Document:

Document

LCI INDUSTRIES
2018 Omnibus Incentive Plan

Deferred Stock Unit Master Agreement

This is a Deferred Stock Unit Master Agreement (the “Agreement”), effective as of December 31, 2019, between LCI Industries, a Delaware corporation (the “Company”), and you, [                  ].  Any capitalized term used but not defined in this Agreement shall have the meaning set forth in the Plan (defined below) as it currently exists or as it is amended in the future.

Background

        A.  The Company maintains the LCI Industries 2018 Omnibus Incentive Plan (the “Plan”).  Under the Plan, the Board has the authority to determine Awards and administer the Plan with respect to Awards involving Non-Employee Directors.

        B.  As a Non-Employee Director of the Company, you are entitled to receive (i) an annual cash retainer for service on the Board, (ii) other fees relating to your service as a chairperson of the Board or any committee of the Board, as applicable, and (iii) meeting fees for attendance at any Board or committee meeting in excess of 25 meetings during a year (as such retainer and fees payable to a Non-Employee Director of the Company may be changed from time to time, collectively, the “Director Fees”).

        C.  Per your election form (“Election Form”) which is incorporated into and made a part of this Agreement, you have elected to receive _____% of each Director Fee payment made during 2020 in the form of Deferred Stock Units (“DSUs”) each of which represents the right to receive one Share of the Company’s Stock (or, in certain circumstances, the cash value thereof). The number of DSUs to be credited to your account on each Grant Date (as defined below) will be determined by dividing (i) 115% of that portion of the Director Fees that otherwise would have been paid with respect to the calendar quarter in which the Grant Date occurs, but for your election in the Election Form by (ii) the Fair Market Value of a Share on the applicable Grant Date.

D.  Each award of DSUs (“DSU Award”) granted during 2020 will be evidenced by a Grant Notification in the form attached hereto as Exhibit A, and each such Grant Notification when issued by the Company will be incorporated into and made a part of this Agreement.  The terms and conditions of each quarterly DSU Award are set forth in this Agreement, including the applicable Grant Notification, as well as in the Plan document previously provided to you.

Terms and Conditions of DSU Awards

1. Grant.  Subject to Sections 7 and 8 below, on the last day of each calendar quarter during 2020 (each, a “Grant Date”), you will be granted the number of DSUs specified in the applicable Grant Notification which will be equal to the result of dividing (i) 115% of that portion of the Director Fees that otherwise would have been paid with respect to the calendar quarter in which the Grant Date occurs, but for your election in the Election Form by (ii) the Fair Market Value of a Share on the applicable Grant Date.  Each DSU will represent the right to receive one

 Share of the Company’s common stock (or, in certain circumstances, the cash value thereof). The DSUs granted to you will be credited to an account in your name maintained by the Company.  This account shall be unfunded and maintained for book-keeping purposes only, with the DSUs simply representing an unfunded and unsecured obligation of the Company.

2. Restrictions on Units.  Prior to settlement of the DSUs in accordance with Section 5, the DSUs subject to this Agreement may not be sold, assigned, transferred, exchanged or encumbered other than by will or the laws of descent and distribution.  Any attempted transfer in violation of this Section 2 shall be of no effect.

3. No Shareholder Rights.  The DSUs subject to this Agreement do not entitle you to any rights of a shareholder of the Company’s common stock, except as otherwise set forth herein. You will not have any of the rights of a shareholder of the Company in connection with the grant of DSUs subject to this Agreement unless and until Shares are issued to you upon settlement of the Units as provided in Section 5.

4. Vesting of DSUs.  The DSUs subject to this Agreement are 100% vested as of their respective Grant Dates.

5. Settlement of Units.  Subject to Section 8, the Company shall cause to be issued and delivered to you, or to your designated beneficiary or estate in the event of your death, one Share in payment and settlement of each DSU subject to this Agreement on the date(s) specified in your Election Form. Delivery of Shares in settlement of a DSU Award subject to this Agreement shall be effected by an appropriate entry in the stock register maintained by the Company’s transfer agent with a notice of issuance provided to you, or by the electronic delivery of the Shares to a brokerage account you designate, and shall be subject to compliance with all applicable legal requirements, including compliance with the requirements of applicable federal and state securities laws.

6. Dividend Equivalents.  If a cash dividend is declared and paid by the Company with respect to its common stock, you will be credited as of the applicable dividend payment date with an additional number of DSUs (the “Dividend DSUs”) equal to (i) the total cash dividend you would have received if your then outstanding DSUs (including any previously credited Dividend DSUs) had been actual Shares, divided by (ii) the Fair Market Value of a Share as of the applicable dividend payment date (with the quotient rounded down to the nearest whole number).  Once credited to your account, Dividend DSUs will be considered DSUs for all purposes of this Agreement.

7. Termination of Service and Future Awards.  Upon termination of your Service, you will no longer be entitled to receive any additional DSU Awards pursuant to this Agreement.  Director Fees payable after the termination of your Service, if any, shall be payable in cash only. 

8. Change in Control.  Upon a Change in Control within the meaning of Section 2(g)(3) of the Plan and after giving effect to the last sentence thereof, your outstanding DSU Awards will be settled in cash. The cash amount paid for each outstanding DSU shall be an amount in cash equal to the Fair Market Value of one Share immediately prior to the occurrence of the Change in Control.

9. Changes in Capitalization.  If an “equity restructuring” (as defined in Section 12 of the Plan) occurs that causes the per share value of the Shares to change, the Board shall make

 such equitable adjustments to any DSU subject to this Agreement as are contemplated by Section 12 of the Plan in order to avoid dilution or enlargement of your rights hereunder.  The Board may make such equitable adjustments to any DSU subject to this Agreement as and to the extent provided in Section 12 of the Plan in connection with other changes in the Company’s capitalization contemplated by Section 12 of the Plan.

10. Forfeiture of DSU Awards and Compensation Recovery.  Notwithstanding any provision of this Agreement to the contrary, you understand that if any of the following occur: (i) a material violation by you of, or your failure to act upon or report known or suspected violations of, the Company’s Guidelines for Business Conduct, as amended from time to time, (ii) your conviction of, or a plea of nolo contendere with respect to, any felony, (iii) your commission of any criminal, fraudulent, or dishonest act in connection  with your service as a director, (iv) your material breach of this Agreement which, if capable of remedy, continues for a period of thirty (30) days without remedy thereof after your receipt of notice thereof or two or more such breaches occur in any two month period, (v) one or more instances of your willful misconduct or gross negligence that, individually or in the aggregate, is materially detrimental to the Company’s interests, (vi) a breach any of the covenants or provisions set forth in Section 10(a), 10(b) or 10(c) below unless compliance with the applicable portion of such covenants has been waived in writing by the Board in its discretion, or (vii) a breach of any other agreement between you and the Company, then, in the discretion of the Board: (A) any unsettled portion of a DSU Award granted pursuant to this Agreement may be reduced, cancelled or forfeited, and (B) any settled portion of a DSU Award granted pursuant to this Agreement may be rescinded and recovered within one (1) year after the Company becomes aware of such activity, conduct or event.  The Company shall notify you in writing of any such reduction, cancellation, forfeiture, rescission or recovery. Immediately after receiving such notice, you shall forfeit the applicable DSU Award(s) as well as the right to receive Shares that have not yet been issued pursuant to Section 5 to the extent indicated therein.  If the written notice mandates the rescission or recovery of any settled portion of a DSU Award, then within ten (10) days of the date of such notice, you are required to (y) return to the Company the number of Shares that you received upon settlement of a DSU Award issued pursuant to this Agreement which have not been sold and (z) pay to the Company in cash an amount equal to the Fair Market Value of such Shares as of the respective settlement date(s) of the underlying DSUs (with respect to Shares received hereunder that you previously sold). The Company also shall be entitled to set-off against the amount of any such gain any amount owed to you by the Company.

(a) Non-Disclosure and Return of Confidential Information.  You have or will be given access to and provided trade secrets, confidential and proprietary information, and other non-public information and data of or about the Company (and any entity that directly, or indirectly through one or more intermediaries, is owned or controlled by, owns or controls, or is under common ownership or control with, the Company; for this purpose, “control” of an entity means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of the entity, whether through the ownership of voting securities, by contract or otherwise (its “Affiliates”)) and its business (“Confidential Information”) in the course of your Service which is of unique value to the Company. Examples of Confidential Information include, without limitation: confidential business or manufacturing processes; research and development information; inventions, improvements and designs; new product or marketing plans; business strategies and plans; merger and acquisition targets; financial and pricing information; computer programs, source codes, models and databases; analytical models; human resources strategies; customer lists and information; information received from or about third parties that the Company is obligated to keep confidential; supplier and vendor lists; and other information which is not generally

 available to the public. You agree not to disclose, publish or use Confidential Information, either during or after your Service is terminated, except (i) as necessary to perform your duties during your term of Service, (ii) as the Company may consent in writing, (iii) as required by law or judicial process, provided you (unless prohibited by applicable law) promptly notify the Company in writing of any subpoena or other judicial request for disclosure involving Confidential Information or trade secrets, and reasonably cooperate with any effort by the Company to obtain a protective order preserving the confidentiality of the Confidential Information or trade secrets, or (iv) in connection with reporting possible violations of law or regulations to any governmental agency or from making other disclosures protected under any applicable whistleblower laws. The confidentiality obligations set forth herein shall continue indefinitely, for so long as the Confidential Information remains confidential (and you understand that you will not be relieved of your obligations if the Confidential Information loses its confidential nature because of a breach of any of your obligations to the Company or its Affiliates). If this Agreement is enforced by a court applying the law of a jurisdiction where a time frame is required for a non-disclosure provision to be enforceable with respect to information that does not rise to the level of a trade secret, then your obligations with respect to such information will be in effect during your term of Service and for three (3) years thereafter. You further agree to return any and all Confidential Information, whether in hard or electronic format, regardless of the location on which such information may reside, no later than three (3) business days following the termination of your Service.  Notwithstanding anything to the contrary herein or in any policy of the Company, you may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (A) in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney if such disclosure is made solely for the purpose of reporting or investigating a suspected violation of law or for pursuing an anti-retaliation lawsuit; or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and you do not disclose the trade secret except pursuant to a court order.  In the event a disclosure is made, and you file a lawsuit against the Company alleging that the Company retaliated against you because of your disclosure, you may disclose the relevant trade secret or confidential information to your attorney and may use the same in the court proceeding only if (x) you ensure that any court filing that includes the trade secret or confidential information at issue is made under seal; and (y) you do not otherwise disclose the trade secret or confidential information except as required by court order.

(b) Non-Disparagement.  During your term of Service and afterward, you shall not, directly or indirectly, criticize, make any negative comments about or otherwise disparage the Company, its Affiliates or any persons or entities associated with any of them, whether orally, in writing, electronically or otherwise, directly or by implication, to any person or entity, including Company customers or agents; provided, however, that nothing in this Section 10(b) is intended to prohibit you from (i) making any disclosures or statements in good faith in the normal course of performing your duties or responsibilities for the Company during your Service; (ii) making any disclosures as may be required or compelled by law or legal process; or (iii) making any disclosures or providing any information to a governmental agency or entity, including without limitation in connection with a complaint by you against the Company or the investigation of any complaint against the Company.

(c) No Injurious, Detrimental or Prejudicial Conduct.  Except as otherwise permitted in Section 10(b), during your term of Service or afterward, you shall not, directly or indirectly, engage in any conduct or inaction, or omit to take any action, which conduct, action or inaction is reasonably determined by the Board to be injurious, detrimental or prejudicial to

 the business or reputation of the Company or its Affiliates or any interest of the Company and its Affiliates, including, but not limited to, a violation of any material Company or Affiliate policy or a violation of any federal or state securities laws, rules or regulations or of any rule or other requirement of any securities exchanges on which the Company’s Shares may, at the time, be listed.

(d) Remedies.  The parties expressly agree that the forfeiture and repayment obligations contained in this Section 10 are in addition to, and not in lieu of, any and all other legal and/or equitable remedies, including without limitation, injunctive relief, that may be available to the Company in connection with your breach of this Section 10, and the Company reserves it rights to pursue all such remedies.  You acknowledge and agree that your breach of this Section 10 will cause irreparable injury to the Company and that money damages will not be adequate relief for such injury and, accordingly, you agree that the Company shall be entitled to obtain equitable relief, including, but not limited to, temporary restraining orders, preliminary injunctions and/or permanent injunctions, without having to post any bond or other security, to restrain or enjoin such breach, in addition to all other remedies which may be available to the Company.

11. Interpretation of This Agreement.  All decisions and interpretations made by the Board with regard to any question arising hereunder or under the Plan shall be binding and conclusive upon you and the Company.  If there is any inconsistency between the provisions of this Agreement and the Plan, the provisions of the Plan shall govern.

12. Discontinuance of Service.  Neither this Agreement nor any DSU Award subject to this Agreement shall confer on you any right with respect to continued Service with the Company or any of its Affiliates, nor interfere in any way with any rights to terminate such Service.

13. DSU Awards Subject to Plan.  The DSU Awards evidenced by this Agreement (including any Grant Notifications issued hereunder) are granted pursuant to the Plan, the terms of which are hereby made a part of this Agreement.  This Agreement (including any Grant Notifications issued hereunder) shall in all respects be interpreted in accordance with the terms of the Plan.  If any terms of this Agreement or any Grant Notification issued hereunder conflict with the terms of the Plan, the terms of the Plan shall control, except as the Plan specifically provides otherwise.  This Agreement (including any Grant Notifications issued hereunder) and the Plan constitute the entire agreement of the parties with respect to the DSU Awards and supersede all prior oral or written negotiations, commitments, representations and agreements with respect thereto.

14. Obligation to Reserve Sufficient Shares.  The Company shall at all times during the term of this Agreement and the DSU Awards issued hereunder reserve and keep available a sufficient number of Shares to satisfy this Agreement.

15. Binding Effect.  This Agreement shall be binding in all respects on your heirs, representatives, successors and assigns, and on the successors and assigns of the Company. The Company’s Affiliates are intended third-party beneficiaries of this Agreement and this Agreement may be enforced by the Company and/or its Affiliates, either singularly or jointly.

16. Governing Law; Venue; Waiver of Jury Trial.  To the extent not pre-empted by federal law, this Agreement, the parties’ performance hereunder, and the relationship between them shall be governed by, construed, and enforced in accordance with the laws of the State of

 Delaware, without giving effect to the choice of law principles thereof.  Each party hereto agrees that any legal action arising out of or relating to this Agreement shall be commenced and maintained exclusively before any state or federal court having appropriate subject matter jurisdiction located in St. Joseph County, Indiana.  Further, each party hereto irrevocably consents and submits to the personal jurisdiction and venue of such courts located in St. Joseph County, Indiana, and waives any right to challenge or otherwise object to personal jurisdiction or venue (including, without limitation, any objection based on inconvenient forum grounds) in any action commenced or maintained in such courts located in St. Joseph County, Indiana; provided, however, the foregoing shall not affect any applicable right a party may have to remove a legal action to federal court.  EACH PARTY HERETO VOLUNTARILY AND IRREVOCABLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT.

17. Amendment and Compliance with Code Section 409A and Fair Construction. Notwithstanding anything in the Plan or this Agreement to the contrary, you, the Company and the Board intend that all provisions of the Plan, this Agreement and the Election Form, in form and in operation, including but not limited to, the definitions of terms, elections to defer, and distributions, shall be made in accordance with and shall comply with Section 409A of the Code, and all other present and future Internal Revenue Service (“IRS”) guidance. The Company will amend the terms of the Plan, this Agreement and the Election Form, retroactively if necessary, to the extent required to comply with Section 409A of the Code and any relevant IRS guidance. No provision of the Plan, this Agreement and the Election Form shall be followed to the extent that following such provision would result in a violation of Section 409A of the Code or the relevant IRS guidance, and no election made by you hereunder, and no change made by you to a previous election, shall be accepted by the Company if it determines that acceptance of such election or change could violate any of the requirements of Section 409A of the Code or the IRS guidance.

18. Tax Consequences.  The Company and the Board make no representations concerning the tax consequences of participation in the Plan under Code Section 409A or any other federal, state or local tax law.  Tax consequences will depend, in part, upon the application of relevant tax law, including Code Section 409A, to the relevant facts and circumstances. You agree that you have consulted an independent tax advisor regarding the tax consequences of this deferral.

19. Independent  Covenants.  To the extent  you are or become subject to any other agreements with the Company or any Affiliate that contain restrictive covenants, the restrictive covenants set forth in Section 10 of this Agreement are independent of, supplement and do not supersede such other agreements.

By signing below or otherwise evidencing your acceptance of this Agreement in a manner approved by the Company as of the date specified at the beginning of this Agreement, you agree to all of the terms and conditions contained in this Agreement and in the Plan document. You acknowledge that you have received and reviewed these documents and that they set forth the entire agreement between you and the Company regarding this Deferred Stock Unit Master Agreement.

									
	PARTICIPANT		LCI INDUSTRIES
			
			By
			
			Its
			

Exhibit A
LCI INDUSTRIES
2018 Omnibus Incentive Plan
Deferred Stock Unit Master Agreement

Grant Notification

        LCI Industries (the “Company”), pursuant to its 2018 Omnibus Incentive Plan (the “Plan”) and a Deferred Stock Unit Master Agreement dated December 31, 2019 (the “Master Agreement”) between the Company and you, the Participant named below, hereby grants to you an award of Deferred Stock Units (“Units”), each such Unit representing the right to receive one share of the Company’s common stock (or, in certain circumstances, the cash value thereof). The terms and conditions of this Unit Award are set forth in this Grant Notification, the Master Agreement, and the Plan document, and these documents set forth the entire agreement between you and the Company regarding the grant to you of the number of Units shown in the table below.

						
	Name of Participant:	
	Number of Units:	Grant Date:
	Vesting Schedule:	
	Vesting Date	Percentage of Units that Vest
	[Grant Date]	100% 	 
		

									
			LCI INDUSTRIES
			
			By
			
			ItsOhr Pharmaceutical, Inc. S-4/A

 

Exhibit 10.15

 

*** Text Omitted and Filed Separately

Confidential Treatment Requested

Under 17 C.F.R. §§ 200.80(c)

 

LICENSE
AGREEMENT

 

Carnegie Mellon University – NeuBase Therapeutics, Inc.

 

This
Agreement (hereinafter “this Agreement”) entered into as of 17th day of December, 2018 (“Effective Date”)
by and between Carnegie Mellon University, a Pennsylvania not-for- profit corporation, having a principal place of business at
5000 Forbes Avenue, Pittsburgh, PA (“Carnegie Mellon”) and NeuBase Therapeutics, Inc. a Delaware corporation, having
a principal place of business at 2730 Sidney Street, Suite 300, Pittsburgh, PA 15203 (“Licensee”).

 

Witnesseth

 

Whereas,
Carnegie Mellon owns certain rights in certain technology relating to the detection and treatment of disease and is interested
in licensing same; and,

 

Whereas,
Licensee desires to acquire rights in and to that technology upon the terms and conditions herein set forth;

 

Now
Therefore, in consideration of the mutual covenants contained herein and intending to be legally bound hereby, the parties
agree as follows:

 

1.
Certain Definitions (“Defined Terms”)

 

1.1.
“Patent(s)” shall mean any patent application, including any continuation, continuation-in-part, divisional
or modification filed in the U.S. or in any other country and any patent claiming priority therefrom or reissue thereof, which
issues to Carnegie Mellon and specifically claims any of the Licensed Technology in existence on the Effective Date, and the patents
and patent applications identified in Attachment A,.

 

1.2.
“Licensed Technology” or “Technology” shall mean (a) the technology described in Attachment
A on an “as is” basis on the Effective Date, and (b) Patents.

 

1.3.
“Licensed Product” or “Product” shall mean any product and/or service which constitutes,
is based on, incorporates or utilizes, wholly or in part, Licensed Technology, or the manufacture, use, sale, offer for sale,
or importation of which would infringe any claim of a Patent.

 

1.4.
“Year” refers to contract years of this Agreement, i.e. a twelve (12) month period starting with the date (or
anniversary) of the Effective Date.

 

1.5.
“Fiscal Quarter” or “Quarter” shall refer to the normal quarterly accounting periods of
Licensee; if Licensee does not have normal quarterly accounting periods, then a “Fiscal Quarter” shall mean the calendar
three months period commencing with January of each year.

 

1.6.
“Dispose” or “Disposition” shall mean the use, sale, lease or other transfer.

 

     

     

    

 

1.7.
“Revenue” shall mean the U.S. Dollar value of all consideration invoiced by Licensee and/or its Sublicensees
for the Disposition of Licensed Product(s), other than the Disposition of Licensed Product(s) to Sublicensees and Affiliates for
the purpose of conducting research on behalf of Licensee.

 

1.8.
“Affiliate” shall mean any entity that, directly or indirectly, through one or more intermediates, controls,
is controlled by, or is under common control with Licensee. For the purpose of this definition, control means the direct or indirect
ownership of at least fifty percent (50%) of (i) the stock shares entitled to vote for the election of directors or (ii) ownership
interest.

 

1.9.
“Net Sales” shall mean the total Revenues, less the total of all of the following deductions:

 

(a)
customary and reasonable trade discounts actually allowed, refunds, returns and recalls according to generally accepted accounting
principles ; 

(b)
sales tariffs, duties, and/or taxes, including but not limited to V.A.T. and/or use taxes, based on sales of the Licensed Products
according to generally accepted accounting principles, but not including taxes when assessed on incomes derived from such sales; 

(c)
customary and reasonable freight, shipping, and outbound transportation prepaid or allowed according to generally accepted accounting
principles; 

(d)
deductions for bad debt according to generally-accepted accounting principles; and 

(e)
amounts allowed or credited on returns according to generally accepted accounting principles.

 

No
deduction shall be made for commissions paid to individuals or entities whether they be independent sales agents or persons regularly
engaged or employed by Licensee and/or a sublicensee.

 

1.10.
“Royalties” shall mean royalties which are calculated as a percentage of Net Sales and will be payable by Licensee
to Carnegie Mellon under the provisions of this Agreement.

 

1.11.
“Sublicense Fees” shall mean any consideration realized by Licensee from a sublicensee, excluding amounts payable
to Licensee by a sublicensee on account of Net Sales.

 

1.12.
“Dollar”, “U.S. Dollar” and “$ U.S.” shall mean lawful money of the United
States of America.

 

1.13.
“Prime Rate” shall mean the prime rate in the Wall Street Journal newspaper in its “Money Rates”
column on the Effective Date.

 

1.14.
“Field of Use” shall mean all uses related to the diagnosis, monitoring, and treatment of human and animal
health including but not limited to therapeutics and diagnostics in any indication, and uses as research tools.

 

1.15.
“Split Agreement” shall mean the split agreement between Carnegie Mellon and the Creators of Licensed Technology.

 

     

     

    

 

1.16.
“Creators” shall mean the thirteen (13) persons identified in the Split Agreement, namely [* * *].

 

1.17.
“Qualified IPO” shall mean an underwritten initial public offering by Licensee under the Securities Act of
1933, as amended, for its own account pursuant to a registration statement on Form S-l or its equivalent where the valuation of
Carnegie Mellon’s initial eight and two tenths percent (8.2%) interest in Licensee immediately preceding such offering (and
without giving effect thereto) is at least Four Million Dollars (U.S. $4,000,000).

 

1.18.
“Qualified Sale” shall mean (i) a cash merger of Licensee with another entity in which, based upon the aggregate
cash consideration delivered to Licensee’s Owners, the valuation of Carnegie Mellon’s eight and two tenths percent
(8.2%) equity interest in Licensee is at least Four Million Dollars (U.S. $4,000,000) or (ii) a sale of substantially all the
assets of Licensee to a third party in which, based upon the net proceeds from such sale distributed to the Owners of Licensee,
the valuation of Carnegie Mellon’s eight and two tenths percent (8.2%) equity interest in Licensee is at least Four Million
Dollars (U.S. $4,000,000).

 

1.19.
“Change of Control Event” shall mean (i) a Qualified IPO, or (ii) a Qualified Sale.

 

1.20.
“Shares” shall mean any of the following held by an Owner: (a) any limited liability company (“LLC”)
units, capital stock or other equity interest in the Licensee; (b) any warrants, options or other rights to subscribe for or to
acquire, directly or indirectly, LLC units, capital stock or other equity interest in the Licensee, whether or not then exercisable
or convertible; (c) any LLC units, stock, notes, other securities, or other equity interest which is convertible into or exchangeable
for, directly or indirectly, LLC units, capital stock, or other equity interest in Licensee, whether or not then convertible or
exchangeable; and (d) any equity securities issued or issuable directly or indirectly with respect to the securities referred
to in clauses (a), (b) and (c) above by way of distribution, stock dividend or stock split or in connection with a combination
of LLC units, capital stock, or other equity interest, recapitalization, merger, consolidation or other reorganization. As to
any particular securities constituting Shares, such securities will cease to be Shares when they have been transferred in a public
sale.

 

1.21.
“Owner” shall mean owner of Shares in Licensee.

 

2.
License Grant

 

2.1.
Carnegie Mellon hereby grants to Licensee, and Licensee hereby accepts, an exclusive, world-wide right to the Patents and the
Licensed Technology to make, have made, use, sell, offer to sell, import, and otherwise Dispose of Licensed Products within the
Field of Use.

 

2.2.
Carnegie Mellon hereby grants to Licensee the right to sublicense the Patents and the Technology without the right to further
sublicense except (a) Licensee’s sublicensee (a “Sublicensee”) may sublicense to Sublicensee’s customers,
distributors, and/or resellers the Licensed Technology in the ordinary course of business to the extent necessary for use and
practice of the Licensed Product Disposed of by Sublicensee to said customers, distributors, and/or resellers or to Sublicensee’s
suppliers manufacturing Licensed Products for or on behalf of Sublicensee to the extent necessary to manufacture Licensed Products
for or on behalf of Sublicensee within the Field of Use; or (b) with the prior written agreement of Carnegie Mellon within the
Field of Use.

 

     

     

    

 

(1)
Any sublicenses granted by Licensee and Sublicensee to any person or entity, other than customers in the ordinary course of business
and to the extent necessary for the use and practice of the Licensed Products Disposed of by Licensee to said customer, must provide
that the obligations to Carnegie Mellon under this Agreement are met and will be conditioned upon and subject to the following
conditions:

 

(a)
Licensee will provide to Carnegie Mellon a copy of each sublicense within sixty (60) days of the date of each such sublicense
has been entered into subject to redaction of confidential commercial terms that are not Revenue related.

 

(b)
Further, any such sublicense entered into by Licensee will expressly include the following provisions for the benefit of Carnegie
Mellon:

 

THE
INTELLECTUAL PROPERTY, TECHNOLOGY, INFORMATION, PRODUCTS AND/OR MATERIALS FURNISHED OR MADE AVAILABLE HEREUNDER ARE FURNISHED
OR MADE AVAILABLE, IN WHOLE OR IN PART, BY NEUBASE THERAPEUTICS, INC UNDER A LICENSE FROM CARNEGIE MELLON UNIVERSITY (“CARNEGIE
MELLON”). CARNEGIE MELLON MAKES NO WARRANTIES OF ANY KIND, EITHER EXPRESSED OR IMPLIED, AS TO ANY MATTER INCLUDING, BUT
NOT LIMITED TO, WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY, EXCLUSIVITY OR RESULTS OBTAINED FROM USE OF ANY
INTELLECTUAL PROPERTY, TECHNOLOGY, INFORMATION, PRODUCTS AND/OR MATERIALS FURNISHED OR PROVIDED. FURTHER, CARNEGIE MELLON MAKES
NO WARRANTIES OF ANY KIND WITH RESPECT TO FREEDOM FROM PATENT, TRADEMARK, OR COPYRIGHT INFRINGEMENT, OR THEFT OF TRADE SECRETS
AND DOES NOT ASSUME ANY LIABILITY HEREUNDER OR OTHERWISE FOR ANY INFRINGEMENT OF ANY PATENT, TRADEMARK, OR COPYRIGHT ARISING FROM
THE USE OF THE INTELLECTUAL PROPERTY, TECHNOLOGY INFORMATION, PRODUCTS AND/OR MATERIALS.

 

CARNEGIE
MELLON SHALL NOT BE LIABLE TO [INSERT NAME OF SUBLICENSEE] OR ANY THIRD PARTY FOR ANY REASON WHATSOEVER ARISING OUT OF OR RELATING
TO THIS [INSERT NAME OF SUBLICENSE], INCLUDING ANY OF THE INTELLECTUAL PROPERTY, TECHNOLOGY, INFORMATION, PRODUCTS AND/OR MATERIALS
FURNISHED OR MADE AVAILABLE HEREUNDER, FOR INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES SUCH AS LOSS OF PROFITS OR INABILITY TO
USE SAID INTELLECTUAL PROPERTY, TECHNOLOGY, INFORMATION, PRODUCTS AND/OR MATERIALS OR ANY APPLICATIONS OR DERIVATIONS THEREOF,
EVEN IF CARNEGIE MELLON AND/OR ANY OF ITS LICENSEES HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

     

     

    

 

[insert
name of sublicensee] shall defend, indemnify and hold harmless Carnegie Mellon, its trustees, officers, employees, attorneys and
agents from and against all claims or demands made against any one or more them (and any related losses, expenses and costs, including
attorneys’ fees and expenses) arising out of or relating to [insert name of sublicensee]’s use or disposition of or
act or omission regarding, the intellectual property, technology, information, products or materials furnished or provided hereunder
and/or any goods or services which are based on or utilize any of the foregoing in whole or in part including but not limited
to, any claims of product liability, personal injury (including, but not limited to, death), damage to property or violation of
any laws or regulations including, but not limited to, claims of active or passive negligence.

 

Carnegie
Mellon is an express third party beneficiary of this [insert name of sublicense].

 

2.3.
Carnegie Mellon shall have the right to use the Patents and Licensed Technology for Carnegie Mellon research, educational, and
academic purposes.

 

2.4.
Nothing in this Agreement shall restrict non-commercial academic research or other not-for-profit scholarly activities, which
are undertaken at a nonprofit or governmental institution in the Field of Use and/or in the area of Licensed Technology and/or
any other areas. It is understood that this term does not restrict Licensee from enforcing the Patents against a commercial entity
or commercial activity.

 

2.5.
Licensee and any sublicensee, when Disposing of any Licensed Product, shall Dispose of the Licensed Product in compliance with
all applicable governmental laws, rules, and regulations. Licensee shall keep Carnegie Mellon fully informed of, and shall use
commercially reasonable efforts to resolve, any complaint by a governmental body relevant to the Licensed Products, except for
complaints subject to Section 22 (Infringement) of this Agreement.

 

2.6.
Carnegie Mellon retains the right, exercisable upon Licensee’s written consent, to grant nonexclusive licenses to practice
the Licensed Technology in the Field of Use to third parties as a means to resolve disputes or settle claims, suits, or proceedings
arising out of allegations that the Licensed Technology infringes upon the intellectual property rights of the third party. Each
party shall promptly notify the other parties hereto of its receipt of any such allegations. Nothing in this Section 2.6 shall
be construed as obligating Carnegie Mellon to resolve any dispute or to settle or defend any claim, suit, or proceeding arising
out of Licensee’s Disposition of Licensed Products. If Carnegie Mellon grants such non-exclusive license, the economic terms
of this Agreement will be adjusted accordingly. Carnegie Mellon retains the right to grant either exclusive or non-exclusive licenses
for the Licensed Technology in fields of use other than the Field of Use for which the license hereunder is granted.

 

2.7.
It is a condition of the continued existence of this Agreement that Creators of the Licensed Technology having any rights under
Carnegie Mellon’s Intellectual Property Policy, who are or become (in the period two years after the Effective Date) Owners
(other than through distribution of Shares received by Carnegie Mellon or purchase of Shares after a public offering or the sale
of substantially all of the assets of Licensee to a third party), full-time or substantially full-time employees, full-time or
substantially full-time consultants, or full-time or substantially full-time subcontractors of or to Licensee, before assuming
such status regarding Licensee, have executed and delivered to Carnegie Mellon an assignment to Carnegie Mellon, in the form of
Attachment B of this Agreement, of their rights as Creators to receive any amounts that would otherwise thereafter be due to them
under Carnegie Mellon’s Intellectual Property Policy, under or by reason of implementation of this Agreement. Licensee will
be required to provide to Carnegie Mellon a signed proof of waiver from any such Creator, who occupies the status of Owner or
full-time or substantially full-time employee, full-time or substantially full-time consultant or full-time or substantially full-time
subcontractor of Licensee at any time during the period commencing on or before the Effective Date and ending two years thereafter.
Such information will be provided within five (5) days of the execution of this Agreement and will be updated within five (5)
days of any changes in accordance with Section 23 (Notices).

 

     

     

    

 

2.8.
This Agreement is subject to any government purpose license rights under 35 USC §202 (c) (4) and any march-in rights of the
United States of America under 35 USC §203.

 

3.
Term of this Agreement

 

The
term of this Agreement shall conclude at the end of twenty (20) years from the Effective Date, or on the expiration date of the
last-to-expire Patent, whichever comes later, unless otherwise terminated pursuant to another provision of this Agreement; except
in the case where this Agreement is otherwise terminated earlier pursuant to another provision of this Agreement, at the expiration
of the term of this Agreement, the rights and licenses granted to Licensee by Carnegie Mellon pursuant to Section 2 hereof shall
thereafter survive in perpetuity, subject to and contingent upon Licensee’s compliance with the obligations specified in
Section 16 (Indemnification), and 21 (Dispute Resolution) hereof.

 

4.
Carnegie Mellon Shares

 

4.1.
As partial consideration for the license rights granted by Carnegie Mellon herein: (a) within thirty (30) days from the Effective
Date, Licensee will issue and deliver to Carnegie Mellon 820,000 of shares of common stock of Licensee (the “Common Stock”),
which Common Stock shall constitute eight and two tenths percent (8.2%) of the then fully-diluted capitalization of Licensee,
and (b) Licensee will issue a warrant to Carnegie Mellon (substantially in the form attached hereto as Attachment C of this Agreement),
exercisable only upon the earlier of (i) the day that Licensee receives cumulative capital funding and/or cumulative Revenues
equal to the sum of Two Million Dollars (U.S. $2,000,000) or (ii) thirty (30) days prior to any Change of Control Event that provides
for the issuance of Shares, for a number of shares of Common Stock sufficient such that when added to the shares of Common Stock
issued to Carnegie Mellon pursuant to clause (a) of this Section 4.1 Carnegie Mellon holds in the aggregate an amount equal to
eight and two tenths percent (8.2%) of the fully-diluted capitalization of Licensee; provided, however, that for the purposes
of calculating the above eight and two tenths percent (8.2%) only the first Two Million Dollars (U.S. $2,000,000) of capital funding
shall be considered in the determination of Licensee’s fully-diluted capitalization.

 

4.2.
Subject to the execution and delivery by Carnegie Mellon to the Company, and agreement to be bound by the obligations in, all
transaction documents entered into by other purchasers participating in the applicable issuance of equity securities, including
a purchase agreement, an investor rights agreement and other ancillary agreements, with customary representations and warranties
and transfer restrictions (including, without limitation, a 180-day lock-up agreement in connection with an Initial Public Offering),
prior to a Qualified IPO or a Qualified Sale, Carnegie Mellon shall have preemptive rights with respect to additional issuances
of equity securities (or securities convertible or exchangeable into equity securities) (“Equity Securities”),
including without limitation issuances of Equity Securities to Licensee employees in exchange for cash, the effect of which will
be that Carnegie Mellon shall have the right to subscribe for additional Equity Securities so as to maintain its eight and two
tenths percent (8.2%) equity interest without dilution or diminution.

 

     

     

    

 

4.3.
In any public offering of securities conducted by Licensee, which includes Shares held by Owners, Carnegie Mellon shall be entitled
to participate on a pro rata basis to the same extent as such selling Owners (or any permitted transferee of such selling Owners)
and on terms and conditions no less favorable to Carnegie Mellon than those provided to such selling Owners (or such permitted
transferee); provided, however, that the rights contained in this Section 4.3 shall be subject to any future restrictions imposed
on Owners by future financing or related transaction documents, or reasonable requests by Licensee’s underwriters in connection
with any such public offering.

 

4.4.
Carnegie Mellon shall have the right of co-sale such that, if another Owner desires to sell all or any part of his or its Shares,
now owned or hereinafter acquired, any such sale of Shares will be subject to the following rights of co-sale. Carnegie Mellon
shall have the right to sell to the purchaser of the stock, on the same terms and conditions, an amount of Shares equal to the
number of Shares then owned by Carnegie Mellon equal to (i) the percentage of Carnegie Mellon Shares times the number of Shares
to be sold or (ii) at the option of Carnegie Mellon, a lesser number of Shares (“Co-Sale Right”). The effect
of this Co-Sale Right will be to equate, on a percentage ownership basis, the number of Shares sold by the selling Owner and each
of the other Owners, which may prevent the selling Owner from selling the number of Shares which he or it originally intended
to sell.

 

4.5.
Notwithstanding the foregoing, the provisions of Section 4.4 shall not apply to any sale by a Owner in an underwritten public
offering under an effective registration statement under the Securities Act of 1933, as amended.

 

5.
Minimum Performance Requirements

 

5.1.
Licensee shall use its best efforts to effect introduction of Licensed Technology into the commercial market as soon as possible;
thereafter, until the expiration of this Agreement, Licensee shall keep Licensed Technology reasonably available to the public.
For the purpose of clarity, “best efforts” means Licensee shall achieve the milestones listed in Section 5.2 below.

 

5.2.
Licensee shall achieve the following milestones:

 

		(i)	Submission
                                         of a business plan to Carnegie Mellon, by [* * *]

 

		(ii)	Initial
                                         funding of $250,000 (including grants) attained by [* * *]

 

		(iii)	Initial
                                         product specification developed and preliminary market testing for a Licensed Product
                                         for each invention listed in Attachment A completed by [* * *]

 

     

     

    

 

		(iv)	Minimum
                                         development of a Licensed Product during the periods specified below:

 

a)
From Effective Date until Year ending [* * *] = [* * *] in financing, and [* * *] 

b)
From Effective Date until Year ending [* * *] = [* * *] in financing, and [* * *] 

c)
From Effective Date until Year ending [* * *] = [* * *] in financing, [* * *], and a [* * *]

 

		(v)	Minimum
                                         Revenues during the periods specified below:

 

a)
From Effective Date until Year ending [* * *] = [* * *] 

b)
From Effective Date until Year ending [* * *] = [* * *]

 

5.3.
Licensee’s failure to perform in accordance with Sections 5.1 or 5.2 herein shall be grounds for Carnegie Mellon to a) terminate
this Agreement pursuant to Section 11.2 herein, b) terminate the license granted to any invention listed in Attachment A, or b)
terminate the exclusivity of the license to any invention listed in Attachment A (by amending the word “exclusive”
in the related license grant to read “non-exclusive”). However, Licensee may obtain one [* * *] extension to meet
each milestone by payment of [* * *] to Carnegie Mellon.

 

6.
Royalties and Payment Terms

 

6.1.
Royalties payable by Licensee to Carnegie Mellon shall be [* * *] of Net Sales. However, no Royalties from Dispositions of Licensed
Products by Licensee (but not any of its sublicensees) under this Section shall be due and payable to Carnegie Mellon for a period
of three (3) years following the Effective Date or until the closing of a Change of Control Event, whichever may occur sooner.
In the event that Licensee is legally required to pay bona fide royalties to a third party(ies) with respect to any Disposition
of a Licensed Product for which Licensee is also legally required to pay Royalties to Carnegie Mellon under this Agreement, then
Licensee shall be entitled to deduct fifty percent (50%) of such royalties paid to such third party(ies) with respect to that
Disposition of a Licensed Product from the Royalties due to Carnegie Mellon under this Agreement for that Disposition of a Licensed
Product; provided that such Royalties due to Carnegie Mellon shall in no event be less than [* * *] of Net Sales.

 

6.2.
Licensee shall pay to Carnegie Mellon [* * *] of Sublicense Fees.

 

6.3.
Royalties and Sublicense Fees payable to Carnegie Mellon shall be paid by Licensee to Carnegie Mellon, as set forth in this Section
6, for each Fiscal Quarter within sixty (60) days after the end of such Fiscal Quarter, until this Agreement expires or is terminated
in accordance with the terms of this Agreement. If this Agreement terminates before the end of a Fiscal Quarter, the payment for
the terminal fractional portion of a Fiscal Quarter shall be made within ninety (90) days after the date of termination of this
Agreement. All Royalties and other amounts payable hereunder shall be paid in U.S. Dollars and shall be made by wire transfer
to Carnegie Mellon’s account No. [* * *], or by Licensee’s check sent in accordance with Section 22 (Notices).

 

     

     

    

 

6.4.
All amounts payable hereunder which are overdue shall bear interest until paid at a rate equal to the Prime Rate in effect at
the date such amounts were due plus four percent (4%) per annum, 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 Carnegie Mellon has as a result
of Licensee’s failure to make timely payment of any amounts.

 

7.
Reports and Audits

 

7.1.
Licensee shall report Quarterly to Carnegie Mellon Net Sales and Revenues and Sublicense Fees which are subject to Royalty and
other payments within sixty (60) days of the end of the relevant Quarter.

 

7.2.
Licensee shall maintain accurate books and records such that the Royalties and other amounts due and payable hereunder can be
easily ascertained. Such books and records shall be maintained at Licensee’s principal place of business. Licensee shall
make available Licensee’s books and records for audit by Carnegie Mellon or its designee, and Licensee agrees to cooperate
fully in any such audit, provided that Carnegie Mellon and its designee (if any) agree to protect the confidentiality of the information
as to the customers of Licensee. Any such audit shall not be more frequent than annually. In the event of any deficiency in payment,
in addition to paying the deficiency, if the audit determines that any amounts paid to Carnegie Mellon were deficient by more
than five percent (5%), Licensee shall also pay the costs of the audit, all within thirty (30) days following written notice of
such deficiency.

 

7.3.
Licensee shall report to Carnegie Mellon the date of the first commercial Disposition of a Licensed Product within sixty (60)
days of occurrence in each country.

 

7.4.
Within sixty (60) days after the end of each of Licensee’s fiscal years, Licensee shall furnish Carnegie Mellon with a written
report on the progress of its efforts during the immediately preceding fiscal year to develop and commercialize Licensed Products.
The report shall also contain a discussion of intended efforts and sales projections for the year in which the report is submitted,
as outlined in Attachment D.

 

7.5.
Within sixty (60) days after the end of each of Licensee’s fiscal years, Licensee shall provide Carnegie Mellon with Licensee’s
financial statements for the immediately preceding fiscal year (including, at a minimum, an income statement, a statement of cash
flows, and a balance sheet) that have been certified by Licensee’s treasurer, chief financial officer, or an independent
auditor.

 

7.6.
Carnegie Mellon shall keep confidential, not disclose to any third party and not use for any purpose other than monitoring Licensee’s
performance under this Agreement and/or enforcing its rights under this Agreement, the terms of this Agreement and all reports,
financial statements, documents and other confidential or proprietary information of Licensee provided to Carnegie Mellon’s
Center for Technology Transfer and Enterprise Creation by Licensee under this Agreement; provided, however, that Carnegie Mellon
may include in its annual reports totals derived from information received from Licensee (without attribution to Licensee) that
show revenues generated by the Licensed Technology; and provided further that the non-disclosure and non-use obligations shall
not apply to any information that (a) is or becomes part of the public domain other than by breach by Carnegie Mellon of this
Section 7.6, or (b) is required to be disclosed by Carnegie Mellon pursuant to interrogatories, requests for information or documents,
subpoena, civil investigative demand issued by a court or governmental agency or as otherwise required by law, provided that Carnegie
Mellon shall limit the disclosure to such information that it is legally required to disclose. Notwithstanding the foregoing,
to the extent that it is reasonably necessary as determined by Carnegie Mellon, Carnegie Mellon may disclose information it is
otherwise obligated under this Section 7.6 not to disclose in confidence to its lawyers, accountants, auditors, trustees, inventors,
funding sources, and financial advisors.

 

     

     

    

 

8.
Improvements

 

8.1.
[* * *].

 

8.2.
Licensee will own all of the right, title and interest (including patents, copyrights, mask work rights, trade secrets and any
other intellectual property rights, but excluding Patents) in and to the results of the collaboration between the parties that
are developed solely by Licensee employees or agents, when acting as such.

 

8.3.
Carnegie Mellon will own all of the right, title and interest (including patents, Patents, copyrights, Copyrights, mask work rights,
trade secrets and any other intellectual property rights) in and to the results of the collaboration between the parties that
are developed solely by Carnegie Mellon employees or agents, when acting as such.

 

8.4.
If any other intellectual property rights are developed jointly by employees or agents of Carnegie Mellon and Licensee, each when
acting as such, which would not constitute a Patent or Licensed Technology and which are not subject to another agreement between
Carnegie Mellon and Licensee, Carnegie Mellon and Licensee shall jointly own (without any duty to account to the other for profits)
all right, title and interest (including patents, copyrights, mask work rights, trade secrets, and other intellectual property
rights) in and to the results of such joint development. If any technology or patentable invention which would not constitute
a Patent or Licensed Technology arises out of such joint development by employees or agents of Carnegie Mellon and Licensee, each
when acting as such, Carnegie Mellon and Licensee will engage in good faith efforts to mutually agree on whether and how to pursue
patent, copyright or mask work protection of the invention in the U.S. and elsewhere.

 

8.5.
[* * *].

 

9.
Patents and Other Intellectual Property

 

9.1.
Intellectual property rights to Licensed Technology such as Patent(s), patent(s), and Copyrights which may be obtainable will
remain the property of Carnegie Mellon. Trademarks existing on the Effective Date belong to Carnegie Mellon.

 

9.2.
Within thirty (30) days of the Effective Date, Licensee shall make a one-time payment to Carnegie Mellon of fifty-three thousand
seven hundred ninety-two dollars and fifty cents (US$53,792.50) for patenting and other intellectual property protection costs
incurred by Carnegie Mellon prior to the Effective Date and relating to the Licensed Technology. Thereafter, Licensee shall pay
for or reimburse Carnegie Mellon for all fees and expenses related to future Patent expenses, within thirty (30) days of receipt
of each notification or bill.

 

     

     

    

 

9.3.
Carnegie Mellon has applied for, and/or will apply for and prosecute Patent coverage in any country if so requested by Licensee,
at Licensee’s sole expense, for any and all Patents to the extent that such protection is reasonably obtainable.

 

9.4.
Carnegie Mellon may, at its option and sole discretion and at its own expense pursue patent, copyright and/or trademark rights
for Licensed Technology in any country for which coverage has not been requested by Licensee in accordance with Subsection 9.3
herein. If Licensee does not reimburse Carnegie Mellon for such amounts within thirty (30) days of the receipt of each notification
or bill therefor, then Licensee shall have no rights relating to same in that country.

 

9.5.
No less than forty-five (45) days before instituting any legal proceeding contesting the validity or enforceability or use of
a license granted hereunder, Licensee shall give written notice to Carnegie Mellon of its intention to bring such a challenge
and a detailed description of the legal and factual basis for such a challenge to preserve Carnegie Mellon’s ability to
have any such challenge proceed in a forum convenient for Carnegie Mellon and to assist the parties in seeking to resolve the
dispute without the need for judicial action.

 

9.6.
In prosecution and maintenance of the Patents, Carnegie Mellon shall provide to Licensee drafts of any responses to advisory actions,
office actions, amendments or the like in advance for Licensee to review and comment. Carnegie Mellon shall consider in good faith
all comments made by Licensee.

 

10.
Markings, Trademarks and Trade Names

 

10.1.
If practicable, Licensee shall include in all sales, marketing literature and invoices relating to Licensed Product, a statement
to the effect that “this product or portions thereof is manufactured under license from Carnegie Mellon University.”

 

10.2.
If a Licensed Product falls within the scope of one or more claims of a pending application within Patents, and if required by
law, Licensee shall mark each Licensed Product and/or packaging therefor, any time prior to sale, with Patent Pending”,
and, if a Licensed Product falls within the scope of one or more claims of an unexpired patent within Patents, Licensee shall
mark each Licensed Product and/or packaging therefor any time prior to sale, with the applicable patent number or numbers in accordance
with the applicable laws of the countries in which the materials are intended to be used. Licensee may use virtual marking where
appropriate.

 

10.3.
Licensee acknowledges that the title to the Technology (including Copyright) shall remain with Carnegie Mellon.

 

10.4.
Licensee acknowledges that it does not have any ownership rights or any title whatsoever in or to the Technology, any Carnegie
Mellon trade name or in or to any of Carnegie Mellon’s trademarks, except as provided under this Agreement. Licensee shall
neither register nor use any Carnegie Mellon trademarks or trade names. Any reference by Licensee to Carnegie Mellon beyond the
above or beyond as otherwise provided in this Agreement may only be done with express written permission of Carnegie Mellon’s
Director of the Center for Technology Transfer and Enterprise Creation.

 

     

     

    

 

11.
Termination

 

11.1.
In the event that Licensee defaults in the payment in full of any amount required to be paid under this Agreement on the date
such payment is due, in addition to utilizing any other legal and/or equitable remedies, and fails to cure such default within
thirty (30) days after written notice of such default from Carnegie Mellon, Carnegie Mellon shall have the right by written notice
to Licensee to (a) terminate the exclusivity, if any, of any license hereunder (by amending the word “exclusive” in
the related license grant to read “non-exclusive”) without any reduction in any of the payments due from Licensee
or (b) terminate this Agreement. In addition to the foregoing, in the event that (a) Licensee shall make or offer to make any
arrangement or composition with or for the benefit of its creditors, or (b) Licensee ceases or threatens to cease to carry on
its business, or (c) Licensee is or becomes unable to pay its debts as they become due, or (d) Licensee commits any act of insolvency
or bankruptcy, or (e) a petition or resolution for the making of an administration order or for the bankruptcy, winding-up or
dissolution of Licensee is presented or passed, or (f) Licensee files a voluntary petition in bankruptcy or insolvency, or (g)
a receiver or administrator takes possession of or is appointed over the whole or any part of the assets of Licensee, or (h) any
analogous procedure is commenced against or by Licensee in any jurisdiction, Carnegie Mellon shall have the right by written notice
to Licensee to terminate this Agreement.

 

11.2.
In the event that either party to this Agreement defaults in the performance of any of its obligations hereunder (other than any
of the defaults or events referred to in Section 11.1. hereof) and fails to cure such default within thirty (30) days after written
notice of such default from such other party, the other party shall have the right by written notice to the defaulting party to
terminate this Agreement.

 

11.3.
In the event that any of (a) Licensee, or (b) an Affiliate of Licensee, or (c) a third party acting on behalf of Licensee or one
of its Affiliates, challenges or disputes the validity or enforceability of any intellectual property rights licensed hereunder
in any judicial or administrative proceeding in a court or agency of competent jurisdiction, Carnegie Mellon may, at its option
and sole discretion, terminate the license or terminate exclusivity as to such challenged intellectual property by notice in writing
to Licensee.

 

11.4.
The Royalty rates and other amounts stated herein have been negotiated with the understanding that no court has made any determination
as to the validity or enforceability of any Patent specifically claiming any of the Licensed Technology or whether any of Licensee’s
products infringe any claim of any Patent. Licensee desires to obtain a license under the terms stated herein, without regard
to the lack of such adjudication. In the event that Licensee or any Affiliate of Licensee challenges the validity or enforceability
of any Patent in a court or agency of competent jurisdiction, or commences a judicial proceeding involving whether any of its
products based on the Licensed Technology infringe any Patents or would infringe a Patent in the absence of this license, and
such validity, enforceability or infringement is upheld in any such judicial or administrative proceeding (including a reexamination
that results in issuance of amended claims), Royalties due and payable under Section 6.1 herein shall, effective immediately as
of the date such validity, enforceability or infringement is upheld, increase to five and four tenths percent (5.4%) to take into
account the additional certainty regarding Carnegie Mellon’s rights provided by such a resolution and to compensate Carnegie
Mellon for the burden and expense of such challenge.

 

     

     

    

 

11.5.
The termination of this Agreement pursuant to this Section 11 or pursuant to Section 3 hereof shall not terminate (a) the obligation
of Licensee to pay any amounts which have accrued or would otherwise be required to be paid by Licensee under the terms of this
Agreement, and (b) the obligations of Licensee under Sections 7 (Reports and Audits), 9 (Patents and Other Intellectual Property),
11 (Termination), 12 (Taxes), 15 (Confidentiality and Trade Secrets), 16 (Indemnification), 17 (Insurance), 21 (Dispute Resolution),
and 22 (Infringement) hereunder.

 

11.6.
Licensee may terminate this Agreement upon thirty (30) days advance written notice to Carnegie Mellon and payment to Carnegie
Mellon in accordance with the following schedule:

 

	Termination
    Date	Termination
    Payment Amount
	Effective
    Date to December 31, 2019	$[*
    * *] USD
	January
    1, 2020 to December 31, 2020	$[*
    * *] USD
	January
    1, 2021 to December 31, 2021	$[*
    * *] USD
	January
    1, 2022 to December 31, 2022	$[*
    * *] USD
	January
    1, 2023 to December 31, 2023	$[*
    * *] USD
	January
    1, 2024 to December 31, 2024	$[*
    * *] USD
	January
    1, 2025 to December 31, 2038	$[*
    * *] USD

 

The
termination fee is in addition to any amounts otherwise required to be paid by Licensee under the terms of this Agreement. However,
Licensee is only required to pay the termination fee if, at the time of termination, a Patent in the United States contains a
valid claim, a valid claim being: (i) a claim of a pending patent application included within the Patents that has been pending
without grant of patent for no greater than five (5) years from the original priority date of the claim; and/or (ii) a claim of
an issued and unexpired patent included within the Patents that has not been revoked or held unenforceable or invalid by a decision
of a court or other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal,
or which has not been disclaimed, denied or admitted to be invalid or unenforceable through reissue or disclaimer or otherwise.

 

11.7.
Upon termination of this Agreement for any reason and as requested in writing by Sublicensee within sixty (60) days following
termination, Carnegie Mellon shall within ninety (90) days receipt of the written request, negotiate in good faith with Sublicensee
a direct license with Carnegie Mellon for the Technology and/or Patents; provided Sublicensee is not in breach of the applicable
sublicense and whose sublicense was not granted in violation of this Agreement.

 

     

     

    

 

12.
Taxes

 

Licensee
shall pay all taxes which may be assessed or levied on, or on account of, the Licensed Products made or Disposed of and all taxes
assessed or levied on, or on account of, the amounts payable to, or for the account of, Carnegie Mellon under this Agreement (other
than Carnegie Mellon’s U.S. federal, state or local income or franchise taxes).

 

13.
NO WARRANTY; LIMITATION AS TO TYPES OF DAMAGES

 

ANY
AND ALL INFORMATION, MATERIALS, SERVICES, INTELLECTUAL PROPERTY AND OTHER PROPERTY AND RIGHTS GRANTED AND/OR PROVIDED BY CARNEGIE
MELLON PURSUANT TO THIS AGREEMENT, INCLUDING THE LICENSED TECHNOLOGY ARE GRANTED AND/OR PROVIDED ON AN “AS IS” BASIS.
CARNEGIE MELLON MAKES NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, AS TO ANY MATTER, AND ALL SUCH WARRANTIES, INCLUDING
WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, ARE EXPRESSLY DISCLAIMED. WITHOUT LIMITING THE GENERALITY
OF THE FOREGOING, CARNEGIE MELLON DOES NOT MAKE ANY WARRANTY OF ANY KIND RELATING TO EXCLUSIVITY, INFORMATIONAL CONTENT, ERROR-FREE
OPERATION, RESULTS TO BE OBTAINED FROM USE, FREEDOM FROM PATENT, TRADEMARK AND COPYRIGHT INFRINGEMENT AND/OR FREEDOM FROM THEFT
OF TRADE SECRETS. LICENSEE IS PROHIBITED FROM MAKING ANY EXPRESS OR IMPLIED WARRANTY TO ANY THIRD PARTY ON BEHALF OF CARNEGIE
MELLON RELATING TO ANY MATTER, INCLUDING THE APPLICATION OF OR THE RESULTS TO BE OBTAINED FROM THE INFORMATION, MATERIALS, SERVICES,
INTELLECTUAL PROPERTY OR OTHER PROPERTY OR RIGHTS, INCLUDING THE LICENSED TECHNOLOGY GRANTED AND/OR PROVIDED BY CARNEGIE MELLON
PURSUANT TO THIS AGREEMENT

 

CARNEGIE
MELLON SHALL NOT BE LIABLE TO LICENSEE OR ANY THIRD PARTY FOR ANY REASON WHATSOEVER ARISING OUT OF OR RELATING TO THIS AGREEMENT
(INCLUDING ANY BREACH OF THIS AGREEMENT) FOR LOSS OF PROFITS OR FOR INCIDENTAL, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, EVEN
IF CARNEGIE MELLON HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR HAS OR GAINS KNOWLEDGE OF THE EXISTENCE OF SUCH DAMAGES.

 

14.
Costs

 

All
costs and expenses incurred by Licensee in carrying out Licensee’s obligations under this Agreement shall be paid by Licensee,
and Licensee shall not be entitled to reimbursement from Royalties hereunder or otherwise therefor from Carnegie Mellon. Licensee
and its sublicensees shall possess or obtain at its own expense all necessary licenses and permits and shall comply with all laws,
ordinances, rules or regulations affecting the exportation or Disposition of Licensed Products, Licensed Technology and/or Derivatives.

 

     

     

    

 

15.
Confidentiality

 

15.1.
“Confidential Information” shall mean any information relating to the Licensed Technology, the terms of this
Agreement (as from time to time amended), Patents, covered by this Agreement or information disclosed to Licensee in the manner
set forth hereinafter. All such information shall be Confidential Information, including information disclosed to Licensee prior
to the Effective Date, unless such information (a) was already in Licensee’s possession prior to the disclosure thereof
by Carnegie Mellon as provided in subsection 15.1(1) hereof, (b) has been published or is published hereafter, unless such publication
is a breach of this Agreement, (c) is received by Licensee from a third party not under an obligation of confidentiality with
respect thereto, or (d) is independently developed by Licensee.

 

(1)
In the event that such information shall be established to have been known to Licensee prior to the disclosure thereof by Carnegie
Mellon by reference to any publication thereof by Licensee or by reference to any internal writing or other business record maintained
by Licensee in the ordinary course of business, such information shall not be deemed to be Confidential Information for purposes
of this Agreement following notification to Carnegie Mellon of such fact.

 

(2)
With respect to any information not related to the Licensed Technology which is sought by Carnegie Mellon to be Confidential Information
subject to this Agreement, Carnegie Mellon shall mark such information as “Confidential” prior to disclosing it to
Licensee.

 

(3)
With respect to any oral communication not related to the Licensed Technology which is deemed by Carnegie Mellon to be Confidential
Information subject to this Agreement, Carnegie Mellon shall notify Licensee of such fact and within thirty (30) days thereafter
Carnegie Mellon shall send a memorandum to Licensee outlining the information deemed to be Confidential Information.

 

15.2.
Licensee shall maintain in confidence and shall not disclose to any person not a party hereto, nor shall Licensee use or exploit
in any way without Carnegie Mellon’s written agreement, any Confidential Information until three (3) years after the later
of the date of termination of this Agreement or the end of the term of the last to expire Patent, unless such information ceases
to be Confidential Information prior to the end of such period through no fault of Licensee or Licensee and Carnegie Mellon enter
into an agreement authorizing same. Notwithstanding the foregoing, Licensee may disclose Confidential Information to potential
investors of Licensee strictly on a need-to-know basis as is necessary for such potential investor to make an investment decision
in Licensee.

 

15.3.
Licensee shall exercise all reasonable precautions to prevent the disclosure of Confidential Information by its employees or representatives,
and in any event shall maintain with respect to such Confidential Information a standard of care which is no less than that standard
which Licensee maintains to prevent the disclosure of its own confidential information but no less than a reasonable standard
of care. Notwithstanding the foregoing, Licensee may disclose Confidential Information to potential investors of Licensee strictly
on a need-to-know basis as is necessary for such potential investor to make an investment decision in Licensee.

 

     

     

    

 

15.4.
Upon termination of this Agreement under Sections 11.1, 11.2, 11.3, or 11.6, Licensee agrees to return promptly to Carnegie Mellon,
without copying, all originals and copies of all materials (other than this Agreement) containing any Confidential Information.

 

16.
Indemnification

 

Licensee
and its sublicensees shall defend, indemnify, and hold harmless Carnegie Mellon and its trustees, officers, employees, attorneys
and agents from and against any liability, damage, loss or expense (including attorneys’ fees and expenses) incurred by
or imposed upon any of Carnegie Mellon and/or its trustees, officers, employees, attorneys and agents in connection with any claim,
suit, action or demand arising out of or relating to any exercise of any right or license granted or provided to Licensee and/or
its sublicensees or any failure to perform any obligation of Licensee and/or any sublicensees under this Agreement and/or any
sublicense, including any Disposition of Licensed Product(s), under any theory of liability (including without limitation, actions
in the form of tort, warranty, or strict liability, or violation of any law, and regardless of whether such action has any factual
basis).

 

17.
Insurance

 

Licensee
and each sublicensee shall, at its own expense, obtain prior to the first commercial sale of a Licensed Product, clinical trial,
or use in humans, and maintain throughout the term of this Agreement, commercial general liability insurance with a limit of not
less than [* * *] per occurrence and [* * *] aggregate for products liability and completed operations from an insurance company(ies)
having a financial rating from AM Best or similar rating service of at least an “A-”. Carnegie Mellon shall be identified
and named as an additional insured on such insurance policy(ies). Licensee agrees to provide and to cause each sublicensee to
provide Carnegie Mellon with evidence of such insurance upon the execution of this Agreement (and thereafter from time to time
as Carnegie Mellon may request).

 

18.
No Acquiescence

 

No
acquiescence in any breach of this Agreement by either party shall operate to excuse any subsequent or prior breach.

 

19.
Entire Agreement

 

This
Agreement supersedes all previous agreements relating to the subject matter hereof, whether oral or in a writing, and constitutes
the entire agreement of the parties hereto relating to the subject matter hereof and may not be amended or altered in any respect
except in a writing executed by the parties.

 

     

     

    

 

20.
Governing Law

 

This
Agreement shall be governed by, and construed and enforced in accordance with, the laws of the Commonwealth of Pennsylvania, without
regard to conflict of law principles in that or any other jurisdiction.

 

21.
Dispute Resolution

 

All
claims and/or controversies of every kind and nature arising out of or relating to this Agreement, including any questions concerning
its existence, negotiation, validity, meaning, performance, non-performance, breach, continuance or termination shall be settled
(a) at Carnegie Mellon’s election, by binding arbitration administered by the American Arbitration Association (“AAA”)
in accordance with its Commercial Arbitration Rules and, in such case (i) the arbitration proceedings shall be conducted before
a panel of three arbitrators, with each party selecting one disinterested arbitrator from a list submitted by the AAA and the
two disinterested arbitrators selecting a third arbitrator from the list, (ii) each party shall bear its own cost of arbitration,
(iii) all arbitration hearings shall be conducted in Allegheny County, Pennsylvania, and (iv) the provisions hereof shall be a
complete defense to any suit, action or proceeding instituted in any federal, state or local court of before any administrative
tribunal with respect to any claim or controversy arising out of or relating to this Agreement and which is arbitrable as provided
in this Agreement, provided that either party may seek injunctive relief in a court of law or equity to assert, protect or enforce
its rights in any intellectual property and/or confidential or proprietary information as described in this Agreement, or (b)
in the event that Carnegie Mellon does not elect binding arbitration as permitted in point (a) above, exclusively in the U.S.
District Court for the Western District of Pennsylvania or, if such Court does not have jurisdiction, in any court of general
jurisdiction in Allegheny County, Pennsylvania and each party consents to the exclusive jurisdiction of any such courts and waives
any objection which such party may have to the laying of venue in any such courts.

 

22.
Infringement

 

22.1.
So long as Licensee remains the exclusive licensee of any of the Patents in the Field of Use, Licensee shall have the right during
the term of this Agreement to commence an action for infringement of any of those Patents against any third party for any infringement
occurring within the Field of Use, provided that Licensee shall provide Carnegie Mellon sixty (60) days’ prior written notice
of such infringement and of Licensee’s intent to file such action. Carnegie Mellon shall have the right at its own expense
(subject to being reimbursed from any settlement amount or proceeds as provided herein) to appear in such action by counsel of
its own selection. If required by the jurisdictional laws of the forum that any such action be prosecuted in the name of the owner
of the Patent or that Carnegie Mellon be joined as a party, Carnegie Mellon shall appear; except that (a) if such appearance could
subject Carnegie Mellon to any unrelated action or claim of a third party or Licensee in that or any other jurisdiction, then
Carnegie Mellon shall have the right to decline such appearance if Carnegie Mellon may legally do so in the opinions of external
legal counsels for both Carnegie Mellon and Licensee; and (b) Carnegie Mellon shall have no obligation to appear, if external
legal counsels for both Carnegie Mellon and Licensee agree that Carnegie Mellon has no obligation to appear, if the defendant
in such action is Marvell Technology Group, Inc., or any direct or indirect subsidiary thereof, or any successor thereto (collectively,
a “Marvell Entity”), or if the defendant in such action is accused of infringement as a result of the manufacture,
use, importation into the United States, sale, offer of sale, or other disposition of products or processes sold or provided directly
or indirectly by a Marvell Entity. Licensee shall hold Carnegie Mellon harmless from, and indemnify Carnegie Mellon against any
liability, damage, loss, or expense that Carnegie Mellon suffers or incurs, including Carnegie Mellon’s attorneys’
fees and expenses, in connection with, in consequence of or resulting from such action, and all liability, damage, loss, or expense
suffered or incurred by Carnegie Mellon in connection with, in consequence of or resulting from such action, including reasonable
compensation for the time of any Carnegie Mellon personnel, shall be paid by Licensee as the same is incurred by Carnegie Mellon.
Settlement of any action brought by Licensee shall require the consent of Carnegie Mellon and any settlement amount or recovery
for damages shall be applied as follows: (a) first, to reimburse the parties for their unreimbursed expenses in connection with
the litigation; and (b) second, Carnegie Mellon shall receive compensation for unreimbursed time of any Carnegie Mellon personnel
involved in the action; and (c) third, Carnegie Mellon shall receive the following percentage of the monies remaining: ten percent
(10%).

 

     

     

    

 

22.2.
In the event that Licensee is unsuccessful in persuading an alleged infringer to desist or fails to initiate any infringement
action contemplated by Section 22.1 within a reasonable time after Licensee first becomes aware of the basis for such action,
Carnegie Mellon shall have the right, in its sole discretion, to prosecute such infringement action at its sole expense, and any
settlement amount or recovery shall belong to Carnegie Mellon.

 

22.3.
Notwithstanding the pendency of any infringement (or other) claim or action by or against Licensee, Licensee shall have no right
to terminate or suspend (or escrow) payment of any amounts required to be paid to Carnegie Mellon pursuant to this Agreement.

 

23.
Notices

 

Any
notice under any of the provisions of this Agreement shall be deemed given when (a) personally delivered, or (b) sent prepaid
by nationally recognized overnight carrier, or (c) deposited in the mail, postage prepaid, registered or certified first class
mail, and in the case of (b) or (c), when addressed to the applicable party at the address stated on the signature page hereof,
or such other address as such party shall specify for itself by like notice to other party. Each party shall in the case of (b)
or (c), transmit to the other a facsimile copy or an electronic mail copy of each such notice promptly after sending same by nationally
recognized overnight carrier or depositing same in the mail, as applicable.

 

24.
Assignment

 

Licensee
shall not assign or transfer this Agreement or any interest herein without the prior written consent of Carnegie Mellon; provided
that Licensee can assign this Agreement without such consent in connection with a merger or consolidation of Licensee with or
into another entity, change of control, or sale of all or substantially all of Licensee’s assets that relate to the Licensed
Technology provided that such successor or purchaser shall agree in writing to be bound by the terms of this Agreement prior to
such Assignment. Failure of such assignee to so agree shall be grounds for termination of this Agreement per Section 11.2.

 

     

     

    

 

25.
Headings

 

The
section headings contained in this Agreement are set forth for the convenience of the parties only, do not form a part of this
Agreement and are not to be considered a part hereof for the purpose of construction or interpretation hereof, or otherwise.

 

26.
Severability

 

If
any provision of this Agreement or portion thereof is determined by a court of competent jurisdiction, or declared under any law,
rule or regulation of any government having jurisdiction over the parties hereto, to be invalid, illegal or otherwise unenforceable,
then such provision will, to the extent permitted by the court or government not be voided but will instead be construed to give
effect to its intent to the maximum extent permissible under applicable law and the remainder of this Agreement will remain in
full force and effect according to its terms.

 

(The
balance of this page is intentionally left blank).

 

     

     

    

 

The
parties hereto have caused this Agreement to be executed by their duly authorized representatives in duplicate counterparts, each
of which shall be deemed to constitute an original, effective as of the Effective Date.

 

Carnegie
Mellon University

 

	By:	/s/
    Robert A. Wooldridge	 
	 	Robert A. Wooldridge

    Associate Vice Provost	 

 

	Date:	12/17/2018	 

 

Address
for Notices:

 

Carnegie
Mellon University

4615 Forbes Avenue, Suite 302

Pittsburgh, PA 15213

Attention: Associate Vice Provost for Technology Transfer
and Enterprise Creation

Email: innovation@cmu.edu

Facsimile: 412-268-7395

 

NeuBase
Therapeutics, Inc.

 

	By:	/s/
    Dietrich Stephan	 
	 	Name: Dietrich Stephan

    Title: Chief Executive Officer	 

 

	Date:	12/17/2018	 

 

	Address
    for Notices:	2730
    Sidney Street, Suite 300

    Pittsburgh, PA 15203
	 	 
	Attention:	Dietrich
    Stephan
	Email:	dstephan@neubasetherapeutics.com

 

     

     

    
 

Attachment
A

 

Description
of Licensed Technology

 

[*
* *]

 

     

     

    

 

Attachment
B

 

Assignment
Agreement

 

[*
* *]

 

[Signatures
appear on the following page.]

 

     

     

    

 

This
document is executed with the intent to be legally bound hereby.

 

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

 

     

     

    

 

Assignment
Agreement

 

[*
* *]

 

This
document is executed with the intent to be legally bound hereby.

 

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

 

     

     

    
 

Attachment
C

 

The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended. These securities
have been acquired for investment and not with a view to distribution, and may not be sold, transferred, pledged or hypothecated
in the absence of an effective registration statement for such securities under the Securities Act of 1933, as amended, or an
opinion of counsel delivered to the Company that registration is not required under such Act.

 

NeuBase
Therapeutics, Inc.

WARRANT CERTIFICATE

Dated as of December 17, 2018

Warrant to Purchase Equity Interest

 

Section
1.                Grant of Warrant. NeuBase Therapeutics,
Inc., a Delaware corporation (the “Company”), hereby certifies that, for value received, CARNEGIE MELLON UNIVERSITY
(“Carnegie Mellon”) is entitled to purchase, at an aggregate exercise price of $10.00 (the “Exercise Price”)
for all Shares evidenced by this Warrant, during the Exercise Period (defined below) up to that number of Shares (as that term
is defined in the License (as defined herein)) of the Company (“Equity Interest”) subject to adjustment as herein
provided (as so adjusted from time to time, the “Warrant Shares”) that would constitute, when issued and when added
to the Shares issued to Carnegie Mellon on December 17, 2018 pursuant to Section 4.1 of the License (as defined in Section 3(b)),
eight and two tenths percent (8.2%) of the outstanding Shares of the Company on a fully-diluted basis, that is, treating as outstanding
for this purpose all Shares issuable upon exercise or conversion of outstanding warrant, options, purchase rights or convertible
securities (whether or not exercisable or convertible as of the date hereof), and treating as Equity Interest for this purpose
all equity securities of any series or class, all subject to the terms and conditions set forth herein. Warrant Shares issued
to Carnegie Mellon pursuant to this Warrant Certificate shall be of the same class of Shares as those Shares issued to Carnegie
Mellon pursuant to Section 4.1 of the License.

 

Section
2.                Registration. The Company shall
register this Warrant, upon records to be maintained by the Company for that purpose, in the name of the record holder of this
Warrant from time to time. The Company may deem and treat the registered holder of each Warrant as the absolute owner thereof
for the purpose of any exercise thereof or any distribution to the holder thereof, and for all other purposes, and the Company
shall not be affected by any notice to the contrary.

 

Section
3.                Registration of Transfers and Exchanges.

 

(a)               
General. The Company shall register the transfer of any Warrant upon records to be maintained by the Company for
that purpose, upon surrender of this Warrant Certificate, with the Form of Assignment attached hereto duly filled in and signed,
to the Company at the office specified in or pursuant to Section 4(c). Upon any such registration of transfer, a new Warrant Certificate,
in substantially the form of this Warrant Certificate, evidencing the Warrant so transferred shall be issued to the transferee
and a new Warrant Certificate, in similar form, evidencing the remaining Warrant not so transferred, if any, shall be issued to
the then registered holder thereof.

 

     

     

    

 

(b)              
Warrant Exchangeable for Different Denominations. This Warrant Certificate is exchangeable, upon the surrender hereof
by the holder hereof at the office of the Company specified in or pursuant to Section 4(c), for new Warrant Certificates, in substantially
the form of this Warrant Certificate, evidencing in the aggregate the right to purchase the number of Warrant Shares which may
then be purchased hereunder, each of such new Warrant Certificates to be dated the date of such exchange and to represent the
right to purchase such number of Warrant Shares as shall be designated by said holder hereof at the time of such surrender.

 

Section
4.                Duration and Exercise of Warrant.

 

(a)               
Duration. Warrant shall be exercisable by the registered holder thereof on any business day before 5:00 P.M., Pittsburgh
time, on the last day of the Exercise Period (the “Expiration Date”). At 5:00 P.M., Pittsburgh time, on the Expiration
Date, each Warrant not exercised prior thereto shall expire and be and become void and of no value and all rights under this Warrant
Certificate, other than the rights granted with respect to Warrant Shares pursuant to Section 11, shall cease as of such time.

 

(b)              
Exercise. Subject to the provisions of this Warrant Certificate, the holder of each Warrant on or prior to the Expiration
Date shall have the right to purchase from the Company (and the Company shall be obligated to issue and sell to such holder) at
the Exercise Price the number of fully paid and non-assessable Warrant Shares up to the maximum amount described in Section 1
of this Warrant Certificate. The Warrant represented hereby is being issued to Carnegie Mellon in connection with a License Agreement
dated as of December 17, 2018 (as it may be amended from time to time, the “License”) between Carnegie Mellon, as
licensor, and the Company, as licensee. The Warrant shall be exercisable upon the earlier of (i) the day that Licensee’s
cumulative capital funding and/or receipt of cumulative Revenuesequals the sum of Two Million Dollars (U.S. $2,000,000) or (ii)
30 days prior to any Qualified Sale (as defined in the License) or any other merger, consolidation, reorganization, combination
or similar transaction in which the Owners of the Company immediately before such transaction do not continue to control at least
a majority of the voting interests in the Company after such transaction. The Warrant shall continue to be exercisable for a period
of 30 days following the occurrence of the applicable triggering event described in the immediately preceding sentence (the “Exercise
Period”). This Warrant shall be automatically exercised in full, to the extent not previously exercised, upon the date of
the consummation of a Qualified IPO (as such term is defined in the License), and the Company thereupon shall issue to the holder
the Warrant Shares upon surrender of the certificates representing the Warrant and payment of the Exercise Price, and thereafter
all rights under this Warrant Certificate, other than the rights granted with respect to Warrant Shares pursuant to Section 11,
shall cease as of such time.

 

     

     

    

 

(c)               
Manner of Exercise. Upon surrender of this Warrant Certificate, with the Form of Election to Purchase attached hereto
duly filled in and signed, to the Company at its office at 2730 Sidney Street, Ste 300, Pittsburgh, PA 15203, or at such other
address as the Company may specify in writing to the then registered holder of the Warrant, and upon payment of the Exercise Price,
all as specified by the holder of this Warrant Certificate in the Form of Election to Purchase, the Company shall promptly issue
and cause to be delivered to or upon the written order of the registered holder of such Warrant, and in such name or names as
such registered holder may designate, a certificate for the Warrant Shares issued upon such exercise of such Warrant. Any person
or entity so designated to be named therein shall be deemed to have become holder of record of such Warrant Shares as of the Date
of Exercise of such Warrant. The “Date of Exercise” of any Warrant means the date on which the Company shall have
received (i) this Warrant Certificate, with the Form of Election to Purchase attached hereto appropriately filled in and duly
signed, and (ii) payment of the Exercise Price for such Warrant.

 

(d)              
Partial Exercise. The Warrant evidenced by this Warrant Certificate shall be exercisable during the Exercise Period,
either as an entirety or for part only of the number of Warrant Shares evidenced by this Warrant Certificate. If less than all
of the Warrant Shares evidenced by this Warrant Certificate are exercised at any time during the Exercise Period, the Company
shall issue, at its expense, a new Warrant Certificate, in substantially the form of this Warrant Certificate, for the remaining
number of Warrant Shares evidenced by this Warrant Certificate.

 

Section
5.                Payment of Taxes. The Company
will pay all taxes attributable to the issuance of the Warrant and the Warrant Shares; provided, however, that the Company
shall not be required to pay any tax in respect of the transfer of the Warrant, or the issuance or delivery of certificates for
Warrant Shares or other securities in respect of the Warrant Shares upon the exercise of the Warrant, to a person or entity other
than a then existing registered holder of the Warrant or an Affiliate of such registered holder. An “Affiliate” of
any person or entity means any other person or entity directly or indirectly controlling, controlled by or under direct or indirect
common control with such person or entity.

 

Section
6.                Mutilated or Missing Warrant Certificate.
If this Warrant Certificate shall be mutilated, lost, stolen or destroyed, upon request by the registered holder of the Warrant
the Company will issue, in exchange for and upon cancellation of the mutilated Warrant Certificate, or in substitution for the
lost, stolen or destroyed Warrant Certificate, a new Warrant Certificate, in substantially the form of this Warrant Certificate,
of like tenor and representing the equivalent number of Warrant Shares, but, in the case of loss, theft or destruction, only upon
receipt of evidence satisfactory to the Company of such loss, theft or destruction of this Warrant Certificate and, if requested
by the Company, indemnity also satisfactory to it.

 

Section
7.                Reservation, Listing and Issuance
of Warrant Shares.

 

(a)               
General. Until the Expiration Date, the Company will at all times have authorized, and reserve and keep available,
free from preemptive rights, for the purpose of enabling it to satisfy any obligation to issue Warrant Shares upon the exercise
of the Warrant, the number of shares of Warrant Shares deliverable upon exercise of the Warrant. The Company will, at its expense,
use its best efforts to cause such Warrant Shares to be listed (subject to issuance or notice of issuance of Warrant Shares) on
all stock exchanges on which the Equity Interest is listed not later than the first anniversary of the License.

 

     

     

    

 

(b)           Status of Warrant Shares. The Company covenants that all Warrant Shares will, upon issuance in accordance with the
terms of this Warrant Certificate, be (i) duly authorized, fully paid and non-assessable, and (ii) free from all taxes with respect
to the issuance thereof and from all liens, charges and security interests, in each case created by the Company.

 

Section
8.                Certain Adjustments.

 

(a)            Adjustments for Consolidation, Merger, Sale of Assets, Reorganization, etc. In case the Company (i) consolidates
with or merges into any other corporation and is not the continuing or surviving corporation of such consolidation or merger,
or (ii) permits any other corporation to consolidate with or merge into the Company and the Company is the continuing or surviving
corporation but, in connection with such consolidation or merger, the Equity Interest is changed into or exchanged for stock or
other securities of any other corporation or cash or any other assets, or (iii) transfers all or substantially all of its properties
and assets to any other corporation, or (iv) effects a capital reorganization or reclassification of the capital stock of the
Company in such a way that holders of Equity Interest shall be entitled to receive stock, securities, cash or assets with respect
to or in exchange for Equity Interest, then, and in each such case, proper provision shall be made so that, upon the basis and
upon the terms and in the manner provided in this subsection (a), the holder of this Warrant Certificate, upon the exercise of
the Warrant at any time after the consummation of such consolidation, merger, transfer, reorganization or reclassification, shall
be entitled to receive (at the aggregate Exercise Price in effect for all Shares issuable upon such exercise immediately prior
to such consummation as adjusted to the time of such transaction), in lieu of Shares issuable upon such exercise prior to such
consummation, the stock and other securities, cash and assets to which such holder would have been entitled upon such consummation
if such holder had so exercised such Warrant immediately prior thereto (subject to adjustments subsequent to such corporate action
as nearly equivalent as possible to the adjustments provided for in this Section 8).

 

(b)           Notices. In case at any time:

 

(A)            
the Company shall declare any cash dividend on its Equity Interest;

 

(B)             
the Company shall pay any dividend payable in stock upon its Equity Interest or make any distribution (other than regular cash
dividends) to the holders of its Equity Interest;

 

     

     

    

 

(C)             
the Company shall offer for subscription pro rata to the holders of its Equity Interest any additional shares of stock of any
class or other rights;

 

(D)            
the Company shall authorize the distribution to all holders of its Equity Interest of evidences of its indebtedness or assets
(other than cash dividends or cash distributions payable out of earnings or earned surplus or dividends payable in Equity Interest);

 

(E)             
there shall be any capital reorganization, or reclassification of the capital stock of the Company, or consolidation or merger
of the Company with another corporation (other than a subsidiary of the Company in which the Company is the surviving or continuing
corporation and no change occurs in the Company’s Equity Interest), or sale of all or substantially all of its assets to,
another corporation; or

 

(F)              
there shall be a voluntary or involuntary dissolution, liquidation, bankruptcy, assignment for the benefit of creditors, or winding
up of the Company

 

then,
in any one or more of said cases, the Company shall give written notice, addressed to the holder of this Warrant Certificate at
the address of such holder as shown on the books of the Company, of (1) the date on which the books of the Company shall close
or a record shall be taken for such dividend, distribution or subscription rights, or (2) the date (or, if not then known, a reasonable
approximation thereof by the Company) on which such reorganization, reclassification, consolidation, merger, sale, dissolution,
liquidation, bankruptcy, assignment for the benefit of creditors, winding up or other action, as the case may be, shall take place.
Such notice shall also specify (or, if not then known, reasonably approximate) the date as of which the holders of Equity Interest
of record shall participate in such dividend, distribution or subscription rights, or shall be entitled to exchange their Equity
Interest for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale,
dissolution, liquidation, bankruptcy, assignment for the benefit of creditors, winding up, or other action, as the case may be.
Such written notice shall be given at least twenty days prior to the action in question and not less than twenty days prior to
the record date or the date on which the Company’s transfer books are closed in respect thereto.

 

(c)               
Certain Events. If any event occurs as to which the other provisions of this Section 8 are not strictly applicable
but the lack of any adjustment would not fairly protect the purchase rights of the holder of this Warrant Certificate in accordance
with the basic intent and principles of such provisions, or if strictly applicable would not fairly protect the purchase rights
of the holder of this Warrant Certificate in accordance with the basic intent and principles of such provisions, then at the request
of the holder the Company shall appoint a firm of independent certified public accountants of recognized national standing reasonably
satisfactory to the holder, which shall give their opinion upon the adjustment, if any, on a basis consistent with the basic intent
and principles established in the other provisions of this Section 8, necessary to preserve, without dilution, the exercise rights
of the registered holder of this Warrant Certificate. Upon receipt of such opinion, the Company shall forthwith make the adjustments
described therein.

 

     

     

    

 

Section
9.                No Rights as a Stockholder. No
holder of this Warrant Certificate, as such, shall be entitled to vote or be deemed the holder of Equity Interest or any other
securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained herein be construed
to confer upon the holder of this Warrant Certificate, as such, the rights of a stockholder of the Company or the right to vote
for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or give or withhold consent
to any corporate action or to receive notice of meetings or other actions affecting stockholders (except as provided herein),
or to receive dividends or subscription rights or otherwise, until the Date of Exercise of Warrant shall have occurred.

 

Section
10.            Fractional Warrant and Fractional Warrant Shares.

 

(a)               
Fractional Warrant. The Company shall not be required to issue fractions of Warrant or to distribute any Warrant
Certificate which evidences a fractional Warrant, nor shall the Company be required to make any cash adjustment in respect of
a fractional interest in a Warrant, but any person or entity entitled to a fractional interest in a Warrant may elect, during
such period of time (not less than 20 or more than 90 days from the date such person or entity first becomes entitled to such
fractional interest in a Warrant) as the Company shall determine, to purchase the additional fractional interest required to make
up a full Warrant or to sell the fractional interest to which such person or entity is entitled. Such election shall be made on
a form to be provided for such purpose by the Company. If such election is not made in the time prescribed by the Company, the
fractional interest to which such person or entity is entitled shall be sold to a third party or retained as a treasury share.
Upon any sale the Company shall promptly deliver to the holder of such fractional interest the proportional amount of the proceeds
of such sale attributable to such holder’s fractional interest. Such purchase or sale shall be effected in the manner set
forth in subsection (c) of this Section 10 by the Company, acting as agent for the person or entity entitled to such fractional
interest. For purposes of subsection (c) of this Section 10, the purchase or sale price of a fractional interest of a Warrant
shall be the purchase or sale price for the Equity Interest that would, except for the provisions of this Section, be issuable
upon the exercise of such fractional interest.

 

(b)              
Fractional Warrant Shares. The Company shall not be required to issue fractions of Warrant Shares upon exercise
of the Warrant or to distribute certificates which evidence fractional Warrant Shares, nor shall the Company be required to make
any cash adjustment in respect of a fractional interest in a Warrant Share, but any person or entity entitled to a fraction of
a Warrant Share upon exercise of any Warrant may elect, during such period of time (not less than 20 or more than 90 days from
the date such person or entity first becomes entitled to such fractional interest in a Warrant Share) as the Company shall determine,
to purchase the additional fractional interest required to make up a full Warrant Share or to sell the fractional interest to
which such person or entity is entitled. Such election shall be made on a form to be provided for such purpose by the Company.
If such election is not made within the time prescribed by the Company, the fractional interest to which such person or entity
is entitled will be sold to a third party or retained as a treasury share. Upon any sale the Company shall promptly deliver to
the holder of such fractional interest the proportional amount of the proceeds of such sale attributable to such holder’s
fractional interest. Such purchase or sale shall be effected in the manner set forth in subsection (c) of this Section 10 by the
Company, acting as agent for the person or entity entitled to such fractional interest.

 

     

     

    

 

(c)               
Certain Procedures Applicable to Purchase and Sale of Fractional Interests. The Company shall bill each person or
entity entitled to a fractional interest in the Warrant or Warrant Shares for the cost of any additional fractional interest purchased
by the Company as agent for such person or entity or shall remit to such person or entity the proceeds of the sale of any fractional
interest sold by it as such agent. In the case of a purchase, the Company may sell the Warrant or Warrant Share to which such
person or entity is entitled if payment is not received by the Company within 30 days after the mailing of such bill and, after
deducting the amount of such bill and other appropriate charges, shall remit the balance, if any, to such person or entity. Fractional
interests shall be non-transferable except by or to the Company acting as herein authorized. The Company may purchase or sell
a fractional interest for an amount equal to the current value of such fractional interest computed on the basis of the market
price of the Equity Interest on the Date of Exercise of the related Warrant. Purchases and sales of fractional interests by the
Company may, in its sole discretion, be set off one against the other on the basis of the market price on the date of setoff.

 

Section
11.            Registration of Warrant and Warrant Shares.

 

(a)               
No Registration under Securities Act. Neither the Warrant nor the Warrant Shares have been registered under the
Securities Act of 1933, as amended (such Act, or any similar Federal statute then in effect, being the “Act”). The
Warrant Shares will be marked with a legend similar to the one appearing on the Warrant Certificate. The holder of this Warrant
Certificate, by acceptance hereof, represents that it is acquiring the Warrant to be issued to it for its own account and not
with a view to the distribution thereof, and agrees not to sell, transfer, pledge or hypothecate any Warrant or any Warrant Shares
unless a registration statement is effective for such Warrant or Warrant Shares under the Act or in the opinion of such holder’s
counsel (a copy of which opinion shall be delivered to the Company) such transaction is exempt from the registration requirements
of the Act.

 

(b)              
Compliance; Financial Information. The Company will use its best efforts to comply with the reporting requirements
of Section 13 and 15(d) of the Securities Exchange Act of 1934 (whether or not it shall be required to do so pursuant to such
Sections) and will use its best efforts to comply with all other public information reporting requirements of the Securities and
Exchange Commission (such Commission or any successor to any or all of its functions being the “Commission”) (including,
without limitation, Rule 144 promulgated by the Commission under the Act) from time to time in effect and relating to the availability
of an exemption from the Act for sale of restricted securities. The Company shall furnish to Carnegie Mellon financial statements
and reports relating to the Company as soon as reasonably practicable following each fiscal quarter and year until such time as
the Company becomes subject to the reporting requirements of the Securities Exchange Act of 1934. The Company will cooperate with
the holder of this Warrant Certificate and with each holder of any Warrant Shares in supplying such information as may be necessary
for any such holder to complete and file any information reporting forms presently or hereafter required by the Commission as
a condition to the availability of an exemption from the Act for the sale of restricted securities.

 

     

     

    

 

(c)           “Piggyback” Registration. Whenever the Company proposes to file under the Act a registration statement
relating to a public offering of its Equity Interest that includes Shares held by stockholders of the Company (other than a registration
statement required to be filed in respect of employee benefit plans of the Company on Form S-8 or any similar form from time to
time in effect or pursuant to subsection (d) of this Section 11), the Company shall at least fifteen days prior to such filing
give effective written notice of such proposed filing to the registered holder of each Warrant or Warrant Share. Upon receipt
by the Company not more than fifteen days after such effective notice of a written request or written requests from one or more
of such holders for registration of Warrant Shares, the Company shall include in such offering a pro rata portion of the Warrant
Shares as to which such holder or holders request such inclusion, on terms and conditions comparable to those of the securities
offered on behalf of the Company and the other stockholders whose shares are included in such registration.

 

(d)           Other Provisions Relating to Registration Rights. In connection with any registration pursuant to this Section 11:

 

(i)               Duration of Effectiveness of the Registration Statement. The Company shall not be required to maintain the effectiveness
of any registration statement under subsection (c) of this Section 11 for a period in excess of six months or, in the case of
any registration statement under subsection (c) of this Section 110 filed on a Form S-3 Registration Statement under the Act,
for a period in excess of twelve months, or in the case of an underwritten offering, such longer period as may be required by
the Act to enable the underwriters to complete such offering.

 

(ii)              Certain Documents to be Provided by the Company. The Company will furnish to each holder of a Warrant or Warrant
Shares (A) at least seven days prior to the filing thereof with the Commission, a copy of the registration statement in the form
in which the Company proposes to file the same with the Commission and, not later than the effective date thereof, a copy of any
and all amendments to such registration statement, (B) within five days of the filing thereof with the Commission, a copy of any
and all post-effective amendments to such registration statement, and (C) at the request of any such holder, a reasonable number
of copies of a preliminary prospectus and a final prospectus (each of which shall, as of their respective dates, comply with Section
10 of the Act and shall not, as of such dates, include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make statements therein not misleading) covering the offering and sale by such holders
of the Warrant Shares to be covered thereby as aforesaid.

 

     

     

    

 

(iii)            
Stop Order. The Company will advise each of such holders of the entry of any stop order suspending the effectiveness
of such registration statement or of the initiation of any proceeding for that purpose, and, if such stop order should be entered,
use its best efforts promptly to cause such stop order to be lifted or removed.

 

(iv)            
Required Amendments and Supplements to the Registration Statement. For such period of time (not exceeding the maximum
period of time for which the Company is required to maintain the effectiveness of such registration statement) as any of such
holders may be required by law to deliver a prospectus in connection with a sale of any Warrant Shares pursuant to such registration
statement, if any event shall occur as a result of which it is necessary to amend or supplement the prospectus forming a part
of such registration statement in order to correct an untrue statement of a material fact, or an omission to state a material
fact necessary to make statements therein, in the light of the circumstances existing when such prospectus is delivered to a purchaser,
not misleading or if it is necessary to amend or supplement such prospectus to comply with any law, the Company will forthwith
prepare and furnish to each of such holders a reasonable number of amended or supplemented prospectuses so that statements in
the prospectuses as so amended or supplemented will not, in the light of the circumstances then existing, be misleading, or so
that such prospectuses will comply with law.

 

(v)             Blue Sky Compliance. The Company will use its reasonable best efforts to quality, file or register the Warrant Shares
being registered under the securities laws of such states of the United States of America as may be reasonably designated by the
holders of Warrant or Warrant Shares and to obtain the consent, authorization or approval of any governmental agency (other than
any such consent, authorization or approval required under any statute or regulation applicable to any such holders and not applicable
to investors generally) required in connection with the issuance of the Warrant Shares being registered or in order that such
holders may publicly sell the Warrant Shares covered by such registration statement.

 

(vi)           
Expenses. All fees, disbursements and expenses incurred by the Company in connection with the registration pursuant
to subsection (c) of this Section 11, and all reasonable fees and disbursements of one counsel for the holders of a Warrant or
Warrant Shares, shall be borne by the Company, including, without limitation, all registration and filing fees, all costs of preparation
and printing (in such quantities as the holders of a Warrant or Warrant Shares may reasonably request) of any registration statement
and related prospectus and any amendments or supplements thereto, all fees and disbursements of counsel for the Company, the expenses
of complying with applicable securities or blue sky laws, and all costs in connection with the preparation and delivery of such
legal opinions, auditors’ comfort letters or other closing documents as the holders of a Warrant or Warrant Shares shall
reasonably request.

 

     

     

    

 

(vii)          
Indemnity. The Company will indemnify and hold harmless each holder of a Warrant or Warrant Shares and any underwriter
(as defined in the Act) for such holder and each person or entity, if any, who controls such holder or underwriter within the
meaning of the Act, against any losses, claims, damages, liabilities, costs or expenses, joint or several, or actions in respect
thereof to which such holder or underwriter or controlling person or entity may become subject under the Act, or otherwise, insofar
as such losses, claims, damages, liabilities, costs, expenses or actions in respect thereof arise out of, or are based upon, or
are related to, any untrue statement or alleged untrue statement of any material fact contained in any registration statement
under which Warrant Shares of or pertaining to such holder were registered under the Act, any preliminary prospectus, amended
preliminary prospectus, or final prospectus contained therein, or any amendment or supplement thereto, or arise out of, or are
based upon, or are related to, the omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, and will reimburse such holder or underwriter or controlling person
or entity for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action; provided that to the extent that any such loss, claim, damage or liability arises out
of, or is based upon, an untrue statement or alleged untrue statement or omission or alleged omission made in said registration
statement, said preliminary prospectus, said amended preliminary prospectus or said final prospectus or any said amendment or
supplement in reliance upon, and in conformity with, written information furnished to the Company in an instrument duly executed
by such holder or by any underwriter for such holder specifically for use in the preparation thereof, the Company will not be
so liable to such holder or underwriter.

 

Section
12.            Notices. All notices, requests, demands and other communications
relating to this Warrant Certificate shall he in writing, including by telex, telegram or cable, addressed, if to the registered
owner hereof, to it at the address furnished by the registered owner to the Company, and if to the Company, to it at 2730 Sidney
Street, Ste 300, Pittsburgh, PA 15203, or to such other address as any party shall notify the other party in writing, and shall
be effective, in the case of written notice by mail, three days after placement into the mails (first class, postage prepaid),
and in the case of notice by facsimile, on the same day as sent.

 

Section
13.            Binding Effect. This Warrant Certificate shall be binding
upon and inure to the sole and exclusive benefit of the Company, its successors and assigns, and Carnegie Mellon and the registered
holder or holders from time to time of the Warrant and the Warrant Shares.

 

Section
14.            Survival of Rights and Duties. This Warrant Certificate
shall terminate and be of no further force and effect on the earlier of 5:00 P.M., Pittsburgh time, on the Expiration Date or
the date on which all of the Warrant have been exercised.

 

Section
15.            Governing Law. This Warrant Certificate shall be construed
in accordance with and governed by the laws of the State of Pennsylvania.

 

     

     

    

 

(The
balance of this page is intentionally left blank).

 

     

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed under its corporate seal by its officer(s) thereunto
duly authorized as of the date hereof.

	 	 	 	 
	 	 	NEUBASE THERAPEUTICS, INC.
	 	 	 	 
	[CORPORATE SEAL]	 	By:	 
	 	 	Name:   Dietrich Stephan
	 	 	Title:     CEO
	 	 	 	 
	 	 	ATTEST:
	 	 	 	 
	 	 	Secretary

 

     

     

    

 

FORM
OF ELECTION TO PURCHASE

 

(To
Be Executed by the Holder if the Holder Desires to Exercise the Warrant Evidenced by the Foregoing Warrant Certificate)

 

To
<COMPANY>.:

 

The
undersigned hereby irrevocably elects to exercise the Warrant evidenced by the foregoing Warrant Certificate for, and to purchase
thereunder,_____ full Shares issuable upon exercise of said Warrant and delivery of $10.00 in cash, (as provided for in the foregoing
Warrant Certificate) and any applicable taxes payable by the undersigned pursuant to such Warrant Certificate.

 

The
undersigned requests that certificates for such shares be issued in the name of

 

	 	PLEASE INSERT SOCIAL SECURITY OR TAX
	 	IDENTIFICATION NUMBER:
	 	 
	 
	 
	(Please print name and address)
	 

  

If
said number of warrant shares shall not be all the Warrant evidenced by the foregoing Warrant Certificate, the undersigned requests
that a new Warrant Certificate evidencing the Warrant not so exercised be issued in the name of and delivered to

	 	 
	 
	(Please
print name and address)
	 
	 
	 

 

	Dated: _______, 20__	Name of
	 	Holder (Print):	 
	 	 
	 	(By:)	 	 
	 	 	(Title:)

 

     

     

    

 

FORM
OF ASSIGNMENT

 

FOR
VALUE RECEIVED, _____________ hereby sells, assigns and transfers to each assignee set forth below all of the rights of the undersigned
in and to the number of Warrant Shares (as defined in and evidenced by the foregoing Warrant Certificate) set opposite the name
of such assignee below and in and to the foregoing Warrant Certificate with respect to said Warrant and the Shares issuable upon
exercise of said Warrant:

 

	Name
    of Assignee	Address	Number
    of Warrant

 

If
the total of said Warrant Shares shall not be all the Warrant Shares evidenced by the foregoing Warrant Certificate, the undersigned
requests that a new Warrant Certificate evidencing the Warrant not so assigned be issued in the name of and delivered to the undersigned.

 

		Name of
	 	Holder (Print):	 
	 	 
	Dated: ______, 20_	(By:)	 	 
	 	 	(Title:)

 

     

     

    

 

Attachment
D

 

Annual
Commercialization Report

 

Per
Section 7.4 of the license agreement between Carnegie Mellon and NeuBase Therapeutics, Inc. and dated as of December 17, 2018
(the “Agreement”), Licensee is required to furnish Carnegie Mellon with an annual commercialization report describing
Licensee’s efforts to diligently commercialize Licensed Products during the past fiscal year and current plans for the next
year. For convenience, Carnegie Mellon is providing the following outline to enable Licensee to report the required information.

 

Per
Section 7.5 of the Agreement, Licensee is required to provide Carnegie Mellon with Licensee’s financial statements for the
immediately preceding fiscal year (including, at a minimum, an income statement, a statement of cash flows, and a balance sheet)
that have been certified by Licensee’s treasurer, chief financial officer, or an independent auditor. Please include the
financial statements with the submission of the Annual Commercialization Report.

 

The
submission will be treated as confidential business information of the company per Section 7.6 of the Agreement.

 

Instructions:

 

		●	For
                                         Yes/No question, please place an “X” between the appropriate brackets.

		●	Text
                                         box fields will expand as needed. You are not limited to the space provided.

		●	Rows
                                         can be added or removed from tables as needed.

 

	Licensee
    Name and Current Address:	 
	Name
    of Primary Contact:	 
	 	 
	Effective
    Date of the Agreement:	 
	Dates
    of any License Amendments:	 
	Report
    Period Beginning:	(mm/dd/yyyy)
	Report
    Period Ending:	(mm/dd/yyyy)

 

Has
Licensee been in existence for less than five (5) years?

 

[_]
NO – Licensee has been in existence for five (5) or more years

[_] YES – Please attach Licensee’s most recent business plan to this Annual Report. This submission satisfies the
requirements of numbers II, III, and IV below.

 

     

     

    

 

		I.	Status
                                         of Milestones:

 

Please
complete the two tables below:

 

Past-Year
Milestones 

	Milestone	Contract
    Deadline	Met?
    (Y/N)	Achievement
    Date
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

Next-Year
Milestones

	Milestone	Contract
    Deadline		
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

		II.	Commercialization
                                         Activities of Past Year:

 

In
the space provided below, please summarize:

 

		●	Licensee’s
                                         efforts and accomplishments during past fiscal year to diligently commercialize Licensed
                                         Products including any first commercial Dispositions of Licensed Products in any country.

		●	Progress
                                         towards completing applicable milestones.

		●	Research
                                         and development activities of past year.

		●	Status
                                         of obtaining necessary government approvals (if applicable).

 

	 

 

     

     

    

 

		III.	Commercialization
                                         Activities of Next Year:

 

In
the space provided below, please summarize:

 

		●	Licensee’s
                                         development and commercialization plans for Licensed Products during next year.

		●	Plans
                                         for completing applicable milestones.

		●	Planned
                                         research and development activities for next year.

		●	Plans
                                         for obtaining necessary government approvals (if applicable).

 

	 

 

		IV.	Sales
                                         Projections:

 

In
the space provided below, please summarize sales projections for Licensed Products during the next year:

 

	 

 

I
certify that the information above is true and correct to the best of my knowledge.

 

     

     

    

 

	By	 	 	Date	 
	Signature of authorized representative

 

Printed
    Name:

 

Title: 

 

Carnegie
Mellon Contact Information:

	Reporting:
	(Electronic
                                         delivery is preferred)

         

        Attn:
        Barbara Mulholland

        Center for Technology Transfer and Enterprise Creation

        Carnegie Mellon University

        4615 Forbes Avenue, Suite 302

        Pittsburgh, PA 15213

        Fax: (412) 268-7395

        Phone: (412) 268-7393

        E-mail: innovation@cmu.edu

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]