Document:

EXHIBIT 4(c)(iv).5

 

 

 

PORTAGE
BIOTECH INC.

 

AMENDED AND RESTATED

 

2021 EQUITY INCENTIVE PLAN

 

 1.                 
Purposes of the Plan.

 

This Plan is an amendment and restatement,
effective as of the 2022 Amendment Date, of the Portage Biotech Inc. 2021 Equity Incentive Plan. The purpose of this Plan is to develop
the interest of the directors, officers, employees and consultants who provide on-going services to the Company and its subsidiaries in
the growth and development of the Company by providing such persons with the opportunity to acquire an equity interest in the Company
or to be paid incentive compensation and to better enable the Company and its subsidiaries to attract and retain persons of desired experience
and ability.

 

The Plan permits the grant of Incentive
Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Dividend Equivalent Rights, Restricted Stock, Restricted Stock Units
and Cash-Based Incentive Awards.

 

 2.                 
Definitions. As used herein, the following definitions will apply:

 

 (a)              
“2022 Amendment Date” means January 19, 2022.

 

(b)              
“Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

(c)               
“Administrator” means the Board or any of its Committees as will be administering the Plan, in accordance with
Section 4 of the Plan.

 

(d)              
“Applicable Laws” means the requirements relating to the administration of equity-based awards under U.S. state
corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is
listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan or
where Shares are, or will be, granted on exercise of any such Award.

 

 

(e)               
“Award” means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Dividend
Equivalent Rights, Restricted Stock, Restricted Stock Units or Cash-Based Incentive Awards.

 

(f)                
“Award Agreement” means the written or electronic agreement setting forth the terms and provisions applicable
to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.

     

     

    

 (g)                
“Board” means the Board of Directors of the Company.

 

(h)                
“Cash-Based Incentive Award” means an Award denominated in cash that is granted under Section 10 of the Plan.

 

(i)                
“Cause” means:

 

(i)                
an unauthorized use or disclosure by the Participant of the Company’s confidential information or trade secrets that causes
material harm to the Company;

 

(ii)              
a material breach by the Participant of any agreement between the Participant and the Company;

 

(iii)            
a material failure by the Participant to comply with the Company’s written policies or rules;

 

(iv)            
the Participant’s conviction of, or plea of “guilty” or “no contest” to, a felony under the laws
of the United States or any State thereof;

 

 (v)                
the Participant’s gross negligence or willful misconduct;

 

(vi)            
a continuing failure by the Participant to perform assigned duties after receiving written notification of such failure from the
Board; or

 

(vii)          
a failure by the Participant to cooperate in good faith with a governmental or internal investigation of the Company or its directors,
officers or employees, if the Company has requested the Participant’s cooperation.

 

 (j)                
“Change in Control” means:

 

(i)                
the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity;

 

(ii)              
a merger, reorganization or consolidation pursuant to which the holders of the Company’s outstanding voting power and outstanding
shares immediately prior to such transaction do not own a majority of the outstanding voting power and outstanding shares or other equity
interests of the resulting or successor entity (or its ultimate parent, if applicable) immediately upon completion of such transaction;

 

(iii)            
the sale of more than fifty percent of the Shares of the Company to an unrelated person, entity or group thereof acting in concert;
or

 

(iv)            
any other transaction in which the owners of the Company’s outstanding voting power immediately prior to such transaction
do not own at least a majority of the outstanding voting power of the Company or any successor entity immediately upon completion of the
transaction other than as a result of the acquisition of securities directly from the Company.

    	 	-2-	 

     

    

(k)              
“Code” means the United States Internal Revenue Code of 1986, as amended. Any reference to a section of the
Code herein will be a reference to any successor or amended section of the Code.

 

(l)              
“Committee” means the compensation committee of Directors or of other individuals satisfying Applicable Laws
appointed by the Board, or by the compensation committee of the Board, in accordance with Section 4 hereof.

 

 (m)              
“Common Stock” means the common stock of the Company.

 

(n)              
“Company” means Portage Biotech Inc., a corporation established in the territory of the British Virgin Islands,
or any successor thereto.

 

(o)              
“Consultant” means any natural person, including an advisor, engaged by the Company to render bona fide services
to such entity, provided the services (i) are not in connection with the offer or sale of securities in a capital-raising transaction,
and (ii) do not directly promote or maintain a market for the Company’s securities.

 

 (p)              
“Director” means a member of the Board.

 

(q)              
“Disability” means total and permanent disability as defined in Code Section 22(e)(3), provided that in the
case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability
exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time.

 

(r)                
“Dividend Equivalent Right” means an Award entitling the grantee to receive credits based on dividends that
would have been paid on Shares specified in the Dividend Equivalent Right (or other Award to which it relates) if such Shares had been
issued to and held by the grantee.

 

(s)               
“Employee” means any person, including officers and Directors, employed by the Company. Neither service as a
Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company.

 

(t)               
“Exchange Act” means
the United States Securities Exchange Act of 1934, as amended.

 

(u)               
“Exchange Program”
means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the same type (which may
have higher or lower exercise prices and different terms), Awards of a different type, and/or cash, (ii) Participants would have the
opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Administrator,
and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator will determine the terms and
conditions of any Exchange Program in its sole discretion.

 

(v)               “Fair
Market Value” means the fair market value of a Share as determined by the Administrator in good faith, provided, however,
that if the Shares are listed on the National Association of Securities Dealers Automated Quotation System
(“NASDAQ”), Nasdaq Global Market, The New York Stock Exchange, Canadian Securities Exchange, or another national
securities exchange or traded on any established market, the determination shall be made by reference to market quotations. If there
are no market quotations for such date, the determination shall be made by reference to the last date preceding such date for which
there are market quotations. Such determination shall be conclusive and binding on all persons

 

    	 	-3-	 

     

    

(w)               
“Incentive Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as
an incentive stock option within the meaning of Code Section 422 and the United States Treasury Regulations promulgated thereunder.

 

(x)               
“Nonstatutory Stock Option” means an Option that by its terms does not qualify or is not intended to qualify
as an Incentive Stock Option.

 

 (y)               
“Option” means a stock option granted pursuant to the Plan.

 

(z)               
“Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Code Section
424(e).

 

(aa)               
“Participant”
means the holder of an outstanding Award.

 

(bb)               
“Period
of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to restrictions and therefore,
the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of
target levels of performance, or the occurrence of other events as determined by the Administrator.

 

(cc)               
“Plan”
means this Portage Biotech Inc. Amended and Restated 2021 Equity Incentive Plan, as in effect from time to time.

 

(dd)               
“Qualifying
Director” means a Person who is, with respect to actions intended to obtain an exemption from Section16(b) of the Exchange Act
pursuant to Rule 16b-3 under the Exchange Act, a “non-employee director” within the meaning of Rule 16b-3 under the Exchange
Act.

 

(ee)               
“Restricted
Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 8 of the Plan or the early exercise of an
Option.

 

(ff)               
“Restricted
Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant to
Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.

 

(gg)               
“Separation
from Service” means a “Separation from Service” as such term is defined in the United States Treasury Regulations
promulgated under Code Section 409A.

 

(hh)               
“Service Provider”
means an Employee, Director or Consultant.

 

(ii)               
“Share” means a share of the Common Stock, as adjusted in accordance with Section 14 of the Plan.

    	 	-4-	 

     

    

(jj)               
“Share Limit”
means the maximum aggregate number of Shares that may be issued pursuant to Awards under this Plan.

 

(kk)               
“Stock Appreciation
Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 7 is designated as a Stock Appreciation
Right.

 

(ll)               
“Subsidiary”
means a “subsidiary corporation,” whether now or hereafter existing, as defined in Code Section 424(f).

 

 3.                 
Share Limit.

 

(a)               
General. Subject to Section 14 of the Plan, the Share Limit shall be equal to [●], all of which may be granted pursuant
to Incentive Stock Options. Notwithstanding the foregoing, in each calendar year following 2022, and taking into account the then-current
business environment, the Company’s business needs and such additional factors as the Board, in its sole and absolute discretion,
determines to be appropriate, the Board may determine to increase (on a cumulative basis) the then-applicable Share Limit by a number
of Shares not to exceed five percent (5%) of the aggregate number of Shares then outstanding. However, any increase described in the immediately
preceding sentence shall not affect the aggregate number of Shares that may be issued as Incentive Stock Options (which, for avoidance
of doubt, shall at all times be equal to [●], subject to adjustment solely in accordance with Section 14 of the Plan and Code Section
424).

 

(b)              
Lapsed Awards. If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant
to an Exchange Program, is forfeited, or is repurchased by the Company for an amount equal to the lower of (i) the Exercise Price of each
Share being repurchased and (ii) the Fair Market Value of each Share being repurchased at the time the right of repurchase is exercised
(such that the repurchase is effectively a forfeiture), the Shares that were subject thereto will become available for future grant or
sale under the Plan (unless the Plan has terminated). With respect to Stock Appreciation Rights, only Shares actually issued pursuant
to a Stock Appreciation Right will cease to be available under the Plan; all remaining Shares under Stock Appreciation Rights will remain
available for future grant or sale under the Plan (unless the Plan has terminated). Shares that have actually been issued under the Plan
under any Award will not be returned to the Plan and will not become available for future distribution under the Plan; except that Shares
that are forfeited to the Company, including Shares that are effectively forfeited to the Company as the result of a Company repurchase,
will become available for future grant under the Plan. Shares used to pay the exercise price of an Award or to satisfy the tax withholding
obligations related to an Award will become available for future grant or sale under the Plan. To the extent an Award under the Plan is
paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the
Plan. Notwithstanding the foregoing and, subject to adjustment as provided in Section 14, the maximum number of Shares that may be issued
upon the exercise of Incentive Stock Options will equal the aggregate number stated in the last sentence of Section 3(a) plus, to the
extent allowable under Code Section 422 and the Treasury Regulations promulgated thereunder, any Shares that become available for issuance
under the Plan pursuant to Section 3(b).

 

(c)                Share
Reserve. Shares granted pursuant to Awards may consist of authorized but unissued Shares, treasury Shares or reacquired Shares.
The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will be sufficient
to satisfy the requirements of the Plan.

 

    	 	-5-	 

     

    

 4.                 
Administration of the Plan.

 

(a)               
Administration of the Plan; Delegation. The Plan shall be administered by the Administrator. To the extent required to comply
with the provisions of Rule16b-3 promulgated under the Exchange Act (if the Board is not acting as the Committee under the Plan) it is
intended that each member of the Committee shall, at the time such member takes any action with respect to an Award under the Plan that
is intended to qualify for the exemptions provided by Rule 16b-3 promulgated under the Exchange Act be a Qualifying Director. However,
the fact that a Committee member shall fail to qualify as a Qualifying Director shall not invalidate any Award granted by the Committee
that is otherwise validly granted under the Plan. Subject to Applicable Law, the Board or the Committee, in its discretion, may delegate
all or part of its administrative duty and authority to a committee consistent of one or more officers of the Company, including the Chief
Executive Officer, other than with respect to grants to individuals who are subject to the reporting and other provisions of Section 16
of the Exchange Act or are members of a committee to which such authority is delegated.

 

(b)              
Powers of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific
duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion:

 

 (i)              
to determine the Fair Market Value;

 

(ii)              
to select the Service Providers to whom
Awards may be granted hereunder; granted

 

 (iii)              
to determine the number of Shares to be covered by each Award

 

(iv)              
to approve forms of Award Agreements
for use under the Plan (which forms may, for the avoidance of doubt, be different for each Service Provider to whom Awards are
proposed to be granted hereunder);

 

(v)              
to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms
and conditions include, but are not limited to, the terms and conditions of grant, the exercise price, the time or times when Awards may
be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction
or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine;

 

(vi)            
to institute and determine the terms and conditions of an Exchange Program pursuant to the Plan;

 

(vii)              
to construe and interpret the terms of
the Plan and Awards granted hereunder;

    	 	-6-	 

     

    

(viii)        
to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans
established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign
laws;

 

(ix)            
to modify or amend each Award (subject to Section 19(c) of the Plan), including but not limited to the discretionary authority
to extend the post-termination exercisability period of Awards and to extend the maximum term of an Option (subject to Section 6(d));

 

(x)              
to allow Participants to satisfy withholding tax obligations in a manner prescribed in Section 14;

 

(xi)            
to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously
granted by the Administrator; and

 

(xii)          
to make all other determinations deemed necessary or advisable for administering the Plan.

 

(c)               
Effect of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will be
final and binding on all Participants and any other holders of Awards.

 

(d)              
Indemnification. Neither the Board nor the Committee nor any member of either or any delegate thereof, shall be liable for
any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and the members of the
Board, the Committee (and any delegate thereof) shall be entitled in all cases to indemnification and reimbursement by the Company in
respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees) arising or resulting therefrom
to the fullest extent permitted by law and/or under the Company’s articles or bylaws, and any directors’ and officers’
liability insurance coverage which may be in effect from time to time and/or any indemnification agreement between such individual and
the Company.

 

5.                 
Eligibility. Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units and Dividend
Equivalent Rights may be granted to Service Providers. Incentive Stock Options may be granted only to Employees.

 

 6.                 
Stock Options.

 

(a)               
Grant of Options. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time,
may grant Options in such amounts as the Administrator, in its sole discretion, will determine.

 

(b)               Option
Agreement. Each Award of an Option will be evidenced by an Award Agreement that will specify the terms and conditions of grant,
the exercise price, the term of the Option, the number of Shares subject to the Option, the exercise restrictions, if any,
applicable to the Option, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Except
as provided in Section 14(a), dividends shall not be paid with respect to Shares subject to an Option; provided, however, that the
holder of an Option may be credited with Dividend Equivalent Rights with respect to the Shares subject to such Option to the extent
set forth in the applicable Award Agreement or as otherwise determined by the Administrator from time to time, and subject to such
terms and conditions as the Administrator may determine.

 

    	 	-7-	 

     

    

(c)               
Limitations. Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory
Stock Option. Notwithstanding such designation, however, to the extent that the aggregate Fair Market Value of the Shares with respect
to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under all plans of the
Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000) (United States currency), such Options will be treated
as Nonstatutory Stock Options. For purposes of this Section 6(c), Incentive Stock Options will be taken into account in the order in which
they were granted, the Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted,
and calculation will be performed in accordance with Code Section 422 and Treasury Regulations promulgated thereunder. In addition, the
qualification of Awards as Incentive Stock Options shall be subject to shareholder approval of the Plan in accordance with Section 24
hereof.

 

(d)              
Term of Option. The term of each Option will be stated in the Award Agreement; provided, however, that the term will be
no more than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant who, at
the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total combined voting power
of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5) years from
the date of grant or such shorter term as may be provided in the Award Agreement.

 

 (e)              
Option Exercise Price and Consideration.

 

(i)                
Exercise Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be determined
by the Administrator, but will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. In
addition, in the case of an Incentive Stock Option granted to an Employee who owns stock representing more than ten percent (10%) of the
voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than one
hundred ten percent (110%) of the Fair Market Value per Share on the date of grant. Notwithstanding the foregoing provisions of this Section
6(e)(i), Options may be granted with a per Share exercise price of less than one hundred percent (100%) of the Fair Market Value per Share
on the date of grant pursuant to a transaction described in, and in a manner consistent with, Code Section 424(a).

 

(ii)              
Waiting Period and Exercise Dates. At the time an Option is granted, the Administrator will fix the period within which
the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised.

 

(iii)             Form
of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including the
method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration
at the time of grant. Such consideration may consist of: (1) cash; (2) check; (3) promissory note, to the extent permitted by
Applicable Laws; (4) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the
aggregate exercise price of the Shares as to which such Option will be exercised and provided further that accepting such Shares
will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion; (5)
consideration received by the Company under a cashless exercise program (whether through a broker or otherwise) implemented by the
Company in connection with the Plan; (6) by net exercise; (7) such other consideration and method of payment for the issuance of
Shares to the extent permitted by Applicable Laws; or (8) any combination of the foregoing methods of payment. In making its
determination as to the type of consideration to accept, the Administrator will consider if acceptance of such consideration may be
reasonably expected to benefit the Company.

 

    	 	-8-	 

     

    
 (f)              
Exercise of Option.

 

(i)                
Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms
of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option
may not be exercised for a fraction of a Share.

 

An Option will be deemed exercised
when the Company receives: (1) notice of exercise (in such form as the Administrator may specify from time to time) from the person
entitled to exercise the Option, and (2) full payment for the Shares with respect to which the Option is exercised (together with
applicable tax withholding). Full payment may consist of any consideration and method of payment authorized by the Administrator and
permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the
Participant or, if requested by the Participant, in the name of the Participant and his or her spouse. Until the Shares are issued
(as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right
to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares subject to an Option,
notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is
exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are
issued, except as provided in Section 14 of the Plan.

 

Exercising an
Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option,
by the number of Shares as to which the Option is exercised.

 

(ii)               Resignation
or Termination without Cause. If a Participant ceases to be a Service Provider, other than as the result of the
Participant’s termination for Cause or the Participant’s death or Disability, the Participant may exercise his or her
Option within ninety (90) days of termination, or such longer period of time as is specified in the Award Agreement or determined by
the Administrator (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the
extent that the Option is vested on the date of termination. Unless otherwise provided by the Administrator, if on the date of
termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option
will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified by the
Administrator, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

 

    	 	-9-	 

     

    

(iii)            
Termination for Cause. If a Participant ceases to be a Service Provider as the result of the Participant’s termination
for Cause or the Participant’s resignation in anticipation of a termination for Cause, the Participant may not exercise his or her
Option following such termination or resignation. Unless otherwise provided by the Administrator, a Participant who is terminated for
Cause, or who resigns in anticipation of a termination for Cause, will automatically forfeit his or her Option in its entirety (including
any vested portion). Such forfeited Option will terminate and the Shares covered by the Option will revert to the Plan. Any determination
of whether a Participant resigned in anticipation of a termination for Cause or a Participant’s employment or service is (or is
deemed to have been) terminated for Cause shall be made by the Administrator in its sole discretion, which determination shall be final
and binding. If, subsequent to a Participant’s termination of employment or service, it is determined by the Administrator that
the Participant’s employment or service could have been terminated for Cause, the Administrator may deem such Participant’s
employment or service to have been terminated for Cause, and any Option held by the Participant shall be subject to the treatment applicable
following a termination for Cause, including under any recapture, clawback or similar policy of the Company as may be in effect from time
to time.

 

(iv)            
Disability of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability,
the Participant may exercise his or her Option within one (1) year of termination, or such longer period of time as is specified in the
Award Agreement or determined by the Administrator (but in no event later than the expiration of the term of such Option as set forth
in the Award Agreement) to the extent the Option is vested on the date of termination. Unless otherwise provided by the Administrator,
if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion
of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified
herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

 

(v)              
Death of Participant. If a Participant dies while a Service Provider, the Option may be exercised within one (1) year following
the Participant’s death, or within such longer period of time as is specified in the Award Agreement or determined by the Administrator
(but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option
is vested on the date of death, by the Participant’s designated beneficiary, provided such beneficiary has been designated prior
to the Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been designated by the Participant,
then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the Option
is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution. Unless otherwise provided
by the Administrator, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested
portion of the Option will immediately revert to the Plan. If the Option is not so exercised within the time specified herein, the Option
will terminate, and the Shares covered by such Option will revert to the Plan.

 

 7.                 
Stock Appreciation Rights.

    	 	-10-	 

     

    

(a)               
Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted
to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.

 

(b)              
Number of Shares. The Administrator will have complete discretion to determine the number of Shares subject to any Award
of Stock Appreciation Rights.

 

(c)               
Exercise Price and Other Terms. The per Share exercise price for the Shares that will determine the amount of the payment
to be received upon exercise of a Stock Appreciation Right as set forth in Section 7(f) will be determined by the Administrator and will
be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject
to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted
under the Plan.

 

(d)              
Stock Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will
specify the terms and conditions of grant, the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and
such other terms and conditions as the Administrator, in its sole discretion, will determine. Except as provided in Section 14(a), dividends
shall not be paid with respect to Shares subject to a Stock Appreciation Right; provided, however, that the holder of a Stock Appreciation
Right may be credited with Dividend Equivalent Rights with respect to the Shares subject to such Stock Appreciation Right to the extent
set forth in the applicable Award Agreement or as otherwise determined by the Administrator from time to time, and subject to such terms
and conditions as the Administrator may determine.

 

(e)               
Expiration of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined
by the Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section
6(d) relating to the maximum term and Section 6(f) relating to exercise also will apply to Stock Appreciation Rights.

 

(f)                
Payment of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled
to receive payment from the Company in an amount determined by multiplying:

 

(i)                
The difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times

 

(ii)                
The number of Shares with respect to which the Stock Appreciation Right is exercised.

 

At the discretion of the Administrator, the payment upon
Stock Appreciation Right exercise may be in cash, in Shares of equivalent value, or in some combination thereof.

 

 8.                 
Restricted Stock.

    	 	-11-	 

     

    

(a)               
Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time
to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will
determine.

 

(b)              
Restricted Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the
terms and conditions of grant, the Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator,
in its sole discretion, will determine. Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of
Restricted Stock until the restrictions on such Shares have lapsed.

 

(c)               
Transferability. Except as provided in this Section 8 or as the Administrator determines, Shares of Restricted Stock may
not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.

 

(d)              
Other Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted
Stock as it may deem advisable or appropriate.

 

(e)               
Removal of Restrictions. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted
Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction or
at such other time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which any restrictions
will lapse or be removed.

 

(f)                
Voting Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder
may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise.

 

(g)              
Dividends and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock
will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides
otherwise. In addition, Service Providers holding Shares of Restricted Stock may be credited with Dividend Equivalent Rights with respect
to such Shares to the extent set forth in the applicable Award Agreement or as otherwise determined by the Administrator from time to
time, and subject to such terms and conditions as the Administrator may determine. If any such dividends or distributions or Dividend
Equivalent Rights are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the
Shares of Restricted Stock with respect to which they were paid.

 

(h)              
Return of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions
have not lapsed will revert to the Company and again will become available for grant under the Plan.

 

 9.                 
Restricted Stock Units.

 

(a)                Grant.
Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After the Administrator
determines that it will grant Restricted Stock Units, it will advise the Participant in an Award Agreement of the terms, conditions,
and restrictions related to the grant, including the number of Restricted Stock Units.

    	 	-12-	 

     

    

(b)              
Vesting Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the
extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The
Administrator may set vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but
not limited to, continued employment or service), or any other basis determined by the Administrator in its discretion.

 

(c)               
Earning Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive
a payout as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the
Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.

 

(d)              
Form and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s)
determined by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may settle earned Restricted
Stock Units in cash, Shares, or a combination of both.

 

(e)               
Rights as a Shareholder. A grantee shall not have any rights as a shareholder of the Company until and unless the grantee
is issued Shares upon settlement of Restricted Share Units; provided, however, that the grantee may be credited with Dividend Equivalent
Rights with respect to the units underlying his or her Restricted Share Units, subject to such terms and conditions as the Administrator
may determine.

 

(f)                
Cancellation. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the
Company.

 

10.             
Cash-Based Incentive Awards; Dividend Equivalent Rights.

 

(a)               
The Administrator may grant Cash-Based Incentive Awards under the Plan. A Cash-Based Incentive Award is an Award that entitles
the grantee to a payment in cash upon the attainment of specified performance goals. The Administrator shall determine the maximum duration
of the Cash-Based Incentive Award, the amount of cash to which the Cash-Based Incentive Award pertains, the conditions upon which the
Cash-Based Incentive Award shall become vested or payable, and such other provisions as the Administrator shall determine. Each Cash-Based
Incentive Award shall specify a cash-denominated payment amount, formula or payment ranges as determined by the Administrator. Payment,
if any, with respect to a Cash-Based Incentive Award shall be made in accordance with the terms of the Award and may be made in cash.

 

(b)               The
Administrator may grant Dividend Equivalent Rights under the Plan pursuant to an Award Agreement. Dividend Equivalent Rights may be
granted alone or ancillary to or otherwise in respect of any other Award. A Dividend Equivalent Right shall relate to a specified
number of Shares and shall entitle the holder of the Dividend Equivalent Right to a payment in an amount equal to the amount of the
dividends that would have been payable to a holder of such Shares had they been outstanding and vested during the term of the
Dividend Equivalent Right. Payment of a Dividend Equivalent Right may be made in cash, Shares, other securities, other Awards or
other property and may be made currently or credited to an account (which shall not bear interest) for the holder and paid at such
time as the Administrator shall specify in the applicable Award Agreement. Dividend Equivalent Rights shall otherwise be subject to
such terms and conditions (which may include vesting and forfeiture terms, and may provide for payment in the form of reinvestment
in additional Shares) as may be set out in the applicable Award Agreement.

 

    	 	-13-	 

     

    

11.             
Compliance With Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt from
the application of, or comply with, the requirements of Code Section 409A, except as otherwise determined in the sole discretion of the
Administrator. The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be
construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator.
To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award will be granted,
paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or
deferral will not be subject to the additional tax or interest applicable under Code Section 409A.

 

12.             
Leaves of Absence/Transfer Between Locations. Unless the Administrator provides otherwise, vesting of Awards granted hereunder
will be suspended during any unpaid leave of absence. For the purposes of the Plan, a Participant will not cease to be an Employee in
the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company. For purposes of Incentive
Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or
contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months following
the first (1st) day of such leave, any Incentive Stock Option held by the Participant will cease to be treated as an Incentive
Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option.

 

13.             
Transfer of Awards or Shares. Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned,
hypothecated, or otherwise transferred in any manner other than by will or by the laws of descent and distribution, and may be exercised,
during the lifetime of the Participant, only by the Participant (or legal representative or guardian, in the event of the Participant’s
incapacity).

 

 14.             
Adjustments; Dissolution or Liquidation; Merger or Change in Control.

 

(a)                Adjustments.
In the event that any extraordinary cash dividend or other distribution, dividend or other distribution in kind, recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of
Shares or other securities of the Company, or other similar corporate event or transaction or change in the corporate structure of
the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or
potential benefits intended to be made available under the Plan, will adjust or substitute: (i) the number and kind of Shares or
other property that may be issued under the Plan or under particular forms of Awards; (ii) the number and kind of Shares or other
property subject to outstanding Awards; (iii) the exercise price, grant price or purchase price applicable to outstanding Awards;
and/or (iv) other value determinations (including performance conditions) applicable to the Plan or outstanding Awards. All such
adjustments shall be made in good-faith compliance with Code Sections 409A, 422 and 424, as applicable.

 

    	 	-14-	 

     

    

(b)              
Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will
notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been
previously exercised, an Award will terminate immediately prior to the consummation of such proposed action.

 

(c)                Change
in Control. In the event of a Change in Control, each outstanding Award will be treated as the Administrator determines (subject
to the provisions of the following paragraph) without a Participant’s consent. Such treatment may include, without limitation,
that (i) Awards will be assumed, or substantially equivalent Awards will be substituted, by the acquiring or succeeding corporation
(or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices (in good-faith compliance with
Code Sections 409A, 422 and 424, as applicable); (ii) upon written notice to a Participant, the Participant’s Awards will
terminate upon or immediately prior to the consummation of such Change in Control; (iii) outstanding Awards will vest and become
exercisable, realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part prior to or upon
consummation of such Change in Control, and, to the extent the Administrator determines, terminate upon or immediately prior to the
effectiveness of such Change in Control; (iv) the termination of an Award in exchange for an amount of cash and/or property, if any,
equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights
as of the date of the occurrence of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the
transaction the Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or
realization of the Participant’s rights, then such Award may be terminated by the Company without payment); (v) the
replacement of such Award with other rights or property selected by the Administrator in its sole discretion; or (vi) any
combination of the foregoing. In taking any of the actions permitted under this Section 14(c), the Administrator will not be
obligated to treat all Awards similarly, including all Awards held by a Participant or all Awards of the same type.

 

If an Option or
Stock Appreciation Right is not assumed or substituted in the event of a Change in Control, the Administrator may, in its discretion,
elect to accelerate all unvested Shares subject to Options or Stock Appreciation Rights that are not assumed or substituted, and, in any
event, will notify the Participant in writing or electronically that the Option or Stock Appreciation Right will be exercisable for a
period of time determined by the Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate upon
the expiration of such period.

 

For the
purposes of this Section 14(c), an Award will be considered assumed if, following the Change in Control, the Award confers the right
to purchase or receive, for each Share subject to the Award immediately prior to the Change in Control, the consideration (whether
stock, cash, or other securities or property) received in the Change in Control by holders of Common Stock for each Share held on
the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by
the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the Change in
Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the
successor corporation, provide for the consideration to be received upon the exercise of an Option or Stock Appreciation Right or
upon the payout of a Restricted Stock Unit, for each Share subject to such Award, to be solely common stock of the successor
corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the
Change in Control.

 

    	 	-15-	 

     

    

Notwithstanding
anything in this Section 14(c) to the contrary, an Award that vests, is earned or paid out upon the satisfaction of one or more performance
goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s
consent; provided, however, a modification to such performance goals only to reflect the successor corporation’s post-Change in
Control corporate structure will not be deemed to invalidate an otherwise valid Award assumption.

 

Notwithstanding
anything in this Section 14(c) to the contrary, if a payment under an Award Agreement is subject to Code Section 409A and if the change
in control definition contained in the Award Agreement does not comply with the definition of “change in control event” for
purposes of a distribution under Code Section 409A, then any payment of an amount that is otherwise accelerated under this Section will
be delayed until the earliest time that such payment would be permissible under Code Section 409A without triggering any penalties applicable
under Code Section 409A.

 

 15.             
Tax Withholding.

 

(a)               
Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company
will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy
federal, state, local, foreign or other taxes (including the Participant’s FICA obligation) required to be withheld with respect
to such Award (or exercise thereof).

 

(b)               Withholding
Arrangements. The Board, in its sole discretion and pursuant to such procedures as the Administrator may specify from time to
time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part, by (without limitation) (i) paying
cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal to the minimum
statutory amount required to be withheld, (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to
the statutory amount required to be withheld, provided the delivery of such Shares will not result in any adverse accounting
consequences, as the Administrator determines in its sole discretion, or (iv) selling a sufficient number of Shares otherwise
deliverable to the Participant through such means as the Administrator may determine in its sole discretion (whether through a
broker or otherwise) equal to the amount required to be withheld. The amount of the withholding requirement will be deemed to
include any amount which the Administrator agrees may be withheld at the time the election is made, not to exceed the amount
determined by using the maximum federal, state or local marginal income tax rates applicable to the Participant with respect to the
Award on the date that the amount of tax to be withheld is to be determined. The Fair Market Value of the Shares to be withheld or
delivered will be determined as of the date that the taxes are required to be withheld.

    	 	-16-	 

     

    

16.             
No Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect
to continuing the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the
Participant’s right or the Company’s right to terminate such relationship at any time, with or without cause, to the extent
permitted by Applicable Laws.

 

17.             
Clawback/Repayment. All Awards shall be subject to reduction, cancellation, forfeiture or recoupment to the extent necessary
to comply with (i) any clawback, forfeiture or other similar policy adopted by the Board or the Committee and as in effect from time to
time; and

(ii) Applicable Law. Further, unless
otherwise determined by the Committee, to the extent that the Participant receives any amount in excess of the amount that the Participant
should otherwise have received under the terms of the Award for any reason (including, without limitation, by reason of a financial restatement,
mistake in calculations or other administrative error), the Participant shall be required to repay any such excess amount to the Company.

 

18.             
Date of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination
granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each
Participant within a reasonable time after the date of such grant.

 

19.             
Term of Plan. Subject to Section 23 of the Plan, the Plan will become effective upon its adoption by the Board. Unless sooner
terminated under Section 20, it will continue in effect for a term of ten (10) years from the later of (a) the effective date of the Plan,
or (b) the earlier of the most recent Board or stockholder approval of an increase in the number of Shares reserved for issuance under
the Plan.

 

 20.             
Amendment and Termination of the Plan.

 

(a)               
Amendment and Termination. The Board may at any time amend, alter, suspend or terminate the Plan.

 

(b)              
Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable
to comply with Applicable Laws.

 

(c)               
Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the Plan will impair the rights
of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing
and signed by the Participant and the Company. Termination of the Plan will not affect the Administrator’s ability to exercise the
powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination.

 

21.             
Conditions Upon Issuance of Awards. Awards will not be granted unless the grant of such Award will comply with Applicable
Laws. As a condition of the grant of an Award, the Company may require the person to whom such Award is granted to represent and warrant
at the time of such grant that the grant to such person is permitted under Applicable Laws.

    	 	-17-	 

     

    

 22.             
Conditions Upon Issuance of Shares.

 

(a)               
Legal Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the
issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company
with respect to such compliance.

 

(b)              
Investment Representations. As a condition to the exercise of an Award, the Company may require the person exercising such
Award to represent and warrant at the time of any such exercise that (i) the Shares are being purchased only for investment and without
any intention to sell or distribute, or offer to sell or distribute, such Shares if, in the opinion of counsel for the Company, such a
representation is required and (ii) the purchase of Shares is permitted under Applicable Laws.

 

23.             
Inability to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction,
which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will
relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority will
not have been obtained.

 

24.             
Stockholder Approval. As a condition to the granting of Incentive Stock Options hereunder, the Plan must be approved by
the stockholders of the Company within twelve (12) months after the 2022 Amendment Date. If such approval is not timely attained, then
(a) Awards of Incentive Stock Options shall cease to be eligible for grant under the Plan, and (b) if an Award of Options designated as
Incentive Stock Options was previously granted, such Options will instead be Nonstatutory Stock Options for all purposes of the Plan (and
for avoidance of doubt, the Plan shall otherwise remain in full force and effect as amended on the 2022 Amendment Date). Any such stockholder
approval will be obtained in the manner required under Applicable Laws.

 

25.             
Governing Law. The Plan shall be governed by and construed in accordance with the internal laws of the British Virgin Islands
applicable to contracts made and performed wholly within the State of Connecticut, without giving effect to the conflict of laws provisions
thereof. EACH PARTICIPANT WHO ACCEPTS AN AWARD IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION, OR OTHER PROCEEDING
INSTITUTED BY OR AGAINST SUCH PARTICIPANT IN RESPECT OF THE PARTICIPANT’S RIGHTS OR OBLIGATIONS HEREUNDER.

 

 

 

 

-18-EXHIBIT 10.5

 

SERVICES AGREEMENT

 

THIS SERVICES AGREEMENT (the
“Agreement”) is effective as of December 15, 2021, by and between Portage Development Services Inc., a Delaware
corporation (the “Company”), and Ian B. Walters, MD a resident of the State of Connecticut (the “Executive”).

 

WHEREAS, the Company and Executive
desire to enter into this Agreement pursuant to which the Company will continue to employ Executive in the capacity, for the period and
on the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of
the premises and mutual covenants and agreements herein contained, the parties hereby agree as follows:

 

		1.	EMPLOYMENT BY THE COMPANY.

 

(a)               
EMPLOYMENT AND DUTIES. The Company hereby continues to employ Executive of the Company to act in accordance with the terms and
conditions hereinafter set forth. During the Term (as defined below), Executive will report to the Board of Directors (the “Board”)
and agrees that it will devote sufficient time, attention and skills to the operation of the Business (as defined below) of the Company
and that it will perform such duties, functions, responsibilities and authority in connection with the foregoing as are from time to time
delegated to Executive by the Board. These duties shall include, but shall not be limited to, responsibility for the Company’s day
to day operations and other tasks delegated by the Board. For purposes of this Agreement, the “Business” of the Company
shall be defined as the development and commercialization of immuno-oncology and related products and related technology based products
with mechanisms including iNKT agonists, intratumoral chemotherapy, STING agonists, RAGE antibodies, and nanoliopgels. Executive is not
bound by the terms of any agreement with any previous employer or other party which would limit its abilities to perform its duties and
obligations hereunder.

 

(b)               
TERM. The term of this Agreement shall commence on the date hereof and shall continue for a period of three (3) years (the “Initial
Term”). Thereafter, this Agreement shall be automatically renewed for one year periods. The Initial Term and any renewals thereof
shall be referred to herein as the “Term.” In each case, the Term will continue until terminated in accordance with
Section 6(d).

 

2.                  
COMPENSATION. In consideration of all the services to be rendered by Executive to the Company hereunder, the Company hereby
agrees to pay or otherwise provide Executive the following compensation and benefits. It is furthermore understood that the Company shall
have the right to deduct or withhold as required under any provision of applicable law from:

 

(a)               
SALARY. Executive shall receive an initial annual salary of Six Hundred EighteenThousand Dollars ($618,000) to begin on December
1, 2021, plus annual cost of living salary increases (“Base Salary”). The applicable Base Salary shall be reviewed
by the Board each year prior to the anniversary of this Agreement to determine the annual increase to the applicable year’s Base
Salary; provided, however, that in no event shall such annual increase be less than cost of living increase. The applicable Base Salary
will be paid in equal installments not less frequently than bi-monthly in accordance with the Company’s salary payment practices
in effect from time to time for senior executives of the Company

 

     

     

    

(b)               
BONUS PAYMENT. In addition to the Base Salary then in effect, Executive shall be eligible to receive a bonus payment (the “Bonus
Payment”) with a target of fifty-nine percent (59%) of the applicable year’s Base Salary (the “Bonus Percentage”)
based upon Executive achieving performance objectives as determined each year by the Board of Directors and communicated to Executive
during the first quarter of the year. The Bonus Payment will be paid in accordance with the Company’s bonus payment practices in
effect from time to time for senior executives of the Company, but no later than March 15 of the calendar year immediately following
the calendar year for which the bonus is being measured. The Board shall review the Executive’s Bonus Percentage annually and may,
in the Board’s sole discretion, increase the Bonus Percentage based upon the Company’s and Executive’s performance.

 

(c)               
LONG TERM INCENTIVES. Executive shall be eligible to participate in equity awards from time to time under the Portage Biotech Inc.
2021 Equity Incentive Plan on terms and conditions established for such grant by the Board of Directors of Portage Biotech Inc.

 

(d)               
EXPENSES. Executive shall be entitled to be reimbursed for all reasonable expenses incurred by him in connection with the fulfillment
of his duties hereunder, including all necessary continuing education and certification costs and related expenses; provided, however,
that Executive has obtained the Company’s prior written approval of such expenses and has complied with all policies and procedures
related to the reimbursement of such expenses as shall, from time to time, be established by the Company. For the avoidance of doubt,
to the extent that any reimbursements payable to Executive under this subsection 2(e) are subject to the provisions of Section 409A of
the Code: any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred,
the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and the right
to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.

 

(e)               
VACATIONS AND SICK LEAVE. Executive shall be entitled to four (4) weeks paid vacation annually to be taken in accordance with
the Company’s vacation policy in effect from time to time and at such time or times as may be mutually agreed upon by the Company
and Executive; provided, however, that if for any reason Executive does not take the full four (4) weeks’ vacation in any given
year, Executive shall be entitled to accrue and carry over such vacation time according to the policy established by the Company. Executive
shall also be entitled to sick leave according to the sick leave policy which the Company many adopt from time to time.

 

(f)                
ATTORNEY’S FEES. Executive shall be reimbursed by the Company for all reasonable attorney’s fees incurred by Executive
in negotiating the Agreement upon the Company’s receipt of such documentation thereof as the Company may reasonably require.

 

		3.	INDEMNIFICATION.

 

COMPANY’S OBLIGATION TO INDEMNIFY. To the maximum extent allowable under
the law of Delaware and the Bylaws and Certificates of Incorporation of the Company, the Company shall at all times during the Term
and thereafter, indemnify and defend and hold Executive harmless from and against all liability, loss, costs, claims, damages,
expenses, judgments, awards, and settlements as well as attorneys’ fees and expenses, personal or otherwise, whether in tort
or in contract, law or equity, that the Company or the Executive may incur by reason of or arising out of any claim made by any
third party (together, the “Losses”)by reason of, relating to or arising out of Executive’s employment with
Company; provided, however, that the Company’s foregoing indemnification obligations shall not apply to Losses incurred by the
Company as a result of the Executive’s willful misconduct, gross negligence, or conviction of a felony (including entry of a
plea of nolo contendere) for illegal or criminal behavior. Indemnification shall include all costs, including actual
attorneys’ fees and expenses reasonably incurred in pursuing indemnity claims under or enforcement of this Agreement. The
Company will promptly advance to Executive expenses incurred or to be incurred by Executive to defend any claim, action, suit,
proceeding or investigation with respect to the matters subject to indemnification pursuant to this Section 3 (including any
expenses incurred in enforcing Executive’s rights under this Section 3), after receipt by the Company of a written request
from Executive for such advance together with documentation reasonably acceptable to the Company and subject to an undertaking by
Executive to pay back any advanced amounts for which it is determined by agreement between Executive and the Company or by a final
judgment of a court of competent jurisdiction that Executive was not entitled to indemnification. This indemnity is in addition to,
and does not replace, Portage Biotech Inc. obligations to indemnify.

 

    	 	2	 

     

    

(a)                   
D&O INSURANCE. During the employment Term and for a commercially reasonable period thereafter, the Company shall cover or cause
Portage Biotech, Inc to cover the Executive under its directors’ and officers’ liability insurance policy to the extent commercially
available.

 

 4.          
INSURANCE. The Company may secure, in its own name, or otherwise, and at its own expense, life, health, accident and other
insurance covering Executive. Executive agrees to assist the Company in procuring such insurance by submitting to the usual and customary
medical and other examinations and by signing, as the insured, such applications and other instruments in writing as may be reasonably
requires by the insurance companies to which application is made pursuant to such insurance. Executive agrees that it shall have no right,
title, or interest in or to any insurance policies or to the proceeds thereof which the Company many so elect to take out or to continue
on Executive’s life.

 

		5.	TERMINATION OF EMPLOYMENT.

 

(a)               
TERMINATION BY THE COMPANY WITHOUT JUST CAUSE, BY VIRTUE OF DEATH OR DISABILITY OF EXECUTIVE, OR RESIGNATION BY THE EXECUTIVE FOR
GOOD REASON.

 

(i)                
The Company shall have the right to terminate Executive’s employment with the Company pursuant to this Section 6(a) at any
time, in accordance with Section 6(d), without “Just Cause” (as defined in Section 6(c)(ii) below) or by virtue of
Executive’s death or Disability (as defined herein) by giving notice as described in Section 9(a) of this Agreement. The Executive
shall have the right to terminate its employment for Good Reason in accordance with Section 6(a)(vi).

 

(ii)              
If the Company terminates Executive’s employment at any time without Just Cause or by virtue of the death or Disability of
Executive or Executive terminates its employment with the Company for “Good Reason” (as defined in Section 6(a)(vi)
below) , then Executive shall be entitled to receive the Accrued Obligations (defined in 6(a)(iv) below). If Executive complies with the
obligations in Section 6(a)(iii) below, Executive shall also be eligible to receive the following “Severance Benefits”:

 

(1)               
The Company will pay Executive an amount equal to the sum of (A) Executive’s then current Base Salary and (B) the average
annual bonus for each of the prior two completed performance years, such sum to be divided by twelve and less all applicable withholdings
and deductions, paid in equal installments for twelve (12) months (the “Severance Period”), commencing on the first
payroll date that is more than sixty (60) days following the date of termination of Executive’s employment, with the remaining installments
occurring on the first day of each remaining month of the Severance Period thereafter.

 

(2)               
If a policy is in place when the Severance Period commences, the Company shall pay to the Executive the premiums for the continuation
of the Executive’s life insurance benefits for a period of twelve (12) months (the “Life Insurance Period”)
from the date of termination, subject to any applicable withholdings and deductions, in monthly installments commencing on the Company’s
first regular payroll date that is more than sixty (60) days following the date of termination.

 

    	 	3	 

     

    

(3)               
The Company will provide Executive with continued medical and dental benefits for the duration of the Severance Period at the same
rate of participant and Company shared costs as in effect for active employees of the Company.

 

(4)               
all stock options (and any other unvested equity incentive award) held by the Executive relating to shares of the Company or its
parent will be deemed fully vested and exercisable on the Termination Date and the exercise period for such stock options will be increased
by a period of two years from the Termination Date

 

(iii)            
Executive will be paid all of the Accrued Obligations on the Company’s first payroll date after Executive’s date of
termination from employment or earlier if required by law. Executive shall receive the Severance Benefits pursuant to Section 6(a)(ii)
or Change in Control Severance Benefits pursuant to Section 6(b)(i) of this Agreement if by the 60th day following the date
of Executive’s termination of employment, he has signed, delivered to the Company and not revoked in whole or in part a mutually
agreeable separation agreement that includes a general release in favor of the Company (the “Release”).

 

(iv)             
For purposes of this Agreement, “Accrued Obligations” are any accrued but unpaid portion of the applicable Base
Salary, plus any accrued but unused vacation time and unpaid expenses (in accordance with Section 2(d)) that have been earned by the Executive
as the date of such termination.

 

(v)               
For purposes of this Agreement, and subject to applicable state and federal law, termination by the Company on account of the Executive’s
“Disability” shall mean termination because Executive is unable due to a physical or mental condition to perform the
essential functions of his position with or without reasonable accommodation for six (6) months in the aggregate during any twelve (12)
month period or based on the written certification by two licensed physicians of the likely continuation of such condition for such period.
This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act,
and other applicable law. Whenever Severance Benefits or Change in Control Severance Benefits are payable to Executive hereunder during
a time when Executive is partially or totally disabled, and such Disability would entitle it to disability income payments according to
the terms of any plan or policy now or hereafter provided by the Company, the Severance Benefits or Change in Control Severance Benefits
payable to Executive hereunder shall be inclusive of any such disability income and shall not be in addition thereto, even if such disability
income is payable directly to Executive by an insurance company under a policy paid for by the Company.

 

(vi)             
For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following events without
Executive’s consent: a material reduction in Executive’s Base Salary; a material reduction in the Executive’s duties,
authority and responsibilities relative to the Executive’s duties, authority, and responsibilities in effect immediately prior
to such reduction; the relocation of Executive’s principal place of employment, without Executive’s consent, in a manner
that lengthens his one-way commute distance by fifty (50) or more miles from his then-current principal place of employment immediately
prior to such relocation; any material breach of the Agreement by the Company or its successors; or the liquidation, dissolution, merger,
consolidation or reorganization of the Company or transfer of all or a significant portion of its business and/or assets, unless the
successor or successors shall have assumed all duties and obligations of the Company under the Agreement; provided, however, that,
any such termination by Executive shall only be deemed for Good Reason pursuant to this definition if: Executive gives the Company written
notice of its intent to terminate for Good Reason within thirty (30) days following the occurrence of one or more condition(s) that it
believes constitute(s) Good Reason, which notice shall describe such condition(s); the Company fails to remedy such condition(s) within
thirty (30) days following receipt of the written notice (the “Cure Period”); the Company has not, prior to receiving
such notice from Executive, already informed Executive that its employment with the Company is being terminated and Executive voluntarily
terminates its employment within thirty (30) days following the end of the Cure Period.

 

    	 	4	 

     

    

(b)               
TERMINATION BY THE COMPANY WITHOUT JUST CAUSE OR RESIGNATION BY THE EXECUTIVE FOR GOOD REASON COINCIDENT WITH A CHANGE IN CONTROL.

  

(i)              If Executive’s employment by the Company is terminated by the Company or
any successor entity without “Just Cause” (as defined in Section 6(c)(ii)) (not including termination by virtue of
Executive’s death or Disability) or by Executive for Good Reason within twelve (12) months following the effective date of a “Change
in Control” (as defined below), then in addition to paying or providing Executive with the Accrued Obligations and subject
to compliance with Section 6(a)(iii), the Company will provide the following “Change in Control Severance Benefits”:

 

(1)               
The Company will pay the Base Salary continuation benefit as described in Section 6(a)(ii)(1), except that the Severance Period
in Section 6(a)(ii)(1) shall instead be eighteen (18) months;

 

(2)               
The Company will pay the life insurance benefit as described in Section 6(a)(ii)(3), except that the Life Insurance Period in Section
6(a)(ii)(3) shall instead be eighteen (18) months; and

 

(3)               
The Company will pay an additional amount equivalent to Executive’s target annual bonus calculated using the Bonus Percentage
for the performance year in which Executive’s termination occurs. This bonus will be payable subject to standard federal and state
payroll withholding requirements and paid in twelve equal installments commencing on the first payroll date that is more than sixty (60)
days following the date of termination of Executive’s employment, with the remaining installments occurring on the first day of
the month for the eleven (11) months thereafter.

 

(4)               
The Company will provide Executive with continued medical and dental benefits as described in Section 6(a)(ii)(3) for the duration
of the Severance Period, except that the Severance Period shall be eighteen (18) months.

 

(5)               
all stock options (and any other unvested equity incentive award) held by the Executive relating to shares of the Company or its
parent will be deemed fully vested and exercisable on the Termination Date and the exercise period for such stock options will be increased
by a period of two years from the Termination Date.

 

(ii)               For
purposes of this Agreement, a “Change in Control” means the occurrence of any of the following events: (i) an
acquisition of the Company by another entity by means of any transaction or series of related transactions (including, without
limitation, any reorganization, merger or consolidation but excluding any merger effected exclusively for the purpose of changing
the domicile of the Founder), (ii) a transaction or series of related transactions in which a Person, or a group of related Persons,
becomes the beneficial owner of, or acquires from shareholders of the Company shares representing more than fifty percent (50%) of
the outstanding voting power of the Company, or (iii) a sale, transfer, exclusive license or other disposition, in a single
transaction or a series of related transactions, of all or substantially all of the assets of the Company.

 

    	 	5	 

     

    
		(c)	TERMINATION FOR JUST CAUSE OR VOLUNTARY TERMINATION.

 

(i)                
If Executive’s employment is terminated prior to the expiration of the Term for Just Cause or if Executive’s employment
is terminated as set forth in Section 6(d)(ii) or (iii) hereof (not including a resignation for Good Reason), Executive will be paid the
Accrued Obligations on the Company’s first payroll date after Executive’s date of termination from employment or earlier if
required by law. Executive shall NOT be entitled to receive any Severance Benefits (as defined in Section 6(a)(ii)) or Change in Control
Severance Benefits (defined in Section 6(b)(i)).

 

(ii)                
For the purposes hereof, the Company shall have “Just Cause” to terminate Executive’s employment hereunder
as a result of Executive’s gross negligence that causes demonstrable harm to the Company, willful misconduct that causes demonstrable
harm to the Company, conviction of a felony (including the entry of a plea of nolo contendere) for illegal or criminal behavior in carrying
out his duties as required pursuant to the terms of the Agreement. Notwithstanding any other provision contained herein, the Company shall
have the right to terminate the agreement and Executive’s employment without Just Cause, and Executive’s remedies hereunder
in the event of such termination shall be limited to the Severance Benefits or Change in Control Severance Benefits, as applicable, set
forth in Section 6(a)(ii) and 6(b)(i) hereof.

 

(d)               
EVENTS OF TERMINATION. This Agreement shall terminate on the earliest to occur of the following events:

 

		(i)	the expiration of the Term;

 

		(ii)	the mutual written agreement of the Company and the Executive;

 

		(iii)	the voluntary termination of the Executive other than as a result of a resignation for Good
Reason (as defined in Section 6(a)(iv));

 

		(iv)	the death of Executive or Executive’s retirement;

 

		(v)	termination on account of Executive’s Disability (as defined above);

 

		(vi)	the termination of the Executive by the Company with or without Just Cause (as defined in
Section 6(c)(ii)) upon giving written notice to Executive; or

 

		(vii)	for a termination for Good Reason, immediately upon Executive’s full satisfaction of
the requirements of Section 6(a)(vi).

 

		(e)	SECTION 409A.

 

    	 	6	 

     

    

(i)                
Notwithstanding anything to the contrary herein, the following provisions apply to the extent severance benefits provided herein
are subject to Section 409A of the Internal Revenue Code (the “Code”) and the regulations and other guidance thereunder
and any state law of similar effect (collectively “Section 409A”). Severance benefits shall not commence until the
Executive has a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard
to any alternative definition thereunder, a “separation from service”). Each installment of severance benefits is
a separate “payment” for purposes of Treas. Reg. Section 1.409A-2(b)(2)(i), and the severance benefits are intended
to satisfy the exemptions from application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5)
and 1.409A-1(b)(9). However, if such exemptions are not available and the Executive is, upon separation from service, a “specified
employee” for purposes of Section 409A, then, solely to the extent necessary to avoid adverse personal tax consequences under
Section 409A, the timing of the severance benefits payments shall be delayed until the earlier of six (6) months and one day after the
Executive’s separation from service, the Executive’s death or such earlier date as permitted under Section 409A without the
imposition of adverse taxation. Upon the first business day following the expiration of such applicable Section 409A period, all payments
deferred pursuant to this paragraph shall be paid in a lump sum to Executive, and any remaining payments due shall be paid as otherwise
provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred. The parties acknowledge that the
exemptions from application of Section 409A to severance benefits are fact specific, and any later amendment of this Agreement to alter
the timing, amount or conditions that will trigger payment of severance benefits may preclude the ability of severance benefits provided
under this Agreement to qualify for an exemption. To the extent that any severance payments or benefits are deferred compensation under
Section 409A, and are not otherwise exempt from the application of Section 409A, then, if the period during which Executive may consider
and sign the Release spans two calendar years, the payment of such severance payments and benefits will not be made or begin until the
later calendar year.

 

(ii)              
It is intended that this Agreement shall comply with the requirements of Section 409A, and any ambiguity contained herein shall
be interpreted in such manner so as to avoid adverse personal tax consequences under Section 409A. Notwithstanding the foregoing, the
Company shall in no event be obligated to indemnify the Executive for any taxes or interest that may be assessed by the Internal Revenue
Service pursuant to Section 409A of the Code to payments made pursuant to this Agreement.

 

		6.	RESTRICTIVE COVENANTS.

 

(a)                CONFIDENTIAL INFORMATION AND INVENTION ASSIGNMENT. As a condition of
continued employment, Executive agrees to abide by the Confidential Information and Invention Assignment Agreement, attached as
Exhibit A, that he previously executed (the “CIIA”). The CIIA may be amended from time to time without regard to
this Agreement. The CIIA contains provisions that are intended by the parties to survive and do survive termination of this
Agreement.

 

(b)               
NON-SOLICITATION AND NON-COMPETITION. Executive and the Company agree that the Company would suffer irreparable harm and incur
substantial damage if Executive were to enter into Competition (as defined herein) with the Company. Therefore, in order for the Company
to protect its legitimate business interests, Executive agrees as follows:

 

(i)                
Without the prior written consent of the Company, Executive shall not, during the period of employment with the Company, directly
or indirectly, invest or engage in any business that is Competitive (as defined herein) with the Business of the Company or accept employment
or render services to a Competitor (as defined herein) of the Company as a director, officer, agent, employee or consultant or solicit
or attempt to solicit or accept business that is Competitive with the Business of the Company, except that Executive may own up to five
percent (5%) of any outstanding class of securities of any company registered under Section 12 of the Securities Exchange Act of 1934,
as amended; provided, however, the Company acknowledges that Executive currently engages in a number of activities set forth on Exhibit
B as long as such permitted activities do not have a material adverse effect on the Executive’s performance or this Agreement.

 

    	 	7	 

     

    

(ii)              
Without the prior written consent of the Company and upon any termination of Executive’s employment with the Company and
for a period of twelve (12) months thereafter, Executive shall not, either directly or indirectly, (x) invest or engage in any business
that is Competitive (as defined herein) with the Business of the Company, except that Executive may own up to five percent (5%) of any
outstanding class of securities of any company registered under Section 12 of the Securities Exchange Act of 1934, as amended, (y) accept
employment with or render services to a Competitor of the Company as a director, officer, agent, employee or consultant unless he is serving
in a capacity that has no relationship to that portion of the Competitor’s business that is Competitive with the Business of the
Company, or (z) solicit, attempt to solicit or accept business Competitive with the Business of the Company from any of the customers
of the Company at the time of his termination or within twelve (12) months prior thereto or from any person or entity whose business the
Company was soliciting at such time.

 

(iii)            
Upon termination of his employment with the Company, and for a period of twelve (12) months thereafter, Executive shall not, either
directly or indirectly, engage, hire, employ or solicit in any manner whatsoever the employment of an employee of the Company.

 

(iv)             
For purposes of this Agreement, a business or activity is in “Competition” or “Competitive”
with the Business of the Company if it involves, and a person or entity is a “Competitor”, if that person or entity
is engaged in, or about to become engaged in, the research, development, design, manufacturing, marketing or selling of a specific product
or technology that closely resembles, competes, or is designed to compete, with, or has applications similar to any product or technology
for which the Company has obtained or applied for a patent or made disclosures, or any product or technology involving any other proprietary
research or development engaged in or conducted by the Company during the Term of Executive’s employment with the Company.

 

7.                  
GENERAL PROVISIONS.

 

(a)               
NOTICES. Any notices required hereunder to be in writing shall be deemed effectively given: upon personal delivery to the party
to be notified, when sent by electronic mail, telex or confirmed facsimile if sent during normal business hours of the recipient, and
if not, then on the next business day, five (5) days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent to the Company at its primary office location and to Executive at Executive’s
address as listed on the Company payroll or Executive’s company-provided email address, or at such other address as the Company
or the Executive may designate by ten (10) days advance written notice to the other.

 

(b)               
ENTIRE AGREEMENT. This Agreement, together with Exhibits A and B, constitutes the entire agreement between the parties hereto relating
to the subject matter hereof, and supersedes all prior agreements and understandings, whether oral or written, with respect to the same.
No modification, alteration, amendment or revision of or supplement to this Agreement shall be valid or effective unless the same is in
writing and signed by both parties hereto. The Company acknowledges that Executive is a party to a separate agreement addressing additional
employment terms with Portage Biotech Inc., a BVI entity.

 

(c)               
GOVERNING LAW. This Agreement and the rights and duties of the parties hereunder shall be governed by, construed under and enforced
in accordance with the laws of the State of Connecticut.

 

(d)               
ASSIGNMENT. The rights and obligations of the parties under this Agreement shall not be assignable without written permission of
the other party.

 

    	 	8	 

     

    

(e)               
SEVERABILITY. The invalidity of any provision of this Agreement under the applicable laws of the State of Connecticut or any other
jurisdiction, shall not affect the other provisions hereby declared to be severable from all other provisions. The intention of the parties,
as expressed in any provision held to be void or ineffective shall be given such full force and effect as may be permitted by law.

 

(f)                
SURVIVAL. The obligations under Sections 3, 4, 6, 7 and 8 shall survive the termination of this Agreement.

 

(g)               
REMEDIES. Executive and the Company recognize that the services to be rendered under this Agreement by Executive are special, unique,
and of extraordinary character, and that in the event of the breach by Executive of the terms and conditions of Sections 3, 4, and 7 hereof
the Company shall be entitled, if it so elects, to institute and prosecute proceedings in any court of competent jurisdiction, to obtain
damages for any breach thereof.

 

(h)               
DISPUTE RESOLUTION. Except for the right of either party to apply to a court of competent jurisdiction for a temporary restraining
order, a preliminary injunction, or other equitable relief to preserve the status quo or prevent irreparable harm, any and all claims,
disputes or controversies arising under, out of, or in connection with the Agreement, including any dispute relating to production, use
or commercialization, which the parties shall be unable to resolve within sixty (60) days shall be mediated in good faith. The party
raising such dispute shall promptly advise the other party of such claim, dispute or controversy in a writing, which describes in reasonable
detail the nature of such dispute. By not later than five (5) business days after the recipient has received such notice of dispute,
each party shall have selected for itself a representative who shall have the authority to bind such party, and shall additionally have
advised the other party in writing of the name and title of such representative. By not later than ten (10) business days after the date
of such notice of dispute, the party against whom the dispute shall be raised shall select a mediation firm in Connecticut and such representatives
shall schedule a date with such firm for a mediation hearing. The parties shall enter into good faith mediation and each party shall
pay the costs that party incurs in connection with the mediation, but all other costs of the mediation, including the fees of the mediator
and administrative fees, shall be paid by the Company. If the representatives of the parties have not been able to resolve the dispute
within fifteen (15) business days after such mediation hearing, the parties shall have the right to pursue any other remedies legally
available to resolve such dispute in either the Courts of the State of Connecticut or in the United States District Court for the District
of Connecticut, to whose jurisdiction for such purposes Company and Executive each hereby irrevocably consents and submits.

 

[signatures to follow on next page]

 

 

 

 

    	 	9	 

     

    

IN WITNESS WHEREOF, the parties have executed this
Agreement as of the day and year first above written.

 

	 	Portage Development Services, INC.
	 	 	 
	 	By:	
	 	 	Name: Steve Mintz
	 	 	Authorized Representative
	 	 	 
	 	 	 
	 	 	Executive
	 	 	 
	 	 	 
	 	 	Name: Ian B. Walters, MD

 

 

 

 

 

 

 

    	 	10	 

     

    

Exhibit A - Confidential Information and Invention Assignment Agreement

 

 

 

 

 

 

 

 

 

 

 

 

    	 	11	 

     

    

Exhibit B – Permitted Activities

 

1.                  
Portage Development Services, Inc., a company formed under the laws of the State of Delaware. Dr. Walters has an ownership position
and is its CEO. It acts as CRO for the Company and third parties

 

2.                  
Intensity Therapeutics, a company formed under the laws of Delaware. Dr. Walters has an ownership position and is its Chief Medical
Officer.

 

3.                  
Value Driven Drug Development Services, a company formed under the laws of Connecticut which provides consulting services to pharmaceutical,
investment and biotech companies. Dr. Walters has an ownership position and is its CEO

 

4.                  
Mina Therapeutics, a company formed under the laws of the UK which is developing RNAQ therapeutics for the treatment of Cancer.
Dr. Walters serves as a clinical advisor.

 

5.                  
ENZO Biochem ($ENZ), a company formed under the laws of Delaware that provides clinical lab services and diagnostic development.
Dr. Walters serves as an independent director.

 

 

12

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