Document:

Exhibit 10.1

 

 

 

	Date	Loan Amount	Interest Rate after Deferment Period	Deferment Period
	05/01/2020	$459,912.00	1.00% fixed per annum	6 months

  

This Promissory Note (“Note”)
sets forth and confirms the terms and conditions of a term loan to BIONIK, INC. (whether one or more than one, “Borrower”)
from Bank of America, NA, a national banking association having an address of P.O. Box 15220, Wilmington, DE 19886-5220 (together
with its agents, affiliates, successors and assigns, the “Bank”) for the Loan Amount and at the Interest Rate stated
above (the “Loan”). The Loan is made pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief,
and Economic Security Act (the “CARES Act”). The funding of the Loan is conditioned upon approval of Borrower’s
application for the Loan and Bank’s receiving confirmation from the SBA that Bank may proceed with the Loan. The date on
which the funding of the Loan takes place is referred to as the “Funding Date”. If the Funding Date is later than the
date of this Note, the Deferment Period commences on the Funding Date and ends six months from the Funding Date. After sixty (60)
days from the date the Loan is funded, but not more than ninety (90) days from the date the Loan is funded, Borrower shall apply
to Bank for loan forgiveness. If the SBA confirms full and complete forgiveness of the unpaid balance of the Loan, and reimburses
Bank for the total outstanding balance, principal and interest, Borrower’s obligations under the Loan will be deemed fully
satisfied and paid in full. If the SBA does not confirm forgiveness of the Loan, or only partly confirms forgiveness of the Loan,
or Borrower fails to apply for loan forgiveness, Borrower will be obligated to repay to the Bank the total outstanding balance
remaining due under the Loan, including principal and interest (the “Loan Balance”), and in such case, Bank will establish
the terms for repayment of the Loan Balance in a separate letter to be provided to Borrower, which letter will set forth the Loan
Balance, the amount of each monthly payment, the interest rate (not in excess of a fixed rate of one per cent (1.00%) per annum),
the term of the Loan, and the maturity date of two (2) years from the funding date of the Loan. No principal or interest payments
will be due prior to the end of the Deferment Period. Borrower promises, covenants and agrees with Bank to repay the Loan in accordance
with the terms for repayment as set forth in that letter (the “Repayment Letter”). Payments greater than the monthly
payment or additional payments may be made at any time without a prepayment penalty but shall not relieve Borrower of its obligations
to pay the next succeeding monthly payment.

 

In consideration of the Loan received by
Borrower from Bank, Borrower agrees as follows:

 

		1.	DEPOSIT ACCOUNT/USE OF LOAN PROCEEDS. Borrower is required to maintain a deposit account with Bank
of America, N.A. (the “Deposit Account”) until the Loan is either forgiven in full or the Loan is fully paid by Borrower.
Borrower acknowledges and agrees that the proceeds of the Loan shall be deposited by Bank into the Deposit Account. The Loan proceeds
are to not be used by Borrower for any illegal purpose and Borrower represents to the Bank that it will derive material benefit,
directly and indirectly, from the making of the Loan.

 

		2.	DIRECT DEBIT. If the Loan is not forgiven and a Loan Balance remains, Borrower agrees that on the
due date of any amount due as set forth in the Repayment Letter, Bank will debit the amount due from the Deposit Account established
by Borrower in connection with this Loan. Should there be insufficient funds in the Deposit Account to pay all such sums when due,
the full amount of such deficiency be shall be immediately due and payable by Borrower.

 

		3.	INTEREST RATE: Bank shall charge interest on the unpaid principal balance of the Loan at the interest
rate set forth above under “Interest Rate” from the date the Loan was funded until the Loan is paid in full.

 

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		4.	REPRESENTATIONS, WARRANTIES AND COVENANTS. (1) Borrower represents and warrants to Bank, and covenants
and agrees with Bank, that: (i) Borrower has read the statements included in the Application, including the Statements Required
by Law and Executive Orders, and Borrower understands them. (ii) Borrower was and remains eligible to receive a loan under the
rules in effect at the time Borrower submitted to Bank its Paycheck Protection Program Application Form (the “Application”)
that have been issued by the SBA implementing the Paycheck Protection Program under Division A, Title I of the CARES Act (the “Paycheck
Protection Program Rule”). (iii) Borrower (a) is an independent contractor, eligible self-employed individual, or sole proprietor
or (b) employs no more than the greater of 500 employees or, if applicable, the size standard in number of employees established
by the SBA in 13 C.F.R. 121.201 for Borrower’s industry. (iv) Borrower will comply whenever applicable, with the civil rights
and other limitations in the Application. (v) 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 Rule. (vi) To the extent feasible, Borrower will purchase
only American-made equipment and products. (vii) Borrower is not engaged in any activity that is illegal under federal, state or
local law. (viii) Borrower certifies that any loan received by Borrower under Section 7(b)(2) of the Small Business Act between
January 31, 2020 and April 3, 2020 that will remain outstanding after funding of this Loan was for a purpose other than paying
payroll costs and other allowable uses loans under the Paycheck Protection Program Rule. (ix) Borrower was in operation on February
15, 2020 and had employees for whom Borrower paid salaries and payroll taxes or paid independent contractors (as reported on Form(s)
1099-MISC). (x) The current economic uncertainty makes the request for the Loan necessary to support the ongoing operations of
Borrower. (xi) All proceeds of the Loan will be used to retain workers and maintain payroll or make mortgage interest payments,
lease payments, and utility payments, as specified under the Paycheck Protection Program Rule 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. (xii) Borrower has provided Bank true, correct and complete information
demonstrating that Borrower had employees for whom Borrower paid salaries and payroll taxes on or around February 15, 2020. (xiii)
Borrower has provided to Bank all documentation available to Borrower on a reasonable basis verifying the dollar amounts of average
monthly payroll costs for the calendar year 2019, which documentation shall include, as applicable, copies of payroll processor
records, payroll tax filings and/or Form 1099-MISC. (xiv) Borrower will promptly provide to Bank (a) any additional documentation
that Bank requests in order to verify payroll costs and (b) documentation verifying the number of full-time equivalent employees
on payroll as well as the dollar amounts of payroll costs, covered mortgage interest payments, covered rent payments, and covered
utilities for the eight week period following the Loan. (xv) Borrower acknowledges that (a) loan forgiveness will be provided by
the SBA for the sum of documented payroll costs, covered mortgage interest payments, covered rent payments, and covered utilities,
and not more than 25% of the Forgivable Amount may be for non-payroll costs (xvi) During the period beginning on February 15, 2020
and ending on December 31, 2020, Borrower has not and will not receive any other loan under the Paycheck Protection Program. (xvii)
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. (xviii) 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. (xix)
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. (xx) 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 currently delinquent or has defaulted in the last 7 years and caused a loss to the government.
(xxi) Neither Borrower, nor any Owner, is an owner of any other business or has common management with any other business, except
as disclosed to the Bank in connection with the Borrower’s Application. (xxii) Borrower did not receive an SBA Economic Injury
Disaster Loan between January 31, 2020 and April 3, 2020, except as disclosed to the Bank in connection with the Borrower’s
Application. (xxiii) Neither Borrower (if an individual), nor any individual owning 20% or more of the equity of Borrower (each,
an “Owner”), is subject to an indictment, criminal information, arraignment, or other means by which formal criminal
charges are brought in any jurisdiction, or presently incarcerated, on probation or parole. (xxiv) Neither Borrower (if an individual),
nor any Owner, has within the last 5 years been convicted; pleaded guilty; pleaded nolo contendere; been placed on pretrial diversion;
or been placed on any form of parole or probation (including probation before judgment) for any felony. (xxv) The United States
is the principal place of residence for all employees of Borrower included in Borrower’s payroll calculation included in
the Application. (xxvi) The Borrower correctly indicated on its Application whether it is a franchise that is listed in the SBA’s
franchise directory. (xxvii) If Borrower is claiming an exemption from all SBA affiliation rules applicable to Paycheck Protection
Program loan eligibility under the religious exemption to the affiliation rules, Borrower has made a reasonable, good faith determination
that it qualifies for such religious exemption under 13 C.F.R. 121.103(b)(10), which provides that “[t]he relationship of
a faith-based organization to another organization is not considered an affiliation with the other organization...if the relationship
is based on a religious teaching or belief or otherwise constitutes a part of the exercise of religion.” (2) At all times
during the term of the Loan, Borrower represents and warrants to the Bank, that (i) if Borrower is anything other than a natural
person, it is duly formed and existing under the laws of the state or other jurisdiction where organized; (ii) this Note, and any
instrument or agreement required under this Note, are within Borrower's powers, have been duly authorized, and do not conflict
with any of its organizational papers; (iii) the information included in the Beneficial Ownership Certification most recently provided
to the Bank, if applicable, is true and correct in all respects; and (iv) in each state in which Borrower does business, it is
properly licensed, in good standing, and, where required, in compliance with fictitious name (e.g. trade name or d/b/a) statutes.
IF THE FUNDING DATE IS AFTER THE DATE OF THIS NOTE, BORROWER AGREES THAT BORROWER SHALL BE DEEMED TO HAVE REPEATED AND REISSUED,
IMMEDIATELY PRIOR TO THE FUNDING ON THE FUNDING DATE, THE REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS SET FORTH ABOVE
IN THIS PARAGRAPH.

  

		5.	EVENTS OF DEFAULT. If the Loan is not forgiven and a Loan Balance remains, then from the date the
Repayment Letter is sent to Borrower until the Loan Balance is fully paid, the occurrence and continuation of any of the following
events shall constitute a default hereunder: (i) insolvency, bankruptcy, dissolution, issuance of an attachment or garnishment
against Borrower; (ii) failure to make any payment when due under the Loan or any or all other loans made by Bank to Borrower,
and such failure continues for ten (10) days after it first became due; (iii) failure to provide current financial information
promptly upon request by Bank; (iv) the making of any false or materially misleading statement on any application or any financial
statement for the Loan or for any or all other loans made by Bank to Borrower; (v) Bank in good faith believes the prospect of
payment under the Loan or any or all other loans made by Bank to Borrower is impaired; (vi) Borrower under or in connection with
the Loan or any or all other loans made by Bank to Borrower fails to timely and properly observe, keep or perform any term, covenant,
agreement, or condition therein; (vii) default shall be made with respect to any other indebtedness for borrowed money of Borrower,
if the default is a failure to pay at maturity or if the effect of such default is to accelerate the maturity of such indebtedness
for borrowed money or to permit the holder or obligee thereof or other party thereto to cause any such indebtedness for borrowed
money to become due prior to its stated maturity; (viii) the Bank in its sole discretion determines in good faith that an event
has occurred that materially and adversely affects Borrower; (ix) any change shall occur in the ownership of the Borrower; (x)
permanent cessation of Borrower’s business operations; (xi) Borrower, if an individual, dies, or becomes disabled, and such
disability prevents the Borrower from continuing to operate its business; (xii) Bank receives notification or is otherwise made
aware that Borrower, or any affiliate of Borrower, is listed as or appears on any lists of known or suspected terrorists or terrorist
organizations provided to Bank by the U.S. government under the USA Patriot Act of 2001; and (xiii) Borrower fails to maintain
the Deposit Account with the Bank.

 

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		6.	REMEDIES. If the Loan is not forgiven and a Loan Balance remains, then from the date the Repayment
Letter is sent to Borrower, upon the occurrence of a default, all or any portion of the entire amount owing on the Loan, and any
and all other loans made by Bank to Borrower, shall, at Bank’s option, become immediately due and payable without demand
or notice. Upon a default, Bank may exercise any other right or remedy available to it at law or in equity. All persons included
in the term “Borrower” are jointly and severally liable for repayment, regardless of to whom any advance of credit
was made. Borrower shall pay any costs Bank may incur including without limitation reasonable attorney’s fees and court costs
should the Loan and/or any and all other loans made by Bank to Borrower be referred to an attorney for collection to the extent
permitted under applicable state law. EACH PERSON INCLUDED IN THE TERM BORROWER WAIVES ALL SURETYSHIP AND OTHER SIMILAR DEFENSES
TO THE FULL EXTENT PERMITTED BY APPLICABLE LAW.

 

		7.	CREDIT INVESTIGATION. If the Loan is not forgiven and a Loan Balance remains, then from the date
the Repayment Letter is sent to Borrower until the Loan Balance is fully paid, Borrower authorizes Bank and any of its affiliates
at any time to make whatever credit investigation Bank deems is proper to evaluate Borrower’s credit, financial standing
and employment and Borrower authorizes Bank to exchange Borrower’s credit experience with credit bureaus and other creditors
Bank reasonably believes are doing business with Borrower. Borrower also agrees to furnish Bank with any financial statements Bank
may request at any time and in such detail as Bank may require.

 

		8.	NOTICES. Borrower’s request for Loan forgiveness, and the documentation that must accompany
that request, shall be submitted to Bank by transmitting the communication to the electronic address, website, or other electronic
transmission portal provided by Bank to Borrower. Otherwise, all notices required under this Note shall be personally delivered
or sent by first class mail, postage prepaid, or by overnight courier, to the addresses on the signature page of this Note, or
sent by facsimile to the fax number(s) listed on the signature page, or to such other addresses as the Bank and the Borrower may
specify from time to time in writing (any such notice a “Written Notice”). Written Notices shall be effective (i) if
mailed, upon the earlier of receipt or five (5) days after deposit in the U.S. mail, first class, postage prepaid, (ii) if telecopied,
when transmitted, or (iii) if hand-delivered, by courier or otherwise (including telegram, lettergram or mailgram), when delivered.
In lieu of a Written Notice, notices and/or communications from the Bank to the Borrower may, to the extent permitted by law, be
delivered electronically (i) by transmitting the communication to the electronic address provided by the Borrower or to such other
electronic address as the Borrower may specify from time to time in writing, or (ii) by posting the communication on a website
and sending the Borrower a notice to the Borrower’s postal address or electronic address telling the Borrower that the communication
has been posted, its location, and providing instructions on how to view it (any such notice, an “Electronic Notice”).
Electronic Notices shall be effective when presented to the Borrower, or is sent to the Borrower’s electronic address or
is posted to the Bank’s website. To retain a copy for your records, please download and print or save a copy to your device.

 

		9.	CHOICE OF LAW; JURISDICTION; VENUE. (1) At all times that Bank is the holder of this Note, except
to the extent that any law of the United States may apply, this Note shall be governed and interpreted according to the internal
laws of the state of Borrower’s principal place of business (the “Governing Law State”), without regard to any
choice of law, rules or principles to the contrary. However, the charging and calculating of interest on the obligations under
this Note shall be governed by, construed and enforced in accordance with the laws of the state of North Carolina and applicable
federal law. Nothing in this paragraph shall be construed to limit or otherwise affect any rights or remedies of Bank under federal
law. Borrower and Bank agree and consent to be subject to the personal jurisdiction of any state or federal court located in the
Governing Law State so that trial shall only be conducted by a court in that state. (2) Notwithstanding the foregoing, when SBA
is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. Lender 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.

 

 

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		10.	MISCELLANEOUS. The Loan may be sold or assigned by Bank without notice to Borrower. Borrower may
not assign the Loan or its rights hereunder to anyone without Bank’s prior written consent. If any provision of this Note
is contrary to applicable law or is found unenforceable, such provision shall be severed from this Note without invalidating the
other provisions thereof. Bank may delay enforcing any of its rights under this Note without losing them, and no failure or delay
on the part of Bank in exercising any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single
or partial exercise of any right, power or privilege hereunder preclude any other or future exercise thereof or the exercise of
any other right, power or privilege. Bank, by its acceptance hereof, and the making of the Loan and Borrower understand and agree
that this Note constitutes the complete understanding between them. This Note shall be binding upon Borrower, and its successors
and assigns, and inure to the benefit of Bank and its successors and assigns.

 

		11.	BORROWING AUTHORIZED. The signer for Borrower represents, covenants and warrants to Bank that he
or she is certified to borrow for the Borrower and is signing this Note as the duly authorized sole proprietor, owner, sole shareholder,
officer, member, managing member, partner, trustee, principal, agent or representative of Borrower, and further acknowledges and
confirms to Bank that by said signature he or she has read and understands all of the terms and provisions contained in this Note
and agrees and consents to be bound by them. This Note and any instrument or agreement required herein, are within the Borrower's
powers, have been duly authorized, and do not conflict with any of its organizational papers. The individuals signing this Agreement
on behalf of each Borrower are authorized to sign such documents on behalf of such entities. For purposes of this Note only, the
Bank may rely upon and accept the authority of only one signer on behalf of the Borrower, and for this Note, this resolution supersedes
and replaces any prior and existing contrary resolution provided by Borrower to Bank.

 

		12.	ELECTRONIC COMMUNICATIONS AND SIGNATURES. This Note and any document, amendment, approval, consent,
information, notice, certificate, request, statement, disclosure or authorization related to this Note (each a “Communication”),
including Communications required to be in writing, may, if agreed by the Bank, be in the form of an Electronic Record and may
be executed using Electronic Signatures, including, without limitation, facsimile and/or .pdf. The Borrower agrees that any Electronic
Signature (including, without limitation, facsimile or .pdf) on or associated with any Communication shall be valid and binding
on the Borrower to the same extent as a manual, original signature, and that any Communication entered into by Electronic Signature,
will constitute the legal, valid and binding obligation of the Borrower enforceable against the Borrower in accordance with the
terms thereof to the same extent as if a manually executed original signature was delivered to the Bank. Any Communication may
be executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such
counterparts are one and the same Communication. For the avoidance of doubt, the authorization under this paragraph may include,
without limitation, use or acceptance by the Bank of a manually signed paper Communication which has been converted into electronic
form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission,
delivery and/or retention. The Bank may, at its option, create one or more copies of any Communication in the form of an imaged
Electronic Record (“Electronic Copy”), which shall be deemed created in the ordinary course of the Bank’s business,
and destroy the original paper document. All Communications in the form of an Electronic Record, including an Electronic Copy,
shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper
record. Notwithstanding anything contained herein to the contrary, the Bank is under no obligation to accept an Electronic Signature
in any form or in any format unless expressly agreed to by the Bank pursuant to procedures approved by it; provided, further, without
limiting the foregoing, (a) to the extent the Bank has agreed to accept such Electronic Signature, the Bank shall be entitled to
rely on any such Electronic Signature without further verification and (b) upon the request of the Bank any Electronic Signature
shall be promptly followed by a manually executed, original counterpart. For purposes hereof, “Electronic Record” and
 “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended
from time to time.

 

		13.	CONVERSION TO PAPER ORIGINAL. At the Bank’s discretion the authoritative electronic copy
of this Note ("Authoritative Copy") may be converted to paper and marked as the original by the Bank (the "Paper
Original"). Unless and until the Bank creates a Paper Original, the Authoritative Copy of this Agreement: (1) shall at all
times reside in a document management system designated by the Bank for the storage of authoritative copies of electronic records,
and (2) is held in the ordinary course of business. In the event the Authoritative Copy is converted to a Paper Original, the parties
hereto acknowledge and agree that: (1) the electronic signing of this Agreement also constitutes issuance and delivery of the Paper
Original, (2) the electronic signature(s) associated with this Agreement, when affixed to the Paper Original, constitutes legally
valid and binding signatures on the Paper Original, and (3) the Borrower’s obligations will be evidenced by the Paper Original
after such conversion.

 

		14.	BORROWER ATTESTATION. Borrower attests and certifies to Bank that it has not provided false or
misleading information or statements to the Bank in its application for the Loan, and that the certifications, representations,
warranties, and covenants made to the Bank in this Note and elsewhere relating to the Loan are true, accurate, and correct. Borrower
further attests and certifies to Bank that it has read, understands, and acknowledges that the Loan is being made under the CARES
Act, and any use of the proceeds of the Loan other than as permitted by the CARES Act, or any false or misleading information or
statements provided to the Bank in its application for the Loan or in this Note may subject the Borrower to criminal and civil
liability under applicable state and federal laws and regulations, including but not limited to, the False Claims Act, 31 U.S.C.
Section 3729, et. seq. Borrower further acknowledges and understands that this Note is not valid and effective until and unless
Borrower’s application for the Loan is approved and Bank’s receiving confirmation from the SBA that Bank may proceed
with the Loan.

 

 

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IN WITNESS WHEREOF, I, the authorized
representative of the Borrower, hereto have caused this Promissory Note to be duly executed as of the date set forth below.

 

 

 

BORROWER: BIONIK, INC.

 

[Ö]
By checking this box, you acknowledge that: (a) the funding of the Loan is conditioned upon approval of the Borrower’s Application
for the Loan and the Bank’s receiving confirmation from the SBA that the Bank may proceed with the Loan and (b) your electronic
signature as authorized representative for the Borrower will be applied to this Note and will have the same legal effect as a
handwritten signature. 

 

/s/ Bionik Laboratories Corp.

	 	 

Signature of Authorized Representative
of Borrower

 

 

BIONIK LABORATORIES CORP

 

	 	 

Print Name

 

	 	 

Authorized Representative

 

	 	 

Title

 

STREET ADDRESS: 80 COOLIDGE HILL
RD

CITY/STATE/ZIP CODE: WATERTOWN ,
MA, 02472-5003

 

 

 

 

    	 	Page 5Tonix Pharmaceuticals Holding Corp. 10-Q

 

 

 Exhibit 10.1

 

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED
FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. THE
OMISSIONS HAVE BEEN INDICATED BY “[***].”

 

 

LICENSE AGREEMENT

(this “Agreement”)

 

BETWEEN

 

 

THE GOVERNORS OF THE UNIVERSITY OF ALBERTA,

A corporation under the
Post-Secondary Learning Act, SA 2003, c. P-19.5,

having an address at TEC Edmonton, 4000 Enterprise Square

10230 Jasper Avenue, Edmonton,
AB T5J 4P6 (the "University")

 

 

 

AND

 

TONIX PHARMACEUTICALS (CANADA)
INC.

with a of business at 1176 Bishop
Street, Montreal, QC, H3G 2E3 (the "Licensee")

 

WHEREAS:

 

		A.	The University has been engaged in research during the course of which it has invented, developed
and/or acquired certain technology relating to research that was undertaken by the Inventor in the Department of Medical Microbiology
and Immunology of the University;

 

		B.	The Licensee intends to use or cause to be used such technology as part of an initiative to
develop antiviral vaccines, and as such the Licensee and University have entered into a Research Services Agreement #RES0050511
(as defined herein) concurrently with this Agreement.

 

NOW THEREFORE THIS AGREEMENT WITNESSETH that in
consideration of the premises and of the mutual covenants herein set forth, the parties hereto covenant and agree as follows:

 

ARTICLE 1 - DEFINITIONS

 

 

		1.01	In this Agreement, unless a contrary intention appears, the following words and phrases are
defined as follows:

 

    	1	 	 

    	 

    

 

 

		(a)	"Date of Commencement" is the date this Agreement will be deemed to have come into
force on the Date of Commencement which shall be April 27, 2020 and this Agreement shall be read and construed accordingly.

		(b)	"Field of Use" making, using and selling vaccines infringing the Patent Rights solely
in [***] for the prevention of covid-19 and no other purposes. Vaccines infringing the Patent Rights made using other [***] are
explicitly excluded from the Field of Use.

		(c)	"Inventors" means David Evans, PhD and Ryan Noyce, PhD.

		(d)	"Material" means physical samples of one or more [***].

		(e)	"Patent Rights" means US provisional patent application [***] and any corresponding
patents or patent applications related thereto, including divisionals, continuations, extensions and reissue applications, term
restorations and renewals.

		(f)	"Product(s)" means goods manufactured in connection with the use of all or some of
the Technology.

		(g)	"Related Person(s)" has the meaning assigned to it in section 251 of the Income Tax
Act,R.S.C. 1985, c. 1 (5thSupp.), as amended.

		(h)	“Research Services Agreement” means [***] effective April 27, 2020

		(i)	"Sublicensee" means an individual, entity or person that is expressly licensed by Licensee,
pursuant to the rights granted in this Agreement to grant sublicenses under the Technology.

		(j)	"Technology" means Patent Rights and Materials.

		(k)	"University of Alberta Trademarks": means any mark, trademark, service mark, logo, insignia,
seal, design or other symbol/device used by the University and associated with or referring to the University or any of its units
or facilities.

 

    	2	 	 

    	 

    

 

 

ARTICLE 2 - PROPERTY RIGHTS IN AND TO THE TECHNOLOGY

 

 

		2.1	The parties hereto hereby acknowledge and agree that the University owns any and all right, title,
and interest in and to the Patent Rights.

		2.2	The Licensee shall, at the request of the University, enter into such further
agreements and execute any and all documents as may be required to ensure that ownership of the Patent Rights resides with the
University.

		2.3	From time to time and in any event no more than once every six months, the Licensee shall, at
the request of the University, deliver in writing the details of any and all improvements, variations, updates, modifications,
and enhancements relating to the Patent Rights.

 

ARTICLE 3 - GRANT OF LICENSE AND TERM

 

 

		3.1	In consideration of the covenants on the part of the Licensee contained herein, the University
hereby grants to the Licensee an exclusive, royalty free, worldwide license to use and sublicense the Patent Rights in the Field
of Use (the "License").

		3.2	Notwithstanding Clause 3.01 herein, the parties acknowledge and agree that the University may
use the Technology

		i.	outside the Field of Use, in its sole discretion and without charge, in any manner whatsoever;
and

		ii.	within the Field of Use for non-commercial research, scholarly publication, educational or other
non-commercial use.

 

ARTICLE 4 – TERM

 

 

		4.01	This Agreement shall expire at the expiration of the last patent issued included in the Patent
Rights, unless earlier terminated pursuant to Article 15 herein.

 

 

 

ARTICLE 5 – ROYALTIES

 

{INTENTIONALLY OMITTED}

 

    	3	 	 

    	 

    

 

 

ARTICLE 6 - ROYALTY
PAYMENTS AFTER TERMINATION OF THIS AGREEMENT

 

 

{INTENTIONALLY OMITTED}

 

 

ARTICLE 7 – SUBLICENSING

 

 

	 	7.1	The Licensee shall have the right to grant sublicenses with respect to the Technology with the
prior written consent of the University, not to be unreasonably withheld, upon the terms and conditions contained in this Agreement.

	 	7.2	Any sublicense granted by the Licensee shall be personal to the Sublicensee and shall not be
assignable without the prior written consent of the University, not to be unreasonably withheld. Such sublicenses shall contain
covenants by the Sublicensee to observe and perform similar terms and conditions to those in this Agreement so far as the same
may be capable of observance and performance by the Sublicensee, including, without limitation, the provisions for insurance, termination
and accounting. The Licensee shall maintain an appropriate diligence program to ensure compliance of the terms and conditions by
the Sublicensee.

	 	7.3	The
Licensee will not market, lease, or sublicense the Technology to any Related Person(s) without the express written consent of the
University.

	 	7.4	The Licensee shall furnish the University with a copy of each sublicense granted within 30 days
after execution of same.

 

ARTICLE 8 - ASSIGNMENT

 

	 	8.1	Except as provided for in this Article 8 herein, the Licensee will not assign, transfer, mortgage,
charge or otherwise dispose of any or all of the rights, duties, or obligations granted to it under this Agreement without the
prior written consent of the University, not to be unreasonably withheld.

	 	8.2	The University shall have the right to assign its rights, duties, and obligations under
                                this Agreement to a company or society of which it is the sole shareholder, in the case of a company, or of which it controls
                                the membership, in the case of a society. In the event of such an assignment, the Licensee will release, remise, and forever
                                discharge the University from any and all obligations or covenants, provided however that such company or society, as the
                                case may be, executes a written agreement which provides that such company or society shall assume all such obligations or
                                covenants from the University and that the Licensee shall retain
all rights granted to the Licensee pursuant to this Agreement.

 

    	4	 	 

    	 

    

 

ARTICLE 9 - PATENTS

 

		9.1	The University will have responsibility for, but is under no obligation with respect to, the
preparation, filing, prosecution and maintenance of the patents and patent applications included in Patent Rights at the University’s
sole cost.

		9.2	In the event of the issuance of a patent, the Licensee shall have the right to become, and shall
become the Licensee to the same, pursuant to the terms contained herein.

		9.3	Licensee shall not file any patent applications claiming the Technology absent the express written
consent of the University. In the event that Licensee determines to file a patent application that discloses Technology during
the term of this Agreement, Licensee shall provide thirty (30) days written notice of such determination to University along with
the relevant invention disclosure.

ARTICLE 10- PUBLICATION AND CONFIDENTIALITY

 

		10.1	The parties hereto acknowledge and agree that they will treat the Technology as confidential
and that they will not disclose or communicate or cause to be disclosed or communicated the Technology to any person or body corporate
except as permitted under a sublicense or confidential disclosure agreement.

		10.2	The Licensee covenants and agrees that it will initiate and maintain an appropriate internal
program limiting the internal distribution of the Technology to its officers, employees, servants, and agents and to execute the
appropriate non-disclosure agreements from any and all persons who may have access to the Technology.

		10.3	Notwithstanding anything contained in this Agreement, the parties acknowledge that as the University
is a public educational institution, it cannot be exposed to claims for damages that may result from a breach of this Article 10.
The Licensee, therefore, covenants and agrees that the University shall not be liable to the Licensee for any loss or damage, whether
direct, indirect, consequential, incidental, special or any other similar or like damages, that may arise or do arise from the
breach of this Article 10 by the University or any of its officers, servants, agents, students, or faculty.

		10.4	The University shall be permitted to present at international, national or regional symposia
and professional meetings, and to publish in journals or other publications accounts of its research relating to the Technology
provided that, for disclosures in the Field of Use, the Licensee shall have been furnished
with copies of the disclosure proposed therefor at least thirty (30) days in advance of the planned submission or said presentation
or publication and does not within fifteen (15) days after receipt of the proposed disclosure object to such presentation or publication.
In the event objection is made, such disclosure shall not be made for a period of sixty (60) days after the date the Licensee has
made said objection. As requested by Licensee, the University shall remove any Licensee Confidential Information from the disclosure.
After the 60 day period has elapsed, the University shall be free to present and/or publish said disclosures.

    	5	 	 

    	 

    

 

 

ARTICLE 11 - ACCOUNTING RECORDS

11.01 The Licensee shall deliver
an Annual Progress Report on the anniversary of the Date of Commencement in the form set out in Schedule “A”.

 

ARTICLE 12 - PRODUCTION AND MARKETING

{INTENTIONALLY OMITTED}

 

ARTICLE 13 - INSURANCE

 

		13.1	One month prior to the first sale of a Product, the Licensee will give notice to the University
of the terms and amount of the public liability and product liability insurance which it has placed in respect of the same, which
in no case shall be less than the insurance which a reasonable and prudent business person carrying on a similar line of business
would acquire. This insurance shall be placed with a reputable and financially- secure insurance carrier; shall include the University,
its Board of Governors, faculty, officers, employees, students and agents as additional insureds, and shall provide primary coverage
with respect to the activities contemplated by this Agreement. Such policy shall include severability of interest and cross-liability
clauses and shall provide that the policy shall not be cancelled or materially altered except upon at least 30 days' written notice
to the University. The University shall have the right to require reasonable amendments to the terms or the amount of coverage
contained in the policy. Failing the parties agreeing on the appropriate terms or the amount of coverage, then the matter shall
be determined by arbitration as provided for herein. The Licensee shall provide the University with certificates of insurance evidencing
such coverage at least seven (7) days before commencement of sales of any Product and the Licensee covenants not to sell any Product
before such certificate is provided to and approved by the University.

		13.2	The Licensee shall require that each Sublicensee shall procure and maintain, during the
                                                                  term of its sublicense or use of the Patent Rights, general liability insurance in reasonable amounts with a reputable and
                                                                  financially-secure insurance carrier. The Licensee shall use reasonable commercial efforts to ensure that any and all such
                                                                  policies of insurance required pursuant to this clause shall contain
a waiver of subrogation against the University, its Board of Governors, faculty, officers, employees, students and agents.

 

    	6	 	 

    	 

    

 

ARTICLE 14 - DISCLAIMER OF WARRANTY

 

		14.1	The University makes no representations or warranties, either express or implied, with respect
to the Technology and specifically disclaims any implied warranty of merchantability or fitness for a particular purpose. The University
shall in no event be liable for any loss of profits, be they direct, consequential, incidental, or special; or other similar or
like damages arising from any defect, error, or failure to perform with respect to the Technology, even if the University has been
advised of the possibility of such damages.

		14.2	Nothing in this Agreement shall be construed as any of the following:

		(a)	a warranty or representation by the University as to the validity or scope of the License granted
pursuant to this Agreement;

		(b)	a warranty or representation by the University that anything made, used, sold or otherwise disposed
of under the License granted in this Agreement is or will be free from infringement of patents, copyrights, trade-marks, registered
design or other intellectual property rights;

		(c)	an obligation by the University to bring or prosecute actions or suits against third parties
for infringement of patents, copyrights, trade-marks, registered design or other intellectual property or contractual rights; or

		(d)	the conferring by the University of the right to use in advertising or publicity the University
of Alberta Trade-marks;

		14.3	In the event of an alleged infringement of the Patent Rights, the Licensee shall have the right
to prosecute litigation designed to enjoin infringers of the Patent Rights with the consent of the University. The University agrees
to co-operate to the extent of executing all necessary documents and to vest in the Licensee the right to institute any such suits
so long as all the direct and indirect costs and expenses of bringing and conducting any such litigation or settlement shall be
borne by the Licensee and in such event recoveries shall inure to the Licensee.

		14.4	In the event of any complaint alleging infringement or violation of any patent or other proprietary
rights is made against the Licensee with respect to the use of the Patent Rights or the manufacture, use, or sale of Products,
the following procedure shall be adopted:

 

		(a)	the Licensee shall promptly notify the University upon receipt of any such complaint and shall
keep the University fully informed of the actions and positions taken by the complainant and taken or proposed to be taken by the
Licensee;

		(b)	subject to this section, all costs and expenses incurred by the Licensee in investigating, resisting,
litigating and settling such a complaint, including the payment of any award of damages and/or costs to any third party, shall
be borne by the Licensee;

 

    	7	 	 

    	 

    

 

		(c)	no decision or action concerning or governing any final disposition of the complaint shall be
taken without full consultation with and by the University;

		(d)	the University may elect to participate formally in any litigation involving the complaint, to
the extent that the court may permit but any additional expenses generated by such formal participation shall be borne entirely
by the University (subject to the possibility of recovery of some or all of such additional expenses from the complainant); and

		(e)	if the complainant is willing to accept an offer of settlement and one of the parties to this
Agreement is willing to make or accept such offer and the other is not, then the unwilling party shall conduct all further proceedings
at its own expense and shall be responsible for the full amount of any damages, costs, accounting of profits, and/ or settlement
costs in excess of those provided in such offer, but shall be entitled to retain unto itself the benefit of any litigated or settled
result entailing a lower payment of costs, damages, accounting of profits, and/ or settlement costs than that provided in such
offer.

 

ARTICLE 15 - TERMINATION

 

		15.1	Subject to Clause 15.02, the University may, at its option and in its sole discretion, terminate
this Agreement on the occurrence of any one or more of the following events forthwith delivering notice in writing to this effect
to the Licensee:

		(a)	if any proceeding under the Bankruptcy and Insolvency Act of Canada or any other statute
of similar purport is commenced by or against the Licensee which results in the Licensee being adjudged bankrupt (such proceedings
shall not include a general proposal to creditors provided such proposal is not made under the provisions of the Bankruptcy
Act of Canada or any other statute of similar purport);

		(b)	if any execution, sequestration, or any other process of any court becomes enforceable against
the Licensee or if any such process is levied on the rights under this Agreement or upon any of the monies due to the University
and is not released or satisfied by the Licensee within 30 days thereafter;

		(c)	if any resolution is passed or order made or other steps taken for the winding up, liquidation
or other termination of the existence of the Licensee (excluding pursuant to a reorganization of Licensee);

		(d)	if the Licensee grants a security interest in the Patent Rights, other than the security interest
granted to the University by this Agreement; or

 

		(e)	if the Licensee ceases to carry on its business.

		(f)	if the Licensee uses the Technology outside the Field of Use and fails to cure such breach within
thirty (30) days after receipt of written notice thereof.

		15.2	Other than as set out in Clause 15.01 herein, if either party is in default hereunder or fails
to comply with the terms of this Agreement and

		(a)	if such default is reasonably curable within 90 days after receipt of notice of such default and
such default or failure to comply is not cured within 90 days after receipt of written notice thereof, or

		(b)	if such default is not reasonably curable within 90 days after receipt of written notice thereof,
and such default or failure to comply is not cured within such further reasonable period of time as may be necessary for the curing
of such default or failure to comply, then the non-defaulting party shall have the
right to terminate this Agreement by written notice to that effect.

 

    	8	 	 

    	 

    

 

		15.3	If this Agreement is terminated by the University pursuant to Clause 15.01 or 15.02 herein, the
Licensee shall immediately, at the Licensee’s option, return or destroy and have any Sublicensee return or destroy all Materials.
Licensee shall provide written certification of destruction of any destroyed Material if so requested by University.

ARTICLE 16 - INDEMNITY

 

		16.1	The Licensee hereby indemnifies, holds harmless, and defends the University, its Board of Governors,
students, officers, employees, and agents against any and all claims arising out of the exercise of any rights under this Agreement
including, without limiting the generality of the foregoing, against any damages or losses, consequential or otherwise, arising
from or out of the use of the Technology or Products licensed under this Agreement by the Licensee or its Sublicensees, their customers
or end-users howsoever the same may arise.

		16.2	The Licensee covenants and agrees that it has the expertise necessary to handle the Materials
and practice the Patent Rights with care and without danger to the Licensee, its employees, its agents, or the public. The Licensee
covenants that it will not accept delivery of the Materials until it has requested and received from the University all necessary
information and advice to ensure that it is capable of handling the Materials in a safe and prudent manner in accordance with this
Clause 16.02.

		16.3	The Licensee covenants and agrees that it will comply with all laws, regulations, and ordinances,
whether federal, provincial, municipal, or otherwise with respect to the Technology and/or this Agreement.

 

ARTICLE 17 - POWER OF ENTRY

 

17.01

The Licensee shall permit
any duly authorized representative of the University during normal business hours and at the University's sole risk and expense
to enter upon and into any premises of the Licensee for the purpose of inspecting the Products and the manner of their manufacture
and generally of ascertaining whether or not the provisions of this Agreement have been, are being, or will be complied with by
the Licensee.

ARTICLE 18 - INDEPENDENCE

 

18.01

Nothing contained
herein shall be deemed or construed to create between the parties hereto a partnership or joint venture. This Agreement does not
give either party the authority to act on behalf of the other party, or to commit the other party in any manner or cause whatsoever
or to use the other party's name in any way not specifically authorized by this Agreement. Neither party shall be liable for any
act, omission, representation, obligation, or debt of any other party even if informed of such act, omission, representation, obligation,
or debt.

ARTICLE 19 - GOVERNING LAW AND ARBITRATION

 

		19.1	This Agreement shall be governed by and construed in accordance with the laws of the Province
of Alberta and the laws of Canada in force therein.

 

    	9	 	 

    	 

    

 

		19.2	In the event of any dispute arising between the parties concerning this Agreement, its enforceability,
or the interpretation thereof, the same shall be settled by a single arbitrator appointed pursuant to the provisions of the Arbitration
Act of Alberta or any successor legislation then in force.

		19.3	Clause 19.02 of this Article 19 shall not prevent a party hereto from applying to a court of competent
jurisdiction for interim protection such as, by way of example, an interim injunction.

ARTICLE 20 - ENUREMENT

 

20.01

Subject to the limitations
hereinbefore expressed, this Agreement shall enure to the benefit of and be binding upon the parties and their respective successors
and permitted assigns.

 

ARTICLE 21 - HEADINGS

 

21.01

Marginal headings
as used in this Agreement are for the convenience of reference only and do not form a part of this Agreement and are not to be
used in the interpretation hereof.

ARTICLE 22 - SURVIVAL OF COVENANTS

 

22.01

The terms and provisions,
covenants, and conditions contained in this Agreement that by the terms hereof require their performance by the parties hereto
after the expiration or termination of this Agreement shall be and remain in force notwithstanding such expiration or other termination
of this Agreement for any reason whatsoever.

ARTICLE 23 - NON-WAIVER

 

		23.1	No condoning, excusing or overlooking by a party of any default, breach or non- observance by
the other party at anytime in respect of any covenants, provisos, or conditions of this Agreement shall operate as a waiver of
such party's rights under this Agreement in respect of any continuing or subsequent default, breach, or non-observance, so as to
defeat in any way the rights of such party in respect of any such continuing or subsequent default, breach, or waiver shall be
inferred from or implied by anything done or omitted by such party, save only an express waiver in writing.

		23.2	No exercise of a specific right or remedy by any party precludes it from or prejudices it in exercising
another right or pursuing another remedy or maintaining an action to which it may otherwise be entitled either at law or in equity.

 

    	10	 	 

    	 

    

 

ARTICLE 24 - SEVERABILITY

 

24.01

In the event that any part,
section, clause, paragraph, or subparagraph of this Agreement shall be held to be indefinite, invalid, illegal, or otherwise unenforceable,
the entire agreement shall not fail on account thereof and the balance of this Agreement shall continue in full force and effect.

ARTICLE 25 - NOTICES

 

25.01

All payments, reports,
notices, and other documents that either of the parties hereto are required or may desire to deliver to the other party hereto
may be delivered only by personal delivery or by registered or certified mail, facsimile, or electronic mail, all postage and other
charges prepaid, at the address for such party set forth on the first page of this Agreement or at such other address as the party
may hereinafter designate in writing to the others. Any notice personally delivered or sent by facsimile or electronic mail shall
be deemed to have been given or received at the time of delivery. Any notice mailed as aforesaid shall be deemed to have been received
on the expiration of five (5) days after it is posted, provided that if there shall be at the time of mailing or between the time
of mailing and the actual receipt of the notice a mail strike, slow-down or labour dispute that might affect the delivery of the
notice by mail, then the notice shall only be effected if actually received.

ARTICLE 26 - GENERAL

 

		26.1	This Agreement sets forth the entire understanding between the parties and no modifications hereof
shall be binding unless executed in writing by the parties hereto.

		26.2	Time shall be of the essence of this Agreement.

 

		26.3	Whenever the singular or masculine or neuter is used throughout this Agreement, the same shall
be construed as meaning the plural or feminine or body corporate when the context of the parties hereto may require.

 

 

Remainder of page intentionally blank

 

    	11	 	 

    	 

    

 

 

IN WITNESS WHEREOF the parties hereto have hereunto
executed this Agreement the day and year first written below.

SIGNED this 5th day of May, 2020.

 

SIGNED FOR AND ON BEHALF OF THE GOVERNORS OF THE UNIVERSITY
OF

ALBERTA by its duly authorized officers:

 

 

 

_____________________________________________

Authorized Signatory

 

Name

 

 

Title

 

 

 

TONIX PHARMACEUTICALS (CANADA) INC.

 

 

_______________________________________

 

 

 

Authorized Signatory 

 

Name: Regina Kiu

 

Title: Manager

 

    	12	 	 

    	 

    

 

 

INVENTOR ACKNOWLEDGEMENT

 

We, the inventors of the Technology, hereby acknowledge
and agree that we have read and understood the Material Transfer and License Agreement between the Governors of the University
of Alberta and Tonix Pharmaceuticals, Inc. on the Date of Commencement. I understand that “Technology” is defined in
the License Agreement and all of my interest in and to such Technology has been assigned to the Governors of the University of
Alberta. I also understand that I have been advised to seek independent accounting, tax and legal advice before signing this acknowledgement.

 

 

 

____________________

David Evans, PhD

 

 

 

 

 

__________________________

 

Ryan Noyce, PhD

 

 

    	13	 	 

    	 

    

 

 

SCHEDULE “A”

 

 

ANNUAL PROGRESS REPORT

 

 

The information to be completed
in the following pages will constitute the annual report required to be completed annually pursuant to the License Agreement. Any
information or documents provided by the Licensee in this report will not be interpreted as affecting the express rights and obligations
of the Licensee contained in the License Agreement. This report is in addition to the royalty payment report to accompany each
royalty payment.

 

 

Date of Report: ___, 20 ___

 

 

Licensed Technology Title: ___________________

University Reference ID #: _____________________

 

Name of Licensee: _______________________

Jurisdiction of Incorporation: ________________

 Reporting Office Address:  __________________

Person Preparing this Report: _________________

Contact
Person for Licensee:  ________________

Telephone: ________________Email
Address: ______________

 

		1.	Please provide a brief report on the Licensee’s status of the development of the Technology,
progress on creating a commercial Product, or subsequent marketing of the Product as appropriate.

	 
	 
	 

 

 

		2.	Has the Licensee secured any external (private or public) investment dollars during the past year
to support the development or commercialization of the Technology or the sale of Products? If so, please report the amount of investment
dollars and the currency.

Public investment
dollars (e.g. grant funding) and source: $ _______________ Private investment dollars: $ __________

 

		3.	Has the Licensee hired any new employees during the past year to support the development or commercialization
of the Technology or the sale of Products? If so, please report the number of new employees.

Total number of new employees
assisting with the development or commercialization ofthe Technology or Products: _____________

 

		4.	Has the Licensee filed any patent application(s) for modifications or improvements relating
to the original Technology or have any patents been granted for modifications or improvements relating to the original Technology?
If so, please provide copies of the application(s) and/or issued patent(s).

	 
	 
	 

 

 

    	14	 	 

    	 

    

  

		5.	Has the Licensee become aware of any actual or potential third party infringement on the Patent
Rights or related intellectual property? If so, please indicate below and contact the University.

 

	 
	 
	 

 

 

		6.	Were any milestone or performance objectives due in the past year as set forth in the License
Agreement? Were the milestones met? If not, please explain. Please outline the past year’s accomplishments.

 

	 
	 
	 

 

 

		7.	Are any milestones or performance objectives due in the coming year as set forth in the License
Agreement? Please elaborate on whether or not any milestone or performance objective will be met and any proposed new timelines
and contingency plans to meet the milestones.

 

	 
	 
	 

 

 

		8.	If applicable, has the Licensee granted sublicenses to third parties, and if so, have copies
of the sublicense agreement(s) been provided to the University? If not, please enclose a copy of each sublicense agreement.

 

	 
	 
	 

 

 

		9.	Has the Licensee made any sales in the last twelve months? Yes ☐No ☐

If so, please submit a completed
Accounting statement as defined in the License Agreement, including the following.

a)       Date of sales
of Products:

 

	 
	 

 

 

		10.	If applicable, has Licensee initiated any clinical trials in the preceding year? Please providename
and location of trials, expected date of completion and a brief summary of any available results:

 

	 
	 

 

 

		11.	Does the Licensee and any applicable sublicensee have public liability insurance? If so, please
attach a copy of the insurance policy/ies naming the University (Board of Governors of the University of Alberta) as insured as
required by the Licensed Agreement if it has not already been provided to the University, if the copy has expired since it was
provided to the University, or if there have been changes.

 

	 
	 
	 

 

 

    	15	 	 

    	 

    

 

		12.	Please provide the Licensee’s timeline and plans for any further development of the Technology.

 

	 
	 
	 

 

 

		13.	Please provide the Licensee’s estimate or projection of Gross Revenue for Products for the
next twelve months by (a) the Licensee and (b) any sublicensees.

 

	 
	 
	 

 

 

		14.	If private, does your company have any plans to become public in the next year?

 

 

	 	Yes 	 	No

 

 

		15.	Is there any other information relating to this License Agreement or Technology that you think
the University should be aware of? If so, please summarize below and/or contact the University directly.

 

	 
	 
	 

 

Prepared by ___________Telephone:
 ______________

	I,	_______________ (print name), __________________(title), hereby certify the foregoing information to be true and correct.

 

 

	 	 	 
	Signature	 	Date

 

    	16

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