SEC Contract Filing

Filing Date: 2021-08-10

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
10.1</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>CERTAIN
INFORMATION IN THIS DOCUMENT, MARKED BY [***],&nbsp;HAS&nbsp;BEEN&nbsp;EXCLUDED&nbsp;PURSUANT TO REGULATION S-K, ITEM 601(b)(10)(iv).
SUCH EXCLUDED INFORMATION IS NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.</I></B></FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SETTLEMENT
AGREEMENT AND RELEASE</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Settlement Agreement and Release (this &ldquo;<B>Settlement Agreement</B>&rdquo;), is entered into by and between <B>BEYOND AIR, INC.</B>,
formerly AIT Therapeutics, Inc. (&ldquo;<B>Beyond Air</B>&rdquo;) on behalf of itself and its Affiliates (collectively, &ldquo;<B>Beyond
Air</B>&rdquo;) and <B>CIRCASSIA LIMITED</B> on behalf of itself and its Affiliates (collectively, &ldquo;<B>Circassia</B>&rdquo;) on
the date it is fully executed by the Parties (the &ldquo;<B>Effective Date</B>&rdquo;). Beyond Air and Circassia may be referred to collectively
as the &ldquo;<B>Parties</B>&rdquo; and each individually as a &ldquo;<B>Party</B>&rdquo;. &ldquo;<B>Affiliate</B>&rdquo; means any entity
that directly or indirectly controls, is controlled by or is under common control of a Party.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RECITALS</B></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Circassia
 and Beyond Air are parties to a License, Development and Commercialization Agreement dated
 January 23, 2019 (the &ldquo;<B>License Agreement</B>&rdquo;) with respect to the Product
 (defined herein).</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
 December 2019, Beyond Air purported to terminate the License Agreement based on an alleged
 material breach by Circassia. Circassia asserts that it did not breach the License Agreement,
 that the termination was wrongful and that, instead, Beyond Air ceased cooperating with Circassia
 and effectively abandoned its obligations under the License Agreement prior to attempting
 to terminate it. The effectiveness of the purported termination and each Party&rsquo;s allegations
 regarding the other Party&rsquo;s failure to fulfill its obligations under the License Agreement
 are referred to herein as the &ldquo;<B>Dispute</B>&rdquo;.</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: