Document:

Exhibit
10.2

 

 

 

LICENSE
AGREEMENT

 

by
and between

 

EMORY
UNIVERSITY

 

and

 

INHIBIKASE
THERAPEUTICS, INC.

 

     

     

    

 

TABLE
OF CONTENTS

 

	ARTICLE
    1.  DEFINITIONS	3
	ARTICLE
    2.  GRANT OF LICENSE	7
	ARTICLE
    3.  CONSIDERATION FOR LICENSE	9
	ARTICLE
    4.  REPORTS AND ACCOUNTING	12
	ARTICLE
    5.  PAYMENTS	13
	ARTICLE
    6.  DILIGENCE AND COMMERCIALIZATION	14
	ARTICLE
    7.  PATENT PROSECUTION	15
	ARTICLE
    8.  INFRINGEMENT	16
	ARTICLE
    9.  LIMITED WARRANTY AND EXCLUSION OF WARRANTIES	18
	ARTICLE
    10.  DAMAGES, INDEMNIFICATION AND INSURANCE	18
	ARTICLE
    11.  CONFIDENTIALITY	19
	ARTICLE
    12.  TERM AND TERMINATION	21
	ARTICLE
    13.  ASSIGNMENT	23
	ARTICLE
    14.  ARBITRATION	23
	ARTICLE
    15.  MISCELLANEOUS	23
	ARTICLE
    16.  NOTICES	25
	APPENDIX
    A  COMPANY’S DEVELOPMENT PLAN	27
	APPENDIX
    B  LICENSED PATENTS	28
	APPENDIX
    C  U.S. GOVERNMENT LICENSE(S)	29
	APPENDIX
    D  COMPANY'S INITIAL CAPITALIZATION TABLE	30
	APPENDIX
    E  RUNNNING ROYALTY PERCENTAGES	31
	APPENDIX
    F  MINIMUM ANNUAL ROYALTY	32
	APPENDIX
    G  SUBLICENSE REVENUE	33
	APPENDIX
    H  MILESTONE PAYMENTS	34
	APPENDIX
    I  RIGHT OF FIRST OFFER AGREEMENT	35
	EXHIBIT
    A  COMPANY'S FORM STOCK SUBSCRIPTION AGREEMENT	36
	EXHIBIT
    B  EMORY'S FORM MATERIAL TRANSFER AGREEMENT	40

 

     

     

    

 

THIS
LICENSE AGREEMENT is made and entered into as of the 8th day of June 2010 (hereinafter referred to as the “Effective
Date”) by and between EMORY UNIVERSITY, a nonprofit Georgia corporation with offices located at 1599 Clifton Road NE, 4th
Floor, Mailstop 1599/001/1AZ Atlanta, Georgia 30322 (hereinafter referred to as "EMORY") and INHIBIKASE THERAPEUTICS,
INC., a Delaware corporation having a principal place of business located at 3375 Spring Hill Parkway, Suite 811, Smyrna, GA (hereinafter
referred to as "COMPANY"). EMORY and COMPANY shall be hereinafter referred to singularly as “Party” and
together as “Parties."

 

WHEREAS,
EMORY and Milton Werner have previously entered into an Option Agreement (EMORY agreement number OPT.09.003) having an effective
date of February 6th, 2009; and

 

WHEREAS,
Milton Werner has assigned his Option Agreement to COMPANY; and

 

WHEREAS,
COMPANY would like to exercise its right under the Option Agreement to take an Exclusive License to the technology covered in
the Option Agreement; and

 

WHEREAS,
EMORY wishes to grant COMPANY such rights in accordance with the terms and conditions of this Agreement.

 

NOW,
THEREFORE, for and in consideration of the mutual covenants and the promises herein contained, the Parties, intending to be
legally bound, hereby agree as follows:

 

ARTICLE
1. DEFINITIONS

 

The
following terms as used herein shall have the following meaning:

 

1.1           "Affiliate"
shall mean any corporation or non-corporate business entity which controls, is controlled by, or is under common control with
a Party. A corporation or non-corporate business entity shall be regarded as in control of another corporation if it owns, or
directly or indirectly controls, at least fifty (50%) percent of the voting stock of the other corporation, or (i) in the absence
of the ownership of at least fifty percent (50%) of the voting stock of a corporation or (ii) in the case of a non- corporate
business entity, or non-profit corporation, if it, directly or indirectly, the power to direct, or cause the direction of, the
management or policies of such corporation or non-corporate business entity, as applicable.

 

1.2           "Agreement"
or "License Agreement" shall mean this Agreement, including all APPENDICES attached to this Agreement.

 

1.3           “Commercialization”
or “Commercialize” shall mean activities directed to the manufacturing, obtaining pricing and reimbursement approvals,
marketing, promoting, distributing, importing or selling a Licensed Product.

 

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1.4           “Development”
or “Develop” shall mean all activities related to non-clinical and clinical research and development, including, without
limitation, toxicology, pharmacology and other discovery efforts, test method development and stability testing, process development,
formulation development, delivery system development, quality assurance and quality control development, statistical analysis,
clinical studies or trials (including pre- and post-approval studies and investigator sponsored clinical studies or trials), regulatory
affairs, and regulatory approval and clinical study or trial regulatory activities (excluding, however, regulatory activities
directed to obtaining pricing and reimbursement approvals).

 

1.5           “Development
Information” shall mean toxicology, pharmacokinetic, efficacy, clinical and other technical data and all correspondence
to and from regulatory agencies relating to approval of such Licensed Products generated by COMPANY and/or its Affiliates, contractors
and agents in the course of COMPANY’s efforts to develop such Licensed Products and/or obtain government approval for the
Sale of such Licensed Products.

 

1.6           “Development
Plan” shall mean that initial plan in which the milestones are set forth for the Development of such Licensed Products as
are generally understood and contemplated as of the Effective Date, which plan is described in APPENDIX A as attached hereto and
incorporated herein by reference.

 

1.7           "Dollars"
shall mean United States dollars.

 

1.8           "Field
of Use" shall include the prevention, diagnosis, treatment or control of human and animal infectious diseases or related
conditions other than Tuberculosis.

 

1.9           “Fixed
Dose” shall mean a specific, unchanging amount of medicine.

 

1.10         “Founder”
shall mean Milton Werner, PhD and Daniel Kalman, PhD.

 

1.11         “Option
Invention” shall mean any patentable addition, enhancement, modification, development, alteration, technical advance to
Licensed Patents or Licensed Technology to the extent any such improvement is owned or controlled by EMORY and developed by either
(a) Daniel Kalman, Ph.D. while employed by EMORY or (b) any other individual who has an obligation to assign his or her rights
to inventions to EMORY and who is under such Inventor’s direct supervision or working in his or her respective laboratory
or collaborating with any of the foregoing.

 

1.12         "Indemnitees"
shall mean the Inventors, EMORY, its directors, officers, employees and students, and their heirs, executors, administrators,
successors and legal representatives.

 

1.13         “Inventors”
shall mean the named inventors of the Licensed Patents.

 

1.14         “Know
How” shall mean any knowledge, information and materials, whether proprietary or not and whether patentable or not, including,
without limitation, ideas, concepts, formulas, methods, processes, techniques, technical information, specifications, standard
operating procedures, research or studies and any results thereof, tests or testing and any results thereof, designs, compositions,
plans, data, inventions, discoveries, works of art or authorship, materials (including, without limitation, organic and inorganic
materials, to include chemicals, compounds and biological materials); and any and all derivative technology or inventions and
records (whether in document or electronic form) relating thereto.

 

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1.15         "Licensed
Patents" shall mean the patent applications identified in APPENDIX B, together with any and all patents issuing thereon and
any and all additions, renewals, patents of additions, supplemental protection certificates, reexaminations, substitutions, extensions,
divisionals, continuations, continuations-in-part (to the extent that the claimed subject matter of such continuations-in-part
are disclosed and enabled in the parent patent application), foreign counterparts of such patent applications and patents that
issue thereon anywhere in the world, including reexamined and all extensions, reexaminations and reissuances of patents.

 

1.16         "Licensed
Product(s)" shall mean any process, service or product, within the Field of Use, the manufacture, use, or sale of which is
covered by any Valid Claim or incorporates, relies upon or otherwise uses any Licensed Technology.

 

1.17         "Licensed
Technology" shall mean the Know How developed by the Inventors to the extent that (i) such Know-How is required for or otherwise
necessary in the practice of the Licensed Patents for the manufacture, use, development, testing, marketing, export, import, offer
for sale or sale or other Development or Commercialization of any Licensed Product and (ii) EMORY possesses the right to license
such use.

 

1.18         "Licensed
Territory" means the world.

 

1.19         "Net
Selling Price" shall mean the gross selling price paid by a Third Party to COMPANY or any Affiliate or sublicensee thereof
for the Sale of Licensed Products, less the following deductions:

 

(i)          Customary
trade, quantity and cash discounts actually allowed and taken;

 

(ii)         Pricing
adjustments, replacements, rebates relating to or other credits actually given for damaged, rejected, recalled or returned Licensed
Products or billing errors;

 

(iii)        Freight,
transportation and insurance costs, if separately itemized on the invoice paid by the purchaser; and

 

(iv)        Import,
export or other customs duties; excise, turnover, inventory, value-added, sales or use taxes or other governmental charges (but
excluding what are commonly known as income taxes.

 

Where
a Sale is deemed consummated by a gift, use, or other disposition of Licensed Products for other than a selling price stated in
cash, the gross selling price for purposes of determining the "Net Selling Price" shall be determined based on the average
gross selling price billed by COMPANY for comparable Licensed Products during the three (3) month period immediately preceding
such Sale, without reduction of any kind. If no Sales of Licensed Products have occurred in the preceding three (3) months, then
the parties shall, in good faith, negotiate the cash value of such Sale. In the event that the parties cannot agree on the Net
Selling Price within ninety (90) days of beginning such negotiations, the Net Selling Price shall be determined by a mutually
agreeable qualified appraiser. Notwithstanding any provision in this Agreement to the contrary, in no event shall the phrase “Net
Sales Price” include any Licensed Products (i) used internally by COMPANY or any Affiliate or sublicensee thereof (e.g.,
for research, clinical trials or other Development purposes); or (ii) the Sale or other transfer of Licensed Product to Emory
or the United States Government or any agency thereof under reservation or rights retained by either such institution under this
Agreement. Notwithstanding the foregoing in this Section, amounts received by COMPANY, its Affiliates or sublicensees of COMPANY
or its Affiliates for the sale of Licensed Products among COMPANY, its Affiliates and sublicensees for resale shall not be included
in the computation of Net Selling Price hereunder.

 

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1.20         “Per
Share Fair Market Value” of COMPANY’s equity shall be the per share amount paid by an investor to COMPANY in the most
recent round of financing within the six (6) month period immediately preceding an equity purchase by a Sublicensee. If no round
of financing occurred in the immediately preceding six (6) month period, the Per Share Fair Market Value of COMPANY’s equity
shall be agreed upon by the parties. In the event that COMPANY and EMORY cannot agree on the Per Share Fair Market Value within
thirty (30) days of COMPANY’s receipt of such Premium Equity Payments, said price shall be determined by a mutually agreeable
qualified appraiser. In the event COMPANY owes EMORY a portion of such Premium Equity Payment, COMPANY shall have the option of
remitting payment to EMORY in the form of equity in COMPANY, based on the Per Share Fair Market Value.

 

1.21         “Person”
shall mean any individual, partnership, limited partnership, limited liability partnership, limited liability company, corporation,
trust, association, non-profit or charitable organization or other entity, or an unincorporated organization, a governmental entity
or any department or agency thereof.

 

1.22         “Premium
Equity Payments” shall mean the positive difference, if any, between the gross amount paid for equity in COMPANY by a Sublicensee
and the Per Share Fair Market Value (as defined below) of said equity multiplied by the number of shares purchased by the Sublicense.

 

1.23         "Sale"
or "Sold" shall mean the sale, transfer, exchange, use or other disposition of Licensed Products, whether by gift or
otherwise, by COMPANY or any Affiliates or Sublicenses thereof to any Third Party; provided, however, that in no event shall such
term include (i) the sale, payment, transfer, exchange or disposition to or other use by EMORY under its reservation of rights
provided in Section 2.3 of this Agreement or the U.S government under its rights described under Section 2.2 of this Agreement,
including, without limitation, the U.S. Government Licenses, or (ii) the use during or for clinical trials or other research relating
to the Licensed Products. For purposes of this definition, “Sales” of Licensed Products shall be deemed consummated
upon the first to occur of: (a) receipt of payment from a purchaser for such Licensed Products; or (b) if for commercial purposes,
then upon the transfer, exchange, use or other disposition, whether by gift or otherwise, for which payment is not made by a purchaser
of any such Licensed Products.

 

1.24         “Term”
shall have the meaning ascribed thereto in Section 12.1 of this Agreement.

 

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1.25         “Third
Party” shall mean any Person other than a Party or any of its Affiliates.

 

1.26         
 “U.S. Government Licenses" shall mean the non-exclusive license to the U.S. Government or agencies thereof pursuant
to NIH grant No. AI056067copies of which are attached hereto as APPENDIX C.

 

1.27         "Valid
Claim" shall mean a claim in an unexpired patent or pending patent application included in the Licensed Patents so long as
such patent shall not have been irrevocably abandoned or held invalid in an unappealable decision of a court or other authority
of competent jurisdiction.

 

ARTICLE
2. GRANT OF LICENSE

 

2.1           License
Grant. EMORY hereby grants COMPANY and its Affiliates an exclusive right and license to practice under the Licensed Patents
and Licensed Technology to make, have made, develop, promote, market, import, export, distribute, offer for sale and sell and
otherwise use the Licensed Products in the Field of Use within the Licensed Territory during the Term of this Agreement, with
rights to Sublicense any and all of such rights to Sublicensees in accordance with the terms of this Agreement.

 

2.2           Government
Rights. The Licensed Patents, Licensed Technology or portions thereof were developed with financial or other assistance through
grants or contracts funded by the United States government. COMPANY acknowledges that in accordance with Public Law 96-517 and
other statues, regulations, and Executive Orders as now exist or may be amended or enacted, the United States government has certain
rights in, including the U.S. Government Licenses attached hereto in APPENDIX C, and EMORY and COMPANY have certain obligations
under the Licensed Patents and Licensed Technology. COMPANY shall take all actions reasonably necessary to assist EMORY in it
satisfying its obligations relating to the Licensed Patents or Licensed Technology. If the United States government should take
action that renders it impossible or impractical for EMORY to grant the rights and license herein, or which conditions or reduces
the rights and licenses granted herein to COMPANY under this Agreement, EMORY and COMPANY may agree to terminate (in case of such
impracticality or impossibility) the pertinent provisions of this Agreement or cause the Agreement to be equitably reformed (in
case of such conditioning or reduction) to reflect such conditioned or reduced rights and licenses (including without limitation
with respect to the value and price of such rights and licenses). COMPANY shall not have any right to the return of any payments
of any kind made by it to EMORY prior to the date of such action. Company’s right to challenge the United States Government
claim is not surrendered by this Agreement.

 

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2.3           EMORY’S
Retained License. The license granted in Section 2.1 above is further conditioned upon and subject to a right and license
retained by EMORY on behalf of itself, and EMORY research collaborators to make, use and transfer Licensed Products and practice
Licensed Technology solely for noncommercial research, educational or clinical purposes only. EMORY shall use commercially reasonable
efforts to transfer Licensed Products or materials included in Licensed Technology to third parties outside of EMORY; provided,
however, that any such use by Emory research collaborators not otherwise employed by Emory shall be subject to the terms of a
Material Transfer Agreement (hereinafter, “MTA”), the form of which is included as Exhibit B as part of the License.
The form of such MTA shall be negotiated by and between the Parties within sixty (60) days of the effective date of License. If,
during the Term of this Agreement, any such use by EMORY or any Emory research collaborator of the Licensed Technology and Licensed
Patents pursuant to the rights reserved under this Section results in Option Invention, then EMORY shall promptly disclose any
such Option Invention to COMPANY and offer first to COMPANY the right to license such Option Invention in accordance with the
Section 2.5.

 

2.4           Sublicenses.
COMPANY may grant sublicenses to sublicensees, who may in turn grant sub-sublicenses so long as and on the condition that any
such sublicensee or sub-sublicensee, as the case may be, be approved in advance and in writing by EMORY following notice and request
of any such approval by Licensee or sublicensee, which approval shall not be unreasonably denied or delayed; provided further,
that any delay in responding to any such request for approval beyond thirty (30) days shall be deemed an approval of such Person
for such purpose. All such sublicenses (and sub-sublicenses) shall be further conditioned on each such agreement being consistent
with the terms and conditions of this Agreement, provided that COMPANY shall remain responsible for the operations of its sublicensees
that are relevant to this Agreement as if such operations were carried out by COMPANY, including, but not limited to, the payment
of all fees and royalties due under this Agreement, whether or not such payments are made to COMPANY by its sublicensees. COMPANY
shall (a) use commercially reasonable efforts to enforce the terms of any such agreement against the sublicensee, (b) require
the sublicensee to indemnify EMORY and maintain liability coverage to the same extent that COMPANY is so required pursuant to
Section 10.2 of this Agreement and (c) retain the right for EMORY to audit any such sublicensee to the same extent that COMPANY
is so required pursuant to Section 4.5 of this Agreement. COMPANY may also grant any such sublicensee the right to cure any payment
default on the part of COMPANY under this Agreement. COMPANY shall provide EMORY with copies of all sublicense agreements within
thirty (30) days of their execution date. In the event of any termination of this Agreement by EMORY, EMORY shall deemed the “licensor”
under any and all sublicenses having been entered into or otherwise granted by COMPANY so long as any such sublicense conforms
to the requirements of this Agreement and such Sublicensee shall not otherwise be in default under the terms of its Sublicense,
in which case EMORY shall be bound to the terms of any such sublicense as if it were a party thereto, unless mutually agreed in
writing otherwise by EMORY and Sublicensee. Such Sublicensee shall not become a direct licensee of EMORY should the Sublicensee
challenge the validity or enforceability of any Licensed Patent.

 

2.5           Right
of First Offer. Subject to the rights of a third party under a sponsored research agreement, Emory hereby agrees to grant
COMPANY a Right of First Offer with respect to Option Inventions during the Term of this Agreement in accordance with the terms
and conditions set forth in Appendix I. Further, subject to the rights of a third party under a sponsored research agreement,
Emory hereby also agrees to grant COMPANY a Right of First Offer with respect to the field of use of Tuberculosis during the Term
of this Agreement in accordance with the terms and conditions set forth in Appendix I and, should COMPANY deliver an Acceptance
Notice with respect to the field of Tuberculosis within thirty (30) days, then COMPANY and EMORY agree to enter into an amendment
of this Agreement within one hundred twenty (120) days of the Acceptance Notice in which the “Field of Use” shall
be expanded to include Tuberculosis.

 

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2.6           No
Implied License. The license and rights granted in this Agreement shall not be construed to confer any rights upon COMPANY
by implication, estoppel, or otherwise as to any technology not specifically identified in this Agreement as Licensed Patents
or Licensed Technology.         

 

ARTICLE
3. CONSIDERATION FOR LICENSE

 

3.1           Equity.

 

(a)          In
General. As partial consideration for the license granted to COMPANY under this Agreement, in lieu of a cash license fee, the
COMPANY shall issue upon and coincident with the Effective Date to EMORY, that number of shares of COMPANY common stock as shall
be described on Appendix D.

 

(b)          Supplemental
Grant. Upon and coincident with the date on which this Agreement is amended in accordance with Section 2.5 to add Tuberculosis
to the Field of Use, Company shall issue to Emory an additional 50,000 shares of Company common stock.

 

(c)          Subscription
Agreement. Shares of such common stock shall be distributed by COMPANY to EMORY in accordance with a Subscription Agreement, a
form of which is attached to this Agreement, which shall be made and entered into by COMPANY and EMORY as of the Effective Date
of this License Agreement. In such Subscription Agreement, COMPANY will (i) distribute stock to EMORY, which shares shall be subsequently
transferred by COMPANY as directed by EMORY to non-FOUNDER INVENTORS, and (ii) grant the right to EMORY and non-FOUNDER INVENTORS
to transfer and assign its shares of the COMPANY’s common stock in accordance with applicable securities laws, which shall
include, without limitation, the right to transfer and assign a portion of the shares to Inventors, and any other person who may
be identified at a later time and named on the Licensed Patents; and (iii) grant the right to obtain such registration rights
as may be granted from time to time to Milton Werner, Ph. D.

 

3.2           Running
Royalties.

 

(a)          In
General. As partial consideration for the license granted to COMPANY under this Agreement, COMPANY shall pay EMORY a running royalty
equal to the percentage set forth on APPENDIX E attached hereto multiplied by the Net Selling Price of all Licensed Products Sold
during the Term of this Agreement by COMPANY, its Affiliates, its Sublicensees or any third party authorized by COMPANY to Sell
Licensed Products on a country-by-country and Licensed Product-by-Licensed Product basis.

 

(b)          Supplemental
Royalty re: Tuberculosis. Upon and coincident with and following the date on which the Field of Use is expanded to include Tuberculosis,
the running royalty to which EMORY is entitled under Section 3.2(a) above, shall be increased by one quarter of one percent (0.25%).

 

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(c)          Payment.
Royalties shall be due and payable on a quarterly basis (March 31, June 30, September 30 and December 31 in accordance with Section
5.1 of this Agreement).

 

(d)          Failure
of Valid Claim. Notwithstanding any provision in this License Agreement to the contrary, if a Licensed Product is no longer protected
by a Valid Claim in any particular country, then all payments required thereafter for the Sale of any such Licensed Product in
that particular country under this License Agreement shall be reduced to zero (0).

 

3.3           Royalty
Stacking and Combination Products.

 

(a)          COMPANY
is not obligated to pay multiple royalties to EMORY based on the fact that any Licensed Product or the manufacture, use, lease
or sale thereof is covered by more than one Licensed Patent under this Agreement.

 

(b)          If,
in order to practice the rights granted to it under this Agreement, COMPANY or any Affiliate or sublicensee thereof is required
or otherwise determines from advice from competent counsel to enter into or to utilize one or more other licenses or technologies
with Third Parties for which royalties or other license-related payments are also paid (“Other Royalties”), then the
amounts to be paid under this Agreement may be reduced by an amount equal to one-half of such Other Royalties, but in no event
shall the royalties payable under Sections 3.2 and 3.5 of this Agreement be reduced by more than fifty percent (50%) of any such
royalty otherwise payable thereunder, as the case may be. Such determination of reduction of royalty payments due EMORY shall
be made on a country-by-country and Licensed Product-by-Licensed Product basis.

 

(c)          In
the event a Licensed Product is sold in a Fixed Dose in combination with one or more other active pharmaceutical ingredients that
are not the subject of Licensed Patents, then the Net Selling Price for that Licensed Product shall be calculated by multiplying
the Net Selling Price for such combination product by the fraction A/(A+B), where “A” is the Net Selling Price for
the Licensed Product sold separately and “B” is the Net Selling Price for the other active ingredient(s) sold separately.
In the event that the other active ingredient is not sold separately, then the Net Selling Price for that Licensed Product shall
be calculated by multiplying the Net Selling Price for the combination product by the fraction A/C, where “A” is the
gross invoice amount for the Licensed Product, if sold separately, and “C” is the gross invoice amount for the combination
product. In the event that no such separate sales are made, the Net Sales Price for royalty determination shall be mutually agreed
by the Parties in good faith.

 

3.4           Minimum
Annual Royalties. In the event that the aggregate royalties paid to EMORY during any calendar year pursuant to Sections 3.2
and 3.5 hereof do not equal or exceed the minimum annual royalty for such calendar year in accordance with the schedule set forth
in APPENDIX F, COMPANY shall pay to EMORY no later than sixty (60) days following the last day of such calendar year a dollar
amount equal to the difference between such minimum royalty amount and the actual accrued and paid royalties.

 

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3.5           Sublicensee
Payments. Within sixty (60) days of receipt by COMPANY, COMPANY shall pay EMORY that amount as shall equal the applicable
sublicense percentage multiplied by any fees or payments paid to COMPANY by a sublicensee as consideration for a sublicense granted
under this Agreement as set forth in APPENDIX G, including, but not limited to, any initial licensing fees, milestone fees, maintenance
fees, minimum royalty payments and Premium Equity Payments, to the extent any such Premium Equity Payment is directly attributable
to the sublicense of the Licensed Patents and Licensed Technology, but excluding restricted funding for use by COMPANY solely
for research and development, payments made for or on account of running royalty payments and fees otherwise due and payable to
EMORY under this Agreement for Net Sales, and costs and other payments made in connection with the filing, maintenance, prosecution
and defense of the Licensed Patents.

 

3.6           Milestone
Payments. COMPANY shall pay EMORY milestone payments (the "Milestone Payments") in the amount specified in APPENDIX
H attached hereto no later than sixty (60) days after the first occurrence of the corresponding event designated in such APPENDIX.

 

3.7           Annual
Maintenance Fees. COMPANY shall pay EMORY an annual license maintenance fee of $5,000. The first payment is due within sixty
(60) days of the first anniversary of the Effective Date of this License Agreement and will continue until the first commercial
Sale of a Licensed Product, after which such payment obligation shall terminate and obligations under Sections 3.2 and 3.4 apply.

 

3.8           Reimbursement
for Patent Expenses.

 

(a)          Pre-existing
Patent Fees and Costs. Upon the earlier to occur of COMPANY having raised $1,000,000 in equity financing or the first anniversary
of the Effective Date, COMPANY shall reimburse EMORY for all reasonable and actually incurred external out-of-pocket fees, costs,
and expenses paid by EMORY prior to the Effective Date for the filing, prosecution and maintenance of the Licensed Patents (current
estimate: $159,296.01).

 

(b)          After
the Effective Date. Subject to the provisions of Article 7 below, COMPANY shall reimburse EMORY for all reasonably and actually
incurred external out-of-pocket fees, costs and expenses paid by EMORY after the Effective Date, during the Term of this Agreement,
in filing, prosecuting, and maintaining the Licensed Patents in the Licensed Territory. COMPANY shall reimburse EMORY within sixty
(60) days after EMORY, from time to time, notifies COMPANY in writing of the amount of such fees, costs, and expenses paid by
EMORY and provides COMPANY with copies of any and all invoices, with backup supporting documentation.

 

3.9           Tax
Payments. All payments made to EMORY under this Article 3 of this Agreement shall be made free and clear of any tax, withholding
or other governmental charge or levy (other than taxes imposed on the net income of EMORY), all such non-excluded amounts being
 “Taxes.” Should the COMPANY be obligated by law to withhold any Taxes on such payments, the payment due hereunder
shall be increased such that after the withholding of the appropriate amount EMORY receives the amount that would have been paid
but for the Taxes withheld. Should EMORY be obligated to pay such Taxes, and such Taxes were not satisfied by way of withholding,
COMPANY shall promptly reimburse EMORY for such payment, in an amount such that after the payment of the Taxes, EMORY has received
the same amount that it would have received had such Taxes not been payable.

 

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ARTICLE
4. REPORTS AND ACCOUNTING

 

4.1           Progress
Reports. Within sixty (60) days after June 30 and December 31 of each calendar year, COMPANY shall provide EMORY with a written
semi-annual progress report detailing in all material respects the activities of the COMPANY relevant to the COMPANY’s Development
Plan and Commercialization of the Licensed Products.

 

4.2           Royalty
Reports. During the Term of this Agreement, COMPANY shall furnish, or cause to be furnished to EMORY, written reports for
each of COMPANY and each Affiliate and Sublicensee thereof showing (the “Royalty Reports”):

 

(i)          The
gross selling price and the number of units of all Licensed Products (identified by product number/name) Sold by COMPANY and each
of its Affiliates and sublicensees, in each country of the Licensed Territory during the reporting period, together with the calculations
of Net Selling Price in accordance with Section 1.19;

 

(ii)         Lease
or rental revenue (if applicable) from the Sale of the Licensed Products;

 

(iii)        The
royalties payable in Dollars, which shall have accrued hereunder in respect to such Sales;

 

(iv)        The
exchange rates, if any, in determining the amount of Dollars;

 

(v)         A
summary of all reports provided to COMPANY by COMPANY'S sublicensees, including the names and addresses of all sublicensees and
distributors;

 

(vi)        The
amount of any consideration received by COMPANY from sublicensees and an explanation of the contractual obligation satisfied by
such consideration; and

 

(vii)       The
occurrence of any event triggering a Milestone Payment or any other payment in accordance with Article 3.

 

Royalty
Reports shall be made semiannually until the first Sale of a Licensed Product by COMPANY or its Affiliates and sublicensees and
quarterly thereafter. Semiannual reports shall be due within sixty (60) days of the close of every second and fourth COMPANY fiscal
quarter. Quarterly reports shall be due within sixty (60) days of the close of every COMPANY fiscal quarter. COMPANY shall keep
accurate records in sufficient detail to enable royalties and other payments payable hereunder to be determined. COMPANY shall
be responsible for all royalties and late payments that are due to EMORY that have not been paid by COMPANY'S Affiliates and sublicensees.
COMPANY'S sublicensees shall have, and shall be notified by COMPANY that they have, the option of making any royalty payment directly
to EMORY, with any such payment being treated as if made directly by and credited to COMPANY.

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4.3           Fund
Raising Reports. Within sixty (60) days of the close of every COMPANY fiscal quarter, COMPANY shall provide reports to EMORY
on all activities and results of those activities related to the acquisition of funding for the Development of Licensed Products
(the “Fund Raising Reports”). Such reports are due until the payment of all funds owed EMORY identified in Section
3.7 herein.

 

4.4           Records.
During the Term of this Agreement and for a period of three (3) years thereafter, COMPANY shall keep at its principal place of
business true and accurate in all material respects records of all Sales in accordance with generally accepted accounting principles
in the respective country where such Sales occur and in such form and manner so that all royalties owed to EMORY may be readily
and accurately determined.

 

4.5           Right
to Audit. EMORY shall have the right, upon prior notice to COMPANY, not more than once in each COMPANY fiscal year and the
calendar year immediately following termination of the Agreement, through an independent certified public accountant selected
by EMORY, to have access during normal business hours of COMPANY as may be reasonably necessary to examine all financial and accounting
records of COMPANY related to the Licensed Products, to include, but not be limited to, sales invoice registers, sales analysis
reports, original invoices, inventory records, price lists, sublicense and distributor agreements, accounting general ledgers,
and sales tax returns, in order to verify the accuracy of the of the calculation of any payment due under this Agreement. COMPANY
shall include in any sublicenses granted pursuant to this Agreement, a provision requiring the sublicensee to keep and maintain
records of Sales made pursuant to such sublicense and to grant access to such records by EMORY'S independent public accountant.
If such independent public accountant's report shows any underpayment of royalties by COMPANY or its Affiliates or sublicensees,
within thirty (30) days after COMPANY'S receipt of such report, COMPANY remit or shall cause its Affiliates or sublicensees to
remit to EMORY:

 

(i)          the
amount of such underpayment; and

 

(ii)         if
such underpayment exceeds five (5%) percent of the total royalties owed for the fiscal year then being reviewed, the reasonably
and actually incurred necessary fees and expenses of such independent public accountant performing the audit. Otherwise, EMORY's
accountant's fees and expenses shall be borne by EMORY.

 

In
no event shall any such payment constitute waive of COMPANY’S right to dispute the determination made by any such accountant.

 

ARTICLE
5. PAYMENTS

 

5.1           Payment
Due Dates. Royalties and sublicense fees payable to EMORY as a result of activities occurring during the period covered by
each royalty report provided for under Article 4 of this Agreement shall be due and payable on the date such royalty report is
due. Payments of royalties in whole or in part may be made in advance of such due date. All other payments required under this
Agreement, if not specified otherwise in this Agreement, shall be payable within sixty (60) days of the due date for each payment.
All payments due to EMORY under this Agreement shall be made in person or via the United States mail or private carrier to the
following address:

 

    		 	Page 13

     

    

 

Emory
University

Attn:
Director, Office of Technology Transfer

1599
Clifton Road NE, 4th Floor

Mailstop
1599-001-1AZ

Atlanta,
Georgia 30322

Facsimile:
(404) 727-1271

 

Any
payment in excess of one hundred thousand ($100,000.00) dollars or originating outside of the United States shall be made by wire
transfer to an account of EMORY designated by EMORY from time to time and royalty reports shall be sent by facsimile or express
courier to the Director, Office of Technology Transfer on the same date.

 

5.2           Currency
Conversion. Except as hereinafter provided in this Section, all royalties shall be paid in U.S. Dollars. If any Licensed Products
are Sold for consideration other than Dollars, the Net Selling Price of such Licensed Products shall first be determined in the
foreign currency of the country in which such Licensed Products are Sold and then converted to Dollars at a ninety (90)-day trailing
average published by the Wall Street Journal (U.S. editions) for conversion of the foreign currency into Dollars on the last day
of the quarter for which such payment is due.

 

5.3           Interest.
Royalties and other payments required to be paid by COMPANY pursuant to this Agreement shall, if overdue, bear simple interest
until payment is received by EMORY at a per annum rate of one percent (1%) above the average of the prime rate as published in
the Wall Street Journal during the ninety (90) days immediately preceding the due date of such overdue payment. The payment of
such interest shall not foreclose EMORY from exercising any other rights it may have because any payment is overdue.

 

ARTICLE
6. DILIGENCE AND COMMERCIALIZATION

 

6.1           Diligence
and Commercialization. COMPANY shall use its commercially reasonable efforts, either directly or through Affiliates or sublicensees,
throughout the Term of this Agreement to comply with COMPANY's Development Plan and Commercialize at least one Licensed Product.
COMPANY's reasonable efforts to commercialize Licensed Products using no less than that which is customary in COMPANY's industry.

 

    		 	Page 14

     

    

 

6.2           Development
Milestones. COMPANY, either directly or indirectly through its Affiliates and sublicensees, shall adhere to the schedule of
Development milestones and dates set forth in the Development Plan. If COMPANY, either directly or indirectly through its Affiliates
or sublicensees, fails to achieve in all material respects any such Development milestone set forth in the Development Plan by
the date associated therewith, EMORY may, upon at least ninety (90) days' prior written notice, terminate or partially terminate
this Agreement and grant Third Parties identical or lesser rights in the Licensed Patents and Licensed Technology as granted to
COMPANY hereunder, unless within such ninety (90) day period, COMPANY achieves in all material respects any such milestone. COMPANY
may submit to EMORY revisions to its Development milestones, which revisions EMORY shall have the right to approve. EMORY shall
not unreasonably withhold, delay, condition or deny its consent to any such revision of such Development milestones when requested
in writing in advance by COMPANY or any Affiliate or sublicensee thereof, if (i) the request is reasonably supported by credible
evidence of scientific or technical difficulties or delays, including, if any, in the clinical studies or regulatory process that
are outside of the control of COMPANY or any affiliate or sublicensee; (ii) COMPANY (either directly or indirectly through any
applicable Affiliate or sublicensee thereof) is proposing and agrees to implement reasonably satisfactory and effective means
of addressing such difficulties or delays, including utilizing its available commercially reasonable financial and technical resources
or raising or securing additional resources; and (iii) COMPANY or any Affiliate or Sublicensee thereof has in good faith made
commercially reasonable efforts to meet said objective(s) and continue to do so. In making any such determination, EMORY shall
take into account the normal course of such programs conducted with sound and reasonable business practices and judgment and shall
take into account the reports provided hereunder by COMPANY or any Affiliate or sublicensee thereof. Satisfaction of a later-in-time
milestone shall be deemed to constitute satisfaction of any prior-in-time milestone.

 

6.3           Sublicensee
Performance. EMORY agrees that performance by an Affiliate or sublicensee of Company’s diligence or milestone obligations
as set forth herein or as may be amended from time to time, shall be deemed to be performance by COMPANY of its diligence or milestone
obligations under this License Agreement, including, but not limited to, those set forth in this Article 6.

 

ARTICLE
7. PATENT PROSECUTION

 

7.1           EMORY
Responsible for Licensed Patents. Except for infringement claims as otherwise provided in Article 8 below, the preparation,
filing, prosecution and maintenance of the Licensed Patents shall be the primary responsibility of EMORY. EMORY shall provide
COMPANY with copies of all filings and correspondence pertaining to such activities so as to give COMPANY reasonable opportunities
to advise EMORY and cooperate with EMORY in such prosecution and maintenance. EMORY and COMPANY agree to retain current patent
counsel; should current patent counsel become disagreeable to a Party, such Party shall inform the other of its desire to transfer
prosecution and new patent counsel shall be retained by EMORY, such patent counsel retained by EMORY to be mutually agreeable
to both Parties. In the event EMORY or COMPANY desires to transfer the prosecution of any of the Licensed Patents to new patent
counsel, consent shall be obtained from the other Party prior to the commencement of such transfer, which consent shall not be
unreasonably withheld. EMORY shall consult with COMPANY as to the preparation, filing, prosecution and maintenance of such Licensed
Patents and Licensed Patent applications, with all such consultation and copies being made reasonably in advance of any filing
or other action to permit COMPANY to review and offer comments thereto. With the advice and counsel of COMPANY, EMORY shall prepare
and file appropriate patent applications, responses to office actions and the like.

 

    		 	Page 15

     

    

 

7.2           COMPANY’S
 “Step-In-Rights”. In the event that EMORY shall elect to either forgo the preparation, filing, prosecution or
maintenance as requested by COMPANY or any Affiliate or sublicensee thereof or otherwise abandon any Licensed Patents, EMORY shall
as soon as reasonably practicable, but in no event less than thirty (30) prior to the date on which any such action would
be timely required, give written notice thereof to COMPANY. Upon receipt of any such notice or to the extent any such determination
becomes actually known to COMPANY, COMPANY (or as delegated thereto, any Affiliate or sublicensee thereof) shall have the option,
but not obligation to prepare, file, prosecute or maintain, as the case may be, the Licensed Patents.

 

7.3           Notice
of Matters Affecting Licensed Products. Each Party shall provide to the other prompt notice as to all matters that come to
its attention and which may affect the preparation, filing, prosecution or maintenance of any such patent applications or patents.
COMPANY (or as delegated thereto, any Affiliate or sublicensee thereof) shall notify EMORY in writing of the countries in which
COMPANY wishes additional patent applications to be filed, including, but not limited to, national phase filings and registrations
in countries from regional filings. EMORY and COMPANY (and any such Affiliate or sublicensee thereof) shall cooperate fully in
determining, in a timely manner, the countries in which patent protection shall be pursued and maintained. EMORY shall, at COMPANY’s
expense, file, prosecute and maintain all such additional patent applications.

 

7.4           EMORY
may, at its own expense, file patent applications in those countries in which COMPANY elects not to file such applications and
such applications shall not be subject to any license granted to COMPANY hereunder. If COMPANY should fail to timely make reimbursement
for patent expenses as required in Section 3.8 (b) of this Agreement, EMORY, in addition to its other remedies under the Agreement,
shall have no further obligation to prosecute or maintain such Licensed Patents for which COMPANY failed to make timely reimbursement.
COMPANY, upon ninety (90) days advance written notice to EMORY, may advise EMORY that it no longer wishes to pay expenses for
filing, prosecuting or maintaining one or more Licensed Patents. EMORY may, at its option, elect to pay such expenses or permit
such Licensed Patents to become abandoned or lapsed. If EMORY elects to pay such expenses, such patents/patent applications shall
not be subject to any license granted to COMPANY hereunder.

 

7.5           Extension
of Licensed Patents. COMPANY may request that EMORY have the normal term of any Licensed Patents extended or restored under
a country's procedure of extending patent term for time lost in government regulatory approval processes, and the expense of the
same shall be borne in accordance with the terms of Section 3.8. COMPANY shall assist EMORY to take whatever action is necessary
to obtain such extension. In the case of such extension, royalties pursuant to Article 3 hereof shall be payable until the end
of the extended term of the Licensed Patent. In the event that COMPANY does not elect to extend Licensed Patents, EMORY may, at
its own expense, affect the extension of such Licensed Patents. If EMORY elects to pay such expenses, such extended Licensed Patents
shall not be subject to any license granted to COMPANY hereunder subsequent to the non-extended expiration date of such Licensed
Patents.

 

ARTICLE
8. INFRINGEMENT

 

8.1           Notification.
COMPANY shall promptly notify EMORY, and EMORY shall promptly notify COMPANY, of any suspected infringement of any Licensed Patents.
During the Term of this Agreement, EMORY and COMPANY shall have the right to institute an action for infringement of the Licensed
Patents against a Third Party in accordance with the following:

 

    		 	Page 16

     

    

 

(i)          Enforcement.
COMPANY shall have the right to enforce in its own name any Licensed Patents against such infringement and shall bear the entire
cost of such action, including defending any counterclaims brought against EMORY for any such infringement and paying any judgments
rendered against EMORY for which COMPANY has an obligation to indemnify EMORY under this Agreement. EMORY shall cooperate with
COMPANY in such effort, at COMPANY'S expense, including being joined as a party to such action, if necessary.

 

After
reimbursement or reduction for all fees and costs relating thereto, any recovery or settlement received for punitive or exemplary
damages shall be shared between EMORY and COMPANY on the basis of an allocation in which Company receives seventy (70%) percent
of such proceeds and divides the remaining thirty (30%) percent of such proceeds between the owners of the infringed patents licensed
to COMPANY in a percentage relative to the number of such patent owners, and any other recovery or settlement received, including
compensatory damages or damages based on a loss of revenues that exceeds the out-of-pocket costs and expenses incurred by COMPANY
(hereinafter “Net Recovery”), shall be deemed to be the proceeds of Sales of Licensed Products in the fiscal quarter
received by COMPANY and COMPANY shall pay to EMORY an amount representing the royalty which would have been paid by COMPANY in
accordance with the provisions of Article 3 had such Net Recovery been accrued by COMPANY as Sales.

 

(ii)         Failure
to Enforce. If COMPANY shall fail, within one hundred twenty (120) days after receiving notice from EMORY of a potential infringement
or to provide EMORY with notice of such infringement, to either (a) terminate such infringement or (b) institute an action to
prevent continuation thereof and, thereafter to prosecute such action diligently, or if COMPANY notifies EMORY that it does not
plan to terminate the infringement or institute such action, then EMORY shall have the right to do so at its own expense. COMPANY
shall cooperate with EMORY in such effort including being joined as a party to such action if necessary, with ninety-five (95)
percent of any such damages or costs awarded to EMORY and five (5) percent of any such damages or costs awarded to Company.

 

8.2           Abandonment
of Infringement Claims. Should either EMORY or COMPANY commence a suit under the provisions of this Article and thereafter
elect to abandon such suit, the abandoning Party shall give timely notice to the other Party who may, if it so desires, continue
prosecution of such suit, provided that the sharing of expenses and any recovery in such suit shall be as agreed upon between
EMORY and COMPANY.

 

    		 	Page 17

     

    

 

ARTICLE
9. LIMITED WARRANTY

AND
EXCLUSION OF WARRANTIES

 

9.1           Limited
Warranty. EMORY represents and warrants to COMPANY that: (i) it has the right and authority to enter into, execute, deliver
and perform its obligations under this Agreement, (ii) except as and to the extent limited by the U.S. Government License, and
to the best of its knowledge, it owns exclusively the Licensed Patents and Licensed Technology, (iii) to the best of its knowledge,
neither the execution of this Agreement nor the performance of its obligations hereunder will constitute a breach of the terms
and provisions of any other agreement to which EMORY is a party, (iv) except for the Licensed Patents licensed to COMPANY hereby,
and as of the Effective Date of this Agreement, EMORY neither owns or controls any patent or patent application whose claims would
necessarily be infringed by the practice of the Licensed Patents or Licensed Technology, and (v) EMORY (1) has not received any
written notice from a Third Party alleging that the practice of the Licensed Patents or Licensed Technology infringes any patent
or other intellectual property right of such Third Party, and (2) has no knowledge of any infringement or, to the knowledge of
Emory’s Technology Transfer Office, possible infringement by a third party of the Licensed Patents as of the Effective Date
of this Agreement. Except as otherwise provided in this Agreement, including, without limitation, this Section 9.1, EMORY does
not warrant the validity of the Licensed Patents licensed hereunder and makes no representation whatsoever with regard to the
scope of the Licensed Patents or that such Licensed Patents or Licensed Technology may be exploited by COMPANY or its Affiliates
or sublicensees without infringing other patents.

 

EXCEPT
AS OTHERWISE PROVIDED IN THIS AGREEMENT, EMORY DOES NOT MAKE ANY REPRESENTATION OR WARRANTY OF ANY KIND WITH RESPECT TO THE LICENSED
PATENTS, LICENSED TECHNOLOGY OR LICENSED PRODUCTS AND EXPRESSLY DISCLAIMS ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE AND ANY OTHER IMPLIED WARRANTIES WITH RESPECT TO THE CAPABILITIES, SAFETY, UTILITY, OR COMMERCIAL APPLICATION OF THE LICENSED
PATENTS, LICENSED TECHNOLOGY OR LICENSED PRODUCTS.

 

ARTICLE
10. DAMAGES, INDEMNIFICATION AND INSURANCE

 

10.1         No
Liability. EMORY shall not be liable to COMPANY or COMPANY'S Affiliates, or customers and/or sublicensees of COMPANY or COMPANY’S
Affiliates, for compensatory, special, incidental, indirect, consequential or exemplary damages resulting from the manufacture,
testing, design, labeling, use or sale of Licensed Products. COMPANY shall have no liability to or duty to indemnify EMORY for
any clinical activity that is authorized by EMORY without COMPANY's knowledge or participation.

 

10.2         Indemnification.
COMPANY shall defend, indemnify, and hold harmless the Indemnitees, from and against any and all claims, demands, losses, liabilities,
expenses or damages (including reasonably and actually incurred investigative costs, court costs and attorneys' fees) Indemnitees
may suffer, pay, or incur as a result of claims, demands or actions brought by a Third Party against any of the Indemnitees arising
or alleged to arise by reason of, or in connection with, any and all personal injury (including death) and property damage (a
 “Claim”) caused or contributed to, in whole or in part, by COMPANY'S or COMPANY'S Affiliates, contractors, agents,
or sublicensees manufacture, testing, design, use, Sale, or labeling of any Licensed Products; provided, however, that in no event
shall COMPANY have any obligation under this Section whatsoever with respect to any Claim based on any act or omission on the
part of any Indemnitee constituting or arising under (i) the reservation of rights by EMORY under Section 2.3 of this Agreement,
or (ii) any manufacture, testing, design, labeling, use or sale of Licensed Products that occurred prior to the Effective Date.
COMPANY'S obligations under this Article shall survive the expiration or termination of this Agreement for any reason.

 

    		 	Page 18

     

    

 

10.3         Insurance.
Without limiting COMPANY'S indemnity obligations under the preceding Section, COMPANY shall, prior to any clinical trial or Sale
of any Licensed Product, cause to be in force, an "occurrence based type" liability insurance policy or, if COMPANY
is unable to obtain “occurrence based type” liability insurance, a “claims made type” (with at least 10
years tail coverage) liability insurance policy which:

 

(i)          insures
Indemnitees for all claims, damages, and actions mentioned in Section 10.2 of this Agreement;

 

(ii)         includes
a contractual endorsement providing coverage for all liability which may be incurred by Indemnitees in connection with this Agreement;
and

 

(iii)        requires
the insurance carrier to provide EMORY with no less than thirty (30) days' written notice of any change in the terms or coverage
of the policy or its cancellation; and

 

(iv)        provides
Indemnitees product liability coverage in an amount no less than Two Million Dollars ($2,000,000.00) per occurrence for bodily
injury and One Million Dollars ($1,000,000.00) per occurrence for property damage, subject to a reasonable aggregate amount.

 

10.4         Notification.
COMPANY shall notify EMORY, prior to its first clinical trial or commercial Sale of any Licensed Product, of all insurance coverage
and other assets available to COMPANY to meet COMPANY'S obligations under Sections 10.2 and 10.3 of this Agreement.

 

10.5         Notice
of Claims. COMPANY shall promptly notify EMORY of all claims involving the Indemnitees and shall advise EMORY of the policy
amounts that might be needed to defend and pay any such claims. EMORY shall promptly notify COMPANY of any and all claims brought
to its attention relating to COMPANY’s indemnity obligations under this Agreement.

 

ARTICLE
11. CONFIDENTIALITY

 

11.1         Treatment
of Confidential Information. Except as otherwise provided hereunder, during the term of this Agreement and for a period of
five (5) years thereafter:

 

(i)          COMPANY
and its Affiliates and sublicensees shall retain in confidence and use only for purposes of this Agreement, any written information
and data supplied by EMORY to COMPANY under this Agreement and marked as proprietary;

 

(ii)         EMORY
shall retain in confidence and use only for purposes of this Agreement any written information and data supplied by COMPANY or
on behalf of COMPANY to EMORY and marked as proprietary under this Agreement.

 

    		 	Page 19

     

    

 

For
purposes of this Agreement, all such information and data which a party is obligated to retain in confidence shall be called "Information."

 

11.2         Right
to Disclose. To the extent that it is reasonably necessary to fulfill its obligations or exercise its rights under this Agreement,
or any rights which survive termination or expiration hereof, each party may disclose Information to its Affiliates, sublicensees,
consultants, outside contractors, governmental regulatory authorities and clinical investigators on condition that such entities
or persons agree:

 

(i)          to
keep the Information confidential for at least the same time periods and to the same extent as each party is required to keep
the Information confidential; and

 

(ii)         to
use the Information only for such purposes as such parties are authorized to use the Information.

 

Each
party or its Affiliates or sublicensees may disclose Information to the government or other regulatory authorities to the extent
that such disclosure is necessary for the prosecution and enforcement of patents, or authorizations to conduct clinical trials
or commercially market Licensed Products, provided that such party is otherwise entitled to engage in such activities under this
Agreement.

 

11.3         Release
from Restrictions. The obligation not to disclose Information shall not apply to any part of such Information that:

 

(i)          is
or becomes patented, published or otherwise part of the public domain, other than by unauthorized acts of a party obligated not
to disclose such Information;

 

(ii)         is
disclosed to the receiving party or its Affiliates or sublicensees by a third party provided that such Information was not obtained
by such third party directly or indirectly from the other party under this Agreement; or

 

(iii)        prior
to disclosure under this Agreement, was already in the possession of the receiving party, its Affiliates or sublicensees, provided
that such Information was not obtained directly or indirectly from the other party under this Agreement; or

 

(iv)        results
from research and development by the receiving party or its Affiliates or sublicensees, independent of disclosures from the other
party of this Agreement, provided that the persons developing such information have not had exposure to the information received
from the disclosing party; or

 

(v)         is
required by law to be disclosed by the receiving party, provided that the receiving party uses its best efforts to notify the
other party immediately upon learning of such requirement in order to give the other party reasonable opportunity to oppose such
requirement; or

 

(vi)        COMPANY
and EMORY agree in writing may be disclosed.

 

    		 	Page 20

     

    

 

This
Article 11 shall be construed as an agreement ancillary to the other provisions of this Agreement, and the existence of any claim
or cause of action of one party against the other, whether predicated on this Agreement or otherwise, shall not constitute a defense
to the enforcement of Article 11, except that either Party has a right to disclose Information to any panel or court in a proceeding
against the other Party under Article 14 of this Agreement

 

ARTICLE
12. TERM AND TERMINATION

 

12.1         Term.
Unless sooner terminated as otherwise provided in this Agreement, the term of this Agreement shall commence on the Effective Date
and shall continue in full force and effect until the expiration of the last to expire of the Licensed Patents. If no Valid Claim
should issue within ten (10) years of the date of this Agreement, this Agreement shall terminate on the tenth (10th) anniversary
of its Effective Date.

 

12.2         Termination.
Subject to Section 12.3 herein, EMORY shall have the right to terminate this Agreement upon the occurrence of any one or more
of the following:

 

(i)          failure
of COMPANY to make any payment required pursuant to this Agreement when due; or

 

(ii)         failure
on the part of COMPANY to satisfy when due its diligence obligations as set forth in Article 6 herein; or

 

(iii)        failure
of COMPANY to render reports to EMORY as required by this Agreement; or

 

(iv)        the
institution of any proceeding by COMPANY under any bankruptcy, insolvency or moratorium law; or

 

(v)         any
assignment by COMPANY of substantially all of its assets for the benefit of creditors; or

 

(vi)        placement
of COMPANY'S assets in the hands of a trustee or a receiver unless the receivership or trust is dissolved within thirty (30) days
thereafter; or

 

(vii)       a
decision of which EMORY is notified in writing by COMPANY or COMPANY'S assignee of rights under this Agreement to quit the business
of developing or selling Licensed Products; or

 

(viii)      the
breach by COMPANY of any other material term of this Agreement; or

 

(ix)         failure
to execute the Subscription Agreement within sixty (60) days of the Effective Date of this Agreement; or

 

(x)          institution
of any proceedings by COMPANY, an Affiliate or sublicensee that challenges the validity or enforceability (but not scope) of any
Licensed Patent.

 

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12.3         Exercise.
EMORY may exercise its right of termination under this Agreement by giving COMPANY, its trustees, receivers or assigns, ninety
(90) days' prior written notice of EMORY's election to terminate. Any such notice of default or breach shall state in reasonable
detail the nature of the defaults claimed by the non-breaching party. If in the event COMPANY disputes the alleged default or
breach, then such cure period shall be tolled for the period during which any such dispute remains pending and this Agreement
shall remain in full force and effect. Should it be finally determined that COMPANY was in default or breach under this Agreement,
then COMPANY shall have the remainder of the cure period to cure the same. Upon the expiration of such period, this Agreement
shall automatically terminate unless COMPANY has removed the condition of termination. Such notice and termination shall not prejudice
EMORY's right to receive royalties or other sums due hereunder and shall not prejudice any cause of action or claim of EMORY accrued
or to accrue on account of any breach or default by COMPANY. The failure of either Party, at any time, or for any period of time,
to enforce any of the provisions of this Agreement, shall not be construed as a waiver of such provisions or as a waiver of the
right of such Party thereafter to enforce each and every such provision of this Agreement.

 

12.4         Termination
by COMPANY. COMPANY shall have the right to terminate this Agreement at its sole discretion upon ninety (90) days written
notice to EMORY.

 

12.5         Regulatory
Data. Upon termination of this Agreement for any reason, in the event EMORY provides notice to COMPANY of the existence of
a Third Party with a bona fide interest in thereafter licensing any of the Licensed Products for which COMPANY possesses Development
Information, COMPANY shall make Development Information available to EMORY and such Third Party for review and for a reasonable
time period under a confidentiality agreement. In the event EMORY enters into a license for such Licensed Products with a Third
Party, and to the extent that such Development Information remains in the control of COMPANY, COMPANY shall use commercially reasonable
efforts to negotiate a license between COMPANY and such Third Party to grant such Third Party the right to make use of Development
Information.

 

12.6         Effect.
If this Agreement is terminated for any reason whatsoever, COMPANY shall return, or at EMORY's direction, destroy, all plans,
drawings, papers, notes, data, writings and other documents, samples, organisms, biological materials, models and other tangible
materials covered by the License Patents or the Licensed Technology supplied to COMPANY by EMORY, retaining one archival paper
copy in its corporate legal department as required so that compliance with any continuing obligations may be determined. Upon
termination of this Agreement, COMPANY shall cease manufacturing, processing, producing, using, importing or Selling Licensed
Products; provided, however, that COMPANY may continue to Sell in the ordinary course of business for a period of six (6) months
reasonable quantities of Licensed Products which are fully manufactured and in COMPANY’s normal inventory at the date of
termination if (a) all monetary obligations of COMPANY to EMORY have been satisfied and (b) royalties on such Sales are paid to
EMORY in the amounts and in the manner provided in this Agreement. However, nothing herein shall be construed to release either
party of any obligation that matured prior to the effective date of any such termination.

 

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ARTICLE
13. ASSIGNMENT

 

COMPANY
may grant, transfer, convey, or otherwise assign any or all of its rights and obligations under this Agreement in conjunction
with the transfer of all, or substantially all, of the business assets or interests of COMPANY, whether by merger or otherwise,
to which this Agreement relates. EMORY's written consent, which shall not be unreasonably withheld, shall be required prior to
any other assignment of COMPANY'S rights or obligations under this Agreement. This Agreement shall be assignable by EMORY to a
nonprofit Emory-controlled corporation which promotes the research purposes of EMORY, provided, however, that Emory shall remain
obligated and any such assignment is conditioned on the assignee assuming the duties and obligations of Emory under the terms
of this Agreement and EMORY notifies COMPANY of any such assignment in writing.

 

ARTICLE
14. ARBITRATION

 

Any
dispute related to this License Agreement shall be settled by arbitration. Arbitration shall be conducted under the Commercial
Arbitration Rules of the American Arbitration Association by three arbitrators, one to be appointed by EMORY, one to be appointed
by COMPANY, and one to be appointed by the two arbitrators appointed by EMORY and COMPANY. Arbitration shall take place in Atlanta,
Georgia, and the decision of the arbitrators shall be enforceable, but not appealable, in any court of competent jurisdiction.
Each Party shall bear its own fees and expenses incurred in connection with such arbitration, which shall be subject to reimbursement
by the party which does not prevail in such proceeding promptly upon the termination thereof in the event that the Party initiating
such proceeding is the prevailing party. Notwithstanding the forgoing, each Party has the right before or, if the arbitrator(s)
cannot hear the matter within an acceptable period, during the arbitration to seek from the appropriate court provisional remedies
such as attachment, preliminary injunction and replevin, to avoid irreparable harm, maintain the status quo, or preserve the subject
matter of the arbitration, subject to all legally applicable requirements.

 

ARTICLE
15. MISCELLANEOUS

 

15.1         Export
Controls. COMPANY acknowledges that Licensed Products and Licensed Technology may be subject to United States laws and regulations
controlling the export of technical data, biological materials, chemical compositions, computer software, laboratory prototypes
and other commodities and agrees to comply in all material respects with any and all such applicable United States export laws
and regulations. The transfer of technical data and commodities may require a license from the cognizant agency of the United
States government or written assurances by COMPANY that COMPANY shall not export data or commodities to certain foreign countries
without the prior approval of certain United States agencies. EMORY neither represents that an export license shall not be required
nor that, if required, such export license shall issue.

 

15.2         Legal
Compliance. COMPANY shall comply in all material respects with all laws and regulations applicable to its manufacture, processing,
producing, using, importing Selling, labeling or distribution of Licensed Products and Licensed Technology and shall not knowingly
take any action which would cause EMORY or COMPANY to so violate any such laws or regulations.

 

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15.3         Independent
Contractor. COMPANY'S relationship to EMORY shall be that of a licensee only. COMPANY shall not be the agent of EMORY and
shall have no authority to act for, or on behalf of, EMORY in any matter. Persons retained by COMPANY as employees or agents shall
not, by reason thereof, be deemed to be employees or agents of EMORY.

 

15.4         Patent
Marking. COMPANY shall mark Licensed Products Sold in the United States with United States patent numbers. Licensed Products
manufactured or Sold in other countries shall be marked in material compliance with the intellectual property laws in force in
such foreign countries.

 

15.5         Use
of Names. COMPANY shall obtain the prior written approval of EMORY or the Inventors prior to making use of their names for
any commercial purpose, except as required by law. As an exception to the foregoing, both COMPANY and EMORY shall have the right
to publicize the existence of this Agreement; provided, however, that neither COMPANY nor EMORY shall disclose the terms and conditions
of this Agreement, except as otherwise permitted in accordance with Article 11.

 

15.6         Place
of Execution. This Agreement and any subsequent modifications or amendments hereto shall be deemed to have been executed in
the State of Georgia, U.S.A.

 

15.7         Governing
Law. This Agreement and all amendments, modifications, alterations, or supplements hereto, and the rights of the parties hereunder,
shall be construed under and governed by the laws of the State of Georgia and the United States of America. Only courts in the
State of Georgia, U.S.A., shall have jurisdiction to hear and decide any controversy or claim between the parties arising under
or relating to this Agreement.

 

15.8         Entire
Agreement. This Agreement constitutes the entire agreement between EMORY and COMPANY with respect to the subject matter hereof
and shall not be modified, amended or terminated, except as herein provided or except by another agreement in writing executed
by the parties hereto.

 

15.9         Survival.
Section 2.4, Article 9, Article 10, Article 11, Sections 12.5 and 12.6, Article 14, Section 15.7 and Article 16 shall survive
termination of this Agreement for any reason. Upon expiration of this Agreement, COMPANY shall have a fully paid up license to
use the Licensed Technology.

 

15.10         Severability.
All rights and restrictions contained herein may be exercised and shall be applicable and binding only to the extent that they
do not violate any applicable laws and are intended to be limited to the extent necessary so that they will not render this Agreement
illegal, invalid or unenforceable. If any provision or portion of any provision of this Agreement, not essential to the commercial
purpose of this Agreement, shall be held to be illegal, invalid or unenforceable by a court of competent jurisdiction, it is the
intention of the parties that the remaining provisions or portions thereof shall constitute their agreement with respect to the
subject matter hereof, and all such remaining provisions, or portions thereof, shall remain in full force and effect. To the extent
legally permissible, any illegal, invalid or unenforceable provision of this Agreement shall be replaced by a valid provision
which shall implement the commercial purpose of the illegal, invalid, or unenforceable provision. In the event that any provision
essential to the commercial purpose of this Agreement is held to be illegal, invalid or unenforceable and cannot be replaced by
a valid provision which will implement the commercial purpose of this Agreement, this Agreement and the rights granted herein
shall terminate.

 

    		 	Page 24

     

    

 

15.11         Force
Majeure. Any delays in, or failure of performance of any party to this Agreement, shall not constitute a default hereunder,
or give rise to any claim for damages, if and to the extent caused by occurrences beyond the control of the party affected, including,
but not limited to, acts of God, strikes or other concerted acts of workmen, civil disturbances, fires, floods, explosions, riots,
war, rebellion, sabotage, acts of governmental authority or failure of governmental authority to issue licenses or approvals which
may be required.

 

15.12         Counterparts.
This Agreement may be executed by facsimile and in counterparts, each of which is deemed an original, but all of which together
shall constitute one and the same instrument

 

ARTICLE
16. NOTICES

 

All
notices, statements, and reports required to be given by one Party to the other shall be in writing and shall be hand delivered,
sent by private overnight mail service, or sent by registered or certified U.S. mail, postage prepaid, return receipt requested
and addressed as follows:

 

	If
    to EMORY:	Emory
        University

        Office
        of Technology Transfer

        1599
        Clifton Road NE, 4th Floor

        Mailstop
        1599/001/1AZ

        Atlanta,
        Georgia 30322

        ATTN:
        Director

        Facsimile:
        (404) 727-1271

	 	 
	If
    to COMPANY:	Inhibikase
        Therapeutics, Inc.

        3375
        Spring Hill Parkway

        Suite
        811

        Smyrna,
        GA 30080

        Attn:
        CEO

	 	 
	With
        a copy to:

         
	McDaniel
        Law Group, PC

        PO
        Box 681235

        Marietta,
        Georgia 30068

        Attn:
        Mr. Frank McDaniel, Esq.

 

    		 	Page 25

     

    

 

Such
notices or other communications shall be effective upon receipt by an employee, agent or representative of the receiving Party
authorized to receive notices or other communications sent or delivered in the manner set forth above. Either Party hereto may
change the address to which notices to such Party are to be sent by giving notice to the other Party at the address and in the
manner provided above. Any notice may be given, in addition to the manner set forth above by facsimile provided that the party
giving such notice obtains acknowledgement by facsimile that such notice has been received by the Party to be notified. Notice
made in this manner shall be deemed to have been given when such acknowledgement has been transmitted.

 

IN
WITNESS WHEREOF, EMORY and COMPANY have caused this Agreement to be signed by their duly authorized representatives as of
the day and year indicated below.

 

	EMORY
    UNIVERSITY	 	COMPANY
	 	 	 	 	 
	By:  	/s/
    Todd T. Sherer	 	By:  	/s/
    Milton Werner
	Name:  	Todd
    T. Sherer, Ph.D.	 	Name:  	Milton
    Werner, PhD
	 	 	 	 	 
	Title:
    	Associate
    Vice President for Research and Director Office of Technology Transfer 	 	Title:
    	President
    & CEO
	 	 	 	 	 
	Date:
    	June
    8, 2010	 	Date:  	6/8/2010
	 	 	 	 	 
	READ
    AND UNDERSTOOD	 	 	 
	 	 	 	 	 
	By:
    	/s/
    Dan Kalman	 	 	 
	Name:  	Dan
    Kalman, Ph.D.	 	 	 
	 	 	 	 	 
	Title:  	Associate
    Professor	 	 	 
	 	 	 	 	 
	Date:	6/8/2010	 	 	 
	 	 	 	 	 
	LIC.09.024	 	 	 

 

    		 	Page 26

     

    

 

APPENDIX
A

 

COMPANY’S
DEVELOPMENT PLAN

 

		1.	Three
                                         (3) years to first IND filing on a product or service covered by any Licensed Patent
                                         or Licensed Technology.

 

		2.	Seven
                                         (7) years to first proof-of-concept clinical trial for a product or service covered by
                                         any Licensed Patent or Licensed Technology.

 

		3.	Eleven
                                         (11) years to first Phase III trial for a product or service covered by any Licensed
                                         Patent or Licensed Technology.

 

		4.	Fifteen
                                         (15) years to first NDA filingfor a product or service covered by any licensed patent
                                         or technology.

 

    		 	Page 27

     

    

 

APPENDIX
B (TKI)

 

LICENSED
PATENTS

 

Emory
technology references 04088, 06121, 09038 and 09039 shall be included in this exclusive license. Current patent(s) and applications
associated with these technologies are listed below.

 

Emory
Tech ID 04088

 

Compositions
and Methods of Use of Tyrosine Kinase Inhibitors to Treat Infections caused by HIV-1, by Mycobacterium Tuberculosis, and by Polyoma
and Related Viruses

 

	Emory
    Ref.	 	Country	 	Serial
    No	 	File
    Date	 	Patent
    No	 	Issue
    Date	 	Status
	04088
    Prov	 	United
    States	 	60/614,203	 	09/29/2004	 	 	 	 	 	Expired
	04088
    US	 	United
    States	 	10/586,382	 	01/20/2005	 	 	 	 	 	Pending
	04088
    PCT	 	PCT	 	PCT/US2005/01710	 	01/20/2005	 	 	 	 	 	Pending
	04088
    EPO	 	EPO	 	0570591.6	 	01/20/2005	 	 	 	 	 	Pending
	04088
    CAN	 	Canada	 	2,554,201	 	01/20/2005	 	 	 	 	 	Pending
	04088
    AUS	 	Australia	 	2005209231	 	01/20/2005	 	 	 	 	 	Pending
	04088
    JPN	 	Japan	 	2006-551238	 	01/20/2005	 	 	 	 	 	Pending

 

Emory
Tech ID 06121

 

Development
of Novel Tyrosine Kinase Inhibitors for Treating Infectious Diseases

 

	Emory
    Ref.	 	Country	 	Serial
    No	 	File
    Date	 	Patent
    No	 	Issue
    Date	 	Status
	06121
    Prov	 	United
    States	 	60/824,540	 	09/05/2006	 	 	 	 	 	Expired
	06121
    PCT	 	PCT	 	PCT/US2007/77578	 	09/05/2007	 	 	 	 	 	Pending

 

Emory
Tech ID 09038

 

Use
of Tyrosine Kinase Inhibitors to Treat Mycobacterium Tuberculosis and Related Infections

 

	Emory
    Ref.	 	Country	 	Serial
    No	 	File
    Date	 	Patent
    No	 	Issue
    Date	 	Status
	09038	 	United
    States	 	TBD	 	TBD	 	 	 	 	 	Pending

 

Emory
Tech ID 09039

 

Use
of Tyrosine Kinase Inhibitors as Therapeutics for Polyomavirus Infections

 

	EMORY
    

    Ref.	 	Country	 	Serial
    No	 	File
    Date	 	Patent
    No	 	Issue
    Date	 	Status
	09039	 	United
    States	 	TBD	 	TBD	 	 	 	 	 	Pending

    		 	Page 28

     

    

APPENDIX
C (TK)

 

U.
S. GOVERNMENT LICENSE(S)

 

 

 

    		 	Page 29

     

    

  

APPENDIX
D

 

INHIBIKASE
THERAPEUTICS, INC.

CAPITALIZATION
TABLE

 

Post-Emory
University and Duke University License Execution

 

	Inhibikase 
 Shareholders	 	Number of 
 Inhibikase common 
 shares	 	 	Fully -Diluted 
 Percentage 
 Ownership as of the 
 __ day of May 2010	 
	Milton H. Werner, Ph.D.	 	 	5,900,000	 	 	 	59.0	%
	Milton H. Werner, Ph.D.	 	 	100,000	 	 	 	1	%
	Frank McDaniel	 	 	200,000	 	 	 	2	%
	Burkhard Blank, MD	 	 	100,000	 	 	 	1	%
	EMORY University – License 10.021	 	 	500,000	1	 	 	5	%
	EMORY University – License 09.024	 	 	450,000	1	 	 	4.5	%
	EMORY University – License 09.024	 	 	50,000	2	 	 	0.5	%
	Dan Kalman, PhD	 	 	2,000,000	3	 	 	20	%
	Duke University	 	 	700,000	4	 	 	7	%
	Total	 	 	10,000,000	 	 	 	100	%

 

1Shares
shown for issuance is based on agreed-upon percentage calculated taking into account the assumption that Company will successfully
enter into license with Duke University and, thus, issue to Duke the shares referenced, and resolution of agreement with Dan Kalman,
Ph.D.

 

2In
addition to the reservation under (1), above, shares shown are subject to TB being added to scope of EU license

 

3Shares
shown are contingent upon Company reaching agreement with Dr. Kalman, to include, among other things, being granted in accordance
with a consulting agreement.

 

4Shares
shown are contingent on execution of a License Agreement with Duke University for complementary technology.

 

Failure
of any of the foregoing contingencies will require an adjustment in the number of shares proposed to be issued under the above-referenced
chart.

 

    		 	Page 30

     

    

 

APPENDIX
E

 

RUNNING
ROYALTY PERCENTAGES

 

All
Licensed Products covered by a Valid Claim, except as noted in Article 3.3.

 

	Percentage of Net Selling Price	 	 	3.75	%

 

    		 	Page 31

     

    

 

APPENDIX
F

 

MINIMUM
ANNUAL ROYALTIES

 

	Calendar Year after First Sale	 	Minimum
Annual Royalty 
	 
	 	 	 	 
	Year 1	 	$	10,000	 
	Year 2	 	$	20,000	 
	Year 3 and subsequent years	 	$	40,000	 

 

    		 	Page 32

     

    

 

APPENDIX
G (TKI)

 

Sublicense
Revenue

 

	Sublicense Executed	 	Percentage	 
	 	 	 	 
	Prior to completion of first Phase I Clinical Trial	 	 	12	%
		 	 	 	 
	After initiation of first Phase II Clinical Trial until initiation of first Phase III
    Clinical Trial	 	 	8	%
		 	 	 	 
	After initiation of first Phase III Clinical Trial until first License Product Regulatory
    Approval	 	 	6	%
	 	 	 	 	 
	After first Licensed Product Regulatory Approval	 	 	4	%

 

    		 	Page 33

     

    

 

APPENDIX
H

 

MILESTONE
PAYMENTS

 

	Event	 	Milestone Payment	 
	 	 	 	 
	Commencement of first Phase I Clinical Trial	 	$	40,000	 
	Commencement of first Phase III Clinical Trial	 	$	80,000	 
	FDA Acceptance of first Licensed Product NDA	 	$	160,000	 

 

    		 	Page 34

     

    

 

APPENDIX
I

 

RIGHT
OF FIRST OFFER AGREEMENT

 

In
the event EMORY desires to license a technology that is an Option Invention or to license the field of Tuberculosis (the “Offered
Technology”), EMORY shall deliver written notice thereof (the "First Offer Notice") to COMPANY. The First Offer
Notice shall describe with reasonable specificity the Offered Technology. The First Offer Notice shall constitute an offer by
EMORY to license such Offered Technology to COMPANY, and COMPANY, if it desires to accept such offer, shall, within thirty (30)
days after delivery of the First Offer Notice, give EMORY written notice to such effect (the "Acceptance Notice"). Such
technology shall be added to this Agreement by way of an amendment thereto.

 

If
COMPANY shall fail to deliver or otherwise declines the Acceptance Notice within the time period provided, COMPANY shall be deemed
to have waived its right to accept the offer reflected in the First Offer Notice as to the Offered Technology, but not as to other
technology covered by the Option Invention, and EMORY may thereafter offer to license the Offer Technology without any further
obligation whatsoever thereunder to COMPANY.

 

In
the event that COMPANY gives EMORY an Acceptance Notice, then, on such business day as COMPANY shall set forth in the Acceptance
Notice, which shall be not less than thirty (30) days nor more than one hundred twenty (120) days after the giving of the Acceptance
Notice, COMPANY and EMORY shall enter into an amendment of this Agreement for the license of the Offered Technology.

 

    		 	Page 35

     

    

 

EXHIBIT
 “A”

 

COMPANY’S
FORM

OF

STOCK
SUBSCRIPTION AGREEMENT

 

INHIBIKASE
THERAPEUTICS, INC.

SUBSCRIPTION
AGREEMENT

 

		To:	Milton
                                         Werner, Ph.D.

President
 & CEO

Inhibikase
Therapeutics, Inc.

 

		From:	Emory
University

 

Emory
University (the “Subscriber”) hereby irrevocably agrees to acquire from Inhibikase Therapeutics, Inc. (the “Company”)
the number of shares of Common Stock of the Company (the "Shares") shown beside the duly authorized signature below
in partial consideration of the license granted to Company for certain intellectual property rights of the Subscriber, on the
following terms and conditions (the “Subscription”).

 

To
induce Subscriber to make this Subscription and acquire the Shares from Company, Company hereby represents and warrants that it
has all requisite authority to sell and issue the Shares.

 

To
induce Company to accept this Subscription and issue the Shares to Subscriber, I, the Subscriber, hereby represent, warrant, covenant
to and agree with Company as follows:

 

1.            Subscriber
has had a reasonable opportunity to ask questions of and receive answers from the Company concerning the terms and conditions
of the offering of Shares, and to obtain additional information, to the extent possessed or obtainable without unreasonable effort
or expense by the Company, necessary to verify the accuracy of the information provided. All such questions have been answered
to the full satisfaction of Subscriber. Subscriber acknowledges that in making its decision to acquire Shares, Subscriber is relying
solely on the information provided by the Company to Subscriber in writing. Subscriber understands that no offering statement,
prospectus or offering circular containing information with respect to the Company or the Shares has been or is to be prepared,
and Subscriber has made its own inquiry and analysis with respect to the Company and the Shares. Subscriber acknowledges that
neither the Company nor any of its representatives have made any representation or warranty to Subscriber concerning the tax consequences
of Subscriber’s acquisition of, or subsequent disposition of, the Shares

 

2.            Subscriber
has such knowledge and experience in financial and business matters as to enable Subscriber to (a) utilize the information made
available to it in connection with the offering of Shares, (b) evaluate the merits and risks associated with an acquisition of
the Shares, and (c) make an informed decision with respect thereto.

 

3.            Subscriber
(a) has adequate means of providing for its current needs and possible contingencies, (b) has no need for liquidity in connection
with its acquisition of the Shares, (c) is able to bear the economic risks for an indefinite period and has the capacity to protect
its own interests in connection with an acquisition of the Shares, (d) can afford the complete loss of the price for the Shares
subscribed for hereunder, and (e) is subscribing for the acquisition of the Shares based on its personal relationship and acquaintance
with Company’s management.

 

    		 	Page 36

     

    

 

4.            Subscriber
recognizes that the acquisition of the Shares involves certain risks.

 

5.            Subscriber
understands that (a) neither the offering nor the sale of the Shares has been registered under the securities laws of any state
or the Securities Act of 1933, as amended (the “Act”), in reliance upon exemptions from the registration provisions
of the Act and such laws, (b) the Shares acquired by Subscriber must be held indefinitely unless the sale or transfer thereof
is subsequently registered under the Act and such laws, or an exemption from such registration is available, (c) Subscriber is
an “accredited investor” as that term is defined in the Act, and (d) Company and the President will rely upon the
representations and warranties made by Subscriber in this Subscription in order to establish such exemption from the registration
provisions of the Act and applicable state securities laws.

 

6.            Subscriber
will not transfer any Shares without registration under the Act and applicable state securities laws unless the transfer is exempt
from registration under the Act and such laws.

 

7.            The
Shares are being acquired solely for Subscriber’s own account and not for the account of any other person or entity, and
no other person or entity has or will have a direct or indirect beneficial interest in such Shares. The Shares are being acquired
for investment purposes only, and not for distribution, assignment, sale or transfer to others.

 

8.            Subscriber
realizes that Subscriber may not be able to sell or dispose of its Shares because there will be no public market for such Shares
in the foreseeable future.

 

9.            The
foregoing representations, warranties and covenants, and all other information that Subscriber has provided to the Company concerning
Subscriber and Subscriber’s financial condition are true, complete and accurate as of the date hereof. If in any respect
such information, representations, warranties and covenants are not true and accurate at any time prior to the date of the issuance
of Shares to Subscriber, Subscriber will give written notice of such fact to the President specifying which information, representations,
warranties or covenants are not true and accurate and the reasons therefore.

 

10.          Subscriber
understands that the stock certificates representing the Shares subscribed to hereby will contain substantially the following
restrictive legends:

 

“The
shares evidenced by this Certificate have been acquired for investment and have not been registered under any state securities
act or under the Securities Act of 1933 (the "1933 Act") pursuant to and in reliance on the exemption contained in Sections
4(2) of the 1933 Act, as amended, and Rule 506, Regulation D promulgated by the SEC thereunder as not involving any public offering.
These securities cannot be sold, transferred or pledged in the absence of such registration unless the company receives an opinion
of counsel reasonably acceptable to the company stating that such sale or transfer is exempt from the registration and prospectus
delivery requirements of all applicable state and federal securities acts.”

 

11.         This
Agreement is enforceable against Subscriber in accordance with its terms.

 

    		 	Page 37

     

    

 

Subscriber
shall not transfer or assign this Subscription, or any of Subscriber’s interests herein, to any other person; shall not
cancel, terminate or revoke this Subscription (except as otherwise specifically permitted under applicable state securities laws),
and this Subscription shall be binding upon Subscriber’s administrators, heirs, successors and assigns. This Subscription
constitutes the entire agreement between the parties hereto with respect to the subject matter hereof, and this Subscription may
be amended only by a writing executed by both of the parties hereto. This Subscription shall be enforced, governed and construed
in all respects in accordance with the laws of the State of Georgia, without regard to its conflicts of law principles. Within
five (5) days after the receipt of a written request from the President, Subscriber shall provide such information, and execute
and deliver such documents, as reasonably may be necessary to comply with any and all laws, ordinances and regulations to which
Company is subject. The representations and warranties of Subscriber set forth herein shall survive the sale of the Shares to
Subscriber pursuant to this Subscription.

 

Upon
receipt and subject to its acceptance of this Subscription, Company will forward to Subscriber an Acceptance of Subscription in
writing or otherwise by notification.

 

IN
WITNESS WHEREOF, Subscriber has executed and acknowledged this Subscription as of the date set forth below.

 

EMORY UNIVERSITY

 

	By:	 	 

	 	Print Name: 	 	 

	 	Title:
	 	 

 

Number
of Shares: ______

 

Employer
ID Number: ____________

Address:

 

Executed
at: Atlanta, Georgia this day of ___ 2010.

 

    		 	Page 38

     

    

 

ACCEPTANCE

OF

SUBSCRIPTION

 

The
undersigned, as President and Chief Executive Officer of Inhibikase Therapeutics, Inc. (“Company”), hereby accepts
and agrees to on behalf of Company the foregoing Subscription of Emory University (the “Subscriber”) for ______________
(____) shares of Company’s Common Stock for and in consideration for the consideration described therein. Subject to applicable
securities laws and this Subscription, Company will transfer the Common Stock issued to Emory hereunder as directed by EMORY to
transferees, which may include, without limitation, the Inventors (as such term is defined in that certain License Agreement entered
into by and between Company and Emory as of even date herewith (the “License Agreement”)) and any other person who
may be identified at a later time and named on the Licensed Patents (the “License Agreement”); and agrees grant the
right to obtain such registration rights as may be granted from time to time to Milton Werner, Ph. D.

 

IN
WITNESS WHEREOF, the undersigned, as President, has accepted such Subscription on behalf of Company as of the ___ day of March
2010. 

 

	 	Inhibikase
    Therapeutics, Inc.
	 	 
	 	By:	
	 		Name:
    Milton Werner, Ph.D.
	 		Title:
       President & CEO

 

    		 	Page 39

     

    

 

EXHIBIT
 “B”

 

EMORY’S
FORM

OF

MATERIAL
TRANSFER AGREEMENT

 

The
following form of MTA has not been reviewed by Company and remains subject to its review, comment and agreement during the 60
day period following the Effective Date.

 

MATERIALS
TRANSFER AGREEMENT

 

THIS
AGREEMENT is made and entered into as of this ___ day of ____ by and between Emory University, a non-profit Georgia
corporation with offices located at 1599 Clifton Road N.E., 4th Floor, Atlanta, Georgia 30322 USA (hereinafter
referred to as "EMORY") and a ____ non-profit institution with offices located at ___ (hereinafter referred to as
 "INSTITUTION").

 

INSTITUTION,
through its below identified Scientist (hereinafter INSTITUTION's Scientist"), has requested that EMORY, through its below
identified Scientist (hereinafter "EMORY's Scientist") provide INSTITUTION the below described MATERIAL. INSTITUTION's
Scientist shall use the MATERIAL solely in connection with INSTITUTION's Research Project as described with specificity below.

 

INSTITUTION’s
Scientist:

Email
address:

Phone:

Fax:

 

INSTITUTION
Scientist’s Shipping Address:

 

INSTITUTION
Scientist’s Shipping Carrier and Account Number:

 

Shipping
Carrier:_____________________

 

Shipping
Account Number:____________________

 

EMORY's
Scientist:

 

For
the purposes of this Agreement, Material shall mean:

 

For
the purposes of this Agreement, INSTITUTION's Research Project shall mean:

    		 	Page 40

     

    

 

I.
Definitions:

 

1.          MATERIAL:
ORIGINAL MATERIAL, PROGENY, and UNMODIFIED DERIVATIVES. The MATERIAL shall not include: (a) MODIFICATIONS, or (b) other substances
created by the INSTITUTION through the use of the MATERIAL which are not MODIFICATIONS, PROGENY, or UNMODIFIED DERIVATIVES.

 

2.          PROGENY:
Unmodified descendant from the MATERIAL, such as virus from virus, cell from cell, or organism from organism.

 

3.          UNMODIFIED
DERIVATIVES: Substances created by the INSTITUTION which constitute an unmodified functional subunit or product expressed by the
ORIGINAL MATERIAL. Some examples include: subclones of unmodified cell lines, purified or fractionated subsets of the ORIGINAL
MATERIAL, proteins expressed by DNA/RNA supplied by EMORY, or monoclonal antibodies secreted by a hybridoma cell line.

 

4.          MODIFICATIONS:
Substances created by the INSTITUTION which contain/incorporate the MATERIAL.

 

5.          COMMERCIAL
PURPOSES: The sale, lease, license, or other transfer of the MATERIAL or MODIFICATIONS to a for-profit organization. COMMERCIAL
PURPOSES shall also include uses of the MATERIAL or MODIFICATIONS by any organization, including INSTITUTION, to perform contract
research, to screen compound libraries, to produce or manufacture products for general sale, or to conduct research activities
that result in any sale, lease, license, or transfer of the MATERIAL or MODIFICATIONS to a for-profit organization. However, industrially
sponsored academic research shall not be considered a use of the MATERIAL or MODIFICATIONS for COMMERCIAL PURPOSES per se, unless
any of the above conditions of this definition are met.

 

6.          NONPROFIT
ORGANIZATION(S): A university or other institution of higher education or an organization of the type described in section 501(c)(3)
of the Internal Revenue Code of 1954 (26 U.S.C. 501(c)) and exempt from taxation under section 501(a) of the Internal Revenue
Code (26 U.S.C. 501(a)) or any nonprofit scientific or educational organization qualified under a state nonprofit organization
statute. As used herein, the term also includes government agencies.

 

II.
Terms and Conditions of this Agreement:

 

1.          
EMORY retains ownership of the MATERIAL, including any MATERIAL contained or incorporated in MODIFICATIONS.

 

2.          The
INSTITUTION retains ownership of: (a) MODIFICATIONS (except that, EMORY retains ownership rights to the MATERIAL included therein),
and (b) those substances created through the use of the MATERIAL or MODIFICATIONS, but which are not PROGENY, UNMODIFIED DERIVATIVES
or MODIFICATIONS (i.e., do not contain the ORIGINAL MATERIAL, PROGENY, UNMODIFIED DERIVATIVES). If either 2 (a) or 2 (b) results
from the collaborative efforts of EMORY and the INSTITUTION, joint ownership may be negotiated.

 

3.          The
INSTITUTION and the INSTITUTION SCIENTIST agree that the MATERIAL:

 

(a)
is to be used solely for teaching and academic research purposes;

 

    		 	Page 41

     

    

 

(b)
will not be used in human subjects, in clinical trials, or for diagnostic purposes involving human subjects without the written
consent of EMORY;

 

(c)
is to be used only at the INSTITUTION organization and only in the INSTITUTION SCIENTIST's laboratory under the direction of the
INSTITUTION SCIENTIST or others working under his/her direct supervision; and

 

(d)
will not be transferred to anyone else within the INSTITUTION organization without the prior written consent of EMORY.

 

4.          The
INSTITUTION and the INSTITUTION SCIENTIST agree to refer to EMORY any request for the MATERIAL from anyone other than those persons
working under the INSTITUTION SCIENTIST's direct supervision. To the extent supplies are available, EMORY or EMORY SCIENTIST agrees
to make the MATERIAL available, another agreement having terms consistent with the terms of this Agreement, to other scientists
(at least those at NONPROFIT ORGANIZATION(S)) who wish to replicate the INSTITUTION SCIENTIST's research; provided that such other
scientists reimburse EMORY for any costs relating to the preparation and distribution of the MATERIAL.

 

5.
(a) The INSTITUTION and/or the INSTITUTION SCIENTIST shall have the right, without restriction, to distribute substances created
by the INSTITUTION through the use of the ORIGINAL MATERIAL only if those substances are not PROGENY, UNMODIFIED DERIVATIVES,
or MODIFICATIONS.

 

(b)
Under a separate agreement at least as protective of EMORY's rights), the INSTITUTION may distribute MODIFICATIONS to NONPROFIT
ORGANIZATION(S) for research and teaching purposes only.

 

(c)
Without written consent from EMORY, the INSTITUTION and/or the INSTITUTION SCIENTIST may NOT provide MODIFICATIONS for COMMERCIAL
PURPOSES. It is recognized by the INSTITUTION that such COMMERCIAL PURPOSES may require a commercial license from EMORY and EMORY
has no obligation to grant a commercial license to its ownership interest in the MATERIAL incorporated in the MODIFICATIONS. Nothing
in this paragraph, however, shall prevent the INSTITUTION from granting commercial licenses under the INSTITUTION's intellectual
property rights claiming such MODIFICATIONS, or methods of their manufacture or their use.

 

6.          The
INSTITUTION acknowledges that the MATERIAL is or may be the subject of a patent application. Except as provided in this Agreement,
no express or implied licenses or other rights are provided to the INSTITUTION under any patents, patent applications, trade secrets
or other proprietary rights of EMORY, including any altered forms of the MATERIAL made by EMORY. In particular, no express or
implied licenses or other rights are provided to use the MATERIAL, MODIFICATIONS, or any related patents of EMORY for COMMERCIAL
PURPOSES.

 

7.          If
the INSTITUTION desires to use or license the MATERIAL or MODIFICATIONS for COMMERCIAL PURPOSES, the INSTITUTION agrees, in advance
of such use, to negotiate in good faith with EMORY to establish the terms of a commercial license. It is understood by the INSTITUTION
that EMORY shall have no obligation to grant such a license to the INSTITUTION, and may grant exclusive or non-exclusive commercial
licenses to others, or sell or assign all or part of the rights in the MATERIAL to any Third Party(ies), subject to any pre-existing
rights held by others and obligations to the Federal Government.

 

    		 	Page 42

     

    

 

8.          The
INSTITUTION is free to file patent application(s) claiming inventions made by the INSTITUTION through the use of the MATERIAL
but agrees to notify EMORY upon filing a patent application claiming MODIFICATIONS or method(s) of manufacture or use(s) of the
MATERIAL.

 

9.          Any
MATERIAL delivered pursuant to this Agreement is understood to be experimental in nature and may have hazardous properties. EMORY
MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESSED OR IMPLIED. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR THAT THE USE OF THE MATERIAL WILL NOT INFRINGE ANY PATENT, COPYRIGHT,
TRADEMARK, OR OTHER PROPRIETARY RIGHTS.

 

10.         Except
to the extent prohibited by law, the INSTITUTION assumes all liability for damages which may arise from its use, storage or disposal
of the MATERIAL. EMORY will not be liable to the INSTITUTION for any loss, claim or demand made by the INSTITUTION, or made against
the INSTITUTION by any other party, due to or arising from the use of the MATERIAL by the INSTITUTION, except to the extent permitted
by law when caused by the gross negligence or willful misconduct of EMORY.

 

11.         This
agreement shall not be interpreted to prevent or delay publication of research findings resulting from the use of the MATERIAL
or the MODIFICATIONS. The INSTITUTION SCIENTIST agrees to provide appropriate acknowledgement of the source of the MATERIAL in
all publications.

 

12.         The
INSTITUTION agrees to use the MATERIAL in compliance with all applicable statutes and regulations, including Public Health Service
and National Institutes of Health regulations and guidelines such as, for example, those relating to research involving the use
of animals or recombinant DNA.

 

13.         This
Agreement will terminate on the earliest of the following dates: (a) when the MATERIAL becomes generally available from third
parties, for example, though reagent catalogs or public depositories or (b) on completion of the INSTITUTION's current research
with the MATERIAL, or (c) on thirty (30) days written notice by either party to the other, or (d) on the following date: ___________________,
provided that:

 

(i)
if termination should occur under 13(a), the INSTITUTION shall be bound to EMORY by the least restrictive terms applicable to
the MATERIAL obtained from the then-available resources; and

 

(ii)
if termination should occur under 13(b) or (d) above, the INSTITUTION will discontinue its use of the MATERIAL and will, upon
direction of EMORY, return or destroy any remaining MATERIAL. The INSTITUTION, at its discretion, will also either destroy the
MODIFICATIONS or remain bound by the terms of this agreement as they apply to MODIFICATIONS;

 

and

 

(iii)
in the event EMORY terminates this Agreement under 13(c) other than for breach of this Agreement or for cause such as an imminent
health risk or patent infringement, EMORY will defer the effective date of termination for a period of up to one year, upon request
from the INSTITUTION, to permit completion of research in progress. Upon the effective date of termination, or if requested, the
deferred effective date of termination, INSTITUTION will discontinue its use of the MATERIAL and will, upon direction of EMORY,
return or destroy any remaining MATERIAL. The INSTITUTION, at its discretion, will also either destroy the MODIFICATIONS or remain
bound by the terms of this agreement as they apply to MODIFICATIONS.

 

    		 	Page 43

     

    

 

14.         
Paragraphs 6, 9, and 10 and 16 shall survive termination.

 

15.         The
MATERIAL is provided at no cost, or with an optional transmittal fee solely to reimburse EMORY for its preparation and distribution
costs. If a fee is requested by EMORY, the amount will be $_____.

 

16.         INSTITUION
and INSTITUTION SCIENTIST acknowledge their understanding that the MATERIAL and MODIFICATIONS may be subject to export control
laws and regulations of the United States of America, including the Export Administration Regulations (EAR), the International
Traffic in Arms Regulations (ITAR), and the Foreign Assets Control regulations. Further, INSTITUTION shall be responsible for
obtaining the appropriate licenses or other authorizations, if required, for exports or reexports of the MATERIAL or MODIFICATIONS
and, if applicable, for the provision of technology related to the MATERIAL or MODIFICATIONS, including the provision of such
technology to a foreign national in the United States or abroad.

 

[Signature
Page Follows]

 

    		 	Page 44

     

    

 

	AGREED BY:	 	 	 
	 	 	 	 
	EMORY UNIVERSITY	 	INSTITUTION
	 	 	 	 	 
	By:	 	 	By:	
	 	 	 	 	 
	Name:
    	 	 	Name:	 
	 	 	 	 	 
	Title:
    	 		Title:
	

	 	 	 	 	 
	 	Office
    of Technology Transfer	 	 
	 	 	 	 	 
	Date:	 		Date: 
	 
	 	 	 	 	 
	 	 	 	Address
    of Institution Signatory:
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	Email:	 
	 	 	 	 	 
	 	 	 	Phone:	 
	 	 	 	 	 
	READ
    AND UNDERSTOOD BY:	 	 	 
	 	 	 	 
	EMORY’s
    SCIENTIST	 	INSTITUTION’s
    SCIENTIST
	 	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Name:	,
    Ph.D.	 	Name:	

        ,
        Ph.D.

	 	 	 	 	 
	Date:	 	 	Date: 
	 

 

Please
return two (2) signed execution copies to:

 

Attention:
MTA Specialist

Emory
University

Office
of Technology Transfer

1599
Clifton Road N.E., 4th Floor

Atlanta,
Georgia 30322

 

Email:
mta@emory.edu

 

    		 	Page 45Exhibit 10.3

 

INIHIBIKASE THERAPEUTICS

COLLABORATIVE RESEARCH AND DEVELOPMENT
AGREEMENT

 

THIS COLLABORATIVE
RESEARCH AND DEVELOPMENT AGREEMENT (“Agreement”) is entered into with an effective date as of the 29th day of February
2012, by and among, on the one hand, Inhibikase Therapeutics, Inc., a Delaware corporation, with offices located at 3350 Riverwood
Parkway, Suite 1927, Atlanta, Georgia (the “Company”) and, on the other hand, Sphaera Pharma Pte. Ltd., a company incorporated
under the laws of Singapore with its registered office at 8 Temasek Boulevard, #22-03 Suntec Tower 3, Singapore 038988 (“Sphaera
Singapore”) and Sphaera Pharma Pvt. Ltd., Plot No. 32, Sector 5, IMT Manesar  Haryana 
122051, India (“Sphaera India”)(together with Sphaera Singapore, hereinafter referred to as “Sphaera Pharma”).
(Company and Sphaera Pharma shall be referred to individually as a “Party” and collectively as the “Parties.”)

 

RECITALS

 

WHEREAS, Sphaera
Pharma is an integrated drug discovery and development organization

 

WHEREAS, Company
controls certain technology for use in the prevention, diagnosis, treatment or control of human and animal infectious diseases,
particularly relating to the use of a drug approved for human use to block infection by certain bacterial and viral pathogens;
and

 

WHEREAS, the
Parties have determined that the provision of analysis and testing services offered by Sphaera Pharma is of mutual interest and
benefit;

 

NOW THEREFORE,
in consideration of the mutual covenants and promises herein, the receipt and sufficiency of which are hereby acknowledged, Sphaera
Pharma and Company agree as follows:

 

1.          Analysis
and Testing Project.

 

a.           The
Scope of Work. During the Term (as defined below) of this Agreement, Company hereby engages Sphaera Pharma and Sphaera Pharma
hereby agrees to perform on behalf of Company various analysis, research and testing services (the “Services”) as are
described on that certain attachment entitled “Scope of Work” (the “SOW” or “Project”), which
is attached hereto, made a part hereof and marked as Attachment “A.” Sphaera Pharma shall during the Term promote the
interests of Company and perform the Services timely, faithfully, honestly, diligently, efficiently and professionally. Without
limiting the generality of the foregoing, Sphaera Pharma hereby agrees that the Services shall be performed solely and exclusively
by it.

 

    	 	Page 1

     

    

 

b.           Limitation
on Services. In the performance of the Services, Sphaera Pharma shall (i) use those facilities, equipment, supplies and materials
as are necessary to and solely and exclusively owned by it or provided to it by Company for use in the Project (the “Materials”);
and (ii) engage those of its employees, including the Project Coordinator (as defined below), whose services are required for the
Project on a “need to know” basis, in which he or she shall have (1) assigned to Sphaera Pharma any and all of his
or her rights in intellectual property created or invented during his or her term of Sphaera Pharma employment and (2) agreed to
such other terms and conditions regarding the Services, the Project Improvements and Project Results (as defined below) as are
substantially similar to the terms and conditions of this Agreement, including, without limitation, the provisions of Sections
4, 5 and 6 hereof (the “Project Personnel”).

 

c.           No
Conflicting Obligation. Sphaera Pharma represents and warrants to Company on the Effective Date and on each day of the Term
that its performance of the Services and all other terms and conditions of this Agreement and as a consultant to Company does not
and will not breach any agreement between it and any other Person. Sphaera Pharma has not entered into, and agrees it will not
enter into, any agreement, either written or oral, that is or shall be in conflict with this Agreement.

 

d.           Pre-Existing
Property. The Parties shall identify in the SOW any and all Pre-Existing Property (as defined below) that may be necessary
or useful to the Project. For purposes of this Agreement, (i) “Pre-Existing Property” shall mean either Pre-Existing
Intellectual Property (as defined below) or Materials (or both); (ii) “Pre-Existing Intellectual Property” shall mean
any and all intellectual property, data or information created, developed, conceived or invented, whether or not reduced to practice,
that is owned or in which rights are held by the Provider; (iii) “Provider” shall mean the Party who owns or has rights
in or is deemed to own or have rights in any and all such Pre-Existing Property, the Project Results or Project Improvements (as
such terms and phrases are defined in this Agreement) that is delivered or otherwise made available to the Recipient; and (iv)
 “Recipient” shall mean the Party who is in receipt of any such property.

 

e.           Materials.
All Materials made or to be made available for use in a Project shall be described in the SOW, which description shall include
Provider’s name and the name or nature, amount or volume, source or origin and any and all restrictions, whether contractual,
legal or otherwise, on the use of the Materials.

 

2.          Consideration
for Services.

 

a.           The
Project Fees. For and in consideration for the Services, Company shall pay to Sphaera Singapore (for and on account of the
Services to be performed by either or both of Sphaera Singapore and Sphaera India) the Project Fixed Fees, Project Variable Fees,
Project Milestone Fees and Project Percentage Fees (as each are defined below)(together, the “Project Fees”) in accordance
with the following terms and conditions:

 

i.            Project
Fixed Fee. A fixed fee for the Services as mutually defined in the SOW(s)(the “Project Fixed Fee”);

 

ii.         Project
Variable Fee. A variable fee for the Service in the mutually agreed amount proportionate to the effort put into any additional
work defined by a Change Orders to the SOW.

 

    	 	Page 2

     

    

 

iii.         Project
Milestone Fees. In addition to the Project Fixed Fees, milestones are to be paid in the following amounts, the payment of which
is contingent upon achievement of each of the following milestones (the “Project Milestone Fees”):

 

	Milestone Event	 	 	Payment
	First dosing of patient in US Phase 1 trial	 	 	$	250,000
	US Phase 1 trial completion with endpoints met	 	 	$	500,000
	US Phase 2 trial completion with endpoints met	 	 	$	875,000
	FDA Approval	 	 	$	4,000,000

 

iv       Project
Percentage Fees. A project percentage fees payment equal to a percentage of annual net sales, if any, from the sale of the
new chemical entity described in the SOW (the “NCE”) to an end user by Company or any sublicensee thereof during that
period beginning with the first commercial sale and ending on the earlier to occur of either the fifteenth (15th) anniversary
of such sale or the expiration of the first patent in which claims covering the NCE is issued in the United States (the “Project
Percentage Fee”):

 

	Rate	 	Amount of Annual Net Sales
	7%	 	For that portion of annual net sales that are less than or equal to $500 million
	5%	 	For that portion of annual net sales that are greater than $500 million

 

b.           Sphaera
Singapore As Designated Representative. Sphaera Singapore is hereby irrevocably appointed as representative, agent and attorney-in-fact
for each of Sphaera Singapore and Sphaera India (i) to give and receive notices and communications relating to the transactions
and other matters contemplated by this Agreement, including those relating to the payment of the Project Fees and indemnification
claims; (ii) to make decisions on behalf of each of Sphaera Singapore and Sphaera India with respect to the transactions and other
matters contemplated by this Agreement, and (iii) to take other actions on behalf of the Sphaera Singapore or Sphaera India
(or both) as contemplated by this Agreement, including the exercise of all rights granted to the Sphaera Singapore or Sphaera India
(or both) under this Agreement. Each of Sphaera Singapore and Sphaera India agree that Company may rely conclusively on the written
instructions or notices delivered to Company by the Sphaera Singapore.

 

c.           Payment
Due Dates. Company will make the Project Milestone Fee payments to Sphaera Singapore for the Services no later than sixty (60)
days after the achievement by Company of the applicable conditions or milestones as are set forth above. Payment for Project Fixed
Fee and Project Variable Fee will occur as described in the SOW.

 

    	 	Page 3

     

    

 

d.           Interest.
In the event that any payment due hereunder is not made when due, any such undisputed payment shall accrue interest beginning on
the first day following the calendar month to which such payment relates, calculated at a annual rate equal to 3%. Such payment
when made shall be accompanied by all interest so accrued. Said interest and the payment and acceptance thereof shall not negate
or waive the right of Sphaera Pharma to any other remedy, legal or equitable, to which it may be entitled because of the delinquency
of the payment.

 

e.           Audit
of Records. Company shall maintain complete and accurate records sufficient to enable accurate calculation of the Project Fees
due to Sphaera Pharma under this Agreement. Once a calendar year for the period during which Company is obligated to pay the Project
Fees, Sphaera Pharma shall have the right to select a certified public accountant to inspect, on reasonable notice and during regular
business hours, Company’s records to verify its statements and such payments due pursuant to this Agreement. The entire cost
for such inspection shall be borne by Sphaera Pharma, unless there is a discrepancy of under-reporting or underpayment greater
than 10% in any twelve (12) consecutive calendar month period, in which case Company shall bear the entire cost of the inspection,
as well as any additional sum that would have been payable to Sphaera Pharma had Company reported correctly, plus interest thereon.

 

3.          Project
Conferences, Reports and Plan Modifications.

 

a.           Project
Conferences. During the Term (as defined below), Sphaera Pharma shall cause its Project Personnel to meet with Company to discuss
and evaluate the progress of the Project at such times, no less often than at the times designated in the SOW or, if not designated,
then monthly and at the termination or expiration of this Agreement. Such meetings may be held virtually, using video conference,
or in person at such other locations as may be mutually agreed. Consistent with the foregoing, Sphaera Pharma shall provide Company
with (i) written progress reports on the Project no less frequently than as shall be provided in the SOW and, if not provided,
then weekly, and (ii) a final written report of the Project submitted to Company no later than forty-five (45) days after completion
of the Project or the termination or expiration of this Agreement, whichever event first occurs (collectively the “Project
Reports”).

 

b.           Facility
Visits. Upon reasonable advance notice, each of Sphaera Singapore and Sphaera India shall permit Company representatives to
visit its respective facilities during normal working hours and with reasonable frequency, to observe Project progress, discuss
the Project with appropriate Project Personnel and inspect and copy records and data relevant to the Project. Facility visits by
Company shall also be permitted during the records and data retention period described in this Section below. During facility visits,
Company may inspect, but shall not be permitted to copy or remove, in whole or in part, any of Sphaera Pharma’s standard
operating procedures (SOPs).

 

c.           Project
Reports and Records. In each Project Report, the Project Coordinator shall describe (i) the Project Results and any and all
of the Services performed by Sphaera Pharma in accordance with the Statement of Work; and (ii) any and all Project Improvements.
Any and all records relating to the Project shall be maintained by Sphaera Pharma for a period of five (5) years following the
last day of the Term or for such longer period as may be required by any regulatory authority having jurisdiction over the sale
of the NCE.

 

    	 	Page 4

     

    

 

d.           Modification
of SOW. Should Company want to change a SOW or to include additional Services to be provided by Sphaera Pharma, Company shall
propose to Sphaera Pharma such change or other modification in a written amendment thereto (a "Change Order"). If Sphaera
Pharma agrees to such Change Order, Sphaera Pharma will evidence its agreement to such Change Order by countersigning the same.
The SOW as modified by such Change Order shall be binding on the Parties only if signed by all Parties, whereafter such modified
version of the SOW will be deemed to have amended and replaced the prior version thereof.

 

4.          Intellectual
Property Rights.

 

a.           Ownership.
As between the Parties, Company shall own all right, title and interest in and to Company’s Pre-Existing Property, Project
Results and the Project Improvements. Sphaera Pharma will own right, title and interest in and to Sphaera Pharma’s Pre-existing
Property.

 

b.           Definitions.
For purposes of this Agreement, the following terms and phrases shall have the meaning ascribed thereto:

 

(i)          “Project
Improvements” shall mean any Intellectual Property conceived or reduced to practice under this Agreement or within scope
of the SOW made a part hereof by one or more employees of Sphaera Pharma that results from or constitutes improvements in or additions
to the Company’s Pre-Existing Property, including, but not limited to, any know-how, inventions, designs, techniques, innovations
or other discoveries; and

 

(ii)         “Project
Results” shall mean, without limitation, (1) any discovery, invention, innovation, development, characterization, identification
or selection (including, without limitation, any and all processes, methods, assays, protocols, tests, services, treatments, targets,
products, molecules, cells, proteins, peptides or nucleic acids) and any method of deriving, making, maintaining, using or manufacturing
the same that either (A) is derived from, arises out of or in connection with the use of the Company’s Pre-Existing Property
or performing the Services in accordance with the SOW; or (B) would not, but for the use of Company’s Pre-Existing Property
or performing the Services in accordance with the SOW, have been identified, discovered or developed and rights thereto (including,
without limitation, the Project Deliverables referenced in the SOW and patent applications filed in connection therewith or patents
issued thereon); and (2) any progeny, replication or derivative of Company’s Material, including, without limitation, the
NCE.

 

c.           Assignment
of Rights.

 

(i)          Cooperation.
Sphaera Pharma hereby assigns to Company all right, title and interest in any and all Project Improvements and Project Results.
At the request of Company in the event of assignment, Sphaera Pharma shall execute such assignments, documents and other instruments
as may be necessary or desirable to fully and completely assign any Project Improvements and Project Results to Company and to
assist Company in applying for, obtaining and enforcing patents or copyrights or other rights with respect thereto. If Company
requests, at Company's expense, Sphaera Pharma will provide Company with reasonable assistance to obtain patents covering any such
Project Improvements and Project Results and convey any and all right, title and interest it may have in any such Project Improvements
and Project Results to Company.

 

    	 	Page 5

     

    

 

(ii)         If
the Company chooses to not pursue patents for Project Results that otherwise constitute jointly-owned intellectual property derived
during the Term of this Agreement, Sphaera Pharma reserves the right to file on their own behalf.

 

(iii)        If
appropriate under definitions of inventorship, Company and/or its scientist(s) shall be listed as co-inventors of the Project Improvements
and Project Results for their participation in the development and execution of the testing plan, procedures and related protocols.

 

5.          Restrictions
on Disclosure of Confidential Information.

 

a.           Definition.
Each of Sphaera Pharma and Company acknowledges that it may be necessary for the Provider to disclose information to the Recipient
that is considered by the Provider to be its proprietary or confidential information in order for Sphaera Pharma to perform the
Services relating to a proposed or actual Project. To preserve the proprietary or confidential nature of such information, Sphaera
Pharma and Company agree to either: (i) clearly mark the term “CONFIDENTIAL INFORMATION” upon the information and forward
it only to the Recipient in writing; or (ii) orally disclose to the Recipient the proprietary or confidential nature of the information,
subsequently indicate the nature of such information contained therein and in a writing addressed to the Recipient and clearly
mark the writing or information with the term “CONFIDENTIAL INFORMATION” and deliver it to the Recipient within thirty
(30) days of disclosure (all such information so marked or designated being “Confidential Information”). For purposes
of this Agreement, each SOW and any and all information relating thereto, including, without limitation, the Project Results and
Project Improvements shall constitute, as between the Parties, the proprietary and Confidential Information of Company, with Company
being deemed the Provider thereof; and all Sphaera Pharma Pre-Existing Property shall constitute the Confidential Information of
Sphaera Pharma. For the purposes of this agreement, the phrase “Trade Secret” shall mean information (including, but
not limited to, Confidential Information) that: (y) derives economic value, actual or potential, from not being generally known
to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or
use; and (z) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. To the extent that
applicable law mandates a definition of "trade secret" inconsistent with the foregoing definition, then the foregoing
definition shall be construed in such a manner as to be consistent with the mandated definition under applicable law.

 

b.           Restrictions.
Without the Provider’s prior written consent, Recipient shall refrain from (i) disclosing or otherwise causing to be disclosed
any of Provider’s Confidential Information for a period of five (5) years from the termination of this Agreement, provided,
however, that in the case of Confidential Information that constitutes a Trade Secret (as defined below), such period shall
run for the period during which any such information continues to constitute a Trade Secret, and (ii) except as otherwise provided
in the SOW, using any such information for any purpose whatsoever.

 

    	 	Page 6

     

    

 

c.           Recipient’s
obligation of non-disclosure shall not apply to any or all of information that is evidenced by contemporaneously written records
and:

 

(i)          is
in the public domain at the time of disclosure;

 

(ii)         becomes
part of the public domain after disclosure through no fault of Recipient;

 

(iii)        
is in Recipient’s possession at the time of disclosure or is properly obtained by Recipient from a third party with a valid
legal right to disclose such information and such third party is not under a confidentiality obligation to the Provider;

 

(iv)        
has been independently developed by Recipient prior to the Effective Date; or

 

(v)         is
required to be disclosed by operation of law, governmental regulation or court order; provided, however, Recipient
shall use commercially reasonable efforts to provide Provider at least 30 days’ notice prior to such disclosure. Recipient
further agrees to use all reasonable effort to cooperate in securing confidential protection for such information; further,
provided, that in all cases, Recipient shall limit strictly any such disclosure to the information that is requested hereunder.

 

d.           Publicity.
Company shall not use the name of Sphaera Pharma or any Project Personnel in any publicity, advertising, or news release without
the prior written approval of an authorized representative of Sphaera Pharma. Sphaera Pharma shall not use the name of Company
or any employee of Company in any publicity, advertising, or news release, without the prior written approval of Company.

 

e.           Return
of Materials. Upon and coincident with either the termination or expiration of this Agreement, at the election and request
of Provider, Recipient agrees to either return to Provider or destroy any and all Materials and other Confidential Information,
as well as permanently delete all electronically or otherwise stored Confidential Information from all systems containing such
Confidential Information, and if destruction is requested, Recipient shall provide to Provider a Certificate of Destruction and
Compliance in the form attached as Attachment "C."

 

f.            Ancillary
Provisions. Sections 4, 5 and 6 of this Agreement, along with the Schedules applicable thereto, shall be construed as an agreement
ancillary to the other provisions of this Agreement and the existence of any claim or cause of action of Sphaera Pharma against
Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by Company of such
Sections.

 

    	 	Page 7

     

    

 

g.           Tolling.
Each Party hereby expressly acknowledges and agrees that in the event the enforceability of any of the terms of Section 6 of this
Agreement shall be challenged in court or pursuant to arbitration and the other Party is not enjoined (either temporarily or permanently)
from breaching any of the restraints set forth in this Agreement, then if a court of competent jurisdiction or arbitration panel
finds subsequently that the challenged restraint is enforceable, the time period of the restraint shall be deemed tolled upon the
filing of the lawsuit challenging the enforceability of the restraint until the dispute is finally resolved and all periods of
appeal have expired.

 

6.          Restrictions
on the Use of Provider’s Property.

 

a.           In
General. As between the Parties, any and all Pre-Existing Property is and shall constitute and remain for all purposes the
sole and exclusive property of the Provider.

 

b.           Restriction
on Use Provider’s Property. Except as otherwise expressly provided in this Agreement or the SOW, (i) Recipient shall
limit its use of the Provider’s property (e.g., in the case of Company, Company’s Pre-Existing Property, the
Project Results and Project Improvements; and, in the case of Sphaera Pharma, Sphaera Pharma’s Pre-Existing Property)(collectively,
the “Project Property”) solely and exclusively to the purposes described in this Agreement and for no other purpose
whatsoever; (ii) no option, license or other conveyance of rights, express or implied, is granted by Provider to Recipient or any
other person, including, without limitation, any Project Personnel, in connection with any of Provider’s Project Property;
(iii) none of the Provider’s Property, in whole or in part, (1) may be made or sold, licensed or otherwise transferred to
a third party by Recipient; (2) will be used by Recipient in human subjects, in clinical trials, or for diagnostic purposes involving
human subjects without the prior written consent of Provider; (3) is to be used by Recipient at any location other than at Recipient's
laboratory or by any individual or other person other than by the Project Personnel; (4) will be used by Recipient for any purpose,
other than as expressly permitted under this Agreement and in compliance with all applicable laws, and in no event for any commercial
or competitive purposes. Sphaera Pharma further agrees that it shall use Company’s Pre-existing Property in the configuration
in which they are received, may not under any circumstance manufacture or transform them to any other configuration and any such
Services will be subject to the rights of third parties, if any, whether under license therefrom or otherwise and this Agreement
and the SOW.

 

c.           No
Reverse Engineering. Sphaera Pharma hereby acknowledges that certain of Company’s Pre-existing Intellectual Property
and Confidential Information provided by it to Sphaera Pharma may be encoded or otherwise “cloaked” to protect and
maintain the confidentiality thereof from Sphaera Pharma and, in any such case, Sphaera Pharma agrees to refrain and shall cause
each person acting for and on its behalf, including, without limitation, the Project Personnel, to refrain from engaging in any
act or attempt to act by which or as a result of which any such Pre-existing Intellectual Property or Confidential Information
would be reverse engineered, decompiled, translated, interpreted, decoded, revealed or otherwise identified.

 

    	 	Page 8

     

    

 

d.           Materials.
The Materials shall be used with prudence and appropriate caution in any experimental work and in compliance with this Agreement,
the applicable SOW and all applicable statutes, regulations and other applicable governmental rules, including, without limitation,
the National Institutes of Health guidelines on the use of animals and recombinant DNA. The Materials may not be used for in vivo
testing in human subjects. Materials derived from human donors may not be transferred with any individual donor-identifying information.
Except as otherwise expressly provided in the SOW, THE MATERIALS ARE PROVIDED WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR
ANY PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED.

 

e.           No
Publication. Notwithstanding any provision of this Agreement to the contrary, in no event shall Sphaera Pharma have any right
to publish or otherwise use or disclose Company’s Project Property, including, without limitation, the Project Improvements
and Project Results, without the prior written consent of Company, which consent may be withheld, denied, conditioned or delayed
in Company’s sole and absolute discretion.

 

7.          Indemnification.

 

a.           Sphaera
Pharma Indemnification. Sphaera Pharma shall indemnify Company and each of its affiliates and each director, officer, employee,
agent, representative, successor and assign thereof (the “Company Indemnified Parties”), and defend and hold each of
them harmless, from and against any and all third party claims, lawsuits, losses, damages, liabilities, penalties, costs and expenses
(including reasonable attorneys’ fees and disbursements) (collectively, “Third Party Losses”) incurred by any
of them in connection with, arising from or occurring as a result of (i) the material breach by Sphaera Pharma of any of any
term or condition of this Agreement; (ii) Sphaera Pharma’s negligence, willful misconduct or violation of applicable
law in the performance of this Agreement, and (iii) the enforcement by Company of its rights under this Section 7(a), except,
in each case, for those Third Party Losses for which Company has an obligation to indemnify the Sphaera Pharma Indemnified Parties
pursuant to Section 7(b), below, as to which Third Party Losses each Party shall indemnify the other Party to the extent of
its respective liability for such Third Party Losses.

 

b.           Company
Indemnification. Company shall indemnify Sphaera Pharma and each of its affiliates and each director, officer, employee, agent,
representative, successor and assign thereof (the “Sphaera Pharma Indemnified Parties”), and defend and hold each of
them harmless, from and against any and all Third Party Losses incurred by any of them in connection with, arising from or occurring
as a result of (i) the material breach by Company of any term or condition of this Agreement, (ii) any violation of applicable
law in the performance of its obligations under this Agreement, and (iii) the enforcement by Sphaera Pharma of its rights
under this Section 7(b), except, in each case, for those Third Party Losses for which Sphaera Pharma has an obligation to
indemnify the Company Indemnified Parties pursuant to Section 7(a), as to which Third Party Losses each Party shall indemnify
the other Party to the extent of its respective liability for such Third Party Losses.

 

8.          Hazardous
Materials. All Materials provided for use in a Project must be accompanied by the applicable environmental and safety information
for those materials as required by law. The responsibility for and costs of disposal of all Provider Materials remaining at the
termination of the SOW will rest with the Provider. Provider shall arrange for disposal or removal of any remaining Provider Materials
prior to receipt of any final report of the Project. Sphaera Pharma will observe all applicable safety precautions and governmental
requirements concerning handling of test materials.

 

    	 	Page 9

     

    

 

9.          Independent
Contractor. For the purposes of this Agreement and all services to be provided hereunder, the Parties shall be, and shall
be deemed to be, independent contractors and not agents or employees of the other Party. Neither Party shall have the authority
to make any statements, representations or commitments of any kind or to take any action which shall be binding on the other Party,
except as may be expressly provided herein or authorized in writing.

 

10.         Re-purchase
Option and Development Right re Field of Cancer.

 

a.           Abandonment.
Notwithstanding anything set forth in this Agreement, should Company or any successor-in-interest thereof decide in its sole discretion
to abandon the development or commercialization of the NCE that results from the SOW, Company or its successor-in-interest shall
give written notice thereof to Sphaera Pharma (the “Abandonment Notice”). On the thirtieth (30th)
Business Day following the day that the Abandonment Notice was delivered to Sphaera Pharma (the “Repurchase Period”),
Sphaera Pharma shall have the irrevocable right and option to acquire, and upon due exercise of such option, Company or any successor
thereof shall sell to Sphaera Pharma, the NCE to the extent of its unencumbered rights therein and controlled by Company or such
successor.

 

b.           Repurchase
Notice. Sphaera Pharma may exercise its right to purchase the NCE by delivering written notice of the same to Company or successor
thereof at any time during the Repurchase Period (“Repurchase Notice”). Should Sphaera Pharma fail to deliver such
written notice to Company or such successor during the Repurchase Period, the rights of the Sphaera Pharma shall be null and void.

 

c.           Purchase
Price. The purchase price for the NCE shall be an amount equal to the NCEs fair market value at the point in development it
has been taken by Company. The closing of the purchase and sale of NCE shall occur within thirty (30) days following the delivery
of Repurchase Notice, or such other time as Company or such successor and Sphaera Pharma shall mutually agree.

 

d.           Condition
to Sale. The obligation of Company or any successor thereof to sell the NCE under this Section to Sphaera Pharma shall be conditioned
on Sphaera Pharma otherwise being in compliance with the terms of this Agreement and delivering at closing a full and complete
general release of any and all claims it may have against Company or any successor thereof and the securing of any and all necessary
third party consent.

 

e.           Development
Right. Inhibikase hereby agrees that Sphaera Singapore will have the right to develop the NCE for use in the treatment of cancer
in humans; provided, however, that Sphaera Pharma shall use commercially reasonable efforts in any such development
efforts, undertake any and all such development activities in compliance with this agreement and applicable standards, guidelines,
regulations and laws, and indemnify and hold harmless Company from any and all damages Company may incur as a result thereof.

 

    	 	Page 10

     

    

 

11.         Notice
of IND Enabling Studies. If Company determines to conduct IND enabling studies, it agrees to notify Sphaera Pharma of such
determination, at which time the parties will discuss whether Sphaera can assist in the advancement of the SOW work product into
clinic and, if so, at what cost.

 

12.         Term
and Termination.

 

a.           Term.
The term of this Agreement shall commence with Effective Date and terminate upon that date which coincides with the last day of
the Term (as defined below) (such date shall be referred to as the “Expiration Date”); provided, however,
that in no event shall the expiration of this Agreement occur prior to the date on which the obligations by one Party to the other
Party shall have lapsed under any SOW (together, the "Term"). For purposes of this Agreement, the phrase “Term”
shall mean that period from the Effective Date through and including the one hundred and eightieth (180) day thereafter.

 

b.           Termination
For Cause. Upon any material breach of this Agreement by a Party (the “Breaching Party”), the other Party (the
 “Non-Breaching Party”) may terminate this Agreement by providing ninety (90) days' written notice to the Breaching
Party of the occurrence and nature of such material breach. The termination shall become effective at the end of the notice period
unless the Breaching Party cures such breach during the notice period. The Non-Breaching Party may, by notice to the Breaching
Party, designate a later date for such termination in order to facilitate an orderly transition of activities relating to the Product
or Process. Notwithstanding the foregoing, if such breach, by its nature, is curable, but not within the forgoing cure period,
then such cure period shall be extended if the Breaching Party provides a written plan for curing such breach to the Non-Breaching
Party and uses diligent efforts to cure such breach in accordance with such written plan; provided, however, that
no such extension shall exceed one-hundred twenty (120) days without the consent of the Non-Breaching Party; and in the event of
a dispute as to whether performance has been made by either Party pursuant to this Agreement, the relevant cure period with respect
thereto shall be tolled pending resolution of such dispute in accordance with the applicable provisions of this Agreement.

 

c.           Accrued
Rights. Termination or cancellation of this Agreement shall not effect the rights and obligations of the parties accrued prior
to termination.

 

d.           Survival.
Notwithstanding anything to the contrary, as contained herein any provision of this Agreement which by their nature extend beyond
termination or expiration, shall survive such termination or expiration, including but not limited to the provisions of Section
2, 3, 4, 5, 6 and 7.

 

13.         Notice.
Any notice required by this Agreement shall be given by registered or certified mail, return receipt requested, addressed in the
case of Sphaera Pharma to:

 

Sphaera Pharma
Pte. Ltd.

8 Temasek Boulevard

#22-03 Suntec
Tower 3

Singapore 038988

Attn: Dr. Frank
Hollinger

 

    	 	Page 11

     

    

  

	With a copy to:	Sphaera Pharma Pvt. Ltd.
	 	Plot No. 32, Sector-5,
	 	IMT Manesar-122051
	 	Atten.: Abhinav Dhandia, Manager-Corporate Affairs & Development

 

or in the
case of Company to:

 

Inhibikase
Therapeutics, Inc.

3350 Riverwood
Parkway

Suite 1927

Atlanta, Georgia

Attn: President

 

or at such other addresses as may be given
from time to time in accordance with the terms of this notice provision.

 

14.         Results
of Project. Sphaera Pharma will conduct the Services in accordance with generally-accepted professional standards of workmanship
and effort. NEITHER PARTY MAKES ANY WARRANTIES, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE, AND HEREBY DISCLAIMS ALL SUCH WARRANTIES AS TO ANY MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION, WARRANTIES WITH RESPECT
TO: (a) THE PROJECT AND ANY RESULTS OF THE PROJECT; (b) DATA, REPORTS, INFORMATION OR RESEARCH PROVIDED BY SPHAERA PHARMA OR COMPANY;
AND (c) ANY INVENTION OR PRODUCT, OR OWNERSHIP THEREOF, WHETHER TANGIBLE OR INTANGIBLE, TESTED, CONCEIVED, DISCOVERED, OR DEVELOPED
IN THE PROJECT OR IN CONNECTION WITH CONDUCTING THE PROJECT UNDER THIS AGREEMENT.

 

15.         Export
Controls. Each party acknowledges that any information or materials provided by the other under this Agreement may be subject
to India and U.S. export control laws and regulations, including the International Traffic in Arms Regulations (“ITAR”,
22 CFR Chapter 1, Subchapter M, Parts 120-130), Export Administration Regulations (“EAR”, 15 CFR Chapter VII, Subchapter
C, Parts 730-774), and Assistance to Foreign Atomic Energy Activities (10 CFR Part 810); each party agrees to comply with all such
laws.

 

16.         Miscellaneous.

 

a.           Neither
Party may assign or otherwise encumber this Agreement in whole or in part or any rights hereunder, without the prior written consent
of the other Party, such consent not to be unreasonably withheld, delayed, conditioned or denied; provided, however,
that (a) Company may assign this Agreement in whole or in part to an affiliate thereof on the condition that Company shall remain
liable hereunder for the prompt payment and performance of all obligations thereof, and to a third party in connection with a sale
or transfer by operation of law of all or substantially all of its business or assets; provided, further, that any
such assignment shall in all events be conditioned on the assignee agreeing to be bound by the terms of this Agreement.

 

    	 	Page 12

     

    

 

b.           Unless
otherwise specified, this Agreement and its Attachments embody the entire understanding between Sphaera Pharma and Company with
respect to the Project, and any prior or contemporaneous representations, either oral or written, are hereby superseded. No amendments
or changes to this Agreement, including, without limitation, changes to the scope of the SOW, period of performance or budget,
shall be effective unless made in writing and signed by authorized representatives of the Parties.

 

c.           During
the Term and for a period of two (2) years subsequent to the termination of this Agreement, Company shall not, directly, indirectly
or through any other party or means solicit employee (s) of Sphaera Pharma for employment, hiring or engagement as an independent
contractor either under its own employment or in any of its subsidiaries and/or affiliates.

 

d.           This
Agreement shall be governed by and construed in accordance with the domestic laws of the State of New York, without giving effect
to any choice or conflicts of law provision or rule. Each of the Parties consents to the exclusive jurisdiction of the Federal
and State Courts or arbitration sitting in New York, New York, USA, in connection with any dispute arising under this Agreement
and hereby waives, to the maximum extent permitted by law, any objection, including any objection based on venue or inconvenient
forum, to the bringing of any such proceeding in such jurisdiction. Subject to the foregoing and except for matters in equity (e.g.,
injunctive relief), in the event of any dispute, claim, question, or disagreement arising from or relating to this agreement or
the breach thereof, the parties hereto shall use their best efforts to settle the dispute, claim, question, or disagreement. To
this effect, they shall consult and negotiate with each other in good faith and, recognizing their mutual interests, attempt to
reach a just and equitable solution satisfactory to both parties. If they do not reach such solution within a period of 60 days,
then, upon notice by either party to the other, all disputes, claims, questions, or differences shall be finally settled by arbitration
administered by the American Arbitration Association in accordance with the provisions of its Commercial Arbitration Rules.

 

[Signature page follows]

 

    	 	Page 13

     

    

 

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

 

	Sphaera Singapore	 	Inhibikase Therapeutics, Inc.
	Sphaera Pharma Pte. Ltd.	 	 
	 	 	 
	/s/ Sundeep Dugar	 	/s/ Milton H. Werner
	Signature	 	Signature
	 	 	 
	Sundeep Dugar	 	Milton H. Werner, PhD.
	Printed Name	 	Printed Name
	 	 	 
	President & CEO	 	President & CEO
	Title	 	Title
	 	 	 
	March 2, 2012	 	 
	Date	 	Date
	 	 	 
	Sphaera India	 	Read and acknowledged by 
	Sphaera Pharma Pvt. Ltd.	 	Project Coordinator: Sphaera Pharma
	 	 	 
	/s/ Abhinav Dhandia	 	/s/ Frank P. Hollinger
	Signature	 	Signature
	 	 	 
	Abhinav Dhandia	 	Frank P. Hollinger, PhD
	Printed Name	 	Printed Name
	 	 	 
	Manager, Corporate Affairs & Development	 	Vice President
	Title	 	Title
	 	 	 
	March 2, 2012	 	2 March 2012
	Date	 	Date

 

    	 	Page 14

     

    

 

ATTACHMENT “A”

 

SCOPE OF WORK

 

Subject to the terms of that certain agreement
entitled “Collaborative Research and Development Agreement” entered into by and among, on the one hand, Inhibikase
Therapeutics, Inc., a Delaware corporation, with offices located at 3350 Riverwood Parkway, Suite 1927, Atlanta, Georgia (the “Company”)
and, on the other hand, Sphaera Pharma Pte. Ltd., a company incorporated under the laws of Singapore with its registered office
at 8 Temasek Boulevard, #22-03 Suntec Tower 3, Singapore 038988 (“Sphaera Singapore”) and Sphaera
Pharma Pvt. Ltd., having registered office at E-375, First Floor, Greater Kailash-II, New Delhi-110048, INDIA (“Sphaera
India”) (together with Sphaera Singapore, hereinafter referred to as “Sphaera Pharma”) (the “Collaborative
Agreement”), Company hereby grants Sphaera Pharma a limited, revocable license to use Company’s Pre-Existing Property
(as described below), which are to be held in trust for Company and used solely and exclusively for research and development by
Sphaera Pharma in accordance with the terms of this SOW and protocols as approved by Company, which testing shall be conducted
by the Project Coordinator and such other Project Personnel as may be employed by Sphaera Pharma (the “Internal Use License”).
Nothing in this Agreement shall be construed to grant to Sphaera Pharma any rights in the Company Project Property, including,
without limitation, the Materials, other than the Internal Use License as expressly provided in this Agreement, or to preclude
Company from any use of or from granting any license for any use of the Materials.

 

Project Overview: Modification of the Abelson tyrosine
kinase inhibitor Imatinib to prepare a modified drug with a desired pharmacokinetic properties profile.

 

Project Personnel:

 

Project Coordinator: Dr. Frank P. Hollinger

 

Project Deliverables

 

		1)	Design and synthesize 13 – 15 modified drug analogs of Imatinib to potentially identify compounds with reduced Cmax
 –– and increased Cmin in mice.

a.           Evaluate
compounds for solubility

b.           Evaluate
compounds for stability (solid and in aq. solution)

c.           Evaluate
compounds for conversion to active ingredient (Imatinib)

d.           Evaluate
compounds in mouse or rat PK to determine the PK parameters such as Cmax, Cmin – using accepted and
approved practices. Use Imatinib as a reference

e.           Identify
two compounds with the potential for further development efforts.

 

		2)	Proposed compounds subject to their ability to be synthesized:

 

    	 	Page 15

     

    

 

 

Table 1: Sphaera Modified Drug Reagents where R =

 

 

Project Timeline

 

4 -5 months

 

Company’s Pre-Existing Property:

 

Pre-Existing Intellectual Property: Mechanism of action
knowledge, use of tyrosine kinase inhibitors against all receptor and non-receptor human tyrosine kinases, use of imatinib against
bacterial and viral pathogens as an anti-infective agent.

 

Sphaera Pharma’s Pre-Existing Property:

 

Pre-Existing Intellectual Property:

		1)	Modified Drug Technology Platform included in but not limited to the patent application entitled “Substituted Methylformyl
Reagents & Method of using the same to modify Physicochemical and/or pharmacokinetic Properties of Compounds” (application
number 1092/DEL/2010).

 

    	 	Page 16

     

    

 

Project Term: 180 consecutive calendar days

 

Project Reports & Milestone Events:

 

Progress Meetings and Reports: Quarterly

Project Completion: 120 days from the date of signing

 

Project Endpoints: Decrease in serum Cmax
of Imatinib®, increase of Cmin in mice or rat to achieve an acceptable profile.

 

Project Fixed Fee: In Lieu of the
services as defined above, the Company agrees to pay a Fixed Fee of US$ 160,000 payable over 4 monthly installments to commence
January 1, 2012.

 

Project Variable Fee: No modification
in the Scope of Work, or costs thereof, shall be made unless and until agreed to in writing by both the Parties.

 

    	 	Page 17

     

    

 

ATTACHEMENT "B"

 

CERTIFICATE OF PROJECT COORDINATOR

 

I have read and understood the terms and conditions outlined
in the Collaborative Research and Development Agreement entered into by and among, on the one hand, Inhibikase Therapeutics, Inc.,
a Delaware corporation, with offices located at 3350 Riverwood Parkway, Suite 1927, Atlanta, Georgia (the “Company”)
and, on the other hand, Sphaera Pharma Pte. Ltd., a company incorporated under the laws of Singapore with its registered office
at 8 Temasek Boulevard, #22-03 Suntec Tower 3, Singapore 038988 (“Sphaera Singapore”) and Sphaera
Pharma Pvt. Ltd., with its registered offices at E-375, 1st Floor, Greater Kailash-2, New Delhi – 110048, INDIA
(“Sphaera India”)(together with Sphaera Singapore, hereinafter referred to as “Sphaera Pharma”)(the
 “Collaborative Agreement”), and the Statement of Work and I agree to abide by them in the capacity of a Project Coordinator
in receiving, using and making a disclosure, if any, of the Material, the Pre-Existing Intellectual Property, Project Results and
Project Improvements, including, without limitation, Company’s Confidential Information and Trade Secrets and any other intellectual
property or other tangible property relating thereto. Except as otherwise defined herein, capitalized terms and phrases shall have
the meaning ascribed thereto in the Collaborative Agreement.

 

	PROJECT COORDINATOR	 
	 	 
	/s/ Frank P. Hollinger	 
	
        By: Frank P. Hollinger
	 

 

    	 	Page 18

     

    

 

ATTACHEMENT
 "C"

 

(TO BE RETYPED ON LICENSEE'S STATIONERY)

 

CERTIFICATE OF DESTRUCTION AND COMPLIANCE

 

By signing below, I hereby affirm on behalf
of Sphaera Pharma, that:

 

All Material sent to Sphaera Pharma by
Inhibikase Therapeutics, Inc. (the “Company”) ("Company") and all Project Property made pursuant to that
certain Collaborative Research and Development Agreement and the related SOW, entered into by and among, on the one hand, Inhibikase
Therapeutics, Inc., a Delaware corporation, with offices located at 3350 Riverwood Parkway, Suite 1927, Atlanta, Georgia (the “Company”)
and, on the other hand, Sphaera Pharma Pte. Ltd., a company incorporated under the laws of Singapore with its registered office
at 8 Temasek Boulevard, #22-03 Suntec Tower 3, Singapore 038988 (“Sphaera Singapore”) and Sphaera
Pharma Pvt. Ltd., having registered office at E-375, First Floor, Greater Kailash-II, New Delhi-110048, India (“Sphaera
India”)(together with Sphaera Singapore, hereinafter referred to as “Sphaera Pharma”)(the “Agreement”),
have been returned to Company or, at Company’s prior written request, destroyed in accordance with Company's instructions.

 

Sphaera Pharma holds no Company Project
Property at the present time, including, without limitation, the Pre-Existing Intellectual Property and Materials; and

 

All Project Property sent to Sphaera Pharma
by Company pursuant to the Agreement to which this Attachment is attached have been used by Sphaera Pharma in full compliance with
the terms and conditions the Agreement, and all work or cooperation contemplated by the SOW has been completed or terminated, and
Sphaera has no further rights thereunder.

 

Except as otherwise defined herein, capitalized
terms and phrases shall have the meaning ascribed thereto in the Agreement.

 

	Sphaera Singapore
	 
	Sphaera Pharma Pte. Ltd.

 

	By: 	 	 
	 	 	 
	Name: 	 	 
	 	 	 
	Title: 	 	 
	 	 	 
	Date: 	 	 

 

    	 	Page 19

     

    

 

	Sphaera India	 
	 	 
	Sphaera Pharma Pvt. Ltd.	 

 

	By: 	 	 
	 	 	 
	Name: 	 	 
	 	 	 
	Title: 	 	 
	 	 	 
	Date: 	 	 

 

    	 	Page 20

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