Notice of Termination and Share Issuance under Royalty and License Fee Sharing Agreement between Qrons Inc. and Ariel Scientific Innovations Ltd.
Qrons Inc. notifies Ariel Scientific Innovations Ltd. that, following a merger agreement, an 'Exit Event' has occurred under their Royalty and License Fee Sharing Agreement. As a result, Qrons will issue 418,494 shares (3% of its outstanding shares) to Ariel University. This share issuance fulfills Qrons' obligations and terminates the agreement. The notice thanks Ariel University for its support.
EXHIBIT 10.39
October 28, 2024
VIA EMAIL DELIVERY:
Mr. Adiv Baruch, Chairman
Mr. Danny Hardon, CEO
Ariel Scientific Innovations Ltd.
Ariel University
Ariel 40070 Israel
Re: Royalty and License Fee Sharing Agreement dated as of November 30, 2019 ( the “Agreement”)
Gentlemen:
An Exit Event as defined by the above caption Agreement has occurred whereby Qrons has agreed to enter into a merger agreement. Pursuant to Paragraph 2, Qrons is issuing to Ariel University 3% of its issued and outstanding shares. Qrons currently has 13,949,789 such shares and will issue to Ariel 418,494 shares to be deposited into Ariel’s account at the Company’s Transfer Agent.
The issuance of the shares and the Qrons’ merger agreement terminates Qrons’ obligations under the Agreement, thus terminating the Agreement.
We thank Ariel University and its staff for its long-term support of our Company and wish the University much success.
Sincerely
| /s/ Jonah Meer |
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| Jonah Meer |
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| Chief Executive Officer |
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Cc: Dr. Ido Merfeld, President
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| Qrons Inc. | 28-10 Jackson Avenue, #26N, Long Island City, NY 11101 | 212 ###-###-#### | ***@*** | qrons.com |
