Exhibit 10.1

MANUFACTURING AND SUPPLY AGREEMENT

This Manufacturing and Supply Agreement (the “ Agreement ”) , effective as of January 3, 2018 (the “ Effective Date ”), is made by and between IsoRay Medical, Inc. , a Delaware corporation with offices at 350 Hills St., Suite 106, Richland, WA 99354 (“ IsoRay ”), and GT MEDICAL TECHNOLOGIES, INC. , a Delaware corporation, having its principal place of business at 245 W 2nd St Mesa, AZ 85201 (“ GT MED TECH ”). IsoRay and GT MED TECH may be referred to herein individually as a “ Party ”, and collectively as the “ Parties ”.

RECITALS

A.       IsoRay is experienced in the manufacture of cesium-131 sources for use in brachytherapy.

B.      IsoRay and GT MED TECH parties to that certain Collaborative Development Agreement, dated as of March 13, 2017 (the “ Development Agreement ”), under which the Parties will collaborate to develop and seek regulatory approval for a novel brachytherapy product incorporating IsoRay cesium-131 sources for the treatment of certain tumors.

C.       IsoRay and GT MED TECH have agreed that, after such regulatory approval is obtained, IsoRay will manufacture and supply on a contract manufacturing basis, based on GT MED TECH’s purchase orders, such approved brachytherapy product incorporating IsoRay cesium-131 sources for use and/or sale for the treatment of certain tumors.

D.      IsoRay and GT MED TECH now desire to memorialize the terms and conditions applicable to such manufacture and supply of the brachytherapy product.

NOW THEREFORE, in consideration for the covenants set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as set forth below.

AGREEMENT

1.1     “Affiliate” means, with respect to a Party, any corporation or other business entity controlling, controlled by or under common control with such Party. The term “controlling” (with correlative meanings for the terms “controlled by” and “under common control with”) as used in this definition means either (a) possession of the direct or indirect ownership of more than fifty percent (50%) of the voting or income interest of the applicable corporation or other business entity, or (b) the ability, by contract or otherwise, to control the management of the applicable corporation or other business entity.

1.2     “Applicable Law” means all applicable international, national, federal, state, and local laws, ordinances, and regulations applicable to the manufacture, supply, marketing, sale and use of Products hereunder, including without limitation any applicable FDA and other Regulatory Authority requirements.

1.3     “ Certificate of Analysis ” has the meaning set forth in Section 3.2.

1.4     “ Claim ” has the meaning set forth in Section 11.1.

1.5     “ Confidential Information ” has the meaning set forth in Section 7.1.

1.6     “Control” means, with respect to any patent or other intellectual property, that the applicable Party owns or has a license to such patent or other intellectual property and has the ability to grant to the other Party access to and a license (or sublicense, as applicable) under same without violating the terms of any agreement with a Third Party.

1.7     “Defective Product” has the meaning set forth in Section 3.3(a).

1.8     “ Disclosing Party ” has the meaning set forth in Section 7.1.

1.9     “FDA” means the United States Food and Drug Administration or any successor thereto.

1.10     “ Forecast ” has the meaning set forth in Section 2.2.

1.11     “ Foreground IP ” has the meaning set forth in Section 5.1.

1.12     “GammaTiles” means the square or rectangular customizable tile carriers used to manufacture Product (as defined below).

1.13     “ GT MED TECH Change Request ” has the meaning set forth in Section 2.9.

1.14     “ GT MED TECH Indemnitees ” has the meaning set forth in Section 9.1.

1.15     “ GT MED TECH Technology ” means all patents, patent applications or other intellectual property rights (including without limitation know-how or trade secrets) that are Controlled by GT MED TECH as of the Effective Date or during the Term and that are necessary or useful to manufacture and supply the Products hereunder.

1.16     “ Indemnified Party ” has the meaning set forth in Section 9.3.

1.17     “ Indemnifying Party ” has the meaning set forth in Section 9.3.

1.18     “ IsoRay Indemnitees ” has the meaning set forth in Section 9.2.

1.19     “ Losses ” has the meaning set forth in Section 9.1.

1.20     “Pricing Schedule” has the meaning set forth in Section 4.1.

1.21     “ Product ” means (a) GammaTiles incorporating IsoRay’s cesium-131 source model CS-1 (“ Seed ”) developed by the Parties under the Development Agreement; and/or (b) general accessories, in each case for the limited purpose of aiding in the use of the Product described in subsection (a) for brachytherapy for brain cancer treatments. The specifics of the Products described in subsection (b), including price, shall be mutually agreed by the Parties from time to time.

1.22     “ Quality Agreement ” has the meaning set forth in Section 4.1.

1.23     “ Recall ” has the meaning set forth in Section 6.5(a).

1.24     “ Receiving Party ” has the meaning set forth in Section 7.1.

1.25     “Regulatory Approval” means any and all approvals, including supplements and amendments, licenses, registrations or authorizations of any Regulatory Authority that are necessary for the manufacture, distribution, use, marketing or sale of the Product in a regulatory jurisdiction.

1.26     “ Regulatory Authority ” means any governmental authority, including without limitation the FDA, or any other national, supra-national, regional, state or local regulatory agency, department, bureau, commission, or council, with responsibility, jurisdiction and authority to grant licenses or Regulatory Approvals or grant pricing and/or reimbursement approvals necessary for the manufacture, use, importation, packaging, labeling, marketing, or sale of medical devices in any country or group of countries.

1.27     “Regulatory Filings” means all applications, filings, dossiers and the like submitted to a Regulatory Authority for the purpose of obtaining Regulatory Approval from such Regulatory Authority.

1.28     “Specifications” means the product characteristics, processing, labeling and packaging requirements, and quality standards pertaining to the commercial manufacture of Product, which is set forth in Exhibit A. The Specification for a Product may be amended from time to time in accordance with Section 2.9 or otherwise upon mutual written agreement of the Parties.

1.29     “ Term ” has the meaning set forth in Section 10.1.

1.30     “Third Party” means any entity or individual other than the Parties and their respective Affiliates.

1.30      “Trade Secret” means information, including a formula, pattern, compilation, program, device, method, technique, or process, that derives independent economic value, actual or potential, from not being generally known to or readily ascertainable through appropriate means by other persons who might obtain economic value from its disclosure or use; and is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.

2.     Supply of Seed . Subject to the provisions of this Agreement, IsoRay shall supply loose or braided suture Seeds for brachytherapy for brain cancer treatment to GT MED TECH on a non-exclusive basis during the term of the Agreement. The purchase price for loose or braided suture Seeds supplied under this Agreement (the “ Seed Price ”) shall be as set forth in the Pricing Schedule (Exhibit B) and may be adjusted by IsoRay for inflation annually based on changes to (a) the Producer Price Index for Medical Equipment and Supplies Manufacturing, All Items, published by the Bureau of Labor Statistics of the United States Department of Labor . Additionally, IsoRay may adjust the Seed Price annually, as needed to reflect material changes in isotope cost (even if such adjustment would cause the Seed Price to increase by more than the inflation adjustment provided in the preceding sentence). Changes to Seed Price based on inflation adjustments or isotope cost adjustments shall be effective upon IsoRay’s delivery of written notice to GT MED TECH specifying such change. Any other pricing adjustments to the Seeds shall be agreed upon and included in a written amendment to this Agreement, signed by both Parties. Forecasting, purchase orders, delivery, payment and other terms and conditions of this Agreement applicable to Products, shall be applicable to Seeds.

3.1     Manufacture and Supply; Territory. Subject to the provisions herein, and subject to receipt of the Regulatory Approval for the Product in the United States (i.e., the “ 510(k) Clearance ,” as defined in the Development Agreement), IsoRay shall, manufacture and supply Product through drop-shipments to end users designated by GT MED TECH. For clarity, IsoRay may use Third Party subcontractors or vendors for certain aspects of the manufacturing process, such as sterilization. GT MED TECH shall purchase such Products from IsoRay, all in quantities to be set forth on purchase orders submitted from time to time by GT MED TECH in accordance with the provisions of Section 2.3. GT MED TECH shall obtain its supply of Product exclusively from IsoRay during the Term; provided, however, in the event (a) IsoRay is unwilling or unable to supply, in compliance with the terms set forth in this Agreement, quantities of Product ordered by GT MED TECH in accordance with Section 3.3 and (b) GT MED TECH is at such time in full compliance with this Agreement, then GT MED TECH shall be permitted to obtain from a Third Party manufacturer (or manufacture itself) those quantities of Product that IsoRay is unwilling or unable to supply. At all times during the Term, any and all of IsoRay’s and GT MED TECH’s obligations under this Agreement shall be subject to and in accordance with the provisions, limitations and conditions imposed by FDA in respect of the Products. On an “as needed basis" as the Product is launched in countries outside the United States, the Parties shall negotiate in good faith an amendment to this Agreement to include such additional terms as the Parties shall deem necessary to ensure compliance with applicable laws in such countries.

3.2     Forecasts. GT MED TECH shall submit to IsoRay, no later than the 15th day of the month preceding the start of every calendar quarter (i.e., December 15, March 15, June 15, and September 15) during the Term, a rolling forecast (“ Forecast ”) setting forth an estimate of the total quantity of Product GT MED TECH reasonably believes it will purchase during the four (4) calendar quarters commencing with the beginning of the subsequent calendar quarter. For the avoidance of doubt, Forecast are non-binding estimates of quantity of Product which is to be used for manufacturing planning purposes.

3.3     Purchase Orders. From time to time during the Term, GT MED TECH shall provide to IsoRay written purchase orders for Product(s), each of which shall specify the quantity of each Product to be delivered, the strength of the Product, the anticipated implant date, the loading configuration for the Product, the date of delivery and one or more delivery locations (each of which must be an end user facility with an appropriate license for receiving the Product). Within one (1) business day after its receipt of a purchase order that complies with the foregoing requirements, IsoRay shall acknowledge in writing its receipt and acceptance of such order, and shall confirm the date(s) for delivery of Product; provided, however, that IsoRay shall not be obligated to supply any quantities of Products hereunder to the extent (a) the amount ordered in any calendar quarter exceeds 120% of the quantity forecasted for such calendar quarter in the most recent Forecast; or (b) the delivery date is less than five (5) business days after the date of IsoRay’s receipt of the order, but in either case ((a) or (b)), IsoRay shall use good faith efforts to attempt to fill such orders to the extent it is reasonably able to do so. In addition, IsoRay shall not be obligated to accept an order if the delivery location is not appropriately licensed for receiving the Product. Any purchase orders submitted hereunder shall reference this Agreement and shall be governed exclusively by the terms contained herein. Any term or condition in any purchase order, confirmation, or other document furnished by GT MED TECH or IsoRay that is in any way inconsistent with the terms and conditions set forth in this Agreement is hereby expressly rejected.

3.4     Order Cancellations. GT MED TECH may cancel any purchase order prior to shipment of the Product; provided, however, that GT MED TECH shall be obligated to pay the transfer price for any such cancelled shipment, along with any shipping costs (both outbound and inbound), if applicable.

3.5     Storage and Handling. IsoRay shall store and handle the Products as required by the Specifications, Applicable Law, and all established safety practices for the Products and in accordance with all Quality Control Procedures.

3.6     Packaging and Labeling. All Products manufactured by IsoRay shall be packaged and labeled in accordance with the Specifications and Applicable Law. Any changes to the label and/or the text of any written inserts for the Product will require the prior written consent of GT MED TECH.

3.7     Delivery. IsoRay shall promptly report to GT MED TECH the occurrence of any event within or beyond its control which is likely to affect delivery of any ordered Products. IsoRay shall deliver the ordered Product directly to the end user at the delivery location specified by GT MED TECH in its purchase order, along with the following documentation: (a) the batch number and order number of the delivered Product(s); (b) a Certificate of Analysis, as described in Section 3.2; (c) any information and documentation set forth in the Specifications or reasonably requested by GT MED TECH; and (d) any documentation that IsoRay customarily includes in shipments of Seed-type products that it manufactures. The Parties acknowledge all shipments of Product will be routed from IsoRay to a Third Party sterilization facility as an intermediate destination prior to delivery to end user(s).

3.8     Shipping; Risk of Loss . All shipments of Products will be EXW (Incoterms 2010) IsoRay’s manufacturing facility with GT MED TECH’s selected shipping carrier (which carrier shall be reasonably acceptable to IsoRay). GT MED TECH agrees to separately pay expenses incurred by IsoRay in the shipment and delivery of ordered Products, including without limitation freight charges, import duties and insurance premiums, provided such expenses are listed individually in IsoRay’s invoice to GT MED TECH. Except as provided herein with respect to Defective Products, risk of loss as to Products shipped shall pass to GT MED TECH or the recipient designated by GT MED TECH (as applicable) upon delivery of such Products to GT MED TECH’s carrier at IsoRay’s manufacturing facility.

3.9     Changes/Engineering Change Orders. If IsoRay finds it necessary or desirable to change Specifications (including packaging, labeling and written insert) for a Product, or to change manufacturing process, raw materials, or components used by IsoRay in the manufacture of Products in a manner that affects the Specifications or the form, fit, function, or performance of a Product, IsoRay will deliver notice to GT MED TECH and will not implement any such change without GT MED TECH’s prior written consent. If GT MED TECH finds it necessary or desirable to change Specifications for any Product, GT MED TECH may deliver a request for such change to IsoRay (“ GT MED TECH Change Request ”), IsoRay shall promptly inform GT MED TECH of any changes to the Commercial Pricing Schedule that would result from implementing such change. Subject to pricing adjustments (under Section 5.1), IsoRay shall use commercially reasonable efforts to make any change identified in a GT MED TECH Change Request that is in response to a regulatory, sterilization methods or safety issue pertaining to the applicable Product, and will consider in good faith any other reasonable change identified in a GT MED TECH Change Request. In the event a GT MED TECH Change Request includes a major design change in the sterilization method of the Product (a “ Major Sterilization Change Request ”) and requires investment in IsoRay’s operation, GT MED TECH has agreed to cover the cost of such investment. IsoRay will consider making such adjustments in its operation to accommodate such Major Sterilization Change Request. In the event IsoRay does not agree to a Major Sterilization Change Request proposed by GT MED TECH reasonably and in good faith, GT MED TECH may seek a Third Party manufacturer of the Product under the Major Sterilization Change Request without further liability to IsoRay. Unless the Parties otherwise agree in writing, capital equipment purchased by IsoRay in order to implement an Major Sterilization Change Request that is paid for by GT MED TECH investment shall be GT MED TECH’s sole property and shall not be encumbered or disposed of in any way by IsoRay, except with GT MED TECH’s written consent. IsoRay shall, at its expense, maintain such capital equipment in accordance with its typical practices.

3.10     Obsolete Materials. As a result of a requested design change by GT MED TECH, certain materials may become obsolete, meaning that such materials are no longer used to manufacture Products and/or cannot be cost-effectively reworked to be used under the design change. At mutually-agreeable times, IsoRay shall provide GT MED TECH with an invoice for the purchase costs of such obsolete materials, and GT MED TECH shall pay such invoice within sixty (60) days after receipt thereof. At GT MED TECH’s option, IsoRay shall either return or destroy such obsolete materials at GT MED TECH expense.

4.1     Quality Control. IsoRay and GT MED TECH shall concurrently with this Agreement enter into a quality agreement to designate the roles and responsibilities of the Parties relative to a quality control process (the “ Quality Agreement ”).

4.2     Licensure and Standards. At its own expense, IsoRay represents and warrants it shall maintain throughout the Term of this Agreement, registered facilities, appropriate licensure and/or certifications, and applicable controls in connection with the manufacture and supply of Product hereunder, all in compliance with Applicable Laws and those quality standards as specified in the Quality Agreement. IsoRay shall notify and keep GT MED TECH informed of any government or regulatory inspections of IsoRay’s facilities that are relevant to the manufacture and supply of the Products hereunder. Other obligations relative to such inspections will be specified in the Quality Agreement.

4.3     Acceptance and Rejection of Product .

(a)     GT MED TECH may reject any Product delivered under this Agreement that does not comply with the warranties set forth in Section 8.2(a) (in all cases, a “Defective Product ”) by giving written notice of such Defective Product to IsoRay within seventy two (72) hours after receipt of the Product shipment, which notice shall specify in reasonable detail the grounds for such rejection.

(b)     GT MED TECH shall return Defective Products to IsoRay at IsoRay ’s expense using IsoRay’s then-standard return material authorization (“RMA”) procedures. Exhibit D describes IsoRay’s RMA procedures as of the Effective Date, and IsoRay shall provide GT MED TECH with written notice of any modifications to such RMA procedures. Subject to Section 4.3(c), IsoRay shall replace any returned Defective Products as quickly as possible, and GT MED TECH shall pay IsoRay for such replacement Product in accordance with Section 4.1, or in the event that GT MED TECH has already paid for the returned Defective Products, IsoRay shall replace such Defective Products at its own expense.

(c)     If IsoRay disagrees with GT MED TECH ’s determination that certain units of Product are Defective Product, the Parties will first use good faith efforts to settle such dispute within thirty (30) days of GT MED TECH’s notice of such alleged defects. If the Parties are unable to resolve such dispute within this thirty (30) day period, such Product shall be submitted to a mutually acceptable Third Party testing service. Such Third Party testing service shall determine whether such Product meets the Specifications, and the Parties agree that such testing service’s determination shall be final and binding on the Parties. The Party against whom the Third Party laboratory rules shall bear all costs of the Third Party testing.

5.1     Supply Price. The transfer price for Products manufactured by IsoRay and supplied GT MED TECH shall be as set forth in Exhibit B (the “ Pricing Schedule ”). Such pricing shall be periodically adjusted in accordance with Sections 5.1(a)-(c) and reflected in a written amendment to the Agreement, signed by authorized representatives of both Parties.

(a)     Open Book Pricing Formula . The price(s) for the Products shall be set using the open-book pricing formula for GammaTiles as set forth in Exhibit B. Initial pricing shall be based on: (i) best-available bill of material ("BOM") cost data by volume, (ii) current labor standards including assembly as developed during pilot builds of the Products, (iii) estimated scrap rates, (iv) overhead and (v) gross profit margin. Pricing may be adjusted up or down annually as a result of fluctuations in materials costs, or as a result of deviations in actual labor, scrap or warranty costs, if any, provided that any annual adjustment for costs is limited to a maximum increase of three percent (3%) (but excluding Seed Price, which can be adjusted pursuant to Section 2). Any engineering change order (“ECO”) occurring during the Manufacturing Term which impacts the BOM costs or the manufacturing process will be reviewed, and pricing shall be adjusted accordingly upon implementation of the ECO as mutually agreed upon by IsoRay and GT MED TECH.

(b)     Quantity Dependence . The open-book pricing formula described above shall be based on a package of 6 GammaTiles, the Transfer Price shall be based on the quantity of Products manufactured and supplied under GT MED TECH’s purchase orders. IsoRay shall allocate direct and indirect labor resources and negotiate supply agreements with vendors for material quantities to meet such quantity purchase orders of GT MED TECH.

(c)     S eed Price for the Product . Notwithstanding anything to the contrary set forth herein, the Seed Price shall not be part of the open-book process and IsoRay shall have no obligation to provide to GT MED TECH any details of its costs associated with production of Seeds. The transfer price for Product shall be equal to the sum of (i) the Seed Price and (ii) the pricing for the GammaTile, assembly of the Seed into the GammaTile and other steps in the Product manufacturing process (in the case of subsection (ii), as determined and included in accordance with the open-book process above).

5.2     Audit . From time to time, but with at least thirty (30) business days advanced written notice and not more than twice per calendar year, GT MED TECH may, at its sole expense, conduct an audit of IsoRay’s books and records relative to the manufacture, shipment, purchase price, and open book pricing formula for the Product as reflected in Exhibit B. (but excluding all books and records relative to the Seed Price and/or the manufacture, shipment, or purchase price of Seeds). For the avoidance of doubt, GT MED TECH has the right to audit records evidencing changes in isotope prices that led to Seed Price changes as detailed within Exhibit C.

5.3     Invoice and Payment. Upon shipment of Product, IsoRay shall issue to GT MED TECH a written invoice for such shipment. If applicable, costs and expenses incurred by IsoRay with such shipment, and agreed to be paid by GT MED TECH under this Agreement, shall be included as line-items on such invoice. All undisputed payments due to IsoRay shall be paid in U.S. Dollars not later than forty-five (45) days following the receipt of the invoice, which shall be no earlier than the date on which the applicable Product is delivered to GT MED TECH’s carrier by IsoRay. Unless otherwise agreed by the Parties, all payments under this Agreement shall be paid by wire transfer or electronic funds transfer of immediately available funds to a U.S.-based account designated in writing by IsoRay.

5.4     Taxes . Any taxes now or hereafter imposed with respect to the transactions contemplated under this Agreement (with the exception of income taxes or other similar taxes imposed upon IsoRay and measured by the gross or net income of IsoRay) shall be the responsibility of GT MED TECH, and if paid or required to be paid by IsoRay, the amount thereof shall be added to the applicable invoice and become a part of the amounts payable by GT MED TECH for such shipment.

6.     Tooling. Tools for the manufacture of Products shall be paid for or furnished by GT MED TECH, shall be GT MED TECH’s sole property, and shall not be encumbered or disposed of in any way by IsoRay (“ Tools ”). The Tools shall be marked in such a way to clearly identify GT MED TECH’s ownership and shall be separated from property that does not belong to GT MED TECH. GT MED TECH shall be responsible for purchasing new Tools specifically required in connection with manufacture of the Product(s), upon request. IsoRay, at its expense, shall maintain such Tools in good working condition subject to normal wear and tear and provide GT MED TECH copies of all repair and maintenance records for such Tools. The Tools shall be used exclusively for IsoRay’s performance of its obligations under this Agreement.

7.1     Ownership. Each Party (and its Affiliates or subcontractors) will retain all right, title and interest in any inventions, ideas, concepts, know-how, work product, and other intellectual property owned or controlled by such Party prior to or independent of the Parties’ activities under this Agreement. It is not anticipated that any new intellectual property will be created in the course of activities under this Agreement. However, in the event that a Party or its respective employees or agents develop, invent, or conceive any inventions, ideas, concepts, know-how, work product, or other intellectual property in the course of their activities under this Agreement (“ Foreground IP ”), such Foreground IP shall be owned by IsoRay if invented solely by employees or agents of IsoRay, and by GT MED TECH if invented solely by employees or agents of GT MED TECH or if jointly invented by employees or agents of IsoRay and GT MED TECH.

7.2     License to IsoRay. GT MED TECH hereby grants to IsoRay a non-exclusive, royalty-free license to use and practice the GT MED TECH Technology and if appropriate, GT MED TECH Foreground IP solely and exclusively to manufacture the Product exclusively for GT MED TECH during the Term and in accordance with the provisions of this Agreement. For the avoidance of doubt, this license (a) permits IsoRay to manufacture the Products as square or rectangular Gamma Tiles with Seeds solely for GT MED TECH. No other use of this license by IsoRay is permitted and (b) does not create any exclusivity with respect to IsoRay’s supply of Seeds under Section 2.

7.3     License to GT MED TECH. IsoRay hereby grants to GT MED TECH a non-exclusive, royalty-free license to use and practice any intellectual property related to the Product and Controlled by IsoRay including any IsoRay Foreground IP, solely to the extent necessary for GT MED TECH to sell and offer for sale Product manufactured by IsoRay during the Term and in accordance with the provisions of this Agreement. For the avoidance of doubt, this license permits GT MED TECH to sell the Products manufactured by IsoRay. No other use of this license by GT MED TECH is permitted.

7.4     Trademarks. GT MED TECH shall be responsible for the selection, registration, maintenance, and defense of all trademarks for use in connection with GT MED TECH’s sale or marketing of the Products, as well as all expenses associated therewith. As between the Parties, GT MED TECH shall exclusively own all such trademarks.

7.5     No Implied Licenses. Neither Party grants (or agrees to grant) to the other Party any right or license to use any of its intellectual property, know-how or other proprietary information, materials or technology, or to practice any of its patent, trademark or trade dress rights, except as expressly set forth in this Agreement.

8.1     Regulatory Approvals. Ownership of the Regulatory Approval of the Product in the United States, as well as the ownership of related regulatory data and regulatory documents, is governed by terms and conditions of Article 5 of the Development Agreement. Maintenance of the Regulatory Approval for the Product in the United States shall be the responsibility of the Party that owns such Regulatory Approval, at such Party’s sole cost, unless the Parties otherwise agree.

8.2     Regulatory Phases and Transition. Notwithstanding Article 5 of the Development Agreement, GT MED TECH hereby notifies IsoRay of its request for the transfer of the 510(k) Clearance from IsoRay to GT MED TECH. IsoRay agrees to use commercially reasonable efforts to complete such transfer within thirty days of IsoRay’s receipt of such 510(k) Clearance. No marketing or other sale activity relative to the Product shall be undertaken until the 510(k) Clearance is received.

8.3     Inspections; Regulatory Action. During the term of this Agreement, GT MED TECH may periodically (but no more frequently than once per calendar year absent an inspection ‘for cause’) conduct an audit of IsoRay’s manufacturing facility for the Product and quality systems relating to the manufacture of the Product in order to verify the adherence of IsoRay to the Quality Agreement and this Agreement. Any such audit shall be during normal business hours and at GT MED TECH’s cost and expense, and GT MED TECH shall provide a minimum of thirty (30) days written notice prior to scheduling of any such audit. Additionally, IsoRay shall cooperate with any inspection by a Regulatory Authority relating to the Products and, to the extent practicable, shall give GT MED TECH advance notice of any such inspection. Each Party shall notify the other Party promptly in writing in the event such Party learns that any action has been taken or threatened by a Regulatory Authority relating to the use, sale, manufacture or storage of Products. To the extent permitted by applicable law, IsoRay shall provide GT MED TECH copies of communications with any Regulatory Authority relating to the Products; provided, however, IsoRay may redact from such copies any proprietary information relating to the Seeds. To the extent permitted by applicable law, GT MED TECH shall provide IsoRay copies of communications with any Regulatory Authority relating to the Products, solely to the extent such communications relate to Seeds or manufacturing activities undertaken by or on behalf of IsoRay; provided, however, GT MED TECH may redact from such copies any proprietary information relating to GT MED TECH products other than the Product.

8.4     Compliance with Laws. IsoRay shall supply Products that are manufactured in compliance with all Applicable Laws, including without limitation all Applicable Laws relating to the transportation, storage, use, handling and disposal of hazardous materials. IsoRay represents and warrants to GT MED TECH that IsoRay shall obtain and maintain all site licenses and government permits, including without limitation health, safety and environmental permits, necessary for the conduct of the actions and procedures undertaken to manufacture the Products in accordance with Applicable Laws and the Quality Control Procedures.

8.5     Records and Samples. IsoRay shall keep, or cause to be kept, complete, accurate and authentic accounts, notes, data and records pertaining to the manufacture, processing, testing, labeling, storage, and distribution of the Products, including without limitation master production and control records, in accordance with applicable laws and regulations. IsoRay shall retain, or cause to be retained, such records for a period of five (5) years following the date of manufacture, or longer if required by law, and upon request, shall make available to GT MED TECH copies of such records. After such time period, IsoRay shall notify GT MED TECH prior to the destruction of any records retained under this Section 8.5 and, at GT MED TECH’s request, shall transfer such records to GT MED TECH.

8.6     Recalls .

(a)     In the event GT MED TECH should be required or should voluntarily decide to initiate a product recall, product withdrawal, field correction, or advisory notice with respect to any of the Products manufactured by IsoRay pursuant to this Agreement (in each case, a “Recall” ), GT MED TECH shall notify IsoRay. In conjunction with such Recall, and at GT MED TECH’s request, IsoRay shall assist in the investigation of Recalls to determine the cause and extent of the problem and the Parties shall cooperate with each other concerning the necessity and nature of such action. Recalls shall be the responsibility of GT MED TECH and GT MED TECH shall bear all expenses connected therewith, except to the extent such Recall results from manufacturing defects on the part of IsoRay, and IsoRay shall bear the expenses of the Recall to the extent the Recall results from manufacturing defects on the part of IsoRay. For the purposes of this Agreement, the expenses of the Recall will include, without limitation, all expenses for notification of customers (and patients if required) and the destruction or return of the recalled Product, as well as all reasonable out-of-pocket costs and expenses incurred by GT MED TECH and IsoRay.

(b)     In the event that IsoRay independently believes that a Recall for any of the Products may be necessary or appropriate, IsoRay shall notify GT MED TECH . The Parties shall discuss in good faith the necessity and nature of such action; however, the decision to initiate any Recall involving any of the Products shall be in GT MED TECH’s sole discretion. In the event that GT MED TECH decides to initiate under this Section 8.6(b) any Recall involving any of the Products, the coordination thereof shall be handled by GT MED TECH, whether or not such action was initially requested by IsoRay. The expenses of any such Recall shall be handled as provided in Section 8.6(a).

9.1     Confidential Information. Subject to the limitations set forth in Section 7.2, all information that is disclosed by one Party (the “ Disclosing Party ”) to the other Party (the “ Receiving Party ”) under this Agreement shall be deemed to be “Confidential Information” of the Disclosing Party. Confidential Information may include, without limitation, trade secrets, ideas, unpublished patent applications, data, processes, formulae, programs, compounds, know-how, improvements, designs, information regarding plans for research development, business plans, customer lists, marketing and sales strategies, financial records, and budgets, whether disclosed in oral, written, graphic, or electronic form.

9.2     Exceptions to Confidential Information. The term “Confidential Information” shall not be deemed to include information that: (a) is in the public domain or comes into the public domain through no fault of the Receiving Party; (b) is furnished to the Receiving Party on a non-confidential basis by a third party rightfully in possession of such information and not subject to a duty of confidentiality with respect thereto; (c) was already known by the Receiving Party prior to the time of receiving such Confidential Information, as evidenced by the Receiving Party’s prior written records; or (d) was independently developed by the Receiving Party without use of or access to the Confidential Information of the Disclosing Party.

9.3     Non-Disclosure and Non-Use of Confidential Information. During the term of this Agreement and for a period of five (5) years after the expiration or termination of this Agreement; provided, however, if the Confidential Information is a Trade Secret of the Disclosing Party, the Receiving Party shall hold such Confidential Information confidential until such Confidential Information is no longer deemed confidential under Section 9.2 above, the Receiving Party shall maintain all Confidential Information in strict trust and confidence and shall not disclose any Confidential Information to any third party or use any Confidential Information received except as may be authorized by the Disclosing Party’s prior written consent. The Receiving Party may use Confidential Information only to the extent required to perform its obligations or exercise its rights under this Agreement, and for no other purpose. In particular, neither Party shall file any patent application containing any disclosure or patent claim, the subject matter of which is derived from the other Party’s Confidential Information. Neither Party shall not use the other Party’s Confidential Information for any purpose or in any manner that would constitute a violation of any laws or regulations of the United States. Nothing in this Agreement grants either Party the right to retain, distribute, or commercialize any Confidential Information of the other Party (except that GT MED TECH has the right to distribute and commercialize Products purchased from IsoRay hereunder). Each Party, prior to disclosure of any Confidential Information of the other Party to any employee, consultant or advisor shall ensure that such person is bound by confidentiality provisions that are no less stringent than those set forth in this Article 9.

9.4     Third Party Confidential Information. Neither Party shall disclose to the other Party any confidential or proprietary information that belongs to any third party unless the Disclosing Party first obtains the consent of such third party. Neither Party shall represent to the other Party as being unrestricted any designs, plans, models, samples, or other writings or products that such Party knows are covered by valid patent, copyright, or other form of intellectual property protection belonging to a third party.

9.5     Publicity . Except for such disclosure as is deemed necessary, in the reasonable judgment of a Party, to comply with applicable laws, rules and regulations, no announcement, news release, public statement, publication or presentation relating to the existence of this Agreement, the subject matter hereof, or either Party’s performance hereunder will be made without the other Party’s prior written approval. Such obligations are in addition to the restrictions set forth above with respect to disclosures of the other Party’s Confidential Information.

10.1     Mutual Representations and Warranties . In addition to other warrants and representations set forth in this Agreement, each Party represents and warrants as follows:

(a)     Existence and Power. It is duly organized, validly existing and in good standing under the laws of the state or country in which it is organized.

(b)     Due Authorization and Enforcement of Obligations. It has the power and authority and the legal right to enter into this Agreement to perform its obligations under this Agreement, and has taken all necessary action on its part to authorize the performance of such obligations. This Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid, binding obligation, enforceable against such Party in accordance with its terms.

(c)     No Conflict. The execution and delivery of this Agreement and the performance of such Party’s obligations under this Agreement (a) do not conflict with or violate any requirement of Applicable Laws and (b) do not conflict with, or constitute a default, or require any consent under any contractual obligation of such Party.

10.2     IsoRay Representations and Warranties .

(a)     Product Warranty. IsoRay warrants that all Products delivered under this Agreement shall, at time of delivery, (i) conform to the Specifications; and (ii) be free and clear of any and all liens or other encumbrances.

(b)     No Debarred Person. IsoRay represents and warrants that it shall not employ, contract with, or retain any person directly or indirectly to perform activities under this Agreement if such is debarred by the FDA under 21 U.S.C. § 335a(a) or disqualified as described in 21 C.F.R. § 812.119. In addition, IsoRay represents and warrants that it has not engaged in any conduct or activity which could lead to any such debarment actions. If IsoRay learns during the Term that this representation needs to be amended in light of new information, IsoRay shall promptly notify GT MED TECH of same and shall take prompt action to remedy the situation.

10.3     DISCLAIMER. THE REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS ARTICLE 10 ARE THE SOLE AND EXCLUSIVE REPRESENTATIONS AND WARRANTIES MADE BY EITHER PARTY UNDER THIS AGREEMENT, AND NEITHER PARTY MAKES ANY OTHER REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED OR ARISING BY LAW, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTY ARISING FROM THE COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE.

11.1     Indemnification by IsoRay. IsoRay shall indemnify, defend and hold GT MED TECH, its Affiliates, and their respective directors, officers, employees and agents ( “GT MED TECH Indemnitees” ) harmless from and against all losses, damages, costs and expenses (including reasonable legal expenses and attorneys’ fees and expenses) (collectively, the “Losses ”) incurred by GT MED TECH as a result of Third Party claims, demands, suits, or actions (each, a “ Claim ”) brought against GT MED TECH to the extent such Losses result from (a) the gross negligence or willful misconduct of any IsoRay Indemnitee or any of IsoRay’ subcontractors; or (b) any breach of IsoRay’ obligations, warranties, representations, or covenants under this Agreement. Notwithstanding the foregoing, IsoRay shall not be obligated to indemnify GT MED TECH to the extent any Claims or Losses are based on (i) any breach of GT MED TECH’s obligations, warranties, representations, or covenants under this Agreement; or (ii) the gross negligence or willful misconduct of any GT MED TECH Indemnitee.

11.2     Indemnification by GT MED TECH. GT MED TECH shall indemnify, defend and hold IsoRay, its Affiliates, and their respective directors, officers, employees and agents (“ IsoRay Indemnitees ”) harmless from and against all Losses incurred by IsoRay as a result of Claims brought against IsoRay to the extent such Losses result from (a) the handling, possession, use, marketing, promotion, distribution or sale of any Product by GT MED TECH or any of its distributors following delivery of the Product by IsoRay under this Agreement; (b) any personal injury (including death) or property damage resulting from the use, sale, or other disposition of the Products; (c) any breach of GT MED TECH’s obligations, warranties, representations, warranties, or covenants under this Agreement; or (d) the gross negligence or willful misconduct of any GT MED TECH Indemnitee. Notwithstanding the foregoing, GT MED TECH shall not be obligated to indemnify IsoRay to the extent any Claims or Losses are based on (i) any breach of IsoRay’ obligations, warranties, representations, warranties, or covenants under this Agreement, or (ii) the gross negligence or willful misconduct of any IsoRay Indemnitee or any of IsoRay’ subcontractors hereunder .

11.3     Indemnification Procedures. If either Party is entitled to indemnification under this Article 11(the “Indemnified Party” ), it shall give written notice to the Party providing indemnification (the “Indemnifying Party” ) of any Claim that may be subject to indemnification promptly after learning of such Claim, and the Indemnifying Party shall assume the defense of such Claim. The Indemnifying Party will not be subject to any liability for any settlement of such Claim made by the Indemnified Party without the Indemnifying Party’s consent (but such consent will not be unreasonably withheld or delayed), and will not be obligated to pay the fees and expenses of any separate counsel retained by the Indemnified Party with respect to such Claim. The Indemnifying Party shall not settle a Claim covered by indemnification without the consent of the Indemnified Party (such consent not unreasonably withheld or delayed) if such settlement would impose any monetary obligation on any Indemnified Party’s Indemnitee or require the Indemnified Party or any of the related indemnitees (GT MED TECH Indemnitees if GT MED TECH is the Indemnified Party, and IsoRay Indemnitees if IsoRay is the Indemnified Party) to submit to an injunction or otherwise limit the Indemnified Party’s rights under this Agreement.

11.4     Insurance. During the Term and for three (3) years thereafter, each Party shall maintain in effect and good standing a comprehensive general liability insurance issued by a reputable insurance company in the amount of at least $ 2,000,000 for claims in the aggregate, and such policy shall name the other Party as an additional insured. Each Party shall promptly notify the other Party of any actual or anticipated changes in its insurance policy that would result in such Party’s non-compliance with this Section 11.4.

12.1     Term. This Agreement will become effective upon the Effective Date and will continue in effect for ten (10) years, unless earlier terminated in accordance with this Article 12 (the period during which this Agreement remains in effect, the “ Term ”).

12.2     Termination for Insolvency, Bankruptcy. Either Party may, at its option, terminate this Agreement immediately upon written notice to the other Party, in the event that such other Party (i) becomes insolvent or unable to pay its debts when due; (ii) files a petition in bankruptcy, reorganization or similar proceeding or has such a petition filed against it, which petition is not removed within ninety (90) days; (iii) discontinues it business; (iv) has a receiver appointed over all or a part of its assets; or (v) makes an assignment for the benefit of its creditors.

12.3     Termination Upon Breach . Either Party may, at its option, terminate this Agreement in the event of a material breach by the other Party. Such termination may be effected only through a written notice to the breaching Party, specifically identifying the breach or breaches on which such notice of termination is based. The breaching Party will have a right to cure such breach or breaches within sixty (60) days of receipt of such notice, and this Agreement will only terminate pursuant to this Section 12.3 in the event that such cure is not made within such sixty (60)-day period.

12.4     Survival . The provisions of Sections [8.5, 8.6, 12.4, and 12.5], and Articles [1, 7, 9, 11, and 13] will survive the expiration or termination of this Agreement.

12.5     Effects of Termination. Upon termination or expiration or this Agreement, (a) each Party will return and cease use of any Confidential Information of the other Party received under this Agreement; (b) each Party will promptly pay to the other, without offset or deduction, all amounts due and remaining unpaid as of the date of such termination or expiration; (c) IsoRay shall complete all work in process, fulfilling pending purchase orders as of the termination or expiration date; (d) GT MED TECH shall pay invoices for such Products shipped under such pending purchase orders; and (e) the Parties shall cooperate on the return of Tools from IsoRay’s facilities to a location designated by GT MED TECH.

13.1     Entire Agreement. This Agreement (including the Exhibits attached, which are hereby incorporated and made part of this Agreement) sets forth the entire agreement and understanding between the Parties with respect to the subject matter of this Agreement and supersedes and merges all prior oral and written agreements, discussions and understandings between the Parties with respect to the subject matter of this Agreement, and neither of the Parties will be bound by any conditions, inducements or representations other than as expressly provided for in this Agreement.

13.2     Independent Contractors. In making and performing this Agreement, the Parties act and will act at all times as independent contractors, and, except as expressly set forth in this Agreement, nothing contained in this Agreement will be construed or implied to create an agency, partnership or employer and employee relationship between the Parties. Except as expressly set forth in this Agreement, at no time will either Party make commitments or incur any charges or expenses for, or in the name of, the other Party.

13.3     Notices. All notices and other communications provided for hereunder will be in writing and will be mailed by first-class, registered or certified mail, postage paid, or delivered personally, by overnight delivery service or by facsimile, with confirmation of receipt, addressed as follows:

If to IsoRay:     

IsoRay Medical, Inc.

350 Hills Street, Suite 106

Richland, WA 99354

Attention: CEO

Facsimile:

If to GT MED TECH:

GT Medical Technologies, Inc.

245 W 2nd St

Mesa, AZ 85201

Attn: President

or addressed to such other address as that Party may have given by written notice in accordance with this provision. Notices sent by facsimile will be effective upon confirmation of receipt, notices sent by mail or overnight delivery service will be effective upon receipt of delivery, and notices given personally will be effective when delivered.

13.4     Amendments; Modifications. This Agreement may not be amended or modified except in a writing duly executed by both Parties.

13.5     Waiver. Any waiver (express or implied) by either Party of any breach of this Agreement shall not constitute a waiver of any other or subsequent breach and shall in no way impair the rights of the Party granting such waiver in any other respect or at any other time. Any delay or forbearance by either Party in exercising any right hereunder will not be deemed a waiver of that right.

13.6     Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any choice of law principles that would require the application of the laws of a different jurisdiction.

13.7     Limitation of Liability. IN NO EVENT (OTHER THAN BREACH OF CONFIDENTIALITY, ARTICLE 9 WILL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE, EXEMPLARY OR INDIRECT DAMAGES, OR FOR ANY LOST PROFITS IN CONNECTION WITH THIS AGREEMENT, EVEN IF ADVISED OF THE POSSIBILITY OF THE SAME, HOWEVER CAUSED AND REGARDLESS OF THEORY OF LIABILITY, WHETHER TORT, CONTRACT, OR STRICT LIABILITY. NOTWITHSTANDING THE FOREGOING, NOTHING IN THE PRECEDING SENTENCE WILL BE CONSTRUED TO LIMIT OR MODIFY EITHER PARTY’S INDEMNITY OBLIGATIONS PURSUANT TO ARTICLE 11. ADDITIONALLY, IN NO EVENT SHALL ISORAY’S AGGREGATE LIABILITY UNDER THIS AGREEMENT EXCEED THE TOTAL OF ALL AMOUNTS ACTUALLY PAID BY GT MED TECH TO ISORAY UNDER THIS AGREEMENT DURING THE TWELVE (12) MONTHS PRECEDING THE EVENT GIVING RISE TO THE LIABILITY. The Parties agree that the foregoing liability cap shall not apply to any liabilities arising from IsoRay’s gross negligence or willful misconduct or any liabilities involving personal injury or death arising from IsoRay’s negligence in manufacturing the Product. The Parties acknowledge that the limitations of liability in this Section 13.7 and the allocation of risk herein are an essential element of the bargain between the Parties, without which IsoRay would not have entered into this Agreement.

13.8     Use of Name. No right, except as expressly provided for in this Agreement, is granted by this Agreement to either Party to use in any manner the name of the other or any other trade name, logo, or trademark of the other in connection with the performance of this Agreement.

13.9     Headings; Interpretation. The headings in this Agreement are inserted merely for the purpose of convenience and will not affect the meaning or interpretation of this Agreement. This Agreement will be construed fairly according to its terms, without regard to the identity of the drafter of any provision in this Agreement.

13.10     Cumulative Remedies . Termination of this Agreement, regardless of cause or nature, will be without prejudice to any other rights or remedies of the Parties as provided for in this Agreement and will be without liability for any loss or damage occasioned thereby.

13.11     Assignment. Neither Party may assign or transfer this Agreement or any rights or obligations hereunder without the prior written consent of the other, except a Party may make such an assignment without the other Party’s consent to a successor-in-interest to substantially all of the business assets of such Party to which this Agreement relates, whether in a merger, sale of stock, sale of assets or other transaction. Any permitted assignment shall be binding on the successors of the assigning Party and any permitted successor or assignee of rights and/or obligations hereunder shall, in writing to the other Party, expressly assume performance of such rights and/or obligations. Any assignment or attempted assignment by either Party in violation of the terms of this Section 13.11 shall be null and void and of no legal effect. This Agreement shall be binding upon and shall inure to the benefit of each Party’s successors-in-interest and permitted assigns.

13.12     Severability. If any provision of this Agreement is invalid or unenforceable for any reason in any jurisdiction, such provision will be construed to have been amended to the minimum extent necessary to cure such invalidity or unenforceability. The invalidity or unenforceability of one or more of the provisions contained in this Agreement will not have the effect of rendering any such provision invalid or unenforceable in any other case, circumstance or jurisdiction, or of rendering any other provisions of this Agreement invalid or unenforceable whatsoever.

13.13     English Language. This Agreement was prepared in the English language, which language shall govern the interpretation of, and any dispute regarding, the terms of this Agreement.

13.14     Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed will be deemed to be an original and all of which when taken together will constitute one Agreement.

[Remainder of page intentionally blank. Signature page follows.]

IN WITNESS WHEREOF, the Parties have caused their respective authorized representatives to execute this Agreement as of the Effective Date set forth above.

Name (Printed): Hernan Lopez                        Name (Printed): Thomas LaVoy

Title: Vice President of Operations                  Title: CEO

Attachments:

Exhibit A: Specifications

Exhibit B: Pricing & Open Book Pricing Formula

Exhibit C: Isotope Material Cost Baseline

Exchibit D: RMA Procedure

Signature Page for Manufacturing & Supply Agreement

Exhibit A

Specifications

Exhibit 10.2

COLLABORATIVE DEVELOPMENT AGREEMENT

This Collaborative Development Agreement (the “ Agreement ”), effective as of March 13, 2017, (the “ Effective Date ”), is made by and between IsoRay Medical, Inc. , a Delaware corporation with offices at 350 Hills St., Suite 106, Richland, WA 99354 (“ IsoRay ”), and GammaTile, LLC , an Arizona limited liability company, having its principal place of business at 2242 E. Catclaw St Gilbert, AZ 85296 (“ GammaTile LLC ”). IsoRay and GammaTile LLC may be referred to herein individually as a “ Party ”, and collectively as the “ Parties ”.

RECITALS

Whereas, IsoRay is experienced in the separation, purification, and manufacture of cesium-131 sources (“ IsoRay Cs-131 Seeds ”); the development and application of such IsoRay Cs-131 Seeds in brachytherapy for the treatment of cancer; and the incorporation and use of such IsoRay Cs-131 Seeds in automated assays;

Whereas, GammaTile LLC is experienced in the development, design, manufacture and clinical use of biocompatible radioisotope carriers for brachytherapy, including GammaTile LLC’s customizable carriers configured as squares or rectangles (referred to as “ GammaTiles ”); and

Whereas, the Parties desire to collaborate to: (1) refine GammaTile LLC’s manufacturing process(es) to develop a novel brachytherapy product, which incorporates IsoRay Cs-131 Seeds within GammaTiles (the “ GammaTile Product ”) for the treatment of tumors (the “ Field ”); and (2) seek regulatory approval for the GammaTile Product (together the “ Collaboration Project ”).

Now, therefore , in consideration for the covenants set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as set forth below:

1.1     Statement of Work. The Parties have agreed on a written statement of work (the “ Statement of Work ”) that describes the specific activities to be performed in connection with the Collaboration Project, along with the timelines and deliverables relevant to the foregoing. The Statement of Work existing on the Effective Date is attached hereto as Exhibit A. The Statement of Work may be modified or amended from time to time during the term of this Agreement solely by the written agreement of the Parties.

1.2     Collaborative Activities; IsoRay Services . Each Party shall perform any obligations allocated to it in the Statement of Work in professional and workmanlike manner consistent with prevailing industry standards. Without limiting the foregoing, the Parties acknowledge that the Statement of Work describes certain design and development activities and certain related regulatory consulting services to be performed by IsoRay (collectively, the “ IsoRay Services ”), and IsoRay agrees to perform the IsoRay Services in accordance with the terms and conditions of this Agreement, including the Statement of Work.

1.3     FDA and Other Product Regulations. Each Party shall perform its activities under the Collaboration Project in compliance with all applicable federal, state or local laws and regulations, including without limitation regulations promulgated by the United States Food and Drug Administration, or any successor agency thereto having jurisdiction over the GammaTile Product (the “ FDA ”) .

1.4     Exclusive Manufacturing by IsoRay . The cost sharing described in Section 2.1 reflects the understanding that IsoRay will be the exclusive supplier of the GammaTile Product over a period of at least ten (10) years, pursuant to the terms and conditions of the Exclusive Supply Agreement between the parties dated [___________], as amended from time to time (the “ Exclusive Supply Agreement ”).

1.5     Progress Reports and Steering Committee . IsoRay will supply GammaTile LLC with monthly reports in writing summarizing the progress of the IsoRay Services. The Parties will also establish a steering committee as set forth in Exhibit C (the “ Steering Committee ”) for the oversight of the Collaboration Project. The Steering Committee will perform the tasks set forth in Exhibit C, and resolve disputes that may arise out of the performance of the Collaboration Project. Notwithstanding anything to the contrary herein, the Steering Committee shall not have the authority to amend, revise, or interpret this Agreement or any Exhibit hereto.

1.6     Project Timelines . Both IsoRay and GammaTile LLC will use commercially reasonable efforts to adhere to the project timelines outlined in the Statement of Work. Both Parties are expected to provide project feedback and testing data during the Collaboration Project in a timely manner in order to ensure that the project goals are achieved within the timeline proposed in the Statement of Work. The Parties agree to work together in good faith to mitigate the impact of any potential delays on the overall project timeline. Each Party will promptly inform the other Party if such delays are expected.

2.1.     Cost Sharing . IsoRay and GammaTile LLC will share costs associated with the Collaboration Project equally. On a periodic basis during the term of the Collaboration Project, IsoRay shall submit written invoices to GammaTile LLC in amounts necessary to implement such cost sharing on an ongoing basis as costs are incurred by the Parties (including without limitation as IsoRay incurs costs in connection with the IsoRay Services). Such invoices shall include reasonable documentation of costs incurred.

2.2.     Payment Terms . Payment is due thirty (30) days from GammaTile LLC’s receipt of an invoice. Invoices by IsoRay will include charges for all applicable taxes, if any. Payment shall be made by GammaTile LLC to IsoRay in U.S. dollars, and by bank check of immediately available funds to an account designated by IsoRay.

2.3.     Budgets . Each Party acknowledges and agrees that it is in the Parties’ mutual interest to control costs associated with the Collaboration Project, and each Party shall use commercially reasonable efforts to adhere to any budgets for Collaboration Project activities that are set forth in the Statement of Work or otherwise mutually agreed in writing by the Parties or by unanimous agreement of the Steering Committee. An initial budget for the IsoRay Services is set forth in Exhibit B, which budget is based on the Statement of Work existing on the Effective Date and is subject to the assumptions and other terms and conditions described in Exhibit B. If there is any change in the Collaboration Project or the IsoRay Services that impact cost or timing, then the Parties will discuss the change in good faith and agree on any appropriate modifications to timelines or budgets in the Statement of Work that are required in order to reflect such change.

2.4.     Equipment . GammaTile LLC acknowledges and agrees that any equipment developed, modified, or otherwise acquired or purchased solely by IsoRay, which costs are not subject to cost sharing pursuant to Section 2.1, for use in the IsoRay Services (“ IsoRay Equipment ”) shall be solely owned by IsoRay upon conclusion or termination of the IsoRay Services .

2.5.     Right to Stop Work; Attorney ’s Fees . In the event that GammaTile LLC fails or refuses to make any payment due to IsoRay under this Agreement (including pursuant to Section 2.1) and such payment remains delinquent for a period of thirty (30) days from and after its due date, IsoRay may stop all work under this Agreement and retain all work in progress until all outstanding invoices are paid in full. In the event of an uncured default in payment, IsoRay will be entitled to all reasonable costs of collection, including reasonably incurred legal fees.

3.     Confidential Information .

3.1.     Each P arty to this Agreement (“ Receiving Party ”), during the term of this Agreement and for a period of five (5) years thereafter, unless such Confidential Information is a trade secret and then such information shall be held in trust and confidential until such Confidential Information is no longer a trade secret, will hold in trust and confidence and will not use (other than in performance of its obligations hereunder) the Confidential Information of the other Party (the “ Disclosing Party ”). For purposes of this Agreement, the term “ Confidential Information ” includes, but is not limited to, the technical, financial and business information relating to the Disclosing Party and its inventions, products, research and development, finances, customers, suppliers, marketing and future business plans, and any third-party’s proprietary or confidential information disclosed in the course of providing or receiving services hereunder. In addition, Confidential Information also includes the terms, structure and cost information of this Agreement, as well as information disclosed by either Party before the date of this Agreement. For clarity, IsoRay Regulatory Data shall be deemed IsoRay’s Confidential Information.

3.2.     Notwithstanding the other provisions of this Agreement, nothing received by the Receiving Party from the date of this Agreement will be considered Confidential Information of the Disclosing Party if (as demonstrated by written evidence or oral testimony) (a) it has been published or is otherwise readily available to the public other than by a breach of this Agreement, (b) it has been rightfully received by the Receiving Party from a third party without confidential limitations, (c) it has been independently developed for or by the Receiving Party by personnel or agents having no access, use of, or reference to the Confidential Information of the Disclosing Party, or (d) it was known to the Receiving Party (as shown by its books and records) prior to its first receipt from the Disclosing Party. Confidential Information may be disclosed to the extent required to be disclosed by applicable law, governmental rule or regulation or order of a court with competent jurisdiction, provided that Receiving Party provides reasonable prior notice to the Disclosing Party to enable the Disclosing Party to limit or prevent the disclosure. Each Party will ensure that its employees and agents who have access to Confidential Information of the other Party have signed a non-disclosure and non-use agreement with content similar to the provisions of this Section 3 prior to the disclosure of any Confidential Information hereunder.

3.3.     Because of the unique and proprietary nature of the Confidential Information, it is understood and agreed that the Disclosing Party ’s remedies at law for a breach or threatened breach by the Receiving Party of its obligations under this Section 3 may be inadequate and that the Disclosing Party may be entitled to equitable relief (including, without limitation, provisional and permanent injunctive relief and specific performance). Nothing stated in this Section 3 shall limit any other remedies provided under this Agreement or which are available to the Disclosing Party at law or in equity. Upon expiration or termination of this Agreement for any reason, each Party will return (or certify as destroyed) all Confidential Information (including all copies thereof) of the other Party in its possession or control, provided however, a Receiving Party may retain a single copy of such Confidential Information in its confidential files for purposes of determining compliance with this Agreement.

4.1     Ownership of Background Intellectual Property . As between the Parties, each Party will retain all right, title and interest in and to any and all of its own Background Intellectual Property. “ Background Intellectual Property ” means patents, know-how, trade secrets, ideas, inventions or any other form of intellectual property and proprietary rights of any and every kind and nature, no matter how designated, and including all registrations, applications, renewals and extensions thereof owned, licensed or otherwise controlled by a Party prior to the Effective Date or that are conceived, developed, licensed or otherwise brought under the control of a Party outside the Collaboration Project. Background Intellectual Property shall include the “ GammaTile LLC Background IP ” and the “ IsoRay Background IP ”, which is described in Exhibit E and incorporated herein.

4.2     IsoRay Inventions, GammaTile Inventions, and Collaboration IP .

(a)     “ Inventions ” shall mean any work product, patents, know-how, trade secrets, ideas, inventions or other intellectual property created, conceived, reduced to practice, or developed , either solely or jointly by IsoRay and/or GammaTile LLC in the course of performing the Services.

(b)     All right, title, and interest in and to any Invention developed in the course of the Services that relates to IsoRay Background Intellectual Property, including IsoRay Cs-131 Seeds or any improvements or uses thereof, shall be solely owned by IsoRay (“ IsoRay Inventions ”); provided, however, that any other novel uses of the IsoRay Cs-131 Seeds in combination with GammaTiles or GammaTile LLC’s other proprietary carriers or loaders, which uses are an improvement to GammaTile LLC Background IP and already claimed by GammaTile LLC Background IP, shall be solely owned by GammaTile LLC.

(c)     All right, title and interest in and to any Invention developed in the course of the Services that relates to GammaTile LLC Background IP, including carriers, loaders, shielding, software and designs, or any improvements or uses thereof, shall be solely owned by GammaTile LLC (“ GammaTile Inventions ”).

(d)     All right, title and interest in and to any other novel Inventions developed in the course of the Collaboration that relates to packaging, sterilization, or other areas not covered by GammaTile LLC Background IP (or any improvements thereof), IsoRay Background IP (or any improvements thereof), IsoRay Inventions, or GammaTile Inventions shall be jointl y owned by IsoRay and GammaTile LLC (“ Collaboration IP ”).

(e)     Each Party hereby grants to the other Party a fully paid, non-exclusive, royalty-free license, under any patents, know-how, or trade-secrets that are owned or controlled by such Party and that are necessary or useful for carrying out the Collaboration Pro ject, solely to perform the Services.

(f)     The Steering Committee shall determine whether or not to file and prosecute a patent application on any jointly owned Collaboration IP, and whether or not to maintain a patent issued on such Collaboration IP. The Steering Committee shall also determine , based on the subject matter and each Party’s respective technical expertise, which Party will be responsible for the preparation, filing, prosecution and maintenance of each patent application and patent included in the jointly owned Collaboration IP (“ Patent Prosecution ”). The costs of Patent Prosecution shall be shared pursuant to Section 2.1, regardless of which Party is responsible for prosecution. The Steering Committee shall oversee all Patent Prosecution and decisions regarding commercialization of Collaboration IP.

5.     Regulatory Data and 5 10(k) Clearance.

5.1.     Notwithstanding anything to the contrary herein, GammaTile LLC will own all aspects of the Device Master Records for the GammaTile Product that are unique and specific to the GammaTile Product (“ Product DMR ”). Notwithstanding anything to the contrary herein, IsoRay shall own all technical and regulatory data generated in the course of performing the Collaboration Project relating to IsoRay Cs-131 Seeds or IsoRay Background IP (“ IsoRay Regulatory Data ”). The IsoRay Regulatory Data includes, without limitation, the Design History Files for the IsoRay Cs-131 Seeds, but excludes the Product DMR. Except for the Product DMR and the IsoRay Regulatory Data, all other data or results generated or developed by either Party in the course of the Collaboration (collectively, “ Collaboration Data ”) shall be jointly owned by both Parties, and each Party may disclose such Collaboration Data subject to Section 8 herein; provided, however, that neither Party may disclose any of the other Party’s Confidential Information or Background Intellectual Property without such Party’s prior written consent. Additional regulatory obligations are set forth in Exhibit D.

5.2.     T he Parties acknowledge and agree that IsoRay shall use the Product DMR, IsoRay Regulatory Data , and Collaboration Data to file a “Premarket Notification” under Section 510(k) of the United States Federal Food, Drug and Cosmetics Act for the GammaTile Product and obtain clearance from the FDA that permits marketing of the GammaTile Product in the United States (the “510(k) Clearance” ) .

5.3.     Once 510(k) Clearance is obtained from the FDA to IsoRay, GammaTile LLC shall have the option, exercisable at its sole discretion with at least sixty (60) days advance written notice to IsoRay, to require IsoRay to transfer such 510(k) Clearance to GammaTile LLC or its designee. Except for assignment to its affiliates, subsidiaries, or to an acquirer or successor-in-interest (which assignees shall also be bound by IsoRay’s obligations under this Agreement, including the obligation to transfer the 510(k) Clearance to GammaTile LLC), IsoRay has no right to assign such 510(k) Clearance to any other party than GammaTile LLC without the prior written approval from GammaTile LLC. IsoRay shall use commercially reasonable efforts to transfer such 510(k) Clearance in compliance with all applicable laws, rules, regulations, and guidelines, including those promulgated by the FDA or any related regulatory agency thereto; provided, however , that IsoRay expressly disclaims any representation or warranty regarding GammaTile LLC’s ability to assume, accept, or perform manufacturing activities under such 510(k) Clearance. To the extent that there are any legal or regulatory or other issue(s) that could prevent or delay the transfer of the 510(k) Clearance from IsoRay to GammaTile LLC, the Parties agree to use commercially reasonable efforts to cooperate with one another and with any government agency to overcome any such issue(s).

5.4.     For the avoidance of doubt, the use of any Collaboration Data or any research tools by a Party shal l remain subject to any dominating patent rights of the other Party that are not otherwise licensed to such Party. Additionally, scientific publication and/or presentation of IsoRay Regulatory Data or the Collaboration Data must be conducted in compliance with Section 8 below.

5.5.     In the event GammaTile LLC desires IsoRay to provide separate services to assist with GammaTile LLC’s exploitation of the 510(k) Clearance, other than the Exclusive Manufacturing Agreement, the Parties agree to negotiate a separate services agreement in good faith to set forth such additional services.

6.1     Acknowledgements by GammaTile LLC . GammaTile LLC hereby acknowledges that (i) the GammaTile Product may be incorporated into another product, process or service to be developed and commercialized by GammaTile LLC, (ii) as between GammaTile LLC and IsoRay, GammaTile LLC is solely responsible for the final review, acceptance, testing and approval of all features of any products, processes or services it may develop and commercialize, and (iii) the specifications and requirements for the product, process or services to be developed and commercialized by GammaTile LLC have been, or will be, determined and provided solely by GammaTile LLC, and GammaTile LLC shall be solely responsible for the sale, use, and distribution of such product, process, or services, and any liabilities or damages arising in connection therewith.

6.2    DISCLAIMER . THE PARTIES ACKNOWLEDGE THAT THIS IS AN AGREEMENT FOR SERVICES AND NOT FOR THE SUPPLY OF FINISHED GOODS FOR SALE, WHICH SHALL BE COVERED UNDER THE EXCLUSIVE MANUFACTURING AGREEMENT. ISORAY MAKES NO REPRESENTATIONS OR WARRANTIES AS TO THE SERVICES RENDERED OR WORK PRODUCT CREATED, AND HEREBY DISCLAIMS ALL EXPRESS AND IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

7.   Limitation of Liability . EXCEPT FOR A BREACH OF CONFIDENTIALITY (SECTION 3) OR EITHER PARTY’S INDEMNIFICATION OBLIGATIONS (SECTION 8), NOTWITHSTANDING ANYTHING ELSE IN THIS AGREEMENT OR OTHERWISE, NEITHER PARTY WILL BE LIABLE OR OBLIGATED WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT OR UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY, PRODUCT LIABILITY OR OTHER LEGAL OR EQUITABLE REMEDY: (A) FOR ANY AMOUNTS IN EXCESS OF THE AGGREGATE OF TWICE THE AMOUNT OF FEES PAID (BUT NOT COSTS REIMBURSED) TO IT HEREUNDER; (B) IN THE CASE OF GAMMATILE LLC, FOR ANY COST OF PROCUREMENT OF SUBSTITUTE GOODS, TECHNOLOGY, SERVICES OR RIGHTS; (C) FOR ANY MATTER REASONABLY BEYOND ITS CONTROL; OR (D) FOR ANY INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES OR LOST PROFITS OF ANY NATURE SUFFERED BY ANY PERSON, INCLUDING LOST PROFITS, LOSS OF BUSINESS OPPORTUNITY OR BUSINESS INTERRUPTIONS, WHETHER ARISING UNDER STATUTE, TORT (INCLUDING NEGLIGENCE) OR CONTRACT, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

8.     Indemnification Obligations .

8.1     By IsoRay .   IsoRay shall defend, indemnify and hold harmless GammaTile LLC, its affiliates, its subcontractors, their respective successors and permitted assigns, and all of their respective directors, officers, employees, representatives, and agents (“ GammaTile Indemnitees ") from and against any and all third party claims, actions, proceedings, demands, losses, fines, damages, costs (including, without limitation, reasonable attorneys’ fees and related costs), and other remedies of any kind or nature (individually a “ Claim ” and collectively “ Claims ”) to the extent arising from (a) IsoRay’s gross negligence, willful misconduct, or breach of applicable US law, rule, or regulation; (b) claims of infringement of intellectual property from one or more third parties arising from the use, manufacture and sale of the IsoRay Cs-131 Seeds; and (c) injury to or death to a person, or loss of or damage to property resulting directly or indirectly from IsoRay’s performance of the IsoRay Services; in each of the foregoing cases, except to the extent to which GammaTile is obligated to indemnify IsoRay as provided for below and/or except to the extent where any such Claim in each of the foregoing cases results from the negligence, willful misconduct, or breach of this Agreement by GammaTile or any GammaTile Indemnitee.

8.2     By GammaTile LLC . GammaTile LLC shall defend, indemnify and hold harmless IsoRay, its affiliates, its subcontractors, their respective successors and permitted assigns, and all of their respective directors, officers, employees, representatives, and agents (“ IsoRay Indemnitees ") from and against any and all Claims to the extent arising from (a) GammaTile’s gross negligence, willful misconduct, or breach of applicable US law, rule, or regulation; (b) claims of infringement of intellectual property from one or more third parties arising from the use, manufacture and sale of the GammaTile Product, and (c) injury to or death to a person, or loss of or damage to property resulting directly or indirectly from the incorporation by GammaTile LLC of the GammaTile Product into any products, processes or services developed and commercialized by GammaTile LLC and GammaTile Indemnitees; in each of the foregoing cases, except to the extent to which IsoRay is obligated to indemnify GammaTile as provided for above and/or except to the extent where any such Claim in each of the foregoing cases results from the negligence, willful misconduct, or breach of this Agreement by IsoRay or any IsoRay Indemnitee.

8.3     Procedures . In the event that a Party seeks indemnification under this Section 8, it will inform the other Party of a Claim as soon as reasonably practicable after it receives notice of such Claim, will permit the indemnifying Party to assume direction and control of the defense of the Claim (but take into account the reasonable views of the other Party), which includes the right to settle the Claim solely for monetary consideration, will cooperate as reasonably requested (at the expense of the indemnifying party) in the defense of the Claim, and will not settle or compromise the Claim without the express, prior written consent of the indemnifying Party.

9.2      The receiving Party of such submissions and information agrees to hold all such submissions and information in confidence pending publication. The receiving Party shall promptly notify the Publishing Party if any information is necessary to delete as the receiving Party’s Confidential Information (as defined below) or if it desires a reasonable delay in Publication to allow patent filings to be made for any invention(s) disclosed in any such material. The Publishing Party shall comply with any reasonable request to delete Confidential Information of the receiving Party prior to Publication so long as the Publishing Party remains able to make a meaningful scientific Publication. In no case shall Publication be delayed by more than ninety (90) days from the date of initial disclosure of such submissions and information by the Publishing Party to the receiving Party. All Publications will be done in accordance with standard practices regarding authorship of scientific publications. Any Publication of Collaboration Data by either Party shall appropriately acknowledge the contributions of the other Party, and, if requested by one Party, IsoRay and GammaTile LLC shall discuss in good faith whether the Parties should jointly publish Collaboration Data that involved scientific contributions from both Parties.

9.3     The Parties shall issue a mutually acceptable joint press release announcing the Collaboration Project at a mutually agreed upon date. In the event that either Party to this Agreement wishes to issue any additional press or news release or other public announcement that publicizes or describes this Agreement or the transaction contemplated by the Parties, the text of the proposed press or news release or other public announcement shall first be submitted to the other Party for advance review and written approval, which approval shall not be unreasonably withheld, conditioned or delayed .

10.1.     Term . The term of this Agreement shall commence on the Effective Date and, unless terminated sooner, will continue for twelve (12) months thereafter.    Such term may be extended by mutual agreement of the Parties.

10.2.     Termination . This Agreement may be terminated by either Party in the event of a material breach by the other Party that remains uncured after sixty (60) days’ prior written notice of such breach has been given by the Party seeking to terminate the Agreement. The date of termination of this Agreement is the " Termination Date ".

10.3.     Effects of Termination . Upon termination or expiration of this Agreement, IsoRay will prepare and apply a final invoice, and apply the balance of GammaTile LLC’s check(s) to that final invoice. In the event there has been an excess payment by GammaTile LLC, the excess amount will be promptly refunded. GammaTile LLC agrees that it will pay for all Services performed and expenses incurred prior to termination of this Agreement. The provisions of Section 3 (Confidential Information), Section 4 (Intellectual Property Rights) 6.1 (GammaTile LLC Acknowledgement; Disclaimer), 6.2 (Disclaimer), 7 (Limitation of Liability), 8 (Indemnification Obligations), 10.3 (Effects of Termination) 10.4 (Cooperation for Assignment of Intellectual Property) and 11 (General) will survive the termination or expiration of this Agreement.

10.4.     Cooperation for Assignment of Intellectual Property . GammaTile LLC agrees to cooperate with IsoRay or its designee(s), both during and after the term of this Agreement, in the procurement and maintenance of IsoRay’ rights in the IsoRay Inventions and to execute when requested, any other document deemed necessary to carry out the purposes of Section 4. IsoRay agrees to cooperate with GammaTile LLC or its designee(s), both during and after the term of this Agreement, in the procurement and maintenance of GammaTile LLC’s rights in the GammaTile Inventions and to execute when requested, any other document deemed necessary to carry out the purposes of Section 4. The Parties jointly agree to cooperate with one another both during and after the term of this Agreement, in the procurement and maintenance of their joint rights in the Collaboration IP, and to execute when requested, any other document deemed necessary to carry out the purposes of Section 4.

11.     General .

11.1     Non-Solicitation . Neither Party will, during the term of this Agreement and for a period of twenty-four (24) months immediately following the termination of this Agreement, either directly or indirectly (i) solicit, induce, recruit or encourage any of the other’s employees to leave their employment, or take away such employees, or attempt to solicit, induce, recruit, encourage or take away employees of the other, either for itself or for any other person or entity or (ii) solicit any customer or supplier of the other to cease doing business with the other Party.

11.2     Governing Law . This Agreement will be construed in accordance with and be governed by the laws of the State of Delaware, without reference to principles of conflicts of laws.

11.3     Disputes . If a dispute arises in relation to this Agreement, each Party must escalate the dispute in accordance with this Section 11.3 before commencing court proceedings (except proceedings for injunctive relief).

 11.3.1     A P arty claiming a dispute has arisen (“ Claimant ”) must give the other Party notice setting out details of the dispute.

a)      must be kept confidential; and

b)      may only be used to attempt to resolve the dispute.

11.4     Notices . Any notice, report (other than progress reports delivered in accordance with Section 1.5 of this Agreement), approval, consent or correspondence required or permitted to be given hereunder will be in writing and shall be deemed received when delivered personally or sent by facsimile, or seventy-two (72) hours after being deposited in the U.S. mail or with a courier service. The Parties agree that all such notices will be sent to the address of the Party as it appears on the first page of this Agreement or to such other address as such Party may provide to the other by written notice.

11.5     Nature of Relationship . IsoRay’s relationship to GammaTile LLC is solely that of an independent contractor and nothing in this Agreement or otherwise should be construed to create a partnership, joint venture, agency, or employment relationship. Neither Party is the agent of, or shall in any manner hold itself out as being the agent of, the other Party. Neither Party is authorized to, or shall in any manner hold itself out as being authorized to make any commitment, representation, contract, or assume or incur any liability or obligation on behalf of the other unless specifically requested or authorized in writing duly signed by the other Party.

11.6     Entire Agreement; Prevailing Terms; Amendment . This Agreement, together with all Exhibits attached hereto and incorporated herein, constitutes the entire agreement between the Parties respecting the subject matter hereof and supersedes and cancels all previous or contemporaneous agreements, written or oral. The Parties agree that the terms and conditions of this Agreement will apply to all activities hereunder and cannot be modified or amended except by a writing duly signed by each Party. Therefore, the Parties agree that any different or additional terms of any related purchase order, confirmation, or similar form, even if signed by the Parties after the date hereof, will have no force and effect.

11.7     Successors and Assigns . Neither Party may assign, delegate, or transfer this Agreement to any third party without the prior written consent of the other Party; provided, however, that either Party may assign this Agreement without such written consent in connection with a merger, acquisition, or sale of all or substantially all of the business to which this Agreement relates. This Agreement will be binding upon and inure to the benefit of the successors and permitted assigns of the Parties.

11.8     Severability . In the event any provision of this Agreement is finally adjudged to be unenforceable or invalid, the Parties will negotiate to replace such unenforceable or invalid provision with a new provision that most closely approximates the economic effect of the provision adjudged unenforceable or invalid.

11.9     Force Majeure . Neither Party will lose any rights hereunder or be liable to the other Party for damages or losses on account of failure of performance by the defaulting party if the failure is occasioned by governmental action, war, fire, explosion, strike, lockout, embargo, act of God, or any other cause beyond the control and without the fault or negligence of the defaulting party, provided that the Party claiming force majeure has exerted all reasonable efforts to avoid or remedy such force majeure. Such excuse will continue as long as the condition preventing the performance continues. Upon cessation of the condition, the affected Party will promptly resume performance hereunder. Each Party agrees to give the other Party prompt written notice of the occurrence of any such condition, the nature thereof, and the extent to which the affected Party will be unable to perform its obligations hereunder.

11.10     Publicity . Neither Party will issue press releases or make any other public announcement relating to this Agreement for any purpose whatsoever without the other Party’s prior written consent, which will not be unreasonably withheld, and provided that either Party may disclose the terms of this Agreement in confidence to its prospective or actual investors, agents, counsel and accountants on a need to know basis or as necessary to comply with law. Except as may be granted by this Agreement, no right, express or implied, is granted by this Agreement to allow either Party to use the company name, trade name or trademark of the other Party for any purpose.

11.11     Retained Rights . Nothing in this Agreement is intended to limit the ability of either Party to engage in any business with any person, subject to each Party performing its obligations under this Agreement.

11.12     No Third Party Beneficiaries . This Agreement is intended for the benefit of the Parties hereto and is not intended to and does not confer any right or benefit on any third party.

11.13     Counterparts . This Agreement may be executed in two (2) counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

IN WITNESS WHEREOF , the Parties hereto have executed this Agreement as of the Effective Date above.

LIST OF EXHIBITS

EXHIBIT A.            Statement of Work

EXHIBIT B.            Initial Budget

EXHIBIT C .           Steering Committee

EXHIBIT D .           Regulatory Data

EXHIBIT E .          Background Intellectual Property

EXHIBIT A

STATEMENT OF WORK

[Mutually agreed to informally by the parties ]

EXHIBIT B

Initial Budget

For purposes of this budget, c osts have been broken down for estimates for equipment costs, sample product costs, testing and validation costs, documentation cost, costs for regulatory submissions, and the cost of labor to commercialize the GammaTile Product. These costs are estimates only and are not guaranteed or firm due to the variability of the requirements that are subject to the submission and approval process. Any cost reductions or overages that occur in the process will be equally shared by the Parties. The budget below covers estimated costs to be performed over the 7 months beginning [DATE].

* Costs may change if any of the assumptions above changes, if GammaTile LLC makes any material change to the Collaboration Project, including any deliverables.

EXHIBIT C

Steering Committee and Responsibilities

a)      During the term of the Agreement, the Parties will use commercially reasonable efforts to provide oversight of, and coordinate on, the Collaboration Project. Each of the Parties shall appoint for that purpose two (2) or more individuals who will constitute the “ Steering Committee ”. Members of the Steering Committee may change from time to time, and each Party will notify the other of any changes within five (5) business days. The initial members of such Steering Committee will be:

(i)           For IsoRay:                   Bill Cavanagh

                                                     Krista Cline

For escalation:               Tom LaVoy

(ii)          For GammaTile LLC:    David Brachman

                                                     Theresa Thomas

For escalation:                [ TBD ]

b)      Members of the Steering Committee from each of the Parties shall hold conferences in person, by teleconference or by video conference on a regular basis during the term of the Agreement. The site, date and proposed agenda of any meeting shall be determined by mutual agreement between the members of the Steering Committee in a timely manner. All items discussed during such meetings shall be summarised in written minutes.

c)      Decisions of the Steering Committee shall be valid only if made (i) in the presence of at least two representatives of each Party and (ii) unanimously.

d)      The Steering Committee will oversee the Collaboration Project, including:

(i)     maintaining and monitoring the budget for the Collaboration Project     

EXHIBIT D

Other Regulatory Obligations

EXHIBIT E

Background Intellectual Property

See Exhibit E-1 for GammaTile, LLC Patent Summary dated January 14, 2017.

          Methods of separating and purifying Cesium 131

          Methods of attaching Cesium 131 radionuclide to a substrate

          Methods of encapsulation in a titanium shell

          Combination of chemical and mechanical decontamination capable of rapid, efficient removal of surface contamination of the Cs-131 seed

          Automated Assay, Weighing and Binning of Cs-131 seeds based on activity ranges

          Automated seed counting and dispensing per customer requirements

          Automated loading of seeds into various devices (other than GammaTile LLC’s carriers)

o    Cartridges

o    Strands

o    Needles

ISORay U.S. Patents and applications