Document:

Exhibit 10.19

 

3/24/2019

Private &
Confidential

 

LICENSE AGREEMENT

 

Certain information
in this document, marked by brackets, has been excluded pursuant to Item 601(b)(10)(iv) of Regulation S-K under the Securities
Act of 1933, as amended, because it is both (i) not material and (ii) would likely cause competitive harm to the registrant
if publicly disclosed.

 

This License Agreement (the “Agreement”)
is made and executed on this 24th day of March 2019 (the “Effective Date”) at New Delhi by
and between:

 

Blade Urban Air Mobility, Inc.,
a Delaware corporation, located at 499 E.34th Street, New York, NY-10016 (“Licensor”) through its
authorized signatory Rob Wiesenthal (which term and expression unless repugnant to the subject, context or meaning thereof
be deemed to mean and include its successor(s) and permitted assign(s));

 

AND

 

FlyBlade (India) Private Limited,
a company incorporated under the provisions of Companies Act, 2013, having its registered office at 5th Floor, Huda
City Centre Metro Station, Sector-29, Gurgaon-122009, Haryana, India (“Licensee”) through its Director
Amit Dutta (which term and expression unless repugnant to the subject, context or meaning thereof be deemed to mean and include
its successor(s) and assign(s)).

 

(Licensor and Licensee shall be collectively
referred to as the “Parties” and each individually as “Party)

 

RECITALS

 

	A.	WHEREAS Licensor has developed and owns certain software related
                                 to the provision of aviation services, particularly in respect of short-distance aviation services,
                                 and is the owner of certain trademarks related to the said services.

 

	B.	WHEREAS Licensor and Hunch Ventures (a body corporate organized/
                                 incorporated and validly existing under the provisions of Companies Act, 2013having its registered
                                 office at005 Ground Floor, Plot No. 09, Copia Corporate Suites, Jasola, New Delhi, South
                                 Delhi- 110044)have entered into a joint venture agreement on 24th March, 2019 (“Joint
                                 Venture Agreement”) to allow and assist Licensee to offer short distance aviation services
                                 comprising of marketing, distribution and sale of said services within the geographical boundaries
                                 of India (“Territory”).

 

     

     

    

 

3/24/2019

Private &
Confidential

 

	C.	WHEREAS under the Joint Venture Agreement, Licensor has agreed
                                 to contribute to the Business (as defined herein below)of Licensee certain software and
                                 trademarks to Licensee on an exclusive license basis within the Territory for use by the Business
                                 (as defined below) of Licensee.

 

	D.	WHEREAS Licensor herein agrees that the aforesaid (i) software;
                                 and (ii) trademarks owned by it shall be granted unto Licensee on an exclusive license basis
                                 in the Territory and on such other terms and conditions as are entailed under this Agreement.

 

	E.	WHEREAS Licensee herein agrees to enter into this Agreement and
                                 to take the software and trademarks on an exclusive license basis in the Territory to use the
                                 same in relation to its Business (as defined herein below) of Licensee in the manner prescribed
                                 under this Agreement.

 

	F.	Now, thus, with a view to record the formal terms and conditions
                                 which shall govern the inter se relationship, understanding and other mutual covenants
                                 between the Parties in relation to the use of said software, trademarks and related services,
                                 the Parties have deemed it appropriate to enter into this Agreement and be bound by the provisions
                                 contained therein.

 

NOW, THEREFORE, in consideration
of the foregoing, and the mutual promises and covenants contained herein, and other good and valuable consideration hereof, the
adequacy and receipt of which is hereby affirmed by each of the Parties, the Parties hereby agree as follows:

 

	1.	DEFINITIONS AND INTERPRETATIONS

 

	1.1.	Definitions

 

		(i)	“Business” means
                                         the business of the Licensee related to the marketing, distribution and sale of short
                                         distance aviation related services within the Territory.

 

		(ii)	“Customer(s)”
                                         means customer(s) of the Business of Licensee including third party users of the
                                         Products (as defined below).

 

		(iii)	“Documentation”
                                         means the documentation provided by Licensor to Licensee pursuant to this Agreement describing
                                         the use, functions and/or other technical details of the Licensed Software as mentioned
                                         under this Agreement including but not limited to the installation guides, reference
                                         and training manuals, and images.

 

		(iv)	“Gross Revenue”
                                         means the total revenue of Licensee in respect of a particular financial year, that is
                                         to say, in respect of the time period commencing from April of each calendar year
                                         up till March of the immediately next or succeeding calendar year, through the operations
                                         of Business, including but not limited to all revenues generated from all Customers and/
                                         or Partners(as defined herein below)or otherwise, before any deductions or allowances.
                                         Revenues include all sales and receipts of every kind, credit charges and service charges.

 

     

     

    

 

3/24/2019

Private &
Confidential

 

		(v)	“Intellectual
                                         Property Rights” means the rights in intellectual property including but not
                                         limited to the copyrights, patents, trademarks, service marks, business names, trade
                                         dress, logos, trade secrets, goodwill, technical know-how, utility models and all other
                                         intellectual property rights as may exist now and/or hereafter come into existence
                                         along with all renewals and extensions thereof.

 

		(vi)	“Licensed Marks”
                                         means and is limited to the Marks (as defined below) listed in Schedule
                                         A hereto, whether used alone or in combination or conjunction with other words
                                         and/ or phrases.

 

		(vii)	“Licensed Material(s)”
                                         means any material or thing which is either made, used, sold, offered for sale, given
                                         on commission, directed for use/ usage by Licensee in furtherance of its various Business
                                         operations and which contains, bears, uses, displays or is any way associated with any
                                         of the Licensed Marks as permitted under this Agreement including without limitation
                                         (i) Products(as defined below); (and (ii) any promotional materials,
                                         brochures, informational pamphlets, general publicity documents, instruction books, and/
                                         or any other printed literature or marketing materials used in the Business.

 

		(viii)	“Licensed Software”
                                         means and is limited to the Licensor’s proprietary software as further described
                                         in Schedule B hereto and that is maintained and hosted by Licensor or its
                                         service provider to which Licensee is being granted access over an Internet connection
                                         under this Agreement.

 

		(ix)	“Licensee Data”
                                         means all data generated by Licensee, its employees, retainers, vendors, contractors,
                                         agents and Customer(s) and other than the Licensor Data.

 

		(x)	“Licensor Data”
                                         means all data generated by Licensor, its employees or agents that is related to the
                                         Licensed Software, Licensed Marks and Services, including data collected, used or stored
                                         by or on behalf of Licensor related to Customer’s use of the Products.

 

		(xi)	“Marks” means
                                         trademarks, service marks, trade names, service names, taglines, slogans, industrial
                                         designs, brand names, brand marks, trade dress, internet domain names, identifying symbols,
                                         logos, emblems, signs, figures, pictures/ pictorial representations, device, color combinations,
                                         hologram, abbreviations or insignia, meta tags, website search terms and key words, including
                                         all goodwill associated with the foregoing.

 

		(xii)	“Other Services”
                                         means all technical and non-technical services performed or delivered by Licensor under
                                         this Agreement, including without limitation implementation services and other professional
                                         services, training and education services, but excluding Support and Maintenance Services.

 

		(xiii)	“Partners”
                                         means third party operators and aircrafts that Licensee engages and uses, respectively
                                         to provide Products (as defined herein below) to Customers.

 

     

     

    

 

3/24/2019

Private &
Confidential

 

		(xiv)	“PF Goods”
                                         means: (a) furniture and fixtures used in Public Facilities, including chairs, tables,
                                         television sets, wall decorations, graphics and signage; and (b) textile, fabric,
                                         vinyl and similar products used in finishing and decorating Public Facilities, including
                                         drapes, artwork and upholstery.

 

		(xv)	“Products”
                                         means the products and services marketed, distributed and sold by the Licensee using
                                         the Licensed Software and Licensed Marks in the conduct of the Business.

 

		(xvi)	“Profit Before Tax”
                                         means the profits less extraordinary items less exceptional items, as calculated in accordance
                                         with the general instructions for the preparation of statement of profit & loss
                                         prepared in accordance with Part II, Schedule 3 of the Companies Act, 2013.

 

		(xvii)	“Public Facilities”
                                         means any lounges, reception areas, customer-service areas or other similar public facilities
                                         made available by Licensee in relation of the Business.

 

		(xviii)	“Services”
                                         means the service or services inclusive of the Support and Maintenance Services (as
                                         defined herein below)provided by Licensor either on its own or through its service
                                         provider(s)to Licensee under this Agreement relating to the maintenance and hosting of
                                         Licensed Software.

 

		(xix)	“Specifications”
                                         means the written specifications to be agreed to by the Parties detailing the functionality
                                         or operation of the Licensed Software necessary to comply with applicable Indian law
                                         governing the use of the Licensed Software in the Territory.

 

		(xx)	“Support and Maintenance
                                         Services” means the support and maintenance services mentioned under Schedule
                                         C hereto.

 

		(xxi)	“Standards”
                                         means Licensor’s operating rules, manuals, standard operating and other procedures,
                                         systems, guides, programs, requirements, specifications, design criteria, and such other
                                         information, initiatives and controls for constructing, promoting, operating or delivering
                                         aviation related services, including those that are observed by Licensor in its development,
                                         marketing and sale of any products and performance of any services similar to the Products,
                                         as such may be modified, supplemented or amended by Licensor from time to time.

 

		(xxii)	“Term” means
                                         the (a) initial term of this Agreement commencing from the Effective Date up till
                                         a period of ten (10) years therefrom unless terminated earlier by the Parties in
                                         accordance with the terms and conditions of this Agreement; and (b) thereafter renewed
                                         by the Parties as per the provision contained herein for a period of five (5) years
                                         from the date of termination of initial term unless terminated earlier by the Parties
                                         hereto.

 

	1.2.	Interpretations

 

In this Agreement, unless the context otherwise specifies:

 

     

     

    

 

3/24/2019

Private &
Confidential

 

		(i)	a reference to a recital, clause,
                                         appendix, annexure, schedule or exhibit is, unless indicated to the contrary, a reference
                                         to a recital, clause, appendix, annexure, schedule or exhibit to this Agreement which
                                         may have been amended, varied, supplemented or novated in writing at the relevant time;

 

		(ii)	references to agreements, documents
                                         or other instruments include a reference to that agreement, document or instrument as
                                         amended, modified, revised, supplemented, substituted, or novated from time to time but
                                         disregarding any amendment, revision, supplement or modification made in breach of this
                                         Agreement;

 

		(iii)	headings are inserted for convenience
                                         only and shall not affect the interpretation or construction of this Agreement;

 

		(iv)	an expression importing a natural
                                         person includes any company, partnership, trust, joint venture, association, corporation
                                         or other body corporate and any governmental authority or agency;

 

		(v)	references to any statutory provisions
                                         shall be construed as references to those provisions as replaced, amended, modified,
                                         supplemented or re-enacted from time to time;

 

		(vi)	terms defined in this Agreement
                                         by reference to any other agreement, document or instrument shall have the meanings assigned
                                         to them in such agreement, document or instrument, whether or not such agreement, document
                                         or instrument is then in effect.

 

		(vii)	defined terms in the singular
                                         shall include the plural and vice versa, and the masculine, feminine or neutral gender
                                         shall include all genders;

 

		(viii)	the words “include”,
                                         “includes” and “including” when used in this Agreement are deemed
                                         to be followed by the phrase “without limitation” or “not limited to”;

 

		(ix)	the words “hereof”,
                                         “herein” and “hereunder” and words of similar import, when used
                                         in this Agreement shall refer to this Agreement as a whole and not to any particular
                                         provision of this Agreement; and

 

		(x)	the preamble, recitals, schedules,
                                         appendices, annexures and exhibits to this Agreement shall be deemed to form an integral
                                         part of this Agreement and shall be read as if they are specifically incorporated herein.

 

     

     

    

 

3/24/2019

Private &
Confidential

 

	2.	LICENSE GRANTS

 

		(i)	Grant of License to
                                         Service and Licensed Marks

 

			Subject to the terms
                                         and conditions of this Agreement, including without limitation (a) the payment obligations
                                         contained herein; and (b) the restrictions contained under Clauses 4 and 5 to this
                                         Agreement, Licensor hereby grants unto Licensee and Licensee herein accepts the exclusive,
                                         non-transferable, non-sub licensable right and license to use the Licensed Software and
                                         Licensed Marks within the Territory and to receive the Services solely in connection
                                         with the Business during the Term of this Agreement. Licensee acknowledges that Licensor
                                         will not be delivering copies of the Licensed Software to the Licensee under this Agreement,
                                         and that the Licensed Software shall be hosted by Licensor.

 

		(ii)	Grant of License to Documentation

 

			Subject to the terms
                                         and conditions of this Agreement, Licensee’s right to use the Documentation in
                                         relation to the Licensed Software shall include (a) the right to reproduce without
                                         any modification(s) thereto; and (ii) use, circulate and distribute copies
                                         of the Documentation internally solely in connection with the conduct of the Business
                                         of Licensee within the Territory.

 

		(iii)	General Restrictions

 

			Except as expressly
                                         provided in this Agreement or as may be expressly permitted by applicable law(s), Licensee
                                         shall not on its own and shall not permit or authorize others to (a) reproduce (other
                                         than with respect to Documentation as permitted in Section 2(ii) hereof), modify,
                                         translate, enhance, decompile, disassemble, reverse engineer or otherwise attempt to
                                         derive source code, or create derivative works of the Licensed Software or Documentation;
                                         (b) give on, rent, resell, lease, or distribute the Licensed Software; (c) circumvent,
                                         reverse-engineer or disable any technological features or measures in the Licensed Software,
                                         except to the extent required to obtain interoperability with other independently created
                                         software or as specified by applicable law(s) or as expressly permitted by Licensor
                                         under a written agreement between the Parties; or (d) access unless the access is
                                         pursuant to the provisions of the present Agreement, remove, or alter the Licensed Software.

 

		(iv)	Licensee Restrictions

 

			Licensee shall not
                                         during the Term of this Agreement(a) operate the Business, including use of the
                                         Licensed Software or Licensed Marks outside the Territory; or (b) engage in any
                                         business, and/ or selling or promoting products or services, that competes with or is
                                         in competition with the Products or the Business.

 

     

     

    

 

3/24/2019

Private &
Confidential

 

		(v)	Reserved Rights

 

			Except for the licenses
                                         granted hereunder, the provisions of this Agreement do not grant or convey to Licensee
                                         any ownership rights, interests or title in or in respect to the Licensed Software, Documentation,
                                         Licensed Marks or Services.

 

	3.	LICENSEE RESPONSIBILITIES

 

		(i)	Specifications

 

			Licensee shall provide
                                         the Specifications to the Licensor within ten (10) business days from the Effective
                                         Date. Thereafter, Licensee and Licensor shall negotiate in good faith to agree on the
                                         content of the Specifications, provided however that Licensor shall not be required to
                                         incur material costs or expenses related to the modification or adaptation of the Licensed
                                         Software for use in the Territory in accordance with applicable law.

 

		(ii)	Assistance

 

			Upon request made
                                         by Licensor in writing, Licensee shall provide all requisite information and assistance
                                         including Licensee Data to Licensor to enable Licensor to deliver access to or use of
                                         the Licensed Software or Services in accordance with the terms and conditions of this
                                         Agreement. Such request shall specify the information required by Licensor for delivering
                                         the Licensed Software or Services along with brief reasons for the same. Upon receiving
                                         the said request from Licensor, Licensee shall as soon as practicable deliver such information
                                         and assistance to Licensor as deemed reasonable by it in an electronic file format or
                                         other format specified and accessible by Licensor.

 

		(iii)	Compliance with Applicable
                                         Law(s)

 

			Licensee shall comply
                                         with all applicable local, state, national/ central and international laws as enforceable
                                         in the Territory in connection with its use of the Licensed Software and Services and
                                         Licensed Trademarks, including those laws related to data privacy, communications, and
                                         the transmission of technical or personal data. Licensee shall not be liable for any
                                         breach or violation of any of the applicable law(s) in the event, the usage of Licensed
                                         Software, Services and Licensed Trademarks is beyond the control of Licensee (including
                                         any third parties acting for or on behalf of Licensee) or its Customers. Upon request
                                         made by Licensee in writing, Licensor shall provide any reasonably requested information
                                         within its possession or control and reasonable assistance to enable Licensee to comply
                                         with this Section 3(iii). Such request shall specify the information required by
                                         Licensee along with brief reasons for the same. Upon receiving the said request from
                                         Licensee, Licensor shall as soon as practicable deliver such information and assistance
                                         to Licensee. Licensee acknowledges that Licensor exercises no control over the content
                                         of the information transmitted by Licensee or Licensee’s Customers through the
                                         Products. Licensee shall not upload, post, reproduce or distribute any information, software
                                         or other material protected by copyright, privacy rights, or any other intellectual property
                                         right without first obtaining the permission of the owner of such rights.

 

     

     

    

 

3/24/2019

Private &
Confidential

 

		(iv)	License to Licensor
                                         Subject to the terms and conditions of this Agreement, Licensee shall grant to Licensor
                                         a limited, non-exclusive and non-transferable license, to use, copy, store, configure,
                                         perform, display and transmit Licensee Data solely as necessary under the terms of this
                                         Agreement including to provide the Licensed Software and Services to Licensee.

 

	4.	USEOFLICENSEDMARKS,OWNERSHIP,RECORDATIONAND
                                         REGISTRATION OF LICENSED MARKS AND QUALITY CONTROL.

 

		(i)	Use of Licensed
                                         Marks

 

Under the license and rights
granted herein, the Licensee is authorized to use the Licensed Marks only as provided in Section 2(i) hereof, including
use in Licensed Materials, and for no other purpose. The Licensee shall comply strictly with the Standards set forth from time
to time by Licensor with respect to the appearance and manner of use of the Licensed Marks, which shall be provided or otherwise
made available to the Licensee in written or electronic form. For purposes of clarity, any updates to Licensor’s Standards
shall be communicated to Licensee in writing and shall be effective thirty (30) days after such written communication. In using
the Licensed Marks, the Licensee shall indicate that the Licensed Marks are registered trademarks of Licensor. Any use of the
Licensed Marks not specifically provided for by the Standards (including any uses not contemplated by the Standards, any uses
in contravention of the Standards and any clarifications of the Standards) shall be adopted by the Licensee only upon prior written
approval by Licensor.

 

		(ii)	Marketing Material.
                                         Licensee must obtain prior written approval from Licensor for use of the Licensed Marks
                                         in any form of advertising, marketing or other promotion in any media to ensure compliance
                                         with Licensee’s compliance with Licensor’s brand standards and compliance
                                         with applicable laws.

 

		(iii)	Compliance with
                                         Laws. The Licensee shall comply with all applicable laws pertaining to the Licensed
                                         Marks, including those pertaining to the proper use and designation of Licensed Marks
                                         and pertaining to the offering, development, distribution, promotion and sale of Licensed
                                         Materials. Upon request made by Licensee in writing, Licensor shall provide any reasonably
                                         requested information within its possession or control and reasonable assistance to enable
                                         Licensee to comply with this Section 4(iii). Such request shall specify the information
                                         required by Licensee along with brief reasons for the same.

 

     

     

    

 

3/24/2019

Private &
Confidential

 

Upon receiving the said request from Licensee, Licensor
shall as soon as practicable deliver such information and assistance to Licensee..

 

		(iv)	Acknowledgment
                                         of Ownership. Licensee acknowledges that Licensor is the owner of the Licensed
                                         Marks throughout the world, including the Territory. Any goodwill derived from the use
                                         by Licensee of the Licensed Marks will inure to the benefit of Licensor. If Licensee
                                         acquires any rights in any of the Licensed Marks, by operation of law, or otherwise,
                                         such rights will be deemed and are hereby irrevocably assigned to Licensor without any
                                         further action by any of the Parties.

 

		(v)	Recordation of Agreement.
                                         If, in the sole discretion of Licensor, it is required or advisable for the purpose of
                                         making this Agreement enforceable, or for the purpose of maintaining, enhancing or protecting
                                         Licensor’s rights in the Licensed Marks in some countries, to record this Agreement
                                         or to enter Licensee as a registered or authorized user of the Licensed Marks, Licensor
                                         will attend (at Licensees’ expense) to such recording or entry. The Licensee shall
                                         promptly execute and deliver to Licensor such additional instruments or documentation
                                         as Licensor may reasonably request, including execution and delivery of substitute or
                                         short-form license agreements with terms consistent with (and to the extent legally permissible
                                         in the applicable jurisdiction, identical to) this Agreement for recordation or registration
                                         in the event that this Agreement shall be deemed by Licensor to be unsuitable for recordation.

 

		(vi)	Registrations.
                                         The Licensee shall fully cooperate with Licensor’s reasonable requests at Licensor’s
                                         expense in the execution, filing, and prosecution of any registration of a Mark relating
                                         to the Licensed Marks that Licensor may desire to obtain. For the foregoing purpose,
                                         the Licensee shall supply to Licensor such samples or other materials bearing the Licensed
                                         Marks as may be reasonably required by Licensor. Licensor will own all right, title and
                                         interest in and to any and all registrations and applications for registration of the
                                         Licensed Marks.

 

     

     

    

 

3/24/2019

Private &
Confidential

 

		(vii)	Quality Control

 

		(a)	In
                                         order to promote adherence to the Standards and for the purpose of protecting and maintaining
                                         the goodwill associated with the Licensed Marks and the reputation of Licensor, Licensor
                                         shall have the right to obtain from the Licensee, upon reasonable notice, reasonable
                                         information as to the nature and quality of the Licensed Materials and the manner in
                                         which the Licensed Marks are used in the Business. The Licensee agrees to furnish Licensor,
                                         from time to time as reasonably requested by Licensor up to two (2) times per year
                                         (and otherwise if Licensor notifies Licensee that it believes the Licensed Materials
                                         or the use of the Licensed Marks are not in conformance with the Standards or
                                         other requirements of this Agreement), representative samples of all Licensed Materials
                                         and representative samples showing all other uses of the Licensed Marks by the Licensee.

 

		(b)	If, at any time, the use, marketing,
                                         promotion, sale, other commercialization, offering, servicing, quality or performance
                                         of any Licensed Materials fails to conform to the Standards or any other requirement
                                         of this Agreement, and Licensor notifies the Licensee of such failure, Licensee shall
                                         take all necessary steps to bring such Products into conformance with the Standards and
                                         other requirements of this Agreement. If Licensee fails to cure such non-conformities
                                         within thirty (30) days of such notice of nonconformity, then Licensee shall promptly
                                         cease using, marketing, promoting, selling, other commercializing, offering and servicing
                                         such non-conforming Licensed Materials.

 

	5.	PARTNERS, STANDARDS OF THE BUSINESS

 

		(i)	Partners

 

Licensee must use only such
Partners that Licensor has pre-approved in writing. Licensee will notify Licensor in writing at least 30 days prior to engaging
with or using a Partner and provide Licensor with sufficient information for Licensor to determine the suitability of such Partner
in accordance with the Standards.

 

		(ii)	PF Goods

 

Licensee must use only such
PF Goods that conform to the Standards and are purchased from a vendor, supplier or manufacturer “approved” by the
Licensor. Licensor may designate approved vendors and suppliers, as the only approved supplier for certain other Business-related
items.

 

		(iii)	Public Facilities

 

Licensee, at its sole expense,
must construct Public Facilities to the satisfaction of Licensor in accordance with the Standards. Prior to any such construction
or material renovations, Licensee will obtain the written approval of Licensor that any such construction or renovations comply
with Standards.

 

     

     

    

 

3/24/2019

Private &
Confidential

 

		(iv)	Compliance with Standards

 

All Products, the methods and
processes for designing and developing Products and usage thereof by the Licensee, shall meet all requirements of the Standards
and shall comply with all applicable laws and industry and safety standards. Licensee agrees that the restrictions imposed on
Licensee in this Article 5 are necessary to maintain the identity, integrity and reputation of the Standards and other distinctive
elements or characteristics that Licensor have developed or authorized in the use of the Licensed Marks and Licensed Software.

 

	6.	FEES, INVOICING AND PAYMENT

 

		(i)	License Payments

 

		(a)	Royalty

 

Licensee shall pay to
Licensor running royalties, on a monthly basis for every year during the Term, on Licensee’s Gross Revenue as follows:
[***] (the “Royalties”) all of which shall be inclusive of any taxes payable in respect of Royalties. All
payments shall be made to Licensor by Licensee post deduction of taxes at source including any withholding taxes deducted at
the rates prevalent under the applicable laws.

 

		(b)	Revenue Share

 

In addition to the Royalties,
commencing in Y1, and thereafter, during the Term, Licensee shall pay to Licensor [***] of the Licensee’s Profit Before
Tax in each year that the Licensee has attained a minimum of [***] in annual Profit Before Tax (the “Revenue Share”).

 

		(c)	Taxes

 

Licensee shall be responsible
for payment of any sales, use, value added, service or other similar taxes that may be imposed by any governmental authority upon
Licensee relating to the Business or use of the Licensed Software along with Services and Licensed Trademarks by Licensee or its
Customers. Licensor shall be solely responsible for any corporate and franchise taxes and income taxes based upon the income or
revenue of Licensor. Upon request made by Licensee in writing, Licensor shall provide any reasonably requested information within
its possession or control and reasonable assistance to enable Licensee to comply with this Section 6(i)(c). Such request
shall specify the information required by Licensee along with brief reasons for the same. Upon receiving the said request from
Licensee, Licensor shall as soon as practicable deliver such information and assistance to Licensee. Notwithstanding anything
to the contrary contained in this Agreement, Licensee shall be responsible to comply with obligations to withhold taxes from payments
to Licensor under this Agreement according to the timelines and in the manner prescribed by applicable law, and shall undertake
all related filings and compliances as prescribed by applicable law including but not limited to providing Licensor with a statement
of taxes withheld by Licensee, and proof of deposit of withheld with the governmental authority in accordance with applicable
law.

 

     

     

    

 

3/24/2019

Private &
Confidential

 

		(d)	Invoices and Payment

 

The total amount of Royalties
and Revenue Share, as applicable, for the Royalty Period, specified in the monthly counter-signed report and invoice under Clause
7hereof shall be payable by Licensee in the currency of US dollar by bank transfer remittance to the bank account designated by
Licensor, so that such remittance shall reach Licensor not later than twenty (20) days following the date of such monthly counter-signed
report and invoice or corrected report and invoice.

 

	7.	REPORTS AND RECORDS

 

		(i)	Royalty Report

 

During the Term, Licensee shall
submit to Licensor monthly written reports describing in detail the Gross Revenues and Profit Before Tax for the Business, in
each case sufficient for Licensor to determine Royalties for the preceding month(each month, referred to as the “Royalty-Period”)
and Revenue Share (if applicable). Such report shall be made on such form as Licensor may from time to time reasonably request,
and shall be submitted to Licensor within seven (7) days after the end of each Royalty-Period. Licensor shall, within five(5) days
after its receipt of such report, examine the report, and if the statements made therein are found to be correct, shall counter-sign
it and return the counter-signed report to Licensee together with an invoice regarding the running royalty payable for the Royalty-
Period.

 

		(ii)	Licensee Financial Data

 

In addition to the monthly reports required under
Section 7(i) hereof, Licensee shall prepare and make available to the Licensor monthly management accounts and such
other financial statements and reports and other information, as may be reasonably requested by Licensor from time to time. For
the avoidance of doubt, the statements and reports to be provided to the Licensor shall include, but not be limited to, sufficient
information required by Licensor to enable it to comply with its own reporting requirements.

 

     

     

    

 

 

		(iii)	Books and Records

 

During the Term, Licensee shall
prepare true and accurate books of account, financial statements and records showing all information necessary for preparation
of the above report. During the term of this Agreement and within three years after the termination of the Agreement, if so requested
in writing by Licensor, Licensee shall permit Licensor or its agents to have access to these books of account, financial statements
and records, to the extent they are related to the transactions contemplated in this Agreement, and shall disclose them to Licensor
or its agents and shall make all explanations thereof as requested by Licensor or its agents. Such books, statements and records
shall be retained by Licensee for a period of five (5) years after the date of Licensee’s preparation thereof.

 

		8.	TERM AND TERMINATION.

 

		(i)	Notice of Termination

 

(a)     Either
Party may choose to terminate this Agreement by serving the other Party with a written notice of thirty (30) days in writing.

 

(b)     If
either party commits a material breach or default in the performance of any of its obligations under this Agreement, the non-breaching
party shall give the breaching party written notice of the material breach or default and the non-breaching party’s intention
to terminate the Agreement pursuant to Section 8(iv) hereof if the material breach or default is not cured within thirty
(30) days after the breaching party’s receipt of such notice. For the avoidance of doubt, a material breach shall include,
but not be limited to: the failure to pay any sum payable to Licensor under this Agreement or when due or provide the necessary
reporting under Clause 6; a breach of any of Licensee’s obligations in Clauses 3, 4 and 5 hereof.

 

		(ii)	Suspension for Non-Payment

 

Licensor reserves the right
to suspend access to or use of the Licensed Software or Services if Licensee fails to timely pay any undisputed amounts due to
Licensor under this Agreement, but only after Licensor notifies Licensee of such failure and such failure continues for thirty
(30) days. Licensee agrees that Licensor shall not be liable to Licensee or to any third party for any liabilities, claims or
expenses arising from or relating to such suspension resulting from Licensee’s nonpayment.

 

    

    

    

 

		(iii)	Suspension for Ongoing Harm

 

Licensor reserves the right
to suspend access to or use of the Licensed Software or Services if the Licensee’s or its Customer’s use or access
of the Licensed Software or Services is causing immediate and ongoing harm to Licensor or other only after providing Licensee
with a reasonable time period to resolve the issue, provided such issue may be resolved by Licensee without ongoing material harm
to Licensor or others, failing which the Licensor may exercise such right. Licensor shall not be liable to Licensee or to any
third party for any liabilities, claims or expenses arising from or relating to any such suspension in accordance with this Clause.

 

		(iv)	Termination

 

If the breaching party’s
fails to cure a material breach or default specified in any notice under Section 8(i) hereof within thirty (30) days
after receipt of such notice, then the non- breaching party may thereafter immediately terminate this Agreement.

 

		(v)	Accelerated Notice and Termination

 

If either party commits a material
breach or default in the performance of any of its obligations under this Agreement and such material breach or default is not
susceptible of cure, the other party may terminate this Agreement effectively immediately upon written notice to the breaching
party.

 

		(vi)	Post-Termination Obligations

 

Upon termination of this Agreement:
(a) all rights and licenses granted by and obligations assumed by either Party hereunder shall immediately terminate; (b) Licensor
shall immediately cease providing the Services and all usage rights granted under this Agreement shall terminate; (c)Licensee
shall immediately cease using the Licensed Software, Documentation and Licensed Marks, including destroying all Licensed Materials
in the Licensee’s possession which bear the Licensed Marks; (d)the Receiving Party (as defined below) promptly shall cease
to use the Confidential Information and, upon written request from the Disclosing Party, return to the Disclosing Party (as defined
below), or destroy, all Confidential Information of the Disclosing Party provided under or in connection with this Agreement,
including all copies, portions and summaries thereof, and shall provide the Disclosing Party with a written statement certifying
that all such material has been returned or destroyed; and (e) Licensee shall within thirty (30) days of termination pay
to Licensor any fees, reimbursable expenses, compensation, and other amounts that have accrued prior to termination.

 

    

    

    

 

		(vii)	Termination upon Assignment or Change of Control

 

Without Licensee first obtaining
the prior written consent of Licensor, which consent shall not be unreasonably withheld, Licensor shall have the right to terminate
this Agreement in its entirety upon any of the following events:

 

		(a)	any merger or consolidation of
                                         Licensee with an unrelated third party;

		(b)	the sale of all or substantially
                                         all of the assets of Licensee to an unrelated third party; or

		(c)	a change of control of Licensee
                                         whereby any unrelated third party acquires fifty percent (50%) or more of the outstanding
                                         voting securities of Licensee or the power, directly or indirectly, to direct or cause
                                         the direction of management or policies (whether through ownership of securities or partnership
                                         or other ownership interests, by contract or otherwise) of Licensee.]

 

		9.	REPRESENTATIONS AND WARRANTIES

 

		(i)	Licensor Representations
                                         and Warranties

 

Licensor warrants that:

 

		(a)	it will use commercially reasonable
                                         efforts to modify or adapt the Licensed Software to comply with the Specifications; and

 

		(b)	the Licensed Software will perform
                                         in accordance with the Documentation in all material respects. Licensor does not guarantee
                                         that the services will be performed error-free or uninterrupted, or that Licensor will
                                         correct all service errors. Licensee acknowledges that Licensor does not control the
                                         transfer of data over communications facilities, including the internet, and that the
                                         service may be subject to limitations, delays, and other problems inherent in the use
                                         of such communications facilities. This Section sets forth the sole and exclusive
                                         warranty given by Licensor (express or implied) with respect to the Licensed Software.
                                         Neither Licensor nor any of its service providers or other suppliers warrant or guarantee
                                         that the operation of, access to or use of the Licensed Software or Services will be
                                         uninterrupted, virus-free or error-free.

 

    

    

    

 

		(ii)	Mutual Representations and Warranties

 

Each Party represents and warrants to the other that:

 

		(a)	it has the full power and authority
                                         to enter into and fulfill the terms of this Agreement make the grant of rights contained
                                         herein;

 

		(b)	it is entitled to grant, such rights
                                         and licenses as contemplated in this Agreement, and shall not assume any obligations
                                         or restrictions that would in any way interfere with or be inconsistent with this Agreement;

 

		(c)	there is no action or proceeding
                                         pending or, in so far as it knows or ought to know, threatened in writing against it
                                         before any court, administrative agency or other tribunal that: (A) could impact
                                         upon its right, power and authority to enter into this Agreement, to grant the rights
                                         and licenses granted by it to the other Party hereunder, or to otherwise carry out its
                                         obligations hereunder; or (B) might have a material adverse effect on its business
                                         or condition, financial or otherwise that would materially impact a Party’s ability
                                         to perform under this Agreement; and

 

		(d)	it will not make any false or misleading
                                         representations or engage in false or misleading advertising with respect to the other
                                         Party or its products or services.

 

		10.	INDEMNIFICATION

 

		(i)	Licensor shall indemnify, defend
                                         and hold harmless Licensee, and its directors, shareholders, officers, agents, retainers,
                                         contractors, vendors and employees from and against any and all third party suits, actions,
                                         damages, costs, losses, expenses (including reasonable attorneys’ fees) and other
                                         liabilities arising from or in connection with: (a) a material breach of this Agreement,
                                         including a failure to deliver Licensed Software that materially complies with the Specifications;
                                         or (b) a third party claim against Licensee that the Licensed Software infringes
                                         any patent, copyright or trademark, or misappropriates any trade secret. Licensor shall
                                         have no liability for any infringement claim based on (a) the Licensee Data, (b) any
                                         change or modification of the Licensed Software to comply with the Specifications,(c) any
                                         change or modification of the Licensed Software not authorized by Licensor, or (c) use
                                         of the Licensed Software, Services or Licensed Marks other than in accordance with the
                                         Documentation and this Agreement. Licensor may, at its sole option and expense, procure
                                         for Licensee the right to continue use of the Licensed Software, modify the Licensed
                                         Software in a manner that does not materially impair the functionality, or terminate
                                         the Agreement.

 

    

    

    

 

		(ii)	Licensee shall indemnify, defend
                                         and hold harmless Licensor and its directors, shareholders, officers, agents and employees
                                         from and against any and all third party suits, actions, damages, costs, losses, expenses
                                         (including reasonable attorneys’ fees) and other liabilities arising from or in
                                         connection with: (a) a material breach of this Agreement; (b) a third party
                                         claim against Licensor that the Licensee Data, any materials provided to Licensor by
                                         Licensee or any content, software or other element used in Licensee’s business
                                         (other than those elements contributed by Licensor) infringes any patent, copyright or
                                         trademark, or misappropriates any trade secret;(c) any claim in connection with
                                         a breach or violation of any third party’s rights in the Licensee Data; (d) Customer’s
                                         use of the Licensed Software or (e) Licensee’s failure to comply with applicable
                                         law, including Licensee’s duty to withhold taxes as per applicable laws.

 

		(iii)	The party seeking indemnification
                                         (the “Indemnified Party”) shall: (a) give the other party (the
                                         “Indemnifying Party”) prompt notice of the relevant claim (provided
                                         that failure to promptly notify the Indemnifying Party shall not affect the Indemnified
                                         Party’s right to indemnification hereunder if such delay did not materially prejudice
                                         the defense of such claim); (b) cooperate with the Indemnifying Party, at the Indemnifying
                                         Party’s expense, in the defense of such claim; and (c) give the Indemnifying
                                         Party the right to control the defense and settlement of any such claim, except that
                                         the Indemnifying Party will not enter into any settlement that affects the Indemnified
                                         Party’s rights or interests without the Indemnified Party’s prior written
                                         approval. The Indemnified Party will have the right to participate in the defense at
                                         its own expense.

 

		11.	LIMITATIONS OF LIABILITY

 

Except with respect to indemnity
for third party infringement claims and material breaches as set forth in Clause 10 hereof, in no event shall either Party be
liable to the other Party for incidental, punitive, special, or consequential damages (including lost profits) of any kind arising
from any breach or termination of this agreement even if such party has been notified of the possibility of such damages.]

 

		12.	CONFIDENTIALITY

 

		(i)	Each party hereto (the “Receiving
                                         Party”) acknowledges and agrees to maintain the confidentiality of Confidential
                                         Information (as defined below) of the other party (the “Disclosing Party”)
                                         provided by the Disclosing Party or otherwise accessed or received by the Receiving Party
                                         hereunder. The Receiving Party shall not disclose or disseminate the Disclosing Party’s
                                         Confidential Information to anyone other than its directors, officers, employees, or
                                         agents who have a need to know it in order to assist the Receiving Party in performing
                                         its obligations, or to permit the Receiving Party to exercise its rights, under this
                                         Agreement. In addition, the Receiving Party shall: (a) take all reasonable steps
                                         to prevent unauthorized access to the Disclosing Party’s Confidential Information;
                                         (b) not use the Disclosing Party’s Confidential Information, or authorize
                                         other Persons or entities to use the Disclosing Party’s Confidential Information,
                                         for any purposes other than in connection with performing the Receiving Party’s
                                         obligations or exercising the Receiving Party’s rights hereunder; and (c) promptly
                                         advise the Disclosing Party in the event it learns or suspects that any of the Disclosing
                                         Party’s Confidential Information in the Receiving Party’s possession has
                                         been revealed or improperly acquired by any third party, and shall assist the Disclosing
                                         Party in its efforts to retrieve the material and mitigate the effects of the exposure
                                         or loss. As used herein, “reasonable steps” means steps that a Party takes
                                         to protect its own confidential or proprietary information of a similar nature, which
                                         steps shall in no event be less than a reasonable standard of care.

 

    

    

    

 

		(ii)	Definition of Confidential Information

 

“Confidential Information”
means any information disclosed by a party to the other party, directly or indirectly, which, (a) if in written, graphic,
machine-readable or other tangible form, is marked as “confidential” or “proprietary,” (b) if disclosed
orally or by demonstration, is identified at the time of initial disclosure as confidential and is confirmed in writing to the
receiving party to be “confidential” or “proprietary” within 30 days of such disclosure, (c) is specifically
deemed to be confidential by the terms of this Agreement, or (d) reasonably appears to be confidential or proprietary because
of the circumstances of disclosure and the nature of the information itself. Confidential Information will also include information
disclosed by third parties to a disclosing party under an obligation of confidentiality. Licensee Data is deemed Confidential
Information of Licensee. Licensed Software and Documentation are deemed Confidential Information of Licensor.

 

		(iii)	Exclusions

 

The provisions of this Section 12
(iii) shall not apply to the extent that any Confidential Information: (a) is already known to the Receiving Party free
of any restriction at the time it is obtained; (b) is subsequently learned by the Receiving Party from an independent third
party free of any restriction and without breach of this Agreement; (c) is or becomes publicly available through no wrongful
act or omission of the Receiving Party; or (d) is independently developed by or for the Receiving Party without reference
to or use of any Confidential Information of the Disclosing Party. Further, the Receiving Party shall not be in breach for disclosure
to the extent: (i) required pursuant to an applicable law, rule, regulation, government requirement or court order, or the
rules of any stock exchange or self-regulatory agencies (provided that to the extent practicable and lawfully permitted,
the Receiving Party shall advise the Disclosing Party of such required disclosure promptly upon learning thereof in order to afford
the Disclosing Party a reasonable opportunity to contest, limit and/or assist the Receiving Party in crafting such disclosure);
or (ii) as requested by any governmental regulatory agency having jurisdiction over the Receiving Party (provided that to
the extent practicable and lawfully permitted, the Receiving Party shall advise the Disclosing Party of such required disclosure
promptly upon learning thereof in order to afford the Disclosing Party a reasonable opportunity to contest, limit and/or assist
the Receiving Party in crafting such disclosure).

 

    

    

    

 

		13.	GENERAL

 

		(i)	Remedies

 

Except as otherwise provided
herein, no right or remedy herein conferred on or reserved to either Party is intended to be exclusive of any other right or remedy,
and each and every right and remedy will be cumulative and in addition to any other right or remedy under this Agreement or under
applicable law, whether now or hereafter existing.

 

		(ii)	Relationship of the
                                         Parties

 

The Parties acknowledge and
agree that each of them are separate legal entities pursuing their own business and in entering into and performing this Agreement
each will act as independent contractors, and not as an association of parties coming together with a common purpose or design.
Notwithstanding anything to the contrary contained in the Agreement, it is the intent of the Parties that nothing contained therein
shall be construed to effect any partnership, joint venture, joint stock company, master and servant, agency, association of persons
or any other form of legal relationship giving rise to joint liability or joint and several liability. The relationship of the
Parties shall continue to be that of independent contractors. Neither Party is authorized to make any representations on behalf
of the other Party in dealing with third parties or to bind the other Party with any legal obligations to third parties. Any employee,
subcontractor or agent of a Party who is assigned to perform such Party’s obligations hereunder shall remain at all times
under its exclusive direction and control and shall not be deemed to be an employee, subcontractor or agent of the other Party.
Neither Party will represent that it has any authority to assume or create any obligation, express or implied, on behalf of the
other Party, or to represent the other Party as agent, employee, or in any other capacity.

 

    

    

    

 

		(iii)	Binding
                                         Effect and Assignability

 

This Agreement shall be binding
on and inure to the benefit of the respective Parties and their successors and permitted assigns. Neither Party may assign its
rights or delegate its duties or obligations under this Agreement without the other Party’s prior written consent. Any assignment
in violation of this Clause shall be void.

 

		(iv)	Notices

 

All notices and other communications
required under this Agreement shall be made in writing and sent to the address of the appropriate Party stated below, or to such
other address as shall be given by either Party to the other in writing, and shall be effective: (a) upon actual delivery
if presented personally or sent by express overnight courier such as Federal Express (with a signature acknowledging receipt);
or (b) seven (7) days following deposit in the mail if sent by certified or registered mail, postage prepaid, return
receipt requested.

 

To Licensor:         Melissa
Tomkiel

General Counsel

499 East 34th Street

New York, NY 10016

melissa@flyblade.com

 

To Licensee:        Karanpal
Singh

Director

005 Ground Floor, Plot No. 09, Copia Corporate
Suites

Jasola, New Delhi, South Delhi-110044, India

karan@hunchventures.com

 

		(v)	Force
                                         Majeure

 

Neither Party shall be liable
for or be considered to be in breach of or default under this Agreement on account of any delay or failure to perform its obligations
as required by this Agreement by reason of a governmental law or regulation, court order, governmental or legal action or proceedings,
labor disturbances, act of God, fire, flood, national emergency, natural calamity, war, insurrection, terrorist acts, civil disturbances,
internal disturbances, armed conflicts, curfew, strike or other reason of a like nature beyond the reasonable control of and not
due to the fault of or negligence of such Party, which such Party is unable to prevent or overcome by the exercise of ordinary
prudence and diligence (including, but not limited to the implementation and exercise of a reasonable disaster recovery plan),
so long as that Party uses all commercially reasonable efforts to avoid or remove such causes of non-performance. The Party facing
any of the conditions described under the present Clause, shall as soon as practicable, send a written notice to the other Party
informing the condition faced along with stating the actual or possible delay(s) in the performance of its obligations set
out hereunder and the estimated delay period along with the cause. In the event, the performance of either Party is impaired or
hampered, whether partially or completely, due to any of the Force Majeure conditions mentioned herein above, for a period of
twenty (20) days or more, either Party may choose to terminate this Agreement with till the time Parties mutually decide in their
best interests to terminate this Agreement in accordance with the provisions of this Agreement.

 

    

    

    

 

		(vi)	Governing
                                         Law

 

This Agreement shall be interpreted,
construed, and enforced in all respects in accordance with the laws of the State of New York, without reference to its choice
of law rules and not including the provisions.

 

		(vii)	Dispute
                                         Resolution

 

Any claim, difference, dispute
or controversy that arises in connection with the interpretation or implementation of this Agreement between the Parties shall
be governed by and in accordance with the Section 21.2 (Dispute Resolution) of the Joint Venture Agreement.

 

		(viii)	No Waiver

 

The waiver by either Party of
any breach of any provision of this Agreement shall not be construed as a waiver of any subsequent breach hereof. The failure
of any Party to insist on strict performance of any covenant or obligation in accordance with this Agreement shall not be a waiver
of such Party’s right to demand strict compliance in the future, nor shall the same be construed as a novation of this Agreement.

 

		(ix)	Severability
                                         and Survival

 

If any part of this Agreement
is found to be illegal, unenforceable, or invalid, the remaining portions of this Agreement shall remain in full force and effect.
In particular, the provisions of Clause 10 (Indemnification), Clause 9 (Representation and Warranties) and Clause
12 (Confidentiality)shall survive the termination of this Agreement for any reason.

 

    

    

    

 

		(x)	Entire
                                         Agreement and Amendment

 

This Agreement including all
schedules, appendices, annexures and exhibits shall form the final and complete expression of the understanding and agreement
between the Parties regarding the subject matter hereof. This Agreement supersedes and the terms of this Agreement govern, all
previous oral and written communications regarding the subject matter hereof, all of which are merged into this Agreement. No
employee, agent, or other representative of either Party has any authority to bind such Party with respect to any statement, representation,
warranty, or other expression unless the same is specifically authorized by such Party and set forth in this Agreement. No usage
of trade or other regular practice or method of dealing between the Parties shall be used to modify, interpret, supplement or
alter the terms of this Agreement. This Agreement may be amended, altered, changed, modified, supplemented or superseded only
by a written agreement signed by both the Parties hereto.

 

		(xi)	Counterparts

 

This Agreement may be executed
in any number of identical counterparts, notwithstanding that the Parties have not signed the same counterpart, with the same
effect as if the Parties had signed the same document. All counterparts shall be construed as and constitute one and the same
agreement. This Agreement may also be executed and delivered by facsimile and such execution and delivery shall have the same
force and effect of an original document with original signatures.

 

IN WITNESS WHEREOF, the Parties have executed this Agreement
as of the date and place set forth above in the presence of the following witnesses and in the presence of each other.

 

[Execution Page Follows]

 

    

    

    

 

	SIGNED AND DELIVERED	 
	For and On Behalf of Licensor	 
	 	 
	/s/ Rob Wiesenthal	 
	 	 
	By:     Rob Wiesenthal 	 
	Title: Authorized Signatory	 
	 	 
	 	 
	WITNESS	 
	 	 
	Signature: 	 	 
	Name: 	 	 
	Address:	 	 
	Occupation:	 	 

 

    23

     

    

 

	SIGNED AND DELIVERED	 
	For and On Behalf of Licensee	 
	 	 
	/s/ Amit Dutta	 
	 	 
	By:     Amit Dutta 	 
	Title:     Director	 
	   (FlyBlade India Private Limited)	 
	 	 
	 	 
	WITNESS	 
	 	 
	Signature:	/a/ Amit Dutta	 
	Name:	 	 
	Address:	 	 
	Occupation: 	 	 

 

    24Exhibit 10.20

 

FIRST AMENDMENT TO LICENSE
AGREEMENT DATED 24.03.2019

 

Certain information in this document,
marked by brackets, has been excluded pursuant to Item 601(b)(10)(iv) of Regulation S-K under the Securities Act of 1933,
as amended, because it is both (i) not material and (ii) would likely cause competitive harm to the registrant if publicly
disclosed.

 

This First Amendment
to License Agreement (the "First Amendment") is made and executed at New Delhi on 25th-day of February,
2020 and is effective as the 24th day of March 2019
by and between:

 

Blade Urban Air Mobility, Inc.,
a Delaware corporation, located at 499 E.34th Street, New York, NY-10016, through its authorized signatory Rob Wiesenthal
("Licensor"), which term and expression shall unless repugnant to the subject, context or meaning thereof be
deemed to mean and include its successor(s) and permitted assign(s));

 

AND

 

FlyBlade (India) Private Limited, a
company incorporated under the provisions of Companies Act, 2013, having its registered office at 5th Floor, Huda City Centre
Metro Station, Sector-29, Gurgaon-122009, Haryana, India through its director Amit Dutta ("Licensee"), which
term and expression shall unless repugnant to the subject, context or meaning thereof be deemed to mean and include its successor(s) and
assign(s)).

 

(Licensor
and Licensee shall herein also be collectively referred to as the "Parties" and individually as the "Party")

 

		I.	WHEREAS:

 

		A.	The
                                         Parties entered into the License Agreement dated 24.03.2019 ("License Agreement")
                                         with a view to record the formal terms and conditions governing the grant of software
                                         and trademarks owned by the Licensor to Licensee on an exclusive basis within the territory
                                         of India, for use in the Business (as defined under the License Agreement) in
                                         the manner set out under the License Agreement.

 

    

     

    

 

		B.	The Parties now intend to
                                         amend, alter and modify the terms of the License Agreement and hereby agree that the
                                         necessary amendments as effected herein are desirable among other reasons, in order to
                                         (a) implement the fresh understanding between the Parties with respect to the License
                                         Agreement, and (b) render more efficient the administration of the Business, thus
                                         the Parties have deemed it appropriate to enter into this First Amendment so as to amend
                                         and be bound by the provisions contained in the License Agreement as amended herein.

 

II.           NOW,
THEREFORE, IN VIEW OF THE FOREGOING AND IN CONSIDERATION OF THE MUTUAL PROMISES AND COVENANTS CONTAINED HEREIN, THE PARTIES
HERETO MUTUALLY AGREE AS FOLLOWS:

 

		I.	Modifications to Section 1.1.
                                         - Definitions.

 

		a.	The following new definitions
                                         shall be added to Section 1.1:

 

			"(iii) "Deferred
                                         Royalty Period" means the period commencing on the date of commencement of the
                                         Business i.e. November 21, 2019 ("Deferred Royalty Commencement Date")
                                         and ending two years thereafter."

 

		b.	All the definitions in
                                         Section 1.1 following the newly added definition of " Deferred Royalty Period"
                                         shall be renumbered to increase their number by one. For example, the definition of "Documentation"
                                         shall be amended from "(iii)" to "(iv)" and so forth.

 

		2.	Section 3, "Licensee
                                         Responsibilities" is hereby amended to add new Section 3. (v) as follows:

 

			"(v) Future
                                         Development and Enhancements . Licensor and Licensee agree that Licensee may
                                         from time-to-time during the Term of this Agreement request in writing that Licensor
                                         enhance, modify or adapt the Licensed Software ("Enhancements"), including
                                         any Enhancements to the operation of the Licensed Software as described in the Specifications.
                                         Licensor shall bill Licensee on a per project basis based on Licensor's hourly rates
                                         provided to Licensee at the time of the request.

 

    2

     

    

 

		3.	Clause 6(i)(a) of the
                                         License Agreement is hereby amended and restated as follows:

 

	III.	"Royalty

 

			Licensee shall pay to
                                         Licensor running royalties on a quarterly basis for every year during the Tenn of this
                                         Agreement on Licensee's Gross Revenue, in the following manner:

 

		(i)	a royalty of [***] of Gross Revenue
                                         for the period where Gross Revenue is up to $10 million in a calendar year,

 

		(ii)	a royalty of [***] on Gross Revenue in
                                         excess of [***] in a calendar year, and

 

		(iii)	a
                                         royalty of [***] on Gross Revenue exceeding [***] (collectively, the "Royalties")
                                         in a calendar year, all of which shall be inclusive of any taxes payable in respect
                                         of Royalties. All payments shall be made to Licensor by Licensee post deduction of taxes
                                         at source including any withholding taxes deducted at the rates prevalent under the applicable
                                         laws.

 

		(iv)	During
                                         the Deferred Royalty Period, it is hereby clarified that Licensee's obligations to pay
                                         Royalties shall be deferred and payable by Licensee to Licensor as follows: the deferred
                                         Royalties accrued or earned during the Deferred Royalty Period shall be treated as a
                                         loan from Licensor to Licensee, and shall, at the Licensor's election, be documented
                                         by a simple note payable, accruing no interest, and having a maturity date that is three
                                         (3) years from the Deferred Royalty Commencement Date, with payments to be amortized
                                         on a straight-line basis commencing two (2) years after the Deferred Royalty Commencement
                                         Date, and with the final payment due on the maturity date. Licensee also agrees to take
                                         all reasonable steps required by Licensor to secure Licensor's rights in the loan.

 

		4.	Clause 6 (i)(b) of the
                                         License Agreement is hereby amended and restated as follows:

 

    3

     

    

 

	IV.	"Revenue
                                         Share

 

			In
                                         addition to the Royalties, during the Term, Licensee shall pay to Licensor [***]
                                         of the Licensee's Profit Before Tax in each year that the Licensee has attained a minimum
                                         of [***] in annual Profit Before Tax (the "Revenue Share")."

 

		5.	Clause 6 (i)(d) of the
                                         License Agreement is hereby amended and restated as follows:

 

		V.	"Invoices and Payment

 

			The Royalties and Revenue
                                         Share, as applicable, for the Royalty Period specified in the quarterly counter-signed
                                         report and invoice under Clause 7 hereof shall be payable by Licensee in the currency
                                         of US Dollars by bank transfer remittance to the bank account designated by Licensor,
                                         so that such remittance shall reach Licensor not later than twenty (20) days following
                                         the date of such quarterly counter-signed report and invoice or corrected report and
                                         invoice."

 

		6.	Clause 7(i) of the License
                                         Agreement is hereby amended and restated as follows:

 

		VI.	"Royalty
                                         Report

 

			During the Term, Licensee
                                         shall submit to Licensor quarterly written reports (within 15 days of the finalization
                                         of accounts of each quarter in financial year) describing in detail Gross Revenues and
                                         Profit Before Tax for the Business in each case sufficient for Licensor to determine
                                         Royalties for the preceding quarter (each quarter referred to as the "Royalty
                                         Period") and Revenue Share , if applicable. Such report shall be made on such
                                         form as Licensor may from time to time reasonably request, and shall be submitted to
                                         Licensor within seven (7) days after the end of each Royalty Period. Licensor shall,
                                         within five (5) days after its receipt of such report, examine the report and if
                                         the statements made therein are found to be correct, shall counter-sign it and return
                                         the counter signed report to Licensee together with an invoice regarding the running
                                         royalty payable for the Royalty Period."

 

		7.	All capitalized terms used
                                         but not defined herein shall have the same meaning given to such terms in the License
                                         Agreement.

 

    4

     

    

 

		8.	The Parties are hereby executing
                                         the First Amendment pursuant to Clause 13(x) of the License Agreement, whereby the
                                         Parties are at liberty to amend, alter, change, modify, supplement or supersede the terms
                                         of the License Agreement by execution of a written agreement to that affect.

 

		9.	The contents of the License
                                         Agreement which have not been categorically supplemented/ amended/ altered hereunder
                                         shall continue to be in operation in full force and effect during the term of License
                                         Agreement in the same manner as set out under the License Agreement and shall continue
                                         to be binding on the Parties.

 

		10.	In
                                         the event of any contradiction between the provisions of this First Amendment
                                         and the License Agreement, the provisions contained under this First Amendment shall
                                         prevail over the License Agreement.

 

		11.	As amended hereby, the
                                         License Agreement is ratified and confirmed by the parties hereto in all respects.

 

		12.	The present First Amendment
                                         along with the License Agreement is the entire, final and full understanding between
                                         the Parties with respect to the subject matter hereof , until any further amendment(s) in
                                         accordance with Clause 13(x) (Entire Agreement and Amendment) of the License
                                         Agreement.

 

    5

     

    

 

IN WITNESS WHEREOF, this Amendment is signed, sealed,
and delivered by the Parties named above in the presence of each other and in the presence of the following witnesses:

 

		VII.	Witnesses:

 

	1.
	Name:	2.	Name
                                         Kunal Sanghani
	 	 	 	 
	 	Address:	 	Address:
                                         A-302, Rail Vihar, Sec 47, Gurgaon
	 	 	 	 
	 	Signature:	 	Signature:
	 	 	 	 

 

    6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]