Document:

Execution Version

FIRST AMENDMENT TO
TERM LOAN CREDIT AGREEMENT

This First Amendment to Term Loan Credit Agreement (this “Amendment”), dated as of April 23, 2020, is entered into by and among New Jersey Resources Corporation, a New Jersey corporation (the “Borrower”), the Guarantors party hereto (collectively with the Borrower, the “Loan Parties”), the Lenders party hereto, and Wells Fargo Bank National Association, as Administrative Agent.

RECITALS

A. The Loan Parties, the several lenders from time to time party thereto (the “Lenders”), and the Administrative Agent are party to the Credit Agreement, dated as of October 9, 2019 (the “Credit Agreement”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement as amended by this Amendment.

B. The Loan Parties have requested that the Lenders amend the Credit Agreement on the terms and conditions set forth herein.

STATEMENT OF AGREEMENT

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

AMENDMENTS TO CREDIT AGREEMENT

1.1 Section 1.1 of the Credit Agreement is hereby amended by amending and restating the definition of “Debt Issuance” in its entirety as follows (the modifications to such definition indicated textually as bold and double-underlined text):

“Debt Issuance” shall mean the issuance of any Borrowed Debt by any Loan Party or any of its Subsidiaries other than (i) Indebtedness incurred by New Jersey Natural Gas, (ii) intercompany Indebtedness among the Borrower and/or its Subsidiaries, (iii) credit extensions under the Existing Revolving Credit Agreement and any refinancing thereof, (iv) issuances by the Borrower and any of its Subsidiaries under short term commercial paper programs, (v) ordinary course letter of credit facilities, overdraft protection and short term working capital facilities, factoring, capital leases, financial leases, hedging and cash management arrangements and purchase money and equipment financings, (vi) the Loans, (vii) Indebtedness of Project Subsidiaries and any guaranties with respect thereto, (viii) other Indebtedness to the extent the Net Cash Proceeds thereof are utilized or are to be utilized to refinance any Borrowed Debt of the Borrower or any of their Subsidiaries to the extent the issuance of incurrence of such Indebtedness occurs within 18 months of the maturity of the applicable Borrowed Debt being refinance and to pay any fees or other amounts in respect thereof (including any prepayment or redemption premiums and accrued interest thereon), (ix) seasonal lines of credit for the purchase of natural gas and (x) other Indebtedness (other than Indebtedness pursuant to or resulting from any Senior Note Issuance) in an aggregate principal amount up to $50,000,000. For the avoidance of doubt, and notwithstanding anything to the contrary herein or otherwise, (A) each Senior Note Issuance shall constitute a “Debt Issuance” and (B) a 364-day senior unsecured line of credit converting to a term loan to be entered into by the Borrower, the Guarantors, the lenders from time to time party thereto and PNC Bank, National Association, as administrative agent, in an aggregate principal amount not exceeding $250 million shall not constitute a “Debt Issuance”.

ARTICLE II

CONDITIONS OF EFFECTIVENESS

2.1 The amendment set forth in ARTICLE I shall become effective as of the date when, and only when, the Administrative Agent shall have received an executed counterpart of this Amendment from each Loan Party and Lenders constituting the Required Lenders.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

3.1 To induce the Administrative Agent and the Lenders to enter into this Amendment, the Loan Parties, jointly and severally, represent and warrant to the Administrative Agent and each of the Lenders on and as of the date hereof, that: (i) it has taken all necessary action to authorize the execution, delivery and performance of this Amendment, (ii) this Amendment has been duly executed and delivered by such Loan Party and constitutes such Loan Party’s legal, valid and binding obligations, enforceable in accordance with its terms, except to the extent that enforceability of this Amendment may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforceability of creditors’ rights generally or limiting the right of specific performance, (iii) no consent, approval, exemption, order or authorization of, or a registration or filing with, any Official Body or any other Person is required by any Law or any agreement as a condition to the execution, delivery and carrying out of this Amendment by any Loan Party, (iv) the representations and warranties set forth in Article 6 of the Credit Agreement are true and correct in all material respects (or if qualified by materiality or material adverse effect or material adverse change, in all respects), (v) both before and after giving effect to this Amendment, no event has occurred and is continuing which constitutes an Event of Default or Potential Default and (vi) the Obligations are not reduced by this Amendment and are not subject to any offsets, defenses or counterclaims.

ARTICLE IV

ACKNOWLEDGEMENT AND CONFIRMATION

4.1 Each Loan Party hereby confirms and agrees that, after giving effect to this Amendment, the Credit Agreement and the other Loan Documents to which it is a party remain in full force and effect and enforceable against such party in accordance with their respective terms, as modified hereby, and shall not be discharged, diminished, limited or otherwise affected in any respect.

ARTICLE V

MISCELLANEOUS

5.1 Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF).

5.2 Loan Document. As used in the Credit Agreement, “hereinafter,” “hereto,” “hereof,” and words of similar import shall, unless the context otherwise requires, mean the Credit Agreement after amendment by this Amendment. Any reference to the Credit Agreement or any of the other Loan Documents herein or in any such documents shall refer to the Credit Agreement and the other Loan Documents as amended hereby. This Amendment is limited to the matters expressly set forth herein, and shall not constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Credit Agreement except as expressly set forth herein. This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.

5.3 Expenses. The Loan Parties shall pay all reasonable and documented fees and expenses of counsel to the Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Amendment.

5.4 Severability. To the extent any provision of this Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in any such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this Amendment in any jurisdiction.

5.5 Successors and Assigns. This Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto.

5.6 Construction. The headings of the various sections and subsections of this Amendment have been inserted for convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof.

5.7 Counterparts; Integration. This Amendment may be executed and delivered via facsimile or electronic format with the same force and effect as if an original were executed and may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures hereto were upon the same instrument. The words “executed,” “signed,” “signature,” and words of like import in shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. This Amendment constitutes the entire contract among the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized officers as of the date first above written.

BORROWER:

	NEW JERSEY RESOURCES CORPORATION
	 
	By:	  	/s/ Roberto F. Bel	[Seal]
	Name:		Roberto F. Bel	
	Title:		Treasurer	

SIGNATURE PAGE TO
FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT

GUARANTORS:

	NJR ENERGY SERVICES COMPANY
	 
	By:	  	/s/ Roberto F. Bel
	Name:		Roberto F. Bel 
	Title:		Treasurer
	 
	NJR HOME SERVICES COMPANY
	 
	By:	 	/s/ Patrick J. Migliaccio
	Name:	 	Patrick J. Migliaccio 
	Title:		Senior Vice President, Chief Financial
			Officer and Treasurer
	 
	COMMERCIAL REALTY AND RESOURCES

CORP.
	 
	By:	 	/s/ Patrick J. Migliaccio
	Name:	 	Patrick J. Migliaccio 
	Title:		Senior Vice President, Chief Financial
			Officer and Treasurer
	 
	PHOENIX FUEL MANAGEMENT COMPANY
	 
	By:	 	/s/ Patrick J. Migliaccio
	Name:	 	Patrick J. Migliaccio 
	Title:		Senior Vice President, Chief Financial
			Officer and Treasurer

SIGNATURE PAGE TO
FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT

 
	NJR SERVICE CORPORATION 
	 	  	
	By:		/s/ Roberto F. Bel
	Name:		Roberto F. Bel
	Title:		Treasurer
	 		
	NJR CLEAN ENERGY VENTURES

CORPORATION 
	 		
	By:		/s/ Roberto F. Bel
	Name:		Roberto F. Bel
	Title:		Treasurer
	 		
	NJR MIDSTREAM HOLDINGS

CORPORATION 
	 		
	By:		/s/ Roberto F. Bel
	Name:		Roberto F. Bel
	Title:		Treasurer
	 		
	NJR ENERGY INVESTMENTS

CORPORATION 
	 		
	By:		/s/ Roberto F. Bel
	Name:		Roberto F. Bel
	Title:		Treasurer
	 		
	NJR PLUMBING SERVICES, INC. 
	 		
	By:		/s/ Patrick J. Migliaccio
	Name:		Patrick J. Migliaccio
	Title:		Senior Vice President, Chief Financial
			Officer and Treasure

SIGNATURE PAGE TO
FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT

 
	NJR RETAIL HOLDINGS CORPORATION
	 	  	
	By:		/s/ Patrick J. Migliaccio
	Name:		Patrick J. Migliaccio
	Title:		Senior Vice President, Chief Financial
			Officer and Treasurer
	 		
	NJR CLEAN ENERGY VENTURES II

CORPORATION
	 		
	By:		/s/ Roberto F. Bel
	Name:		Roberto F. Bel
	Title:		Treasurer
	 		
	NJR CLEAN ENERGY VENTURES III

CORPORATION
	 		
	By:		/s/ Roberto F. Bel
	Name:		Roberto F. Bel
	Title:		Treasurer

SIGNATURE PAGE TO
FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT

 
	WELLS FARGO BANK, NATIONAL
	ASSOCIATION, as Administrative Agent and as a
	Lender
	 	  	
	By:		/s/ Jesse Tannuzzo
	Name:		Jesse Tannuzzo
	Title:		Vice President

SIGNATURE PAGE TO
FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT

 

	JPMorgan Chase Bank, N.A., as a Lender
	 
	By:	  	/s/ Tom K. Martin
	Name:		Tom K. Martin
	Title:		Vice President

SIGNATURE PAGE TO
FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT

 

	TRUIST BANK (formerly known as Branch
	Banking and Trust Company), as a Lender
	 
	By:	  	/s/ Matthew J. Davis
	Name:		Matthew J. Davis
	Title:		Senior Vice President

 

SIGNATURE PAGE TO
FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT

	TD Bank, N.A., as a Lender
	 
	By:	  	/s/ Shannon Batchman
	Name:		Shannon Batchman
	Title:		Senior Vice President

SIGNATURE PAGE TO
FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENT

 
	The Bank of Nova Scotia, as a Lender
	 
	By:	  	/s/ David Dewar
	Name:		David Dewar
	Title:		Director

 

SIGNATURE PAGE TO
FIRST AMENDMENT TO TERM LOAN CREDIT AGREEMENTExhibit 10.1

 

FORM OF AMENDMENT NO. 1 SECURITIES PURCHASE AGREEMENT

 

THIS AMENDMENT NO. 1 TO SECURITIES PURCHASE AGREEMENT (this “Amendment”), is made and entered into as of April 27, 2020 (the “First Amendment Effective Date”), by and among BioPharmX Corporation, a Delaware corporation (“BioPharmX”), Timber Pharmaceuticals LLC, a Delaware limited liability company (“Timber”)  and each investor signatory hereto (each, an “Investor”). Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in that certain Securities Purchase Agreement, made and entered into as of March 27, 2020  by and among BioPharmX, Timber, the Investor and other investors (“Other Investors”) listed on the Schedule of Buyers attached thereto (the “Securities Purchase Agreement”).

 

RECITALS

 

A.            Section 10(e) of the Securities Purchase Agreement provides that the Securities Purchase Agreement may not be amended except by the approval of BioPharmX, Timber and the Required Holders (as defined in the Securities Purchase Agreement).

 

B.            The parties hereto have determined that this Amendment is advisable and in the best interests of their respective entities to enable the condition to the Merger that the BioPharmX remain listed on the NYSE American Exchange (“NYSE”) to be satisfied, and this Amendment shall be read in a manner consistent with NYSE regulations so as to effectuate such purpose.

 

C.            The parties hereto wish to amend the Securities Purchase Agreement as set forth in this Amendment, which shall be effective (such time, the “Effective Time”) upon receipt by BioPharmX and Timber of (i) this Amendment duly executed and delivered by BioPharmX, Timber and the Investor and (ii) other amendments to the Securities Purchase Agreement substantially identical in form and substance to this Amendment duly executed and delivered by BioPharmX, Timber and certain Other Investors, which together with the Investor represent the Required Holders (as defined in the Securities Purchase Agreement)

 

AGREEMENT

 

The parties to this Amendment, intending to be legally bound, hereby agree as follows:

 

1.              Amendments to Section 1.

 

Section 1(a) of the Securities Purchase Agreement is hereby amended and replaced in its entirety with the following paragraph:

 

“              (a) Purchase of Initial Common Units.  Subject to the satisfaction (or waiver) of the conditions set forth in Section 7 and 8 below, (x) Timber shall issue and sell to each Buyer, and each Buyer severally, but not jointly, agrees to purchase from Timber on the Closing Date (as defined below), the number of Initial Common Units as is set forth opposite such Buyer’s name in column (3) on the Schedule of Buyers, (y) Timber shall issue to each Buyer for no additional consideration, on the Closing Date (as defined below), a number of Timber Common Units equal to the lesser of (1) the number of Timber Common Units equal to the Buyers’ Allocation Number issuable as Additional Common Units and (2) such number of Timber Common Units that such Buyer indicates in writing to Timber on or prior to the Closing Date that it can receive without, after giving effect to the Merger, exceeding the Maximum Percentage (as defined in Section

 

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1(c)(iv) below) and (z) Timber shall issue in escrow in the name of the Escrow Agent a number of shares of Timber Common Units equal to the difference between (1) such Buyers’ Allocation Number issuable as Additional Common Units and (2) the number of Timber Common Units issued to such Buyer in accordance with clause (y) above, in accordance with the terms hereof and the Securities Escrow Agreement (the “Closing”).

 

Section 1(c)(i) of the Securities Purchase Agreement is hereby amended by inserting the following immediately after the first paragraph:

 

“For purposes of this Agreement, the “Final Per Share Price” shall be equal to the greater of (a) the Reset Floor Price (as defined in the Warrants) and (b) eighty-five percent (85%) of the sum of the three (3) lowest Weighted Average Prices (as defined in the Warrants) of the BioPharmX Common Stock during the period beginning on the first (1st) Trading Day (as defined in the Warrants) immediately following the Closing Date and ending on the Warrant Closing Date, inclusive (as adjusted for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock splits or other similar events during such period), divided by three (3).”

 

Section 1(c)(ii) of the Securities Purchase Agreement is amended and replaced in its entirety with the following paragraph:

 

“(ii) Obligation to Deliver Additional Common Units.  Promptly, but in any event by no later than (x) the Trading Day immediately following the Closing Date and/or (y) if Section 1(c)(iv) prevents the delivery on the Trading Day immediately following the Closing Date of all or any portion of the Exchange Shares (as defined in Section 5(d)) issued into escrow pursuant to the Securities Escrow Agreement in exchange of Additional Common Units to a Buyer, the second (2nd) Trading Day immediately after the delivery to BioPharmX of a notice by such Buyer in the form attached hereto as Exhibit D setting forth such Buyer’s election to receive all or any portion of the Exchange Shares issued in exchange of the Additional Common Units and the delivery of which is no longer prevented by Section 1(c)(iv) (a “Capacity Notice”) (the Trading Day immediately following the Closing Date and each second (2nd) Trading Day immediately following the delivery to BioPharmX of a Capacity Notice, an “Additional Exchange Shares Delivery Date”), subject to Section 1(c)(iv), BioPharmX shall, in each case, without any additional consideration, cause the Escrow Agent to transfer from the escrow account governed by the Securities Escrow Agreement and deliver by crediting to such Buyer’s or its designee’s balance account with The Depository Trust Company (“DTC”) through its Deposit / Withdrawal At Custodian system, the Additional Common Units (once exchanged for the Exchange Shares as set forth herein) (as adjusted for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock splits or other similar events occurring after the date hereof and including any securities, cash, rights or other property distributed with respect to such Additional Common Units or in exchange for such Additional Common Units), which such Exchange Shares issued in exchange of Additional Common Units shall be equal to the number of Exchange Shares issued in exchange for the Additional Common Units deposited in such Buyer’s escrow account (as adjusted for stock splits, stock dividends, recapitalizations, reorganizations, reclassification, combinations, reverse stock splits or other similar events occurring after the date hereof). The Securities Escrow Agreement shall provide that Timber, prior to the Merger, or BioPharmX, after the Merger, or its designee, has the power to vote each Exchange Share, not the Buyer, for so long as such Exchange Share is held in escrow. The Securities Escrow Agreement shall be in a form reasonably satisfactory to all parties hereto.”

 

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Section 1 of the Securities Purchase Agreement is further amended to add the following paragraphs as Section 1(g):

 

“(g) Amendment Relating to Series B Warrants; Acceleration of Exercises. Notwithstanding anything set forth in this Agreement, if immediately prior to the Effective Time on the Closing Date, following (i) the issuance of the Additional Common Units to the Buyer and the Escrow Agent at Closing under Section 1(c)(ii) above and to all Buyers and the Escrow Agent under comparable provisions, and (ii) the issuance of a number of shares of BioPharmX Common Stock equal to the Limit Number pursuant to Amendment No. 2 to the Merger Agreement, dated as of the date hereof, by and among BioPharmX, Timber and certain other parties (the “Merger Amendment”), the product of the New Outstanding Number times the NYSE Closing Price (the “Market Value”) would still be less than $50 million, then each applicable Buyer agrees to purchase, and BioPharmX agrees to sell, for immediate delivery by BioPharmX to the Escrow Agent immediately following the Effective Time on the Closing Date, at a price of $0.001 per share, a number of shares of restricted BioPharmX Common Stock (the “Restricted Stock”) with a value (based on the NYSE Closing Price) equal to the applicable Buyer’s percentage that is calculated by dividing (x) the aggregate Purchase Price to be paid by such Buyer under the Schedule of Buyers annexed to the Securities Purchase Agreement by (y) $25 million (the “Buyer Percentage”) of $50 million less the Buyer Percentage of the Market Value, such that, following the purchases by all Buyers, the Market Value of the New Outstanding Number plus the value of the shares of Restricted Stock issued pursuant to this Section 1(g) contemporaneously with the Effective Time shall be equal to $50 million; provided, that if the number of shares of Restricted Stock would otherwise exceed the Buyer Percentage of 67,000,000 pre-reverse split shares, the number of shares of Restricted Stock purchased pursuant to this Section 1(g) shall equal the Buyer Percentage of 67,000,000 pre-reverse split shares.

 

Furthermore, any purchase pursuant to this Section 1(g) shall be deemed among the parties an acceleration of the exercise of such purchaser’s Series B Warrant, such that the Initial Maximum Eligibility Number and Maximum Eligibility Number (as such terms are defined in such purchaser’s Series B Warrant) shall be reduced, but not below zero, by the number of shares of Restricted Stock issued to such purchaser pursuant to this Section 1(g), and the Series B Warrant issued to such purchaser on the Warrant Closing Date shall reflect such lesser number of shares of BioPharmX Common Stock.  Any shares of BioPharmX Common Stock issued hereunder shall be Restricted Stock, and bear a legend reflecting such securities laws restrictions, consistent with the terms of the Series B Warrants.  In addition, the legend removal provisions, including any liquidated damages provisions relating to failure to timely issue securities without restrictive legends and/or to remove restrictive legends, shall apply to the Restricted Stock as if the Restricted Stock were issued pursuant to the Series B Warrants.  Notwithstanding anything to the contrary contained in the Registration Rights Agreement, the Restricted Stock shall be deemed to be Registrable Securities under the terms of the Registration Rights Agreement and shall be registered for resale along with the shares of Common Stock underlying the Series A Warrants and the Series B Warrants.

 

Promptly but in any event by no later than (x) the Trading Day immediately following the Closing Date and/or (y) if Section 1(c)(iv) prevents the delivery on the Trading Day immediately following the Closing Date of all or any portion of the shares of Restricted Stock, the second (2nd) Trading Day immediately after the delivery to BioPharmX of a notice by such Buyer in the form attached hereto as Exhibit D setting forth such Buyer’s election to receive all or any portion of the Restricted Stock such Buyer is entitled to pursuant to this Section 1(g) and the delivery of which is no longer prevented by Section 1(c)(iv) (a “Restricted Stock Capacity Notice”) (the Trading Day immediately following the Closing Date and each second (2nd) Trading Day immediately

 

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following the delivery to BioPharmX of a Restricted Capacity Notice, an “Additional Restricted Stock Delivery Date”), subject to Section 1(c)(iv), BioPharmX shall, in each case, without any additional consideration, cause the Escrow Agent to transfer from the escrow account governed by the Restricted Stock Escrow Agreement (as defined below) and deliver a certificate bearing a restricted stock legend representing such shares of Restricted Stock.

 

Any shares of Restricted Stock issued pursuant to this Section 1(g) shall be placed into escrow with the Escrow Agent pursuant to a separate escrow agreement (the “Restricted Stock Escrow Agreement”). The Restricted Stock Escrow Agreement shall provide that Timber, prior to the Merger, or BioPharmX, after the Merger, or its designee, has the power to vote each share of Restricted Stock, not the Buyer, for as long as such share of Restricted Stock is held in escrow. The Restricted Stock Escrow Agreement shall be in a form reasonably satisfactory to all parties hereto.

 

For purposes of this Section 1(g) only, capitalized terms not otherwise defined in this Agreement shall have the meaning assigned to such terms in the Merger Amendment.”

 

2.              Effectiveness.  The provisions of this Amendment shall be effective, and shall only be effective, upon the Effective Time.

 

3.              No Group.  BioPharmX hereby acknowledges and agrees with the Investor that it is not aware of any relationship between the Investor and any Other Investors, other than the relationship between the Investor and funds managed by the investment manager of the Investors.  Timber hereby acknowledges and agrees with the Investor that it is not aware of any relationship between the Investor and any Other Investors, other than the relationship between the Investor and funds managed by the investment manager of the Investors.

 

4.              Continuing Effectiveness; Entire Agreement. Except as expressly modified by this Amendment from and after the Effective Time, the Securities Purchase Agreement shall remain in full force and effect in accordance with its terms, with each of BioPharmX, Timber and the Investor ratifying, adopting and affirming the Securities Purchase Agreement and otherwise intending to be bound thereby. From and after the Effective Time, this Amendment shall be deemed an amendment to the Securities Purchase Agreement. Upon the effectiveness of this Amendment, all references in the Securities Purchase Agreement to “the Agreement” or “this Agreement,” as applicable, shall refer to the Securities Purchase Agreement, as modified by this Amendment and the Other Amendments.

 

5.              Miscellaneous. Section 10 of the Securities Purchase Agreement is hereby incorporated into this Amendment mutatis mutandis.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, the parties have caused this Amendment to be executed as of the date first above written.

 

	
 
    	
BIOPHARMX   CORPORATION
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
Steven M. Bosacki
    
	
 
    	
Title:
    	
Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
TIMBER   PHARMACEUTICALS LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
John Koconis
    
	
 
    	
Title:
    	
Chief Executive Officer
    

 

	
 
    	
Investor
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

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