Document:

Exhibit 10.6.2

 

THIS
WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 6.3 AND 6.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE COMPANY, SUCH OFFER, SALE,
PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

WARRANT
TO PURCHASE COMMON STOCK

 

	Company:	 	HUMACYTE,
INC., a Delaware corporation

	Number of
Shares of Common Stock:	 	 547,808 (the “Initial Shares”), plus all Additional Shares (as defined in Section 1.7) which
Holder is entitled to purchase

	Warrant Price:	 	 $2.699 per share, subject to adjustment

	Issue Date:	 	 March 30, 2021

	Expiration Date:	 	 March 30, 2031 See also Section 6.1(b).

	Credit
                            Facility:	 	This
Warrant to Purchase Common Stock (as the same may from time to time be amended, modified, supplemented or restated, “Warrant”)
is issued in connection with that certain Loan and Security Agreement of even date herewith among Silicon Valley Bank, SVB Innovation
Credit Fund VIII, L.P., the Company and any other Borrower that becomes party thereto (as the same may from time to time be amended,
modified, supplemented or restated, the “Loan Agreement”).

 

THIS
WARRANT CERTIFIES THAT, for good and valuable consideration, SVB Innovation Credit Fund VIII,
L.P. (together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof,
“Holder”) is entitled to purchase the number of fully paid and non-assessable shares (the “Shares”)
of the above-stated common stock (the “Common Stock”) of the above-named company (the “Company”)
at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the
provisions and upon the terms and conditions set forth in this Warrant. Capitalized terms used, but not otherwise defined herein shall
have the meanings set forth in the Loan Agreement.

 

SECTION
1. EXERCISE.

 

1.1
Method of Exercise. Holder may at any time and from time to time on any Business Day during the Term exercise this Warrant, in
whole or in part, by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially
the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2,
a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company
for the aggregate Warrant Price for the Shares being purchased.

 

     

     

    

 

1.2
Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified
in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares
equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the Company shall issue
to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula:

 

X
= Y(A-B)/A

 

where:

 

		X =	the
                                            number of Shares to be issued to the Holder;

 

		Y =	the
                                            number of Shares with respect to which this Warrant is being exercised (inclusive of the
                                            Shares surrendered to the Company in payment of the aggregate Warrant Price);

 

		A =	the
                                            fair market value (as determined pursuant to Section 1.3 below) of one Share; and

 

		B =	the
                                            Warrant Price.

 

1.3
Fair Market Value. If the Company’s Common Stock is then traded or quoted on a nationally recognized securities exchange,
inter-dealer quotation system or over-the-counter market (a “Trading Market”), the fair market value of a Share
shall be the closing price or last sale price of a share of Common Stock reported for the Business Day immediately before the date on
which Holder delivers this Warrant together with its Notice of Exercise to the Company. If the Company’s Common Stock is not traded
in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith
judgment.

 

1.4
Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set forth
in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon
such exercise and, if this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares
not so acquired.

 

1.5
Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form,
substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the
Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount.

 

    2

     

    

 

1.6
Treatment of Warrant upon Acquisition of Company.

 

(a)
Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of related
transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of
the Company; (ii) any merger or consolidation of the Company into or with another person or entity (other than a merger or consolidation
effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the
Company in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the
Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger, consolidation
or reorganization; or (iii) any sale or other transfer by the stockholders of the Company of shares representing at least a majority
of the Company’s then-total outstanding combined voting power. For the avoidance of doubt, and notwithstanding anything herein
to the contrary, the parties hereto acknowledge and agree that, for all purposes under this Warrant, the SPAC Transaction (as defined
in the Loan Agreement) does not constitute an Acquisition.

 

(b)
Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be received by the Company’s
stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public
Acquisition”), and the fair market value of one Share as determined in accordance with Section 1.3 above would be
greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised
this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically be deemed to be exercised pursuant
to Section 1.2 above (a “Cashless Exercise”) as to all Shares effective immediately prior to and contingent
upon the consummation of a Cash/Public Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated
each of the representations and warranties in Section 4 of the Warrant as of the date thereof and the Company shall promptly notify
the Holder of the number of Shares (or such other securities) issued upon exercise. In the event of a Cash/Public Acquisition where the
fair market value of one Share as determined in accordance with Section 1.3 above would be less than the Warrant Price in effect
immediately prior to such Cash/Public Acquisition, then this Warrant will expire immediately prior to the consummation of such Cash/Public
Acquisition.

 

(c)
Upon the closing of any Acquisition other than a Cash/Public Acquisition defined above, the acquiring, surviving or successor entity
shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property
as would have been paid for the Shares issuable upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding
on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this
Warrant.

 

(d)
As used in this Warrant, “Marketable Securities” means securities meeting all of the following
requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of
all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other
security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this Warrant on
or prior to the closing thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, Holder
would not be restricted from publicly re-selling all of the issuer’s shares and/or other securities that would be received by
Holder in such Acquisition were Holder to exercise or convert this Warrant in full on or prior to the closing of such Acquisition,
except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations,
and (y) does not extend beyond six (6) months from the closing of such Acquisition.

 

    3

     

    

 

(e)
Notwithstanding anything herein to the contrary, upon the closing of the SPAC Transaction, this Warrant shall be canceled in exchange
for a Rollover Warrant as defined in and in accordance with the Business Combination Agreement (as defined in the Loan Agreement).

 

1.7
Number of Shares. The number of Shares for which this Warrant is exercisable shall be equal to (a) the Initial Shares, plus
(b) upon Lenders making the Term B Loan Advance to the Company, an additional number of Shares equal to 234,775 (the “Additional
Shares”). For clarity, the total number of Shares for which this Warrant shall be exercisable shall not exceed 782,583
(subject to adjustment in accordance with Section 2 below).

 

SECTION
2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE.

 

2.1
Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding shares of the Common
Stock payable in securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall
receive, without additional cost to Holder, the total number and kind of securities and property which Holder would have received had
Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares
of the Common Stock by reclassification or otherwise into a greater number of shares, the number of Shares purchasable hereunder shall
be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Common Stock
are combined or consolidated, by reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately
increased and the number of Shares shall be proportionately decreased.

 

2.2
Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding shares of the Common Stock
are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or
series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class and series of Company
securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to
further adjustment thereafter from time to time in accordance with the provisions of this Warrant. The provisions of this Section 2.2
shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar events.

 

2.3
Intentionally Omitted.

 

2.4
Intentionally Omitted.

 

2.5
No Fractional Share. No fractional Share shall be issuable upon exercise of this Warrant and the number of Shares to be issued
shall be rounded down to the nearest whole Share. If a fractional Share interest arises upon any exercise of the Warrant, the Company
shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the fractional interest by
(i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective
Warrant Price.

 

    4

     

    

 

2.6
Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, class and/or number of Shares pursuant to Section
2.1 or 2.2, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments
to the Warrant Price, class and/or number of Shares and facts upon which such adjustment is based. The Company shall, upon written request
from Holder, furnish Holder with a certificate of its Chief Financial Officer setting forth computations of such adjustment and the Warrant
Price, class and number of Shares in effect upon the date of such adjustment.

 

SECTION
3. REPRESENTATIONS AND COVENANTS OF THE COMPANY.

 

3.1
Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows:

 

(a)
The number of Initial Shares first set forth above, together with the Additional Shares first set forth above, collectively represent
not less than 0.25% of the Company’s total issued and outstanding shares of Common Stock, calculated on and as of the Issue Date
hereof on a fully-diluted basis assuming the conversion into Common Stock of all outstanding securities and instruments (including, without
limitation, outstanding securities deemed to be convertible by their terms into shares of Common Stock (regardless of whether such securities
or instruments are by their terms now so convertible)); provided, however, that it is hereby understood and agreed that shares of Common
Stock reserved for issuance under the Company’s incentive stock and stock option plans and not then subject to outstanding grants
or options are not included in such calculation.

 

(b)
The initial Warrant Price referenced on the first page of this Warrant is not greater than the price per share at which shares of the
Company’s Common Stock or options to purchase shares of the Company’s Common Stock were valued in the Company’s most
recent 409(a) valuation.

 

(c)
All Shares which may be issued upon the exercise of this Warrant pursuant to the terms hereof, shall, upon issuance, be duly authorized,
validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for (i) restrictions on transfer provided
for herein and under applicable federal and state securities laws, (ii) restrictions on transfer and other liens and encumbrances set
forth in the Company’s Operating Documents, the Amended and Restated Right of First Refusal and Co-Sale Agreement of the Company,
dated as of June 25, 2018, as amended, modified, supplemented or restated from time to time (the “ROFR Co-Sale Agreement”),
the Amended and Restated Investors’ Rights Agreement of the Company, dated as of June 25, 2018, as amended, modified, supplemented
or restated from time to time (the “IRA”), and the Amended and Restated Voting Agreement of the Company, dated
as of June 25, 2018, as amended, modified, supplemented or restated from time to time (the “Voting Agreement”),
and (iii) liens and encumbrances created by or imposed by the Holder. The Company covenants that it shall at all times cause to be reserved
and kept available out of its authorized and unissued capital stock such number of securities as will be sufficient to permit the exercise
in full of this Warrant.

 

(d)
The Company’s capitalization table attached hereto as Schedule 1 is true and complete, in all material respects, as of the
Issue Date.

 

    5

     

    

 

3.2
Notice of Certain Events. If the Company proposes at any time to:

 

(a)
declare any dividend or distribution upon the outstanding shares of the Company’s Common Stock, whether in cash, property, stock,
or other securities and whether or not a regular cash dividend;

 

(b)
offer for subscription or sale pro rata to the holders of the outstanding shares of the Company’s Common Stock any additional shares
of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights);

 

(c)
effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding shares of the
Company’s Common Stock;

 

(d)
effect an Acquisition or to liquidate, dissolve or wind up; or

 

(e)
effect its initial, underwritten offering and sale of its securities to the public pursuant to an effective registration statement under
the Act (the “IPO”);

 

then,
in connection with each such event, the Company shall give Holder:

 

(1)
in the case of the matters referred to in (a) and (b) above, at least seven (7) Business Days prior written notice of
the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription
rights (and specifying the date on which the holders of outstanding shares of the Common Stock will be entitled thereto) or for determining
rights to vote, if any;

 

(2)
in the case of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the
date when the same will take place (and specifying the date on which the holders of outstanding shares of Common Stock will be entitled
to exchange their shares for the securities or other property deliverable upon the occurrence of such event and such reasonable information
as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice); and

 

(3)
with respect to the IPO, at least seven (7) Business Days prior written notice of the date on which the Company proposes to publicly
file its registration statement in connection therewith.

 

Company
will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s accounting
or reporting requirements.

 

For
the avoidance of doubt, the Company shall not be required to deliver any notice to the Holder under this Section 3.2 in connection with
the SPAC Transaction.

 

    6

     

    

 

SECTION
4. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE
HOLDER.

 

The
Holder represents, warrants and covenants to the Company as follows:

 

4.1
Purchase for Own Account. This Warrant and the Shares to be acquired upon exercise of this Warrant by Holder are being acquired
for investment for Holder’s own account, not as a nominee or agent, and not with a view towards, or for resale in connection with,
the public sale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose
of acquiring this Warrant or the Shares.

 

4.2
Disclosure of Information. Holder is aware of the Company’s business affairs and financial condition and has received or
has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect
to the acquisition of this Warrant and its underlying securities. Holder further has had an opportunity to ask questions and receive
answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain
additional information necessary to verify any information furnished to Holder or to which Holder has access.

 

4.3
Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear
the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such knowledge and experience
in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its
underlying securities and has a preexisting personal or business relationship with the Company and certain of its officers, directors
or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances
of such persons. Holder is able, without materially impairing its financial condition, to hold the Shares to be issued upon exercise
of this Warrant for an indefinite period of time.

 

4.4
Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under
the Act.

 

4.5
The Act. Holder understands that this Warrant and the Shares issuable upon exercise hereof have not been registered under the
Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s
investment intent as expressed herein. Holder understands that this Warrant and the Shares issued upon any exercise hereof are “restricted
securities” under the federal securities laws and must be held indefinitely unless subsequently registered under the Act and qualified
under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. Holder
is aware of the provisions of Rule 144 promulgated under the Act, and understands the resale limitations imposed thereby and by the Act.

 

    7

     

    

 

4.6
Market Stand-off Agreement. Holder agrees that this Warrant and the Shares shall be subject to the market stand-off provisions
in Section 2.10 of the IRA; provided, however, that from and after the closing of the SPAC Transaction, this Warrant and the Shares
shall be subject to the market stand-off provisions set forth in the Investor Rights and Lock-Up Agreement that will be executed by the
Company, Alpha Healthcare Acquisition Corp. and certain of their respective stockholders at the closing of the SPAC Transaction so long
as all stockholders who own, as of immediately prior to the closing of the SPAC Transaction, at least five percent (5.00%) of the fully
diluted ownership of the Company as of such time are also party to such agreement.

 

4.7
No Voting or Other Rights. Holder, as a Holder of this Warrant, will not have any voting rights, or any other rights as a stockholder
of the Company, until the exercise of this Warrant.

 

4.8
Stockholder Agreements. Upon any exercise of this Warrant into Shares prior to the closing of the SPAC Transaction and as a condition
to the issuance of the Shares, Holder shall, if requested by the Company, become party to each of the Voting Agreement and the ROFR Co-Sale
Agreement (and the Shares issued to the Holder upon such exercise shall be subject to the respective terms thereof) so long as all stockholders
who own, as of immediately prior to the closing of the SPAC Transaction, at least five percent (5.00%) of the fully diluted ownership
of the Company as of such time are also party to such agreements.

 

SECTION
5. GOVERNING LAW, VENUE, JURY TRIAL WAIVER.

 

5.1
Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of New York, without giving
effect to its principles regarding conflicts of law.

 

5.2
Jurisdiction and Venue. The Company and Holder each submit to the exclusive jurisdiction of the State and Federal courts in New
York, New York, Borough of Manhattan; provided, however, that nothing in this Warrant shall be deemed to operate to preclude Holder from
bringing suit or taking other legal action in any other jurisdiction to enforce a judgment or other court order in favor of Holder. The
Company expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and the Company
hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby
consents to the granting of such legal or equitable relief as is deemed appropriate by such court. The Company hereby waives personal
service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints,
and other process may be made by registered or certified mail addressed to the Company at the address set forth in, or subsequently provided
by the Company in accordance with, Section 6.5 of this Warrant and that service so made shall be deemed completed upon the earlier to
occur of the Company’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid.

 

5.3
Jury Trial Waiver. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY AND HOLDER EACH WAIVE THEIR RIGHT TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS WARRANT, THE LOAN AGREEMENT OR ANY CONTEMPLATED TRANSACTION,
INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE PARTIES’ AGREEMENT
TO THIS WARRANT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

5.4
Survival. This Section 5 shall survive the termination of this Warrant.

 

    8

     

    

 

SECTION
6. MISCELLANEOUS.

 

6.1
Term and Automatic Conversion upon Expiration.

 

(a)
Term. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from
time to time on or before 6:00 PM, Eastern time, on the Expiration Date and shall be void thereafter (the “Term”).

 

(b)
Automatic Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Share (or
other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant
Price in effect on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2
above as to all Shares (or such other securities) for which it shall not previously have been exercised, and subject to Section 4.8,
the Company shall, within a reasonable time, deliver a certificate representing the Shares (or such other securities) issued upon such
exercise to Holder.

 

6.2
Legends. The Shares shall be imprinted with a legend in substantially the following form:

 

THE
SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE COMMON STOCK ISSUED BY THE ISSUER TO
SVB Innovation Credit Fund VIII, L.P. DATED MARCH 30, 2021, MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER,
SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION.

 

6.3
Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this Warrant (and the securities
issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except
in compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation,
the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested
by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to any affiliate of Holder,
provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act. Additionally,
the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated
under the Act.

 

    9

     

    

 

6.4
Transfer Procedure. Subject to the provisions of Sections 4.8 and 6.3 and upon providing the Company with written notice,
Holder and any subsequent Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant to any
permitted transferee, provided, however, in connection with any such transfer, Holder or any subsequent Holder will give the Company
notice of the portion of the Warrant or the Shares being transferred with the name, address and taxpayer identification number of the
permitted transferee and Holder will surrender this Warrant to the Company for reissuance to the permitted transferee(s) (and Holder
if applicable); and provided further, that any subsequent permitted transferee shall agree in writing with the Company to be bound by
all of the terms and conditions of this Warrant. Notwithstanding any contrary provision herein, prior to the closing of an IPO or the
SPAC Transaction, Holder may not, without the Company’s prior written consent, transfer this Warrant or any portion hereof, or
any Shares issued upon any exercise hereof, to any person or entity who directly competes with the Company, except in connection with
an Acquisition of the Company by such a direct competitor.

 

6.5
Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered
and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered
or certified mail, postage prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed
in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier
fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company
or such Holder from time to time in accordance with the provisions of this Section 6.5. All notices to Holder shall be addressed
as follows until the Company receives notice of a change of address in connection with a transfer or otherwise:

 

SVB
Innovation Credit Fund VIII, L.P.

c/o
SVB Capital

2770
Sand Hill Road

Menlo
Park, CA 94025

Attn:
SVB Capital Finance and Operations

 

All
notices to the Company shall be addressed as follows until Holder receives notice of a change in address:

 

Humacyte,
Inc.

2525
E. NC Highway 54

Durham,
NC 27713

Attn:
Chief Financial Officer

 

    10

     

    

 

with
a copy to:

 

Humacyte,
Inc.

2525
E. NC Highway 54

Durham,
NC 27713

Attn:
Director of Strategic Finance

 

6.6
Waiver. Notwithstanding any contrary provision herein or in the Loan Agreement but subject to Section 1.6(e) hereof, this Warrant
and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular instance and either retroactively
or prospectively) only by an instrument in writing signed by Holder and the Company.

 

6.7
Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the
party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable
attorneys’ fees.

 

6.8
Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed in counterparts, all of which together shall constitute
one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original
signature page with regards to any agreement subject to the terms hereof or any amendment thereto.

 

6.9
Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning
of any provision of this Warrant.

 

6.10 Business
Days. “Business Day” is any day that is not a Saturday, Sunday or a day on which Silicon Valley Bank
is closed.

 

 

[Remainder
of page left blank intentionally]

 

[Signature page follows]

 

    11

     

    

 

IN
WITNESS WHEREOF, the parties have caused this Warrant to Purchase Common Stock to be executed by their duly authorized representatives
effective as of the Issue Date written above.

 

“COMPANY”

 

HUMACYTE, INC.

 

	By:	/s/ Douglas Blankenship 	 
	Name:	Douglas Blankenship 	 
	Title:	Chief Financial Officer 	 

 

“HOLDER”

 

SVB Innovation Credit Fund
VIII, L.P.

By: SVB Innovation Credit Partners VIII, LLC, a

Delaware limited liability company, its General

Partner

 

	By:	/s/ Ryan Grammer 	 
	Name:	Ryan Grammer 	 
	Title:	Senior Managing Director 	 

 

 

[Signature
Page to Warrant to Purchase Common Stock]

 

     

     

    

 

APPENDIX
1

NOTICE OF EXERCISE OF WARRANT

 

1.
The undersigned Holder hereby exercises its right to purchase ___________ shares of the Common Stock of HUMACYTE, INC. (the
“Company”) in accordance with the attached Warrant to Purchase Common Stock, and tenders payment of the
aggregate Warrant Price for such shares as follows:

 

		[
                              ]	check
in the amount of $________ payable to the order of the Company enclosed herewith

 

		[
                              ]	Wire
transfer of immediately available funds to the Company’s account

 

		[  
                            ]	Cashless
Exercise pursuant to Section 1.2 of the Warrant

 

		[  
                            ]	Other
[Describe] __________________________________________

 

2.
Please issue a certificate or certificates representing the Shares in the name specified below:

 

	 	 	 
	 	Holder’s
Name	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	(Address)	 

 

3.
By its execution below and for the benefit of the Company, Holder hereby restates each of the representations and warranties in
Section 4 of the Warrant to Purchase Common Stock as of the date hereof.

 

	 	HOLDER:
	 	 
	 	 	 
	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	(Date):Exhibit 10.8

 

EXCLUSIVE LICENSE AGREEMENT

 

TABLE OF CONTENTS

 

	1.	BACKGROUND	1
	 	 	 
	2.	DEFINITIONS	1
	 	 	 
	3.	LICENSE GRANT AND TERM	6
	 	 	 
	4.	DUE DILIGENCE	7
	 	 	 
	5.	LICENSE ISSUE FEE; LICENSE MAINTENANCE FEE; MILESTONE FEES	9
	 	 	 
	6.	ROYALTY PAYMENTS	10
	 	 	 
	7.	SUBLICENSES	12
	 	 	 
	8.	CONFIDENTIALITY AND PUBLICITY	13
	 	 	 
	9.	REPORTS, RECORDS AND INSPECTIONS	14
	 	 	 
	10.	PATENT PROTECTION	15
	 	 	 
	11.	INFRINGEMENT AND LITIGATION	17
	 	 	 
	12.	USE OF YALE’S NAME	18
	 	 	 
	13.	TERMINATION	18
	 	 	 
	14.	INDEMNIFICATION; INSURANCE; NO WARRANTIES	20
	 	 	 
	15.	NOTICES	22
	 	 	 
	16.	INVENTOR AGREEMENTS	23
	 	 	 
	17.	LAWS, FORUM AND REGULATIONS	23
	 	 	 
	18.	MISCELLANEOUS	23

 

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THIS AGREEMENT (this “Agreement”) by and between
YALE UNIVERSITY, a corporation organized and existing under and by virtue of a charter granted by the general assembly of the
Colony and State of Connecticut and located in New Haven, Connecticut (“YALE”), and Humacyte, Inc. a corporation
organized and existing under the laws of the State of North Carolina and with principal offices located in Morrisville,
NC (“LICENSEE”) is effective as of the date of final signature below (“EFFECTIVE DATE”).

 

1. BACKGROUND

 

		1.1	In the course of research conducted under YALE auspices, Dr. Laura Niklason and her colleagues at YALE (collectively the “INVENTORS”)
have produced an invention entitled [***] covered by the U.S. provisional patent application [***], YALE reference
No. [***] (the “INVENTION”). INVENTORS have assigned to YALE all of INVENTORS’ right, title and interest
in and to the INVENTION and any resulting patents.

 

		1.2	YALE wishes to have the INVENTION and any resulting patents commercialized to benefit the public good.

 

		1.3	LICENSEE has represented to YALE to induce YALE to enter into this Agreement that it shall act diligently to develop and commercialize
the LICENSED PRODUCTS (as defined below) for public use throughout the LICENSED TERRITORY (as defined below).

 

		1.4	YALE is willing to grant a license to LICENSEE, subject to the terms and conditions of this Agreement.

 

		1.5	In consideration of these statements and mutual promises, YALE and LICENSEE agree to the terms of this Agreement.

 

2. DEFINITIONS

 

The following terms used in this Agreement shall be defined
as set forth below:

 

		2.1	“AFFILIATE” shall mean any entity or person that directly or indirectly controls, is controlled by or is under
common control with LICENSEE. For purposes of this definition, “control” means possession of the power to direct the
management of such entity or person, whether through ownership of more than fifty percent (50%) of voting securities, by contract
or otherwise.

 

		2.2	“CONFIDENTIAL INFORMATION” shall mean all information disclosed by one party to the other during the negotiation
of or under this Agreement in any manner, whether orally, visually or in tangible form, that relates to LICENSED PATENTS, activities
under this Agreement or this Agreement itself, unless such information is subject to an exception described in Article 8.2; provided,
however, that CONFIDENTIAL INFORMATION that is disclosed in tangible form shall be marked “Confidential” at
the time of disclosure and CONFIDENTIAL INFORMATION that is disclosed orally or visually shall be identified as confidential at
the time of disclosure and subsequently reduced to writing, marked confidential and delivered to the other party within [***]
days of such disclosure. CONFIDENTIAL INFORMATION shall include, without limitation, materials, know-how and data, technical or
non-technical, trade secrets, inventions, methods and processes, whether or not patentable. Notwithstanding any other provisions
of this Article 2.2, CONFIDENTIAL INFORMATION of LICENSEE that is subject to Article 8 of this Agreement includes information that
LICENSEE supplies pursuant to LICENSEE’s obligations under Articles 4, 7 and 9 of this Agreement, unless otherwise mutually
agreed to in writing by the parties.

 

    

     

    

 

		2.3	“EARNED ROYALTY” is defined in Article 6.1.

 

		2.4	“EFFECTIVE DATE” is defined in the introductory paragraph of this Agreement.

 

		2.5	“FIELD” shall mean all uses in engineered vascular tissues, tissues used for vascular repair, reconstruction and
replacement, and extracellular matrix-based implants for vascular repair, reconstruction and replacement; provided, that any and
all uses above are vascular tissues within the range of 1-12mm in diameter.

 

		2.6	“FIRST SALE” shall mean the first arm’s length sale to a third party of any LICENSED PRODUCT in any country
in the LICENSED TERRITORY of such LICENSED PRODUCT in such country (but not including a sale relating to transactions among LICENSEE
and AFFILIATES unless such AFFILIATE is the end-user of the LICENSED PRODUCT).

 

		2.7	“IND” shall mean an investigational new drug application filed with the United States Food and Drug Administration
prior to beginning clinical trials in humans in the United States or any comparable application filed with regulatory authorities
in or for a country or group of countries other than the United States.

 

		2.8	“INVENTION” and “INVENTORS” are defined in Article 1.1.

 

		2.9	“INVENTOR AGREEMENT” shall mean a consulting or other agreement directly between LICENSEE and any of the INVENTORS.

 

		2.10	“INSOLVENT” shall mean that LICENSEE (i) is unable to pay a majority of its debts in the ordinary course of business,
(ii) is declared bankrupt by a court of competent jurisdiction under the United States Federal Bankruptcy Law, as amended from
time to time, or (iii) has voluntarily commenced bankruptcy, reorganization, receivership or insolvency proceedings, or any other
proceeding under any Federal, state or other law for the relief of debtors.

 

		2.11	“LICENSE” refers to the license granted under Article 3.1.

 

		2.12	“LICENSED KNOW HOW” shall mean specific know-how and techniques that are required to practice any INVENTION, including
but not limited to [***].

 

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		2.13	“LICENSED METHOD” shall mean any method, procedure, service or process the practice of which, is claimed by a VALID
CLAIM of a LICENSED PATENT or which uses LICENSED PRODUCT.

 

		2.14	“LICENSED PATENTS” shall mean: (a) the United States or foreign patent application(s) and patents(s) listed in
Appendix A; (b) any patent applications to which such patent application(s) or patent(s) claim priority or directly or indirectly
claiming priority to such patent application(s) and patent(s), including continuations, divisionals, and continuations-in-part
(to the extent the claims of any such continuation-in-part application are directed to subject matter specifically described in
the patent application(s) and patent(s) listed in Appendix A); (c) patents issuing from any of the foregoing patent applications;
(d) any reissues, re-examinations, extensions or substitutes of any of the foregoing; and (e) the relevant international equivalents
of any of the foregoing. Appendix A is incorporated into this Agreement. Upon request from LICENSEE, YALE will update Appendix
A to include patent applications filed and patents issued after the EFFECTIVE DATE that are described in the foregoing subparts
(b) through (e).

 

		2.15	“LICENSED PRODUCT” shall mean any product (including [***]) or component part thereof, if the manufacture,
use, sale, import, export or practice thereof is claimed by a VALID CLAIM of a LICENSED PATENT.

 

		2.16	“LICENSED TERRITORY” shall mean worldwide.

 

		2.17	“NDA” or “BLA” shall mean either a Biologics License Application or New Drug Application filed with
the U.S. Food and Drug Administration to obtain REGULATORY APPROVAL for a LICENSED PRODUCT in the United States, or any comparable
application filed with regulatory authorities in or for a country or group of countries other than the United States. It is anticipated
that the first LICENSED PRODUCT will be regulated as a biologic, since it is a cell therapy.

 

		2.18	“NET SALES” shall mean:

 

		(a)	[***], less the following deductions, provided they actually pertain to the disposition of the LICENSED PRODUCTS or
LICENSED METHODS:

 

		(i)	[***]

 

		(ii)	[***]

 

		(iii)	[***]

 

		(iv)	[***].

 

No deductions shall be made for any other costs or expenses,
including but not limited to commissions to independents, agents or those on LICENSEE’s, SUBLICENSEE’s or an AFFILIATE’s
payroll or for the cost of collection.

 

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		(b)	“NET SALES” shall not include [***].

 

		2.19	“PATENT CHALLENGE” shall mean a challenge or opposition to the validity, patentability or enforceability and /or
non-infringement of any of the LICENSED PATENTS, except any such challenge or opposition (or participation therein) that is required
by law.

 

		2.20	“REASONABLE COMMERCIAL EFFORTS” shall mean, with respect to LICENSEE (alone or through its AFFILIATES or SUBLICENSEES),
the efforts and resources (measured at the time such efforts are required to be used under this Agreement) which would be used
by LICENSEE relating to a certain activity or activities, consistent with its normal business practices, for a product owned by
LICENSEE or to which it has rights which such product is at a similar stage of its development or product life and is of a similar
market and profitability potential as a LICENSED PRODUCT and taking into account all relevant factors, including, but not limited
to, financial, technical, medical, clinical, efficacy, safety and manufacturing considerations, product labeling or anticipated
labeling, the patent and other proprietary position of the product, market potential, forecasts for financial return, the regulatory
environment and competitive market conditions.

 

		2.21	“REGULATORY APPROVAL” shall mean the clearance, waiver, license, registration, authorization or approval of the
United States Food and Drug Administration in the United States or applicable regulatory authorities in or for a country or group
of countries other than the United States that is necessary for the commercial marketing and sale of a LICENSED PRODUCT or LICENSED
METHOD.

 

		2.22	“REGULATORY AUTHORITY” shall mean any national or supranational governmental authority, including without limitation
the United States Food and Drug Administration or European Medicines Agency, which has responsibility over the marketing and sale
of a LICENSED PRODUCT.

 

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		2.23	“SUBLICENSE INCOME” shall mean consideration received by LICENSEE or an AFFILIATE that is Reasonably Attributed
to a grant by LICENSEE to any non-AFFILIATE third party or parties of a sublicense, cross-license, option, or other right, license,
privilege or immunity under the LICENSED PATENTS to make, have made, use, sell, have sold, distribute, practice, import or export
LICENSED PRODUCTS, but excluding consideration received based on sales. SUBLICENSE INCOME shall include without limitation any
license signing fee, license maintenance fee, option fee or other payment pursuant to an option, unearned portion of any minimum
royalty payment received by LICENSEE or an AFFILIATE, equity distribution or joint marketing fee, research and development funding
and service fees in excess of customary full-time equivalent rates in the industry for performing similar research and development
and services, in each case Reasonably Attributed to the grant of license, option or other right described and any consideration
received for an equity interest in, extension of credit by or other investment in LICENSEE to the extent such consideration exceeds
the fair market value of the equity or other interest as determined by an independent appraiser mutually agreeable to the parties.
SUBLICENSE INCOME does not include consideration received: (a) from debt financing or sale of equity (including conditional equity
such as options, warrants or convertible debt) at fair market value; (b) as reimbursement of patent prosecution and maintenance
costs for the LICENSED PATENTS; and (c) for manufacture of LICENSED PRODUCTS at fair market price. For purposes of this definition,
“Reasonably Attributed” means reasonably attributed by LICENSEE to any LICENSED PATENT under the applicable grant of
rights (e.g., sublicense, cross-license, option, or other right, license, privilege or immunity) based on the relative fair market
value of the LICENSED PATENT and any other intellectual property (including without limitation any patents, patent applications
or trade secrets) that is the subject of the applicable grant of rights under the applicable agreement.

 

		2.24	“SUBLICENSEE” shall mean any non-AFFILIATE third party sublicensed by LICENSEE under the LICENSED PATENTS to make,
have made, use, sell, have sold, import, export or practice any LICENSED PRODUCT or LICENSED METHOD.

 

		2.25	“TERM” is defined in Article 3.3.

 

		2.26	“VALID CLAIM” shall mean (a) an issued and unexpired claim of a LICENSED PATENT, so long as such claim shall not
have been irrevocably abandoned or declared to be invalid, unpatentable or unenforceable in an unappealable decision of a court
or other authority or competent jurisdiction through no fault or cause of LICENSEE or (b) a pending claim of an application for
a LICENSED PATENT that was filed and is being prosecuted in good faith and has not be abandoned or finally disallowed without the
possibility of appeal or re-filing of the application; provided that such prosecution has not been on-going for more than [***].

 

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3. LICENSE
GRANT AND TERM

 

		3.1	Subject to all the terms and conditions of this Agreement, YALE hereby grants to LICENSEE and its AFFILIATES an exclusive,
sublicensable (in accordance with Article 7) license, subject to Article 3.3 under the LICENSED PATENTS to make, have made, use,
offer for sale, sell, have sold, import and export LICENSED PRODUCTS, to practice, sell and offer for sale LICENSED METHODS, and
to otherwise exploit the LICENSED PATENTS within the FIELD in the LICENSED TERRITORY (the “LICENSE”).

 

		3.2	To the extent that any invention included within the LICENSED PATENTS has been funded in whole or in part by the United States
government, the United States government retains certain rights in such invention as set forth in 35 U.S.C. §200-212 and all
regulations promulgated thereunder, as amended, and any successor statutes and regulations (the “Federal Patent Policy”).
As a condition of the license granted hereby, LICENSEE acknowledges and shall comply with all aspects of the Federal Patent Policy
applicable to the LICENSED PATENTS, including the obligation (if applicable) that LICENSED PRODUCTS used or sold in the United
States be manufactured substantially in the United States. Nothing contained in this Agreement obligates or shall obligate YALE
to take any action that would conflict in any respect with its past, current or future obligations to the United States Government
under the Federal Patent Policy with respect to the LICENSED PATENTS. YALE has taken, and shall continue to take actions necessary
under the Federal Patent Policy to secure ownership of the LICENSED PATENTS for YALE.

 

		3.3	The LICENSE is expressly made subject to YALE’s reservation of the non-exclusive right, on behalf of itself and all other
non-profit academic research institutions, to make, use and practice the LICENSED PATENTS and LICENSED PRODUCTS for research, clinical,
teaching or other non-commercial purposes, and not for purposes of commercial development, use, manufacture or distribution.

 

		3.4	Unless terminated earlier as provided in Article 13, the term of this Agreement (the “TERM”) shall commence on
the EFFECTIVE DATE and shall automatically expire, on a country-by-country basis, on the date on which the last of the claims of
the patents and patent applications described in the LICENSED PATENTS in such country expires, lapses or is declared to be invalid
by a non-appealable decision of a court or other authority of competent jurisdiction.

 

		3.5	Nothing in this Agreement shall be construed to grant by implication, estoppel or otherwise any licenses under patents of YALE
other than the LICENSED PATENTS. Except as expressly provided in this Agreement, under no circumstances will LICENSEE, as a result
of this Agreement, obtain any interest in or any other right to any technology, know-how, patents, patent applications, materials
or other intellectual or proprietary property of YALE.

 

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		3.6	Notwithstanding anything to the contrary in Article 8, LICENSEE may register the LICENSE granted under this Agreement in any
country in the LICENSED TERRITORY. Upon request by LICENSEE, YALE agrees promptly to execute any “short form” licenses
in substantially the form attached hereto as Exhibit 1 submitted to it by LICENSEE reasonably necessary to effect the foregoing
registration in such country.

 

		3.7	Nothing in this Agreement shall be construed to grant by implication, estoppel or otherwise any licenses, interests or rights
under technology, know-how, patents, patent applications, materials or other intellectual or proprietary property of LICENSEE,
AFFILIATES or SUBLICENSEES.

 

4. DUE
DILIGENCE

 

		4.1	LICENSEE has designed a plan for developing and commercializing the LICENSED PATENTS that includes a description of research
and development, testing, government approval, manufacturing, marketing and sale or lease of LICENSED PRODUCTS or LICENSED METHODS
(“PLAN”). A copy of the PLAN is attached to this Agreement as Appendix B and incorporated herein by reference.

 

		4.2	LICENSEE, directly or through its AFFILIATES or SUBLICENSEES, shall use REASONABLE COMMERCIAL EFFORTS to: (a) within [***]
after the EFFECTIVE DATE of this Agreement, begin to implement the PLAN at its sole expense and thereafter to fully implement the
PLAN; and (b) diligently commercialize and develop markets for one or more LICENSED PRODUCTS.

 

		4.3	[***] after the EFFECTIVE DATE of this Agreement, and [***], LICENSEE shall provide YALE with an updated and
revised copy of the PLAN which shall indicate LICENSEE’s progress and problems to date in development and commercialization
of LICENSED PRODUCTS and a forecast and schedule of major events required to market the LICENSED PRODUCTS. Such updated PLAN shall
clearly indicate which of LICENSEE’s products or services are LICENSED PRODUCTS, and which LICENSED PATENTS claim each such
LICENSED PRODUCT.

 

		(a)	No later than [***] after assignment by LICENSEE pursuant to Article 18.6, the assignee shall provide YALE with an updated
and revised copy of the PLAN.

 

		(b)	YALE shall review and by notice in writing to assignee may approve or disapprove of any updated PLAN and the revised PLAN,
provided that YALE shall not unreasonably withhold its approval to any such PLAN that is commercially reasonable. Each updated
and revised PLAN shall be substituted into this Agreement as Appendix B.

 

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		4.4	LICENSEE shall promptly notify YALE if at any time LICENSEE abandons or suspends its research, development or marketing of
the LICENSED PRODUCTS, or its intent to abandon research, develop and market LICENSED PRODUCTS. For purposes of this Article 4.4,
normal and customary pauses and gaps between or following specific clinical trials or other studies for the analysis of data, preparation
of reports or design or modification of future clinical trials or studies, preparation of regulatory filings or other customary
development functions shall not constitute abandonment or suspension of research or development of the LICENSED PRODUCTS.

 

		4.5	LICENSEE agrees that YALE shall, subject to the final paragraph of this Article 4.5, be entitled to terminate this Agreement
pursuant to Article 13.1(b) upon the occurrence of any of the following:

 

		(a)	LICENSEE shall fail to provide an updated and revised PLAN as stipulated in Article 4.3; or

 

		(b)	LICENSEE shall fail to provide a commercially reasonable updated PLAN as provided in Article 4.2, or an assignee of LICENSEE
shall fail to provide a commercially reasonable PLAN as provided in Article 4.3(a); provided, that if YALE reasonably believes
that any updated PLAN provided by LICENSEE pursuant to Article 4.2 or by an assignee of LICENSEE pursuant to Article 4.3 is not
commercially reasonable, then YALE will so notify LICENSEE or such assignee, as applicable, specifying the basis for its belief,
and the parties will meet within [***] after such notice to discuss in good faith YALE’s concern with the applicable
PLAN. If after such good faith discussions the parties are unable to agree upon a commercially reasonable PLAN, then YALE may exercise
its right of termination under Article 13.1(b). YALE acknowledges and agrees that the PLAN attached as Appendix B is commercially
reasonable at the time of execution of this Agreement; or

 

		(c)	LICENSEE shall fail to implement the PLAN in accordance with this Article or otherwise fails to fulfill any of its obligations
under this Article 4; or

 

		(d)	LICENSEE has failed to:

 

		1.	[***].

 

		2.	[***].

 

		3.	[***].

 

Notwithstanding the foregoing in this Article 4.5, if LICENSEE’s
failure to comply with this Article 4, including without limitation by failing to employ REASONABLE COMMERCIAL EFFORTS in developing
and selling LICENSED PRODUCTS, relates to a particular country or countries within the LICENSED TERRITORY, but not other countries,
then YALE may terminate the LICENSE pursuant to Article 13 herein only with respect to the country or countries to which the failure
relates. Termination of this Agreement or of the LICENSE on a country-by-country basis, as applicable, shall constitute YALE’s
sole and exclusive remedy with respect to LICENSEE’s non-compliance with this Article 4.

 

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		4.6	LICENSEE is dedicated to meeting the unmet medical needs of underserved populations, and in accordance with these values, LICENSEE
agrees to use reasonable efforts to endeavor to make LICENSED PRODUCTS available to patients in low and lower-middle income countries
(as designated by the World Bank (www.worldbank.org)).

 

5. LICENSE
ISSUE FEE; LICENSE MAINTENANCE FEE; MILESTONE FEES

 

		5.1	In consideration of the LICENSE and rights
granted to LICENSEE in this Agreement, LICENSEE shall pay to YALE within [***] from the EFFECTIVE DATE a non-refundable license
issue fee of Forty Thousand Dollars ($40,000).

 

		5.2	During the TERM of this Agreement, LICENSEE agrees to pay to YALE an annual license maintenance fee (“LMF”) commencing
on the first anniversary of the EFFECTIVE DATE and every anniversary thereafter according to the following schedule:

 

	Anniversaries of the EFFECTIVE DATE	LMF
	Anniversary 1	$20,000
	Anniversary 2	$20,000
	Anniversary 3	$30,000
	Anniversary 4	$30,000
	Anniversary 5 and each Anniversary thereafter during the TERM	$50,000

 

		5.3	LICENSEE shall pay the following milestone fees to YALE for the first achievement of the corresponding milestone event by the
first LICENSED PRODUCT developed by LICENSEE, its SUBLICENSEES, or AFFILIATES that achieves such event:

 

		(a)	a
non-refundable milestone fee of Two hundred Thousand Dollars ($200,000) when LICENSEE files for REGULATORY APPROVAL for such LICENSED
PRODUCT in the United States or Europe and such filing is accepted for filing by the applicable REGULATORY AUTHORITY.

 

		(b)	a non-refundable milestone fee of Five
Hundred and Fifty Thousand Dollars ($550,000) upon the FIRST SALE of such LICENSED PRODUCT in the United States or Europe.

 

For clarity, the milestone fees payable under
this Article 5.3 shall each be payable only one time, and the aggregate milestone fees payable under this Agreement shall not exceed
Seven Hundred Fifty Thousand Dollars ($750,000).

 

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		5.4	Neither the license issue fee set forth in Article 5.1 nor the LMF of Article 5.2 nor the milestone fees set forth in Article
5.3 shall be credited against EARNED ROYALTIES payable under Article 6.1.

 

6. ROYALTY
PAYMENTS

 

		6.1	During the TERM of this Agreement, as partial consideration for the LICENSE, LICENSEE shall pay to YALE an earned royalty of
[***] percent ([***]%) of worldwide cumulative NET SALES of LICENSED PRODUCTS by LICENSEE or its SUBLICENSEES or
AFFILIATES (“EARNED ROYALTY”).

 

		6.1.1	The obligation to pay royalties under this Article 6.1 shall be imposed only on the original sale of any individual LICENSED
PRODUCT to the end-user thereof, and the royalty shall be imposed only once on such sale regardless of whether such LICENSED PRODUCT
is covered by more than one patent claim within the LICENSED PATENTS.

 

		6.1.2	In the event that LICENSEE determines that it is necessary to obtain a license from a third party in order to avoid infringing
a third party’s patent(s) by making, having made, using, offering for sale, selling, having sold, importing or exporting
LICENSED PRODUCTS, LICENSEE may reduce its applicable royalty obligation to YALE by an amount which is the lesser of (i) [***],
or (ii) [***].

 

		6.1.3	The multiplier to be used to reduce the running royalties paid by LICENSEE to YALE on a COMBINATION PRODUCT, defined as a product
containing a LICENSED PRODUCT and one or more additional products containing active ingredients sold together as a single product
by LICENSEE, AFFILIATES or SUBLICENSEES, will be calculated by [***].

 

		6.1.4	Notwithstanding the foregoing, in no event shall the operation of Articles 6.1.2 or 6.1.3 result in EARNED ROYALTIES payable
to YALE being reduced to less than [***] percent ([***]%).

 

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		6.1.5	Should a compulsory license be granted by LICENSEE or an AFFILIATE to a third party under the applicable laws, rules, regulations,
guidelines, or other directives of any governmental or supranational agency in the LICENSED TERRITORY under the LICENSED PATENTS,
LICENSEE shall notify YALE, including any material information concerning such compulsory license, and the running royalty rates
payable under Article 6.1 for sales of LICENSED PRODUCTS in such country will be adjusted to equal any lower royalty rate granted
to such third party for such country with respect to the sales of LICENSED PRODUCTS therein.

 

		6.2	In the event that (i) LICENSEE or any of its AFFILIATES or SUBLICENSEES brings a PATENT CHALLENGE anywhere in the world, or
(ii) LICENSEE or any of its AFFILIATES or SUBLICENSEES assists another party in bringing a PATENT CHALLENGE anywhere in the world,
and (iii) YALE does not choose to exercise its rights to terminate this Agreement pursuant to Article 13, then the following provisions
shall apply.

 

		(a)	All payments due to YALE under this Agreement other than patent costs shall be [***] during the pendency of the PATENT
CHALLENGE and shall remain payable to YALE when due.

 

		(b)	If the PATENT CHALLENGE is inconclusive or results in a determination that at least one challenged claim is both valid and
infringed,

 

		(i)	all payments due to YALE under this Agreement other than patent costs shall be [***] for the remainder of the TERM of
the Agreement.

 

		(ii)	LICENSEE shall promptly reimburse YALE for all legal fees and expenses incurred in YALE’s defense against the PATENT
CHALLENGE.

 

		(c)	In the event that such a PATENT CHALLENGE is successful, LICENSEE will have no right to recoup any payments made prior to the
final, non-appealable determination of a court of competent jurisdiction.

 

		6.3	Neither LICENSEE nor any of its AFFILIATES or SUBLICENSEES shall bring a PATENT CHALLENGE without first providing YALE [***]
written notice setting forth (a) precisely which claims and patents are being challenged or claimed not to be infringed, (b) a
clear statement of the factual and legal basis for the challenge, and (c) an identification of all prior art and other matter believed
to invalidate any claim of the LICENSED PATENT or which supports the claim that the LICENSED PATENT is not infringed.

 

		6.4	LICENSEE shall pay all EARNED ROYALTIES accruing to YALE within [***] from the end of each calendar quarter (March 31,
June 30, September 30 and December 31), beginning in the first calendar quarter in which NET SALES occur. Unless YALE requests
otherwise, LICENSEE shall report all EARNED ROYALTIES and other payments accruing to YALE on a quarterly basis, but shall defer
payments accruing to YALE that do not, in total, exceed [***] Dollars ($[***]) in any given quarter until the earlier
of (1) the end of the calendar year, or (2) the quarter upon which the cumulative accrued royalties and other payments exceed [***]
Dollars ($[***]).

 

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		6.5	All EARNED ROYALTIES and other payments due under this Agreement shall be paid to YALE in United States Dollars. In the event
that conversion from foreign currency is required in calculating a payment under this Agreement, the exchange rate used shall be
the Interbank rate quoted by Citibank at the time the payment is due. If overdue, the royalties and any other payments due under
this Agreement shall bear interest until payment at a per annum rate [***] percent ([***]%) above the prime rate
in effect at Citibank on the due date. The payment of such interest shall not foreclose YALE from exercising any other right it
may have as a consequence of the failure of LICENSEE to make any payment when due.

 

7. SUBLICENSES

 

		7.1	LICENSEE may sublicense the rights granted to it under this Agreement without the prior written consent of YALE. The provisions
of Articles 7.2, 7.3 and 7.4 shall apply to any such sublicenses.

 

		7.2	Any sublicense granted by LICENSEE shall include such provisions as are needed to enable LICENSEE to comply with this Agreement.
LICENSEE will provide YALE with a copy of each sublicense agreement (and all amendments thereof) promptly after execution. LICENSEE
shall also include provisions in all sublicenses to provide that in the event that SUBLICENSEE brings a PATENT CHALLENGE anywhere
in the world or assists another party in bringing a PATENT CHALLENGE anywhere in the world, then LICENSEE may immediately terminate
the sublicense. LICENSEE shall remain responsible for the payment of any royalties or other payments provided for hereunder, regardless
of whether the terms of any sublicense provide for such amounts to be paid by the SUBLICENSEE directly to YALE. A breach of this
provision shall constitute a material breach that is subject to Article 13.1(b).

 

		7.3	LICENSEE shall pay royalties to YALE on NET SALES of SUBLICENSEES based on the same royalty rate as apply to NET SALES by LICENSEE
and its AFFILIATES, regardless of the royalty rates payable by SUBLICENSEES to LICENSEE under a sublicense agreement. In addition,
LICENSEE shall pay to YALE [***] Per Cent ([***]%) of any SUBLICENSE INCOME.

 

		7.4	LICENSEE agrees that it has sole responsibility to promptly:

 

		(a)	provide YALE with a copy of any amendments to sublicenses granted by LICENSEE under this Agreement and to notify YALE of termination
of any sublicense; and

 

		(b)	summarize all reports provided to LICENSEE by SUBLICENSEES to the extent necessary to comply with Article 9.

 

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8. CONFIDENTIALITY
AND PUBLICITY

 

		8.1	Subject to the parties’ rights and obligations pursuant to this Agreement, YALE and LICENSEE agree that during the term
of this Agreement and for [***] thereafter, each of them:

 

		(a)	will keep confidential and will cause their AFFILIATES to keep confidential and, in the case of LICENSEE, will include provisions
in sublicenses requiring its SUBLICENSEES to keep confidential, CONFIDENTIAL INFORMATION disclosed to it by the other party, by
taking (or including provisions in sublicenses requiring to be taken) whatever action the party receiving the CONFIDENTIAL INFORMATION
would take to preserve the confidentiality of its own CONFIDENTIAL INFORMATION, which in no event shall be less than reasonable
care; and

 

		(b)	will only disclose the other’s CONFIDENTIAL INFORMATION to its officers, employees or agents, under requirements of confidentiality,
for purposes of carrying out its rights and responsibilities under this Agreement; and

 

		(c)	will not use the other party’s CONFIDENTIAL INFORMATION other than as expressly permitted by this Agreement or disclose
the other’s CONFIDENTIAL INFORMATION to any third parties (other than to agents under requirements of confidentiality) under
any circumstance without advance written permission from the other party; and

 

		(d)	will, within [***] of termination of this Agreement, return all the CONFIDENTIAL INFORMATION disclosed to it by the
other party pursuant to this Agreement except for one copy which may be retained by the recipient for monitoring compliance with
this Article 8 and any surviving clauses.

 

		8.2	The obligations of confidentiality described above shall not pertain to that part of the CONFIDENTIAL INFORMATION that:

 

		(a)	is shown to have been known to or developed by the recipient prior to the disclosure by the disclosing party; or

 

		(b)	is at the time of disclosure or has become thereafter publicly known through no fault or omission attributable to the recipient;
or

 

		(c)	is rightfully given to the recipient from sources independent of the disclosing party; or

 

		(d)	is independently developed by the receiving party without use of or reference to the CONFIDENTIAL INFORMATION of the other
party.

 

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		8.3	The terms of this Agreement constitute CONFIDENTIAL INFORMATION of each party.

 

		8.4	Notwithstanding the foregoing, either party may use and disclose any CONFIDENTIAL INFORMATION (including the terms of this
Agreement) of the other party in response to a valid order of a court of competent jurisdiction or other supra-national, federal,
national, regional, state, provincial and local governmental or regulatory body of competent jurisdiction or, if in the reasonable
opinion of the receiving party’s legal counsel, such disclosure is otherwise required by law; provided, however, that the
receiving party will first have given notice to the disclosing party and given the disclosing party a reasonable opportunity to
obtain a protective order.

 

		8.5	Notwithstanding the foregoing, LICENSEE may use and disclose any CONFIDENTIAL INFORMATION (including the terms of this Agreement)
to AFFILIATES, SUBLICENSEES, investors, prospective investors and acquirers, employees, consultants and agents with a need to know,
collaborators, prospective collaborators and other third parties in the chain of manufacturing and distribution, in each case who
are subject to obligations of confidentiality that are at least as protective of CONFIDENTIAL INFORMATION as those provided in
this Article 8. LICENSEE also may disclose CONFIDENTIAL INFORMATION as reasonably necessary in connection with prosecution of any
patent applications or applications for REGULATORY APPROVAL before any REGULATORY AUTHORITY.

 

9. REPORTS,
RECORDS AND INSPECTIONS

 

		9.1	LICENSEE shall, within [***] after the calendar year in which NET SALES first occur, and within [***] after each
calendar quarter (March 31, June 30, September 30 and December 31) thereafter, provide YALE with a written report detailing the
NET SALES, if any, made by LICENSEE, its SUBLICENSEES and AFFILIATES of LICENSED PRODUCTS during the preceding calendar quarter
and calculating the payments due pursuant to Article 6. NET SALES of LICENSED PRODUCTS shall be deemed to have occurred on the
date of invoice for such LICENSED PRODUCTS. Each such report shall be signed by an officer of LICENSEE (or the officer’s
designee), and must include:

 

		(a)	[***]

 

		(b)	[***]

 

		(c)	[***]

 

		(d)	[***]

 

		(e)	[***].

 

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		9.2	LICENSEE shall keep and maintain complete and accurate records and books containing an accurate accounting of all data in sufficient
detail to enable verification of EARNED ROYALTIES and other payments under this Agreement. LICENSEE shall preserve such books and
records for [***] after the calendar year to which they pertain. Such books and records shall be open to inspection by YALE
or an independent certified public accountant selected by YALE, at YALE’s expense, during normal business hours upon [***]
prior written notice, for the purpose of verifying the accuracy of the reports and computations rendered by LICENSEE; provided,
that LICENSEE shall not be obligated to provide such independent certified public accountant access to any of LICENSEE’S
books and records unless and until such independent certified public accountant executes a confidentiality agreement with LICENSEE
in a form reasonably acceptable to LICENSEE. In the event LICENSEE underpaid the amounts due to YALE with respect to the audited
period by more than [***] percent ([***]%), LICENSEE shall pay the reasonable cost of such examination, together
with the deficiency not previously paid and interest from the due date of such payment, calculated at the rate set forth in Article
6.8, within [***] of receiving notice thereof from YALE.

 

		9.3	On or before the [***] day following the close of LICENSEE’s fiscal year, LICENSEE shall provide YALE with LICENSEE’s
certified financial statements for the preceding fiscal year including, at a minimum, a balance sheet and an income statement.

 

10. PATENT
PROTECTION

 

		10.1	LICENSEE shall be responsible for all present and future costs of filing, prosecution and maintenance of all United States
patent applications contained in the LICENSED PATENTS that are incurred by YALE after the EFFECTIVE DATE. Any and all such United
States patent applications, and resulting issued patents, shall remain the property of YALE. Notwithstanding the foregoing, YALE
agrees to negotiate in good faith with LICENSEE to reduce LICENSEE’s payment on LICENSED PATENTS in the event that the LICENSED
PATENTS outside of FIELD is licensed by YALE to a third party.

 

		10.2	LICENSEE shall be responsible for all ongoing costs of filing, prosecution and maintenance of all foreign patent applications
and patents contained in the LICENSED PATENTS in the countries outside the United States in the LICENSED TERRITORY selected by
YALE in good faith together with LICENSEE, in each case that are incurred by YALE after the EFFECTIVE DATE. All such applications
or patents shall remain the property of YALE. Notwithstanding the foregoing, YALE agrees to negotiate in good faith with LICENSEE
to reduce LICENSEE’s payment on LICENSED PATENTS in the event that the LICENSED PATENTS outside of FIELD is licensed by YALE
to a third party.

 

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		10.3	If, upon receipt of written notice of the request of YALE, LICENSEE does not agree to pay the expenses of filing, prosecuting
or maintaining a patent application or patent within the LICENSED PATENTS in any country outside the United States, or fails to
pay the expenses of filing, prosecuting or maintaining such a patent application or patent in the United States, in each case as
required under Articles 10.2 and 10.3, then LICENSEE’s rights under this Agreement shall terminate automatically with respect
to such patent application or patent in that country.

 

		10.4	The costs mentioned in Articles 10.2 and 10.3 shall include, but are not limited to, any past, present and future taxes, annuities,
working fees, maintenance fees, renewal and extension charges. Payment of such costs shall be made, at YALE’s option, either
directly to patent counsel or by reimbursement to YALE. In either case, LICENSEE shall make payment directly to the appropriate
party within [***] of receiving its invoice. If LICENSEE fails to make payment to YALE or patent counsel, as appropriate,
within the [***] period, LICENSEE shall be responsible for any surcharge on the invoiced amount as may be charged by patent
counsel. Failure of LICENSEE to comply with Articles 10.1 and 10.2 shall be grounds for termination by YALE under Article 13.1(b).

 

		10.5	All patent applications under the LICENSED PATENTS shall be prepared, prosecuted, filed and maintained by independent patent
counsel chosen by YALE and reasonably acceptable to LICENSEE. Said independent patent counsel shall be ultimately responsible to
YALE. YALE shall instruct patent counsel to keep both YALE and LICENSEE fully informed of the progress of all patent applications
and patents, and to give both YALE and LICENSEE reasonable opportunity to comment on the filing and prosecution of patent applications
in the LICENSED PATENTS, including the type and scope of useful claims and the nature of supporting disclosures, and including
the opportunity to review and comment on all draft responses to applicable patent offices prior to submission thereof. YALE will
ensure that LICENSEE’s comments are taken into account in good faith. YALE will not abandon any patent application or patent
for which LICENSEE is bearing expenses without LICENSEE’s consent. YALE shall have no liability to LICENSEE for damages,
whether direct, indirect or incidental, consequential or otherwise, allegedly arising from its good faith decisions, actions and
omissions in connection with such prosecution.

 

		10.6	LICENSEE shall mark, and shall require AFFILIATES and SUBLICENSEES to mark, all LICENSED PRODUCTS, that are tangible products,
with the numbers of all patents included in LICENSED PATENTS that cover the LICENSED PRODUCTS. Without limiting the foregoing,
all LICENSED PRODUCTS shall be marked in such a manner as to conform with the patent marking notices required by the law of any
country where such LICENSED PRODUCTS are made, sold, used or shipped, including, but not limited to, the applicable patent laws
of that country.

 

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11. INFRINGEMENT
AND LITIGATION

 

		11.1	Each party shall promptly notify the other in writing in the event that it obtains knowledge of infringing activity by third
parties, or is sued or threatened with an infringement suit, in any country in the LICENSED TERRITORY as a result of activities
that concern the LICENSED PATENTS, and shall supply the other party with documentation of the infringing activities that it possesses.

 

		11.2	During the TERM of this Agreement:

 

		(a)	LICENSEE shall have the first right (but not the obligation) to defend the LICENSED PATENTS against infringement or interference
in the FIELD and in the LICENSED TERRITORY by third parties. This right includes bringing any legal action for infringement and
defending any counter claim of invalidity or action of a third party for declaratory judgment for non-infringement or non-interference.
If, in the reasonable opinion of LICENSEE’s counsel, YALE is required to be a named party to any such suit for standing purposes,
LICENSEE may join YALE as a party; provided, however, that (i) YALE shall not be the first named party in any such action, (ii)
the pleadings and any public statements about the action shall state that the action is being pursued by LICENSEE and that LICENSEE
has joined YALE as a party; and (iii) LICENSEE shall keep YALE reasonably apprised of all developments in any such action. LICENSEE
may settle such suits solely in its own name and solely at its own expense and through counsel of its own selection; provided,
however, that no settlement shall be entered without YALE’s prior written consent, such consent not to be unreasonably withheld.
Without limiting the foregoing, YALE may withhold its consent to any settlement that would in any manner affect the validity, scope
or enforceability of any LICENSED PATENT. LICENSEE shall bear the expense of such legal actions. Except for providing reasonable
assistance (including joining such actions as described above), at the request and expense of LICENSEE, YALE shall have no obligation
regarding the legal actions described in Article 11.2 unless required to participate by law. However, YALE shall have the right
to participate in any such action through its own counsel and at its own expense. Any recovery shall first be applied to LICENSEE’s
out of pocket expenses and second shall be applied to YALE’s out of pocket expenses, including legal fees. YALE shall recover
[***]% of any excess recovery over those expenses.

 

		(b)	In the event LICENSEE fails to initiate and pursue or participate in the actions described in Article 11.2(a) or in lieu of
such actions to initiate negotiations for a sublicense of the infringer, and the infringement has not otherwise abated, within
[***] of notification of infringement from YALE, YALE may, in its sole discretion, convert the LICENSE granted in Article
3 to a non-exclusive license. Additionally, YALE shall have the right to initiate legal action such as that described in Article
11.2(a) at its own expense. If, in the reasonable opinion of YALE’s counsel, LICENSEE is required to be a named party to
any such suit for standing purposes, YALE may join LICENSEE as party plaintiff to uphold the LICENSED PATENTS, provided, however,
that YALE shall keep LICENSEE reasonably apprised of all developments in any such action. In such case, LICENSEE shall provide
reasonable assistance to YALE if requested to do so, at YALE’s expense. YALE may settle such actions solely through its own
counsel any recovery shall be retained by YALE. YALE may terminate the LICENSE in the country where such legal action is taken.

 

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		(c)	In the event LICENSEE is permanently enjoined from exercising its LICENSE under this Agreement pursuant to an infringement
action brought by a third party, or if both LICENSEE and YALE elect not to undertake the defense or settlement of a suit alleging
infringement for a period of [***] from notice of such suit, then either party shall have the right to terminate this Agreement
in the country where the suit was filed with respect to the LICENSED PATENT following [***] written notice to the other
party in accordance with the terms of Article 15.

 

12. USE
OF YALE’S NAME

 

		12.1	LICENSEE shall not use the name “Yale” or “Yale University,” nor any variation or adaptation thereof,
nor any trademark, tradename or other designation owned by YALE, nor the names of any of its trustees, officers, faculty, students,
employees or agents, for any purpose without the prior written consent of YALE in each instance, such consent to be granted or
withheld by YALE in its sole discretion, except that LICENSEE may state that it has licensed from YALE one or more of the patents
and/or applications comprising the LICENSED PATENTS.

 

13. TERMINATION

 

		13.1	YALE shall have the right to terminate this Agreement upon written notice to LICENSEE in the event LICENSEE:

 

		(a)	fails to make any payment whatsoever due and payable pursuant to this Agreement unless LICENSEE shall make all such payments
(and all interest due on such payments under Article 6.4) within the [***] period after receipt of written notice of such
failure from YALE; or

 

		(b)	commits a material breach of any other provision of this Agreement which is not cured within [***] period after receipt
of written notice of such breach from YALE ; or

 

		(c)	fails to obtain or maintain adequate insurance as described in Article 14.2, whereupon YALE may terminate this Agreement immediately
upon written notice to LICENSEE of such failure.

 

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		(d)	If LICENSEE or any of its AFFILIATES brings a PATENT CHALLENGE against YALE, or assists others in bringing a PATENT CHALLENGE
against YALE, whereupon YALE may terminate this Agreement immediately.

 

		(e)	If a SUBLICENSEE brings a PATENT CHALLENGE or assists another party in bringing a PATENT CHALLENGE, then YALE may send a written
demand to LICENSEE to terminate such sublicense. If LICENSEE fails to so terminate such sublicense within [***] after YALE’s
demand, YALE may immediately terminate this Agreement.

 

		13.2	YALE may terminate this Agreement immediately upon written notice to LICENSEE in the event LICENSEE shall cease to carry on
its business or becomes INSOLVENT, or a petition in bankruptcy is filed against LICENSEE and is consented to, acquiesced in or
remains undismissed for [***], or LICENSEE makes a general assignment for the benefit of creditors, or a receiver is appointed
for LICENSEE.

 

		13.3	LICENSEE shall have the right to terminate this Agreement:

 

		(a)	in its entirety or as to any particular LICENSED PATENT at any time on ninety (90) days’ written notice to YALE, provided
LICENSEE is not in breach and upon payment of all amounts due YALE throughout the effective date of termination. In the event of
termination as to a particular LICENSED PATENT, the terminated patent application or patent shall no longer be deemed to be included
within the LICENSED PATENTS or subject to this Agreement and LICENSEE shall have no further responsibility for patent prosecution
or maintenance costs for such patent application or patent that incurred after such termination; or

 

		(b)	upon written notice to YALE in the event YALE commits a material breach of any of the provisions of this Agreement and such
breach is not cured (if capable of being cured) within [***] period after receipt of written notice thereof from LICENSEE,
or upon receipt of such notice if such breach is not capable of being cured.

 

		13.4	Upon termination (but not expiration) of this Agreement, for any reason, all rights and licenses granted to LICENSEE under
the terms of this Agreement are terminated. Upon such termination, LICENSEE shall cease to make, have made, use, sell, have sold,
distribute, practice, import or export LICENSED PRODUCTS. Within [***] of the effective date of termination LICENSEE shall
return to YALE:

 

		(a)	All CONFIDENTIAL INFORMATION disclosed by YALE and possessed by LICENSEE;

 

		(b)	the last report required under Article 4 or Article 9; and

 

		(c)	all payments incurred up to the effective date of termination.

 

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		13.5	If the applicable SUBLICENSEE under any sublicense granted in accordance with Article 7 is not in default with respect to any
of its obligations under such agreement at the time of termination of this Agreement or termination of the applicable license hereunder,
as the case may be, then such sublicense agreement shall continue in full force and effect despite such termination and shall be
deemed to be a direct license by YALE. Notwithstanding the foregoing, YALE shall not be obligated to assume additional obligations
beyond those contained in this Agreement with respect to any sublicense that survives termination of this Agreement.

 

		13.6	Termination (but not expiration) of this Agreement shall not affect any rights or obligations accrued prior to the effective
date of such termination and specifically LICENSEE’s obligation to pay all royalties and other payments specified by Article
5 and Article 6 that accrued before the date of termination. In particular, but without limitation, the following provisions shall
survive any termination: Articles 2, 3.6 and 8, the preservation and inspection obligations of Article 9, Article 12, this Article
13.6, Article 13.7, Article 14, Article 15, Article 17.1, and Article 18. The parties agree that claims giving rise to indemnification
may arise after the TERM or termination of the LICENSE granted herein.

 

		13.7	The rights provided in this Article 13 shall be in addition and without prejudice to any other rights, whether at law or in
equity, which the parties may have with respect to any default or breach of the provisions of this Agreement.

 

		13.8	Waiver by either party of one or more defaults or breaches shall not deprive such party of the right to terminate because of
any subsequent default or breach.

 

14. INDEMNIFICATION;
INSURANCE; NO WARRANTIES

 

		14.1	LICENSEE shall indemnify, defend by counsel reasonably acceptable to YALE, and hold harmless YALE and its trustees, officers,
employees, and agents (collectively, “YALE Indemnitees”), from and against any third party claim, liability, cost,
expense, damage, deficiency, loss, or obligation, of any kind or nature (including, without limitation, reasonable attorneys’
fees and other costs and expenses of defense) (collectively, “CLAIMS”), including without limitation any cause of action
relating to product liability, or any theory of liability (including without limitation tort, warranty, or strict liability) or
the death, personal injury, or illness of any person or out of damage to any property related in any way to the rights granted
under this Agreement; in each case resulting from the production, manufacture, sale, use, lease, or other disposition or consumption
or advertisement of the LICENSED PRODUCTS by LICENSEE, its AFFILIATES, SUBLICENSEES or any other third-party transferees; or in
connection with any statement, representation or warranty of LICENSEE, its AFFILIATES, SUBLICENSEES or any other third-party transferees
with respect to the LICENSED PRODUCTS. LICENSEE shall not settle or compromise the CLAIM without the prior written consent of YALE,
such consent not to be unreasonably withheld. Without limiting the foregoing, YALE may withhold its consent to any settlement or
compromise that would in any manner constitute or incorporate an admission of liability by YALE or require YALE to take or refrain
from taking any action. The foregoing obligations in this Article 14.1 shall not apply to any CLAIM resulting from YALE’s
gross negligence or willful misconduct or material breach of any of YALE’s representations or warranties set forth in this
Article 14. No YALE Indemnitee shall settle or compromise any CLAIM without the prior written consent of LICENSEE, such consent
not to be unreasonably withheld.

 

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		14.2	LICENSEE shall, in accordance with Article 14.3, purchase and maintain in effect and shall require its SUBLICENSEES to purchase
and maintain in effect a policy of commercial, general liability insurance to protect YALE with respect to events described in
Article 14.1. Such insurance shall:

 

		(a)	list “YALE, its trustees, directors, officers, employees and agents” as additional insured under the policy;

 

		(b)	provide that such policy is primary and not excess or contributory with regard to other insurance YALE may have;

 

		(c)	be endorsed to include product liability coverage in amounts no less than $[***] Dollars per incident and $[***]
Dollars annual aggregate; and

 

		(d)	be endorsed to include contractual liability coverage for LICENSEE’s indemnification under Article 14.1; and

 

		(e)	by virtue of the minimum amount of insurance coverage required under Article 14.2(c), not be construed to create a limit of
LICENSEE’s liability with respect to its indemnification under Article 14.1.

 

		14.3	By signing this Agreement, LICENSEE certifies that the requirements of Article 14.2 will be met on or before the earlier of
(a) the date of FIRST SALE of any LICENSED PRODUCT or (b) the date any LICENSED PRODUCT is tested or used on humans, and will continue
to be met thereafter. Upon YALE’s request, LICENSEE shall furnish a Certificate of Insurance and a copy of the current insurance
policy to YALE. LICENSEE shall secure agreement from its insurer to give [***] written notice to YALE prior to any cancellation
of or material change to the policy.

 

		14.4	To the best of its knowledge, YALE hereby represents and warrants to LICENSEE that: (i) YALE has the full right and power to
enter into this Agreement and to grant the LICENSE and rights granted to LICENSEE herein; (ii) YALE has not granted any rights
or licenses under the LICENSED PATENTS to any third party within the FIELD ; (iii) there are no outstanding agreements, assignments
or encumbrances in existence which are inconsistent with the provisions of this Agreement, and YALE will not grant any rights inconsistent
with the LICENSE and rights granted to LICENSEE herein; and (iv) YALE owns all right, title and interest in and to the LICENSED
PATENTS (including the inventions disclosed therein), and there have been no inventorship or ownership disputes or interferences,
oppositions or litigation regarding the LICENSED PATENTS. Except as expressly set forth above in this Article 14.4:

 

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		(a)	YALE MAKES NO, AND EXPRESSLY DISCLAIMS ALL, REPRESENTATIONS OR WARRANTIES THAT ANY CLAIMS OF THE LICENSED PATENTS, ISSUED OR
PENDING, ARE VALID, OR THAT THE MANUFACTURE, USE, PRACTICE, SALE OR OTHER DISPOSAL OF THE LICENSED PRODUCTS DOES NOT OR WILL NOT
INFRINGE UPON ANY PATENT OR OTHER RIGHTS NOT VESTED IN YALE; AND

 

		(b)	YALE MAKES NO, AND EXPRESSLY DISCLAIMS ALL, REPRESENTATIONS AND WARRANTIES WHATSOEVER WITH RESPECT TO THE LICENSED PATENTS
AND LICENSED PRODUCTS, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE.

 

		14.5	LICENSEE SHALL MAKE NO STATEMENTS, REPRESENTATION OR WARRANTIES WHATSOEVER TO ANY THIRD PARTIES THAT ARE INCONSISTENT WITH
THE DISCLAIMERS BY YALE IN ARTICLE 14.4(a) AND (b).

 

		14.6	IN NO EVENT SHALL YALE, OR ITS TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND AFFILIATES BE LIABLE FOR SPECIAL, INCIDENTAL, CONSEQUENTIAL
OR INDIRECT DAMAGES OF ANY KIND HEREUNDER, INCLUDING ECONOMIC DAMAGE OR INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER
YALE SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING.

 		14.7	IN NO EVENT SHALL YALE, OR ITS TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND AFFILIATES, BE LIABLE FOR DAMAGES IN EXCESS OF
AMOUNTS YALE HAS RECEIVED FROM LICENSEE UNDER THIS LICENSE.

 

15. NOTICES

 

		15.1	Any monetary payment, notice or other communication required by this Agreement (a) shall be in writing, (b) may be delivered
personally or sent by reputable overnight courier with written verification of receipt or by registered or certified first class
United States Mail, postage prepaid, return receipt requested, (c) shall be sent to the following addresses or to such other address
as such party shall designate by written notice to the other party, and (d) shall be effective upon receipt:

 

	
        FOR YALE:

        Managing Director

        YALE UNIVERSITY

        Office of Cooperative Research

        433 Temple Street

        New Haven, CT 06511
	
        FOR LICENSEE:

        Chief Executive Officer

        Humacyte, Inc.

        7020 Kit Creek Road, Ste. 110

        Research Triangle Park, NC 27709

         

 

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16. INVENTOR
AGREEMENTS

 

		16.1	If LICENSEE and any INVENTORS enter into an INVENTOR AGREEMENT, LICENSEE shall so notify YALE in writing within [***].
The LICENSEE acknowledges that: (i) the INVENTORS are a faculty member, other employee, or student of YALE; (ii) the INVENTORS
are subject to certain policies of YALE, as such policies may be revised from time to time, including policies concerning consulting,
conflicts of interest, and intellectual property (“YALE POLICIES”); (iii) to the extent any provision of the INVENTOR
AGREEMENT conflicts with YALE POLICIES, or imposes obligations or responsibilities compliance with which would require the INVENTORS
to act in violation of YALE POLICIES, such provision shall be void. INVENTORS are third party beneficiaries of this paragraph.

 

17. LAWS,
FORUM AND REGULATIONS

 

		17.1	Any matter arising out of or related to this Agreement shall be governed by and in accordance with the substantive laws of
the State of Connecticut, without regard to its conflicts of law principles, except where the federal laws of the United States
are applicable and have precedence.

 

		17.2	LICENSEE shall comply, and shall cause its AFFILIATES and include provisions in its sublicenses requiring SUBLICENSEES to comply,
with all foreign and United States federal, state, and local laws, regulations, rules and orders applicable to the testing, production,
transportation, packaging, labeling, export, practice, sale and use of the LICENSED PRODUCTS. In particular, LICENSEE shall be
responsible for assuring compliance with all United States export laws and regulations applicable to this LICENSE and LICENSEE’s
activities under this Agreement.

 

18. MISCELLANEOUS

 

		18.1	This Agreement shall be binding upon and inure to the benefit of the parties and their respective legal representatives, successors
and permitted assigns.

 

		18.2	This Agreement constitutes the entire agreement of the parties relating to the LICENSED PATENTS, LICENSED PRODUCTS and LICENSED
METHODS, and all prior representations, agreements and understandings, written or oral, are merged into it and are superseded by
this Agreement.

 

		18.3	The provisions of this Agreement shall be deemed separable. If any part of this Agreement is rendered void, invalid, or unenforceable,
such determination shall not affect the validity or enforceability of the remainder of this Agreement; provided, however, that,
if the absence of such part causes a material adverse change in either the risks or benefits of this Agreement to either party,
the parties shall negotiate in good faith a commercially reasonable substitute or replacement for the void, invalid or unenforceable
part. All remaining portions shall remain in full force and effect as if the original Agreement had been executed without the invalidated,
unenforceable or illegal part.

 

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		18.4	Paragraph headings are inserted for convenience of reference only and do not form a part of this Agreement.

 

		18.5	No person not a party to this Agreement, including any employee of any party to this Agreement, shall have or acquire any rights
by reason of this Agreement. Nothing contained in this Agreement shall be deemed to constitute the parties partners or joint venturers
with each other or any third party, and neither party shall be deemed the agent of the other.

 

		18.6	This Agreement may not be amended or modified except by written agreement executed by each of the parties. This Agreement is
personal to LICENSEE and shall not be assigned by LICENSEE without the prior written consent of YALE; provided, however, that LICENSEE
may assign this Agreement without such consent: (a) to an AFFILIATE; or (b) in connection with LICENSEE’s merger, consolidation
or reorganization with a third party or the sale or other transfer of substantially all of LICENSEE’s stock or the sale or
other transfer of LICENSEE’s entire business. Any attempted assignment in contravention of this Article 18.6 shall be null
and void and shall constitute a material breach of this Agreement.

 

		18.7	LICENSEE, or any SUBLICENSEE or assignee, will not create, assume or permit to exist any lien, pledge, security interest or
other encumbrance on the LICENSED PATENTS or any sublicense.

 

		18.8	The failure of any party hereto to enforce at any time, or for any period of time, any provision of this Agreement shall not
be construed as a waiver of either such provision or of the right of such party thereafter to enforce each and every provision
of this Agreement.

 

		18.9	This Agreement may be executed in any number of counterparts and any party may execute any such counterpart, each of which
when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute but
one and the same instrument.

 

Signature Page Follows

 

    24

     

    

 

IN WITNESS to their Agreement, the parties have caused this
Agreement to be executed in duplicate originals by their duly authorized representatives.

 

	YALE UNIVERSITY	 	HUMACYTE, INC.
	 	 	 	 	 
	By:	/s/ Jon Soderstrom	 	By:	/s/ Paul A. Boyer
	Name:	E. Jonathan Soderstrom, Ph.D.	 	Name:	Paul A. Boyer
	Title:	Managing Director 

Office of Cooperative Research	 	Title:	Chief Financial Officer
	Date:	25 Feb 2014	 	Date:	February 24, 2014

 

 

25

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