May 22, 2014
OhioStateInnovationFoundation Attn:TimothyR.Wright,President1524NorthHighStreet
Columbus,Ohio43201
Re:LicenseAgreements/Upfront Fees
Dear Mr.Wright:
Referenceismadeto(1)thePatent&TechnologyLicenseAgreement,Agt.No.A2014-0165,entered intoasofSeptember6,2013,byandbetweenMicrolin Bio,Inc. ("Microlin")andOhio State Innovation Foundation ("OSIF'),asamended, (2)thePatent &Technology License Agreement, Agt.No.A2013- 2080,entered intoasof September6, 2013, byand betweenMicrolin andOSIF, as amended, (3)the Patent&Technology License Agreement, Agt.No. A2013-2069,entered intoasof September6, 2013, byand between Microlin andOSIF,as amended, (4)thePatent &TechnologyLicense Agreement, Agt. No.A2014-0164, entered intoasofSeptember 6,2013,byand between Microlin and OSIF, asamended, and(5) thePatent &TechnologyLicense Agreement. Agt.No.A2014-0294,entered intoas of September 6, 2013,by andbetween Microlin and OSIF, asamended (collectively, the"Agreements ").
EachoftheAgreementsprovidethatMicrolinisto payanupfrontfeeto OSIFonorbeforeMay31, 2014 forthepatents licensed from OSIF under theAgreements.The upfrontfeespayable toOSIF onorbeforeMay 31,2014total $500,000in the aggregate (the "May 2014 Fee").
ThisletterservestoconfirmouragreementregardingMicrolin'sobligationswithrespecttotheMay2014Fee.Mkrolin acknowledges that itowes OSIF$500,000onorbefore May 31,2014 pursuanttotheAgreements andOSIF agreesto deferMicrolin'sobligation to paysuch amounton orbefore May 31, 2014assetforthbelow. Microlin and OSIFagree thatthe May 2014 Feewill bepaid infull from Microlin toOSIF viawire transfernolaterthanthree(3) calendar days after thedayonwhich Microlin deliversits registered securities to its underwriter(s) and receives paymentfor thesesecurities (the"ClosingDate"). Intheevent thattheClosing Date doesnot occuror occurs afterJune 30,2014,the parties willagree to a commerciallyreasonable alternati ve paymentschedule.
Sincerely,
/s/ Joseph Hernandez Joseph Hernandez Executive Chairman |
[Acknowledgementpagefollows]
ACKNOWLEDGED AND AGREED TO BY:
OHIO STATE INNOVATJON FOUNDATION
By:/s/ Erin Bender
Name: Erin Bender
Title: Vice President
2 |