Document:

EXHIBIT
10.14

 

Certain
identified information has been excluded from this exhibit pursuant to Item 601(b)(10)(iv) of Regulation S-K because such information
both (i) is not material and (ii) would likely cause competitive harm if publicly disclosed. Excluded information is indicated
with brackets and asterisks.

 

SETTLEMENT
AGREEMENT AND MUTUAL RELEASE

 

This
Settlement Agreement and Mutual Release (“Settlement Agreement”) is entered into by and between REGENXBIO Inc. (“REGENXBIO”)
and Abeona Therapeutics Inc. (“Abeona”) and is effective as of the date of the last signature hereto (the “Effective
Date”). REGENXBIO and Abeona are collectively referred to as the “Parties” in this Settlement Agreement,
and each a “Party”.

 

RECITALS

 

WHEREAS,
REGENXBIO and Abeona were parties to a License Agreement dated November 4, 2018, as amended on November 4, 2019 (the “License
Agreement”), whereby REGENXBIO licensed certain adeno-associated virus serotype 9 (“AAV9”) technology to
Abeona for the exclusive use in four specific fields: (a) treatment of Neuronal Ceroid Lipofuscinosis-1 (“CLN1”);
(b) treatment of Neuronal Ceroid Lipofuscinosis-3 (“CLN3”); (c) treatment of Mucopolysaccharidosis type IIIA (“MPS
IIIA”); and (d) treatment of Mucopolysaccharidosis type IIIB (“MPS IIIB”);

 

WHEREAS,
the License Agreement terminated on May 2, 2020;

 

WHEREAS,
on May 25, 2020, Abeona filed a Demand for Arbitration with the American Arbitration Association (“AAA”), styled Abeona
Therapeutics Inc. v. REGENXBIO Inc., Case No. 01-20-0005-3750 (the “First Arbitration”) and asserted a breach
of contract claim against REGENXBIO;

 

WHEREAS,
on June 10, 2020, REGENXBIO filed an Answer to Abeona’s Demand for Arbitration in the First Arbitration and asserted a counterclaim
for breach of contract against Abeona;

 

WHEREAS,
the First Arbitration proceeded through discovery, an evidentiary hearing, and post-hearing briefing;

 

WHEREAS,
on July 13, 2021, the tribunal in the First Arbitration issued a final arbitration award that denied Abeona’s claim against REGENXBIO,
upheld REGENXBIO’s counterclaim against Abeona, and awarded REGENXBIO an amount of $34,125,094.73;

 

WHEREAS,
on July 16, 2021, REGENXBIO initiated a special proceeding in New York state court to confirm the final arbitration award from the First
Arbitration, as amended on July 23, 2021 and supplemented on August 13, 2021, styled In the Matter of the Application of REGENXBIO
Inc. v. Abeona Therapeutics Inc., Index No. 654413/2021 (“the Enforcement Petition”);

 

WHEREAS,
on August 5, 2021, the tribunal in the First Arbitration issued the corrected final arbitration award, which adjusted the amount that
Abeona owed REGENXBIO to $33,648,000.00;

 

    	 

     

    

 

WHEREAS,
on August 9, 2021, Abeona filed a Demand for Arbitration with the AAA, styled Abeona Therapeutics Inc. v. REGENXBIO Inc., AAA
No. 01-21-0016-0896 (the “Second Arbitration”), and together with the First Arbitration (“the Arbitrations”);

 

WHEREAS,
on September 14, 2021, REGENXBIO filed an Answering Statement, Counterclaim, and Request for Permission to File a Dispositive Motion
in the Second Arbitration;

 

WHEREAS,
on September 28, 2021 Abeona filed an Answering Statement to REGENXBIO’s Counterclaim in the Second Arbitration;

 

WHEREAS,
the Parties have agreed to resolve the current disputes between them, namely the Arbitrations and the Enforcement Petition, and set forth
below the terms and conditions of their resolution; and

 

WHEREAS,
the Parties have agreed that this Settlement Agreement will not include a license of any kind from REGENXBIO to Abeona, and any future
license between the Parties would have to be negotiated separately and require additional consideration than the consideration set forth
in this Settlement Agreement.

 

NOW,
THEREFORE, in consideration of the mutual promises contained in this Settlement Agreement, and for good and valuable consideration,
the receipt and sufficiency of which the Parties acknowledge, the Parties agree as follows:

 

AGREEMENT

 

1.
Settlement Payment: As consideration for REGENXBIO’s execution of and compliance with this Settlement Agreement, including
without limitation its Release of claims as set forth in Section 5(b) below, Abeona will pay REGENXBIO a total of $30,000,000.00 (in
United States Dollars) (the “Settlement Payment”), which shall be payable as follows:

 

	 	(a)
    $20,000,000.00 within [****] of the Effective Date (the “First Installment of the Settlement Payment”);
	 	(b)
    $5,000,000.00 on the first anniversary of the Effective Date (the “Second Installment of the Settlement Payment”);
    and
	 	(c)
                                                         $5,000,000.00 on the earlier of: (i) the third anniversary of the Effective Date; or (ii) the closing of a Strategic Transaction
                                                         (the “Third Installment of the Settlement Payment”). The term “Strategic Transaction” shall
                                                         mean any transaction to which Abeona or any affiliate is a Party and through which Abeona receives or becomes due to receive at
                                                         least [****] from a counterparty or counterparties, including, [****]. For the avoidance of doubt, and without limitation, a
                                                         Strategic Transaction shall not include any financing transaction or any transaction under Abeona’s 2015 Equity Incentive Plan
                                                         or at-the-market offering of Abeona’s stock.

 

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As
security for its obligation to pay the Second Installment of the Settlement Payment, Abeona will provide REGENXBIO with an irrevocable
standby letter of credit in the amount of $5,000,000.00 guaranteed by a reputable financial institution formed under the federal laws
of the United States and which is reasonably acceptable to REGENXBIO within [****] of the Effective Date. The First Installment of the
Settlement Payment, Second Installment of the Settlement Payment, and Third Installment of the Settlement Payment will be made via wire
transfer. [****].

 

2.
Notice of Strategic Transaction: Abeona agrees to notify REGENXBIO’s Chief Legal Officer in writing at least [****] before
the anticipated closing of any Strategic Transaction that is scheduled to occur before the third anniversary of the Effective Date. REGENXBIO
must maintain any such information in confidence, and must not use any such information for the purpose of engaging in any securities
transaction, unless and until such information is announced publicly by Abeona or another party. REGENXBIO further agrees that it will
not use any such information in a manner that competes with Abeona or that interferes with an anticipated Strategic Transaction.

 

3.
Joint Stipulations of Discontinuance and Dismissal: The Parties agree to execute and file a joint stipulation of discontinuance
dismissing the Enforcement Petition and a joint stipulation dismissing the Second Arbitration within [****] of REGENXBIO’s receipt
of and final clearance of the First Installment of the Settlement Payment described in Section 1 above. The Parties further agree to
send a joint email to the AAA and the three arbitrators for the Second Arbitration within [****] of the Effective Date, informing them
that the Parties have resolved their dispute.

 

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	SETTLEMENT AGREEMENT AND MUTUAL RELEASE

     

    

 

4.
No Admission of Fault or Liability: REGENXBIO and Abeona agree that their mutual willingness to enter into this Settlement Agreement
does not constitute, and shall not be construed as, any admission or acknowledgement of any fault or wrongdoing by either Party. REGENXBIO
and Abeona agree that they will not represent to anyone that the other Party’s willingness to enter into this Settlement Agreement
constitutes or represents an admission or acknowledgement of fault, breach, or any unlawful conduct or activity.

 

5.
Mutual Releases.

 

(a)
Release by Abeona: Abeona, on behalf of itself and all of its affiliates, officers, directors, employees, shareholders, legal
representatives, successors and assigns (collectively, the “Abeona Releasing Parties”), forever releases and discharges
REGENXBIO, its officers, directors, shareholders, affiliates, employees, contractors, agents, successors, and assigns and other legal
representatives (collectively, the “REGENXBIO Released Parties”), from any and all claims, demands, actions, judgments
and executions arising out of or relating to the License Agreement that it ever had, now has, or may have in the future, known or unknown,
or that anyone claiming through them may have or claim to have against the REGENXBIO Released Parties, including but not limited to,
all of the claims asserted by Abeona in the Arbitrations; provided, however, that the foregoing release does not preclude Abeona from
asserting any available counterclaim or defense in any future action brought by any REGENXBIO Released Party arising out of or relating
to alleged improper use, misuse, misappropriation, or infringement of any formerly Licensed Technology as defined in Section 1.20 of
the License Agreement or any other intellectual property rights of REGENXBIO. For the avoidance of doubt, the foregoing release does
not apply to any claim, demand, action, judgment, or execution that Abeona may have, initiate, or obtain against REGENXBIO for a breach
of any obligation under this Settlement Agreement.

 

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(b)
Release by REGENXBIO: Upon both REGENXBIO’s receipt and final clearance of the First Installment of the Settlement Payment
and REGENXBIO’s receipt of the letter of credit securing the Second Installment of the Settlement Payment set forth in Section
1 above, REGENXBIO, on behalf of itself and all of its affiliates, officers, directors, employees, shareholders, legal representatives,
successors and assigns (collectively, the “REGENXBIO Releasing Parties”), forever releases and discharges Abeona,
its officers, directors, shareholders, affiliates, employees, contractors, agents, successors, and assigns and other legal representatives
(collectively, the “Abeona Released Parties”), from any and all claims, demands, actions, judgments and executions
arising out of or relating to the License Agreement, that it ever had, now has, or may have in the future, known or unknown, or that
anyone claiming through them may have or claim to have against the Abeona Released Parties, including but not limited to, all of the
claims asserted by REGENXBIO in the Arbitrations and in the Enforcement Petition; provided, however, that the foregoing release does
not extend to any past, present, or future claims, demands, actions, judgments and executions arising out of or relating to improper
use, misuse, misappropriation, or infringement of any formerly Licensed Technology as defined in Section 1.20 of the License Agreement
or any other intellectual property rights of REGENXBIO, nor does it extend to any claim, demand, action, judgment, or execution that
REGENXBIO may have, initiate, or obtain against Abeona for a breach of any obligation under this Settlement Agreement. For the avoidance
of doubt, the foregoing release does not grant Abeona a license of any kind to the Licensed Technology or any other intellectual property
rights of REGENXBIO, nor does it reinstate the License Agreement.

 

(c)
Additional Agreements: The Parties agree and confirm that the Settlement Payment is intended to be a contemporaneous exchange
for new value given to Abeona in the form of the consideration provided under this Settlement Agreement, including, among other things,
the Release by REGENXBIO against Abeona set forth in Section 5(b), which is an essential part of this Settlement Agreement. Abeona covenants
and agrees that neither it nor any of its affiliates shall file a voluntary petition for relief under the United States Bankruptcy Code
(the “Bankruptcy Code”) or make an assignment for the benefit of creditors within [****] of REGENXBIO’s receipt
and final clearance of the First Installment of the Settlement Payment, the Second Installment of the Settlement Payment, or the Third
Installment of the Settlement Payment. Abeona further covenants and agrees that it will (and it will cause its affiliates to) timely
oppose the entry of an order for relief with respect to any involuntary petition under the Bankruptcy Code that may be filed with respect
to Abeona or any of its affiliates. In the event that any portion of the Settlement Payment is avoided for any reason or REGENXBIO is
required to turnover any portion of the Settlement Payment for any reason, the release in Section 5(b) of this Settlement Agreement shall
be void ab initio, and REGENXBIO shall be entitled to assert its claims against Abeona or its estate, solely to the extent that
such claim exceeds the portion of the Settlement Payment that was not avoided or turned over.

 

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6.
Dispute Resolution: In the event of any controversy or claim arising out of or relating to this Settlement Agreement, the Parties
shall first attempt to resolve such controversy or claim through good faith negotiations for a period of not less than [****] following
notification of such controversy or claim to the other Party. If such controversy or claim cannot be resolved by means of such negotiations
during such period, then such controversy or claim shall be resolved by binding arbitration administered by the American Arbitration
Association (“AAA”) in accordance with the Commercial Arbitration Rules of the AAA in effect on the date of commencement
of the arbitration, subject to the provisions of this Section 6. The arbitration shall be conducted as follows:

 

(a)
The arbitration shall be conducted by three arbitrators and shall be conducted in English and held in New York, New York.

 

(b)
In its demand for arbitration, the Party initiating the arbitration shall provide a statement setting forth the nature of the dispute,
the names and addresses of all other parties, an estimate of the amount involved (if any), the remedy sought, otherwise specifying the
issue to be resolved, and appointing one neutral arbitrator. In an answering statement to be filed by the responding Party within [****]
after confirmation of the notice of filing of the demand is sent by the AAA, the responding Party shall appoint one neutral arbitrator.
Within [****] from the date on which the responding Party appoints its neutral arbitrator, the first two arbitrators shall appoint a
chairperson.

 

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	SETTLEMENT AGREEMENT AND MUTUAL RELEASE

     

    

 

(c)
If a Party fails to make the appointment of an arbitrator as provided in Section 6(b), the AAA shall make the appointment. If the appointed
arbitrators fail to appoint a chairperson within the time specified in Section 6(b) and there is no agreed extension of time, the AAA
shall appoint the chairperson.

 

(d)
The arbitrators will render their award in writing and, unless all Parties agree otherwise, will include an explanation in reasonable
detail of the reasons for their award. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction
thereof. The arbitrators will have the authority to grant injunctive relief and other specific performance; provided that the arbitrators
will have no authority to award damages in contravention of this Settlement Agreement, and each Party irrevocably waives any claim to
such damages in contravention of this Settlement Agreement. The arbitrators will, in rendering their decision, apply the substantive
law of the State of New York, without giving effect to conflict of law provisions that may require the application of the laws of another
jurisdiction. The decision and award rendered by the arbitrators will be final and non-appealable (except for an alleged act of corruption
or fraud on the part of the arbitrator).

 

(e)
The Parties shall use their reasonable efforts to conduct all dispute resolution procedures under this Settlement Agreement as expeditiously,
efficiently, and cost-effectively as possible.

 

(f)
All expenses and fees of the arbitrators and expenses for hearing facilities and other expenses of the arbitration will be borne equally
by the Parties unless the Parties agree otherwise or unless the arbitrators in the award assess such expenses against one of the Parties
or allocate such expenses other than equally between the Parties. Each of the Parties will bear its own counsel fees and the expenses
of its witnesses except to the extent otherwise provided in this Settlement Agreement or by applicable law.

 

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(g)
Compliance with this Section 6 is a condition precedent to seeking relief in any court or tribunal in respect of a dispute, but nothing
in this Section 6 will prevent a Party from seeking equitable or other interlocutory relief in the courts of appropriate jurisdiction,
pending the arbitrators’ determination of the merits of the controversy, if applicable to protect the confidential information,
property, or other rights of that Party or to otherwise prevent irreparable harm that may be caused by the other Party’s actual
or threatened breach of this Settlement Agreement.

 

7.
Applicable Law: This Settlement Agreement shall be construed and governed in accordance with the law of the State of New York,
without giving effect to conflict of law provisions that may require the application of the laws of another jurisdiction.

 

8.
Integration, Modification, and Waiver.

 

(a)
This Settlement Agreement constitutes the entire agreement between REGENXBIO and Abeona concerning the full and final resolution of any
current, potential, or future claims between or against REGENXBIO and Abeona arising from the License Agreement, the Arbitrations, and
the Enforcement Proceeding. It sets forth all the covenants, promises, agreements, warranties, representations, conditions and understandings
between REGENXBIO and Abeona, and supersedes and terminates any and all prior agreements and understandings between REGENXBIO and Abeona
related to the same subject matter.

 

(b)
No alteration, amendment, change, or addition to this Settlement Agreement shall be binding on REGENXBIO or Abeona unless reduced to
writing and signed by the respective authorized officers of REGENXBIO and Abeona.

 

(c)
No waiver of any provision of this Settlement Agreement shall be deemed to be a waiver of any other provision, whether or not similar.
No such waiver shall constitute a continuing waiver. No waiver shall be binding unless executed in writing by the party charged with
the waiver. The headings in this Settlement Agreement are used solely for convenience and in no way define or limit the scope of this
Settlement Agreement.

 

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9.
Confidentiality: REGENXBIO and Abeona agree to maintain as confidential, and not disclose to any third party, any of the terms
of this Settlement Agreement, provided, however, that the foregoing shall not prohibit disclosure, statements or testimony (a) to entities
or persons with a bona fide need to know the terms of this Settlement Agreement who are subject to an obligation of confidentiality,
including but not limited to [****], (b) as may be necessary to comply with, effectuate or enforce the terms of this Settlement Agreement,
(c) in connection with any type of regulatory investigation, examination, or audit, or (d) as required by law or regulatory requirements,
or if otherwise compelled by legal process or court order. In the event that a Party is required by law or the rules of the U.S. Securities
and Exchange Commission (“SEC”) to make any such disclosure under Section (9)(d), the Parties agree to (i) share a draft
in advance of the issuance of such disclosure and take reasonable comments from the other Party, and (ii) in the event that any such
disclosure requires filing of this Settlement Agreement with the SEC, the Parties agree to share proposed redactions and take reasonable
comments from the other Party.

 

10.
Non-Disparagement: The Parties agree not to disparage the other Party, any of the REGENXBIO Released Parties, any of the Abeona
Released Parties, or any of either Party’s products or product candidates, at any time following the execution of this Settlement
Agreement. For clarity, this non-disparagement provision will not preclude the Parties from providing truthful testimony in any judicial
or arbitral proceeding.

 

11.
Attorneys’ Fees and Costs: REGENXBIO and Abeona acknowledge that they each have incurred legal fees and expenses in connection
with the Arbitrations, the Enforcement Petition, and the issues referenced in this Settlement Agreement. REGENXBIO and Abeona agree that
they each will bear all of their own legal fees and expenses related to the Arbitrations, the Enforcement Petition, and this Settlement
Agreement.

 

12.
Authority To Sign and Agree: REGENXBIO and Abeona confirm and agree that the individuals listed below and who sign this Settlement
Agreement are duly authorized to sign on behalf of the Party listed and agree to the terms and obligations set forth in this Settlement
Agreement.

 

13.
Time Is of the Essence. Time is of the essence for performance of this Settlement Agreement, including without limitation Section
1 of this Settlement Agreement.

 

14.
Counterparts: This Settlement Agreement may be executed in counterparts, each of which shall be an original, but such counterparts
shall constitute one and the same instrument. This Settlement Agreement may be executed and delivered via e-mail with a .pdf file. The
signature of either Party on such document, for purposes hereof, will be considered an original signature, and the transmitted document
will have the same binding effect as an original signature on an original document. Delivery of an executed counterpart of a signature
page to this Settlement Agreement by e-mail or other electronic transmission (including in .pdf format or via DocuSign) will be as effective
as delivery of a manually executed original counterpart of each such instrument.

 

[Remainder
of Page Intentionally Left Blank]

 

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THE
PARTIES ACKNOWLEDGE THAT THEY HAVE READ THE FOREGOING SETTLEMENT AGREEMENT AND ACCEPT AND AGREE TO ALL OF ITS PROVISIONS. THE PARTIES
EXECUTE THIS SETTLEMENT AGREEMENT VOLUNTARILY, WITHOUT ANY DURESS, AND WITH FULL UNDERSTANDING OF ITS CONSEQUENCES.

 

The
Parties have executed this Settlement Agreement on the dates indicated below.

 

	 	 	 	REGENXBIO
Inc.

	 	 	 	 
	Dated:
    	11/12/2021	 	By:	/s/
    Kenneth Mills
	 	 	 	Name:	Kenneth
    Mills
	 	 	 	Title:	President
                                            & Chief Executive Officer

    

	 	 	 	 	

    

	 	 	 	 	 
	 	 	 	Abeona Therapeutics Inc.
  
	 	 	 	 
	Dated:
    	Nov 12th, 2021	 	By:	/s/
                                            Vishwas Seshadri

    

	 	 	 	Name:	Vishwas
                                            Seshadri

    

	 	 	 	Title:	President
                                            & Chief Executive Officer

    

 

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	SETTLEMENT AGREEMENT AND MUTUAL RELEASEExhibit
4.4

 

DESCRIPTION
OF THE REGISTRANT’S SECURITIES REGISTERED

 

PURSUANT
TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

 

The
following description of our common stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety
by reference to our amended and restated certificate of incorporation (the “Certificate of Incorporation”) and our amended
and restated bylaws (the “Bylaws”), each of which is incorporated herein by reference as an exhibit to the Annual Report
on Form 10-K filed with the Securities and Exchange Commission, of which this Exhibit 4.4 is a part. We encourage you to read our Certificate
of Incorporation, our Bylaws and the applicable provisions of the General Corporation Law of the State of Delaware (the “DGCL”)
for additional information.

 

Authorized
Capitalization

 

We
have 110,000,000 shares of capital stock authorized under our Certificate of Incorporation, consisting of 100,000,000 shares of common
stock with a par value of $0.00001 per share and 10,000,000 shares of preferred stock with a par value of $0.00001 per share. As of March
31, 2022, we had 11,714,885 shares of common stock outstanding and no shares of preferred stock outstanding.

 

Common
Stock

 

Holders
of our common stock are entitled to such dividends as may be declared by our board of directors out of funds legally available for such
purpose. The shares of common stock are neither redeemable nor convertible. Holders of common stock have no preemptive or subscription
rights to purchase any of our securities.

 

Each
holder of our common stock is entitled to one vote for each such share outstanding in the holder’s name. No holder of common stock
is entitled to cumulate votes in voting for directors.

 

In
the event of our liquidation, dissolution or winding up, the holders of our common stock are entitled to receive pro rata our assets,
which are legally available for distribution, after payments of all debts and other liabilities. All of the outstanding shares of our
common stock are fully paid and non-assessable. The shares of common stock offered by this prospectus will also be fully paid and non-assessable.

 

Preferred
Stock

 

Our
board of directors has the authority, without further action by our stockholders, to issue up to 10,000,000 shares of preferred stock
in one or more classes or series and to fix the designations, rights, preferences, privileges and restrictions thereof, without further
vote or action by the stockholder. These rights, preferences and privileges could include dividend rights, conversion rights, voting
rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting, or the designation of,
such class or series, any or all of which may be greater than the rights of common stock. The issuance of our preferred stock could adversely
affect the voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon
our liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring or preventing a change in
control of our company or other corporate action. No shares of preferred stock are outstanding, and we have no present plan to issue
any shares of preferred stock.

 

Anti-Takeover
Effects of Delaware law and Our Certificate of Incorporation and Bylaws

 

The
provisions of Delaware law, our Certificate of Incorporation and our may have the effect of delaying, deferring or discouraging another
party from acquiring control of us.

 

     

    

    

 

Section
203 of the Delaware General Corporation Law

 

We
are subject to Section 203 of the DGCL, which prohibits a Delaware corporation from engaging in any business combination with any interested
stockholder for a period of three years after the date that such stockholder became an interested stockholder, with the following exceptions:

 

	 	●	before
    such date, the board of directors of the corporation approved either the business combination or the transaction that resulted in
    the stockholder becoming an interested stockholder;

 

	 	●	upon completion
    of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least
    85% of the voting stock of the corporation outstanding at the time the transaction began, excluding for purposes of determining the
    voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) those shares owned (i) by persons
    who are directors and also officers and (ii) employee stock plans in which employee participants do not have the right to determine
    confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

 

	 	●	on or
    after such date, the business combination is approved by the board of directors and authorized at an annual or special meeting of
    the stockholder, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is
    not owned by the interested stockholder.

 

In
general, Section 203 defines business combination to include the following:

 

	 	●	any merger
    or consolidation involving the corporation and the interested stockholder;

 

	 	●	any sale,
    transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;

 

	 	●	subject
    to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation
    to the interested stockholder;

 

	 	●	any transaction
    involving the corporation that has the effect of increasing the proportionate share of the stock or any class or series of the corporation
    beneficially owned by the interested stockholder; or

 

	 	●	the receipt
    by the interested stockholder of the benefit of any loss, advances, guarantees, pledges or other financial benefits by or through
    the corporation.

 

In
general, Section 203 defines an “interested stockholder” as an entity or person who, together with the person’s affiliates
and associates, beneficially owns, or within three years prior to the time of determination of interested stockholder status did own,
15% or more of the outstanding voting stock of the corporation.

 

Certificate
of Incorporation and Bylaws

 

Our
Certificate of Incorporation and Bylaws provide for:

 

	 	●	authorizing
    the issuance of “blank check” preferred stock, the terms of which may be established and shares of which may be issued
    without stockholder approval;

 

	 	●	limiting
    the removal of directors by the stockholders;

 

	 	●	requiring
    a supermajority vote of stockholders to amend our bylaws or certain provisions our certificate of incorporation;

 

	 	●	prohibiting
    stockholder action by written consent, thereby requiring all stockholder actions to be taken at a meeting of our stockholders;

 

	 	●	eliminating
    the ability of stockholders to call a special meeting of stockholders;

 

	 	●	establishing
    advance notice requirements for nominations for election to the board of directors or for proposing matters that can be acted upon
    at stockholder meetings;

 

	 	●	establishing
    Delaware as the exclusive jurisdiction for certain stockholder litigation against us; and

 

	 	●	a classified
    board of directors.

 

    2

    

    

 

Potential
Effects of Authorized but Unissued Stock

 

We
have shares of common stock and preferred stock available for future issuance without stockholder approval. We may utilize these additional
shares for a variety of corporate purposes, including future public offerings to raise additional capital, to facilitate corporate acquisitions
or payment as a dividend on the capital stock.

 

The
existence of unissued and unreserved common stock and preferred stock may enable our board of directors to issue shares to persons friendly
to current management or to issue preferred stock with terms that could render more difficult or discourage a third-party attempt to
obtain control of us by means of a merger, tender offer, proxy contest or otherwise, thereby protecting the continuity of our management.
In addition, the board of directors has the discretion to determine designations, rights, preferences, privileges and restrictions, including
voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences of each series of preferred stock,
all to the fullest extent permissible under the DGCL and subject to any limitations set forth in our certificate of incorporation. The
purpose of authorizing the board of directors to issue preferred stock and to determine the rights and preferences applicable to such
preferred stock is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while
providing desirable flexibility in connection with possible financings, acquisitions and other corporate purposes, could have the effect
of making it more difficult for a third-party to acquire, or could discourage a third-party from acquiring, a majority of our outstanding
voting stock.

 

Choice
of Forum

 

Unless
we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and
exclusive forum for any stockholder to bring (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action
asserting a claim of breach of fiduciary duty owed by any director, officer or other employee of the Company or the Company’s stockholders,
creditors or constituents, (iii) any action asserting a claim against the Company or any director or officer of the Company arising pursuant
to, or a claim against the Company or any director or officer of the Company, with respect to the interpretation or application of any
provision of, the DGCL, our certificate of incorporation or bylaws, or (iv) any action asserting a claim governed by the internal affairs
doctrine, except for, in each of the aforementioned actions, any claims to which the Court of Chancery of the State of Delaware determines
it lacks jurisdiction. This provision will not apply to claims arising under the Exchange Act, the Securities Act or for any other federal
securities laws which provide for exclusive federal jurisdiction. However, the exclusive forum provision provides that unless we consent
in writing to the selection of an alternative forum, the federal district courts of the United States of America will be the exclusive
forum for the resolution of any complaint asserting a cause of action arising under the Securities Act. Therefore, this provision could
apply to a suit that falls within one or more of the categories enumerated in the exclusive forum provision and that asserts claims under
the Securities Act, inasmuch as Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all
suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. There is uncertainty
as to whether a court would enforce such an exclusive forum provision with respect to claims under the Securities Act.

 

Whether
a court would enforce the provision and that investors cannot waive compliance with the federal securities laws and the rules and regulations
thereunder. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the
types of lawsuits to which it applies, the provision may have the effect of discouraging lawsuits against our directors and officers.

 

Transfer
Agent and Registrar

 

The
transfer agent and registrar for our common stock is V-Stock Transfer LLC.

 

National
Securities Exchange Listing

 

Our
common stock is listed on the Nasdaq Capital Market under the symbol “VRPX.”

 

 

3

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