Document:

Exhibit

Exhibit 10.2

AMENDMENT TO CREDIT AGREEMENT

THIS AMENDMENT TO CREDIT AGREEMENT, hereinafter referred to as this “Amendment”, dated as of March 4, 2019, is made and entered into by and among HINES GLOBAL REIT PROPERTIES LP, a Delaware limited partnership (“Original Borrower”), HGR BELLEVUE REIT HOLDINGS LLC, a Delaware limited liability company ( “New Borrower” and together with Original Borrower, collectively, “Borrower”), the guarantors (“Guarantors”) signatories hereto, the financial institutions (“Lenders”) which are now or may hereafter become signatories hereto, J.P. MORGAN EUROPE LIMITED, as Administrative Agent for Foreign Currencies, and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (“JPMorgan”), as administrative agent for the Lenders (in such capacity, “Agent”).
W I T N E S S E T H:
WHEREAS, Original Borrower, Agent, Lenders and certain other persons have entered into an Amended and Restated Credit Agreement dated as of June 29, 2015 (the “Credit Agreement”); and
WHEREAS, Borrower has requested that the Credit Agreement and the other Loan Documents be amended in certain respects, and Agent and Lenders have approved such request;
NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations and warranties herein set forth, and for other good and valuable consideration, Borrower, Guarantors, Agent and Lenders do hereby agree as follows:
Section 1.    Capitalized terms used herein that are defined in the Credit Agreement shall have the same meanings when used herein unless otherwise defined herein.
Section 2.    (a)    New Borrower hereby becomes a party to the Loan Documents as a Borrower thereunder with the same force and effect as if originally named therein as a Borrower and, without limiting the generality of the foregoing, hereby irrevocably, absolutely and unconditionally assumes and agrees to timely and faithfully pay and perform all of the obligations of Borrower under the Loan Documents.
(b)    Each Borrower agrees that it shall never be entitled to be subrogated to any of Administrative Agent’s or any Lender’s rights against any other Borrower or any other person or entity or any collateral or offset rights held by Administrative Agent or any Lender for payment of the obligations incurred under the Loan Documents until full payment of the obligations incurred under the Loan Documents, complete performance of all of the obligations of Borrower under the Loan Documents and final termination of the Lenders’ obligations--if any--to make further advances pursuant to the Credit Agreement.  Each Borrower acknowledges and agrees that the value of the consideration received and to be received by each Borrower is reasonably worth at least as much as the liability and obligation of each Borrower incurred or arising under the Loan Documents.  Each Borrower has determined that such liability and obligation may reasonably be expected to 

substantially benefit each Borrower directly or indirectly.  Each Borrower has had full and complete access to the underlying papers relating to the Credit Agreement and all of the other Loan Documents, has reviewed them and is fully aware of the meaning and effect of their contents.  Each Borrower is fully informed of all circumstances which bear upon the risks of executing this Amendment and which a diligent inquiry would reveal.  Each Borrower has adequate means to obtain from each other Borrower on a continuing basis information concerning such other Borrower’s financial condition, and is not depending on Administrative Agent or any Lender to provide such information, now or in the future.  Each Borrower agrees that neither Administrative Agent nor any Lender shall have any obligation to advise or notify any Borrower or to provide any Borrower with any data or information regarding any other Borrower.
(c)    In this Amendment and in the Loan Documents it shall be construed as though “Borrower” were written “Borrowers” and as though the pronoun and verbs were changed to correspond; and in such case (i) each Borrower shall be bound jointly and severally with one another to keep, observe and perform the covenants, agreements, obligations and liabilities imposed by this Amendment, the Credit Agreement and the other Loan Documents upon the “Borrower”, (ii) a release of one or more persons, corporations or other legal entities comprising “Borrower” shall not in any way be deemed a release of any other person, corporation or other legal entity comprising “Borrower”, and (iii) a separate action under this Amendment or any of the Loan Documents may be brought and prosecuted against one or more of the persons, corporations or other legal entities comprising “Borrower” without limiting any liability or impairing Administrative Agent’s right to proceed against any other person, corporation or other legal entity comprising “Borrower”.
Section 3.    Borrower has requested that the aggregate Revolving Loan Commitments be increased to $500,000,000.00 pursuant to Section 2.09(d) of the Credit Agreement.  This Amendment will provide for the increase of the Commitments.  The aggregate Revolving Loan Commitments are $500,000,000.00.  The $75,000,000.00 increase is called the “Revolving Loan Increase.”  Borrower’s option to increase the Commitments pursuant to Section 2.09(d) of the Credit Agreement is hereby terminated.
Section 4.    Borrower has requested that the aggregate Foreign Currency Commitments and the Foreign Currency Sublimit be decreased to $200,000,000.00.  The Credit Agreement is hereby amended to provide that (a) the aggregate Dollar Equivalent of the Lenders’ Foreign Currency Commitments and the Foreign Currency Sublimit are each $200,000,000.00, and (b) the Foreign Currency Commitments shall not be adjusted ratably if the Revolving Loan Commitments are increased or decreased but shall never exceed the aggregate Revolving Loan Commitments.  The available Foreign Currency no longer includes Australia and Canada and references in the Loan Documents to same and to CDOR Rate, Australian Bill Rate and BBSY rates shall not be effective.
Section 5.    The aggregate Term Loan Commitments are hereby amended to be $225,000,000.00.
Section 6.    Borrower shall no longer have the right to request Letters of Credit under the Credit Agreement, and the provisions of the Credit Agreement, including Section 2.06, providing for the issuance of Letters of Credit are no longer in effect.

Section 7.    The Credit Agreement is hereby amended as follows:
(a)    Section 1.01 is hereby amended to add the following definitions and, if already defined, to amend the following definitions in their entirety:
“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1%, and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that for the purpose of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively.  If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 hereof, then the Alternate Base Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above.  For the avoidance of doubt, if the Alternate Base Rate shall be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
“Beneficial Ownership Certification” means a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Change in Control” means (a) the management and operations of the investment advisor to the REIT or any successor to the REIT are no longer controlled by a Hines Affiliate; (b) the REIT (or its successor) shall no longer Control the Borrower; (c) the REIT (or its successor) shall no longer own (directly or indirectly) at least seventy percent (70%) of the Equity Interests in the Borrower; or (d) any Person obtains ownership, directly or indirectly, of ten percent (10%) or more of the beneficial ownership of the Borrower and such Person does not satisfy the Successor Requirements (as defined in Section 6.03(a)(i)), but subject to Section 6.03(a)(viii).

“EEA Financial Institution” means (a) any institution established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein and Norway.
“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.
“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate.
“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate, provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.
“Foreign Currency” means the lawful currency of any of (a) the United Kingdom (British Pounds Sterling), or (b) the European Economic Union (Euros).
“LIBO Rate” means, with respect to any Eurodollar Borrowing for any applicable currency and Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) then the LIBO Rate shall be the Interpolated Rate.
“LIBO Screen Rate” means, for any day and time, with respect to any Eurodollar Borrowing for any applicable currency and for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for the relevant 

currency for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion) provided that if the LIBO Screen Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.
“Maturity Date” means March 4, 2020, as the same may be extended in accordance with Section 2.22.
“NYFRB” means the Federal Reserve Bank of New York.
“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m., New York City time, on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S. managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.
“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by Administrative Agent) or any similar release by the Board (as determined by Administrative Agent).  Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.
“Summit” means the property in Bellevue, Washington upon which two existing office buildings are located and upon which Summit III (a new office building) is being constructed, which will constitute one (1) Eligible Qualified Property.

“Summit Development Property” means Summit III, a to be developed office building in Bellevue, Washington to be constructed as part of Summit.
“Total Asset Value” means the sum of (without duplication) (a) the aggregate Value of all of the REIT’s, the Borrower’s and any of the REIT’s Subsidiaries’ Real Property multiplied by the Equity Percentage for that REIT Subsidiary; plus (b) the amount of  any cash and cash equivalents, excluding tenant security and other restricted deposits (other than as allowed by clause (e) of this definition) of the REIT; plus (c) investments in the REIT’s Unconsolidated Affiliates that are engaged primarily in the business of investment in and operation of Real Property, valued at an amount equal to the Value of each Unconsolidated Affiliate’s Real Property multiplied by the Equity Percentage for that Unconsolidated Affiliate; plus (d) loans, advances and extensions of credit that are made by the REIT or any of its Subsidiaries or Unconsolidated Affiliates that are not then in default (calculated on the book value of the investment in accordance with GAAP, multiplied in the case of Subsidiaries of the REIT and Unconsolidated Affiliates by the Equity Percentage for that Subsidiary or Unconsolidated Affiliate).  For the purposes of calculating Total Asset Value, the aggregate Value of International Real Property may not exceed 55% of Total Asset Value inclusive of such amount.
“Value” means, for all Real Property owned by the REIT or a Subsidiary of the REIT, the sum of the “as is” appraised value based on appraisals that are prepared within the last twelve (12) months; provided, however, that (a) if the Real Property has been acquired within the twelve (12) month period preceding the determination date, and Borrower does not have a satisfactory appraisal then the gross purchase price will be the “Value”, and (b) until construction of improvements are complete the book value of the Summit Development Property on the date of calculation will be the “Value” and thereafter Value will be based on the appraised value as set forth above.  All appraisals of Domestic Real Property will be performed by independent third parties, in accordance with the Appraisal Foundation’s Uniform Standards of Professional Appraisal Practice and by personnel who are members of the Appraisal Institute and have the MAI designation.  All appraisals of International Real Property will be performed by independent third parties, in accordance with the professional standards as published by the Royal Institution of Chartered Surveyors.
“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.

(b)    Any Lender that has become the subject of a Bail-In Action will be a “Defaulting Lender”, and the definition of Defaulting Lender is hereby deemed to be amended to provide for same.
(c)    Section 2.12(e) is hereby amended in its entirety to read as follows:
(e)    In the event that the Maturity Date is extended in accordance with the terms of Section 2.22, the Borrower agrees to pay to the Administrative Agent for the account of each Lender an extension fee equal to 0.075% of the aggregate Commitments that are extended for each of the six month extensions, each due on the first effective day of the applicable extension.
(d)    Section 2.14 is hereby amended in its entirety to read as follows:
SECTION 2.14  Alternate Rate of Interest.
(a)    If prior to the commencement of any Interest Period for a Eurodollar Borrowing:
(i)    the Administrative Agent determines (which determination shall be conclusive absent manifest error) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or
(ii)    the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period;
then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or electronic communication as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (x) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and (y) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made in Dollars as an ABR Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted.
(b)    If at any time the Administrative Agent determines, or the Required Lenders determine as to clause (ii) below (which determination shall be conclusive absent manifest error), that (i) the circumstances set forth in clause (a)(i) have arisen related to the Adjusted LIBO Rate or the LIBO Rate, and such circumstances are 

unlikely to be temporary or (ii) the circumstances set forth in clause (a)(i) have not arisen but the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable (but for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate); provided that, if such alternate rate of interest as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.  Notwithstanding anything to the contrary in Section 9.02, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest and a copy of such amendment is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment.  Until an alternate rate of interest shall be determined in accordance with this clause (b) (but, in the case of the circumstances described in clause (ii) of the first sentence of this Section 2.14(b), only to the extent the LIBO Screen Rate for the applicable currency and such Interest Period is not available or published at such time on a current basis), (x) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (y) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing.
(e)    Section 2.22 is hereby amended in its entirety to read as follows:
SECTION 2.22  Extension.
(a)    Subject to the provisions of this Section, the Borrower may (i) extend the Maturity Date of the Revolving Loans three (3) times for six (6) months each time, and (ii) extend the Maturity Date of the Term Loan three (3) times for six (6) months each time, by giving written request therefor (each an “Extension Request”) to the Administrative Agent of the Borrower’s desire to extend such term, at least forty-five (45) days prior to the then effective Maturity Date.
(b)    If the Maturity Date is extended, all of the other terms and conditions of this Agreement and the other Loan Documents (including interest payment dates) shall remain in full force and effect and unmodified, except as expressly provided for herein.  Each extension of the Maturity Date is subject to the satisfaction of each of the following additional conditions:

(i)    the representations and warranties of each Loan Party set forth in this Agreement or any other Loan Document to which such Loan Party is a signatory shall be true and correct in all material respects on the date that the Extension Request is given to the Administrative Agent and on the first day of the extension (except to the extent such representations and warranties relate to a specified date);
(ii)    no Default or Event of Default has occurred and is continuing on the date on which the Borrower gives the Administrative Agent the Extension Request or on the first day of the extension;
(iii)    the REIT shall be in compliance with all of the financial covenants set forth in Article V hereof both on the date on which the Extension Request is given to the Administrative Agent and on the first day of the extension;
(iv)    the Borrower shall have paid to the Administrative Agent all amounts then due and payable to any of the Lenders, the Issuing Bank and the Administrative Agent under the Loan Documents (other than principal and interest to be included in the amounts extended), including the extension fee described in Section 2.12(e) hereof;
(v)    the Borrower shall pay for any and all reasonable out-of-pocket costs and expenses, including, reasonable attorneys’ fees and disbursements, incurred by the Administrative Agent in connection with or arising out of the extension of the Maturity Date;
(vi)    no change in the business, assets, management, operations or financial condition of any Loan Party shall have occurred since the most recent funding of any Loan, which change, in the judgment of the Administrative Agent, will have or is reasonably likely to have a Material Adverse Effect; provided that the transfers described in Section 6.03(a)(viii) and the sale of Real Property projects by the Borrower, the REIT, or any of their respective Subsidiaries, or the sale of the Borrower’s or the REIT’s interests in any Subsidiary that own Real Property projects, in each case in accordance with this Agreement, shall be permitted;
(vii)    the Borrower shall execute and deliver to the Administrative Agent such other documents, financial statements, instruments, certificates, opinions of counsel, reports, or amendments to the Loan Documents as the Administrative Agent shall reasonably request regarding the Loan Parties as shall be necessary to effect such extension;
(viii)    a written agreement evidencing the extension is signed by the Administrative Agent, the Lenders, the Loan Parties and any other Person to be charged with compliance therewith, which agreement such parties agree 

to execute if the extension conditions set forth above have been satisfied; and
(ix)    each extension will not be available unless the prior available extension has been requested and documented in accordance with this Section.
(f)    Section 3.16 is hereby added to Article III, which shall read as follows:
SECTION 3.16  EEA Financial Institutions.  No Loan Party is an EEA Financial Institution.
(g)    Section 5.10 is hereby amended in its entirety to read as follows:
SECTION 5.10  Financial Tests.  The REIT shall at all times have and maintain, on a consolidated basis in accordance with GAAP, where applicable:
(a)    a maximum ratio of Indebtedness to Total Asset Value of fifty-five percent (55%), reducing to forty-five percent (45%) whenever there are less than four (4) Eligible Qualified Properties in the Unencumbered Pool;
(b)    a maximum ratio of Secured Debt to Total Asset Value of forty percent (40%);
(c)    [Reserved];
(d)    a minimum Debt Service Coverage Ratio of 1.75:1.00; provided that said ratio may decrease one (1) time to 1.50:1.00 for up to two (2) consecutive calendar quarters;
(e)    a minimum Net Worth of One Billion Dollars ($1,000,000,000); provided, however, that if asset sales result in the Net Worth being less than One Billion Dollars ($1,000,000,000) it shall not be an Event of Default unless such asset sales reduce the Net Worth to less than Six Hundred Fifty Million Dollars ($650,000,000);
(f)    a maximum Unencumbered Value Ratio of fifty-five percent (55%), reducing to forty-five percent (45%) whenever there are less than four (4) Eligible Qualified Properties in the Unencumbered Pool; and
(g)    a minimum Unencumbered Interest Coverage Ratio of 1.75:1.00.
(h)    Section 5.11 is hereby amended in its entirety to read as follows:
SECTION 5.11  Unencumbered Pool.

(a)    The Borrower and its Subsidiaries and the REIT and its Subsidiaries will at all times own a pool (the “Unencumbered Pool”) of assets consisting of Eligible Qualified Properties.  The Eligible Qualified Properties in the Unencumbered Pool must have the following characteristics:
(i)    be completed income producing Retail Property, Industrial Property, Office Buildings, Multifamily Residential Property or the Summit Development Property, provided that no International Real Property may be included in the Unencumbered Pool; and
(ii)    the Occupancy Level in the aggregate (not including the Summit Development Property) must be over eighty percent (80%) at all times.
(b)    As of the Effective Date, the real property assets included in the Unencumbered Pool are listed on Schedule 5.11 attached hereto.
(c)    Eligible Qualified Properties can be added and removed from the Unencumbered Pool at any time provided that at (i) any time at least four (4) Eligible Qualified Properties remain in the Unencumbered Pool, which will reduce to at least three (3) Eligible Qualified Properties if (x) each of the ratio of Indebtedness to Total Asset Value and the Unencumbered Value Ratio are 45% or less and (y) Summit is one of the three (3) Eligible Qualified Properties in the Unencumbered Pool, (ii) no Default or Event of Default would occur as a result of removing a property from the Unencumbered Pool, and (iii) the Administrative Agent accepts the properties to be added to the Unencumbered Pool.  Each owner of Eligible Qualified Properties in the Unencumbered Pool must execute a Guaranty and become a Guarantor in accordance with this Agreement.  Upon the removal of a property from the Unencumbered Pool, the Guaranty by the owner of such property shall be released, unless such Guaranty is required by Section 5.12.
(d)    When the Borrower wants to add Eligible Qualified Properties to the Unencumbered Pool (such newly added property, the “Potential Unencumbered Property”), the Borrower shall notify the Administrative Agent of same in writing and such notice shall include a certificate of a Financial Officer of the Borrower describing such addition, together with a statement of (i) the Value of such Potential Unencumbered Property, and (ii) the same information that the Borrower would be required to include in a Compliance Certificate delivered pursuant to Section 5.01(c), together with a certification that, after giving effect to such addition, the Borrower will be in compliance with each of the covenants contained in Section 5.10 on a pro forma basis based upon the most recent financial statements delivered to the Administrative Agent, together with all supporting calculations.
(e)    The Borrower may voluntarily remove any property from the Unencumbered Pool by delivering to the Administrative Agent, no later than ten (10) Business Days prior to the date on which such removal is to be effected, (i) a certificate 

of a Financial Officer of the Borrower describing such removal, together with a statement (A) that no Default or Event of Default then exists or would, upon the occurrence of such event or with the passage of time, result from such removal, (B) identifying the property being removed, and (C) of the Value of such property being removed, and (ii) a pro forma Compliance Certificate described in Section 5.01(c) demonstrating, upon giving effect to such removal, compliance with the covenants contained in Section 5.10 on a pro forma basis based upon the most recent financial statements delivered to the Administrative Agent, together with supporting calculations.
(i)    Section 6.01 is hereby amended in its entirety to read as follows:
SECTION 6.01  Indebtedness.  The Borrower will not, and will not permit any Subsidiary of the Borrower to, create, incur, assume or permit to exist any Indebtedness, except:
(a)    Indebtedness created hereunder;
(b)    Indebtedness existing on the date hereof and set forth in Schedule 6.01 and increases, extensions, renewals and replacements of any such Indebtedness so long as the incurrence thereof does not cause a breach of Section 5.10;
(c)    Indebtedness of the Borrower to the REIT, to any Subsidiary of the REIT or of the Borrower, and Indebtedness of any Subsidiary of the Borrower or the REIT to the REIT, the Borrower or any other Subsidiary of the Borrower or the REIT;
(d)    Guarantees by the Borrower and by any Subsidiary of the Borrower or the REIT of Indebtedness described in Section 6.01(c); and
(e)    other Indebtedness (including Guarantees) so long as (i) such indebtedness is not Unsecured Debt that is Recourse Debt (except for up to $75,000,000 outstanding at one time owed to a Lender under this Agreement or to a Hines Affiliate with a maturity date not exceeding six months after the date of determination) and incurred solely for the purpose of bridging any timing gaps between the sale of assets and maturing mortgage loans because the amount available under the Revolving Loan Commitments was insufficient to provide the necessary funds, and (ii) the incurrence thereof does not cause a breach of Section 5.10.
(j)    Borrower acknowledges and agrees that clause (4) of the definition of Successor Requirements in Section 6.03(a)(i) includes satisfaction of the requirements of the Beneficial Ownership Regulation.

(k)    Section 6.03(a)(viii) is hereby added to Section 6.03:
(viii)    The REIT may transfer, assign, contribute or otherwise convey the assets and liabilities of the REIT to a Person formed as a liquidating trust in accordance with Section 5 of the Plan of Complete Liquidation and Dissolution of the REIT adopted by the REIT on July 17, 2018, if (A) the board of directors of the REIT determines it is in the best interests of the REIT to transfer such assets and liabilities to such Person to avoid the payment by the REIT of federal income taxes, (B) the Successor is a corporation, limited liability company, limited partnership or statutory trust organized and existing under the laws of any State of the United States of America or the District of Columbia, and (C) the Successor satisfies clauses (2) through (4) of the Successor Requirements and expressly assumes, by agreements in form and substance reasonably satisfactory to the Administrative Agent and the Required Lenders, all of the indebtedness and obligations of the REIT under the Loan Documents.
(l)    Section 6.04(g) is hereby amended in its entirety to read as follows:
(g)    the investment in the Summit Development Property.
(m)    Section 6.06 is hereby amended in its entirety to read as follows:
SECTION 6.06  Restricted Payments.  At any time (a) during the existence of any Default or Event of Default of which the Administrative Agent has notified the Borrower and the REIT in writing, or (b) when any of the Unsecured Debt that is Recourse Debt allowed pursuant to Section 6.01(e)(i) is outstanding, neither the REIT nor the Borrower will, and will not permit any of their Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except (i) the Borrower and the REIT may declare and pay dividends with respect to its Equity Interests payable solely in additional shares of its common stock, (ii) Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests, (iii) the Borrower and the REIT may make Restricted Payments pursuant to and in accordance with stock option or other equity-related compensation arrangements for management or employees and (iv) the minimum amount of Restricted Payments required to be made in order to maintain the REIT’s status as a real estate investment trust under Section 856 of the Code, meet the real estate investment trust distribution requirements set forth in Section 857(a) of the Code, and avoid the incurrence of entity level taxes under Sections 857(b)(1) and 4981 of the Code.
(n)    Section 9.16 is hereby added to Article IX, which shall read as follows:
SECTION 9.16  Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising 

under any Loan Document may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.
Section 8.    Schedule 2.01 of the Credit Agreement is hereby amended to be in the form of Exhibit A attached hereto and hereby made a part hereof.
Section 9.    All references in the Loan Documents (including the Guaranty) to the “Notes” shall be deemed to include references to the revolving loan promissory notes dated as of the date hereof executed by Borrower payable to the order of the various Lenders in the aggregate face amount of $500,000,000.00.
Section 10.    The Guaranty dated as of June 29, 2015 executed by Hines Global REIT, Inc., Hines Global REIT 17600 Gillette LP (subsequently released), Hines Global REIT 100/140 Fourth Ave LLC (subsequently released), Hines Global REIT 9320 Excelsior LLC (subsequently released), Hines Global REIT 250 Royall LLC (subsequently released), Hines Global REIT Riverside Center LLC, Hines Global REIT 550 Terry Francois LP (subsequently released), Hines Global REIT 4875 Town Center LLC, Hines Global REIT 2300 Main Street LP (subsequently released), Hines Global REIT 2615 Med Center Parkway LLC, Hines Global REIT San Antonio Retail I LP, Hines Global REIT Marlborough Campus I LLC, Hines Global REIT Hock Plaza I LLC (subsequently released), Hines Global REIT 55 M Street LLC (subsequently released) and Hines Global REIT Southpark Center II GP LLC (subsequently released) each for the benefit of Agent and Lenders, and every other Guaranty executed by any of the Guarantors pursuant to the Credit Agreement, are hereby amended to provide that each Guaranty shall constitute a guaranty 

of payment of the promissory notes described in Section 9 hereof just as if the said promissory notes were originally described in each Guaranty.
Section 11.    Interest Rates; LIBOR Notification.  The interest rate on Eurodollar Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered rate (“LIBOR”).  LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market.  In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting LIBOR.  As a result, it is possible that commencing in 2022, LIBOR may no longer be available or deemed an appropriate reference rate upon which to determine the interest rate on Eurodollar Loans.  In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR.  In the event LIBOR is no longer available or in certain other circumstances set forth in Section 2.14(b) of the Credit Agreement, such Section 2.14(b) provides a mechanism for determining an alternative rate of interest.  Administrative Agent will notify Borrower, pursuant to Section 2.14, in advance of any change to the reference rate upon which the interest rate of Eurodollar Loans is based.  However, Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to LIBOR or other rates in the definition of LIBO Rate or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.14(b), will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability.
Section 12.    Borrower represents and warrants that, except as qualified in this Section (a) the representations and warranties contained in Article III of the Credit Agreement are true and correct in all material respects on and as of the date hereof as though made on and as of such date, and (b) as of the date hereof, to the best knowledge of Borrower, the information included in the Beneficial Ownership Certification (as defined in Section 7(a) hereof) provided on or prior to the date hereof to any Lender in connection with this Amendment is true and correct in all material respects.  The representations and warranties set forth in Article III of the Credit Agreement are qualified as follows:  (i) for purposes of Section 3.04, the financial statements referred to are amended to be those dated _______________, and the date from which no material adverse changes have occurred is amended to be _______________, and (ii) attached hereto as Exhibit B is an updated list of all Subsidiaries of the REIT to replace the existing Schedule 3.13.  Borrower hereby certifies that no event has occurred and is continuing which constitutes an Event of Default under the Credit Agreement or which upon the giving of notice or the lapse of time or both would constitute such an Event of Default.
Section 13.    Except as expressly amended hereby, the Credit Agreement and the other Loan Documents shall remain in full force and effect.  The Credit Agreement, as hereby amended, 

and all rights and powers created thereby or thereunder and under the other Loan Documents are in all respects ratified and confirmed and remain in full force and effect.
Section 14.    The term “Credit Agreement” as used in the Credit Agreement, the other Loan Documents or any other instrument, document or writing furnished to Agent or Lenders by Borrower shall mean the Credit Agreement as hereby amended.
Section 15.    This Amendment (a) shall be binding upon Borrower, Guarantors, Agent and Lenders and their respective successors and assigns (provided, however, no party may assign its rights hereunder except in accordance with the Credit Agreement); (b) may be modified or amended only in accordance with the Credit Agreement; (c) shall be governed by and construed in accordance with the laws of the State of Texas and the United States of America; (d) may be executed in several counterparts, and by the parties hereto on separate counterparts, and each counterpart, when so executed and delivered, shall constitute an original agreement, and all such separate counterparts shall constitute but one and the same agreement; and (e) embodies the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements, consents and understandings relating to such subject matter.
Section 16.    THIS AMENDMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED BY ANY OF THE PARTIES BEFORE OR SUBSTANTIALLY CONTEMPORANEOUSLY WITH THE EXECUTION HEREOF TOGETHER CONSTITUTE A WRITTEN LOAN AGREEMENT WHICH 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.
[Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed by their respective duly authorized officers, effective as of the date first set forth herein.

HINES GLOBAL REIT PROPERTIES LP

By:    Hines Global REIT, Inc.,
General Partner

By: /s/ J. Shea Morgenroth
Name: J. Shea Morgenroth
Title: Chief Accounting Officer and Treasurer

HGR BELLEVUE REIT HOLDINGS LLC

By: /s/ J. Shea Morgenroth
Name: J. Shea Morgenroth
Title: Chief Accounting Officer and Treasurer

GUARANTORS:

HINES GLOBAL REIT, INC.,
a Maryland corporation

By: /s/ J. Shea Morgenroth
Name:  J. Shea Morgenroth
Title: Chief Accounting Officer and Treasurer

HINES GLOBAL REIT RIVERSIDE CENTER LLC,
a Delaware limited liability company

By: /s/ Janice Walker
Name: Janice Walker
Title: Authorized Agent

HINES GLOBAL REIT 4875 TOWN CENTER LLC,
a Delaware limited liability company

By: /s/ Janice Walker
Name: Janice Walker
Title: Authorized Agent

HINES GLOBAL REIT 2615 MED CENTER
PARKWAY LLC,
a Delaware limited liability company

By: /s/ Janice Walker
Name: Janice Walker
Title: Authorized Agent

HINES GLOBAL REIT SAN ANTONIO RETAIL I LP,
a Delaware limited partnership

By:    Hines Global REIT San Antonio Retail I GP LLC,
a Delaware limited liability company,
Its: General Partner

By: /s/ Janice Walker
Name: Janice Walker
Title: Authorized Agent

HINES GLOBAL REIT MARLBOROUGH
CAMPUS I LLC,
a Delaware limited liability company

By: /s/ Janice Walker
Name: Janice Walker
Title: Authorized Agent

Signature page to Amendment Agreement with Hines Global REIT Properties LP

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, individually and as Administrative Agent

By: /s/ Elizabeth Johnson
Name: Elizabeth Johnson
Title: Executive Director

Signature page to Amendment Agreement with Hines Global REIT Properties LP

J.P. MORGAN EUROPE LIMITED,
as Administrative Agent for Foreign Currencies

By: /s/ Belinda Lucas
Name: Belinda Lucas
Title: Authorised Signatory / Associate

Signature page to Amendment Agreement with Hines Global REIT Properties LP

BANK OF AMERICA, N.A.

By:/s/ Alisa Hollenback
Name: Alisa Hollenback
Title: SVP

Signature page to Amendment Agreement with Hines Global REIT Properties LP

U.S. BANK NATIONAL ASSOCIATION

By: /s/ Patrick Trowbridge
Name: Patrick Trowbridge
Title: Senior Vice President

Signature page to Amendment Agreement with Hines Global REIT Properties LP

BANK OF MONTREAL, CHICAGO BRANCH

By: /s/ Irene E. Prekezes
Name: Irene E. Prekezes
Title: Director

Signature page to Amendment Agreement with Hines Global REIT Properties LP

REGIONS BANK

By: /s/ Mike Evans
Name: Mike Evans
Title: SVP

Signature page to Amendment Agreement with Hines Global REIT Properties LP

COMERICA BANK

By: /s/ John Kamerman
Name: John Kamerman
Title: VP

Signature page to Amendment Agreement with Hines Global REIT Properties LP

ZIONS BANCORPORATION, N.A. d/b/a   AMEGY BANK

By: /s/ Mandy Negrete
Name: Mandy Negrete
Title: Vice President

Signature page to Amendment Agreement with Hines Global REIT Properties LP

MUFG UNION BANK, N.A.

By: /s/ Ridge MacLaren
Name: Ridge MacLaren
Title: Vice President

Signature page to Amendment Agreement with Hines Global REIT Properties LP

CITIZENS BANK, NATIONAL ASSOCIATION

By: /s/ Michael C. Browne
Name: Michael C. Browne
Title: SVP

Signature page to Amendment Agreement with Hines Global REIT Properties LP

EASTERN BANK

By: /s/ Jared H. Ward
Name: Jared H. Ward
Title: SVP

Signature page to Amendment Agreement with Hines Global REIT Properties LP

WELLS FARGO BANK, NATIONAL ASSOCIATION,

By: /s/ Ricky Nahal
Name: Ricky Nahal
Title: Vice President

Signature page to Amendment Agreement with Hines Global REIT Properties LP

SUNTRUST BANK

By: /s/ Robert A. West
Name: Robert A. West
Title: Senior Vice PresidentOhr Pharmaceutical, Inc. S-4

 

Exhibit 10.15 

 

***
Text Omitted and Filed Separately

Confidential
Treatment Requested

Under
17 C.F.R. §§ 200.80(c)

 

LICENSE
AGREEMENT

Carnegie Mellon University – NeuBase Therapeutics, Inc.

 

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

 

Witnesseth

 

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

 

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

 

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

 

1.
Certain Definitions (“Defined Terms”)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

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

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

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

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

2.
License Grant

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

2.6.
[* * *].

 

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

 

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

 

     

     

    

 

3.
Term of this Agreement

 

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

 

4.
Carnegie Mellon Shares

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

5.
Minimum Performance Requirements

 

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

 

5.2.
Licensee shall achieve the following milestones:

 

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

 

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

 

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

 

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

 

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

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

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

 

     

     

    

 

		(v)	Minimum
                                         Revenues during the periods specified below:

 

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

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

 

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

 

6.
Royalties and Payment Terms

 

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

 

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

 

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

 

6.4.
All amounts payable hereunder which are overdue shall bear interest until paid at a rate equal to the Prime Rate in effect at
the date such amounts were due plus four percent (4%) per annum, but in no event to exceed the maximum rate of interest permitted
by applicable law. This provision for interest shall not be construed as a waiver of any rights Carnegie Mellon has as a result
of Licensee’s failure to make timely payment of any amounts.

 

7.
Reports and Audits

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

8.
Improvements

 

8.1.
[* * *].

 

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

 

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

 

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

 

8.5.
[* * *].

 

9.
Patents and Other Intellectual Property

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

10.
Markings, Trademarks and Trade Names

 

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

 

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

 

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

 

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

 

11.
Termination

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

12.
Taxes

 

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

 

13.
NO WARRANTY; LIMITATION AS TO TYPES OF DAMAGES

 

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

 

     

     

    

 

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

 

14.
Costs

 

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

 

15.
Confidentiality

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

16.
Indemnification

 

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

 

     

     

    

 

17.
Insurance

 

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

 

18.
No Acquiescence

 

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

 

19.
Entire Agreement

 

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

 

20.
Governing Law

 

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

 

21.
Dispute Resolution

 

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

 

     

     

    

 

22.
Infringement

 

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

 

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

 

     

     

    

 

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

 

23.
Notices

 

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

 

24.
Assignment

 

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

 

25.
Headings

 

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

 

26.
Severability

 

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

 

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

 

     

     

    

 

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

 

	Carnegie Mellon University	 
	 	 
	By:	/s/ Robert A. Wooldridge	 
	 	Robert A. Wooldridge	 
	 	Associate Vice Provost	 
	 	 	 
	Date:	12/17/2018	 

 

Address
for Notices:

 

Carnegie
Mellon University

4615 Forbes Avenue, Suite 302

Pittsburgh, PA 15213

Attention: Associate Vice Provost for Technology Transfer and Enterprise Creation

Email: innovation@cmu.edu

Facsimile: 412-268-7395

 

	NeuBase Therapeutics, Inc.	 
	 	 
	By:	/s/ Dietrich Stephan	 
	 	Name: Dietrich Stephan	 
	 	Title: Chief Executive Officer	 
	 	 	 
	Date:	12/17/2018	 

 

	Address for Notices:	2730 Sidney Street, Suite
    300

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

 

     

     

    

 

Attachment
A

Description of Licensed Technology

 

[*
* *]

     

     

    

 

Attachment
B

Assignment Agreement

 

[*
* *]

 

[Signatures
appear on the following page.]

 

     

     

    

 

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

 

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

 

     

     

    

 

Assignment
Agreement

 

[*
* *]

 

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

 

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

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