Document:

Exhibit 10.9

 

Paycheck Protection Program

Second
Draw Promissory Note

 

	Borrower	Twinvee Powercats, Inc.	DateMarch
    19, 2021
	 	 	 
	Borrower’s Address 	3101 S US Hwy 1 Fort Pierce, FL 34982	 
	 	 	 
	Loan Amount	Six Hundred and Eight Thousand, Two Hundred and Twenty Four
Dollars and Fifteen Cents	 
	 	 	 
	Dollars 	$ $608,224.15	 

 

For value received, the borrower(s) named above (whether
one or more “Borrower”), jointly and severally promise to pay to the order of Truist Bank, a North Carolina banking corporation
(“Bank”) at any of its offices, or at such place as Bank may in writing designate, without offset in U.S. Dollars and in immediately
available funds, the Loan Amount shown above, or the total of all amounts advanced under this promissory note and any modifications, renewals,
extensions or replacements thereof (this “Note”) if less than the full Loan Amount is advanced, plus interest and any other
amounts due, upon the terms specified below. As used in this Note, the term “Bank Party” shall mean and include Bank and any
current and future subsidiaries and affiliates of Bank and each of their respective successors and assigns.

 

Payment Terms

 

A fixed payment schedule, commencing on the date that
is one (1) month after the earlier of the following dates: (i) the date (A) Bank receives the applicable forgiveness amount from the SBA
related to this Loan (as defined herein) or (B) Bank receives notice or confirmation that SBA has determined that Borrower is ineligible
for forgiveness of the Loan or (ii) the date that is ten (10) months after the end of the Forgiveness Covered Period (as defined herein)
if the Borrower has not applied for forgiveness of this Loan by such date, in either case consisting of consecutive monthly payments of
principal and interest, with the principal component of each such payment based upon the level amortization of principal over a five year
period from the date the loan evidenced by this Note is funded (or such later date as may be required by any rules and regulations promulgated
by the SBA with respect to the Paycheck Protection Program that are applicable to Paycheck Protection Program loans funded on the date
the loan evidenced by this Note was funded) (such date, the “Amortization Commencement Date”) and a final payment equal to
the balance of unpaid principal plus accrued and unpaid interest and any other amounts owed hereunder due and payable on the date that
is sixty (60) months from the Amortization Commencement Date (the “maturity date”); provided, however, that prior to applying
payments in accordance with the foregoing payment structure, all payments shall first be applied to any accrued but unpaid interest including,
without limitation, any deferred but unpaid interest.

 

Interest

 

The obligations under this Note will bear interest at
a rate of 1.00% per annum (the “Rate”) from the date the loan hereunder (the “Loan”) is funded until the date
that the Loan, together with all accrued and unpaid interest and any applicable fees or charges due under this Note, is paid in full.
Interest shall accrue daily and will be calculated based on an actual/360 basis (on the actual number of days elapsed over a year of 360
days) and shall be calculated on a non-compounding, non-adjustable basis. Notwithstanding the forgoing, payment of interest is deferred
until the Amortization Commencement Date.

 

Borrower Paycheck Protection Program Certifications

 

Borrower hereby certifies, represents, warrants and covenants
to Bank as follows:

 

(a)                
Borrower has read the statements included in the application related to this Loan (the “Application”),
including the Statements Required by Law and Executive Orders, and Borrower understands them.

 

(b)          
Borrower was and remains eligible to receive a loan under the rules and related guidance that have
been issued by the Small Business Administration (“SBA”) and Department of Treasury
implementing and governing the Paycheck Protection Program (collectively, as in effect from time to time, the “Paycheck Protection
Program Rules”) under Division A, Title I of the Coronavirus Aid, Relief, and Economic Security Act 2020, as amended by the
Paycheck Protection Program and Health Care Enhancement Act, the Paycheck Protection Program Flexibility Act of 2020, the Economic Aid
to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Economic Aid Act”) and as otherwise amended from time to time
(the “CARES Act”), the Economic Aid Act and Sections 7(a)(36), 7(a)(37) and 7A of the Small Business Act, as each may be
amended from time to time (collectively, “PPP Legislation”).

 

(c)                
Borrower together with its affiliates (if applicable), (a) is an independent contractor, self-employed
individual, or sole proprietor with no employees; or (b) (1) employs no more than 300 employees; or (2) if a NAICS code 72 business, employs
no more than 300 employees per physical location; (3) if a news organization that is majority owned or controlled by a NAICS code 511110
or 5151 business or a nonprofit public broadcasting entity with a trade or business under NAICS code 511110 or 5151, employs no more than
300 employees per location.

 

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(d)              
Borrower will, and will ensure that each Owner complies, whenever applicable, with the civil rights
and other limitations in the Application. (As used herein the term “Owner” shall have the same definition as in the Application
and the Paycheck Protection Program Rules.)

 

(e)               
All proceeds of the Loan will be used only for business-related purposes as specified in the Application
and consistent with the Paycheck Protection Program Rules including the prohibition on using proceeds of the Loan for lobbying activities
and expenditures. If the Borrower is a news organization that became eligible under Section 317 of the Economic Aid Act, it will use the
proceeds of the Loan to support expenses at the component of the business concern that produces or distributes locally focused or emergency
information.

 

(f)                 
Borrower acknowledges that SBA encourages the purchase, to the extent feasible, of American-made
equipment and products.

 

(g)
          Borrower is not engaged in any activity that is illegal under federal, state or local law.

 

(h)                
Borrower certifies that any Economic Injury Disaster Loan (EIDL) loan received by Borrower under
Section 7(b)(2) of the Small Business Act between January 31, 2020 and April 3, 2020 was for a purpose other than paying payroll costs
and other allowable uses for loans under the Paycheck Protection Program Rules.

 

(i)                  
Borrower was in operation on February 15, 2020 has not permanently closed, and is either an eligible
self-employed individual, independent contractor, or sole proprietorship with no employees, or had employees for whom Borrower paid salaries
and payroll taxes or paid independent contractors (as reported on Form(s) 1099-MISC) and has provided Bank true, correct and complete
information demonstrating that Borrower had employees for whom Borrower paid salaries and payroll taxes.

 

(j)                 
The current economic uncertainty makes the request for the Loan necessary to support the ongoing
operations of Borrower. All proceeds of the Loan will be used to retain workers and maintain payroll; or make payments for mortgage interest,
rent, utilities, covered operations expenditures, covered property damages costs, covered supplier costs, and covered worker protection
expenditures as specified under the Paycheck Protection Program Rules; and Borrower acknowledges that if the funds are knowingly used
for unauthorized purposes, the federal government may hold Borrower and/or Borrower’s authorized representative legally liable,
such as for charges of fraud.

 

(k)                
Borrower acknowledges that loan forgiveness will be provided for the sum of documented payroll costs,
covered mortgage interest payments, covered rent payments, covered utilities, covered operations expenditures, covered property damage
costs, covered supplier costs, and covered worker protection expenditures, and not more than 40% of the forgiven amount may be for non-payroll
costs. If required, Borrower will provide to the Lender and/or the SBA, documentation verifying the number of full-time equivalent employees
on the Borrower’s payroll as well as the dollar amounts of eligible expenses for the period commencing on the date the loan under
this Note is funded (“Note Funding Date”) and ending on any date selected by the Borrower that occurs during the period (i)
beginning on the date that is eight weeks after the Note Funding Date and (ii) ending on the date that is twenty-four weeks after the
Note Funding Date (the “Forgiveness Covered Period”). For purposes of this Note the last day of the Forgiveness Covered Period
shall be referred to as the “Forgiveness Covered Period End Date.”

 

(l)                  
Borrower was eligible and authorized to receive and received a previous loan under the Paycheck Protection
Program, section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) (the “First Draw Loan”) and used or will use, on
or before the expected date of the distribution of this Loan, the full amount of the First Draw Loan for authorized purposes under the
Paycheck Protection Program.

 

(m)         
Borrower has not and will not receive a Shuttered Venue Operator grant from the SBA.

 

(n)              
Borrower certifies that the President, the Vice President, the head of an Executive department, or
a Member of Congress, or the spouse of such person as determined under applicable common law, does not directly or indirectly hold a controlling
interest in the Borrower, with such terms having the meanings provided in Section 322 of the Economic Aid Act.

 

(o)              
Borrower is not an issuer, the securities of which are listed on an exchange registered as a national
securities exchange under section 6 of the Securities Exchange Act of 1934 (15 U.S.C. 78f).

 

(p)               
Borrower is not primarily engaged in political activities or lobbying, is not organized for research
or for engaging in advocacy in areas such as public policy or political strategy and does not describe itself as a think tank in any public
documents.

 

(q)                
Borrower is not and will not become a business concern or entity (i) for which an entity created
in or organized under the laws of the People’s Republic of China or the Special Administrative Region of Hong Kong, or that has
significant operations in the People’s Republic of China or the Special Administrative Region of Hong Kong, owns or holds, directly
or indirectly, not less than 20 percent of the economic interest of the business concern or entity, including as equity shares or a capital
or profit interest in a limited liability company or partnership; or (ii) that retains, as a member of the board of directors of the business
concern, a person who is a resident of the People’s Republic of China.

 

(r)                 
Borrower is not and will not be required to submit a registration statement under Section 2 of the
Foreign Agent Registration Act of 1938 (22 U.S.C. 611).

 

(s)              
Borrower, together with any of its affiliates to the extent applicable under Paycheck Protection
Program Rules, experienced a reduction in gross receipts as follows: (i) gross receipts during the first, second, third, or fourth quarter
in 2020 were at least 25 percent lower than gross receipts during the same quarter in 2019; or (ii) if Borrower was not in business during
the first or second quarter of 2019, but was in business during the third and fourth quarters of 2019, gross receipts during the first,
second, third, or fourth quarter of 2020 were at least 25 percent lower than gross receipts during the third or fourth quarter of 2019;
or (iii) if Borrower was not in business during the first, second, or third quarter of 2019, but was in business during the fourth quarter
of 2019, gross receipts during the first, second, third, or fourth quarter of 2020 were at least 25 percent lower than gross receipts
during the fourth quarter of 2019; or (iv) if Borrower was not in business during 2019, but was in operation on February 15, 2020, gross
receipts during the second, third, or fourth quarter of 2020 were at least 25 percent lower than gross receipts during the first quarter
of 2020; or (v) if Borrower was in operation in all four quarters of 2019, gross receipts during 2020 were at least 25 percent lower than
gross receipts in 2019. For purposes of this Note the term “gross receipts” includes all revenue in whatever form received
or accrued (in accordance with Borrower’s accounting method) from whatever source, including from the sales of products or services,
interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances and excludes the following: taxes collected
for and remitted to a taxing authority if included in gross or total income (such as sales or other taxes collected from customers and
excluding taxes levied on the concern or its employees); proceeds from transactions between a concern and its domestic or foreign affiliates;
and amounts collected for another by a travel agent, real estate agent, advertising agent, conference management service provider, freight
forwarder or customs broker.

 

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(t)                 
Borrower has reviewed the SBA’s affiliation rules and standards, including the application
of such affiliation standards to eligibility requirements for the Paycheck Protection Program, including all applicable components of
the Paycheck Protection Program Rules, and, after due and careful consideration, represents and warrants that Borrower satisfies all requirements
for eligibility for the Paycheck Protection Program.

 

(u)                
Borrower certifies that the information provided in the Application and the information that Borrower
provided in all supporting documents and forms is true and accurate in all material respects. Borrower acknowledges that knowingly making
a false statement to obtain a guaranteed loan from SBA is punishable under the law, including under 18 USC 1001 and 3571 by imprisonment
of not more than five years and/or a fine of up to $250,000; under 15 USC 645 by imprisonment of not more than two years and/or a fine
of not more than $5,000; and, if submitted to a Federally insured institution, under 18 USC 1014 by imprisonment of not more than thirty
years and/or a fine of not more than $1,000,000.

 

(v)                
Borrower acknowledges that it has calculated the eligible Loan amount using the supporting documents
which it has submitted to Bank. Borrower further acknowledges that execution of this Note constitutes Borrower’s certification that
it is in agreement with the Principal Amount of the Loan as set forth herein and that such Principal Amount is not in excess of the maximum
principal amount permitted in accordance with applicable PPP Legislation and the Paycheck Protection Program Rules.

 

(w)               
Borrower understands, acknowledges and agrees that Bank can share any tax information received from
Borrower or any Owner with SBA’s authorized representatives, including authorized representatives of the SBA Office of Inspector
General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.

 

(x)                
The sum of the principal amount of this Loan plus the principal amount of each other Second Draw
PPP Loan borrowed by each other member of Borrower’s “corporate group” (as defined in Paycheck Protection Program Rules),
if any, does not exceed $4,000,000 in the aggregate.

 

Loan Purpose and Updated Financial Information Required

 

Borrower represents and warrants that the loan evidenced
by this Note is being made solely for the permitted use of proceeds specified in PPP Legislation, the Paycheck Protection Program Rules
and related regulations, rules and guidance. In addition, Borrower represents, warrants and covenants that no part of the proceeds of
the loan evidenced by this Note will be used directly or indirectly (a) to fund or finance any operations, investments or activities in
or make any payments to a (1) Person that is, or is owned or controlled by, Persons that are the subject of any Sanctions (as defined
below) (each a “Sanctioned Person”) or (2) country or territory that is the subject of Sanctions, or is owned or controlled
by one or more Sanctioned Person (a “Sanctioned Country”), or in any other manner that would result in a violation of any
Sanctions by any Person, or (b) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money,
or anything else of value, to any Person in violation of any laws, rules or regulations of any jurisdiction concerning or relating to
bribery or corruption. Borrower further represents, warrants and covenants that while the loan evidenced by this Note remains outstanding,
each Obligor, each subsidiary or affiliate of each Obligor, and their respective directors, officers, employees, or agents will not (a)
be or become a Sanctioned Person, (b) allow any of their assets to be located in a Sanctioned Country, or (c) derive any of their operating
income from investments in, or transactions with, one or more Sanctioned Person or Sanctioned Country. As used herein, “Sanctions”
means any trade, economic or financial sanctions administered or enforced by the Office of Foreign Assets Control, the U.S. Department
of State, the United Nations Security Council, the EU, Her Majesty’s Treasury or other relevant sanctions authority. As used in
this Note, the term “Person” shall mean any individual, partnership, firm, corporation, association, joint venture, limited
liability company, trust or other entity, or any governmental authority or governmental agency. As used in this Note the term “Obligor”
shall individually and collectively refer to Borrower and any other Person that is or hereafter becomes primarily or secondarily liable
for the payment of the loan evidenced by this Note and any Person that has conveyed or may hereafter convey any security interest or lien
to Bank in any real or personal property to secure payment of this Note. Borrower agrees to promptly provide to Bank updated financial
information, including, but not limited to, tax returns, current financial statements in form satisfactory to Bank, as well as additional
information, reports or schedules (financial or otherwise), all as Bank may from time to time request.

 

Representations and Warranties

 

The Borrower is one of the following: (a) an individual above
the age of majority and has the legal capacity to execute this Note, (b) a corporation, limited liability company or other registered
entity duly organized and existing under the laws of the state of its organization or (c) a non-registered entity exempt from registration
under the laws of any state or jurisdiction. The Borrower is duly qualified and in good standing where such qualification is necessary.
This Note has been duly authorized, executed and
delivered by Borrower, has been duly executed by
Borrower or an authorized representative
of the Borrower, constitutes Borrower’s valid and legally binding
obligation and is enforceable in accordance
with its terms against Borrower. The execution, delivery and performance of this Note
and the consummation of the transaction contemplated will not, with or without the giving of notice or the lapse of time, (a) violate
any law applicable to Borrower, (b) violate any judgment, writ, injunction or order of any court or governmental body or officer applicable
to Borrower, (c) violate or result in the breach of any material agreement to which Borrower is a party, nor (d) violate Borrower’s
charter, bylaws, articles of organization, operating agreement or any other similar formation or governing documentation, as applicable.
No consent, approval, license, permit or other authorization of any third party or any governmental body or officer is required for the
valid and lawful execution and delivery of this Note. If Borrower is required to deliver to Bank a Beneficial Ownership Certification
pursuant to the requirements of the Beneficial Ownership Rule (31 C.F.R. § 1010.230), Borrower represents and warrants that the information
included in such Beneficial Ownership Certification, or in any other certifications provided by Borrower or its authorized representative
under the Application, is true and correct in all respects. As of the date of this Note, Borrower represents that Borrower is not subject
to any material claim, dispute or litigation that has not been previously disclosed to Bank in writing.

 

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PPP Legislation Compliance.
Borrower represents, warrants and covenants to Bank, as of (i) the date hereof, (ii) the Forgiveness Covered Period End Date, and (iii)
the date that SBA remits payment of the forgiven amount of the Loan to Bank and at all times this Loan exists or this Note is in effect,
as follows:

 

(a)              
Neither Borrower nor any Owner, is presently suspended,
debarred, proposed for debarment, declared ineligible, voluntarily excluded from participation in this transaction by any Federal department
or agency, or presently involved in any bankruptcy.

 

(b)              
Neither Borrower, nor any Owner, nor any business owned
or controlled by any of them, ever obtained a direct or guaranteed loan from SBA or any other Federal agency that is (i) currently delinquent
or (ii) has defaulted in the last 7 years and caused a loss to the government.

 

(c)              
Neither Borrower, nor any Owner, is an owner of any other
business or has common management (including a management agreement) with any other business, except as disclosed on addendum A of the
application relating to the First Draw Loan or as disclosed in an updated list of affiliates submitted in connection with the Application
or this Loan.

 

(d)              
Borrower did not receive an SBA EIDL loan between January
31, 2020 and April 3, 2020, except as disclosed on addendum B of the Application.

 

(e)               
Neither Borrower (if an individual), nor any individual
Owner of 20% or more of the equity of Borrower, is presently incarcerated or, for any felony, presently subject to an indictment, criminal
information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction.

 

(f)                
Neither Borrower (if an individual), nor any Owner, has
within the last 5 years, for any felony involving fraud, bribery, embezzlement or false statement on a loan application or an application
for federal financial assistance, or within the last year for any other felony 1) been convicted; 2) pleaded guilty; 3) pleaded nolo contendere;
or 4) commenced any form of parole or probation (including probation before judgment).

 

(g)              
The United States is the principal place of residence
for all employees of Borrower included in Borrower’s payroll calculation included in the Application.

 

(h)               
Borrower, if a franchise, agrees that it is a franchise
listed in the SBA’s Franchise Directory.

 

(i)                 
Borrower acknowledges and agrees that all proceeds of
the Loan shall be used solely to fund the uses specified in the Paycheck Protection Program Rules; provided that, for the avoidance of
doubt, in no event shall more than forty percent (40%) of all the proceeds of the Loan be used for non-payroll costs.

 

Default, Acceleration and Setoff

 

An “event of default” shall occur hereunder upon
the occurrence of any one or more of the following events or conditions:

 

		(a)	the failure
by any Obligor to pay, whether by acceleration or otherwise, (i) any interest or fees owed under this Note when due and such failure shall
continue unremedied for a period of five (5) days thereafter or (ii) any principal amount owed under this Note when due;

 

		(b)	(i) the occurrence
of any event of default under any other agreement executed in connection with this Note or the failure of any Obligor to perform any covenant,
promise or obligation contained in this Note or such other agreement, provided, however that if such failure relates to a covenant other
than a negative covenant or a financial covenant under this Note or any agreement executed in connection with this Note, the Obligor shall
have thirty (30) days to cure such failure after the earlier of the date (A) the Obligor or any officer or representative of the Obligor
becomes aware of such failure or (B) notice of such failure is given to such Obligor by Bank or (ii) the occurrence of any event of default
under, or the failure of any Obligor to perform any covenant, promise or obligation contained in, any other agreement to which any Obligor
and any Bank Party are parties;

 

		(c)	any
representation or warranty of any Obligor contained in this Note or any other agreement with any Bank Party shall prove to be incorrect
in any material respect (other than any representation or warranty that is expressly qualified by a material adverse effect or other materiality,
in which case such representation or warranty shall prove to be incorrect in any respect);

 

		(d)	the failure
of any Obligor to pay when due any principal, interest or other amount due under any indebtedness of such Obligor (after any applicable
grace period specified in connection with such indebtedness) to any creditor other than Bank or any event shall occur or condition shall
exist under any agreement or instrument relating to such indebtedness, if the effect of such event or condition is to accelerate, or permit
the acceleration, of such indebtedness;

 

		(e)	the dissolution, liquidation, merger,
consolidation, termination or suspension of usual business of any Obligor;

 

		(f)	the death
or declaration of incompetency of any Obligor that is a natural person unless within thirty (30) days after the death or declaration of
incompetency of such Obligor, a substitute Obligor acceptable to Bank shall have executed documentation in form and substance acceptable
to Bank;

 

		(g)	any person
or entity, or any group of related persons or entities, shall, without Bank’s prior written consent, have or obtain legal or beneficial
ownership of a majority of the outstanding voting securities or rights of any Obligor that is not a natural person, other than any person
or entity, or any group of related persons or entities that has such majority ownership as of the date of this Note; or any change in
the ownership or control information in Borrower’s Beneficial Ownership Certification shall have occurred since the date of this
Note; or any “change in ownership” as defined in Paycheck Protection Program Rules shall have occurred without satisfying
applicable Paycheck Protection Program Rules and obtaining the prior written consent of Bank and, if required by the Paycheck Protection
Program Rules or SBA;

 

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		(h)	any Obligor
shall (i) commence a voluntary case or other proceeding or file any petition seeking liquidation, reorganization or other relief under
any federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a custodian,
trustee, receiver, liquidator or other similar official for such Obligor or any substantial part of such Obligor’s property, (ii)
consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (i)
of this section (h), (iii) apply for or consent to the appointment of a custodian, trustee, receiver, liquidator or other similar official
for such Obligor or for a substantial part of such Obligor’s assets, (iv) file an answer admitting the material allegations of a
petition filed against such Obligor in any such proceeding, (v) make a general assignment for the benefit of creditors, or (vi) take any
action for the purpose of effecting any of the foregoing;

 

		(i)	an involuntary
proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect
of any Obligor or such Obligor’s debts, or any substantial part of such Obligor’s assets, under any federal, state or foreign
bankruptcy, insolvency or other similar law now or hereafter in effect or (ii) the appointment of a custodian, trustee, receiver, liquidator
or other similar official for any Obligor or for a substantial part of such Obligor’s assets, and in any such case, such proceeding
or petition shall remain undismissed for a period of sixty (60) days or an order or decree approving or ordering any of the foregoing
shall be entered;

 

		(j)	the entry
of a judgment, award or order against any Obligor which remains unstayed, unsatisfied or unbonded for thirty (30) days following the issuance
of such judgment, award or order, or the issuance or service of any attachment, levy or garnishment against any Obligor or the property
of any Obligor or the repossession or seizure of property of any Obligor;

 

		(k)	the sale or transfer by any Obligor
of all or substantially all of such Obligor’s assets other than in the ordinary course of business;

 

		(l)	a material
adverse change in the financial condition, operations, business, or prospects of any Obligor has occurred since the date of this Note;

 

		(m)	an event of default occurs under
any other outstanding SBA or SBA guaranteed loan to Borrower; or

 

		(n)	SBA determines at any time, for
any reason, that Borrower is or was not eligible for a Paycheck Protection Program loan.

 

Bank shall not be obligated to fund
this Note or make any advance under this Note if at the time such funding or advance is requested there exists (i) an event of default
or (ii) an event or condition which with the passage of time or giving of notice or both would result in an event of default. Upon the
occurrence of an event of default, Bank shall, at its option, have the remedies provided herein and by any other agreement between Bank
and any Obligor or under applicable law, including without limitation, declaring the entire outstanding principal balance, together with
all interest thereon and any other amounts due under this Note, to be due and payable immediately without presentment, demand, protest,
or notice of any kind, except notice required by law. Upon the occurrence of an event of default under paragraph (h) or (i) above, the
entire outstanding principal balance, together with all interest thereon and any other amounts due under this Note, shall automatically
become due and payable without presentment, demand, protest, or notice of any kind except notice required by law, and Bank’s obligation
to make advances under this Note shall automatically terminate without notice or further action by Bank. Upon the occurrence of an event
of default, as of the date of such event of default, Bank, at its option, may charge interest on the unpaid balance of this Note at the
lesser of (a) the Rate plus 4.00% per annum or (b) the maximum rate allowed by law (the “Default Rate”) until paid in full.
To the extent permitted by law, upon the occurrence of an event of default, Bank will have the right, in addition to all other remedies
provided herein, to set off the amount due under this Note or due under any other obligation of Borrower to Bank against any and all accounts,
whether checking or savings or otherwise, credits, money, stocks, bonds or other security or property of any nature whatsoever on deposit
with, held by, owed by, or in the possession of any Bank Party to the credit of or for the account of Borrower, without notice or consent
of Borrower. The remedies provided in this Note and any other agreement between Bank and any Obligor and by applicable law are cumulative
and not exclusive of any other remedies provided by applicable law.

 

If any portion of a payment is at least fifteen (15) days
past due, Borrower agrees to pay a late charge equal to the lesser of $50.00 or 4% of the amount which is past due. Unless prohibited
by applicable law, Borrower agrees to pay the fee established by Bank from time to time for returned checks, wire transfer of funds, or
chargeback of an ACH, if a payment is made on this Note and is dishonored or is otherwise determined to be uncollectible, whether for
insufficient funds or for any other reason, and without regard to the timeliness of the return, chargeback, adjustment, or notice of nonpayment.
In addition to any other amounts owed under the terms of this Note, Borrower agrees to pay those fees and charges disclosed in the Disbursements
and Charges Summary or other form of closing statement, if any, related to the loan evidenced by this Note which, to the extent it exists,
is incorporated in this Note by reference and, as permitted by applicable law, Borrower agrees to pay the following: (a) all expenses,
including, without limitation, any and all costs incurred by Bank related to enforcement, all court costs and out-of-pocket collection
expenses, and reasonable attorneys’ fees actually incurred, whether suit be brought or not, incurred in collecting this Note; (b)
any expenses or costs (including reasonable attorneys’ fees) incurred in defending any claim arising out of the execution of this
Note or the obligations which it evidences; and (c) any other charges permitted by applicable law. Borrower agrees to pay such amounts
on demand or, at Bank’s option, such amounts may be added to the unpaid balance of the Note and shall accrue interest at the stated
Rate.

 

Prepayment Provisions; No Collateral

 

Borrower may make a prepayment in any amount at any time
without penalty. This Note is not secured by any property of the Borrower or any other Person.

 

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Payments

 

Borrower is directed to make payments at the
address indicated on the billing statement provided by Bank, or at such place as Bank may otherwise indicate in writing. Payments
may also be made at those Bank branches which accept loan payments, however, Borrower acknowledges that Borrower is not directed to
make payments at such branches and that Bank’s acceptance of payments at such branches is an accommodation to Borrower which
may be revoked at any time in Bank’s sole and absolute discretion. All amounts received by Bank shall be applied to expenses,
fees and interest before principal or in any other order as determined by Bank, in its sole discretion, as permitted by law.
Payments will be credited as of the date stamped upon receipt, or as of the standard payment processing date for similar payments if
a payment is not stamped. Payments received on Saturday will be credited on Bank’s next business day. If any payment date
falls on a Saturday or Sunday or a legal bank holiday, payment will be due on the next business day. Bank’s business days are
Monday through Friday, not including legal bank holidays.

 

Waivers

 

Borrower and each other Obligor waive presentment, demand,
protest, notice of protest and notice of dishonor and waive all exemptions, whether homestead or otherwise, as to the obligations evidenced
by this Note and waive any discharge or defenses based on suretyship or of recourse. Borrower waives any rights to require Bank to proceed
against any other Obligor before proceeding against Borrower. Borrower further agrees that without notice to any Obligor and without affecting
any Obligor’s liability, Bank, at any time or times, may grant extensions of the time for payment or other indulgences to any Obligor
or permit the renewal or modification of this Note and may add or release any Obligor whether primarily or secondarily liable.

 

Waiver of Jury Trial

 

TO THE EXTENT PERMITTED BY APPLICABLE LAW, BORROWER AND
BANK HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT
EITHER OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY LITIGATION, WHETHER IN CONTRACT OR TORT OR OTHERWISE, AT LAW OR IN EQUITY,
BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE AND ANY OTHER DOCUMENT OR INSTRUMENT CONTEMPLATED TO BE EXECUTED
IN CONJUNCTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY
HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK ENTERING INTO OR ACCEPTING THIS NOTE. FURTHER, BORROWER HEREBY CERTIFIES THAT
NO REPRESENTATIVE OR AGENT OFBANK, NOR BANK’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT BANK WOULD NOT, IN THE EVENT
OF SUCH LITIGATION, SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION.

 

Waiver of Damages other than Direct or Actual

 

TO THE GREATEST EXTENT PERMITTED BY
APPLICABLE LAW, BORROWER AND BANK HEREBY IRREVOCABLY WAIVE (AND IRREVOCABLY AGREE NOT TO ASSERT) ANY CLAIM WHATSOEVER FOR SPECIAL, INDIRECT,
INCIDENTAL, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES OR LOST PROFITS (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) AGAINST EACH OTHER (OR
AGAINST EACH OTHER’S RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS OR AGENTS) AT ANY TIME ARISING UNDER OR RELATING TO THIS
NOTE, ANY RELATED DOCUMENT, OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN.

 

Patriot Act Notice

 

Bank hereby notifies Borrower that pursuant to the requirements
of the USA PATRIOT Act (Title III of Pub. L. 107-56 signed into law October 26, 2001), Bank may be required to obtain, verify and record
information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow
Bank to identify Borrower in accordance with the Act. Further, Bank hereby notifies Borrower that, pursuant to the requirements of the
Beneficial Ownership Rule (31 C.F.R. § 1010.230), Bank may be required to obtain, verify and record information contained in a Beneficial
Ownership Certification executed by Borrower, which will identify the key individuals who have beneficial ownership or control of Borrower.
Borrower agrees to provide any information relating to Borrower or any beneficial owner of Borrower when and as requested by Bank.

 

Hold Harmless and Indemnification; Waiver and Release

 

Borrower hereby indemnifies and agrees to hold each Bank
Party and its officers, directors, employees, agents and affiliates (each an “Indemnitee”) harmless from and against all claims,
damages, liabilities, costs (including reasonable attorneys’ fees and legal expenses), causes of action, actions, suits and other
legal proceedings (collectively, “Claims”) in any matter relating to or arising out of this Note or any document or agreement
executed in connection with this Note, or any act, event or transaction related thereto.

 

Borrower shall promptly provide Bank with written notice of
any such Claim, provided, however, that this indemnity shall not apply to any Claims arising solely from the gross negligence or willful
misconduct of such Indemnitee as determined by a court of competent jurisdiction in a final non-appealable judgment or order. Upon request
of Bank, Borrower shall defend each applicable Indemnitee from such Claims, and pay the reasonable attorneys’ fees, legal expenses
and other costs actually incurred in connection therewith, or in the alternative, at Bank’s option, each applicable Indemnitee shall
be entitled to employ its own legal counsel to defend such Claims at Borrower’s sole expense. Bank is participating in the Paycheck
Protection Program to help businesses impacted by the economic impact from COVID-19. However, Bank anticipates high volume and there may
be processing delays and system failures along with other issues that interfere with submission of your application to the SBA, the processing
of your loan and/or the submission and processing of any forgiveness application related to your loan. By signing this Note, you agree
to forever release and waive any claims against Bank concerning any claims relating to Bank’s processing of your Application, this
Loan and/or forgiveness application under the Paycheck Protection Program, including, without limitation, the (i) pace, manner or systems
for processing or prioritizing applications, and (ii) representations by Bank regarding the application process, the Paycheck Protection
Program, or availability and timing of funding. This release and waiver supersedes any prior communications, understandings, agreements
or communications on the issues described in the preceding sentence.

 

    Page 6 of 8

     

    

 

Miscellaneous

 

Any provision of this Note or any agreement executed in
connection with this Note which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions of this Note or any such agreement. No amendment, modification, termination or waiver of
any provision of this Note or any agreement executed in connection with this Note, nor consent to any departure by Borrower from any term
of this Note or any agreement executed in connection with this Note, shall in any event be effective unless it is in writing and signed
by an authorized officer of Bank, and then such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given. Notwithstanding the preceding sentence or any other contrary provision contained in this Note, the terms of this
Note shall be deemed to be immediately and automatically amended without any further action, consent or agreement of Bank or Borrower
to the extent necessary to ensure consistency with the PPP Legislation and Paycheck Protection Program Rules as such legislation and rules
are revised, amended or supplemented from time to time. No failure or delay on the part of Bank to exercise any right, power or remedy
under this Note or any agreement executed in connection with this Note shall be construed as a waiver of the right to exercise the same
or any other right at any time. The captions of the paragraphs of this Note are for convenience only and shall not be deemed to constitute
a part hereof or used in construing the intent of the parties. All representations, warranties, covenants and agreements contained herein
or made in writing by Borrower in connection herewith shall survive the execution and delivery of this Note and any other agreement, document
or writing relating to or arising out of any of the foregoing. All notices or communications given to Borrower pursuant to the terms of
this Note shall be in writing and may be given to Borrower at Borrower’s address as stated at the top of this Note unless Borrower
notifies Bank in writing of a different address. Unless otherwise specifically provided herein to the contrary, such written notices and
communications shall be delivered by hand or overnight courier service, or mailed by first class mail, postage prepaid, addressed to Borrower
at the address referred to herein. Any written notice delivered by hand or by overnight courier service shall be deemed given or received
upon receipt. Any written notice delivered by U.S. Mail shall be deemed given or received on the third (3rd) business day after being
deposited in the

 

U.S. Mail. Notwithstanding any provision of this Note or any
agreement executed in connection with this Note to the contrary, Borrower and Bank intend that no provision of this Note or any agreement
executed in connection with this Note be interpreted, construed, applied, or enforced in a way that will permit or require the payment
or collection of interest in excess of the highest rate of interest permitted to be paid or collected by the laws of the jurisdiction
indicated below, or federal law if federal law preempts the law of such jurisdiction with respect to this transaction (the “Maximum
Permitted Rate”). If, however, any such provision is so interpreted, construed, applied, or enforced, Borrower and Bank intend (a)
that such provision automatically shall be deemed revised so as to require payment only of interest at the Maximum Permitted Rate; and
(b) if interest payments in excess of the Maximum Permitted Rate have been received, that the amount of such excess shall be deemed credited
retroactively in reduction of the then-outstanding principal amount of this obligation, together with interest at the Maximum Permitted
Rate. In connection with all calculations to determine the Maximum Permitted Rate, Borrower and Bank intend (a) that all charges be excluded
to the extent they are properly excludable under the usury laws of such jurisdiction or the United States, as they from time to time are
determined to apply to this obligation; and (b) that all charges that may be spread in the manner provided by statute of the jurisdiction
indicated or any similar law, be so spread. Borrower agrees to sign any and all additional documentation Bank requests related to this
Loan based upon amendments or revisions to any PPP Legislation, Paycheck Protection Program Rules and the Application including, without
limitation, any form promissory note issued by the SBA or any amendment harmonizing this Note and such SBA form note Borrower acknowledges
and agrees that Bank’s funding of the loan evidenced by this Note shall not be considered as a waiver by Bank of any default or
event of default under any other loan made by Bank to Borrower or any other agreement between Borrower and Bank.

 

Successors and Assigns and Choice of Law

 

This Note shall apply to and bind Borrower’s heirs,
personal representatives, successors and permitted assigns and shall inure to the benefit of Bank, its successors and assigns. Notwithstanding
the foregoing, Borrower shall not assign Borrower’s rights or obligations under this Note without Bank’s prior written consent.
This Note shall be governed by applicable federal law and the internal laws of the state of North Carolina. Borrower agrees that certain
material events and occurrences relating to this Note bear a reasonable relationship to the laws of North Carolina and the validity, terms,
performance and enforcement of this Note shall be governed by the internal laws of North Carolina which are applicable to agreements which
are negotiated, executed, delivered and performed solely in North Carolina. Unless applicable law provides otherwise, in the event of
any legal proceeding arising out of or related to this Note, Borrower consents to the jurisdiction and venue of any court located in the
state of North Carolina. Nothing in this Note or in any other document or agreement entered into in connection with this Note shall affect
any right that Bank may have to bring any action or proceeding arising out of or related to this Note against Borrower or its properties
in the courts of any jurisdiction.

 

In the event the SBA becomes the holder of this Note,
this Note will be interpreted and enforced under federal law, including SBA regulations. Bank or SBA may use state or local procedures
for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive
any federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert against
SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.

 

Documentary and Intangible Taxes

 

In the event that any intangible tax or documentary stamp
tax is due from Bank to any state or other governmental agency or authority because of the execution or holding of this Note, Borrower
shall, upon demand, reimburse Bank for any such tax paid. Pursuant to State of Florida Office of Governor Executive Order Number 20-95,
the collection of Florida documentary stamp tax is suspended for all notes and other written obligations made pursuant to Title 1 of the
CARES Act and related regulations, rules, and guidance.

 

Transfer of Loan

 

Bank may, at any time, sell,
transfer or assign the Note, the related security instrument and any related loan documents, and any or all servicing rights with
respect thereto, or grant participations therein or issue mortgage pass-through certificates or other securities evidencing a
beneficial interest in a rated or unrated public offering or private placement (the “Securities”). Bank may forward to
each purchaser, transferee, assignee, servicer, participant, or investor in such Securities or any Rating Agency (as hereinafter
defined) rating such Securities (collectively, the “Investor”) and each prospective Investor, all documents and
information which Bank now has or may hereafter acquire relating to Borrower, any loan to Borrower, any guarantor or the property,
whether furnished by Borrower, any guarantor or otherwise, as Bank determines necessary or desirable. The term “Rating
Agency” shall mean each statistical rating agency that has assigned a rating to the Securities.

 

    Page 7 of 8

     

    

 

State Specific Disclosures

 

Texas residents: This notice is being provided
by Bank in compliance with §26.02 of the Texas Business and Commerce Code, which provides that certain loan agreements must be in
writing to be enforceable. As used in this notice, the term “loan agreement” means one or more promises, promissory notes,
agreements, undertakings, security agreements, deeds of trust, or other documents, or commitments, or any combination of these actions
or documents, executed in connection with the loan from Bank. THIS WRITTEN LOAN AGREEMENT IN CONNECTION WITH THE NOTE REPRESENTS THE
FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF
THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS

 

BETWEEN THE PARTIES. This notice shall be deemed
to be a part of each document which is executed by the Borrower and which comprises a part of the loan agreement. The Borrower acknowledges
receipt of a copy of this notice and agrees that all documents in connection with the Note are subject to the provisions of §26.02
of the Texas Business and Commerce Code.

 

Counterparts

 

This Note may be executed in any number of counterparts,
each of which shall be an original, but all of which shall together constitute one and the same agreement. This Note shall be effective
upon Borrower’s execution of this Note and Bank’s receipt of duly executed counterparts from each of the parties hereto. Upon
approval by Bank in its sole discretion, signatures to this Note transmitted in a commonly accepted electronic format that reproduces
an image of the actual executed signature page shall have the same legal effect, validity, and enforceability as a manually executed counterpart
of the document to the extent and as provided for in the Federal Electronic Signatures in Global and National Commerce Act and the applicable
state law based on the Uniform Electronic Transactions Act. Further, Borrower agrees to deliver a manually executed counterpart of this
Note to Bank no later than ten (10) days following the date of this Note if required by the Bank.

 

By signing below under seal, Borrower agrees to the terms
of this Note and the disbursement of proceeds as described in the Disbursements and Charges Summary form or other closing statement, if
any, provided in connection with this transaction.

 

	 	Twinvee Powercats, Inc.	 
	Borrower Name:	 	 
	 	 	 
	 	  (Seal)
	Signature of Authorized Representative of Borrower	 
	 	 
	Joseph Visconti	 
	Name, printed or typed of Authorized Representative	 

 

Page 8 of 8EX-10.20

 Exhibit 10.20 

Certain identified information marked with [***] has been excluded from the exhibit because it is both not material and is the type that the registrant
treats as private or confidential. 
 LICENSE AGREEMENT 

This AGREEMENT is entered into by and between the UNIVERSITY OF MARYLAND, a constituent institution of the University System of Maryland, itself a public
agency and instrumentality of the State of Maryland, U.S.A., (hereinafter referred to as “UMD”), through its Office of Technology Commercialization (“OTC”) having a principal place of business at 2130 Mitchell Building, 7999
Regents Dr., College Park, MD 20742, Duke University, a private institution of higher education (hereinafter referred to as “Duke”), having a principal place of business at Durham, NC 27710, and ionQ, a corporation organized under the laws
of the State of Delaware (hereinafter referred to as “Licensee”) and having a principal place of business at 10206 Brightsone Place, Ellicott City, MD 21042. 

Background: UMD, Duke, and the University of British Columbia (“UBC”) each own an undivided joint interest in and to the inventions that are
the subject of [***]. Licensee wishes to obtain an exclusive right and license in Duke’s and UMD’s interests in the Patent Rights and Duke and UMD wish to grant such a license. In consideration of the mutual covenants and promises set
forth herein and for other good and valuable consideration, the receipt and legal sufficiency of which is hereby acknowledged by the parties, the parties agree as follows: 
  

	1.00	 DEFINITIONS 

For the purposes of this Agreement, the following terms shall have the meanings given below: 

1.01. “Affiliate” shall mean any legal entity that controls, is controlled by or is under control of Licensee where controlled means
(a) beneficial ownership of at least 50% of the voting securities of a legal entity with voting securities or (b) at least 50% interest in the net assets or profits of a legal entity without voting securities. 

1.02. “Calendar Year” shall mean the twelve-month period as measured from January 1 to December 31. 

1.03. “Effective Date” shall mean the date of last signature below. 

1.04. “Field” shall mean all fields relating to ion trap quantum computing. 

1.05. “First Commercial Sale” shall mean [***]. 

1.06. “Interinstitutional Agreement” or “IIA” shall mean the agreement entered into by and between Duke and UMD under which UMD is
authorized to take certain actions on behalf of both Universities (defined below in 1.15) under this License Agreement. 
 1.07. “Internal Non-Commercial Purposes” shall mean the use of Licensed Inventions or Patent Rights in support of academic research, teaching, and other
not-for-profit scholarly activities, and excluding use of Licensed Inventions and/or Patent Rights to perform services for a fee or to produce or manufacture products
for sale to third parties. 
 1.08. “Know-How Rights” shall mean any information and documentation
in tangible form in the possession of UMD that relate primarily to the design, creation of software for, manufacturing and testing of Licensed Products and components thereof in the Field of Use. 

 1.09. “Licensed Inventions” shall mean the inventions described in [***], and the related
detailed descriptions and any future inventions added to this Agreement by the Parties. 
 1.10. “Licensed Products” shall mean any
products, methods, processes, services, or software that, in the absence of the license granted in this Agreement, would, in whole or in part, constitute an infringement of any claim within the Patent Rights, or the manufacture, use, importation,
sale, or offer for sale of which, absent the license granted in this Agreement, constitutes an infringement of any claim within Patent Rights. 
 1.11.
“Other Licensed Invention” shall mean the inventions described in [***] and the related detailed descriptions and any Patent Rights related thereto, as further described in Exhibit B. 

1.12. “Patent Rights” shall mean UMD’s and Duke’s rights in (a) the patent applications and patents listed in Exhibit A
encompassing the Licensed Inventions, as Exhibit A may be amended from time to time in accordance with Section 2.10.2, (b) any non-provisional patent application that claims priority to any provisional
patent application referenced in clause (a), (c) all divisionals, continuations, substitutions, renewals, reissues, reexaminations and extensions claiming priority to the patent applications identified in clauses (a) or (b), (c) any patents
issuing thereon from (a) and/or (b) in the US or anywhere else throughout the world, and (d) continuation-in-part applications and any patent issuing
thereon in the US and anywhere else throughout the world but only to the extent the claims thereof are entirely supported in the patent applications identified in clauses (a) through (c) or for which the new subject matter is funded by
Licensee. 
 1.13. “Sublicensee” shall mean any third party to whom Licensee has granted some or all of the rights licensed to Licensee
under Section 2. A third party whom Licensee has authorized to sell Licensee-branded Licensed Products on behalf of Licensee is an agent of Licensee, not a Sublicensee. 

1.14. “Territory” shall mean the World. 
 1.15.
”Universities” shall mean UMD and Duke. 
  

	2.00	 LICENSE 

2.01. Subject to Sections 2.03 through 2.06 below, Universities hereby grant to Licensee and its Affiliates and Licensee hereby accepts from Universities an
exclusive, nontransferable (except as provided for in this Agreement), nonassignable (except as provided for in this Agreement) right and license to the Universities’ undivided joint interests in the Licensed Inventions and Patent Rights to
make, have made, use, sell, have sold, offer for sale, and import Licensed Products in the Field within the Territory. Subject to Sections 2.03 through 2.06 below, Universities hereby grant to Licensee and its Affiliates and Licensee hereby accepts
from Universities a non-exclusive (but for the rights [***] and the [***] may have by agreements), nontransferable (except as provided for in this Agreement),
non-assignable (except as provided for in this Agreement) right and license to the Universities’ interest in the Know-How Rights and UMD’s interest in Other
Licensed Invention to make, have made, use, sell, have sold, offer for sale, and import Licensed Products in the Field within the Territory. UMD agrees that it shall not grant any licenses to the Other Licensed Invention other than those granted as
of the Effective Date of this Agreement. 
 2.02. The license granted under Section 2.01 includes the right to grant sublicenses to third parties, with
the right to grant further sublicenses, subject to the following conditions: 
 2.02.1. Licensee shall develop and furnish to Universities
for its review a template of the sublicense Licensee intends to issue to Sublicensees. The terms of any sublicense shall be as protective of the Universities as this Agreement and shall comply with the provisions of this subsection 2.02. 

  
 2 

 2.02.2. Licensee shall provide the name, contact information and address of every
Sublicensee within thirty (30) days of the date each sublicense becomes effective and shall notify UMD of all terminations of sublicenses within [***] of their effective date of termination. 

2.02.3. Licensee shall furnish a true and correct copy of each sublicense and any amendments upon UMD’s request no more than once per
Calendar Year. Each such copy shall be considered Confidential Information of Licensee and treated as such under the terms of this Agreement unless doing so would be inconsistent with the Maryland Public Records Act. 

2.02.4. All sublicenses shall state that the sublicense shall terminate automatically and immediately upon the termination of this Agreement
and all rights granted under the sublicense shall revert to Universities unless a Sublicensee notifies UMD that the Sublicensee desires to negotiate its own sublicense with UMD on substantially similar terms to the sublicense. 

2.02.5. Licensee shall be responsible for the activities of all Sublicensees as if all such activities were carried out directly by Licensee.

 2.03. The license granted under Section 2.01 and any sublicense granted by Licensee under the authority of Section 2.02 shall be subject to
compliance with 35 U.S.C. § 204, requiring Licensed Products used or sold in the United States to be manufactured substantially in the United States, unless Licensee obtains a written waiver from the United States government. 

2.04. The grant of exclusivity under Section 2.01 and any exclusive sublicense granted under Section 2.02 is limited by and subject to the right of
the Universities , their employees, officers, agents and students to use Licensed Inventions, Other Licensed Inventions, and Patent Rights (a) to seek funds for additional research from third parties, (b) for Internal Non-Commercial Purposes, and (c) to grant government agencies, research universities, and not-for-profit funding sources non-exclusive licenses to use and practice Licensed Inventions and Patents Rights in support of Internal Non-Commercial Purposes. Any exclusive sublicense granted by Licensee
in accordance with Section 2.02 shall also be subject to these rights. 
 2.05. The Universities reserve for themselves and their employees and students
(the “Publishers”) the right to publish information included in the Patent Rights, Other Licensed Inventions, and Licensed Inventions. In the event the Publishers wish to make any such publication, UMD shall provide Licensee, at least
[***] prior to the first submission, publication or presentation, a copy of the abstract, paper or manuscript for review and comment. Licensee’s review shall be completed within [***] of its receipt of the manuscript and shall be limited to a
determination of whether any Confidential Information owned by Licensee is disclosed by the publication and whether Licensee desires to have such information deleted or to seek patent protection for the information prior to publication. In the
latter case, publication may be delayed up to [***] after receipt of written notice from Licensee that it is filing for patent protection. In the former case, the author shall promptly remove any Confidential Licensee Information from the abstract,
paper or manuscript. If Licensee does not desire to have such information deleted or to seek patent protection, License shall immediately notify the Publishers upon conclusion of the review period. Any delay in publication shall conform to the
University of Maryland Policy on Classified and Proprietary Work, as approved and periodically amended by the Board of Regents. The author of any publication shall have the final right and authority to determine the scope and content of a
publication, subject only to Licensee’s limited right of review for inclusion of Confidential Licensee Information. 
 2.06. Licensee understands and
agrees that if the [***] has funded research, during the course of which any Licensed Inventions or Patent Rights were conceived or developed, the ***] is entitled, as a matter of right, to a nonexclusive, nontransferable, irrevocable, paid-up license to practice or have practiced those Licensed Inventions, Other Licensed Inventions, or Patent Rights for governmental purposes, in accordance with the provisions of [***]. 

  
 3 

 2.07. Nothing in this Agreement confers or shall be construed to confer any rights upon Licensee by
implication, estoppel or otherwise to any inventions or patent rights other than those expressly granted under this Agreement, regardless of whether such inventions or patent rights are dominant or subordinate to Licensed Inventions, Other Licensed
Inventions, or Patent Rights. 
 2.08. In the event Licensee or its Affiliates have not made a First Commercial Sale within [***] of the Effective Date, the
Universities, upon mutual agreement, shall have the right to convert the exclusive license granted under Section 2.01 to a nonexclusive license in the Field within the Territory, effective upon Licensee’s receipt of written notice of the
same. All other provisions of this Agreement, excluding Sections 2.02, shall remain in effect. 
 2.09. In the event Licensee, either directly or through its
Affiliates, or its Sublicensees, ceases or fails to sell Licensed Products for a period in excess of [***] consecutive years after the First Commercial Sale, the Universities, upon mutual agreement, shall have the right to convert the exclusive
license granted under Section 2.01 to a nonexclusive license in the Field within the Territory, effective upon Licensee’s receipt of written notice of the same. In the event Licensee, either directly or through its Affiliates or its
Sublicensees, ceases or fails to sell Licensed Products for a period in excess of [***] consecutive years after the First Commercial Sale, the right and license granted to Licensee under Section 2.01 and 2.02 shall immediately cease, all rights
granted therein shall automatically revert to the Universities, and the provisions of Sections 12.06, 12.07 and 12.08-12.10 shall become effective. 

2.10. The parties acknowledge and agree that significant basic research needs to be done before a Licensed Product may be developed and the Licensee will be
relying on Universities to perform some of that basic research. 
 2.10.1. The parties acknowledge and agree that any such basic research
must satisfy the policies of both Universities regarding conflicts of interest and use of their facilities by third parties, including Licensee. 

2.10.2. The parties anticipate that inventions and copyrighted works will be conceived, reduced to practice or developed in the course of
conducting such basic research after the Effective Date of this Agreement (“Future Licensable IP”). Licensee will have executed an Option Agreement with each University under which each University will separately grant Licensee an
exclusive option during the term of the Option Agreement to obtain a worldwide exclusive license, with the right to sublicense, in and to such University’s rights in such Future Licensable IP. On the occasion that Licensee exercises its option,
this Agreement shall be amended to add the Future Licensable IP to the Licensed Inventions and/or Patent Rights at which time such Future Licensable IP shall become subject to all the terms and conditions of this Agreement. 

 

	3.00	 LICENSEE DUE DILIGENCE 

3.01. Subject to Section 2.10, Licensee shall use reasonable commercial efforts to introduce, manufacture, market and/or sell Licensed Products in the
Field and Territory as soon as commercially practicable after technology reaches a stage that is it ready for commercial development. 
 3.02. Licensee
agrees to and warrants that it has, or will obtain, the expertise necessary to independently evaluate the inventions of the Patent Rights and to develop Licensed Products for sale in the commercial market and that it so intends to develop Licensed
Products for the commercial market. 

  
 4 

 3.03. Beginning in the first Calendar Year after the Option Period as defined in the Option Agreements with
each party has expired and continuing each year thereafter, Licensee shall submit a development plan to UMD on or before the anniversary of the year after the Option Period has expired and continuing each year thereafter until the First Commercial
Sale. The Development Plan will specify the activities Licensee expects to undertake in the upcoming year to commercialize Licensed Products (the “Development Plan”). UMD reserves the right to request that Licensee furnish certain records
relating to its development activities to UMD and/or to audit Licensee’s records itself under the provisions of Section 6.03 If UMD and Licensee agree that said Development Plan is reasonable, Licensee shall take all reasonable steps to
meet the development program as set forth therein. 
 3.04. Licensee further warrants and agrees to meet the following specific milestones: 

3.04.1. Licensee will hire a qualified Chief Executive Officer (“CEO”) within twelve (12) months of the Effective Date. For the
purposes of this Agreement, “Qualified CEO” shall refer to and mean an individual having the experience and expertise sufficient to serve as the CEO of Licensee and/or other similar companies in the advanced computing industry. 

3.04.2. Licensee will obtain at least [***] in equity financing before (or upon) the Effective Date. 

3.04.3. Licensee will obtain at least [***] in equity financing within five (5) years of the Effective Date. 

3.04.4. Such other milestones as are set forth in the Development Plan. 

 

	4.00	 CONSIDERATION 

4.01. Issuance of Equity Interest. Licensee agrees to issue: (a) to UMD 23,647 shares of common stock of the Licensee and (b) to Duke 11,647 shares
of common stock of the Licensee (“Equity Interests”) within sixty (60) days of the Effective Date. These shares shall be handled as set forth in the stock issuance agreement, investor rights agreement and voting agreements (the
“Equity Agreements”). Each University shall be deemed to have received Equity Interests regardless of whether it receives certificates or other documentation relating to the issuance of Equity Interests subject to UMD and Duke executing
the Equity Agreements. 
  

	5.00	 PAYMENTS AND REPORTS 

5.01. UMD and Duke are exempt from the payment of income taxes under U.S. law. Licensee and its Sublicensees shall be liable for the payment of all taxes,
assessments, or other charges of any kind that may be imposed by any government or any political subdivision of any government outside of the United States with respect to any amounts payable to UMD and Duke pursuant to this Agreement, subject to
UMD and Duke providing upon request necessary documentation that it is exempt from the payment of such taxes. No such taxes, assessments or other charge shall be deducted from payments due UMD or Duke. 

5.01.1. All payments due UMD hereunder shall be made by check or money order in U.S. dollars issued to “UNIVERSITY OF MARYLAND.” No
payment will be returned or refunded unless it was paid in error. Payments will be mailed to Office of Technology Commercialization, 2130 Mitchell Bldg. 7999 Regents Drive, College Park, MD 20742. UMD has no obligation to provide an invoice. All
payments due Duke hereunder shall be made by check or money order in U.S. dollars issued to “DUKE UNIVERSITY.” No payment will be returned or refunded unless it was paid in error. Payments will be mailed to Duke University, Office of
Licensing and Ventures, BOX 90083, Durham, NC 27708, Attention: Agreement Manager. Duke has no obligation to provide an invoice. 

  
 5 

 5.01.2. Any payments not made when due and not being disputed in good faith will bear
interest at the lower of (a) [***] or (b) [***] (“Late Payment Charge”). The Late Payment Charge shall be issued simultaneously with issuance of the late payment. 

5.02. Accounting. Licensee shall submit on or before April 30 of each year: 

5.02.1. An annual Business Report for the Calendar Year just ended that contains a consolidated balance sheet of the business, a consolidated
statement of operations, and a consolidated statement of cash flows of Licensee and Affiliates, setting forth in each case in comparative form the figures from Licensee’s previous Calendar Year (if any). Licensee shall have a duty to submit
this annual Business Report only while UMD holds equity in Licensee. 
 5.02.2. A written report presenting Licensee’s strategies,
efforts and accomplishments during the Calendar Year just ended to commercialize Licensed Inventions and Patent Rights in the Field for each portion of the Territory and its strategies and plans for commercialization for the upcoming Calendar Year;
provided, however, in any year where basic research is still occurring and a First Commercial Sale has not been made, such report will merely state that fact. Licensee shall provide UMD copies of product literature and/or advertisements once they
are developed. 
 5.03. Capitalization Table. Licensee shall submit a detailed capitalization table evidencing Fully Diluted Shares, and all owners or
holders thereof when it provides the Universities’ certificates to evidence their respective shares of common stock in Licensee. 
  

	6.00	 RECORDS AND RECORDKEEPING 

6.01. Licensee shall maintain and, to the extent it is relying on Sublicensees therefor, shall require its Sublicensees to maintain documentation evidencing
that Licensee is in fact pursuing the commercialization of Licensed Products as required by this Agreement. Such documentation may include, but is not limited to, invoices for studies advancing the development of Licensed Products, laboratory
notebooks, internal job cost records, and filings made to the Internal Revenue Department to obtain tax credit, if available, for research and development of Licensed Products. 

6.02. All records required to be maintained under this Article shall be retained from the date of their creation until three (3) years after the
expiration or termination of this Agreement. 
 6.03. Upon UMD’s written request, Licensee shall permit an independent accounting firm selected and paid
for by UMD, and to whom Licensee has no reasonable objection, to examine Licensee’s books, ledgers and records of progress towards commercialization and those of its Affiliates and Sublicensees once each Calendar Year during regular business
hours for the purpose of verifying any report, payment, or equity issued under this Agreement. 
 6.03.1. Any reports prepared by the firm
shall only concern equity due and owing and progress toward commercialization. 
  

	7.00	 PROTECTION OF INTELLECTUAL PROPERTY AND PATENTS 

7.01. Confidential Information. Licensee understands and agrees that Know-How owned by each University constitutes
proprietary and confidential information of each University. Universities understand and agree that certain information Licensee is required to disclose to them (including, without limitation, Sections 3.01, 5.02, 5.03 and 6) constitutes proprietary
and confidential Licensee information. Collectively, confidential UMD, Duke, and Licensee information is referred to in this Section as “Confidential 

  
 6 

 
Information.” Confidential Information may also include other information in written, oral, graphic, electronic or physical form that one party discloses to the other that that is not
generally known to the public and concerns scientific knowledge, know-how, processes, inventions, techniques, formulae, products, data, plans, software, financial information, business plans, customer lists,
and similar information provided the disclosing party clearly marks the information as confidential at the time it is disclosed in a tangible form or summarizes the information in a writing marked confidential and sent to the receiving party within
ten days of an oral disclosure. 
 7.01.1. Confidential Information does not include information that (a) is or subsequently enters the
public domain without a breach by the receiving party; (b) is known to the receiving party prior to its receipt from the disclosing party; (c) becomes known to the receiving party from a third party under no duty of confidentiality to the
disclosing party; (d) is independently developed by the receiving party. Licensee and Duke acknowledge that UMD is subject to the Maryland Public Records Act. If UMD receives requests for information that qualifies as Confidential Information
of another party, UMD will notify the other Party of the request, if legally permitted, so the other party may take actions to protect against its disclosure. 

7.01.2. Each party shall use at least the same degree of care it uses to protect its own most valuable proprietary information to protect
Confidential Information it receives from another party to protect against unauthorized access and release of that information. A party shall limit release of another party’s Confidential Information to those employees of the receiving party
who need access in order to fulfill their obligations under this Agreement and are subject to obligations of confidentiality no less stringent than those set forth in this Agreement. A receiving party shall ensure that any document containing some
or all of the other party’s Confidential Information shall be clearly identified as Confidential Information. 
 7.01.3. The obligations
of confidentiality under this Section shall continue for a period of [***] after this Agreement expires or until the Confidential Information becomes known to the public, whichever is the first to occur. 

7.02. Patent Applications on Inventions Owned Jointly by UMD and Duke or solely by UMD or Duke. As of the Effective Date, UMD has filed the U.S. patent
applications set forth in Exhibit A. 
 7.02.1. When UMD and Duke are joint owners of a particular invention, one University shall take the
lead regarding the filing, prosecution, defense and maintenance of such patent applications, in accordance with the I IA. 
 7.02.2. When one
of the Universities is a sole owner of a particular Licensed Inventions, that University and Licensee shall jointly consider the filing of all patent applications relating to such solely owned Patent Rights or Licensed Invention and agree to
cooperate to assure all patent applications adequately and accurately reflect, to the best of their knowledge, all items of commercial interest and importance. 

7.02.2.1 When all inventors of a particular Licensed Invention or Other Licensed Invention are employees of one University, all
patent filings related to that Licensed Invention or Other Licensed Invention will be made in the name of that University and, unless otherwise agreed to in writing, that University shall prepare, file, prosecute, maintain and defend all Patent
Rights by patent counsel chosen by Licensee and approved by the University, which approval shall not be unreasonably withheld delayed or conditioned. Final decisions regarding any particular application or course of action during application,
prosecution, maintenance or defense shall be reserved to the owning University. 

  
 7 

 7.02.2.2 Subject to Section 7.02.2, Licensee shall have reasonable
opportunities to advise a single owning University regarding patent applications and Patent Rights; will cooperate with that University in the filing, prosecution, maintenance and defense of each application or patent, and will advise that
University of any material developments with respect to such actions. 
 7.02.2.3 A single owning University shall copy
Licensee on all patent applications and prosecution documents and will not seek to narrow substantially the scope of or irrevocably abandon a pending application or cease prosecution, maintenance or defense on an issued patent without giving
Licensee adequate prior notice and an opportunity to comment. If a single owning University elects to abandon an application or cease prosecution or maintenance of a patent, the parties shall decide, in good faith, how to proceed in the light of the
circumstances, taking into account any obligations the owning University may have under Federal law or University policy. 

7.02.2.4 Licensee and its Sublicensees shall mark all Licensed Products or packaging with the appropriate patent number
reference in compliance with the requirements of U.S. law 35 U.S.C. § 287. 
 7.03. Patent Applications for Inventions Owned Jointly by a University and
Licensee or both Universities and Licensee or jointly by a University and another third party. 
 7.03.1. When both Universities and Licensee
jointly own a particular invention or when one or both Universities are joint owners without Licensee, the Universities will select one University, in accordance with the IIA or other agreement, to represent both Universities in discussions with
Licensee regarding the filing, prosecution, defense and maintenance of such patent applications and the final decision regarding the filing of any particular application or to pursue a course of action during prosecution of the application(s) will
be reserved to Licensee provided Licensee shall fulfill the University’s duties under Section 7.02.1 – 7.02.4 with respect to all such applications. 

7.03.2. When one University jointly owns a particular Licensed Invention with Licensee, Licensee and that University shall jointly consider the
filing of any patent applications relating to the Field for the Licensed Invention. 
 7.03.3. When at least one inventor from one University
and Licensee are named as co-inventors on a patent application in the Field, Licensee understands that all patent filings will be made jointly with that University and the final decision regarding the filing
of any particular application or to pursue a course of action during prosecution of the application(s) will be reserved to Licensee provided Licensee shall fulfill the University’s duties under Section 7.02.1 – 7.02.4 with respect to
all such applications. 
 7.04. Foreign Patent Applications. If one University owns a particular Licensed Invention in which Licensee wishes foreign patent
applications to be filed, Licensee shall notify that University at least ninety (90) days prior to the expiration of the deadline for making such foreign filings in the countries where Licensee wishes that University to seek patent protection
and that University shall file in those countries. Those countries shall be added to Exhibit A and the provisions of 7.02 shall apply. The provisions of Section 7.02.1-7.02.5 shall apply to foreign patent
applications. 
 7.05. Patent Expenses 
 7.05.1.
Licensee shall be solely responsible for the payment of all fees and costs, including attorneys’ fees and translation costs, related to the filing, prosecution, defense, and maintenance of all United States and foreign patent applications and
patents (“Patent Expenses”), whether or not such Patent Expenses were incurred before or after the Effective Date. 

  
 8 

 7.05.2. As of the Effective Date, UMD has incurred [***] in Patent Expenses. Licensee shall
issue full payment of that amount within thirty (30) days of its receipt of an invoice for that amount from UMD. 
 7.05.3. With respect
to Patent Expenses incurred on or after the Effective Date, Licensee shall pay Patent Counsel directly within [***] of Licensee’s receipt of an invoice. Licensee shall copy UMD on all such payments when UMD is the sole owner of the invention
underlying the patent application and Duke when Duke is the sole owner of the invention underlying the patent application. 
 7.05.4. If this
Agreement is terminated prior to the expiration of all Patent Rights, Licensee shall pay for all Patent Expenses incurred as of the effective date of such termination, whether or not those expenses are invoiced after that effective date after
termination, within [***] of receipt of an invoice. 
 7.05.5. Licensee shall issue a timely payment on any Patent Expense. Should Licensee
not wish to continue prosecution, maintenance or defense of any patent or patent application included in Patent Rights, Licensee shall notify UMD or Duke, as the case may be, in writing [***] before any statutory bar or deadline and UMD or Duke
shall have the right to control the prosecution, maintenance or defense of the application or patent in that country and to remove it from the list of Patent Rights on Exhibit A. 

7.06. Licensee shall have the sole right, but not the obligation, to initiate and prosecute legal action for infringement by a third party of any claim arising
under a United States or foreign patent within the definition of the term Patent Rights, at Licensee’s own cost and expense, for its own recovery. If Licensee believes a third party is infringing Licensed Products or Patent Rights and Licensee
desires to initiate and prosecute a legal action for infringement against the third party, Licensee shall notify UMD or Duke, as the case may be. The applicable University agrees to cooperate with Licensee in the prosecution of such an action, at
Licensee’s expense, in response to reasonable requests for assistance, including without limitation joining as a party to the action if necessary for Licensee to maintain standing to bring such suit. Licensee shall not settle or compromise any
third party action for infringement in any manner that reduces the Patent Rights without the owning University’s prior written consent which shall not be unreasonably withheld, delayed or conditioned. In no event will any settlement or
compromise include any finding or admission of law or violation of any rights of any person, affect any other claim that may be made against the Universities, or require payment of any monetary damages by the Universities. Any compromise or
settlement shall unconditionally release the Universities from all future claims and liability with respect to the third party claims. Nothing herein shall prohibit the Universities and Licensee from jointly prosecuting a legal action for patent
infringement by a third party under mutually agreeable terms. 
  

	8.00	 EXPORT CONTROL 

8.01. Licensee represents and warrants that it shall comply at all times with all applicable U.S. export control laws and regulations, including, but not
limited to, the Arms Export Control Act, 22 U.S.C. §§ 2751-2794, and its implementing regulations, the International Traffic in Arms Regulations (ITAR), 22 C.F.R. Part 120 et seq.; and the Export Administration Act, 50 U.S.C. App.
§§ 2401-2420, and its implementing regulations, the Export Administration Regulations, 15 C.F.R. §§ 730-774 (collectively, “Export Control Laws”) that control the export of
technologies, commodities, software and technical data to foreign countries and foreign persons wherever they are located. Licensee shall ensure that its affiliates, Sublicensees, and agents also comply with Export Control Laws. 

8.02. The Universities make no representations or warranties regarding the export control status of Licensed Inventions. 

  
 9 

	9.00	 DISCLAIMER OF WARRANTIES AND LIMITATION OF LIABILITY 

9.01. EXCEPT AS SET FORTH IN SECTION 10, LICENSED INVENTIONS, OTHER LICENSED INVENTIONS AND PATENT RIGHTS ARE PROVIDED, “AS IS,” AS AVAILABLE, AND
WITH ALL FAULTS. UNIVERSITIES MAKE NO REPRESENTATIONS AND EXTEND NO WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, ORAL OR IN WRITING, IN FACT OR ARISING BY OPERATION OF LAW OR OTHERWISE, REGARDING LICENSED INVENTIONS, OTHER LICENSED INVENTIONS
AND/OR PATENT RIGHTS, AND SPECIFICALLY DISCLAIM, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT, OR ARISING OUT OF A PARTICULAR COURSE OF DEALING,
REGARDING THE VALIDITY OR SCOPE OF PATENTS RIGHTS OR THAT THE EXPLOITATION OF LICENSED INVENTIONS, OTHER LICENSED INVENTIONS OR PATENT RIGHTS WILL BE SUCCESSFUL. 

9.02. IN NO EVENT WILL THE UNIVERSITIES, THE STATE OF MARYLAND, LICENSEE OR ANY OF THEIR OFFICERS, EMPLOYEES OR AGENTS BE LIABLE FOR ANY INCIDENTAL, SPECIAL,
CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO, LOSS OF ANTICIPATED PROFITS OR ECONOMIC LOSS, RESULTING FROM EXERCISE OF THIS LICENSE OR MANUFACTURE, SALE, OR USE OF THE LICENSED INVENTIONS, OTHER LICENSED INVENTIONS, LICENSED
PRODUCTS, OR PATENT RIGHTS, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 
 9.03. THE UNIVERSITIES ASSUME NO RESPONSIBILITIES
WHATSOEVER WITH RESPECT TO THE USE, SALE, OR OTHER DISPOSITION BY LICENSEE, ITS AFFILIATES OR SUBLICENSEES OF LICENSED PRODUCTS. 
  

	10.00	 REPRESENTATIONS AND WARRANTIES 

10.01. Each party individually represents that it has proper authority to enter into this Agreement. 

10.02. Licensee represents and warrants that prior to the First Commercial Sale of a Licensed Product, Licensee will obtain and will continue to maintain
through the Term of this Agreement liability insurance coverage appropriate to the risk involved in developing, commercializing and marketing Patent Rights and Licensed Products. Such insurance will identify UMD and Duke as additional insureds.
Licensee will provide evidence of such insurance to UMD upon its request. 
 10.03. Each University represents that, as of the Effective Date of this
Agreement, to its actual knowledge and belief, it has not entered any contract, license or similar agreement with a third party that restricts, contradicts, interferes with or otherwise limits the grant of rights under this Agreement. 

10.04. UMD and Duke each represents it has proper authority to enter into this Agreement and to grant the rights set forth herein and has all rights in the
Patent Rights to grant the licenses under this Agreement; provided, however, that the foregoing is not intended to function as a representation of non-infringement. 

 

	11.00	 INDEMNIFICATION, LIABILITY, AND INSURANCE 

11.01. Licensee shall, at all times during the term of this Agreement and thereafter, indemnify, defend and hold harmless the State of Maryland, UMD and their
respective officers, employees and agents, and Duke, its governing board, officers, employees, faculty, students and agents (the “Indemnified Parties”) from and against all claims, proceedings, demands brought by a third party against the
Indemnified Parties and any, expenses, including legal expenses and reasonable attorneys’ fees, and liabilities of any kind whatsoever 

  
 10 

 
awarded or incurred against the Indemnified Parties arising out of or resulting from the practice, production, manufacture, sale, use, lease, consumption or advertisement of Patent Rights,
Licensed Inventions, Licensed Products or Other Licensed Inventions by Licensee, its Affiliates or Sublicensees. The University that receives notice of a third party claim against it shall (a) provide Licensee with prompt written notice of the
claim, (b) reasonably cooperate with Licensee in the defense of such claim (at Licensee’s expense), and (c) give Licensee sole control over the defense of such claim, subject to a duty of meaningful prior consultation with the
applicable University; provided, however, that no settlement or compromise of any third party claim shall admit liability or violation of any law; impose any obligation on any of the indemnitees, including the payment of monetary damages, without
their prior written consent. Any compromise or settlement shall unconditionally release the Universities from all future claims and liability with respect to the third party claims. In addition, Universities may retain counsel to participate in the
defense of any such claim at their expense. 
 The foregoing duty of indemnification by Licensee does not apply, and Licensee and any Affiliate shall have
no obligation to indemnify, defend and/or hold the Indemnified Parties harmless as against any judgments, fees, expenses, or other costs arising from or incidental to a claim relating to the exercise of their respective rights by the Indemnified
Parties under Section 2.04. 
 11.02. Insurance. Prior to the First Commercial Sale of a Licensed Product, Licensee must obtain and maintain in force at
its sole cost and expense with licensed and reputable insurance companies general liability insurance and products liability insurance coverage in amounts reasonably sufficient to protect against liability under Article 11.01 above. UMD, on behalf
of itself and Duke, has the right to ascertain from time to time that such coverage exists, such right to be exercised in a reasonable manner. Licensee shall provide UMD with written evidence of such insurance upon request of UMD. Licensee shall
provide UMD with written notice at least [***] before the cancellation, non-renewal or material change in such insurance; if Licensee does not obtain replacement insurance providing comparable coverage before
the expiration of such [***] period, Universities, upon mutual agreement, shall have the right to terminate this Agreement effective at the end of such [***] period without notice or any additional waiting periods. 

 

	12.00	 TERM AND TERMINATION 

12.01. The term of this Agreement shall begin on the date of last signature below and continue until the expiration of the last to expire patent included
within Patent Rights, as may be modified from time to time, or if no patents issue then for a term equal to [***] from the Effective Date of the Agreement (“Term”). 

12.02. Licensee may terminate this Agreement at any time by giving UMD at least ninety (90) days’ written and unambiguous notice of such termination
along with a statement of the reasons for termination and payment of a termination fee of [***] to each University. 
 12.03. In the event that Licensee
fails to meet any Milestone set forth in Section 3.04, UMD, upon mutual agreement of Duke, may terminate this Agreement by giving Licensee at least ninety (90) days’ written notice of such termination, unless Licensee meets such
milestone within the ninety (90) day notice period. The termination of this Agreement under this Section shall in no way be understood to provide Licensee the right to receive a refund of the equity securities provided as consideration under
Section 4.00 or relieve Licensee of its obligation to provide such equity securities to UMD or Duke as provided in the Equity Agreement. 
 12.04.
Notwithstanding Section 12.03, Licensee may buy up to [***] year extensions of any milestone for the payment of [***] per extension. Upon purchase of a [***] year extension of a milestone, all subsequent milestones will be extended by an equal
[***] year period. If a delay in achieving a milestone is caused by regulatory, technical or intellectual property issues outside of the reasonable control of the Licensee and not a failure to act by Licensee, then UMD agrees to negotiate in good
faith on behalf of itself and Duke with Licensee a reasonable extension of the achievement date for a milestone without requiring payment. 

  
 11 

 12.05. If Licensee at any time materially defaults in the timely payment of any monies due UMD or Duke or
the timely submission to UMD of any required report or information, and Licensee fails to remedy any such breach or default within ninety (90) days after receipt of written notice thereof by UMD or Duke, the Universities, upon mutual agreement,
may, at their option, terminate this Agreement immediately by giving notice of termination to Licensee. 
 12.06. If Licensee files a petition under any
bankruptcy or insolvency act, or has any such petition filed against it which is not dismissed or stayed within sixty (60) day, UMD may, at its option and with the agreement of Duke, terminate this Agreement immediately by giving written notice
of termination to Licensee. 
 12.07. Any party may terminate this Agreement for fraud by Licensee related to this Agreement upon written notice to the other
party. Termination for such reason shall become effective upon receipt of such written notice by the other party. 
 12.08. Upon the termination of this
Agreement, Licensee and its Affiliates and Sublicensees shall remain obligated to provide an accounting for and to pay any expenses incurred up to the effective date of the termination. Licensee and its Affiliates and Sublicensees shall also remain
obligated to pay all other amounts owed under this Agreement to UMD and Duke prior to termination. Such accountings and payments shall be due within thirty (30) days of termination. 

12.09. Termination of this Agreement by any party for any reason shall not affect and shall be without prejudice to the rights and obligations of the parties
that have accrued prior to the effective date of said termination and any rights and licenses to the Know-How shall survive termination or expiration of this Agreement. 

12.10. If applicable, within thirty (30) days of the effective date of termination of this Agreement, Licensee shall notify UMD, in writing, of the
quantity of Licensed Products Licensee possesses as of the effective date of termination. Licensee shall have the right and license to sell that quantity of Licensed Product after the termination of this Agreement. 

 

	13.00	 GENERAL 

13.01. Notices. Any notice required to be given pursuant to the provisions of this Agreement shall be in writing and shall be deemed to have been given upon
receipt when delivered (a) in person, (b) by facsimile with documentation of transmission, (c) delivery by a professional courier service or (d) certified or registered mail return receipt requested and addressed to the party for
whom intended at the address below or at such changed address as the party shall have specified by written notice, provided that any notice of change of address shall be effective only upon actual receipt. Until otherwise notified in writing, all
notices given or made to the parties shall be addressed as follows: 

  
 12 

 
			
	 UMD
 Office of Technology Commercialization

University of Maryland
 2130 Mitchell Building

7999 Regents Drive
 College Park, MD 20742

Attn: Executive Director
	  	 LICENSEE
 ionQ, Inc.

10206 Brightsone Place
 Ellicott City, MD 21042

Attn: CEO

	
	 Duke
 Office of Licensing and
Ventures
 Duke University
 2812 Erwin Road, Suite 306

Durham, NC 27705
 Attention: Agreement Manager

 Any notice sent to Licensee that is returned as unclaimed or refused shall be deemed to have been effective as of the
date of return or refusal. 
 13.02. Neither Licensee nor its Affiliates or Sublicensees shall use Universities’ names or the name of any University
inventor of Licensed Inventions governed by this Agreement in sales promotion, advertising, or any other form of publicity without the prior written approval of the entity or person whose name is being used. 

13.03. This Agreement shall be binding upon and inure to the benefit of the parties, hereto, and their respective successors and assigns. This license is
nonassignable without the prior written approval of UMD, except to the successor all of Licensee’s business or of that part of Licensee’s business to which the Licensed Inventions pertains. 

13.04. In the event any portion of this Agreement shall be deemed by a court of competent jurisdiction to be overly broad in scope, duration or area of
applicability, the court, considering the same, shall have the power and is hereby authorized and directed to limit such provision so it is no longer overly broad and to enforce the same as so limited. Subject to the foregoing sentence, in the event
any provision of this Agreement shall be held to be invalid, illegal or unenforceable for any reason, such invalidity, illegality or unenforceability shall attach only to such provision and shall not affect or render invalid or unenforceable the
remaining provisions of this Agreement. 
 13.05. This Agreement may be modified only by mutual written agreement of the parties hereto. 

13.06. The captions and section numbers used in this Agreement are inserted only as a matter of convenience and do not define, limit, explain or modify the
scope or intent of such sections or otherwise affect this Agreement. Words denoting a singular number include the plural and vice versa. 
 13.07. The waiver
by any party of a single breach or default, or a succession of breaches or defaults, shall not deprive such party of any right to terminate this Agreement in the event of any subsequent breach or default. 

13.08. Any term, provision or condition required for the interpretation of this Agreement or which is necessary for the full observation and performance by any
party hereto of all rights and obligations arising prior to the date of termination shall survive such termination. 

  
 13 

 13.09. This Agreement shall be governed and construed in accordance with the laws of the State of Maryland
excluding its conflicts of laws rules and the inventorship and ownership of any inventions, patents, products, software and other intellectual property rights relating to the subject matters of this Agreement which shall be governed by and construed
and enforced in accordance with the laws of the United States of America. Licensee and Duke consent to the exclusive jurisdiction and venue of the United States District Court for the District of Maryland or, if federal jurisdiction is lacking, the
Circuit Court of the State of Maryland. Licensee and Duke hereby waive their right to assert that either forum lacks personal jurisdiction over Licensee or is an inconvenient forum for resolving the underlying dispute. 

13.10. This Agreement constitutes the entire and only agreement between the parties the subject matter hereof and all other prior negotiations,
representations, agreements and understandings are superseded hereby. 
 13.11. This Agreement may be executed in counterparts, all of which when taken
together shall constitute a single Agreement. The parties agree to accept electronic delivery of manually executed counterparts. 

[Signature Page Follows] 

  
 14 

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

			
	UNIVERSITY OF MARYLAND
		
	By:	 	 /s/ Patrick O’Shea

	Name:	 	Patrick O’Shea, Ph.D.
	Title:	 	Vice President and Chief Research Officer
		 	Vice President of Research

 Date: July 19, 2016 
  

									
	IONQ, INC.	  	                                    	  	DUKE UNIVERSITY
					
	By:	 	 /s/ Jungsang Kim
	  		  	By:	 	 /s/ Robin L. Rasor

	Name:	 	Jungsang Kim	  		  	Name:	 	Robin L. Rasor, MS, CLP
	Title:	 	CEO	  		  	Title:	 	Director, Office of Licensing and Ventures
			
	Date: July 19, 2016	  		  	Date: July 18, 2016

 Exhibit A 

[***] 

  
 A-1 

 Exhibit B 

[***] 

  
 B-1

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