Document:

EXHIBIT 10.25

 

Prof. Dr. med. Oliver Wiedow, Forstweg
55, D-24105 Kiel, Germany

 

Kiel, on November
12, 2019

Proteo, Inc.

Att:     Chief Executive Officer

Mr. Oliver Wiedow

2102 Business Center Drive

Irvine, CA 92612

USA

 

	Re: 	Elafin License Agreement 

 

This is to confirm certain agreements and
understandings reached between me and Proteo, Inc. in November 2019 based on the following background:

 

Pursuant to the provisions of the license
agreement between Proteo, Inc. (hereinafter “Licensee“) and myself (hereinafter “Licensor“; Licensee and
Licensor collectively the “Parties”) dated December 30th, 2000 as amended on December 23rd, 2008
(hereinafter the “License Agreement“), Licensee promised to pay an aggregate amount of 660,000 Euros in certain installments
to Licensor. In December 2007, December 2008 and February 2012, Licensee paid to Licensor 30,000 Euros per year and no other payments
were made under the License Agreement to Licensor as of June 10th, 2014. In December 2012, Licensor agreed in writing
to waive the non-payment defaults and agreed to defer the due dates of the payments for the outstanding balance of 570,000 Euros
with installments due on April 15, 2015 (330,000 €), on December 31, 2015 (120,000 €) and on December 31, 2016 (120,000
€). In June 2014, Dr. Wiedow agreed in writing to defer the due date of the payments for the outstanding balance of 570,000
Euros to April 2018, and in March 2017, Dr. Wiedow agreed to defer the payment to June 30, 2020, and in June 2019, Dr. Wiedow agreed
to defer the payment to November 15, 2020.

 

I herewith confirm that based on the foregoing
we have agreed on the following in November 2019:

 

	 	1. 	The Parties herewith agree that Licensor defers to November 15, 2021 the total amount of 570,000 Euros payable by Licensee, which otherwise would be due on November 15, 2020 (hereinafter the “Deferral”). 

 

	 	2. 	In the event that the Company's financial condition improves, the Parties would endeavor to enter in good faith negotiations to accelerate the payments. 

 

	 	3. 	Neither the Deferral under Section 1 hereof nor the willingness to negotiate accelerated payments as provided for in Section 2 hereof, would constitute a waiver of or estoppel to Licensor ‘s rights to already existing or future payment obligations under the License Agreement. 

 

Please confirm by respective countersignature
that you are in agreement with this letter and with this confirmation of our agreement from November 2019.

 

Kind regards,

 

/s/ Oliver Wiedow        

Prof. Dr. Oliver Wiedow

 

 

We agree to the foregoing

 

Proteo, Inc., on November 12, 2019

 

/s/ Oliver Wiedow 

Prof. Dr. Oliver Wiedow, Chief Executive
OfficerExhibit 10.1

 

 

	 	GENERAL
        SECRETARIAT OF 

        INDUSTRY AND SMALL AND MEDIUM 

        SIZED COMPANIES

 

	

                            

                              MINISTRY
                           
    OF INDUSTRY, TRADE 
    AND TOURISM
	DIRECTORATE-GENERAL OF 

    INDUSTRY AND SMALL AND MEDIUM-

    SIZED COMPANIES

 

 

DEFINITIVE RESOLUTION
GRANTING FINANCIAL SUPPORT,
 REINDUSTRIALIZATION AND STRENGTHENING OF INDUSTRIAL COMPETITIVENESS

 

	Name
    of the entity: SPECIALIZED TECHNOLOGY RESOURCES ESPAÑA, S.A.	 	NIF:
    A74037136

Corporate
address: PARQUE TECNOLOGICO DE ASTURIAS PARCELA, 36

	Town:
    Llanera	 	Province: ASTURIAS	 	Postcode: 33428

	File
    No.: RCI-040000-2018-144	 	Municipality of action:
    LLANERA

Title
of action: New line
for production of multilayer barrier film

 

 

 

 

 

The
Directorate-General of Industry and Small and Medium-sized companies:

Pursuant
to the powers conferred by Order ICT/1100/2018 of 18 October, establishing the regulatory basis for granting industrial financial
support for industrial investment within the framework of public reindustrialisation policy and strengthening of industrial competitiveness
(BOE No. 254, of 20 October 2018), as well as the Order of 14 December 2018, by which the call to grant financial support for industrial
investment in the framework of the public reindustrialization policy and strengthening of industrial competitiveness is issued
in 2018 (published in the BDNS (ld.):429285, and announced in the BOE No. 306 on 20 December 2018), and in view of the agreements
adopted by the Assessment Committee in their meeting of 26 March 2019, the proposal for provisional resolution for this call was
formulated, which was duly notified. Having carried out the hearing procedures, and having seen the allegations presented, before
issuing a granting resolution, the following Definitive Resolution Proposal is issued, subject to the existence of funding.

 

 

 

 

PROPOSAL
FOR DEFINITIVE RESOLUTION

 

One
- Propose the financial support indicated below, for carrying out actions contained in the application presented by
the applying entity to this call:

 

	Financeable budget (€)

                                                                                 
	Proposed Loan (€)

                                                                                 

	3,934,950.00	2,621,781.00

 

 

The
breakdown of the financeable budget by items is detailed in Annexe
I.

 

 

 

 

 

 

 

 

 

 

 

 

	 	Paseo
        de la Castellana,

        160 28071 Madrid

rd@mincotur.es

 

 

     

     

    

 

 

 

Two
- The proposed financial support is subject to SPECIFIC TECHNICAL AND ECONOMIC CONDITIONS detailed in Annexe
I, as well as the following general conditions:

 

		a)	Investing
and expenses - The investments and expenses to be financed should be made in the period between 1 January 2018 and the
date resulting from adding 18 months to the date of resolution of the awarding of the support. However, payment documents issued
by the beneficiary may have a later due date, as long as that date is within the period granted to present the supporting documentation.

 

		b)	Rules
applicable to financeable expense items - The planned investments and expenses to be financed must comply with the conditions
established in article 4 of Order ICT/1100/2018, of 18 October.

 

		c)	Justification
- The activities financed will be justified in compliance with the provisions of article 21 of Order ICT/1100/2018, of 18 October.

 

To justify the expenses, the
technical-economic conditions detailed in in Annexe I of this notification must be followed and the expenses of entries will not
be compensated with the expenses of others.

 

Documents accrediting that the
investment object of financial aid has been executed, and the reports indicated in article 21 of Order ICT/1100/2018, of 18 October,
must be completed according to the instructions and models accessible from the Ayudatec portal of the website of the Ministry of
Industry, Trade and Tourism (http://www.mincotur.gob.es/portalayudas).

 

		d)	Non-compliance
– If the real final cost of the investment is less than the financeable budget, either as declared by the beneficiary or
considered as such by the authorised body on examining the supporting documentation, the financial aid must be partially returned,
up to the amount proportional to the unspent part, as long as, in the opinion of said authorised body, the goals the goals for
which the financial aid was granted have been met, if not, in application of article 37.1b) of Law 38/2003, of 17 November, General
Subsidies Law, the entire amount must be returned. In either case, the amount returned will include any interest on arrears, from
the moment of the payment of the financial support until the date in which it is agreed to return the money.

 

Non-payment of two consecutive
instalments of the principal or the interest due in two consecutive periods will be considered a breach of the established requirements
and will be a case for returning the loan.

 

In case of decapitalization
or reduction of the contribution of partners of the beneficiary company during the financial year corresponding to the year the
loan is paid and the following two, making the loan granted come in breach of the limits established in article 9 of Order ICT/1100/2018,
of 18 October, to comply with these limits, the excess of the loan will be returned.

 

		e)	Payment
– In accordance with article 19 of Order ICT/1100/2018, of 18 October, payment of the finance will depend on the beneficiary
complying with all the requirements indicated in article 34 of Law 38/2003, of 17 November, General Subsidies Law, as verified
by the management body.

 

		f)	Compatibility
– Concurrence with any other public finance is accepted, as long as the provisions set out in article 8.3 of Order
ICT/1100/2018, of 18 October are met, and the steering committee is immediately informed.

 

		g)	Information
and publicity - In compliance with the provisions of article 18 of Law 38/2003, of 17 November, any publications and
other results that the finance investments could give rise to, must state that they have been financed by the Ministry of Industry,
Trade and Tourism.

 

The
definitive proposal for resolution does not confer any right in favour of the proposed beneficiary before the Administration, until
the granting resolution has been communicated.

 

	Page 2	MINISTRY OF INDUSTRY, TRADE AND TOURISM

     

     

    

 

 

ACCEPTING
THE FINANCE

 

In
compliance with the provisions of article 18.3 of Order ICT/1100/2018, of 18 October, you must inform of your acceptance or rejection
of the proposed finance within ten working days after the date of this notification, via the electronic registration of the Ministry
of Industry, Trade and Tourism (https://sede.minetur.gob.es/registroelectronico).

 

If
no answer is received within this deadline, it will be taken that the interested party refuses the proposed finance.

 

Definitive
resolution proposals, as well as the resolution of the finance granting procedure will be published in the electronic office of
the Ministry of Industry, Trade and Tourism, publication that will have all the effects of the notification made according to the
provisions of article 45.1 .b) of Law 39/2015, of 1 October, on Common Administrative Procedure of the Public Administrations,
regarding competitive concurrence procedures.

 

The
Procedure Guide, available from the Internet address of the
Ministry of Industry, Trade and Tourism (http://www.mincotur.gob.es/portalayudas), contains a great deal of information about the
documentation to be submitted, deadlines and payments.

 

 

 

 

 

	
        INSTRUCTIONS
        REGARDING GUARANTEES TO BE SUBMITTED

 

 

1.
Guarantees will be constituted
and at the disposal of the grantor, in the Caja General de Depósitos or its branch offices, falling under the Delegations
of Economy and Finance, in the modes established in Royal Decree 161/1997, of 7 February, by which the Regulation of the Caja General
de Depósitos is approved.

 

2.
A receipt must be presented
as proof of the constitution of the guarantee before the resolution granting the loan is issued, establishing a deadline of 15
working days to present it, form the day after this a notification. The lack of constitution and accreditation of the guarantees
before the authorised body will be understood as a withdrawal of the application.

 

3.
As established in article 10
of Order ICT/1100/2018, of 18 October, you are informed that the percentage of guarantee that should be constituted before the
Caja General de Depósitos is 41% of the proposed definitive loan plus the same percentage of total financial interest accrued,
i.e., a total amount of 1,198,859 €.

 

The
guarantees will be divided into two parts: one will cover the principal of the loan, and will be cancelled in instalments as the
principal is paid back, once the amount of the capital pending repayment is the same as or less than the guaranteed amount; and
the other will cover the financial interest, and will be cancelled by instalments as the financial interest is paid back, once
the amount of the financial pending repayment interest is the same as or less than the guaranteed amount.

 

All
documentation required must be sent telematically from the electronic register of the Ministry of Industry,Trade and Tourism

(https://sede.minetur.qob.es/registroelectronico).

 

The Secretary of the Assessment Committee 

 

	 	Signed: Nuria Santos Bueno

 

 

	Page
        3
	MINISTRY
    OF INDUSTRY, TRADE AND TOURISM

     

     

    

 

 

ANNEXE
I

 

TECHNICAL-ECONOMIC
CONDITIONS

 

PROPOSAL
OF THE ASSESSMENT COMMITTEE

 

Distribution
of the financeable budget by financeable items:

 

	 	FINANCEABLE	 
	FINANCEABLE ITEMS	BUDGET	LOAN
	 	(€)	(€)
	The building and its Installations 	702,951.00	468,363.00
	Construction work	702,599.00	468,128.00
	Equipment and Production equipment	2,529,400.00	1,685,290.00
	Production process engineering 	0.00	0.00
	- Own personnel expenses	0.00	0.00
	- External collaboration	0.00	0.00
	TOTAL ACTIONS	3,934,950.00	2,621,781.00

CONDITIONS
OF THE LOAN

 

AMORTIZATION
PERIOD: 10 YEARS 

GRACE
PERIOD: 3 YEARS 

INTEREST
RATE: 1.647%

NOTE:
All economic data is expressed in euros, with two decimal points.

 

 

 

 

	Page
        4
	MINISTRY
    OF INDUSTRY, TRADE AND TOURISM

     

     

    

 

 

Breakdown
of financed items:

 

Financeable
item: The building and its installations

	BREAKDOWN	BUDGET	FINANCEABLE
	 	PRESENTED	BUDGET
	ACTION ON THE EXISTING BUILDING	30,770.00	30,770.00
	FOUNDATIONS AND FOUNDATION WALLS 	92,942.00	92,942.00
	METAL STRUCTURE OF THE BUILDING 	415,781.00	415,781.00
	WALLS AND ROOFS 	112,493.00	112,493.00
	INTERIOR FINISHING WORK 	50,965.00	50,965.00
	TOTAL	702,951.00	702,951.00

 

 

 

Financeable
item: Construction work

	BREAKDOWN	BUDGET	FINANCEABLE
	 	PRESENTED	BUDGET
	EARTHWORK	26,114.00	26,114.00
	RAINWATER SEWERAGE	129,375.00	129,375.00
	AIR TREATMENT UNIT	81,113.00	81,113.00
	WATER COOLING UNIT	103,082.00	103,082.00
	WATER PIPING ACCESSORIES	112,902.00	112,902.00
	AIR AND VENTILATION CONDUITS	152,265.00	152,265.00
	ELECTRICAL INSTALLATIONS	97,748.00	97,748.00
	TOTAL	702,599.00	702,599.00

 

 

 

Financeable
item: Devices and material equipment

	BREAKDOWN	BUDGET	FINANCEABLE
	 	PRESENTED	BUDGET
	HOPPERS	24,000.00	24,000.00
	COMPRESSED AIR 	5,200.00	5,200.00
	PRODUCTION LINE	2,146,032.00	2,146,032.00
	INSTRUMENTATION AND CONTROL	61,621.00	61,621.00
	TRANSPORT AND VACUUM SYSTEM 	185,000.00	185,000.00
	HOIST	18,130.00	18,130.00
	ELECTRONIC MICROSCOPE AND MICROMETRE	34,447.00	34,447.00
	TROLLEYS	22,500.00	22,500.00
	TENSOR MECHANICAL PROPERTIES	32,470.00	32,470.00
	TOTAL	2,529,400.00	2,529,400.00

 

 

 

 

	Page
        5
	MINISTRY
    OF INDUSTRY, TRADE AND TOURISM

     

     

    

 

 

 

SPECIFIC
CONDITIONS AND CLARIFICATIONS REGARDING THE FINANCEABLE BUDGET

 

*In Devices and equipment, previous
work on current equipment is not accepted as entirely financeable, amounting to 21,997€, because it refers to disassembly
of equipment and not purchase of assets.

*In process and production engineering,
all the costs are not accepted:

External collaboration: This section
includes two items: Engineering and Assembly company. In both, the groups that form them are described, from the construction work
engineering for the line, to low voltage installation, other installations and metalwork, etc. and PERMISSIONS, MANAGEMENT APPLICATION
AND OBTAINING PERMISSIONS, AUTHORISATIONS AND LICENCES NECESSARY FOR THE PROJECT. This group does not include the costs of each
subheading, therefore, traceability in justification phase is not allowed. Moreover, in the other group of items included in Assembly
company, it does not describe the "name of the company", taking into account that the work described is started before
the date of presentation of the finance application.

*Own personnel expenses are not sufficiently
described.

 

LOAN PROPOSAL / FINANCE GRANTED:
This company has received a direct subsidy from the aid programme of the Ministry of Finance, REGIONAL ECONOMIC INCENTIVES, for
the same investment project (AS THE COMPANY INFORMED IN THEIR SUPPORT REQUEST) File AS/1346/P01, Resolution date 7/01/2019, Subsidy
granted: 327,931.36. Investment amount eligible for public funding:4,099,142€.

Therefore, the maximum financial proposal,
amount of the loan is 2,621,781.14€.

The sum of both public finances,
2,949,712.50 represents 75% of the financeable budget of 3,932,950€.

 

 

 

 

	LOAN AMORTIZATION CHART
	Payments	Annual amortization	Annual interest	Annual quota 
	1	           0.00	43,180.73	43,180.73
	2	           0.00	43,180.73	43,180.73
	3	           0.00	43,180.73	43,180.73
	4	374,540.14	43,180.73	417,720,87
	5	374,540.14	37,012.06	411,552.20
	6	374,540.14	30,843.38	405,383.52
	7	374,540.14	24,674.70	399,214.84
	8	374,540.14	18,506.03	393,046.17
	9	374,540.14	12,337.35	386,877.49
	10	374,540.16	6,168.68	380,708.84
	TOTALS	2,621,781.00	302,265.12	2,924,046.12
	Note:
    The deadlines for amortisation will be informed when date of the order for transferring the loan from the Public Treasury
    is determined

 

	Page
        6
	MINISTRY
    OF INDUSTRY, TRADE AND TOURISM

     

     

    

 

 

ANNEXE
II

 

INFORMATION
NOTE

 

 

Data on
compliance with tax obligations

	C.I.F.	Tax
    Agency	Response
    file	Date
    issued	Reference	Type
	A74037136	State
    Agency	Respuestas-Lote-90.163.xls	01/02/2019	81907024360	POSITIVE

 

 

Data on
compliance with Social Security obligations

	C.I.F.	Response
    file	Date
    issued	Reference	Type
	A74037136	Respuesta-MINETUR0000000000000017124-040220190852.xls	02/02/2019	 	POSITIVE

 

 

 

 

	ENTITY:
        SPECIALIZED TECHNOLOGY RESOURCES ESPAÑA, S.A.

         

        CIF:
        A74037136

         

        Compliance
        with tax obligations: DOES NOT
        NEED TO SUBMIT A CERTIFICATE

         

        Compliance
        with Social Security obligations: DOES NOT
        NEED TO SUBMIT A CERTIFICATE

	 

 

 

 

 

 

 

 

	Page
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	MINISTRY
    OF INDUSTRY, TRADE AND TOURISM

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