WHETHER TANGIBLE OR INTANGIBLE, LICENSED UNDER
                                            THIS AGREEMENT; OR OF MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE, OF SUCH APL IP,
                                            LICENSED PRODUCT OR LICENSED SERVICE. APL PROVIDES LICENSEE THE RIGHTS GRANTED UNDER THIS
                                            AGREEMENT AS IS AND WITH ALL FAULTS, AND MAKES NO WARRANTY OR REPRESENTATION (A) REGARDING
                                            THE VALIDITY OR SCOPE OF THE APL IP; (B) THAT EXPLOITATION OF THE APL IP WILL NOT INFRINGE
                                            ANY PATENTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF A THIRD PARTY; OR (C) THAT ANY THIRD
                                            PARTY IS NOT CURRENTLY INFRINGING OR WILL NOT INFRINGE THE PATENT RIGHTS.

 

    	23

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		8.5	Insurance.

 

		(a)	Prior
                                            to First Commercial Sale of any Licensed Product or Licensed Service, Licensee shall obtain
                                            and maintain comprehensive general liability insurance, including insurance for product liability,
                                            professional liability, worker’s compensation, and umbrella coverage with a reputable
                                            and financially secure insurance carrier, to cover any liability arising from or relating
                                            to the Licensed Products or Licensed Services. Such insurance policy shall also name the
                                            APL Indemnitees as additional insureds. Licensee shall furnish a Certificate of Insurance
                                            or other evidence of compliance with this insurance requirement upon APL’s request.
                                            All insurance obtained by Licensee shall be primary coverage; any other insurance that may
                                            be obtained by APL or APL Indemnitees will be excess and noncontributory.

 

		(b)	Licensee
                                            shall not cancel such insurance without thirty (30) days prior notice to APL. Unless replaced
                                            by comparable insurance, such cancellation shall be cause for termination of this Agreement.

 

	9.	MARKING
                                            AND STANDARDS

 

		9.1	Licensee
                                            agrees to mark and have its Sublicensees mark any and all Licensed Products (or their containers
                                            or labels) that are made, sold, or otherwise disposed of by Licensee or Sublicensees under
                                            the License, in accordance with any applicable marking statute; provided, that Licensee does
                                            not need to mark Licensed Products (or their containers or labels) if such Licensed Products
                                            are used solely for Licensee’s own internal research purposes and/or used for validation
                                            studies on Licensee’s behalf.

 

		9.2	Licensee
                                            shall act in good faith to maintain satisfactory standards in respect to the nature of the
                                            Licensed Product or Licensed Service manufactured and/or sold by Licensee. Licensee shall
                                            act in good faith to ensure that all Licensed Products or Licensed Services manufactured
                                            and/or sold by it shall be of a quality that is appropriate to products or processes of the
                                            type here involved. Licensee agrees that similar provisions shall be included in all Sublicenses.

 

    	24

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	10.	CONFIDENTIALITY

 

		10.1	Confidential
                                            Information. From time to time during the Term, a Party (the “Disclosing Party”)
                                            may disclose or make available to the other Party (the “Receiving Party”)
                                            information about its business affairs, confidential intellectual property, trade secrets,
                                            Know-How, copyrights, trademarks, designs, data, algorithms, code, patent applications and
                                            oral communications relating to the Disclosing Party’s IP, Third Party confidential
                                            information, and other sensitive or proprietary information, with such information indicated
                                            and/or marked by the Disclosing Party to be “Confidential” or “Proprietary”
                                            (collectively, “Confidential Information”). Confidential Information shall
                                            not include information that, at the time of disclosure and as established by documentary
                                            evidence:

 

		(a)	is
                                            or becomes generally available to and known by the public other than as a result of, directly
                                            or indirectly, any breach of this Section 10 by the Receiving Party or any of its
                                            employees, agents or representatives;

 

		(b)	is
                                            or becomes available to the Receiving Party on a non-confidential basis from a Third Party
                                            source, provided, that such Third Party is not and was not prohibited from disclosing such
                                            Confidential Information;

 

		(c)	was
                                            known by or in the possession of the Receiving Party or its employees, agents or representatives
                                            prior to being disclosed by or on behalf of the Disclosing Party; or

 

		(d)	was
                                            or is independently developed by the Receiving Party without reference to or use of, in whole
                                            or in part, any of the Disclosing Party’s Confidential Information.

 

		10.2	Receiving
                                            Party Obligations. The Receiving Party shall:

 

		(a)	protect
                                            and safeguard the confidentiality of the Disclosing Party’s Confidential Information
                                            with at least the same degree of care as the Receiving Party would protect its own Confidential
                                            Information, but in no event with less than a commercially reasonable degree of care;

 

		(b)	not
                                            use the Disclosing Party’s Confidential Information, or permit it to be accessed or
                                            used, for any purpose other than to exercise its rights or perform its obligations under
                                            this Agreement;

 

		(c)	not
                                            disclose any such Confidential Information to any Person, except to the Receiving Party’s
                                            its Affiliates’ employees, agents or representatives who need to know the Confidential
                                            Information to assist the Receiving Party (or its Affiliates), or act on its behalf, to exercise
                                            its rights or perform its obligations under this Agreement and who are bound by written obligations
                                            of confidentiality and restrictions on use that cover such Confidential Information and are
                                            at least as stringent as those set forth in this Agreement; and

 

		(d)	immediately
                                            notify the Disclosing Party upon discovery of an unauthorized disclosure or use of such Confidential
                                            Information, cooperate with the Disclosing Party to retrieve such Confidential Information,
                                            and take reasonable steps to prevent any further unauthorized disclosure or use of such Confidential
                                            Information.

 

    	25

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		10.3	Court
                                            or Government Order. Notwithstanding anything in this Agreement to the contrary, the
                                            Receiving Party may make disclosures of Confidential Information of the Disclosing Party
                                            to the extent required to be disclosed pursuant to applicable federal, state or local Law
                                            or a valid order issued by a court or governmental agency of competent jurisdiction; provided,
                                            that (a) the Receiving Party gives the Disclosing Party prompt written notice of such requirement
                                            prior to disclosure, (b) the Receiving Party reasonably cooperates with the Disclosing Party’s
                                            efforts to limit the scope of the information to be provided or to obtain an order protecting
                                            the information from public disclosure, and (c) the Receiving Party discloses only that portion
                                            of the Confidential Information that is legally required to be disclosed.

 

		10.4	Return
                                            Of Confidential Information. Upon expiration or termination of this Agreement, the Receiving
                                            Party and its employees, agents and representatives shall promptly return to the Disclosing
                                            Party all copies, whether in written, electronic or other form or media, of the Disclosing
                                            Party’s Confidential Information, or destroy all such copies and, at the Disclosing
                                            Party’s written request, certify in writing to the Disclosing Party that such Confidential
                                            Information has been destroyed.

 

		10.5	APL
                                            Right to Publish. APL may publish manuscripts, abstracts or the like describing any APL
                                            IP, provided that such publications do not contain any of Licensee’s Confidential Information,
                                            unless APL obtains the prior written approval of Licensee to include Licensee’s Confidential
                                            Information in any such publications. APL shall provide thirty (30) days written notice to
                                            Licensee for Licensee’s review and comments of each proposed publication that contains
                                            Licensee’s Confidential Information.

 

		10.6	Remedies.
                                            The Receiving Party shall be responsible for any breach of this Section 10 caused
                                            by any of its employees, agents, or representatives. The Disclosing Party may seek equitable
                                            relief (including injunctive relief) against the Receiving Party to prevent the breach or
                                            threatened breach of this Section 10 and to secure its enforcement, in addition to all other
                                            remedies available at Law.

 

		10.7	Survival.
                                            The provisions of this Section 10 shall survive the expiration or termination of this
                                            Agreement for ten (10) years, except that the provisions of this Section 10 shall
                                            be perpetual with respect to trade secrets.

 

	11.	TERM;
                                            TERMINATION

 

		11.1	Term.
                                            This Agreement shall commence as of the Effective Date and remain in force until the expiration
                                            of all applicable Royalty Terms unless terminated earlier as provided herein (the “Term”).

 

		11.2	Termination.

 

		(a)	For
                                            Convenience. Licensee shall have the right to terminate this Agreement upon sixty (60)
                                            days prior written notice to APL; provided, that Licensee ceases (i) using the License, (ii)
                                            developing, making, using, selling or otherwise exploiting Licensed Products or Licensed
                                            Services, and (iii) certifies that it has returned or destroyed all proprietary and confidential
                                            Know-How in its (and its Affiliates’ and Sublicensees’) possession.

 

    	26

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		(b)	For
                                            Material Breach. APL and Licensee shall each have the right to terminate this Agreement
                                            if the other Party commits a material breach of an obligation under this Agreement and fails
                                            to cure any such breach within sixty (60) days of receipt of written notice from the non-breaching
                                            Party. If the material breach is not curable, or if not cured within such period, the non-
                                            breaching Party may terminate this Agreement effective immediately. A material breach shall
                                            include but not be limited to the following: (i) failure to deliver to APL any payment at
                                            the time such payment is due under this Agreement, (ii) failure to meet or achieve a Diligence
                                            Milestone by the applicable Achievement Date (and any permitted extension), (iii) failure
                                            to possess and maintain required insurance coverage, and (iv) delivery of a false report
                                            to APL. Such termination shall be effective upon further written notice to the breaching
                                            Party after failure by the breaching Party to cure. If Licensee commits a material breach
                                            of an obligation under this Agreement and fails to cure any such breach within sixty (60)
                                            days of receipt of written notice from APL, APL, instead of terminating this Agreement, may,
                                            in its sole discretion, elect to convert the License into a non-exclusive license.

 

		(c)	For
                                            Insolvency. The License and rights granted in this Agreement have been granted on the
                                            basis of the special capability of Licensee to perform research and development work leading
                                            to the manufacture and commercialization of the Licensed Product(s) or Licensed Service(s).
                                            Accordingly, Licensee covenants and agrees that in the event any proceedings under Title
                                            11, United States Code or any amendment thereto, be commenced by or against Licensee, and,
                                            if against Licensee, said proceedings shall not be dismissed with prejudice before either
                                            an adjudication in bankruptcy or the confirmation of a composition, arrangement, or plan
                                            of reorganization, or in the event Licensee shall be adjudged insolvent or make an assignment
                                            for the benefit of its creditors, or if a writ of attachment or execution be levied upon
                                            the License hereby created and not be released or satisfied within ten (10)
days thereafter, or if a receiver be appointed in any proceeding or action to which Licensee is a party with authority to exercise any
of the rights or privileges granted hereunder and such receiver be so discharged within a period of forty-five (45) days after his appointment,
any such event shall be deemed to constitute a breach of this Agreement by Licensee and, APL, at the election of APL, but not otherwise,
ipso facto, and without notice or other action by APL, may terminate this Agreement and all rights of Licensee hereunder and all rights
of any and all persons claiming under Licensee.

 

		(d)	For
                                            Patent Challenge. APL may terminate this Agreement immediately if Licensee or any of
                                            its Sublicensees or Affiliates directly or indirectly initiate or prosecute any lawsuit or
                                            any other civil or administrative proceeding making any claim or counterclaim, of any kind
                                            in any court, tribunal, agency, or governmental entity anywhere in the world, challenging
                                            the validity or enforceability of the APL Patent Rights. Licensee or any of its Sublicensees
                                            or Affiliates shall provide advance written notice to APL before Licensee or any of its Sublicensees
                                            or Affiliates initiates such challenge, and shall pay royalties to APL at the rate of two
                                            (2) times the rates provided for in Section 4.3(a) during the pendency of the challenge.
                                            Should the outcome of such challenge determine that any claim of APL Patent Rights is both
                                            valid and infringed, Licensee or any of its Sublicensees or Affiliates shall thereafter pay
                                            royalties to APL at the rate of three (3) times the rates provided for in Section 4.3(a).
                                            Licensee or any of its Sublicensees or Affiliates shall pay APL directly all royalties due
                                            under this Section 11.2(d) instead of paying such royalties into an escrow or other
                                            similar account. In the event that the challenge brought by Licensee or any of its Sublicensees
                                            or Affiliates is successful, Licensee or any of its Sublicensees or Affiliates will not have
                                            the right to recover or recoup any royalties paid before or during the pendency of the challenge.
                                            Whether the challenge brought by the Licensee or any of its Sublicensees or Affiliates is
                                            successful or unsuccessful, Licensee or any of its Sublicensees or Affiliates shall be required
                                            to pay for all reasonable costs and attorney fees incurred by APL as a result of the challenge.

 

    	27

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		11.3	Effects
                                            of Termination.

 

		(a)	Upon
                                            termination of this Agreement for any reason, Licensee shall remain responsible to pay to
                                            APL any amounts accrued and due to APL under this Agreement as of the effective date of such
                                            termination. Any termination of this Agreement shall be without prejudice to APL’s
                                            right to recover all amounts accruing to APL prior to the effective date of termination.
                                            Except as otherwise provided, should this Agreement be terminated for any reason, Licensee
                                            shall have no rights, express or implied, under any intellectual property rights which are
                                            the subject matter of this Agreement, nor have the right to recover any Royalties, fees,
                                            payments, or costs paid to APL hereunder.

 

		(b)	Upon
                                            termination, except under Section 11.2(a), Licensee shall have the right to dispose
                                            of Licensed Products then in its possession and to complete existing contracts for such Licensed
                                            Products, so long as contracts are completed within six (6) months from the date of termination,
                                            and subject to the payment of Royalties to APL as provided in Section 4 hereof. Licensee
                                            agrees to destroy progeny and derivatives thereof remaining in Licensee’s possession
                                            after six (6) months from the date of termination. Failure to terminate on any basis shall
                                            not prejudice or impact APL’s rights and ability to subsequently terminate for the
                                            same or a related basis.

 

		(c)	Termination
                                            of this Agreement shall not preclude either Party from pursuing all rights and remedies it
                                            may have hereunder or at Law or in equity with respect to any breach of this Agreement nor
                                            prejudice either Party’s right to obtain performance of any obligation. Licensee agrees
                                            that breach of terms of this Agreement would immediately and irreparably damage APL in a
                                            way not capable of being fully compensated by monetary damages and accordingly, APL is entitled
                                            to seek injunctive relief in addition to such other relief to which it may be entitled at
                                            Law or in equity.

 

		11.4	Survival.
                                            All representations, warranties, covenants, and agreements made herein and which by their
                                            express terms or by implication are to be performed or continue to apply after the execution
                                            and/or termination hereof, or are prospective in nature, shall survive such execution and/or
                                            termination, as the case may be. In addition and for avoidance of doubt, the following sections
                                            shall survive any termination or expiration: Sections 1 (Definitions), 4.3(b) (Royalty Upon
                                            Termination or Expiration), 4.5 (Equity), 4.7 (Payment Terms), 5.3 (Books and Records), 8
                                            (Indemnification, Assumption of Liability, Limitation of Liability, Disclaimers, and Insurance),
                                            10 (Confidentiality), 11 (Term; Termination), and 12 (Miscellaneous Provisions). In addition,
                                            if Licensee is required to continue to pay Royalties on Net Sales after termination or expiration,
                                            then all of the terms and conditions of this Agreement shall remain in full force and effect
                                            other than Sections 2 (License Grant), 3 (Diligence), 4.1 (Annual License Fees), 4.2 (Milestone
                                            Payments), 5.1 (Diligence Reports), and 7 (Intellectual Property).

 

    	28

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	12.	MISCELLANEOUS
                                            PROVISIONS

 

		12.1	Restrictive
                                            Covenant. Certain employees of APL possess knowledge, expertise, or skills that are related
                                            to the APL IP that is licensed hereunder to Licensee (“Key Employees”). During
                                            the Term and for a period of two (2) years thereafter, neither Licensee nor any of its Affiliates
                                            or its or their representatives, will solicit, recruit, or hire any Key Employee of APL to
                                            work for another party other than APL, or engage in any activity that would cause any Key
                                            Employee of APL to violate any agreement with APL.

 

		12.2	Assignment.

 

		(a)	Licensee
                                            may assign or delegate its rights or obligations under this Agreement only under the following
                                            circumstances:

 

		(i)	by
                                            providing APL with written notice of the proposed assignment, including the proposed assignee’s
                                            contact information, at least thirty (30)
days prior to the date of assignment, and obtaining APL’s express written consent to the proposed assignment, which consent shall
not be unreasonably withheld; or

 

		(ii)	as
                                            part of a sale or change of control, regardless of whether such a sale or change of control
                                            occurs by operation of Law or through an asset sale, stock sale, merger or other combination,
                                            or any other transfer of Licensee’s entire business.

 

		(b)	Prior
                                            to any assignment (including an assignment by operation of Law), (i) the proposed assignee
                                            must agree in writing to APL to be bound by this Agreement, and (ii) Licensee must pay APL
                                            an assignment fee in the amount of twenty thousand dollars ($20,000) due within thirty (30)
                                            days of assignment agreement execution.

 

		(c)	Any
                                            attempt by Licensee to assign this Agreement that fails to comply with Section 12.2(a)
                                            and 12.2(b) is null and void.

 

		(d)	This
                                            Agreement shall extend to and be binding upon the successors and legal representatives and
                                            permitted assigns of APL and Licensee.

 

    	29

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		12.3	Use
                                            of Name.

 

		(a)	Except
                                            as specifically provided in this Section 12.3, nothing contained in this Agreement
                                            confers any right to either party hereto to use in advertising, publicity, or other promotional
                                            activities any name, trade name, trademark, or other designation of the other party hereto
                                            (including any contraction, abbreviation, or simulation of any of the foregoing).

 

		(b)	The
                                            name of The Johns Hopkins University Applied Physics Laboratory LLC, The Johns Hopkins University
                                            or any of its constituent parts, or any contraction thereof (collectively, the “JHU
                                            Names”), shall not be used for any purpose in any advertising, promotional literature,
                                            Web sites, electronic media applications, sales literature, fundraising documents, press
                                            releases, or other print or electronic communications, without prior written consent from
                                            an authorized representative of APL, or the respective institution, as applicable. Any request
                                            to make use of any names under the JHU Names shall be made at least fifteen (15) business
                                            days’ in advance of any proposed use and shall be made by written request.

 

		(c)	APL
                                            may disclose to all APL inventors or creators of APL IP licensed under Section 2.1
                                            the terms and conditions of this Agreement upon their request.

 

		(d)	APL
                                            may acknowledge to Third Parties the existence of this Agreement and the extent of the Licenses
                                            granted to Licensee under Section 2.1, but APL shall not disclose the financial terms
                                            of this Agreement to Third Parties, except where APL is required by law to do so. Licensee
                                            hereby grants APL permission to include Licensee’s name and a link to Licensee’s
                                            website in APL’s annual reports and on APL’s website to showcase technology transfer-related
                                            stories.

 

		(e)	Licensee
                                            may acknowledge to Third Parties the existence of this Agreement and the extent of the Licenses
                                            granted to Licensee under Section 2.1, but Licensee shall not disclose the financial
                                            terms of this Agreement to Third Parties, except where APL is required by law to do so or
                                            to potential investors that have executed confidentiality agreements with terms at least
                                            as stringent as those in Section 10.

 

		(f)	APL
                                            shall have the right to list Licensee and display the logotype or symbol of Licensee on APL’s
                                            website and on APL publications.

 

		12.4	Independent
                                            Parties. Nothing in this Agreement shall be construed to create any agency, employment,
                                            partnership, joint venture, or similar relationship between the Parties other than that of
                                            a licensor/licensee. Neither Party shall have any right or authority whatsoever to incur
                                            any liability or obligation (express or implied) or otherwise act in any manner in the name
                                            or on the behalf of the other, or to make any promise, warranty, or representation binding
                                            on the other.

 

		12.5	Notice
                                            of Claim. Each Party shall give the other Party or its representative immediate notice
                                            of any suit or action filed, or prompt notice of any claim made, against them arising out
                                            of the performance of this Agreement.

 

    	30

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		12.6	Notices.
                                            Any notice, request, approval, or consent required or permitted to be given under this
                                            Agreement shall be in writing and directed to a Party at its address or e- mail address shown
                                            below or such other address or e-mail address as such Party shall have last given by notice
                                            to the other Party. A notice will be deemed received: if delivered personally, on the date
                                            of delivery; if mailed, five (5) days after deposit in the United States mail; if sent via
                                            overnight courier, one (1) business day after deposit with the courier service; or if sent
                                            via e-mail, upon confirmation of receipt by the intended recipient.

 

	For
    APL:	 	with
    a copy (which shall not constitute notice) to:

 

The
Johns Hopkins University

Applied
Physics Laboratory LLC

Attn:
Office of Technology Transfer

11100
Johns Hopkins Road

Laurel,
MD 20723-6099

E-mail:

 

Royalty
and other payments to APL shall be

addressed
as follows:

 

The
Johns Hopkins University

Applied
Physics Laboratory

Attention:
Accounting & Finance Group

Development
Fund Accountant

MS:
MP1-S186

11100
Johns Hopkins Road

Laurel,
MD 20723-6099

 

	For
    Licensee:	 	with
    a copy (which shall not constitute notice) to:

 

Bullfrog
AI, Inc.

P.O.
Box 336

Boyds,
Maryland 20841

E-Mail:
vin@bullfrogai.com

 

		12.7	No
                                            Waivers; Severability. No waiver of any breach of this Agreement shall constitute a waiver
                                            of any other breach of the same or other provision of this Agreement, and no waiver shall
                                            be effective unless made in writing and signed by the Party waiving. Any provision hereof
                                            prohibited by or unenforceable under any applicable Law of any jurisdiction shall as to such
                                            jurisdiction be deemed ineffective and deleted without affecting any other provision of this
                                            Agreement, which shall be interpreted so as to most fully achieve the intentions of the Parties.

 

		12.8	Entire
                                            Agreement. Except for the 2018 License, this Agreement supersedes all previous agreements
                                            and understandings relating to the subject matter hereof, whether oral or in a writing, and
                                            constitutes the entire agreement of the Parties hereto and shall not be amended or altered
                                            in any respect except in a writing executed by the Parties. In the event of conflicting terms
                                            between this License and the 2018 License, the terms of this License will control.

 

    	31

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		12.9	No
                                            Agency. Licensee agrees that no representation or statement by any APL employee shall
                                            be deemed to be a statement or representation by APL, and that Licensee was not induced to
                                            enter this Agreement based upon any statement or representation of APL, or any employee of
                                            APL. APL is not responsible for any publications, experiments, or results reported by any
                                            APL employee prior to, or after, the Effective Date.

 

		12.10	Binding
                                            Agreement. Exchange of this Agreement in draft or final form between the Parties shall
                                            not be considered a binding offer, and this Agreement shall not be deemed final or binding
                                            on either Party until the final Agreement has been signed by both Parties.

 

		12.11	Delays
                                            or Omissions. Except as expressly provided herein, no delay or omission to exercise any
                                            right, power, or remedy accruing to any Party hereto, shall impair any such right, power,
                                            or remedy to such Party nor shall it be construed to be a waiver of any such breach or default,
                                            or an acquiescence therein, or in any similar breach or default be deemed a waiver of any
                                            other breach or default theretofore or thereafter occurring. Any waiver, permit, consent,
                                            or approval of any kind or character on the part of any Party of any breach or default under
                                            this Agreement, or any waiver on the part of any Party of any provisions or conditions of
                                            this Agreement, must be in writing and shall be effective only to the extent specifically
                                            set forth in such writing. All remedies either under this Agreement or by Law or otherwise
                                            afforded to any Party, shall be cumulative and not alternative.

 

		12.12	No
                                            Third Party Beneficiaries. Nothing in this Agreement shall be construed as giving any
                                            Person, other than the Parties hereto and their successors and permitted assigns, any right,
                                            remedy or claim under or in respect of this Agreement or any provision hereof.

 

		12.13	Headings.
                                            Article headings are for convenient reference and not a part of this Agreement. All Exhibits
                                            are incorporated herein by this reference.

 

		12.14	Interpretation.
                                            All references to particular Exhibits, Articles, or Sections shall mean the Exhibits
                                            to, and Sections and Articles of, this Agreement, unless otherwise specified. Any reference
                                            herein to any defined term shall include both the singular and the plural, whether or not
                                            both forms are included in the reference. The words “including,” “include,”
                                            and “includes” and the phrases “such as,” and “for example,”
                                            and the equivalents of such words and phrases shall be deemed to be followed by “without
                                            limitation.” Unless otherwise specified, any action requiring the consent of a Party
                                            shall be read to mean that such Party is expected to act reasonably in considering whether
                                            to provide consent and that consent, if provided, shall be provided without unreasonable
                                            delay. As used herein, any calculation of an equity interest on a “fully diluted basis”
                                            shall be performed assuming the conversion of all outstanding shares of preferred stock into
                                            common stock and the exercise, conversion and/or exchange of all outstanding stock options
                                            and warrants to acquire shares of capital stock or any other securities exercisable, convertible
                                            and/or exchangeable into shares of capital stock. Except as otherwise expressly provided
                                            herein, all terms of an accounting or financial nature shall be construed in accordance with
                                            GAAP, as in effect from time to time. Unless the context otherwise requires, countries shall
                                            include territories. References to any specific Law or article, section or other division
                                            thereof shall be deemed to include the applicable then-current amendments or any replacement
                                            Law or article, section or other division thereof.

 

		12.15	Governing
                                            Law. The laws of the State of Maryland, without giving effect to its choice of law provisions,
                                            shall govern all matters arising out of or relating to this Agreement, including its interpretation,
                                            construction, performance, and enforcement. Any legal suit, action, or proceeding arising
                                            out of or relating to this Agreement shall be brought in the Circuit Court for Baltimore
                                            City or in the United States District Court for the District of Maryland. Each of the Parties
                                            waives, to the fullest extent permitted by law, any objection which it may now or later have
                                            to the exclusive jurisdiction of or the laying of venue in the Circuit Court for Baltimore
                                            City, Maryland or the United States District Court for the District of Maryland, including
                                            any objections based upon inconvenient forum. The Parties agree that a final judgment in
                                            any such suit, action, or proceeding may be enforced in other jurisdictions as provided by
                                            law. As specifically provided by Md. COMMERCIAL LAW Code Ann. § 22-104, APL and Licensee
                                            agree that this Agreement shall not be governed by the Maryland Uniform Computer Information
                                            Transactions Act as adopted in Maryland under Title 22 of the Commercial Law Article of the
                                            Maryland Annotated Code, as may be amended from time to time.

 

[Signature
Page Follows]

 

    	32

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized
to be effective as of the Effective Date.

 

	Bullfrog
    AI, Inc	 	The
    Johns Hopkins University

    Applied
    Physics Laboratory LLC

	 	 	 
	 	 	 
	Signature
    	 	Signature
	 	 	 
	Vininder
    Singh	 	Jim
    Broskow
	Printed
    Name	 	Printed
    Name
	 	 	 
	CEO	 	Tech
    Transfer AGS
	Printed
    Title	 	Printed
    Title

 

    	33

     

    

 

APPENDIX
A

 

APL
Patent Rights

 

	APL
    ID#	 	US
    Patent App. No.	 	Filing/Issue
    Date	 	Title
	3591-SPL	 	U.S.
    Patent No. 10,146,801	 	12/04/2018	 	“Apparatus
    and Method for Distributed Graph Processing”
	4097-SPL	 	U.S.
    Patent No. 10,936,965	 	03/02/2021	 	“Method
    and Apparatus for Analysis and Classification of High Dimensional Data Sets”
	4601-SPL	 	U.S.
    Patent No. 10,839,256	 	11/17/2020	 	“Generalized
    Model” Low Entropy Mixture

 

    	 

     

    

 

APPENDIX
B

 

APL
Copyrights

 

	APL
    ID#	 	IP
    Protection	 	Title
	6191-SPL	 	Copyright	 	Software
    and documentation for the PROMETHEUS software package for correlation, probabilistic, and network analysis
	5863-SPL	 	Copyright	 	Software
    and documentation for the SEAGULL software package for time-series analysis
	5849-SPL	 	Copyright	 	Software
    and documentation for Clique Tree Mixture Model for probabilistic analysis within the PROMETHEUS analytic software package
	6644-SPL	 	Copyright	 	Software
    and documentation for the Minimum Subspace for Maximum Information algorithm within the PROMETHEUS analytic software package
	6645-SPL	 	Copyright	 	Software
    and documentation for the Unsupervised Determination of Maximum Information Spaces algorithm within the PROMETHEUS analytic software
    package
	3591-SPL	 	Copyright	 	Software
    and documentation for “Socrates: Scalable Graph Analytics”
	3592-SPL	 	Copyright	 	Software
    and documentation for “Activity Pattern Exploration – APEX”
	4097-SPL	 	Copyright	 	Software
    and documentation for “Clique Tree”; as implemented within Socrates
	4601-SPL	 	Copyright	 	Software
    and documentation for “Generalized Low Entropy Mixture Model (Galileo)”
	4463-SPL	 	Copyright	 	Software
    and documentation for “Scalable Correlation Engine”
	5850-SPL	 	Copyright	 	Software
    and documentation for “Random Subspace Mixture Model”

 

    	 

     

    

 

APPENDIX
C

 

APL
Know-How

 

	APL
    ID#	 	IP
    Protection	 	Title
	6191-SPL	 	Confidential
    Information	 	Know-how
    associated with the PROMETHEUS software package for correlation, probabilistic, and network analysis
	5863-SPL	 	Confidential
    Information	 	Know-how
    associated with the SEAGULL software package for time-series analysis
	5849-SPL	 	Confidential
    Information	 	Know-how
    associated with the Clique Tree Mixture Model for probabilistic analysis within the PROMETHEUS analytic software package
	6644-SPL	 	Confidential
    Information	 	Know-how
    associated with the Minimum Subspace for Maximum Information algorithm within the PROMETHEUS analytic software package
	6645-SPL	 	Confidential
    Information	 	Know-how
    associated with the Unsupervised Determination of Maximum Information Spaces algorithm within the PROMETHEUS analytic software package
	3591-SPL	 	Confidential
    Information	 	Know-how
    associated with “Socrates: Scalable Graph Analytics”
	3592-SPL	 	Confidential
    Information	 	Know-how
    associated with “Activity Pattern Exploration – APEX”
	4097-SPL	 	Confidential
    Information	 	Know-how
    associated with “Clique Tree”; as implemented within Socrates
	4601-SPL	 	Confidential
    Information	 	Know-how
    associated with “Generalized Low Entropy Mixture Model (Galileo)”
	4463-SPL	 	Confidential
    Information	 	Know-how
    associated with “Scalable Correlation Engine”
	5850-SPL	 	Confidential
    Information	 	Know-how
    associated with “Random Subspace Mixture Model”

 

    	 

     

    

 

APPENDIX
D

 

Stock
Issuance Agreement

 

This
Stock Issuance Agreement (this “Agreement”) is entered into and made effective as of July 8, 2022 (the “Effective
Date”) between The Johns Hopkins University Applied Physics Laboratory LLC, a Maryland limited liability company, having business
offices at 11100 Johns Hopkins Road, Laurel, Maryland 20723 (“APL”) and BullfrogAI Holdings, Inc., a Nevada corporation,
having business offices at 325 Ellington Blvd. #317, Gaithersburg, MD 20878 (the “Company”). For purposes of this
Agreement, each of APL and Company may be individually referred to as a “Party,” and collectively referred to as the
“Parties.”

 

WHEREAS,
concurrent with the execution of this Agreement, the Parties are entering into a License Agreement dated as of the Effective Date (the
“License Agreement”), pursuant to which APL is granting the Company a license to certain intellectual property owned
or controlled by APL; and

 

WHEREAS,
in partial consideration for the execution and delivery by APL of the License Agreement and the grant of the license therein by APL to
the Company thereunder, the Parties hereto agreed to enter into this Agreement in order to provide for, among other things, the issuance
by the Company to APL of shares of common stock of the Company in accordance with the terms and subject to the conditions of this Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements contained herein and for other good and
valuable consideration, the receipt and sufficiency of which the Parties hereby acknowledge, the Parties agree as follows:

 

	1.	ACQUISITION
    OF SHARES.

 

(a)
Equity Issuance. Pursuant to Section 4.5 of the License Agreement, the Company hereby issues to APL 279,159 shares (the “Shares”)
of the common stock, par value $0.00001 per share, of the Company (the “Common Stock”).

 

(b)
Consideration. APL agrees to grant the Company a license to certain intellectual property pursuant to the License Agreement in
exchange for, among other consideration, the Shares. The Company and APL agree that the Fair Market Value of such consideration is at
least $270,000, or $0.96 per Share, based on a valuation of at least $27,000,000 for the Company.

 

(c)
Closing. The issuance of the Shares will occur contemporaneously with the execution and delivery of this Agreement at the closing
(the “Closing”) held at a time and place, or via the exchange of documents and signatures, as mutually agreed upon by the
Parties. At the Closing, each Party will deliver an executed copy of this Agreement and such other documents as the Parties may mutually
agree.

 

(d)
Defined Terms. Capitalized terms not defined above are defined in Section 7(a) of this Agreement.

 

    	 

     

    

 

	2.	RIGHT
    OF FIRST REFUSAL.

 

(a)
Right of First Refusal. In the event that APL proposes to sell, pledge or otherwise transfer to a third party any Shares prior
to the earlier of the IPO or one year from the date hereof the “Transfer Shares”), the Company shall have the right of first
refusal to purchase all (and not less than all) of such Transfer Shares (the “Right of First Refusal”). If APL desires to
transfer the Transfer Shares, APL shall promptly deliver to the Company a written notice describing fully the proposed transfer, including
the number of Transfer Shares, the proposed transfer price, the name and address of the proposed Transferee and proof satisfactory to
the Company that the proposed sale or transfer will not violate any applicable federal, state or foreign securities laws (the “Transfer
Notice”). The Transfer Notice shall be signed both by APL and the proposed Transferee and must constitute a binding commitment
of both parties to the transfer of the Transfer Shares. The Company shall have the right to purchase all, and not less than all, of the
Transfer Shares on the terms of the proposal described in the Transfer Notice (subject, however, to any change in such terms permitted
under Section 2(b) below) by delivery of a notice of exercise of the Right of First Refusal within thirty (30) days after the date when
the Transfer Notice was received by the Company.

 

(b)
Transfer of Transfer Shares. If the Company fails to exercise its Right of First Refusal within thirty (30) days after receiving
the Transfer Notice, APL may, not later than ninety (90) days after the Company received the Transfer Notice, conclude a transfer of
the Transfer Shares subject to the Transfer Notice to the proposed Transferee on the terms and conditions described in the Transfer Notice;
provided that any such sale is made in compliance with applicable federal, state and foreign securities laws and not in violation of
any other contractual restrictions to which APL is bound. Any proposed transfer on terms and conditions different from those described
in the Transfer Notice, as well as any subsequent proposed transfer by APL after the ninety (90) day period described above, shall again
be subject to the Right of First Refusal and shall require compliance with the procedure described in Section 2(a) above. If the Company
exercises its Right of First Refusal, the Parties shall consummate the sale of the Transfer Shares on the terms set forth in the Transfer
Notice within sixty (60) days after the Company notifies APL of its intent to exercise the Right of First Refusal (or within such longer
period as may have been specified in the Transfer Notice); provided, however, that in the event the Transfer Notice provided that payment
for the Transfer Shares was to be made in a form other than cash or cash equivalents paid at the time of transfer, the Company shall
have the option of paying for the Transfer Shares with cash or cash equivalents equal to the present value of the consideration described
in the Transfer Notice.

 

(c)
Permitted Transfers. This Section 2 shall not apply to a transfer to an Affiliate of APL.

 

	3.	APL
    REPRESENTATIONS; OTHER RESTRICTIONS ON TRANSFER.

 

(a)
APL Representations. In connection with the issuance and acquisition of Shares under this Agreement, APL hereby represents and
warrants to the Company as follows:

 

(i)
APL is acquiring and will hold the Shares for investment for its account only and not with a view to, or for resale in connection with,
any “distribution” thereof within the meaning of the Securities Act.

 

    	 

     

    

 

(ii)
APL understands that the Shares have not been registered under the Securities Act by reason of a specific exemption therefrom and that
the Shares must be held indefinitely, unless they are subsequently registered under the Securities Act or APL obtains an opinion of counsel,
in form and substance satisfactory to the Company and its counsel, that such registration is not required. APL further acknowledges and
understands that the Company is under no obligation to register the Shares.

 

(iii)
APL is aware of the adoption of Rule 144 by the Securities and Exchange Commission under the Securities Act, which permits limited public
resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions, including (without limitation)
the availability of certain current public information about the issuer, the resale occurring only after the holding period required
by Rule 144 has been satisfied, the sale occurring through an unsolicited “broker’s transaction,” and the amount of
securities being sold during any three-month period not exceeding specified limitations. APL acknowledges and understands that the conditions
for resale set forth in Rule 144 have not been satisfied and that the Company has no plans to satisfy these conditions in the foreseeable
future.

 

(iv)
APL will not sell, transfer or otherwise dispose of the Shares in violation of the Securities Act, the Securities Exchange Act of 1934,
or the rules promulgated thereunder, including Rule 144 under the Securities Act. APL agrees that it will not dispose of the Shares unless
and until he or she has complied with all requirements of this Agreement applicable to the disposition of Shares and he or she has provided
the Company with written assurances, in substance and form satisfactory to the Company, that (A) the proposed disposition does not require
registration of the Shares under the Securities Act or all appropriate action necessary for compliance with the registration requirements
of the Securities Act or with any exemption from registration available under the Securities Act (including Rule 144) has been taken
and (B) the proposed disposition will not result in the contravention of any transfer restrictions applicable to the Shares under state
securities law.

 

(v)
APL is an “accredited investor” as defined in Rule 501(a) under the Securities Act.

 

(b)
Securities Law Restrictions. Regardless of whether the offering and sale of Shares under this Agreement have been registered under
the Securities Act or have been registered or qualified under the securities laws of any State, the Company at its discretion may impose
restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on stock certificates
or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in
order to achieve compliance with the Securities Act, the securities laws of any State or any other law.

 

(c)
Rights of the Company. The Company shall not be required to (i) transfer on its books any Shares that have been sold or transferred
in contravention of this Agreement or (ii) treat as the owner of Shares, or otherwise to accord voting, dividend or liquidation rights
to, any Transferee to whom Shares have been transferred in contravention of this Agreement.

 

    	 

     

    

 

	4.	COMPANY
    REPRESENTATIONS AND WARRANTIES.

 

The
Company hereby represents, warrants, acknowledges and agrees as follows:

 

(a)
Organization and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Maryland and has all requisite corporate power and authority to carry on its business as presently conducted.

 

(b)
Authorization. All corporate action required to be taken by the Company’s Board of Directors and stockholders in order to
authorize the Company to enter into this Agreement and the License Agreement, and to issue the Shares hereunder, has been taken. All
action on the part of the officers of the Company necessary for the execution and delivery of the Transaction Agreements, the performance
of all obligations of the Company under the Transaction Agreements, and the issuance and delivery of the Shares has been taken. The Transaction
Agreements, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable
against the Company in accordance with their respective terms except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’
rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies.

 

(c)
Capitalization.

 

(i)
The authorized capital of the Company consists, as of the date hereof and immediately prior to the issuance of the Shares, of (A) 100,000,000
shares of Common Stock, 27,915,863 shares of which are issued and outstanding, and (B) 10,000,000 shares of preferred stock, par value
$0.00001 per share (“Preferred Stock”), none of which are issued and outstanding. All of the outstanding shares of Common
Stock have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable federal and state
securities laws.

 

(ii)
As of the date hereof and immediately following the issuance of the Shares, except for up to 15% of the Company’s outstanding common
stock which may be granted from time to time in accordance with the Company’s to be adopted Equity Incentive Plan and the securities
identified on Schedule 4(c)(ii) below , there are no outstanding options, warrants, rights (including conversion or preemptive rights
and rights of first refusal or similar rights) or agreements, orally or in writing, to purchase or acquire from the Company any shares
of Common Stock, or any securities convertible into or exchangeable for shares of Common Stock.

 

The
table below reflects BullFrog AI Holdings, Inc. capital table including shares reserved for option, warrant exercises and convertible
debt conversions. The last three items are estimates of the shares that would be issued for debt conversion based on the anticipated
IPO.

 

    	 

     

    

 

	BullFrog
    AI Holdings

    Capital
    Table @
	 	5/31/2022	 	 
	 	 	 	 	 
	BullFrog
    Security	 	 	 	Number
    Shares
	Outstanding
    Common Stock	 	 	 	27,915,863
	Options	 	 	 	579,525
	Warrants	 	 	 	5,183,097
	Convertible
    Debt	 	 	 	178,409
	New
    Bridge - Inv & Fee Warrants	 	 	 	319,917
	New
    Bridge - Debt	 	 	 	271,806
	Fully
    diluted Share base	 	 	5/31/2022	34,448,617

 

(d)
Valid Issuance of Shares. The Shares, when issued, sold and delivered in accordance with the terms and for the consideration set
forth in this Agreement, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions
on transfer under the Transaction Agreements, applicable state and federal securities laws and liens or encumbrances created by or imposed
by APL. Assuming the accuracy of the representations of APL in Section 3 of this Agreement and subject to required federal and state
securities filings, the Shares will be issued in compliance with all applicable federal and state securities laws.

 

(e)
Company Documents. The Company has furnished to APL true, correct and complete copies of (i) the Certificate of Incorporation
and (ii) the Bylaws of the Company, which remain in full force and effect as of the date hereof.

 

	5.	ASSIGNMENT.

 

Except
as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to the benefit of, and be binding upon,
the Company and its successors and assigns and be binding upon APL and its legal representatives, heirs, legatees, distributees, assigns
and transferees by operation of law, whether or not any such person has become a party to this Agreement or has agreed in writing to
join herein and to be bound by the terms, conditions and restrictions hereof.

 

	6.	LEGENDS.

 

All
certificates evidencing Shares shall bear the following legends:

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL AS SET FORTH IN THE
STOCK ISSUANCE AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER WITH RESPECT TO THESE SHARES, A COPY OF WHICH IS ON FILE AT THE
PRINCIPAL OFFICE OF THE COMPANY.”

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR APPLICABLE STATE SECURITIES
LAWS. THESE SHARES HAVE NOT BEEN ACQUIRED WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED
OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SHARES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
ANY APPLICABLE STATE SECURITIES OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT
REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER APPLICABLE STATE SECURITIES LAWS.”

 

    	 

     

    

 

If
required by the authorities of any State in connection with the issuance of the Shares, the legend or legends required by such State
authorities shall also be endorsed on all such certificates.

 

	7.	MISCELLANEOUS.

 

	 	(a)	Definitions.
Capitalized terms used herein shall have the meanings set forth below. 

 

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

 

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

 

“Board
of Directors” means the Board of Directors of the Company, as constituted from time to time.

 

“Closing”
has the meaning set forth in Section 1(c).

 

“Common Stock” has the meaning set forth in Section 1(a).

 

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

 

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

 

“Fair
Market Value” means the fair market value of a Share, as determined by the Board of Directors in good faith. Such determination
shall be conclusive and binding on all persons.

 

“License
Agreement” has the meaning set forth in the Recitals.

 

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

 

“Preferred Stock” has the meaning set forth in Section 4(c)(i).

 

“Right of First
Refusal” has the meaning set forth in Section 2(a).

 

“Securities Act” means the Securities Act of 1933, as
amended.

 

“Shares” has the meaning set forth in Section 1(a).

 

“Transferee”
means any person to whom APL has directly or indirectly transferred any Share.

 

    	 

     

    

 

“Transfer
Notice” has the meaning set forth in Section 2(a).

 

“Transfer Shares” has the meaning set forth in Section
2(a).

 

(b)
Entire Agreement. This Agreement contains the entire agreement of the Parties and there are no other promises or conditions in
any other agreement between the Parties, whether oral or written, concerning the subject matter hereof. This Agreement supersedes any
prior written or oral agreements between the Parties concerning the subject matter hereof.

 

(c)
Governing Law. The laws of the State of Maryland, without giving effect to its choice of law provisions, shall govern all matters
arising out of or relating to this Agreement, including, without limitation, its interpretation, construction, performance, and enforcement.
Any legal suit, action, or proceeding arising out of or relating to this Agreement shall be brought in the Circuit Court for Baltimore
City or in the United States District Court for the District of Maryland. Each of the parties waives, to the fullest extent permitted
by law, any objection which it may now or later have to the exclusive jurisdiction of or the laying of venue in the Circuit Court for
Baltimore City, Maryland or the United States District Court for the District of Maryland, including any objections based upon inconvenient
forum. The parties agree that a final judgment in any such suit, action, or proceeding may be enforced in other jurisdictions as provided
by law.

 

(d)
Amendment; Waiver. No amendment, alteration or modification of any of the provisions of this Agreement shall be valid or effective
unless made in writing and signed by the duly authorized representatives of the Parties hereto. No waiver of any provision of this Agreement
shall be valid or effective unless made in writing and signed by a duly authorized representative of the Party to be bound by such waiver.
Failure of a Party to exercise any right to enforce any provision, or to require strict performance by the other Party of any provision,
shall not release any Party of its obligations under this Agreement and shall not operate as a waiver of any right to insist upon strict
performance, or of any Party’s rights or remedies under this Agreement or at law.

 

(e)
Notices. All notices, requests and other communications hereunder must be in writing and delivered personally, by facsimile transmission
(receipt verified), or by overnight courier (signature required) or by e-mail to the Parties at the following addresses or facsimile
numbers:

 

    	 

     

    

 

	For
    APL:	 	with
    a copy (which shall not constitute notice) to:
	 	 	 
	The
    Johns Hopkins University

    Applied
    Physics Laboratory, LLC

    Attn:
    Office of Technology Transfer

    11100
    Johns Hopkins Road

    Laurel,
    MD 20723-6099

    E-mail:
	 	 
	 	 	 
	For
    Company:	 	with
    a copy (which shall not constitute notice) to
	 	 	 
	Bullfrog
    AI Holdings, Inc.

    325
    Ellington Blvd. #317

    Gaithersburg,
    Maryland 20878

     

    E-Mail:
    vin@bullfrogai.com
	 	Sichenzia
    Ross Ference LLP

    1185
    Avenue of Americas, 31st Floor

    New
    York, NY 10036

 

(f)
Severability. If any provision of this Agreement is held invalid by any law, rule, order, or regulation of any government or by
the final determination of any court of competent jurisdiction, such invalidity shall not affect the enforceability of any other provisions
and such provisions shall be interpreted so as to best accomplish the objectives of such invalid provisions within the limits of applicable
law or court decision.

 

(g)
Counterparts. This Agreement may be executed in one or more counterparts, including by electronic (PDF) transmission, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

[Signature
Page Follows]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized
to be effective as of the Effective Date.

 

	BullfrogAI
    Holdings, Inc.	 	The
    Johns Hopkins University

    Applied
    Physics Laboratory LLC

	 	 	 
		 	
	Signature	 	Signature
	 	 	 
	Vininder
    Singh	 	Jim
    Broskow
	Printed
    Name	 	Printed
    Name
	 	 	 
	CEO	 	Tech
    Transfer AGS
	Printed
    Title	 	Printed
    Title

 

    	 

     

    

 

APPENDIX
E

 

Fees
and Payment Options 

 

Automated
Clearing House (ACH) for payments through U.S. banks only

 

APL
encourages its licensees to submit electronic funds transfer payments through the Automated Clearing House (ACH).

 

Electronic
Funds Wire Transfers

 

The
following account information is provided for wire payments. In order to process payment via Electronic Funds Wire Transfer sender MUST
supply the following information within the transmission:

 

Wiring
Information (Domestic):

 

	Company:	 	The
    Johns Hopkins University Applied Physics Laboratory LLC 
	Bank:	 	PNC
    Bank
	Bank
    Address:	 	One
    East Pratt Street Baltimore, MD 21201
	Bank
    POC:	 	Marcella
    (Marcy) Kraus (410)237-5736
	Bank
    Account:	 	Checking
	Bank
    Account #:	 	5300445194
    
	Routing
    Number:	 	031000053

 

Wiring
Information with Swift Code (foreign):

 

	Company:	 	The
    Johns Hopkins University Applied Physics Laboratory LLC 
	Bank:	 	PNC
    Bank
	Bank
    Address:	 	One
    East Pratt Street

    Baltimore,
    MD 21201

	Bank
    POC:	 	Marcella
    (Marcy) Kraus (410)237-5736
	Bank
    Account:	 	Checking
	Bank
    Account #:	 	5300445194
	Routing
    Number:	 	031000053
    
	Swift
    Code:	 	PNCCUS33

 

Checks

 

All
checks should be made payable to “JHU/APL” and sent by US Postal Service to the following address:

 

Johns
Hopkins University

Applied
Physics Laboratory LLC

11100
Johns Hopkins Road

Laurel,
MD 20723-6099

Attn:
Accounting/Finance Group, DevFund Acct MS: MP1-S186

 

    	 

     

    

 

APPENDIX
F

 

Form
of Diligence and Annual Report 

 

	DATED:
    	 	 

 

	PERIOD:	 	From
    	 	 	To
    	 	 

 

A.
Progress made by Licensee, Affiliates and/or Sublicensees toward commercialization of Licensed Products and/or Licensed Services, including
completed work, key scientific discoveries, summary of work- in-progress, current schedule of anticipated events or milestones, market
plans (if any) for introduction of Licensed Products and/or Licensed Services, and significant transactions by Licensee, Affiliates and/or
Sublicensees involving or relevant to Licensed Products and/or Licensed Services:

 

B.
Notice of all FDA and other relevant governmental filings and/or approvals regarding any Licensed Products and/or Licensed Services made
or obtained by Licensee, Affiliates and/or Sublicensees, the APL IP pertaining thereto, and the commercial names thereof:

 

C.
A Certificate of Insurance or other evidence of insurance (copy attached):

 

D.
Affiliates and Sublicensees which have exercised any rights to any APL IP:

 

	 	NONE
	 	List attached with description of rights exercised.

 

E.
Diligence and other milestones achieved:

 

F.
Diligence and other milestones expected to be achieved this year:

 

G.
Sublicenses entered into during this year:

 

	 	NONE

 

Identification
of Sublicensees (copy of each Sublicense attached):

 

H.
Equity funding received:

 

I.
Change of control, name change or other significant change in Licensee, Affiliates, and/or Sublicensees relevant to the Agreement or
Licensee:

 

	 	NONE

Details:

 

J.
Awards, grants and other non-equity funding received:

 

    	 

     

    

 

APPENDIX
G

 

Form
of Quarterly Sales and Royalty Report

 

	DATED:
    	 	 

 

Period
Covered: From:      /    /      Through     /    /      

 

TOTAL
ROYALTIES DUE FOR THIS PERIOD $ ____________________

 

TOTAL
NON-ROYALTY SUBLICENSING INCOME (NRSI) DUE FOR THIS PERIOD $_______________________

 

If
the licenses granted in the Agreement cover several product/service lines, or several contracts performed using APL IP, please prepare
a separate report for each Licensed Product/Licensed Service line and/or contract; then combine all Licensed Product lines, Licensed
Service lines, and contracts into a summary report.

 

If
units were sold, or contracts performed, by any Affiliates, Sublicensees or any party other than Licensee, clearly identify the responsible
party or parties and the extent to which each such party was responsible for each such activity.

 

	Report
    type:	 	☐	 	Single
    Licensed Product/Licensed Service Report. 
	 	 	 	 	Trademark
    of Licensed Product or Licensed Service
	 	 	 	 	 
	 	 	☐	 	Single
    Contract Report
	 	 	 	 	 
	 	 	☐	 	Multi-product/service/contract
    Summary Report
	 	 	 	 	Licensee’s
    Tradenames for Licensed Product/Licensed Service Lines

    

 

	Country	 	Units

                                                                                Sold
	 	Gross

                                                                                Sales
	 	*Less

                                                                                Allowances
	 	Net

                                                                                Sales
	 	Profits/

                                                                                Fees
	 	Royalty

                                                                                Rate
	 	Conv.
    Rate	 	Period Royalty

                                                                                Amount in U.S. dollars

	U.S.A	 	 	 	 	 	 	 	 	 	 	 	 	 	1.0	 	 
	Canada	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Europe:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Japan	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

*
On a separate page, please indicate the reasons for any significant adjustment. Also note any unusual occurrences that affected royalty
payment amounts during this period.

 

I
hereby certify, as a duly authorized officer of Licensee, that the information set forth above is correct and complete and meets all
of the reporting requirements set forth in the Agreement.

 

	By
    (please sign):	 	 	Date:	 

 

	Printed
    Name and Title:Exhibit 4.1
PRE-FUNDED COMMON STOCK PURCHASE WARRANT
 IBIO, INC.
	​

	​

	Warrant Shares: [              ]
	Issue Date: December 9, 2022

	​
	​

	​
	Initial Exercise Date: December 9, 2022

​
THIS PRE-FUNDED COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, [              ] or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date set forth above (the “Initial Exercise Date”) and until this Warrant is exercised in full (the “Termination Date”) but not thereafter, to subscribe for and purchase from iBio, Inc., a Delaware corporation (the “Company”), up to [         ] shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).
Section 1.Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:
“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.
“Bid Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (“Bloomberg”) (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.
“Board of Directors” means the board of directors of the Company.
“Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee” or any other similar orders or restrictions or the closure of any physical branch locations
​

1

at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally are open for use by customers on such day.
“Commission” means the United States Securities and Exchange Commission.
“Common Stock” means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.
“Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time shares of Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.
“Registration Statement” means the Company’s registration statement on Form S-3 (File No. 333-250973) filed with Commission on November 25, 2020 and declared effective on December 7, 2020, as supplemented by a prospectus supplement filed on December 8, 2022 relating to the transaction contemplated by the Underwriting Agreement.
“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“Subsidiary” means the subsidiaries of the Company set forth on Exhibit 21.1 to the Company’s Annual Report on Form 10-K for the year ended June 30, 2022, and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.
“Trading Day” means a day on which the Common Stock is traded on a Trading Market.
“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).
“Transaction Documents” means the Underwriting Agreement, the Warrants, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.
​

2

“Transfer Agent” means Continental Stock Transfer & Trust Company, the current transfer agent of the Company, with a mailing address of 1 State Street, 30th floor, New York, New York 10004, and any successor transfer agent of the Company.
“Underwriting Agreement” means that certain Underwriting Agreement, dated as of December 6, 2022, by and among the Company and H.C. Wainwright & Co., LLC.
“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on The Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.
“Warrants” means this Warrant and other Common Stock purchase warrants issued by the Company pursuant to the Underwriting Agreement and the Registration Statement.
Section 2.Exercise.
a)Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the Warrant Shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in
​

3

an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.
b)Exercise Price. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.001 per Warrant Share, was pre-funded to the Company on or prior to the Initial Exercise Date and, consequently, no additional consideration (other than the nominal exercise price of $0.001 per Warrant Share) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant. The Holder shall not be entitled to the return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance or for any reason whatsoever, including in the event this Warrant shall not have been exercised prior to the Termination Date. The remaining unpaid exercise price per share of Common Stock under this Warrant shall be $0.001, subject to adjustment hereunder (the “Exercise Price”).
c)Cashless Exercise. This Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:
(A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;
​
(B) = the Exercise Price of this Warrant, as adjusted hereunder; and
​
​

4

(X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.
​
If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised.  The Company agrees not to take any position contrary to this Section 2(c).
		d)
	Mechanics of Exercise.

i.Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company’s transfer agent is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after the Warrant Share Delivery Date) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares being delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant
​

5

remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at any time after the time of execution of the Underwriting Agreement, the Company agrees to deliver the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by such Warrant Share Delivery Date.
ii.Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.
iii.Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.
iv.Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date (other than any such failure that is solely due to any action or inaction by the Holder with respect to such exercise), and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not
​

6

honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.
v.No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.
vi.Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that, in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.
vii.Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.
		e)
	Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to

​

7

Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.  To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.  In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding.  Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The
​

8

Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this Section 2(e) shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this Section 2(e) (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this Section 2(e) shall apply to a successor holder of this Warrant.
Section 3.Certain Adjustments.
a)Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.
b)Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time that this Warrant is outstanding the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to all of the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such
​

9

Purchase Rights (provided, however, that, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
c)Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, that, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).
d)Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person and the Company is not the surviving entity, (ii) the Company or any Subsidiary, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock or 50% or more of the voting power of the common equity of the Company, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock (other than a stock split) or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
​

10

spin-off, merger or scheme of arrangement (other than a stock split)) with another Person or group of Persons whereby such other Person or group acquires 50% or more of the outstanding shares of Common Stock or 50% or more of the voting power of the common equity of the Company (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall be added to the term “Company” under this Warrant (so that from and after the occurrence or consummation of such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Successor Entity or Successor Entities, jointly and severally with the Company,
​

11

may exercise every right and power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company prior thereto under this Warrant and the other Transaction Documents with the same effect as if the Company and such Successor Entity or Successor Entities, jointly and severally, had been named as the Company herein.
e)Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.
f)Notice to Holder.
i.Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment; provided, however, that the Company may satisfy the 12 notice requirement in this Section 3(f) by filing such information with the Commission on its EDGAR system pursuant to a Current Report on Form 8-K or Quarterly Report on Form 10-Q or Annual Report on Form 10-K.
ii.Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form (other than a stock split)) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company (or any of its Subsidiaries) is a party, any sale or transfer of all or substantially all of its assets, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email address as it shall appear upon the Warrant Register of the Company, at least fifteen (15) calendar days prior to the applicable record or effective date hereinafter specified (unless such information is filed with the Commission on its EDGAR system in which case a notice shall not be required), a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants
​

12

are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.
Section 4.Transfer of Warrant.
a)Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.
b)New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.
​

13

c)Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.
d)Voluntary Adjustment By Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors.
Section 5.Miscellaneous.
a)No Rights as Stockholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.
b)Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.
c)Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Trading Day, then such action may be taken or such right may be exercised on the next succeeding Trading Day.
d)Authorized Shares.
The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or
​

14

regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).
Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.
Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.
e)Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for
​

15

such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.
f)Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.
g)Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.
h)Notices. Any and all notices or other communications or deliveries to be provided by the holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at 8800 HSC Parkway, Bryan, Texas 77807, Attention: Chief Financial Officer, email address: rob.lutz@ibio.com, or such other number, email address or address as the Company may specify for such purposes by notice to the holders. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any subsidiaries,
​

16

the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.
i)Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.
j)Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.
k)Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.
l)Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holders of a majority of the Warrant Shares underlying the Warrants of the Company issued on the Closing Date that are outstanding as of such date.
m)Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
n)Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.
o)Execution. This Warrant may be executed and delivered by e-mail delivery of a “.pdf” or similar format data file, in which case such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such “.pdf” or similar format signature page were an original thereof.
********************
​
(Signature Page Follows)
​
​

17

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.
​
	​
	IBIO, INC.

	​
	​

	​
	By:
	​

	​
	​
	Name:

	​
	​
	Title:

​
​
​

18

NOTICE OF EXERCISE
​
TO:IBIO, INC.
​
(1)The undersigned hereby elects to purchase             Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.
(2)Payment shall take the form of (check applicable box):
[  ] in lawful money of the United States; or
[ ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).
(3)Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:
	​

	​

	​
	                                                         

	​
	​

​
The Warrant Shares shall be delivered to the following DWAC Account Number:
​
	​

	​

	​
	                                                         

	​
	​

	​
	                                                         

	​
	​

	​
	                                                         

​
[SIGNATURE OF HOLDER]
​
	​

	​

	Name of Investing Entity: 
	​

	Signature of Authorized Signatory of Investing Entity: 
	​

	Name of Authorized Signatory: 
	​

	Title of Authorized Signatory: 
	​

	Date: 
	​

​
​

​

EXHIBIT B
​
ASSIGNMENT FORM
 (To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)
FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to
​
	​

	​

	Name:
	​

	​
	(Please Print)

	​
	​

	Address:
	​

	​
	(Please Print)

	​
	​

	Phone Number:
	​

	​
	​

	Email Address:
	​

	​
	​

	Dated:                                   ,        
	​

	​
	​

	Holder’s Signature:
	​

	​
	​

	Holder’s Address:
	​

​

​

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