<SEC-DOCUMENT>0001387131-19-005703.txt : 20190802
<SEC-HEADER>0001387131-19-005703.hdr.sgml : 20190802
<ACCEPTANCE-DATETIME>20190802165049
ACCESSION NUMBER:		0001387131-19-005703
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190802
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190802
DATE AS OF CHANGE:		20190802

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NANOPHASE TECHNOLOGIES Corp
		CENTRAL INDEX KEY:			0000883107
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS PRIMARY METAL PRODUCTS [3390]
		IRS NUMBER:				363687863
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22333
		FILM NUMBER:		19996623

	BUSINESS ADDRESS:	
		STREET 1:		1319 MARQUETTE DRIVE
		CITY:			ROMEOVILLE
		STATE:			IL
		ZIP:			60446
		BUSINESS PHONE:		6303231200

	MAIL ADDRESS:	
		STREET 1:		1319 MARQUETTE DRIVE
		CITY:			ROMEOVILLE
		STATE:			IL
		ZIP:			60446

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NANOPHASE TECHNOLOGIES CORPORATION
		DATE OF NAME CHANGE:	19970305
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>nanx-8k_080219.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">UNITED
STATES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">SECURITIES
AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Washington,
D.C. 20549</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
8-K</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
<FONT STYLE="font-size: 18pt"><B>CURRENT REPORT</B></FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Pursuant
to Section 13 or 15(d) of the</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Securities
Exchange Act of 1934</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">Date
of Report (Date of earliest event reported): August 2, 2019 (July 31, 2019)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 24pt"><B>NANOPHASE
TECHNOLOGIES CORPORATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Exact
name of registrant as specified in its charter)</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>0-22333</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>36-3687863</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(State or other</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Commission</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(IRS Employer</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">jurisdiction of</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">incorporation)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1319
Marquette Drive, Romeoville, Illinois 60446</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Address
of principal executive offices) (Zip Code)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Registrant&rsquo;s
telephone number, including area code: <B>(630) 771-6700</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Not
applicable</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Former
name or former address, if changed since last report)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (<I>see </I>General Instruction A.2. below):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR STYLE="clear: both">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Act:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 34%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5.4pt; text-align: center; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5.4pt; text-align: center; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    Symbol(s)</FONT></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5.4pt; text-align: center; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5.4pt; text-align: center; text-indent: 0; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5.4pt; text-align: center; text-indent: 0; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt 5.4pt; text-align: center; text-indent: 0; vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;
230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&sect; 240.12b-2 of this chapter).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company&nbsp;&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.
&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<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">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
1.01 Entry into a Material Definitive Agreement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Nanophase
Technologies Corporation (the &ldquo;Company&rdquo;) entered into a Joint Development Agreement, effective as of July 31, 2019
(the &ldquo;JDA&rdquo;), with Sumitomo Corporation of Americas (&ldquo;SCOA&rdquo;). Pursuant to the JDA, the Company has agreed,
on an exclusive basis, to jointly develop certain coated materials for use in the personal care markets. The JDA excludes any
applications relating to UV attenuation. Presuming the Company and SCOA develop commercially viable products, in terms of cost
and efficacy, the Company agrees to supply these materials to SCOA and SCOA agrees to purchase these materials from the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
return for the Company&rsquo;s exclusive efforts on SCOA&rsquo;s behalf, SCOA has agreed to pay a commitment fee of $250,000 within
thirty (30) days of the execution of the JDA. The JDA includes product development milestones that, if met, will result in two
subsequent payments of $125,000 each, expected to be earned over the next several years. Further, SCOA has agreed to pay the Company
for its agreed upon costs of product development during the term of the agreement. Pricing of new products developed under the
JDA will be determined by a Steering Committee (as defined), and included in subsequent Joint Development Project Plans (as defined).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
JDA has an initial term of ten years from July 31, 2019. Either party may terminate the JDA at any time by written notice for
a series of reasons, ranging from convenience to failure to perform. In some cases, terminations can result in the return of fees
by the Company or, at maximum, a $250,000 termination fee due either party if certain conditions are met.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
foregoing description of the JDA does not purport to be complete and is qualified in its entirety by reference to the text of
the JDA, which is filed, with confidential portions redacted, as Exhibit 10.1 hereto and is incorporated herein by reference.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item
9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following item is filed as an exhibit to this Current Report on Form 8-K:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 76.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Exhibit No.</U></FONT></TD>
    <TD STYLE="width: 355.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Exhibit</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Joint Development Agreement, dated as
    of July 31, 2019, between the Company and Sumitomo Corporation of Americas</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dated:
August 2, 2019</FONT></P>

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<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">NANOPHASE TECHNOLOGIES CORPORATION</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="padding-left: 20pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/
    JESS JANKOWSKI</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name: Jess Jankowski</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title: &nbsp;&nbsp;Chief Executive Officer</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>EXHIBIT
INDEX</U></B></FONT></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Exhibit No.</U></FONT></TD>
    <TD STYLE="width: 70%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Exhibit</U></FONT></TD>
    <TD STYLE="width: 15%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="ex10-1.htm">10.1</A></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="ex10-1.htm">Joint Development
    Agreement, dated as of July 31, 2019, between the Company and Sumitomo Corporation of Americas*</A></FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">*
Portions of the exhibit have been omitted in reliance on Regulation S-K, Item 601(b)(10)(iv), 17 CFR &sect; 229.601(b)(10)(iv).</FONT></P>

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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
<DESCRIPTION>JOINT DEVELOPMENT AGREEMENT, DATED AS OF JULY 31, 2019
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="nanx-8k_080219.htm">NANOPHASE TECHNOLOGIES CORPORATION 8-K</A></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Exhibit 10.1</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">CERTAIN
INFORMATION, MARKED IN THIS EXHIBIT WITH BRACKETS, HAS BEEN EXCLUDED FROM THIS EXHIBIT IN RELIANCE ON REGULATION S-K, ITEM 601(B)(10)(IV)
BECAUSE SUCH INFORMATION IS BOTH NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY DISCLOSED.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Joint Development Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Joint Development Agreement (&ldquo;<B>Agreement</B>&rdquo;),
dated and effective this 31st day of July 2019 (the &ldquo;<B>Effective Date</B>&rdquo;), is by and between Nanophase Technologies
Corporation a [Delaware Corporation] (&ldquo;<B>NANX</B>&rdquo;) and Sumitomo Corporation of Americas, a New York Corporation (&ldquo;<B>SCOA</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREAS, NANX is engaged in the research, development and manufacture
of coated minerals for sale to the personal care industry;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREAS, SCOA is the parent entity of companies engaged in the
development and sale of products to the personal care industry including coated minerals;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREAS, the parties wish to participate in a joint development
project to develop commercial products using coating materials that are not UV attenuating and have not previously been marketed
commercially by Presperse Corporation (an affiliate of SCOA) (collectively &ldquo;<B>Coated Specialty Minerals</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREAS, the parties are willing to grant each other rights
to their and their Affiliates&rsquo; background intellectual property during the joint development project to permit them to conduct
their research and development activities under this Agreement in accordance with the terms and conditions set forth herein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">WHEREAS, the parties desire to allocate ownership and license
rights to the technology developed by, or acquired by either of them for, the joint development project and to allow them to jointly
commercialize any products developed during the joint development project all on the terms and conditions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NOW, THEREFORE, in consideration of the mutual covenants, terms
and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Definitions</U></FONT>.
For purposes of this Agreement, the following terms have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Action</B>&rdquo; has
the meaning set forth in Section 10.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Affiliate</B>&rdquo; of
a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or
is under common control with, such Person. For purposes of this definition only, the term &ldquo;control&rdquo; means the power to
direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by
contract or otherwise, and &ldquo;controlled by&rdquo; and &ldquo;under common control with&rdquo; have correlative meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Agreement</B>&rdquo; has
the meaning set forth in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Background Intellectual
Property</B>&rdquo; means NANX Background Intellectual Property and SCOA Background Intellectual Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Bankruptcy Code</B>&rdquo;
has the meaning set forth in Section 13.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Business Day</B>&rdquo;
means a day other than a Saturday, Sunday, or other day on which commercial banks in New York, NY are authorized or required by
Law to be closed for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Change of Control</B>&rdquo;
means with respect to a party, a change of the Person that has control, directly or indirectly, of that party. For the purpose
of this definition, &ldquo;control&rdquo; has the meaning given to it in the definition of &ldquo;Affiliate.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Coated Specialty Minerals</B>&rdquo;
has the meaning set forth in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Commercially Reasonable
Efforts </B>&rdquo; means the carrying out of a party&rsquo;s obligations under this Agreement with a level of effort and resources consistent
with the judgment, efforts and resources that the party who bears the performance obligation or a comparable third party in the
personal care industry would employ for products of similar strategic importance and commercial value that result from its own
research efforts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Competing Product</B>&rdquo;
means any product, method, process, or other subject matter that is, or readily can be, applied, used, or adapted for any application
or use in substitution for or competition with any Joint Development Product (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Completed Development</B>&rdquo;
means the Steering Committee has concluded that a Joint Development Product is ready for commercialization following the completion
of development work, including without limitation by having an agreed product specification, material safety data sheet, and samples
provided from at least [****] pilot scale lots of production.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Confidential Information</B>&rdquo;
means any Information that is treated as confidential by a party, its Affiliates or Representatives, whether in oral, written,
electronic, or other form or media, whether or not such Information is marked, designated, or otherwise identified as &ldquo;confidential,&rdquo;
and includes any Information that due to the nature of its subject matter or circumstances surrounding its disclosure, would reasonably
be understood to be non-public, confidential, or proprietary, including, without limitation: (a) the existence, terms and conditions
of this Agreement; (b) all Information concerning the Joint Development Project, the Joint Development Product, and Developed Intellectual
Property; (c) all Information concerning past, present, and future business affairs including finances, customer information, supplier
information, products, services, organizational structure and internal practices, forecasts, sales and other financial results,
records and budgets, and business, marketing, research, development, sales and other commercial strategies; (d) all Information
concerning unpatented inventions, ideas, methods, discoveries, know-how, trade secrets, unpublished patent applications, invention
disclosures, invention summaries, and other confidential intellectual property; (e) all designs, specifications, documentation,
components, source code, object code, images, icons, audiovisual components and objects, schematics, drawings, protocols, processes,
and other visual depictions, in whole or in part, of any of the foregoing; and (f) all notes, analyses, compilations, reports,
forecasts, studies, samples, data, statistics, summaries, interpretations, and other materials that contain, are based on, or otherwise
reflect or are derived from, any of the foregoing in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">Confidential Information does
not include Information that: (w) was already known by or in the possession of the receiving party or its Affiliates or their Representatives
without restriction on use or disclosure before the receipt of such Information directly or indirectly from or on behalf of the
disclosing party; (x) was or is independently developed by the receiving party without reference to or use of any of the disclosing
party&rsquo;s Confidential Information; (y) was or becomes generally known by the public other than as a result of any breach of this
Agreement, or other wrongful act, of the receiving party or its Affiliates, or their Representatives; or (z) was or becomes available
to the receiving party, its Affiliates or their Representatives received by the receiving party from a third party who was not,
at the time, under an obligation to the disclosing party or its Affiliates or their Representatives or any other Person to maintain
the confidentiality of such Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Continuing Party</B>&rdquo;
has the meaning set forth in Section 14.4(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Contract Year</B>&rdquo;
means each successive twelve (12) month period during the Term, with the first Contract Year beginning on the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Developed Intellectual
Property</B>&rdquo; means all Intellectual Property made, invented, developed, created, conceived, or reduced to practice (a) as
a result of work conducted pursuant to this Agreement or by a party or its Affiliate in its evaluation, use, or implementation
of the other party&rsquo;s Background Intellectual Property, or (b) by a receiving party or its Affiliate derived from or based on the
other party&rsquo;s or its Affiliate&rsquo;s Confidential Information, in each case, including all rights in any patents or patent applications,
copyrights, trade secrets, and other Intellectual Property rights relating thereto. For the removal of doubt, Developed Intellectual
Property shall not include any know-how, trade secrets or patents currently controlled by or during this agreement developed by
Nanophase and its Affiliates related to protection from and or prevention of damage from UV, HEV, IR, or pollution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Dispute</B>&rdquo; means
any disagreement between the parties concerning or in any way arising out of or relating to this Agreement whether or not the disagreement
gives rise to a right to terminate this Agreement, and includes any disagreement concerning (a) the parties&rsquo; entry into this Agreement
and any terms or subject matter hereof; (b) the conduct of, or any action to be taken concerning, any aspect of this Agreement;
or (c) any aspect of the ownership of, any rights to, or prosecution strategy or tactics for, any patents or patent applications
covering, or any enforcement of or other proceeding concerning (including its relationship to any Background Intellectual Property)
Developed Intellectual Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Effective Date</B>&rdquo;
has the meaning set forth in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Field of Use</B>&rdquo;
means the personal care industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>First One-Time Fee</B>&rdquo;
has the meaning set forth in Section 3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Force Majeure</B>&rdquo;
has the meaning set forth in Section 16.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Information</B>&rdquo;
means any and all ideas, concepts, data, know-how, discoveries, improvements, methods, techniques, technologies, systems, specifications,
analyses, products, practices, processes, procedures, protocols, research, tests, trials, assays, controls, prototypes, formulas,
descriptions, formulations, submissions, communications, skills, experience, knowledge, plans, objectives, algorithms, reports,
results, conclusions, and other information and materials, irrespective of whether or not copyrightable or patentable and in any
form or medium (tangible, intangible, oral, written, electronic, observational, or other) in which such Information may be communicated
or subsist. Without limiting the foregoing sentence, Information includes any technological, scientific, business, legal, patent,
organizational, commercial, operational, or financial materials or information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Intellectual Property</B>&rdquo;
means all patentable and unpatentable inventions, works of authorship or expression, including computer programs, data collections
and databases, and trade secrets, and other Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Joint Development Budget</B>&rdquo;
means the budget developed by the parties for the Joint Development Costs during each Contract Year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Joint Development Costs</B>&rdquo;
means all costs and expenses of any kind, incurred by or on behalf of, either party in performing its obligations under the Joint
Development Project Plan or that are otherwise directly attributable to developing the Joint Development Product pursuant to and
in accordance with the terms and conditions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Joint Development Product(s)</B>&rdquo;
means any Coated Specialty Minerals products developed pursuant to a Joint Development Project Plan for application in the Field
of Use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Joint Development Project</B>&rdquo;
means the effort to develop one or more Joint Development Products for manufacture, commercialization and sale for application
in the Field of Use in the Territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Joint Development Project
Plan</B>&rdquo; means the essential elements of a Joint Development Project for a Joint Development Product to be mutually agreed
to by the Steering Committee, as such may be modified from time to time by mutual agreement of the Parties, including the Joint
Development Budget and details concerning the scope of work, protocols, specifications, schedule of activities, timeline and milestones,
the identity of the Joint Development Team Leaders and other participating personnel, payment and funding obligations, and other
Joint Development Project requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Jointly-Owned Developed
Intellectual Property</B>&rdquo; has the meaning set forth in Section 5.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Joint Patent Team</B>&rdquo;
means the team authorized to perform, direct, and manage all matters concerning the procurement, maintenance, and enforcement of
rights in and to Jointly-Owned Developed Intellectual Property, including all patent application preparation and filing and patent
protection and enforcement activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Law</B>&rdquo; means any
statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or
rule of law of any federal, state, local, or foreign government or political subdivision thereof, or any arbitrator, court, or
tribunal of competent jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Losses</B>&rdquo; means
all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs,
or expenses of whatever kind, including reasonable attorneys&rsquo; fees and the cost of enforcing any right to indemnification hereunder
and the cost of pursuing any insurance providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Materials</B>&rdquo; means
chemical compounds, devices, equipment, or other research materials owned or controlled by a party relating and reasonably necessary
for NANX and/or SCOA to perform its obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>NANX Background Intellectual
Property</B>&rdquo; means Intellectual Property controlled by NANX which are useful to permit SCOA or its Affiliates to perform
its obligations under this Agreement and (a) were made, invented, developed, created, conceived, reduced to practice, or have a
filing date before the Effective Date and are not Developed Intellectual Property; or (b) were acquired or developed by NANX during
the Term of this Agreement, other than by joint acquisition or ownership with SCOA and are not Developed Intellectual Property,
or (c) are pertaining to the development of industrial or personal care formulations, devices, or packaging; or (d) mineral coating
compositions that are primarily designated for use on zinc oxide, titanium dioxide, ceria, or other UV attenuating minerals. NANX
Background Intellectual Property includes, with respect to each of the foregoing items, all rights in any patents or patent applications,
copyrights, trade secret rights, and other Intellectual Property rights relating thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Non-Continuing Party</B>&rdquo;
means the party that is not the Continuing Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Non-Prosecuting Party</B>&rdquo;
means the party that is not the Prosecuting Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Notice of Dispute</B>&rdquo;
has the meaning set forth in Section 15.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Participant Invention</B>&rdquo;
has the meaning set forth in Section 2.4 (b)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Participating Individual</B>&rdquo;
has the meaning set forth in Section 2.4(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Person</B>&rdquo; means
an individual, corporation, partnership, joint venture, limited liability entity, governmental authority, unincorporated organization,
trust, association, or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Prosecuting Party</B>&rdquo;
means the party having responsibility for preparing, filing, prosecuting, and maintaining certain specified Jointly-Owned Developed
Intellectual Property patent applications and patents, as determined by the Joint Patent Team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Rejected Product</B>&rdquo;
has the meaning ascribed thereto in Section 2.2(h).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Representative</B>&rdquo;
means a party&rsquo;s and its Affiliates&rsquo; employees, officers, directors, consultants, and legal, technical, and business advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Royalty</B>&rdquo; has
the meaning set forth in Section 2.6(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>SCOA Background Intellectual
Property</B>&rdquo; means Intellectual Property controlled by SCOA (including Intellectual Property of its Affiliates engaged in
the marketing and sale of products for use in the Field) which are useful to permit NANX to perform its obligations under this
Agreement and (a) were made, invented, developed, created, conceived, reduced to practice, or have a filing date before the Effective
Date and are not Developed Intellectual Property; or (b) were acquired by SCOA during the Term of this Agreement, other than by
joint acquisition or ownership with NANX and are not Developed Intellectual Property. SCOA Background Intellectual Property includes,
with respect to each of the foregoing items, all rights in any patents or patent applications, copyrights, trade secret rights,
and other Intellectual Property rights relating thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Second One-Time Fee</B>&rdquo;
has the meaning set forth in Section 3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Steering Committee</B>&rdquo;
has the meaning set forth in Section 2.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Term</B>&rdquo; has the
meaning set forth in Section 14.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Termination Fee</B>&rdquo;
has the meaning set forth in Section 14.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Territory</B>&rdquo; means
the world.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Transition Assistance</B>&rdquo;
has the meaning set forth in Section 14.4(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Transition Notice</B>&rdquo;
has the meaning set forth in Section 14.2(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&ldquo;<B>Transition Period</B>&rdquo;
has the meaning set forth in Section 14.4(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">2.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Joint
Development Project</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Joint Development Project Activities</U>. The parties have entered into this Agreement to jointly and collaboratively
research and develop one or more Joint Development Products in the Field of Use as set forth in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties shall work together to develop one or more Joint Development Products in accordance with the respective Joint
Development Project Plan which may be updated from time to time by agreement of the Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each party shall use Commercially Reasonable Efforts to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>perform its responsibilities in accordance with this Agreement and the Joint Development Project Plan and perform all Joint
Development Project Plan requirements, including by meeting all Joint Development Project Plan timelines and milestones; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>co-operate with and provide reasonable support to the other party in connection with the other party&rsquo;s performance of its
obligations under this Agreement including the Joint Development Project Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Joint Development Project is a research project and successful completion of a commercially marketable product is not
assured. As long as a party uses its Commercially Reasonable Efforts to perform its obligations under this Agreement, including
the Joint Development Project Plan, that party shall not be in default under this Agreement for any failure to achieve any particular
result or milestone.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided herein, during the Term the parties shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>work exclusively together to develop the Joint Development Product for the Field of Use; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>except for its Representatives and permitted sublicensees acting within the scope of their express authorization under this
Agreement, not enable any third party to develop, manufacture, or commercialize any product, method, process, or service that is
derived from, incorporates, or otherwise uses any Developed Intellectual Property without the other party&rsquo;s prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">2.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Steering
Committee</U></FONT>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties shall, within twenty (20) Business Days after the Effective Date, establish a management team for the Joint
Development Project that shall include Three (3) executives or managers of each party or its Affiliates designated by that party
who have expertise and authority to address the Joint Development Project&rsquo;s research and development, regulatory, marketing, and
Intellectual Property matters (&ldquo;<B>Steering Committee</B>&rdquo;). In accordance with the provisions and objectives of this
Agreement and the Joint Development Project Plan, the Steering Committee shall:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>determine the development strategy for the Joint Development Product;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>oversee, coordinate, and manage the parties&rsquo; activities under the Joint Development Project;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>ensure communication between the parties concerning the status and results of the Joint Development Project;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>exercise decision-making authority over all Joint Development Project activities and make all such decisions and take all
such other actions as are delegated to it in this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>review and approve updates or amendments to the Joint Development Project Plan quarterly or as the Steering Committee otherwise
determines is appropriate for the parties to achieve the Joint Development Project objectives; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(vi)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>perform such other functions as are appropriate to further the purposes of this Agreement as mutually determined by the
parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Steering Committee shall meet as needed but not less than once each quarter during the Term. Steering Committee meetings
shall be held at times and places or in such form, such as by telephone or video conference, as the Steering Committee determines,
except that in-person meetings of the Steering Committee will alternate between the parties&rsquo; offices and be held with all members
in attendance at least twice per year, unless otherwise agreed by the parties. Any Steering Committee member may designate a substitute
of equivalent experience and seniority to attend and perform the functions of that Steering Committee member at any Steering Committee
meeting on written notice to the other party at least five (5) Business Days before that Steering Committee meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 2.4(b), each party may invite additional Representatives to attend Steering Committee meetings as observers
or to make presentations, in each case without any voting authority, on written notice to the other party at least one (1) Business
Day before the Steering Committee meeting that the Representative will attend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> SCOA shall appoint one of the Steering Committee members to act as the Steering Committee chairperson during the Term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Steering Committee chairperson shall be responsible for:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>calling and presiding over each Steering Committee during his or her tenure as chairperson;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>preparing and circulating the agenda for each such meeting; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>preparing draft minutes of each such meeting and providing a copy of the draft minutes to each Steering Committee member
within fourteen (14) Business Days after each such meeting for approval, which shall be deemed to have been given unless the Steering
Committee member objects within five (5) Business Days after receipt of the draft minutes.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Steering Committee member shall have one vote in any matter requiring the Steering Committee&rsquo;s action or approval.
All Steering Committee decisions shall be unanimous and no Steering Committee vote may be taken unless a majority of the Steering
Committee members are present. The Steering Committee shall make all decisions and take other actions in good faith and with due
care, after consideration of the information that is reasonably available to it, with the intention that the resulting decision
or action shall:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not breach or conflict with any requirements or other provisions of this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>maintain or increase the likelihood that the parties will achieve the purposes and goals of the Joint Development Project,
provided that, the Steering Committee is expressly prohibited from taking into account any interests of a party, or of any members
of the Steering Committee, other than their respective interests in achieving the purposes and goals of the Joint Development Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not in conflict with other business interests of NANX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as to those matters addressed in Section 2.2(h), if the Steering Committee cannot reach a unanimous decision at a
regularly scheduled Steering Committee meeting or within five (5) Business Days thereafter, the matter shall be considered a Dispute
under this Agreement and either party may thereafter initiate the dispute resolution procedure set forth in Section 15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>NANX shall present the Steering Committee with all proposed Joint Development Products based on ideas which may originate
from either party. Notwithstanding anything herein to the contrary, the members of the Steering Committee appointed by SCOA shall
have sole authority to approve the commencement of development on any proposed product. In the event that SCOA does not approve
development of a product proposed by NANX (&ldquo;<B>Rejected Product</B>&rdquo;), NANX may develop such Rejected Product itself
or in combination with one or more third parties and none of the restrictions to commercialization, marketing or sale of such Rejected
Product (whether within or without the Field of Use) contained in this Agreement shall apply, provided, however, that to the extent
a Rejected Product relies on the practice of any Jointly-Owned Developed Intellectual Property, the parties shall mutually agree
on the terms under which NANX may license such intellectual property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Steering Committee has only the powers specifically delegated to it by this Agreement and has no authority to act on
behalf of any party in connection with any third party. Without limiting the foregoing, the Steering Committee has no authority
to, and shall not purport to or attempt to:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>negotiate agreements on behalf of any party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>make representations or warranties on behalf of any party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>waive rights of any party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>extend credit on behalf of any party; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>take or grant licenses of, transfer ownership, or otherwise encumber Intellectual Property on behalf of any party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Steering Committee shall keep each party fully informed of the status of the Joint Development Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each party shall bear all expenses of its respective Steering Committee members related to their participation on the Steering
Committee and attendance at Steering Committee meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">2.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Conduct
of the Joint Development Project</U></FONT>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each party shall dedicate to the Joint Development Project appropriate time and involvement by its management, including
regular participation in various meetings concerning the Joint Development Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each Representative of a party who works on the Joint Development Project, attends any meeting concerning the Joint Development
Project, including any Steering Committee meeting, or is given access to any of the other party&rsquo;s Confidential Information (a &ldquo;<B>Participating
Individual</B>&rdquo;), shall be bound by a written agreement requiring such Participating Individual to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>follow that party&rsquo;s policies and procedures for reporting any inventions, discoveries, or other Intellectual Property or
Information invented, conceived, developed, derived, discovered, generated, identified, or otherwise made by the Participating
Individual that relates to the Joint Development Project (each a &ldquo;<B>Participant Invention</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>assign to the party all of their right, title, and interest in and to the Participant Inventions, including all Intellectual
Property rights relating thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>cooperate in the preparation, filing, prosecution, maintenance, defense, and enforcement of any patent or other rights in
any Participant Invention;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(iv)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>perform all acts and sign, execute, acknowledge, and deliver any and all papers, documents, and instruments required to
fulfill the obligations and purposes of that agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>be bound by obligations of confidentiality and non-use no less restrictive than those set out in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 1in">It is understood and agreed that
any agreement required by this Section 2.3(b) does not need to be specific to this Agreement as long as the agreement provides
for the binding obligations of the Participating Individuals as described in this Section 2.3(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All day-to-day decisions concerning matters and functions allocated or delegated to a party pursuant to the Joint Development
Project Plan, unless expressly reserved in this Agreement for determination or approval by the Steering Committee, shall be deemed
to be within the decision-making authority of that party; provided that all such decisions shall be consistent with the Joint Development
Project, the scope of the allocation or delegation to that party under the Joint Development Project Plan, and the terms and conditions
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each party shall retain the rights, powers, and discretion granted to it under this Agreement, and no such rights, powers,
or discretion shall be delegated to or vested in the Joint Patent Team unless this Agreement, including the Joint Development Project
Plan, expressly provides for that delegation or vesting of rights, or the parties otherwise expressly agree in writing in accordance
with Section 16.12.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">2.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Joint
Patent Team</U></FONT>. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties shall establish and maintain throughout the term a Joint Patent Team. By and through their respective members
of the Joint Patent Team, the parties shall use Commercially Reasonable Efforts to address all Intellectual Property matters that
may arise under the Joint Development Project. Within twenty (20) Business Days after the Effective Date, each party shall appoint
(i) at least one Representative who has patent expertise to the Joint Patent Team; and (ii) provide written notice to the other
party identifying the Representative(s). Each party may, at its discretion, appoint successor or substitute members of the Joint
Patent Team with Representatives having the same or equivalent qualifications as such members on at least twenty (20) Business
Days prior written notice to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All decisions of the Joint Patent Team shall be unanimous. If the Joint Patent Team cannot reach a unanimous decision concerning
any Intellectual Property issue arising under this Agreement within ten (10) Business Days, it shall refer the matter to the Steering
Committee for further review and resolution by the Steering Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Joint Patent Team shall be responsible for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reviewing, recommending, and approving all patent and other Intellectual Property related strategy and activities concerning
or arising from the Joint Development Project Plan, including prosecution, protection, and enforcement, of patent and other Intellectual
Property rights in the Developed Intellectual Property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>periodically reporting to the Steering Committee on the status of the Developed Intellectual Property, including patent
and other Intellectual Property matters affecting the development, commercialization, or manufacture of Joint Development Products;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in accordance with Section 14.4, deciding any patent or other Intellectual Property issues that may arise concerning or
affecting the development, manufacture, or commercialization of the Joint Development Product during any Transition Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless the parties otherwise agree in writing, the Joint Patent Team shall continue to meet and confer from time to time
after the expiration or termination of this Agreement, including during and after any Transition Period, solely as needed to coordinate
the parties&rsquo; activities concerning the Jointly-Owned Developed Intellectual Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>NANX shall name the team leader of the joint patent team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The team leader of the joint patent team shall be responsible for</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>calling and presiding over each patent team meeting/call during his or her tenure as chairperson;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>preparing and circulating the agenda for each such meeting/call; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>preparing draft minutes of each such meeting/call and providing a copy of the draft minutes to each patent team member within
fourteen (14) Business Days after each such meeting for approval, which shall be deemed to have been given unless the patent team
member objects within five (5) Business Days after receipt of the draft minutes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">2.5<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Information
and Material Exchange</U></FONT>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>During the Term, each party shall provide to the other party reasonable access to its Representatives, facilities, books,
and records, and such other Information that the providing party believes to be necessary or useful (i) to support the other party&rsquo;s
efforts to conduct its Joint Development Project Plan activities or (ii) for the other party to exercise its rights or meet its
obligations under this Agreement, and any other Information that the other party reasonably requests for any of the purposes set
forth in this Section 2.5(a). These required disclosures include all disclosures required by Section 5.1(a) and any design, development,
manufacturing, clinical, pre-clinical, or non-clinical, testing, financial, marketing, sales, quality, and regulatory approval
and compliance Information described in the preceding sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent any party provides the other with Materials for the purpose of pursuing the joint development, such Materials
are provided &ldquo;as is&rdquo; without any warranties, express or implied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All right, title, and interest in and to any Information or Materials a providing party provides to the receiving party,
including any replication, copy, derivative, or progeny thereof, including all Intellectual Property rights relating to any of
the foregoing, shall be, and remain, vested in the providing party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Commercialization</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 63.9pt">The parties shall mutually agree
to those Joint Development Products, if any, that shall be commercialized. A condition precedent to any commercialization shall
be an agreement between NANX and SCOA for the manufacture by NANX of the Joint Development Product on behalf of SCOA and/or its
Affiliates. Any such agreement shall include (without limitation):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-indent: 63.9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.45in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>A royalty payment to NANX of [***] percent ([***]%) of gross profit from the sale of the Joint Development Product (the &ldquo;<B>Royalty</B>&rdquo;)
where &ldquo;gross profit&rdquo; is defined as the sales price less &ldquo;cost of production&rdquo; discounts, product returns,
rebates;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.45in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>NANX shall sell the Joint Development Product to SCOA or an Affiliate at NANX cost of production, where &ldquo;cost of production&rdquo;
is defined as the total cost of manufacturing the product to include all raw materials, direct and indirect labor costs, packaging
and labeling, consumables associated with quality assurance testing, utilities, maintenance, and depreciation associated with the
unit operations required to produce the Joint Development Product;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.45in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>A minimum term of ten (10) years terminable (i) for cause and (ii) a right to terminate in the event SCOA or an Affiliate acquires
a Competing Product;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.45in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>A mutual audit right permitting access to books and records to confirm sales and costs of production;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.45in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>NANX shall sell the joint development products to SCOA or an Affiliate based on firm PO&rsquo;s placed by SCOA or an Affiliate
and receipt of quarterly Rolling, Non-Binding annual forecasts, with no associated minimum purchase obligation;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.45in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>SCOA and its Affiliates shall have the exclusive right to purchase the Joint Development Product and NANX shall not sell any
Joint Development Product to any other party; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.45in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD>NANX appointed as the exclusive manufacturer for sales in the Territory, provided, however, that if NANX lacks the capacity
to produce a sufficient quantity of a Joint development Product, NANX shall be required to contract with one or more third party
manufacturers to make up any shortfall.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Joint
Development Budget and Costs</U></FONT>. Should NANX capacity increase sufficiently to address the manufacturing requirements after
a third party is named, then NANX shall be, at its discretion, permitted to move the manufacturing back to its facilities. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-weight: normal; vertical-align: baseline">3.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-weight: normal; vertical-align: baseline"><U>One Time Payments</U>. Within thirty [30] Business
Days of the Effective Date, SCOA shall pay to NANX a one-time fee of $250,000 (the &ldquo;</FONT><FONT STYLE="vertical-align: baseline"><B>First
One-Time Fee</B><FONT STYLE="font-weight: normal">&rdquo;) in consideration of NANX working exclusively with SCOA and its Affiliates
in connection with the development of one or more Joint Development Products. Within thirty [30] Business Days of the Completed
Development of the first three (3) products that result from this Agreement, and provided that neither party has terminated this
Agreement pursuant to Section 14.2(a), SCOA shall pay to NANX a second, one-time fee of $125,000 (the &ldquo;</FONT><B>Second One-Time
Fee</B><FONT STYLE="font-weight: normal">&rdquo;) in consideration of NANX working exclusively with SCOA and its Affiliates in
connection with the development of one or more Joint Development Products. Within thirty (30) Business Days of the Completed Development
of the second two (2) products that result from this Agreement, and provided that neither party has terminated this Agreement pursuant
to Section 14.2(a), SCOA shall pay to NANX a third, one-time fee of $125,000 (the &ldquo;</FONT><B>Third One-Time Fee</B><FONT STYLE="font-weight: normal">&rdquo;)
in consideration of NANX working exclusively with SCOA and its Affiliates in connection with the development of one or more Joint
Development Products. Notwithstanding anything herein to the contrary, NANX may, subject to Section 2.2(h), develop any Rejected
Product by itself or in combination with a third party. Should the Steering Committee, within thirteen (13) months of the Effective
Date of this Agreement, fail to approve three (3) products for development, then both the Second One-Time Fee and the Third One-Time
Fee shall be paid to NANX. Should the committee approve three (3) products for development within thirteen (13) months of the Effective
Date yet fail to approve a second two (2) products for development within 24 months of the Effective Date then the Third One-Time
Fee shall be paid to NANX. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Joint
Development Budget</U></FONT>. Within twenty (20) Business Days after the beginning of each Contract Year, the Steering Committee
shall develop a Joint Development Budget for the Joint Development Project activities that will occur during that Contract Year
and provide a copy of that Joint Development Budget to each party. The Joint Development Budget shall identify: (i) the budgeted
cost for each activity set out in the Joint Development Project Plan; (ii) the party responsible for paying each budgeted cost;
and (iii) the total Joint Development Cost and time required to complete any activity set out in the Joint Development Project
Plan that will not be completed within that Contract Year. Each party is responsible for and shall timely pay the costs and expenses
of any activity assigned to it under the Joint Development Budget as approved by the Steering Committee<FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>.
</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">3.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Cost
Overrun</U></FONT>. In each Contract Year, if a party determines that the budgeted cost for an activity set out in the Joint Development
Budget for which it is responsible is likely to be exceeded or is exceeded by more than [***] percent ([***]%) in that Contract
Year, it shall: (i) promptly inform the Steering Committee of the expected or actual cost overrun; and (ii) provide the Steering
Committee with a detailed, written explanation for the cost overrun for that activity, and complete and accurate records substantiating
the expected or actual cost overrun. At its next regularly scheduled meeting, the Steering Committee shall determine whether any,
and to what extent, the cost overrun shall be absorbed by that party, reimbursed by the other party, or shared in some proportion
between the parties. If the Steering Committee determines that any aspect of the cost overrun should be reimbursed by the other
party, it shall prepare and approve an amended Joint Development Budget for that Contract Year and provide a copy to each party.
No reimbursement of any cost overrun shall be made if the party seeking the reimbursement does not notify the other party within
twenty (20) Business Days after the end of the Contract Year in which the cost overrun occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Background
Intellectual Property Cross-License</U></FONT>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">4.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>License
to NANX</U></FONT>. Subject to the terms and conditions of this Agreement, SCOA, on behalf of itself and its Affiliates, hereby
grants to NANX during the Term a fully paid up, non-exclusive, royalty-free, non-transferable and non-sublicensable license under
the SCOA Background Intellectual Property to: (i) develop a Joint Development Product for commercialization and use in the Territory
and the Field of Use; and (ii) manufacture and use the Joint Development Product in the Field of Use in the Territory as reasonably
necessary or useful for NANX to perform its development obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">4.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>License
to SCOA</U></FONT>. Subject to the terms and conditions of this Agreement, NANX, on behalf of itself and its Affiliates, hereby
grants to SCOA during the Term a fully paid up, non-exclusive, royalty-free, non-transferable and sublicensable license under the
NANX Background Intellectual Property to: (i) develop the Joint Development Product for commercialization and use solely in the
Territory and the Field of Use; and (ii) manufacture and use the Joint Development Product in the Field of Use in the Territory
as reasonably necessary or useful for SCOA or its Affiliates to perform its development obligations under this Agreement or under
any toll manufacturing agreement between SCOA or an Affiliate and NANX. Notwithstanding any contrary language herein, SCOA may,
without the consent of NANX, grant a sub-license to any Affiliate to the extent required to permit such Affiliate to participate
in the development, manufacture and use of Joint Development Product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">4.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>No
Further Rights</U></FONT>. Notwithstanding any other provision in this Agreement, under no circumstances shall a party to this
Agreement, as a result of this Agreement, have any right under or to the Background Intellectual Property of the other party except
for the limited activities and purposes permitted by the licenses set forth in Section 4.1 and Section 4.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Developed
Intellectual Property</U></FONT>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">5.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Invention
Disclosure and Record-Keeping</U></FONT>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each party shall disclose to the other party all Developed Intellectual Property, including copies of all invention disclosures
and other similar documents created in the normal course of its business that disclose any conception or reduction to practice
of any Intellectual Property constituting Developed Intellectual Property. A party shall make all such disclosures to the other
party at least fifteen (15) Business Days before any public disclosure of such Intellectual Property or any required submission
to government agencies in compliance with the requirements of government supported research.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each party shall maintain contemporaneous, complete, and accurate written records of its Representatives&rsquo; activities concerning
Developed Intellectual Property that provide proof of the conception date and reduction to practice date of any Developed Intellectual
Property for which the party&rsquo;s Representative claims inventorship status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">5.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Ownership
of Developed Intellectual Property</U></FONT>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Regardless of inventorship, as between the parties, each party shall jointly own all right, title, and interest in and to
Developed Intellectual Property invented, created, or otherwise originated jointly by its and/or the other party&rsquo;s Representatives
(the &ldquo;<B>Jointly-Owned Developed Intellectual Property</B>&rdquo;), and in each case the inventorship, creation, and other
origination of the relevant Developed Intellectual Property and the rights of ownership shall be determined by U.S. patent and
other applicable intellectual property law, as the case may be, regardless of the jurisdiction where the Developed Intellectual
Property was invented, conceived, discovered, created, made, developed, reduced to practice, or otherwise perfected or exists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise expressly provided in this Agreement, under no circumstances shall a party, as a result of this Agreement,
obtain any ownership interest or other right, title, or interest in or to any other Intellectual Property or Confidential Information
of the other party, whether by implication, estoppel, or otherwise, including any items controlled or developed by the other party,
or delivered by the other party, at any time pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 1in">For purposes of this definition
only, &ldquo;controlled&rdquo; means, with respect to any Intellectual Property or Confidential Information, the possession of (whether
by ownership or license, other than pursuant to this Agreement) or the ability of a party and/or its Affiliates to grant the other
party access, a license, or a sublicense to Intellectual Property or Confidential Information on the terms and conditions set forth
in this Agreement without requiring a third party&rsquo;s consent, or violating the terms of any agreement or other arrangement with
or obligation to a third party existing at the time such party and/or its Affiliates would be required under this Agreement to
grant the other party such access, license, or sublicense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">5.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Developed
Intellectual Property Cross-Licenses</U></FONT>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>So long as the Parties have a toll manufacturing agreement or other commercial relationship between NANX and SCOA or one
or more of its Affiliates for the manufacture and sale of any Joint Development Product and subject to the terms and conditions
of this Agreement, NANX, on behalf of itself and its Affiliates, hereby grants to SCOA during the Term of this Agreement and any
toll manufacturing agreement or other commercial relationship between NANX and SCOA or one or more of its Affiliates for the manufacture
and sale of any Joint Development Product NANX hereby grants to SCOA an exclusive, non-transferable and sublicensable license under
Jointly-Owned Developed Intellectual Property for the purpose of commercializing and selling any Joint Development Product. Notwithstanding
any contrary language herein, SCOA may, without the consent of NANX, grant a sub-license to any Affiliate to the extent required
to permit such Affiliate to market and sell such Joint Development Product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>So long as the Parties (or their Affiliates) have a toll manufacturing agreement or other commercial relationship between
NANX and SCOA or one or more Affiliates for the manufacture and sale of any Joint Development Product and subject to the terms
and conditions of this Agreement, SCOA, on behalf of itself and its Affiliates, hereby grants to NANX an exclusive, fully-paid,
royalty-free, non-transferable and non-sublicensable license under Jointly-Owned Developed Intellectual Property for the purpose
of manufacturing any Joint Development Product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">5.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Developed
Intellectual Property Ownership Disputes</U></FONT>. The parties, through the Joint Patent Team, shall use Commercially Reasonable
Efforts to address all issues concerning the ownership of, or any rights to, Developed Intellectual Property in a fair and equitable
manner to achieve the goals of the Joint Development Project. If a Dispute arises concerning the Developed Intellectual Property
and the Joint Patent Team is unable to resolve the Dispute within ten (10) Business Days after commencing discussions, it shall
refer the matter to the Steering Committee for further review and resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">5.5<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Patent
Application Filing and Prosecution</U></FONT>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Joint Patent Team shall determine which party shall be the Prosecuting Party and the patent filing strategy for any
patent applications covering Jointly-Owned Developed Intellectual Property. The Prosecuting Party for the Jointly-Owned Developed
Intellectual Property shall consult with the Joint Patent Team on all matters concerning the preparation, filing, prosecution,
and maintenance of all patent applications, amendments, and other documents relating to any Jointly-Owned Developed Intellectual
Property, including the selection of patent counsel to handle any patent matter concerning Jointly-Owned Developed Intellectual
Property. The Prosecuting Party shall consider all Information the Joint Patent Team may provide concerning Jointly-Owned Developed
Intellectual Property and implement all reasonable requests by the Joint Patent Team concerning the preparation, filing, prosecution,
or maintenance of any Jointly-Owned Developed Intellectual Property patent applications, patents, or other Intellectual Property
applications or registrations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Prosecuting Party shall promptly deliver to the Joint Patent Team copies of all patent applications, amendments, and
other documents concerning any Developed Intellectual Property that is contemplated by the Prosecuting Party to be filed with any
patent office within ten (10) Business Days before the filing. The Prosecuting Party shall notify the Joint Patent Team of the
issuance of each Developed Intellectual Property patent and provide the issue date and patent number for each such patent within
two (2) Business Days after issuance. The Joint Patent Team shall forward Information it receives from the Prosecuting Party under
this Section 5.5(b) to the Non-Prosecuting Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>At the request of a Prosecuting Party, the Non-Prosecuting Party shall make its Representatives reasonably available to
the Prosecuting Party to the extent useful to assist the Prosecuting Party in the preparation, filing, prosecution, and maintenance
of patent applications and patents concerning Developed Intellectual Property. The Non-Prosecuting Party shall execute and deliver
to the Prosecuting Party all descriptions, applications, assignments, and other documents and instruments useful in carrying out
the provisions of this Section 5.5(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement is intended to and hereby does serve, among other things, as a &ldquo;joint research agreement&rdquo; for purposes
of Section 102(c) of the US Patent Act, 35 U.S.C. &sect; 102(c). Each party shall provide the other party with all reasonable assistance
and cooperation, including the preparation and filing of any terminal, or statutory, disclaimers and other documents, required
to procure and preserve the protections under the Patent Act for all Developed Intellectual Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties shall share equally all costs and expenses relating to the preparation, filing, and prosecution of patent applications
claiming jointly-owned Developed Intellectual Property and the maintenance of any resulting patents unless otherwise mutually agreed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">5.6<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Contested
Patent Office Proceedings Concerning Developed Intellectual Property</U></FONT>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Within two (2) Business Days after learning of any request for, or any filing or declaration of, any <I>inter partes</I>
review, post-grant review, covered business method patent review, derivation, interference, opposition, or other patent office
proceeding concerning any Developed Intellectual Property, the party learning of the request, filing, or declaration shall inform
the other party of such patent office proceeding. The parties, through their respective members on the Joint Patent Team, shall
determine a course of action for the patent office proceeding and the Joint Patent Team shall submit its recommendation to the
Steering Committee for approval. The Prosecuting Party for the relevant Developed Intellectual Property patent application or patent
shall participate and file papers in the patent office proceeding in accordance with the Joint Patent Team recommendation as approved
by the Steering Committee. The parties shall provide each other with any Information or reasonable assistance that may be useful
to pursue the approved course of action in the patent office proceeding. In addition, the Prosecuting Party shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>deliver to the Joint Patent Team copies of all amendments and other documents that are contemplated by the Prosecuting Party
to be filed in connection with the patent office proceeding within five (5) Business Days before the filing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>provide a monthly written status report to the Joint Patent Team concerning the patent office proceeding; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>notify the Joint Patent Team of the termination and result of each such patent office proceeding within two (2) Business
Days after such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 1in">The Joint Patent Team shall provide
to the Non-Prosecuting Party copies of all amendments, documents, and reports the Prosecuting Party provides to the Joint Patent
Team pursuant to this Section 5.6(a) and keep the Non-Prosecuting Party currently informed of the status of each such patent office
proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Neither party shall initiate any reexamination, reissue, or other patent office proceeding concerning any Jointly-Owned
Developed Intellectual Property without the prior written consent of the other party, which consent shall not be unreasonably withheld
or delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties shall provide all information and assistance as the other party may reasonably request that may be useful in
obtaining patent term restoration or supplemental protection certificates or their equivalents in any country in the Territory
where applicable to the Developed Intellectual Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Confidentiality</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">6.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Confidentiality
Obligations</U></FONT>. Each party (the &ldquo;<B>Receiving Party</B>&rdquo;) acknowledges that in connection with this Agreement
it will gain access to Confidential Information of the other party (the &ldquo;<B>Disclosing Party</B>&rdquo;). As a condition to
being provided with Confidential Information, the Receiving Party shall, during the Term hereof or the term of any toll manufacturing
or other agreement between NANX and SCOA or any Affiliate of the manufacture of any Joint Development Product (whichever is longer)
and for ten (10) years thereafter:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>not use the Disclosing Party&rsquo;s Confidential Information other than as necessary to exercise its rights and perform its obligations
under this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>maintain the Disclosing Party&rsquo;s Confidential Information in confidence and, subject to Section 6.2, not disclose the Disclosing
Party&rsquo;s Confidential Information without the Disclosing Party&rsquo;s prior written consent, provided, however, the Receiving Party may
disclose the Confidential Information to its Representatives (including for avoidance of doubt its Affiliates who will market and
sell any Joint Development Products) who:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>have a need to know the Confidential Information for purposes of the Receiving Party&rsquo;s performance, or exercise of its rights
concerning the Confidential Information, under this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>have been apprised of this restriction; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>provided that the Receiving Party shall be responsible for ensuring its Representatives&rsquo; compliance with, and shall be liable
for any breach by its Representatives of, Section 6.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 1in">The Receiving Party shall use reasonable
care, at least as protective as the efforts it uses for its own confidential information, to safeguard the Disclosing Party&rsquo;s Confidential
Information from use or disclosure other than as permitted hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">6.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Exceptions</U></FONT>.
If the Receiving Party becomes legally compelled to disclose any Confidential Information, the Receiving Party shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To the extent legally permissible, provide prompt written notice to the Disclosing Party so that the Disclosing Party may
seek a protective order or other appropriate remedy or waive its rights under Section 6; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>disclose only the portion of Confidential Information that it is legally required to furnish.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">If a protective order or other
remedy is not obtained, or the Disclosing Party waives compliance under Section 6, the Receiving Party shall, at the Disclosing
Party&rsquo;s expense, use reasonable efforts to obtain assurance that confidential treatment will be afforded the Confidential Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Publication</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">7.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Publication
Approval</U></FONT>. The Steering Committee shall determine the strategy for, and coordinate the publication and presentation of,
any results or other data generated by the Joint Development Project pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">7.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Attribution</U></FONT>.
The publishing party shall ensure that any manuscript or presentation incorporating any Information concerning any aspect of the
Joint Development Project includes recognition of the contributions of the non-publishing party according to standard practice
for assigning scientific credit, either through authorship or acknowledgement, as may be appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Mutual
Representations and Warranties</U></FONT>. Each party represents and warrants to the other party that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is duly organized, validly existing, and in good standing as a corporation or other entity as represented herein under
the laws and regulations of its jurisdiction of incorporation, organization, or chartering;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>(i) it has the full right, power, and authority to enter into this Agreement and to perform its obligations hereunder, and
(ii) the execution of this Agreement by a Representative whose signature is set forth at the end hereof has been duly authorized
by all necessary corporate action of the party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>when executed and delivered by the party, this Agreement shall constitute the legal, valid, and binding obligation of that
party, enforceable against that party in accordance with its terms;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is the legal and beneficial owner or has control (by ownership, license, or otherwise) of the entire right, title, and
interest in and to its Background Intellectual Property;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it has, and throughout the Term, will retain the unconditional and irrevocable right, power, and authority to grant the
rights hereunder to its Background Intellectual Property pursuant to the terms of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it has not granted and will not grant any licenses or other contingent or non-contingent right, title, or interest under
or relating to the Background Intellectual Property, or will not be under any obligation, that does or will conflict with or otherwise
affect this Agreement, including any party&rsquo;s representations, warranties, or obligations or rights or licenses hereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is under no obligation to any third party that would interfere with its representations, warranties, or obligations under
this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>there neither are nor at any time during the Term will be any encumbrances, liens, or security interests involving its Background
Intellectual Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">9.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Warranty
Disclaimer</U></FONT>. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH IN THIS AGREEMENT, EACH PARTY DISCLAIMS ALL WARRANTIES OF ANY
KIND, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING WITHOUT LIMITATION ANY WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE, SAFETY, ABSENCE OF ERRORS, ACCURACY, COMPLETENESS OF RESULTS, THE PROSPECTS OR LIKELIHOOD OF SUCCESS
(FINANCIAL, REGULATORY, OR OTHERWISE) OF THE JOINT DEVELOPMENT PROJECT OR ANY JOINT DEVELOPMENT PRODUCT OR THE VALIDITY, SCOPE,
OR NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">10.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Indemnification</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">10.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Indemnification
Obligations</U></FONT>. Each party shall indemnify, defend, and hold harmless the other party and its officers, directors, employees,
agents, successors, and assigns against all Losses arising out of or resulting from any third party claim, suit, action, or proceeding
related to or arising out of or resulting from (a) the other party&rsquo;s breach of any representation, warranty, covenant, or obligation
under this Agreement; or (b) use by a party of the other party&rsquo;s Background Intellectual Property in connection with any activities
performed pursuant to the Joint Development Project Plan (each an &ldquo;<B>Action</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"></P>

<!-- Field: Page; Sequence: 21 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">10.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Indemnification
Procedure</U></FONT>. The indemnitee shall promptly notify indemnitor in writing of any Action and cooperate with the indemnitee
at the indemnitor&rsquo;s sole cost and expense. . The indemnitor shall immediately take control of the defense and investigation of
the Action and shall employ counsel reasonably acceptable to the indemnitee to handle and defend the Action, at the indemnitor&rsquo;s
sole cost and expense. The indemnitor shall not settle any Action in a manner that adversely affects the indemnitee&rsquo;s rights without
the indemnitee&rsquo;s prior written consent. The indemnitee&rsquo;s failure to perform any obligations under this Section 10.2 shall not relieve
the indemnitor of its obligation under this Section 10 except to the extent that the indemnitor can demonstrate that it has been
materially prejudiced as a result of the failure. The indemnitee may participate in and observe the proceedings at its own cost
and expense with counsel of its own choosing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">11.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Insurance</U></FONT>.
During the Term and for a period of Five (5) years after the Term, each party shall, at its sole cost and expense, obtain and maintain
commercial general liability insurance in commercially reasonable amounts; provided that such amounts shall not be less than [***]
US Dollars (US$[***]), that provide all liability coverage, including, but not limited to, personal injury, physical injury, or
property damage arising out of the development, manufacture, use, and sale of the Joint Development Product and contractual liability
coverage for its indemnification under this Agreement. On request by the other party, each party shall provide the other party
with written evidence of the insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">12.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Exclusion
of Consequential and Other Indirect Damages</U></FONT>. TO THE FULLEST EXTENT PERMITTED BY LAW, NEITHER PARTY SHALL BE LIABLE TO
THE OTHER PARTY OR ANY OTHER PERSON FOR ANY INJURY TO OR LOSS OF GOODWILL, REPUTATION, BUSINESS, PRODUCTION, REVENUES, PROFITS,
ANTICIPATED PROFITS, CONTRACTS, OR OPPORTUNITIES (REGARDLESS OF HOW THESE ARE CLASSIFIED AS DAMAGES), OR FOR ANY CONSEQUENTIAL,
INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL, PUNITIVE, OR ENHANCED DAMAGES WHETHER ARISING OUT OF BREACH OF CONTRACT, TORT (INCLUDING
NEGLIGENCE), STRICT LIABILITY, PRODUCT LIABILITY, OR OTHERWISE (INCLUDING THE ENTRY INTO, PERFORMANCE, OR BREACH OF THIS AGREEMENT),
REGARDLESS OF WHETHER SUCH LOSS OR DAMAGE WAS FORESEEABLE OR THE PARTY AGAINST WHOM SUCH LIABILITY IS CLAIMED HAS BEEN ADVISED
OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE, AND NOTWITHSTANDING THE FAILURE OF ANY AGREED OR OTHER REMEDY OF ITS ESSENTIAL PURPOSE,
PROVIDED, HOWEVER, THESE LIMITATIONS SHALL NOT APPLY TO EITHER PARTY&rsquo;s LIABILITY, IF ANY, FOR (a) CONTRIBUTION OR INDEMNITY WITH
RESPECT TO LIABILITY TO THIRD PARTIES FOR PERSONAL INJURY, DEATH, OR DAMAGE TO TANGIBLE PROPERTY AS A RESULT OF THE PARTY&rsquo;s WILLFUL
MISCONDUCT OR GROSS NEGLIGENCE, (b) EXCEEDING THE SCOPE OF THE LICENSE IN Section 4 OR Section 5.3, OR (iii) BREACH OF Section
6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">13.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Bankruptcy</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">13.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Bankruptcy
Code</U></FONT>. All rights and licenses granted by one party to the other party under this Agreement are and shall be deemed to
be rights and licenses to &ldquo;intellectual property&rdquo; as such term is used in and interpreted under, Section 365(n) of the
United States Bankruptcy Code (the &ldquo;<B>Bankruptcy Code</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">13.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Effect
of Bankruptcy</U></FONT>. Each party shall have the right to exercise all rights and elections under the Bankruptcy Code with respect
to the Developed Intellectual Property, and Background Intellectual Property. Without limiting the generality of the foregoing,
each party acknowledges and agrees that, if it becomes subject to any bankruptcy or similar proceeding subject to the other party&rsquo;s
rights of election, all rights and licenses granted to the other party under this Agreement shall continue subject to the terms
and conditions of this Agreement, and shall not be affected, even by the rejection of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">13.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Bankrupt
Party&rsquo;s Continuing Obligations</U></FONT>. If a bankruptcy or similar proceeding is commenced during the Term by or against either
party then, unless and until this Agreement is rejected as provided in the Bankruptcy Code, the bankrupt party (in any capacity,
including debtor-in-possession) and its successors and assigns (including, without limitation, a trustee) shall perform all of
the obligations provided in this Agreement to be performed by that party. If (a) a bankruptcy case is commenced during the Term
by or against a party, and (b) this Agreement is rejected as provided in the Bankruptcy Code and (c) the other party elects to
retain its rights hereunder as provided in the Bankruptcy Code, then the bankrupt party, subject to the bankruptcy case (in any
capacity, including debtor-in-possession) and its successors and assigns (including, without limitation, a Title 11 trustee), shall
provide to the other party within three (3) Business Days of the filing of the petition for bankruptcy protection copies of all
Information necessary for that party to prosecute, maintain, and enjoy its ownership and license rights under the bankrupt party&rsquo;s
Background Intellectual Property and Developed Intellectual Property under the terms of this Agreement. All rights, powers, and
remedies of the non-bankrupt party provided herein are in addition to and not in substitution for any and all other rights, powers,
and remedies now or hereafter existing at law or in equity (including, without limitation, the Bankruptcy Code) in the event of
the commencement of a bankruptcy case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">14.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Term
and Termination</U></FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">14.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Term</U></FONT>.
This Agreement shall be deemed to have commenced on the Effective Date and, unless terminated earlier in accordance with Section
14.2 or Section 14.3, shall remain in force for a period of ten (10) years after the Effective Date (&ldquo;<B>Term</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">14.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Termination
for Convenience</U></FONT>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of this Agreement to the contrary, within twenty (20) days after the First (1<SUP>st</SUP>)
year anniversary of the Effective Date, either party may in its sole discretion, by written notice, terminate this Agreement if
the Steering Committee <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>fails
to approve at least three (3) products for development</U></FONT>. If NANX exercises its right under this Section 14.2(a), then
NANX shall refund to SCOA the full amount of the First One Time Fee on or before the date that is fifty (50) days after the First
(1<SUP>st</SUP>) year anniversary of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provision of this Agreement to the contrary, and provided that no party has exercised its right
under Section 14.2(a), at any time after the First (1<SUP>st</SUP>) year anniversary of the Effective Date, either party may terminate
this Agreement in its sole discretion, for any or no reason, (&ldquo;<B>Non-Continuing Party</B>&rdquo;) by providing forty-five
(45) Business Days&rsquo; prior written notice in accordance with the terms of Section 16.5 to the other party together with a termination
fee of two hundred fifty thousand] US dollars (US$250,000) (the &ldquo;<B>Termination Fee</B>&rdquo;). For avoidance of doubt,
if a party has exercised its right under Section 14.2(a), neither party shall be liable to the other for payment of a Termination
Fee under this Section 14.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The other party, may, at its option continue to develop the Joint Development Product solely and independently pursuant
to Section 14.4 if within twenty (20) Business Days after the Non-Continuing Party&rsquo;s written termination notice under Section 14.2(a),
the other party provides written notice to the Non-Continuing Party in accordance with the terms of Section 16.5 of its election
(&ldquo;<B>Transition Notice</B>&rdquo;). If the other party does not timely provide a Transition Notice to the Non-Continuing party
within the period set out in this Section 14.2(c) this Agreement shall terminate effective as of the date provided in the written
notice of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, at any time, any party fails to achieve a milestone identified in the Joint Development Project Plan, the parties may
mutually terminate the Agreement or agree, in writing, to an amendment of the Joint Development Project Plan extending the due
date of the required milestone performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">14.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Termination
for Cause</U></FONT>. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Either party may terminate this Agreement if the other party breaches this Agreement and (if such breach is curable) fails
to cure such breach within twenty (20) Business Days of being notified in writing to do so; provided, however, such cure period
shall be extended an additional twenty (20) Business Days if the breaching party has begun good faith efforts to remedy such breach
and provides a written explanation to the non-breaching party of the reasons for the breach, actions it is taking to remedy the
breach, and why it believes it can remedy the breach within the additional twenty (20) Business Day period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Either party may terminate this Agreement if the other party (i) becomes insolvent or admits its inability to pay its debts
generally as they become due; (ii) becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign
bankruptcy or insolvency law, which is not fully stayed within ten (10) Business Days or is not dismissed or vacated within forty
(40) Business Days after filing; (iii) is dissolved or liquidated or takes any corporate action for such purpose; (iv) makes a
general assignment for the benefit of creditors; or (v) has a receiver, trustee, custodian, or similar agent appointed by order
of any court of competent jurisdiction to take charge of or sell any material portion of its property or business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Either party may terminate this Agreement if the other party fails to pay any amount due under this Agreement on the due
date for payment and remains in default not less than ten (10) Business Days after being notified in writing to make such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">The non-breaching party shall
provide written notice of its termination of this Agreement to the breaching party and termination shall be effective as of the
effective date of the notice in accordance with the terms of Section 16.5, provided, however, that the non-breaching party may
elect to continue developing the Joint Development Product by notifying the breaching party of this election. Such notice shall
be deemed to be a Transition Notice. Should SCOA breach this Agreement and fail to remedy such breach as outlined in Paragraph
14.3 (a), NANX shall have full right to terminate the agreement with no obligation to repay any of the One-Time Fees it has been
paid up to and including the date of Termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.9in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">14.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Transition</U></FONT>.
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A party providing a Transition Notice (&ldquo;<B>Continuing Party</B>&rdquo;) is solely responsible for its costs and expenses
for the development of the Joint Development Product incurred on or after the effective date of the Transition Notice. The Non-Continuing
Party shall use Commercially Reasonable Efforts to promptly transfer all development, commercialization, and manufacturing responsibilities
(to the extent applicable) to the Continuing Party (&ldquo;<B>Transition Assistance</B>&rdquo;), provided that, except as otherwise
provided in this Section 14.4 or elsewhere in this Agreement, the Non-Continuing Party has no obligation to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>perform any development, commercialization, or manufacturing activities on or after the effective date of the Transition
Notice, or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>incur any expenses in connection with this Agreement on or after the end of the Transition Period, except for its internal
costs in transferring its development, commercialization, or manufacturing activities to the Continuing Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise agreed to in writing by the parties or as provided in this Section 14.4, the Non-Continuing Party shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>complete its Transition Assistance as soon as practicable and, in any event, no later than six (6) months after the effective
date of the Transition Notice (&ldquo;<B>Transition Period</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>during the Transition Period, (A) use Commercially Reasonable Efforts to promptly make all of its Joint Project Team members
and related resources available to the Continuing Party as the Continuing Party may reasonably request; and (B) by the end of the
Transition Period, transfer copies of all relevant Information arising from or concerning the Joint Development Project to the
Continuing Party and assign to the Continuing Party or its designee its entire right, title, and interest therein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>to the extent permitted by any relevant third-party agreements, use Commercially Reasonable efforts to (A) assign its rights
or grant sufficient rights under all third-party agreements to the Continuing Party to the extent that the agreements relate predominantly
to the Joint Development Project and, upon such assignment, the Continuing Party shall assume all rights and obligations under
such agreements; and (B) assist the Continuing Party to assume management of such agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.2in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">14.5<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Effect
of Termination</U></FONT>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> Expiration or termination of this Agreement shall not relieve the parties of any obligations accruing prior to the effective
date of expiration or termination. Any expiration or termination of this Agreement shall not preclude either party from pursuing
all rights and remedies it may have hereunder at Law or in equity with respect to any breach of this Agreement nor prejudice either
party&rsquo;s right to obtain performance of any obligation. On any expiration or termination of this Agreement, each party shall, subject
to Section 14.4, immediately cease all activities concerning the Joint Development Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>On expiration or termination of this Agreement under Section 14.2 or Section 14.3 all licenses to Background Intellectual
Property granted under this Agreement shall automatically terminate as of the effective date of such expiration or termination,
provided, however, that if a party has the right to continue developing the Joint Development Product and provides a Transition
Notice, including a deemed Transition Notice, to the other party under Section 14.2, or Section 14.3, all licenses to Background
Intellectual Property and Developed Intellectual Property granted to the Continuing Party shall continue in full force and effect
during any Transition Period and for a period of five (5) years thereafter solely for the purpose of development of the Joint Development
Product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Upon the later of (i) expiration or termination of this Agreement or (ii) any toll manufacturing agreement or other commercial
relationship between NANX and SCOA or an Affiliate for the manufacture and sale of any Joint Development Product under which rights
to the Jointly-Owned Developed Intellectual Property and Joint development Product(s) have been mutually licensed, the Parties
shall mutually agree on their respective rights in and to the Jointly-Owned Developed Intellectual Property and Joint development
Product(s). In the absence of agreement, each Party shall have the rights of a joint owner under law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">14.6<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Survival</U></FONT>.
The rights and obligations of the parties set forth in this Section 14.6 and Section 1 (Definitions), Section 5 (Developed Intellectual
Property), Section 6 (Confidentiality), Section 8 (Mutual Representations and Warranties), Section 10 (Indemnification), Section
14.4 (Transition), Section 14.5 (Effect of Termination), and Section 16 (Miscellaneous), and any right, obligation, or required
performance of the parties in this Agreement which, by its express terms or nature and context is intended to survive termination
or expiration of this Agreement, shall survive any such termination or expiration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">15.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Dispute
Resolution</U></FONT>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">15.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Dispute
Resolution Objective</U></FONT>. The parties recognize that Disputes may arise that might not be resolved by the Steering Committee.&nbsp;It
is the parties&rsquo; objective to establish procedures to facilitate the resolution of all Disputes in an expedient manner by mutual
cooperation and without resort to litigation.&nbsp;Unless otherwise expressly provided in this Agreement and except for any claims
for equitable relief, all Disputes will be subject to this Section 15. Either party may initiate the dispute resolution procedure
of this Section 15 by giving the other party written notice in accordance with the terms of Section 16.5 of any dispute (&ldquo;<B>Notice
of Dispute</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">15.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Negotiation
and Mediation</U></FONT>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties shall attempt in good faith to initially resolve any Dispute promptly by negotiation between executives of each
party having greater seniority than the party&rsquo;s steering committee members. Within five (5) Business Days of a Notice of
Dispute provided to a party in accordance with Section 16.5, executives of each party having greater seniority than the party&rsquo;s
steering committee members shall meet in person, or by teleconference, at a mutually agreeable time and place, and thereafter as
often as they reasonably deem necessary, to attempt in good faith to resolve the Dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Dispute is not resolved within thirty (30) Business Days following the Notice of Dispute, the parties shall initiate
mediation proceedings under the procedures set forth in the American Arbitration Association, Commercial Arbitration Rules and
Mediation Procedures and Supplementary Rules for the Resolution of Patent Disputes. All negotiations pursuant to this Section 15.2(b)
are confidential and are deemed compromise and settlement negotiations for the purposes of applicable rules of evidence. The parties
will share equally the costs of any such mediation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">15.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Arbitration</U></FONT>.
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the event the parties are unable to resolve any dispute by negotiations or mediation as set forth in Section 15.2 within
sixty (60) Business Days after the Notice of Dispute, the parties shall submit the Dispute to binding arbitration before a panel
of three arbitrators. Within twenty (20) days of service of the Notice of Dispute, each party shall select an arbitrator, who is
not employed by or a consultant to either party, and the two selected arbitrators shall select a third arbitrator, who is not employed
by or a consultant to either party. Any arbitrator chosen hereunder shall have reasonable educational training and industry experience
relevant to the particular Dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The arbitration shall be held in accordance with the American Arbitration Association, Commercial Arbitration Rules and
Mediation Procedures and Supplementary Rules for the Resolution of Patent Disputes. The place of arbitration shall be in New York,
NY. The arbitrator(s) shall make a decision concerning the Dispute and shall set forth findings of fact and conclusions of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The decision shall be binding on the parties and shall be final and non-appealable. Any decision by the arbitrator(s) shall
not be interpreted as an admission against interest of any party and shall not be admissible as evidence in any subsequent court
action with a third party. The arbitrator(s) shall not award damages in excess of compensatory damages and each party hereby irrevocably
waives any right to recover such damages for any Dispute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The parties shall share equally the costs of any arbitration pursuant to this Section 15.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">15.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>No
Court Proceedings</U></FONT>. Unless otherwise provided elsewhere in this Agreement, no party may institute any court proceedings
concerning any Dispute. The dispute resolution procedure of this Section 15 is the sole remedy, unless otherwise provided elsewhere
in this Agreement, for resolving Disputes. Notwithstanding the foregoing, the parties may initiate court proceedings in a court
of competent jurisdiction (a) for Disputes concerning the scope, validity, enforceability, or infringement of Intellectual Property
concerning the manufacture, use, importation, offer for sale, or sale of Joint Development Product; (b) to enforce any arbitration
award between the parties; or (c) for claims for equitable relief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Miscellaneous</U></FONT>.
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.1<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Force
Majeure</U></FONT>. Neither party shall be liable or responsible to the other party, nor be deemed to have defaulted under or breached
this Agreement, for any failure or delay in fulfilling or performing any term of this Agreement, when and to the extent such failure
or delay is caused by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>acts of God;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>flood, fire, or explosion;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>war, terrorism, invasion, riot, or other civil unrest;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>embargoes or blockades in effect on or after the date of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>national or regional emergency;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>any passage of law or governmental order, rule, regulation, or direction, or any action taken by a governmental or public
authority, including imposing an embargo, export or import restriction, quota, or other restriction or prohibition; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>national or regional shortage of adequate power or telecommunications or transportation facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in">(each of the foregoing, a &ldquo;<B>Force
Majeure</B>&rdquo;), in each case, provided that (i) such event is outside the reasonable control of the affected party; (ii) the
affected party provides prompt notice to the other party, stating the period of time the occurrence is expected to continue; and
(iii) the affected party uses diligent efforts to end the failure or delay and minimize the effects of such Force Majeure event.
All timelines in the Joint Development Project Plan shall automatically be extended for a period up to the duration of the Force
Majeure event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.2<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Further
Assurances</U></FONT>. Each party shall, upon the reasonable request of the other party, promptly execute such documents and perform
such acts as may be necessary to give full effect to the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.3<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Independent
Contractors</U></FONT>. The relationship between the parties is that of independent contractors. Nothing contained in this Agreement
shall be construed as creating any agency, partnership, joint venture, or other form of joint enterprise, employment, or fiduciary
relationship between the parties, and neither party shall have authority to contract for or bind the other party in any manner
whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.4<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>No
Public Statements or Use of Trademarks</U></FONT>. Other than those required by statute (e.g. U.S. Securities and Exchange Commission
disclosure requirements), neither party shall issue or release any announcement, statement, press release, or other publicity or
marketing materials relating to this Agreement, or, unless expressly permitted under this Agreement, otherwise use the other party&rsquo;s
trademarks, service marks, trade names, logos, domain names, or other indicia of source, association, or sponsorship, in each case,
without the prior written consent of the other party, which shall not be unreasonably withheld or delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.5<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Notices</U></FONT>.
All notices, requests, consents, claims, demands, waivers, and other communications hereunder shall be in writing and shall be
deemed to have been given in accordance with this Section:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; padding-left: 22.5pt; font-size: 10pt">If to NANX:</TD>
    <TD STYLE="width: 58%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1319 Marquette Drive</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Romeoville, IL 60446</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630.771.0825</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;jjankowski@nanophase.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President &amp; Chief Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22.5pt; font-size: 10pt">&nbsp;If to SCOA:</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">300 Madison Avenue</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10017-9096</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: nobuhiro.uchida@sumitomocorp.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Title: Director, Life Science Unit, Chemicals and Electronics
        Group</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Nobuhiro Uchida</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in">Notices sent in accordance with
this Section shall be deemed effectively given: (a) when received, if delivered by hand (with written confirmation of receipt);
(b) when received, if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile
or e-mail (in each case, with confirmation of transmission), if sent during normal business hours of the recipient, and on the
next Business Day if sent after normal business hours of the recipient; or (d) on the fourth (4<SUP>th</SUP>) Business Day after
the date mailed, by certified or registered mail, return receipt requested, postage prepaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.6<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Interpretation</U></FONT>.
For purposes of this Agreement, (a) the words &ldquo;include,&rdquo; &ldquo;includes,&rdquo; and &ldquo;including&rdquo; shall be deemed
to be followed by the words &ldquo;without limitation&rdquo;; (b) the word &ldquo;or&rdquo; is not exclusive; and (c) the words &ldquo;herein,&rdquo;
&ldquo;hereof,&rdquo; &ldquo;hereby,&rdquo; &ldquo;hereto,&rdquo; and &ldquo;hereunder&rdquo; refer to this Agreement as a whole. Unless
the context otherwise requires, references herein: (x) to Sections and Schedules refer to the Sections of and Schedules attached
to, this Agreement; (y) to an agreement, instrument, or other document means such agreement, instrument, or other document as amended,
supplemented, and modified from time to time to the extent permitted by the provisions thereof; and (z) to a statute means such
statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder.
This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the
party drafting an instrument or causing any instrument to be drafted. Any Schedules referred to herein shall be construed with,
and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.7<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Privileged
Communications</U></FONT>. It is expected that, in furtherance of this Agreement, the parties will, from time to time, disclose
to one another privileged communications with counsel, including opinions, memoranda, letters, and other written, electronic, and
verbal communications. Such disclosures are made with the understanding that they shall remain confidential and that they are made
in connection with the shared community of legal interests existing between the parties, including the community of legal interests
in avoiding infringement of any valid, enforceable third-party patents and in obtaining patent protection for Developed Intellectual
Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.8<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Headings</U></FONT>.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.9<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Entire
Agreement</U></FONT>. This Agreement, together with all Schedules and any other documents incorporated herein by reference, constitutes
the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersedes
all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. In the
event of any conflict between the terms and provisions of this Agreement and those of any Schedule or other document, the following
order of precedence shall govern: (a) first, this Agreement, excluding its Schedules; (b) second, the Schedules to this Agreement
as of the Effective Date; and (c) third, any other documents incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.10<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Assignment</U></FONT>.
Neither party shall assign or otherwise transfer any of its rights, or delegate or otherwise transfer any of its obligations or
performance, under this Agreement, in each case whether voluntarily, involuntarily, by operation of law or otherwise, without the
other party&rsquo;s prior written consent. Neither party shall withhold its permission for assignment, except for where such assignment
is to a company or organization that the surviving party to this Agreement deems a competitor within the Field of Use and within
the scope of the Joint Development Products. For purposes of the preceding sentence, and without limiting its generality, any merger,
consolidation, or reorganization involving a party (regardless of whether that party is a surviving or disappearing entity) shall
not be deemed to be a transfer of rights, obligations, or performance under this Agreement for which the other party&rsquo;s prior written
consent is required. No delegation or other transfer will relieve the other party of any of its obligations or performance under
this Agreement. Any purported assignment, delegation, or transfer in violation of this Section 16.10 is void. This Agreement is
binding upon and inures to the benefit of the parties hereto and their respective permitted successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.11<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>No
Third-Party Beneficiaries</U></FONT>. This Agreement is for the sole benefit of the parties hereto and their respective successors
and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or
equitable right, benefit, or remedy of any nature whatsoever, under or by reason of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.12<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Amendment;
Modification; Waiver</U></FONT>. This Agreement may only be amended, modified, or supplemented by an agreement in writing signed
by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in
writing and signed by the waiving party. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising,
any rights, remedy, power, or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall
any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power, or privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.13<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Severability</U></FONT>.
If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality,
or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term
or provision in any other jurisdiction. Upon a determination that any term or other provision is invalid, illegal, or unenforceable,
the parties hereto shall negotiate in good faith to modify this Agreement so as to affect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.14<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Governing
Law; Submission to Jurisdiction</U></FONT>. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>This Agreement and all related documents, and all matters arising out of or relating to this Agreement, are governed by,
and construed in accordance with, the laws of the State of New York, United States of America, without regard to the conflict of
laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction
other than those of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Dispute for which a party is permitted to bring a court proceeding shall be instituted in the federal courts of the
United States or the courts of the State of New York in each case located in the city of New York and County of New York, and each
party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action, or proceeding. Service of process,
summons, notice, or other document by mail to such party&rsquo;s address set forth herein shall be effective service of process for any
suit, action, or other proceeding brought in any such court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.7in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.15<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Waiver
of Jury Trial</U></FONT>. Each party irrevocably and unconditionally waives any right it may have to a trial by jury for any court
proceeding arising out of or relating to this Agreement or the transactions contemplated hereby for which a party may bring such
a court proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.16<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Equitable
Relief</U></FONT>. In any claim for equitable relief, each party acknowledges that a breach by the other party of this Agreement
may cause the non-breaching party irreparable harm, for which an award of damages would not be adequate compensation and, in the
event of such a breach or threatened breach, the non-breaching party shall be entitled to seek equitable relief, including in the
form of a restraining order, orders for preliminary or permanent injunction, specific performance, and any other relief that may
be available from any court, and the parties hereby waive any requirement for the securing or posting of any bond or the showing
of actual monetary damages in connection with such relief. These remedies shall not be deemed to be exclusive but shall be in addition
to all other remedies available under this Agreement at law or in equity, subject to any express exclusions or limitations in this
Agreement to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline">16.17<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal; color: black; vertical-align: baseline"><U>Counterparts</U></FONT>.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed
to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail, or other means of electronic
transmission (to which a PDF copy is attached) shall be deemed to have the same legal effect as delivery of an original signed
copy of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-indent: 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">[signature page
follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the parties hereto have executed this Agreement
effective as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3">NANOPHASE TECHNOLOGIES CORPORATION</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By</TD>
    <TD STYLE="font-size: 10pt; width: 30%; border-bottom: Black 1pt solid">/s/ JESS JANKOWSKI</TD>
    <TD STYLE="font-size: 10pt; width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>Name:</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> Jess Jankowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>Title:</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"> President &amp; Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SUMITOMO CORPORATION OF AMERICAS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">/s/ TAKUYA TSUJIGAKI</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>Name:</TD>
    <TD COLSPAN="2"> Takuya Tsujigaki</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>Title:</TD>
    <TD COLSPAN="2"> Senior VP &amp; GM &ndash; Chemicals and Electronics
        Group</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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