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Exhibit 10.6

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

ACKNOWLEDGMENT AND AGREEMENT RELATED TO
ASSET PURCHASE AGREEMENT AND
AMENDED AND RESTATED LICENSE AGREEMENT

THIS ACKNOWLEDGMENT AND AGREEMENT (this “Agreement”) is entered into as of November 10, 2022 by and among Fresh Tracks Therapeutics, Inc. (formerly known as Brickell Biotech, Inc.), a Delaware corporation (“Fresh Tracks”), Brickell Subsidiary, Inc., a Delaware corporation (“Brickell Sub” and, together with Fresh Tracks, “Sellers”), Botanix SB Inc., a Delaware corporation (“Buyer”), Botanix Pharmaceuticals Limited, an Australian company (“Buyer Parent”), and Bodor Laboratories, Inc., a Florida corporation (“Bodor”).  Fresh Tracks, Brickell Sub, Buyer, Buyer Parent and Bodor are sometimes referred to in this Agreement individually as a “Party” and collectively as the “Parties.”

BACKGROUND

A.Sellers, Buyer and, solely for limited purposes, Buyer Parent are parties to an Asset Purchase Agreement dated as of May 3, 2022 (the “Purchase Agreement”).  Bodor, Nicholas S. Bodor, and Buyer (as assignee of Sellers) are parties to an Amended and Restated License Agreement dated as of February 17, 2020 (the “License Agreement”).

B.In accordance with the Purchase Agreement, Sellers sold to Buyer certain assets and assigned to Buyer the License Agreement.

C.Section 3.1.2 of the License Agreement provides that Fresh Tracks shall issue to Bodor certain restricted securities of Fresh Tracks upon the occurrence of the two milestone events set forth therein.

D.In connection with Sellers’ assignment of the License Agreement to Buyer, and pursuant to Section 2.18 of the Purchase Agreement, Fresh Tracks agreed to cause the securities required to be issued under Section 3.1.2 of the License Agreement to be issued to Bodor as and when due in accordance with the License Agreement.

E.Prior to Sellers’ assignment of the License Agreement to Buyer, Fresh Tracks fully satisfied its obligation with respect to the First Issuance (as defined in the License Agreement).

F.Buyer, Sellers and Bodor desire for Fresh Tracks to issue a cash payment to Bodor, in lieu of any securities or other equity interests, and pre-pay this amount in full satisfaction of the remaining obligations of each Party under (i) Section 3.1.2 of the License Agreement and (ii) Section 2.18 of the Purchase Agreement.

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound hereby, agree as follows:

1.Payment.  Concurrently with the execution of this Agreement and notwithstanding whether any applicable remaining milestone under Section 3.1.2 of the License Agreement has been achieved, Fresh Tracks shall pay to Bodor, by wire transfer of immediately available funds to the account designated by Bodor in writing, $1,000,000 (the “Payment”).  In consideration of the Payment, and upon receipt of the Payment by Bodor, (a) Bodor hereby agrees that all obligations under Section 3.1.2 of the License Agreement have been fully satisfied and further irrevocably waives any requirement with respect to the issuance of any securities to Bodor pursuant to the License Agreement, and (b) Buyer and Buyer 

Parent hereby agree that all obligations under Section 2.18 of the Purchase Agreement have been fully satisfied and further irrevocably waive any requirement with respect to the issuance of any securities to Bodor pursuant to the Purchase Agreement.

2.Acknowledgment.  Bodor acknowledges that (a) Bodor and Fresh Tracks have entered into that certain Mutual Nondisclosure Agreement, dated as of [***] (the “Nondisclosure Agreement”), (b) Fresh Tracks has provided certain material non-public information relating to Fresh Tracks and its securities to Bodor (the “Confidential Information”), [***] and (c) Bodor has taken the Confidential Information into account when considering whether to execute this Agreement and to accept the Payment in lieu of Bodor’s right to receive Fresh Tracks securities pursuant to Section 3.1.2 of the License Agreement.  Bodor acknowledges and agrees that (i) the value of Fresh Tracks securities is uncertain and may increase or decrease over time, and (ii) it has determined to accept the Payment in lieu of securities issuable under Section 3.1.2 of the License Agreement notwithstanding its consideration of the Confidential Information and how the securities may fluctuate in value over time.

3.Release of Claims; Covenant Not to Sue.  In consideration of the Payment and as a material inducement to Fresh Tracks agreeing to make the Payment, effective upon Bodor’s receipt of the Payment, Bodor, on behalf of itself and its current and former employees, officers, directors, stockholders, owners and affiliates, forever unconditionally, fully, irrevocably and absolutely releases, waives and forever discharges each of Fresh Tracks, Brickell Sub, Buyer and Buyer Parent, as well as any other present or former employees, officers, directors, stockholders, agents, attorneys, affiliates (defined as entities under common ownership or control with a person), subsidiaries, predecessors and successors, assigns, insurers, and all other agents or representatives of each other, including but not limited to any other persons or entities acting by, through, under, or in concert with any of the persons or entities just described (collectively, the “Released Parties”), from any and all known and unknown causes of action, promises, judgments, liens, indebtedness, damages, losses, claims (including attorneys’ fees and costs), debts, liabilities and demands or similar rights of any type of whatsoever kind and character that Bodor may have against the Released Parties, now or hereafter, related to any obligation to issue any securities pursuant to the License Agreement or the receipt of the Payment in lieu thereof (the “Released Claims”).  Bodor covenants, agrees and represents, to the fullest extent permitted by law, that it will not initiate or file a lawsuit or proceeding of any kind to assert any Released Claims, or have instituted on its behalf any of the foregoing, and that it has no such lawsuit, administrative or equitable action, or civil complaint, currently pending.  If any such action covered by this paragraph is brought by or for Bodor against any other Party, this Agreement will constitute an affirmative defense thereto, and the Released Parties named in such action shall be entitled to recover from the Party violating this paragraph their reasonable costs and attorneys’ fees incurred in defending against any Released Claims.

4.Litigation over this Agreement.  The prevailing Party in any litigation to enforce this Agreement shall be entitled to reasonable costs and attorneys’ fees incurred in such litigation payable by the losing Party/ies.

5.Full Force and Effect. The obligations and rights of the applicable Parties under the Purchase Agreement and License Agreement are modified only as expressly provided in this Agreement and shall otherwise continue in full force and effect.  Except as explicitly set forth herein, this Agreement does not modify, supersede or cancel any other agreement by or among any of the Parties, including the Nondisclosure Agreement.  This Agreement shall inure to the benefit of and shall be binding and enforceable by all of the Released Parties.

6.Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Florida other than conflict of laws principles thereof directing the application of any law other than that of Florida.

7.Counterparts.  This Agreement may be executed and delivered (including by facsimile or portable document format transmission) in two or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

[Signature Page Follows]

In witness whereof, the undersigned have caused this Agreement to be executed as of the date first written above. 
Fresh Tracks Therapeutics, Inc.

By:    /s/ Robert B. Brown    
Name:  Robert B. Brown
Title:  Chief Executive Officer
Brickell Subsidiary, Inc.

By:    /s/ Robert B. Brown    
Name:  Robert B. Brown
Title:  Chief Executive Officer
Botanix SB Inc.
By:    /s/ Vince Ippolito    
Name: Vince Ippolito
Title: Executive Chairman
Botanix Pharmaceuticals Limited
By:    /s/ Vince Ippolito    
Name: Vince Ippolito
Title: Executive Chairman
Bodor Laboratories, Inc.
By:    /s/ Nicholas S. Bodor    
Name:  Dr. Nicholas S. Bodor
Title:  Chief Executive OfficerDocument

Exhibit 10.7

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL

AMENDMENT TO
RIGHTS AGREEMENT

This Amendment to Rights Agreement (this “Amendment”) is entered into as of November 10, 2022 by and among (a) Bodor Laboratories, Inc. (“BLI”), a Florida corporation having its principal place of business located at 4400 Biscayne Blvd., Miami, Florida 33137, (b) Brickell Subsidiary, Inc., d/b/a Brickell Biotech, Inc. (“Brickell Sub”), a Delaware corporation having its principal place of business located at 5777 Central Avenue, Boulder, Colorado 80301, and (c) Fresh Tracks Therapeutics, Inc. (formerly known as Brickell Biotech, Inc.), the parent of Brickell Sub (“Brickell Parent” and, together with Brickell Sub, collectively as “FRTX”). Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings given to such terms in that certain Rights Agreement, effective as of May 3, 2022 (the “Rights Agreement”), by and among BLI, Brickell Sub and Brickell Parent. BLI and FRTX also shall be known individually as a “Party” or together as the “Parties”, according to the context.

WHEREAS, the Rights Agreement provides that it may be modified or amended only by written agreement executed by officers or other authorized representatives of the Parties.  

WHEREAS, the Parties desire to amend certain provisions of the Rights Agreement effective as of the date hereof, as set forth below.

NOW, THEREFORE, in consideration of the foregoing, the mutual promises of the Parties contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and fully intending to be legally, finally, and completely bound hereby, the Parties stipulate and agree as follows:

Payments to BLI

The subsections of the Payments to BLI section of the Rights Agreement entitled “Upfront Consideration and Milestone Payments” and “Earnout Payments” are hereby amended and restated in their entirety, effective as of the date hereof and only for payments after the date hereof, as follows:

    Upfront Consideration and Milestone Payments

Pursuant to this Rights Agreement, FRTX agrees to pay BLI Twenty Percent (20.0%) of the amount of each payment due to FRTX from Botanix for Upfront Consideration and Milestone Payments, subject to deductions, credits, or offsets applied under the APA.

Earnout Payments

Pursuant to this Rights Agreement, FRTX agrees to pay BLI the incremental portion of Earnout Payments as described in the table below (that percentage hereafter known as the “BLI Earnout Share”), multiplied by the actual amount of each applicable Earnout Payment due to Brickell from Botanix after deductions, credits, or offsets applied under the APA: 

						
	Portion of Net Sales of Products in the Territory Per Calendar Year	BLI Earnout Share
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]

Full Force and Effect

The Rights Agreement is amended only as expressly provided in this Amendment and shall otherwise continue in full force and effect.

Governing Law and Jurisdiction 

This Amendment shall be governed and construed in accordance with the laws of the State of Florida. The Parties consent to the exclusive jurisdiction of the United States District Court for the Southern District of Florida to resolve any disputes between the Parties in relation to this Rights Agreement.

Counterparts

This Amendment may be executed by the Parties in one or more counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same Amendment.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the Parties have each caused this Amendment to be executed by a duly authorized officer as shown below.

																		
	FRESH TRACKS THERAPEUTICS, INC.		BRICKELL SUBSIDIARY, INC.	
						
						
	/s/ Robert B. Brown			/s/ Robert B. Brown		
						
	Name: Robert B. Brown			Name: Robert B. Brown		
	Title: Chief Executive Officer			Title: Chief Executive Officer		
						
						
	BODOR LABORATORIES, INC.				
						
						
	/s/ Nicholas S. Bodor					
	Name: Dr. Nicholas S. Bodor					
	Title: Chief Executive Officer

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