Document:

EX-10.25

 Exhibit 10.25 

[*Confidential Treatment has been requested as to certain portions of this document. Each such portion, which has been omitted herein and replaced with an
asterisk [*], has been filed separately with the Securities and Exchange Commission.] 
 PHASE 3 CLINICAL and COMMERCIAL SUPPLY
AGREEMENT 
 (STERILE PUMPS) 

THIS SUPPLY AGREEMENT (this “Agreement”) is effective as of March 24, 2014 (the “Effective Date”) and
is between Dance Biopharm Inc., a company organized under the laws of Delaware, with principal offices at 150 North Hill Drive #24, Brisbane, California 94103 (“DANCE”), AERO PUMP GmbH organized under the laws
of Germany,with principle office located in Dr.-Ruben-Rausing-StraBe. 5 65239 Hochheim/Main (“AERO PUMP”) AERO PUMP subsidiary URSATEC Verpackung-GmbH, organized under the laws of Germany, with principal office located at
SchillerstraBe 4 66606 St. Wendel (“URSATEC”) and any other AERO PUMP subsidiary or associated company. 
 DANCE, AERO PUMP and URSATEC
(including any subsidiary or associated company) are individually referred to herein as a “Party” and are collectively referred to herein as the “Parties”. 

BACKGROUND 

A. DANCE wishes to engage AERO PUMP to perform services for DANCE, as more specifically set forth herein, in connection with the manufacturing
and supply of PUMPs (as defined below) for use in DANCE’s Product(s) (as defined below). 
 B. AERO PUMP wishes to perform such
services, all on the terms and conditions set forth in this Agreement. 
 COVENANTS 

In consideration of the mutual covenants and promises set forth herein, and intending to be legally bound hereby, the Parties agree as
follows: 
 ARTICLE 1 

DEFINITIONS 
 The
following terms, whether used in the singular or plural, shall have the meanings assigned to them below for purposes of this Agreement 

“Pump Price (s)” shall have the meaning set forth in Section 8.1(a) hereof. 

“Pump Specifications” shall mean the specifications for the sterile pumps as determined in accordance with this Agreement,
the analytical methodology set forth and in accordance with the terms and conditions of the Quality Agreement. 

  

			
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 “Agreement” shall mean this Supply Agreement, as it may hereafter be amended or
supplemented from time to time. 
 “Applicable Laws” mean all applicable federal, state, provincial and local laws,
statutes, ordinances, rules, and regulations of any kind whatsoever, and any applicable orders, injunctions, or decrees of any court, administrative agency, or similar authority, whether federal, state, provincial or local, including the laws, rules
and regulations imposed by the United States Food and Drug Administration, EMA or other Regulatory Authorities with jurisdiction over the services to be provided by AERO PUMP hereunder. 

“cGMPs” shall mean applicable standards for current good manufacturing practices of PUMPS specified in(i) EN ISO 15378 and
(ii) the EU GMP Guidelines, all as amendeded or updated from time to time. For clarity, such definition of cGMPs shall not include other country-specific regulatory requirements. 

“Certificate of Analysis” shall mean a document, signed by an authorized representative of AERO PUMP, certifying the
Specifications for, and testing methods applied to, the PUMPS, and the results thereof, and which includes the PUMPS date of manufacture, date for re-testing or expiration date as appropriate. 

“Certificate of cGMP Compliance” shall mean a document, signed by an authorized representative of AERO PUMP, certifying that
the PUMPS being delivered to DANCE has been manufactured in conformity with cGMPs. 
 “Confidential Information” shall
mean, as the case may be, any and all information relating to the PUMPS, of a confidential nature not known to the public or to the recipient of the information before its disclosure belonging to either Party in written, electronic or any other
form. This includes, but is not limited to, Know-How, operational methods, formulae, samples, Specifications, analytical methods as well as any details of commercial, technical, pharmaceutical, scientific and industrial nature. The terms of this
Agreement shall also be deemed Confidential Information. Confidential Information shall not include information, materials, technical data or Know-How which: (i) is in a receiving Party’s possession at the time of disclosure as evidenced
by the receiving Party’s written records immediately prior to the time of disclosure; (ii) is in the public domain at the time of disclosure; (iii) becomes part of the public domain by publication or otherwise after disclosure
hereunder other than by breach of this Agreement by a receiving Party; (iv) is disclosed to a receiving Party by a third party having the right to disclose such information without any violation of any rights of or obligations to the disclosing
Party; or (v) is independently developed by an employee or agent of a receiving Party without knowledge of the disclosing Party’s Confidential Information as evidenced by the receiving Party’s written records. 

“Contract Year” means each consecutive twelve (12) month period beginning on the Effective Date. 

“Drug Master File” or “DMF” means a submission to EMA or other regulatory authority by AERO PUMP that may be
used to provide confidential detailed information about facilities, processes or articles used in the manufacturing, processing, packaging and storing of the PUMPS. 

  

			
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 “EMA” shall mean the European Medicines Agency or any successor entity thereto. 

“FDA” shall mean the United States Food and Drug Administration or any successor entity thereto. 

“FD&C Act” shall mean the United States Federal Food, Drug and Cosmetic Act, as amended. 

“Force Majeure Event” shall have the meaning set forth in Section 17.1 hereof. 

“Government Authority” means any United States federal, state or local or any foreign government, or political subdivision
thereof, or any multinational organization or authority or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power, any court or tribunal (or any
department, bureau or division thereof), or any arbitrator or arbitral body. 
 “ICH Guidelines” shall mean the documents
titled “Q9 - Quality Risk Mangement”, and “Q10- Pharmaceutical Quality Systems” endorsed by the International Conference on Harmonisation of Technical Requirements for Registrations of Pharmaceuticals. 

“Invention” shall mean information relating to any innovation, improvement, development, discovery, computer program, device,
trade secret, method, Know-How, process, technique or the like, whether or not written or otherwise fixed in any form or medium, regardless of the media on which contained and whether or not patentable or copyrightable. 

“Know-How” shall mean all confidential and identified technical and scientific information and data, irrespective of its
subject-matter and form, including, but not limited to, processes, formulae, designs and data as well as Inventions and improvements whether patentable or not. 

“Market Authorization Approval” shall mean applications to market a new drug. Such applications document safety and efficacy
of the investigational drug and contain all the information collected during the drug development process. At the conclusion of successful preclinical and clinical testing, this series of documents is submitted to the FDA in the U.S. or EMA in
Europe or to the applicable regulatory authorities in other countries. The application must present substantial evidence that the drug will have the effect it is represented to have when people use it or under the conditions for which it is
prescribed, recommended or suggested in the labeling. 
 “PO” shall have the meaning set forth in Article 5 hereof. 

“Product” shall mean DANCE’s finished insulin product for clinical use and pending successful trial, for commercial use.

  

			
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 “Pump” shall mean sterile pumps manufactured by AERO PUMP in accordance with the
Specifications, for use in the Product. 
 “Quality Agreement” shall mean the Quality Agreement described in Article 6
which the parties shall in good faith negotiate and execute within ninety (90) days after the execution of this Agreement, and which shall be made part hereof. 

“Recall” shall have the meaning set forth in Section 11.2(a) hereof. 

“Recalled Product” shall mean any Product subject to a Recall. 

“Regulatory Change” shall have the meaning set forth in Section 18.2 hereof. 

“Specifications” shall mean the PUMPS Specifications and the Packaging Specifications. 

“Term” shall have the meaning set forth in Section 10.1 hereof. 

“Third Party” shall mean any person or entity other than DANCE, AERO PUMP and their respective Affiliates. 

“Third Party Claims” shall have the meaning set forth in Section 12.1 hereof. 

ARTICLE 2 

MANUFACTURE, SALE AND PURCHASE OF PUMPS; 

2.1 Subject to the terms and conditions of this Agreement, AERO PUMP shall manufacture and supply to DANCE and DANCE shall purchase from AERO PUMP, such
quantities of PUMPS required for Phase 3 clinical development and for commercial sale of the Product. All PUMPS to be supplied under this Supply Agreement shall be manufactured by AERO PUMP in conformance with Specifications, Applicable Laws, and
cGMP. AERO PUMP shall also make commercially reasonable efforts to follow the current ISO 13485 guidelines, ICH guidelines and US 21 CFR 820 (although this formal certification is not required). Prior to the approval of Pump Code no. 70-0195-00 for
the US market, compliance to US 21 CFR 820 will be required. 
  

	2.2	Aero Pump shall supply exclusively for DANCE the Pump Code no. 70-0195-00 with a custom made actuator and cover cap in a selected Pantone color. Descriptions are included in the material datasheet and the product
specification for Pump Code no. 70- 0195-00. DANCE will have exclusive use of the tooling for the actuator, cover cap and housing made specifically for the Pump Code no. 70-0195-00. 

  

			
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 ARTICLE 3 

COOPERATION WITH REGULATORY REQUIREMENTS 

3.1 Cooperation. The Parties shall cooperate with one another as may be reasonably necessary or appropriate to satisfy all Regulatory requirements and obtain
all needed permits, approvals and licenses with respect to the manufacture and supply of the PUMPS (see Section 6.10 of this Agreement). 
 3.2
Regulatory Actions. AERO PUMP agrees to provide to DANCE, as requested, with all information and data in AERO PUMP’s possession or control for DANCE to obtain and maintain Market Authorization Approvals for the Product in any country, including
information relating to the facility, or the methodology, raw materials used in the manufacture, processing or packaging of PUMPS, or any other matters, if proven by DANCE, that are required or requested to be provided to the CFDA (China FDA), EMA,
FDA or any other RegulatoryRegulatory Authority. In addition, AERO PUMP agrees to cooperate with DANCE with respect to obligations to submit or report information relevant to PUMPS pursuant to CFDA, EMA, FDA regulations , the FD & C Act and
all other Applicable Laws. 
 Such cooperation shall include communicating with FDA, EMA, CFDA and other Government Authorities and making available as
promptly as practicable all information, documents and other materials which result from the performance by AERO PUMP of its services hereunder which DANCE is required to submit or which DANCE may otherwise reasonably request in connection with any
Regulatory filings relating to the PUMPS. 
 Notwithstanding the foregoing, it shall be the responsibility of (i) DANCE to obtain and maintain all such
permits, approvals and licenses which are specific to the PUMPS or the Product, and (ii) AERO PUMP to obtain and maintain all such permits, approvals and licenses which are generally required for the Production Site and to maintain the Drug
Master File in respect of the PUMPS. AERO PUMP shall support DANCE’s clinical regulatory filling(s) and any Market Authorization Approvals by providing the following documentation: (i) Certificate of Analysis with each lot conforming to EP
and USP monographs; (ii) Letter of access to the DMF as necessary for any regulatory filings with CFDA, FDA, EMA or any other Regulatory Authorities (iii) other regulatory documents and information required for EU clinical trial and
Information on the PUMPS to comply with requirements of the European Clinical Trials Directive and the CHMP guideline on the requirements to the chemical and pharmaceutical quality documentation concerning investigational medicinal products in
clinical trials and (iv) any other regulatory documents and information required for the conduct of any clinical trials for the Product and the filing of any applications seeking Market Authorization Approval in any country of the world. . 

AERO PUMP shall make commercially reasonable efforts to prepare for regulatory inspections by CFDA, EMA, FDA and other Regulatory Authorities, as applicable,
and shall permit such authorities to conduct such inspections of the Production Site at which any of the manufacturing or processing activities relating to the PUMPS are performed, as such Regulatory Authorities may request, including pre-approval
inspections. AERO PUMP shall cooperate with such Regulatory Authorities with respect to such inspections related to the manufacture and supply of PUMPS. AERO PUMP shall (a) give DANCE prior written notice of any such inspections of the
Production Site related to the PUMPS whenever reasonably possible and provide a copy of any written document received from such Regulatory Authority; (b) during such inspection 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
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AERO PUMP shall allow personnel from DANCE to be on site and present within the “back room”; and (c) keep DANCE informed about the results and conclusions of each such regulatory
inspection by furnishing to DANCE a copy of any report received from such Regulatory Authority, within ten (10) days after AERO PUMP’s receipt of any such report. If corrective actions are required, AERO PUMP will make commercially
reasonable efforts to correct deficiencies of such audit observations in a prompt and efficient manner. In the event that the implementation of required changes is outside of what is “comerically reasonable” for AERO PUMP, DANCE and AERO
PUMP will discuss a potential cost sharing arrangement for implementing required changes. 
 3.2 Drug Master Files. AERO PUMP shall
provide the appropriate authorizations to each applicable Regulatory Authority allowing DANCE the right to reference all Drug Master Files to apply for, obtain and maintain any Market Authorization Approval or other regulatory approvals for the
Product developed, manufactured and/or commercialized by DANCE. DANCE shall be able to view the Drug Master File on site at AERO PUMP. 
 AERO PUMP shall
correct any deficiencies of such Drug Master File identified by any Regulatory Authority in a prompt and efficient manner so as to prevent any delay in DANCE obtaining regulatory approval for a Product. In addition, AERO PUMP shall be responsible
for maintaining such Drug Master File in accordance with EU Laws and ensuring that all data and information incorporated therein is accurate and current as necessary to support obtaining and maintaining the applicable Market Authorization Approvals
and regulatory filings by DANCE. 
 ARTICLE 4 

SPECIFICATIONS & SPECIFICATION CHANGES 

4.1 Specifications: AERO PUMP agrees that, prior to each shipment of PUMPS, it shall perform quality control procedures necessary to
ensure that the PUMPS to be shipped conform fully to the Specifications listed within the Product Specificaton document for Pump Code no. 70-0195-00. Release testing should include 1) number of actuations to prime, 2) nominal shot weight, 3) All
other tests as required by Product Specification for Pump Code no. 70-0195-00. Each shipment of PUMPS shall be accompanied by a Certificate of Analysis (describing all current requirements of the Specifications and results of tests performed
certifying that the quantities of PUMPS supplied have been manufactured, controlled and released according to the Specifications and all Applicable Laws, including confirmation that the material has been manufactured, packaged and tested in
accordance with cGMP requirements, and such additional documents as may be specified in the Quality Agreement or as otherwise reasonably required and specified in POs by DANCE from time to time). The Certificate of Analysis should also include
dimensional analysis of all the sub-lots of components that were used to assemble the final pump lot and the actual measurements decribed in the Specifications. 

4.3 Specification Changes: Upon any change in the PUMPS Specifications or Packaging Specifications requested by DANCE (“DANCE
Specification Changes”), including the addition of new packaging configurations, DANCE shall promptly advise AERO PUMP in 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
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writing of any requested DANCE Specification Changes, and AERO PUMP shall promptly advise DANCE as to the feasibility of the DANCE Specification Changes, and if in AERO PUMP’s reasonably
exercised discretion, the DANCE Specification Changes are found to be commercially reasonable and feasible, AERO PUMP will inform DANCE of any scheduling and/or price adjustments which may result from the DANCE Specification Changes.

4.4 Price Adjustment. Prior to implementation of DANCE Specification Changes, the Parties shall negotiate in good faith in an attempt
to reach agreement on (a) the new PUMP Price for any PUMP which embodies the DANCE Specification Changes, (b) any amounts to be reimbursed by DANCE to AERO PUMP as described in the next sentence of this paragraph, and (c) any other
amendments to this Agreement which may be necessitated by the DANCE Specification Changes (i.e., an adjustment to the lead time for POs). DANCE shall reimburse AERO PUMP for the mutually agreed upon reasonable expenses incurred by AERO PUMP as a
result of the DANCE Specification Changes, including, but not limited to, reimbursing AERO PUMP for its mutually agreed validation and development costs, and costs for any reasonable inventory of packaging components or other materials maintained by
AERO PUMP for purposes of this Agreement and consistent with the PO, and rendered unusable as a result of the DANCE Specification Changes.

4.5 Changes in Manufacturing Processes. AERO PUMP shall provide DANCE with not less than six (6) months’ prior written notice
of AERO PUMP’s implementation of any intended significant material change(s) to its manufacturing processes for the PUMPS (including equipment, packaging, testing, specifications, or any item specifically mentioned in the DMF), which might
affect the quality of the PUMPS or any Market Authorization Approvals for the Product (“Change Notice”) (e.g. any change in the PUMPS Specifications or Packaging Specifications made by AERO PUMP other than pursuant to a DANCE
request). Any changes that may have impact on quality and/or stability of PUMPS will require written approval by DANCE, and such approval should not be unreasonably withheld. If a significant change is implemented by AERO PUMP and DANCE
provides AERO PUMP with demonstrable evidence that the utility (i.e. the conditions of being useful as a pharmaceutical product in connection with the manufacture and performance of the Product) of the PUMPS is significantly altered in that there is
no similar bioequivalence (to PUMPS before the significant change) or similar Product specifications when formulated in the final Product formulation (together, “Utility Loss”), the parties shall exert their reasonable
commercial efforts to resolve issues related to the Utility Loss in order to continue operating under this Agreement. In the case of pending specification change, AERO PUMP shall allow DANCE ninety (90) days to purchase PUMPS supply needed
prior of the implementation of specification changes. DANCE shall, over the course of the notice period, have the right to place POs and AERO PUMP shall have the obligation to accept such POs and manufacture up to four (4) times the quantity of
PUMPS reflected in the Rolling Forecast (as defined below). 

  

			
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 ARTICLE 5 

FORECASTING & ORDERS 

5.1 Forecasts. Beginning no later than six (6) months following the Effective Date of this Agreement, and thereafter at least
sixty (60) days prior to the beginning of each subsequent calendar quarter, DANCE shall provide AERO PUMP with an initial forecast of the quantities of the PUMPS estimated to be required during the immediately following calendar quarter
(“Q1”) and the next three (3) succeeding calendar quarters (“Q2”, “Q3” and“Q4, respectively) (each, a Rolling Forecast). Rolling Forecasts for Q2-Q4 are non-binding and serve only to facilitate AERO
PUMP’s production scheduling. AERO PUMP shall make commercially reasonable efforts to supply DANCE’s forecast, and if unable to deliver the projected quantities in the Rolling Forecast, shall give DANCE at least six months advance notice.

 5.2 Purchase Orders. Together with each Rolling Forecast, DANCE shall place a firm order (“Firm PO”) with AERO PUMP for
supplies of PUMPS for delivery in Q1. AERO PUMP shall accept and fulfill all orders for PUMPS provided by DANCE in accordance with the terms of the Agreement. 

5.4 Confirmation by AERO PUMP. No later than fifteen (15) days after receipt of DANCE’s Firm POs, AERO PUMP shall confirm
that it can fulfill the quantities specified in such orders. 
 ARTICLE 6 

DELIVERIES 
 6.1
Purchase Quantities. AERO PUMP shall ship the quantities specified in the PO by the delivery date designated in all POs confirmed by AERO PUMP pursuant to Section 5.4 above. Variations in shipments as outlined herein shall be deemed to
be in compliance with such PO; provided, however, that DANCE shall only be invoiced and required to pay for the quantities of PUMPS which AERO PUMP and/or its Affiliates actually ships to DANCE. All shipments of PUMPS shall be
accompanied by a packing slip and a Certificate of Analysis which describes the PUMPS, states the PO number, confirms that the PUMPS conforms in all ways with the Specifications and was manufactured in accordance with cGMP and all other requirements
of the FD & C Act and all other Applicable Laws, rules and regulations. To the extent of any conflict or inconsistency between this Agreement and any PO, or confirmation, the terms of this Agreement shall govern. DANCE shall notify AERO
PUMP of any short shipment claims within thirty (30) days of delivery of a shipment of PUMPS. 
 6.2 PUMP Release. No PUMPS
shall be released to DANCE without a Certificate of Analysis and Certificate of cGMP Compliance, both of which shall be supplied to DANCE by AERO PUMP, (a) stating that the PUMPS being shipped have been tested and conforms to the Specifications
and Quality Control Requirements, (b) confirming compliance with cGMP, the FD&C Act, other applicable rules and regulations. 
 6.3
Quality Control Requirements. Quality Control Requirements shall mean that AERO PUMP shall subject all PUMPS to quality control inspections using quality control procedures, specifications, and systems to assure strict absence of defects.

  

			
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 6.4 Quality Agreement. Within ninety (90) days of signing this Agreement, the Parties
shall enter into an agreement specifying the Parties’ respective responsibilities for storage, release, stability, vigilance program, quality control and quality assurance with respect to the PUMPS (the Quality Agreement). 

6.5 Delivery Terms. Shipment of the PUMPS will be to a location designated by DANCE. DANCE will select and pay the carrier to be used.
The PUMPS will be shipped with the requisite packing slip, Certificates of Analysis and Certificate of cGMP Compliance. The PUMPS will be shipped FCA AERO PUMP (Incoterms 2000) to DANCE ́s manufacturing facility. All shipments of the PUMPS to
DANCE shall be made via such carrier(s) as DANCE may direct. Title and risk of loss shall pass to DANCE upon delivery to the carrier. Freight charges shall be billed ship collect. 

6.6 Acceptance/Rejection: After receipt, DANCE shall have a reasonable period not to exceed forty-five (45) days for accepting
and/or rejecting the PUMPS that are conforming or non-conforming to the Specifications. At DANCE’s option, AERO PUMP shall promptly replace the non-conforming batch and handle shipment thereof at no cost to DANCE. If the Parties cannot agree as
to whether or not PUMPS is non-conforming, the dispute shall be resolved through the use of a US or EU Certified independent third party testing lab for final binding determination. DANCE shall bear the cost of the test in the event of unfounded
rejection and AERO PUMP shall bear the cost in the event the rejection is founded. 
 6.7 Shipping; Dating and Customs Costs. AERO
PUMP shall make commercially reasonable efforts to cause PUMPS delivered hereunder to have at least thirty-six (36) months until expiration. Costs for the shipment of PUMPS from the Production Site and all customs tariffs and duties shall be
paid by DANCE. 
 6.8 Inconsistencies. In the event of any inconsistencies between the terms of this Agreement and the PO issued by
DANCE hereunder or any acceptance thereof by AERO PUMP, the terms of this Agreement shall govern. 
 6.9 Recordkeeping. AERO PUMP
shall keep and maintain all production, batch, material lot traceability, control laboratory and other history records relating to the PUMPS for 10 years. Such records shall be made available to DANCE or its representatives upon request. 

6.10 Inspections by DANCE. Prior to the execution of the Clinical Supply Agreement, DANCE shall conduct a standard supplier audit of
AERO PUMP. With reasonable written notice and upon a mutually agreed upon date, DANCE or its designated agents shall also have the right to inspect those portions of the manufacturing, storage and warehouse facilities of a Production Site where
PUMPS are being manufactured or stored, during regular business hours, to verify compliance with the terms and provisions of this Agreement or for insurance inspection purposes. Unless for reasonable cause, DANCE agrees to not inspect a Production
Site more often than one (1) time in a calendar year period or any other frequency mutually agreed upon. For reasonable cause, DANCE will have a right to inspect all related Production Sites with at least 5 working days’ notice to AERO
PUMP. Upon receiving an inspection report with 

  

			
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deficiencies of audit observations from DANCE, AERO PUMP shall submit an official response to any deficiencies of audit observations within thirty (30) days of receiving such report, and
shall make commercially reasonable efforts to implement a corrective action plan for each deficiency of audit observations in a prompt and efficient manner. For all major observations, a corrective action plan must be agreed upon by both Parties
prior to the next production for DANCE. Already scheduled orders could be affected and delay in deliveries are possible. It is not required that the corrective action plan be completed prior to the next production for DANCE, only that the plan has
commenced. 
 6.11 Regulatory Inspections. If AERO PUMP is notified that the PUMPS or the Production Site will be subject to an
inspection related to the PUMPS, by any Regulatory Authority, AERO PUMP shall promptly inform DANCE of such inspection and shall cooperate with and allow such inspection to the extent required by Applicable Laws. Subject to being excluded due
to restrictions under confidentiality obligations of AERO PUMP to Third Parties, and to AERO PUMP’s determination that particular information and/or documentation is confidential in nature, AERO PUMP shall provide information related to
inspection outcomes to DANCE resulting from such inspection to the extent relevant to the PUMPS. AERO PUMP will promptly inform DANCE whether any Form FDA 483 (or its equivalent) or warning letters or citations (collectively a “483
Notice”) are issued to AERO PUMP (by the FDA or any other Regulatory Authority) which are related to or impact the supply of the PUMPS to DANCE, and if the 483 Notice relates directly to the PUMPS, then AERO PUMP shall use commercially
reasonable effort to resolve it as quickly as practical. Any cost impact resulting directly from a GMP violation shall be the responsibility of AERO PUMP. 

ARTICLE 7 
 PRICE;
PRICE ADJUSTMENTS; PAYMENT TERMS 
 7.1 Price & Price Adjustment. PUMPS pricing and adjustments are set forth in
Exhibit 1, attached hereto. Unless otherwise specified in an invoice issued by AERO PUMP, prices provided by AERO PUMP are exclusive of any Value Added Tax (“VAT”) or other cost or taxes which may be applicable. The parties
understand and agree that DANCE shall be responsible for any such VAT or other costs or taxes which may be applicable in accordance with local law and / or regulation. Payment for undisputed invoices will be made without deduction, deferment,
set-off, lien or counterclaim of any nature. In the event of payment default, AERO PUMP will be entitled to interest at the rate of 8% interest per annum calculated on a daily basis and at is discretion suspend provision of the PUMPS. 

7.2 Payment Terms. AERO PUMP shall invoice DANCE for all quantities of the PUMPS purchased hereunder concurrently with AERO PUMP’s
shipment thereof to DANCE. Invoicing shall be upon shipment from AERO PUMP. Payment terms will be net thirty (30) days after date of the invoice. Payment will be made by wire transfer of funds to such account as AERO PUMP may designate. Orders,
invoices and payments under this Agreement shall be made in EUR. Invoices shall reflect the actual quantities shipped and DANCE shall be responsible for payment for such actual quantities shipped in accordance with this Agreement. 

  

			
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 ARTICLE 8 

AERO PUMP’S REPRESENTATIONS, WARRANTIES AND COVENANTS 

AERO PUMP represents, warrants and covenants to DANCE as follows: 

8.1 PUMPS. The PUMPS, at the time of sale and shipment to DANCE by AERO PUMP, for the shelf life period (a) will conform to the
Specifications, as then in effect, (b) will have dating until re-evaluation of not less than that which is set forth in Section 6.7 above, (c) will have been manufactured in all material respects in accordance with cGMP in effect at
the time of manufacture, (d) will not be adulterated or misbranded within the meaning of the FD&C Act, (e) will not have been manufactured, sold or shipped in violation of any Applicable Laws in any material respect, (f) will be
conveyed with good title, free and clear of all security interests, liens or encumbrances, and (g) as may be appropriate or applicable, will have been approved by any and all requisite Regulatory and regulatory authorities. 

8.2 Manufacturing Standards. AERO PUMP shall manufacture and package the PUMPS in accordance with (i) the Specifications,
(ii) then-current cGMPs, and (iii) ICH Guidelines, and all other Applicable Laws, rules and regulations. 
 8.3 Compliance with
Applicable Laws. AERO PUMP shall fully comply with all Applicable Laws, rule and regulations in performing the services contemplated hereunder. 

8.4 Qualified Personnel. AERO PUMP shall engage and employ only professionally qualified personnel to perform the services contemplated
hereunder. AERO PUMP further represents and warrants that neither it nor any of its employees is, or is reasonably likely to become (based on a conviction by the courts or a finding of fault by any applicable regulatory authority): (a) debarred
pursuant to the Generic Drug Enforcement Act of 1992 (21 U.S.C. § 335a), as amended from time to time; (b) disqualified from participating in clinical trials pursuant to 21 C.F.R. §312.70, as amended from time to time;
(c) disqualified as a testing facility under 21 C.F.R. Part 58, Subpart K, as amended from time to time; (d) excluded, debarred or suspended from or otherwise ineligible to participate in a “Federal Health Care Program” as
defined in 42 U.S.C. 1320a-7b(f), as amended from time to time, or any other Regulatory payment, procurement or non-procurement program; or (e) included on the HHS/OIG List of Excluded Individuals/Entities, the General Services
Administration’s List of Parties Excluded from Federal Programs, or the FDA Debarment List. AERO PUMP shall notify DANCE immediately if any of the foregoing is not true for any reason at any time. AERO PUMP represents and warrants that it shall
not hire or retain as an officer or employee any Person who has been convicted of a misdemeanor or felony under the laws of the United States relating to the regulation of any drug product by the FD&C Act or relating to the regulation of any
federal healthcare program by the U.S. Department of Health and Human Services. If at any time a representation and warranty in this Section 8.4 is no longer accurate, AERO PUMP shall immediately notify DANCE of such fact. 

8.5 The production site is owned by Aero Pump Vermögensverwaltung GmbH & Co KG, Otto-Schwabe-Str. 4, 65239 Hochheim am Main,
registered at Amtsgericht Wiesbaden HRA 6809 

  

			
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 ARTICLE 9 

GENERAL REPRESENTATIONS AND WARRANTIES 

Each Party represents and warrants to the other as follows: 

9.1 Power and Authorization. It has all requisite power and authority (corporate and otherwise) to enter into this Agreement and has
duly authorized by all necessary action the execution and delivery hereof by the officer or individual whose name is signed on its behalf below. 

9.2 No Conflict. Its execution and delivery of this Agreement and the performance of its obligations hereunder do not and will not
conflict with or result in a breach of or a default under its organizational instruments or any other agreement, instrument, order, law or regulation applicable to it or by which it may be bound. 

9.3 Enforceability. This Agreement has been duly and validly executed and delivered by it and constitutes its valid and legally binding
obligation, enforceable in accordance with its terms, except as enforcement may be limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors’ rights and except as enforcement is
subject to general equitable principles. 
 ARTICLE 10 

TERM; TERMINATION 

10.1 Term. The Agreement shall commence on the Effective Date and remain in effect for an initial term of eight (8) years, with
two-year renewals by mutal agreement, unless terminated early in writing by either party for reasons described in Article 10. 
 10.2
Termination Upon Breach. Either Party may terminate this Agreement upon not less than sixty (60) days prior written notice to the other Party upon the material breach or default by the other Party of any of its representations,
warranties, covenants or agreements (provided, however, that such notice period shall be extended by such additional period as the breaching Party may request upon the breaching Party’s written certification that (i) such
breach is reasonably capable of being cured within the period of the proposed extension, but not within such sixty (60) day period and (ii) it has commenced and is diligently pursuing efforts to cure such breach). Upon the expiration of
such notice period, this Agreement shall terminate without the need for further action by either Party; provided, however, that if the breach upon which such notice of termination is based shall have been fully cured to the reasonable
satisfaction of the non-breaching Party within such notice period, then such notice of termination shall be deemed rescinded, and this Agreement shall be deemed reinstated and in full force and effect. Such right of termination shall be in addition
to such other rights and remedies specified in this Agreement and as provided by law. For greater certainty, any breach or default (material or otherwise) by a Party under any other agreement between the Parties (other than the Quality
Agreement) shall not entitle the other Party to terminate this Agreement. 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
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 10.3 Termination Upon Bankruptcy. Either Party may terminate this Agreement upon
bankruptcy of the other Party. 
 10.4 Termination Upon Discontinuation of Product Development. Either Party may terminate this
Agreement if DANCE discontinues development of the Product based on regulatory, technical, or commercial reasons. 
 10.5 Termination
Upon Specification Failure and Inability to Supply: Dance shall have the rights to terminate the Supply Agreement if AERO PUMP fails to meet specifications or is unable to deliver the forecasted quantities for more than six (6) months. 

10.6 Rights and Duties Upon Termination. 

(a) Unless otherwise mutually agreed by the Parties, AERO PUMP shall manufacture and ship, and DANCE shall purchase in accordance with the
provisions hereof, all quantities of PUMPS ordered by DANCE hereunder prior to the date of expiration or termination. 
 ARTICLE 11

 CLAIMS; RECALLS 

11.1 Claims. DANCE may reject any quantity of the PUMPS which fails to conform to any applicable PO, warranty, Specifications or
Applicable Laws upon written notice to AERO PUMP describing such nonconformity given within sixty (60) days after DANCE’s receipt thereof (or, in the case of any defects not reasonably susceptible of discovery upon receipt of such goods,
within thirty (30) days after discovery thereof by DANCE). Latent defects must be communicated to AERO PUMP upon discovery but in no case later than twelve (12) months after delivery. AERO PUMP shall have no liability to DANCE with respect
to any such nonconformity which the Parties agree (or, absent such agreement, which a mutually acceptable independent laboratory or consultant determines) (i) was caused by information supplied by DANCE or due to a fault in materials supplied
by DANCE, (ii) was otherwise caused by DANCE or its agents, or (iii) was caused after delivery thereof to the carrier at the point of origin. In all other cases, AERO PUMP shall promptly credit DANCE’s account for AERO PUMP’s
invoice price to DANCE of such nonconforming PUMPS. Additionally, AERO PUMP shall promptly, at DANCE’s sole election, either (a) refund the invoice price thereof actually paid to AERO PUMP by DANCE (b) offset the amount thereof
against other amounts then due AERO PUMP hereunder or (c) replace such nonconforming PUMPS with conforming PUMPS at no additional cost to DANCE (including replacement shipping costs) within sixty (60) days. THE FOREGOING REMEDY CONSTITUTES
THE EXCLUSIVE REMEDY AGAINST AERO PUMP AND THE ENTIRE LIABILITY OF AERO PUMP IN CONNECTION WITH 

  

			
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THE REJECTED SHIPMENT. If the parties do not agree on whether the product meets specifications, they shall agree on an independent expert to determine if the product is in compliance with the
specification. The fees and expenses of any independent laboratory or consultant engaged by the Parties for purposes of this section shall be paid by the Party which is determined to bear responsibility for the nonconformity in question 

11.2 Recalls. 
 (a)
Notices. Each Party shall notify the other of any information, whether received directly or indirectly, which might affect the marketability, safety or effectiveness of Product which was manufactured using PUMPS supplied by AERO PUMP
hereunder and/or which might result in the Recall or seizure of the Product which was manufactured using PUMPS supplied by AERO PUMP hereunder. For purposes of this Agreement, a “Recall” shall mean any action: (i) by either
Party to recover title to or possession of quantities of the Product which was manufactured using PUMPS supplied by AERO PUMP hereunder sold or shipped to Third Parties ( or (ii) by any Regulatory Authority to detain or destroy any of such
Product which was manufactured using PUMPS supplied by AERO PUMP hereunder. “Recall” shall also include the election by either Party to refrain from selling or shipping quantities of such Product which was manufactured using PUMPS
supplied by AERO PUMP hereunder to Third Parties that would have been subject to a Recall if sold or shipped. 
 (b) Discretion.
DANCE shall institute a Recall of the Product as a consequence of any defect that DANCE deems sufficiently serious. DANCE shall consult with AERO PUMP regarding any Recall of Product which was manufactured using PUMPS supplied by AERO PUMP
hereunder; provided, however, that DANCE shall retain sole discretion whether to institute a Recall. AERO PUMP shall provide a initial response immediately ( within 3 days), and a full report with respect thereto within thirty
(30) calendar days of such notification. In case of recall for PUMPS related to DANCE‘s product, regulatory agencies may be involved. DANCE will manage the process of notification and AERO PUMP will respond in a prompt and efficient
manner. 
 (c) Responsibilities. AERO PUMP shall have no liability to DANCE with respect to any Recall which the Parties agree (or,
absent such agreement, which a mutually acceptable independent laboratory or consultant determines) (i) was caused by information or materials supplied by DANCE, (ii) was otherwise caused by DANCE or its agents, (iii) was caused by
factors occurring after delivery of the PUMPS to the carrier at the point of origin, or (iv) did not result from a breach of AERO PUMP’s warranties provided under Article 10 hereof. In addition, DANCE shall reimburse AERO PUMP for all
reasonable documented out-of-pocket Third Party costs and expenses incurred and not recovered by AERO PUMP directly resulting from such Recall (subject to the limitations set forth in Section 14.2 hereof). 

(d) AERO PUMP Liability. For all Recalls which result from a breach of AERO PUMP’s warranties provided under Article 8 hereof,
unless AERO PUMP does not have liability pursuant to Section 12.2(c), AERO PUMP shall promptly credit DANCE’s account for AERO PUMP’s invoice price to DANCE of the PUMPS used in such Recalled Product; if DANCE shall have previously
paid for such PUMPS, AERO PUMP shall promptly, at DANCE’ 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
	  	PAGE 14

 
election, either (A) refund the invoice price thereof, or (B) offset the amount thereof against other amounts then due AERO PUMP hereunder, or (C) replace such PUMPS at no
additional cost to DANCE (including shipping costs); and (D) reimburse DANCE for all reasonable documented out-of-pocket Third Party costs and expenses incurred and not recovered by DANCE directly resulting from such Recall (subject to the
limitations set forth in Section 14.2 hereof). 
 (e) Independent Laboratory Costs. The fees and expenses of any independent
laboratory or consultant engaged by the Parties for purposes of this Section 11.2 shall be paid by the Party which is determined to bear responsibility for the Recall in question. 

11.3 Disposition of Nonconforming or Recalled Product. DANCE shall not dispose of any damaged, nonconforming or Recalled Product as to
which it intends to assert a claim against AERO PUMP without AERO PUMP’s written authorization to do so. Alternatively, AERO PUMP may instruct DANCE to return such Product to AERO PUMP. AERO PUMP shall bear the cost of disposition (as well as
all applicable shipping costs) with respect to any damaged, nonconforming or Recalled Product as to which it bears responsibility under Section 12.1 or 12.2 hereof. 

ARTICLE 12 

INDEMNIFICATION 

12.1 By DANCE. DANCE shall defend, indemnify and hold harmless AERO PUMP, its Affiliates and their respective officers, directors,
shareholders, employees, licensees, agents, successors and assigns from and against any and all claims, demands, damages, judgments, settlements and awards made by or asserted by Third Parties (collectively, “Third Party Claims”)
(including, without limitation, those associated with a Recall) which any of them may incur or become subject to arising out of or resulting from (a) DANCE’s use, handling, distribution, marketing or sale of the PUMPS or the Product
(subject to Section 13.2 hereof), (b) the breach by DANCE of any of its representations, warranties, covenants, obligations, agreements or duties under this Agreement or (c) any claim that the manufacture, use or sale of the Product
infringes a patent or any other proprietary rights; provided, however, that such obligation to indemnify shall not extend to any Third Party Claim to the extent they arise out of or resulting from any negligence, recklessness or
wrongful conduct by AERO PUMP or the breach by AERO PUMP of any of its representations, warranties, covenants, obligations, agreements or duties under this Agreement. 

12.2 By AERO PUMP. AERO PUMP shall defend, indemnify and hold harmless DANCE, its Affiliates and their respective officers, directors,
shareholders, employees, licensees, agents, successors and assigns from and against any and all Third Party Claims which any of them may incur or become subject to arising out of or resulting from (a) AERO PUMP’s negligent acts or
omissions or willful misconduct in connection with the performance of the services contemplated by this Agreement, (b) the breach by AERO PUMP of any of its representations, warranties, covenants, obligations, agreements or duties under this
Agreement, or (c) any claim that AERO PUMP’s manufacture, use or sale of the PUMPS alone infringes a patent or any other proprietary rights; provided, however, that such obligation to indemnify shall not extend to any

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
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Third Party Claim to the extent they arise out of or resulting from any negligence, recklessness or wrongful conduct by DANCE or the breach by DANCE of any of its representations, warranties,
covenants, obligations, agreements or duties under this Agreement. 
 12.3 Procedure. Promptly after learning of the occurrence of
any event which may give rise to its rights under the provisions of this Article 12, each indemnitee hereunder shall give written notice of such matter to the indemnitor. The indemnitee shall cooperate with the indemnitor in the negotiation,
compromise and defense of any such matter. The indemnitor shall have the right to be in charge of and control such negotiations, compromise and defense and to select and manage counsel with respect thereto, provided that the indemnitor shall
promptly notify the indemnitee of all developments in the matter. In no event shall the indemnitee compromise or settle any such matter without the prior written consent of the indemnitor, who shall not be bound by any such compromise or settlement
absent its prior written consent, which consent shall not be unreasonably withheld or delayed 
 ARTICLE 13 

INSURANCE 
 Each
Party represents that it has and shall maintain during the Term hereof, as well as after the expiration or termination of this Agreement, sufficient insurance or an appropriate program of self insurance, and in particular products liability
insurance, with appropriate policy limits to cover all risks associated with the performance of its obligations under this Agreement. Each Party agrees to provide upon request copies of the relevant certificate(s) of insurance. 

ARTICLE 14 

LIMITATION OF LIABILITY 

14.1 DISCLAIMER OF WARRANTIES. THE WARRANTIES GIVEN BY AERO PUMP HEREUNDER ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED,
INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND ALL OTHER WARRANTIES ARE HEREBY DISCLAIMED AND EXCLUDED BY AERO PUMP. 

14.2 DAMAGES. EXCEPT IN THE CASE OF FRAUD OR WILFUL MISCONDUCT, A BREACH BY AERO PUMP OF ITS OBLIGATIONS UNDER SECTION 15 BELOW OR FOR THIRD
PARTY CLAIMS SUBJECT TO THE INDEMNITY PROVISIONS ABOVE, NO PARTY SHALL BE LIABLE TO THE OTHER FOR ANY INCIDENTAL, INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OF ANY KIND (INCLUDING, WITHOUT LIMITATION, LOST PROFITS AND LOSS OF GOODWILL)
ARISING FROM ANY BREACH OR ALLEGED BREACH OF THIS AGREEMENT (EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES). 
 14.3 Remedies.
AERO PUMP’s sole obligations, and DANCE’s sole and exclusive remedies, for any breach by AERO PUMP of this Agreement related to nonconforming PUMPS or Recalled Product shall be as set forth in Sections 11.1 and 11.2 hereof, respectively.

  

			
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 ARTICLE 15 

CONFIDENTIALITY 

15.1 Treatment of Confidential Information. Except as otherwise provided in this Article 15, during the Term and for a period of
ten (10) years thereafter: 
  

	 	(i)	AERO PUMP will retain in confidence and use only for the purposes contemplated hereby any Confidential Information disclosed to it by or on behalf of DANCE in connection with the performance of this Agreement; and

  

	 	(ii)	DANCE will retain in confidence and use only for the purposes contemplated hereby any Confidential Information disclosed to it by or on behalf of AERO PUMP in connection with the performance of this Agreement.

 15.2 Right to Disclose. To the extent it is reasonably necessary or appropriate to fulfill its obligations or
exercise its rights under this Agreement or any rights which survive termination or expiration hereof, each Party may disclose Confidential Information to its Affiliates, sublicensees, consultants, attorneys, accountants, investment bankers, or
other Third Parties on condition that such entities or persons agree (a) to keep the Confidential Information confidential for the same time periods and to the same extent as each Party is required to keep the Confidential Information
confidential and (b) to use the Confidential Information only for such purposes as such Party is entitled to use the Confidential Information. Each Party or its Affiliates or sublicensees may disclose such Confidential Information to government
or other regulatory authorities to the extent that such disclosure (i) is reasonably necessary to obtain patents or authorizations to conduct clinical trials with and to market commercially the Product, provided such Party is otherwise entitled
to engage in such activities under this Agreement or (ii) is otherwise legally required. 
 15.3 Confidentiality Agreement. This
Agreement contains the entire understanding of the Parties with respect to the Confidential Information and supersedes the Confidentiality Agreement entered into on April 20, 2011. 

15.4 Material Transfer Agreement. The Material Transfer Agreement executed by the parties shall remain in effect. 

ARTICLE 16 
 OWNERSHIP
OF PROPERTY 
 16.1 Ownership of Rights. Each Party shall exclusively own and retain all right, title and interest in and to (i) all
intellectual property rights, information, documents and tangible and intangible materials owned by it as of the Effective Date, and (ii) all Inventions which are conceived, reduced to practice, or created by such Party and/or its Affiliates or
agents (including without limitation Inventions based upon any background or preexisting technology of such 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
	  	PAGE 17

 
Party) and which do not include any intellectual property rights of the other Party from and after the Effective Date. For clarification, AERO PUMP shall own all right, title and
interest in any proprietary and/or confidential intellectual property and/or confidential information that AERO PUMP, its Affiliates, contractors or agents develops, conceives, invents, reduces to practice or makes in the performance of the services
and that is an improvement to AERO PUMP information and/or AERO PUMP intellectual property. Each Party shall be solely responsible for the conduct and costs of filing, prosecution and maintenance of patents and patent applications on its own
intellectual property rights, including without limitation its Inventions. 
 16.2 Trademarks. DANCE shall retain all right, title and in the
trademarks of DANCE that may be adopted with respect to the Product worldwide. 
 ARTICLE 17 

FORCE MAJEURE 
 17.1
Effects of Force Majeure. Neither Party shall be held liable or responsible for failure or delay in fulfilling or performing any of its obligations under this Agreement (other than the payment of money owed hereunder) to the extent that such
failure or delay results from any cause beyond its reasonable control, including, without limitation, fire, flood, natural disaster, explosion, war, strike, labor unrest, riot, embargo, acts or omissions of carriers, or act of God (each, a
“Force Majeure Event”). Such excuse shall continue as long as the Force Majeure Event continues, following which such Party shall promptly resume performance hereunder. 

17.2 Effects of Regulatory Changes. Neither Party shall be held responsible or liable for failure or delay in fulfilling or performing
any of its obligations under this Agreement to the extent that such failure or delay results from good faith efforts to comply with the enactment or revision of any law, rule, regulation or regulatory advisory opinion or order applicable to the
manufacturing, marketing, sale, reimbursement and/or pricing of the Product (a “Regulatory Change”). Such excuse shall continue as long as performance is prevented by the affected Party’s good faith efforts to comply with such
Regulatory Change, following which such Party shall promptly resume performance hereunder. 
 17.3 Notice. The Party affected by a
Force Majeure Event or a Regulatory Change shall notify the other Party thereof as promptly as practicable after its occurrence. Such notice shall describe the nature of such Force Majeure Event or Regulatory Change and the extent and expected
duration of the affected Party’s inability to fully perform its obligations hereunder. The affected Party shall use due diligence, where practicable, to minimize the effects of or end any such event so as to facilitate the resumption of full
performance hereunder and shall notify the other Party when it is again fully able to perform such obligations. 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
	  	PAGE 18

 ARTICLE 18 

INDEPENDENT PARTIES 

The relationship between DANCE and AERO PUMP is that of independent parties and nothing herein shall be deemed to constitute the relationship
of partners, joint venturers, nor of principal and agent between DANCE and AERO PUMP. Neither Party shall have any express or implied right or authority to assume or create any obligations on behalf of or in the name of the other Party or to bind
the other Party to any contract, agreement or undertaking with any Third Party. 
 ARTICLE 19 

MISCELLANEOUS 
 19.1
General Notices. Except as otherwise provided in Section 19.2 hereof, all notices, requests, instructions, consents and other communications to be given pursuant to this Agreement shall be in writing and shall be deemed received
(i) on the same day if delivered in person, by same-day courier or by facsimile transmission, (ii) on the next day if delivered by overnight mail or courier, or (iii) on the date indicated on the return receipt, or if there is no such
receipt, on the third calendar day (excluding Sundays) if delivered by certified or registered mail, postage prepaid, to the Party for whom intended to the following addresses: 

 

			
	If to DANCE:	  	 DANCE BIOPHARM INC.
 2 Mint Plaza
#804
 San Francisco, California , USA 94103
 Attn: Chief
Executive Officer

		
	 If to AERO PUMP:
	  	 Aero Pump GmbH

Dr.-Ruben-Rausing-Str. 5
 65239 Hochheim am Main

Germany
 Attn: Jens Peters

 Each Party may by written notice given to the other in accordance with this Agreement change the address to which notices to
such Party are to be delivered. 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
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 19.2 Special Notices. Each Party shall notify the other by telephone as soon as
practicable (with written confirmation within three business days) upon its receipt of any technical complaint or notice of severe adverse reaction (hypoglycemia shall not be considered an SAE); provided, however, that notification of
serious, new or unexpected experiences reported with increased frequency shall be made immediately (but in any event not more than thirty-six (36) hours after the notifying Party learns of such experiences). All such notices shall be directed
to the Parties at the addresses set forth in Section 19.1 to the attention of the following personnel: 
 If to DANCE: 

Technical complaints: Quality Assurance Specialist/ Staff 

Adverse reactions:      Quality Assurance/ Compliance Staff. 

If to AERO PUMP: 
 Technical
complaints: Site Quality Manager 
 Adverse reactions:      Site Quality Manager 

19.3 Entire Agreement. This Agreement contains the entire understanding of the Parties with respect to the subject matter hereof and
supersedes all prior agreements and understandings, whether written or oral, between them with respect to the subject matter hereof. Each Party has executed this Agreement without reliance upon any promise, representation or warranty other than
those expressly set forth herein. 
 19.4 Amendment. No amendment of this Agreement shall be effective unless embodied in a written
instrument executed by both of the Parties. 
 19.5 Waiver of Breach. The failure of either Party at any time to enforce any of the
provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor in any way to affect the validity of this Agreement or any provisions hereof or the right of any Party to thereafter enforce each and every
provision of this Agreement. No waiver of any breach of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the Party against whom or which enforcement of such waiver is sought; and no
waiver of any such breach shall be construed or deemed to be a waiver of any other or subsequent breach. 
 19.6 Neither Party shall
subcontract any of its obligations under this Agreement; provided, however, that (i) either party may subcontract to a Third Party any of its obligations under this Agreement with the prior written approval of the other
Party, such approval not to be unreasonably withheld, and (ii) AERO PUMP may subcontract any services to an Affiliate, or otherwise if permitted in the Specifications or Packaging Specifications, including without limitation the supply of
materials and components, or pursuant to Section 20.7 hereof. 
 19.7 Assignment; Requirement to Assign to Successor to
Business. Neither Party may assign its rights under this Agreement in whole or in part without the prior written approval of the other Party (such approval not to be unreasonably withheld or delayed). Any such attempted assignment without such
prior written consent shall be void and ineffective. Notwithstanding the foregoing: either party may, without the other Party’s consent, assign its rights and delegate its duties under this Agreement in whole or in part to any entity with which
it merges or consolidates, which acquires all or substantially all of its business and assets, or which otherwise is or becomes an Affiliate of the assigning Party; 

19.8 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of England and Wales, without regard
to any choice-of-law principle that would dictate the application of the laws of another jurisdiction. Failing amicable agreement, all disputes arising in connection with this Agreement shall be settled by the Courts of London, England. 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
	  	PAGE 20

 19.9 Severability. All of the provisions of this Agreement are intended to be distinct and
severable. If any provision of this Agreement is or is declared to be invalid or unenforceable in any jurisdiction, it shall be ineffective in such jurisdiction only to the extent of such invalidity or unenforceability. Such invalidity or
unenforceability shall not affect either the balance of such provision, to the extent it is not invalid or unenforceable, or the remaining provisions hereof, nor render invalid or unenforceable such provision in any other jurisdiction. 

19.10 Publicity. Nothing in this Agreement shall be deemed to give either Party any rights to use the other Party’s trademarks or
trade names without the other Party’s prior specific, written consent. The parties agree that neither party will issue any press release or otherwise make any public statement, advertisement or disclosure with respect to this Agreement or the
transactions contemplated hereby without the prior written consent of the other Party. DANCE will be entitled to disclose this Agreement in the course of financing and partnering due diligence procedures conducted under confidential disclosure
agreements or as may be required by Applicable Laws. 
 19.11 Survival. The provisions of Article 3 (Cooperation with Regulatory
Requirements), Section 10.5 (Rights and Duties Upon Termination), Article 11 (Claims; Recalls), Article 12 (Indemnification), Article 13 (Insurance), Article 14 (Limitation of Liability), Article 15 (Confidentiality), Article 16 (Ownership of
Property), , Section 19.8 (Governing Law), Section 19.10 (Publicity) and this Section 19.11 (Survival) shall survive the expiration or termination of this Agreement. 

19.12 Headings. The headings of articles and sections have been included for convenience only and shall not be considered in
interpreting this Agreement. 
 19.13 Counterparts; Facsimile Signatures. This Agreement may be executed 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 Agreement. This Agreement may be executed and delivered via facsimile or other electronic means with the same force and effect as if it were
executed and delivered by the Parties simultaneously in the presence of one another. 
 19.14 Execution. At the time of execution of
this Agreement, the Parties shall cause their authorized officers to execute two original copies of this Agreement, one copy of which shall be maintained by each Party at that Party’s offices. Each Party represents that the person who executes
this Agreement is authorized and empowered to obligate and bind his or her Party under this Agreement. 
 19.15 Further Actions. The
Parties agree to execute such additional documents and / or agreements as may be reasonably necessary to perfect the intentions of the provisions contained herein. 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
	  	PAGE 21

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their
respective duly authorized representatives as of the date first written above. 
  

			
	DANCE BIOPHARM INC.
		
	By:	 	 /s/ Samantha Miller

		
	Name:	 	 Samantha Miller

		
	Title:	 	 Chief Business Officer

  

									
	AERO PUMP GmbH 	  	
					
	By:	  	 25.03.2014 /s/ Alexandra Paach
	  		  	By:	  	 /s/ Heiko Sievers

					
	Name:	  	 Mrs. Alexandra Paach
	  		  	Name:	  	 Mr. Heiko Sievers

					
	Title:	  	 CEO
	  		  	Title:	  	 CFO

  

			
	URSATEC Verpackung-GmbH
		
	By:	 	 27.03.2014 /s/ Horst Zimmer

		
	Name:	 	 Horst Zimmer

		
	Title:	 	 CEO

  

			
	 MANUFACTURING AND SUPPLY AGREEMENT
	  	PAGE 22

 Exhibit 1 

PRICE; PRICE ADJUSTMENTS 
 The price of the PUMPS
shall be based upon the quantities of the PUMPS purchased annually as follows and includes no amortization for tools or assembly technology 
  

			
	 Amount ordered annually
	  	Price per pump ex
works/preliminary
	If the orders placed are less than [*] pumps	  	[*]
	If the orders placed are equal to or exceed [*] and less than [*]	  	[*]
	If the orders placed are equal to or exceed [*] and less than [*]	  	[*]
	If the orders placed are equal to or exceed [*] pumps	  	[*]

 The Parties shall revisit the price per pump within twelve (12) months after signing this Agreement, based on an improved
understanding of the PUMP production. Future price adjustments will be considered on an annual basis to account for improvements in production efficiency at higher volumes, as well as changes in the price of materials or production costs for PUMPs
due to inflation, raw material shortages, quality issues, market conditions or other factors which the Parties may deem appropriate. Subsequent price adjustments shall be effective on the anniversary of the Effective Date, provided that the Party
proposing such an adjustment provides the other Party with at least ninety (90) days advance written notice of such proposal. The amount of any increase or decrease in the price set forth in this Exhibit 1 shall be effective for any PUMPs
invoiced by AERO PUMP to DANCE in accordance herewith during the Contract Year for which such written notice is issued. 

  

			
	 MANUFACTURING AND SUPPLY AGREEMENTExhibit 10.1 Executive Employment Agreement

Exhibit 10.1

EXECUTIVE EMPLOYMENT AGREEMENT

THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of April 4, 2014 (the “Effective Date”), by and between Ascent Solar Technologies, Inc., a Delaware corporation (the “Company”), and Kong Hian Lee (aka Victor Lee) (the “Executive”).

RECITALS

A.    The Company desires to retain the Executive in his current position as President and Chief Executive Officer of the Company. 

B.    The Executive agrees to perform the services of President and Chief Executive Officer for the Company in accordance with the terms and conditions of this Agreement.

AGREEMENT

NOW, THEREFORE, in consideration of the respective covenants and agreements of the parties contained in this Agreement, the Company and Executive agree as follows:

1.    Term.  The term of this Agreement shall commence on March 31, 2014 (the “Start Date”) and shall continue until terminated in accordance with the provisions of this Agreement.

2.    Duties.  The Executive will devote his full business time, energies and best efforts to the promotion of the business and affairs of the Company, with responsibility to perform such duties customary of his title and position, and such additional duties that may be specified from time to time by the Board of Directors of the Company (the “Board”).  The initial location at which the Executive shall perform services for the Company shall be the Company’s headquarters in Thornton, Colorado.  Notwithstanding the foregoing nothing herein shall prohibit Executive from spending a portion of his business time to serve on one or more corporate boards with prior consent of the Board (which consent is granted with respect to one board as of the date of this Agreement), or for charitable purposes provided that such activities do not interfere with the performance of his duties to the Company.  The Company consents to Executive’s current position with TFG Radiant Investment Group Ltd. and Tertius Financial Group Pte Ltd.  Executive’s service in his position with TFG Radiant Investment Group Ltd., however, will be subject to compliance with the Company’s existing policies regarding related party transactions and conflicts of interest.

3.    Compensation and Benefits.

a)    Base Compensation.  In consideration of all services to be rendered by the Executive to the Company, the Company will pay to the Executive the base salary of three hundred thousand dollars ($300,000) per year during the Term, subject to such increases as the Board may determine, and payable in accordance with the Company’s standard payroll practices (“Base Salary”).

b)    Bonus Compensation.  As further compensation, the Company may pay to the Executive an annual bonus of up to one hundred percent (100%) of Base Salary, at such times and in such amounts at the sole discretion of the Board or its Compensation Committee.

c)    Equity Compensation.  As further compensation, on the Effective Date and upon approval by the Compensation Committee of the Board, the Company will grant the Executive options to purchase up to 200,000 shares (“CEO Stock Options”) of the Company’s common stock, vesting in equal amounts on the first, second, third and fourth anniversaries of the Effective Date (i.e., 25% each year).  Such CEO Stock Options shall be granted effective as of the Effective Date, at an exercise price equal to the closing price of the Company’s common stock on Nasdaq on the Effective Date.  Such CEO Stock Options shall be governed by and be issued under the Company’s 

Fourth Amended and Restated 2005 Stock Option Plan.

d)    Performance-based Compensation.  Performance criteria to be used in the evaluation of the Executive’s performance and calculation of compensation shall be determined and approved by the Compensation Committee of the Board, and no performance-based compensation shall be paid or deemed vested unless and until the Compensation Committee determines that the performance warrants such payment. 

e)    Taxes.  Executive shall be solely responsible for the satisfaction of all federal, state, local and foreign income and other individual tax arising from or applicable to the acquisition, vesting, exercise or sale of Executive’s cash and equity compensation. 

f)    Vacation.  The Executive will receive four (4) weeks of paid vacation for each calendar year of this Agreement. Vacation will be prorated in the event of termination pursuant to Section 5. The Executive will not be entitled to carry over accrued but unused vacation from one contract year to the next. 

g)    Benefit Plans.  To the extent permitted by law and except as otherwise may be determined by the Board, the Executive will be eligible to participate in the Company’s standard benefit plans according to plan provisions. 

4.    Confidential Information.

a)    Company Information.  Executive agrees at all times during the term of his employment and thereafter, to hold in strictest confidence, and not to use, except for the benefit of the Company, or to disclose to any person, firm or corporation without written authorization of the Board, any Confidential Information (as defined below) of the Company.  For purposes of this Agreement “Confidential Information” is defined as any Company proprietary information, technical data, trade secrets or know-how, including, but not limited to, research, product plans, products, services, customer lists and customers, markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances or other business information.  Confidential Information does not include any of the foregoing items which has become publicly known and made generally available through no wrongful act of Executive or of others who were under confidentiality obligations as to the item or items involved. 

b)    Third Party Information.  Executive recognizes that the Company has received and in the future will receive from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes.  Executive agrees to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out his work for the Company consistent with the Company’s agreement with such third party. 

c)    Employee Invention Assignment and Non-Disclosure Agreement.  The Executive has previously executed the Company’s standard form of employee invention assignment and non-disclosure agreement. 

5.    Termination of Employment.

a)    Termination for Cause.  Notwithstanding any provision contained in this Agreement to the contrary, the Company may immediately terminate this Agreement for Cause (as defined below) without giving advance notice to the Executive or compensation in excess of that set forth in Section 6(a) below.  For purposes of this Agreement “Cause” includes but is not limited to the following:  (i) the conviction of the Executive or a pleading of guilty or nolo contendere to any felony, any misdemeanor where imprisonment is imposed, or any crime involving moral turpitude; (ii) commission of any act of theft, fraud or dishonesty, or any knowing or negligent falsification of any Company records; (iii) a material breach by Executive of his obligations under this Agreement, which will include improper disclosure of the Company’s confidential or proprietary information or a failure to perform such duties as are reasonably assigned to the Executive by the Board, which is not cured within 30 days following written notice by the Company of such failure; (iv) a course of conduct amounting to gross 

incompetence; (v) chronic and unexcused absenteeism which is not cured within 30 days following written notice by the Company of such failure; (vi) any act by Executive of disloyalty to the Company; (vii) any violation of Executive’s other fiduciary duties to the Company; or (viii) the Executive failing at any time to have valid work authorization status in the U.S. for the performance of his services under this Agreement.

b)    Termination Without Cause.  Either the Company or the Executive may terminate this Agreement without Cause on giving not less than 30 days’ prior written notice to the other party. 

c)    Disability.  Unless prohibited by applicable law, this Agreement shall be automatically terminated if the Executive suffers a Permanent Disability (as defined below).  For purposes of this Agreement, “Permanent Disability” is defined as the Executive’s inability, due to illness, accident, or other cause, to perform the majority of his usual duties for a period of three (3) months or more despite reasonable accommodation by the Company.  Notwithstanding the foregoing, if the disabled Executive and the Company agree, the disabled Executive may thereafter be employed by the Company upon such terms as may be mutually agreeable. 

d)    Death.  If the Executive dies, this Agreement will automatically terminate. 

e)    Transition.  Upon termination of employment, the Executive shall: (1) cooperate with the Company, to the extent reasonably requested by the Company, to effect a smooth transition of the Executive’s responsibilities and to ensure that the Company is aware of all matters being handled by the Executive; (2) return to the Company all documents and other items provided to the Executive by the Company, or developed or obtained by the Executive, in connection with his employment with the Company, or otherwise belonging to the Company; and (3) if requested by the Board, resign all positions the Executive holds with the Company (including the position of a director on the Board).

6.    Compensation Upon Termination.

a)    Termination for Cause.  If the Executive is terminated for Cause pursuant to Section 5(a), the Company will pay the Executive only his Base Salary accrued through the date of termination in accordance with the normal payroll practices of the Company. 

b)    Termination Without Cause.  If the Executive is terminated by the Company without Cause pursuant to Section 5(b) and the Executive signs and does not revoke a release of claims with the Company (in a form reasonably acceptable to the Company and Executive) and provided that such release of claims becomes effective no later than sixty (60) days following the termination date or such earlier date required by the release agreement, then (i) the Company will pay the Executive his Base Salary for a period of twelve (12) months after the date of termination in accordance with the normal payroll practices of the Company; (ii) the Company will cause the CEO Stock Options (but not any pre-existing or later granted options and restricted stock units of the Executive unless specifically provided for by the terms of such options and units) which would vest based on time during the 12 month period following the termination to vest and become exercisable on the termination date; and (iii) all vested CEO Stock Options shall remain exercisable during the 12 month period following the date on which the Executive ceases to be a “Service Provider” (as such term is defined in the Company’s Stock Option Plan).  If the Executive terminates this Agreement without Cause pursuant to Section 5(b), the Company will pay the Executive his Base Salary through the effective date of termination in accordance with the normal payroll practices of the Company. 

c)    Disability.  In the event of the Executive’s Permanent Disability, the Executive shall be entitled to receive from the Company his Base Salary until the earlier of termination of this Agreement in accordance with Section 5(c) or the time when any disability insurance policy available through the Executive’s employment begins to pay benefits, and thereafter the Executive will receive any disability insurance benefits to which the Executive is entitled. 

d)    Death.  If this Agreement terminates due to the death of the Executive, then any interests that the Executive may have under the provisions of this Agreement will be payable to the Executive’s estate inclusive of 

Base Salary provided for in this Agreement as if the Executive terminated his employment without Cause. 

7.    Non-Competition.  For a period of two (2) years after termination of the Executive’s employment at the Company, the Executive shall not, without the prior express written permission of the Company, work as an employee, officer, director, consultant, contractor, advisor, or agent of any company or person in the business of designing, manufacturing or selling thin-film photovoltaic technology.  The Executive acknowledges and agrees that the market for the Company’s thin-film photovoltaic products is worldwide and not confined to a discrete geographic locale, and that the identity of competitors is likely to change over time. 

8.    Non-Solicitation.  The Executive agrees that for a period of two (2) years after termination of the Executive’s employment at the Company, the Executive shall not directly or indirectly solicit, induce, recruit or encourage any of the Company’s employees to leave their employment at the Company.  Notwithstanding the foregoing, a general advertisement by a subsequent employer of the Executive that is not specifically directed to such employees shall not be deemed a violation of this Section 8. 

9.    Board Approval.  No part of this Agreement will be effective or binding upon the parties unless and until approved or ratified by the Board or its Compensation Committee. 

10.    Successors.  The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 

11.    Arbitration.  Any dispute or controversy arising under or in connection with this Agreement will be settled exclusively by arbitration in Denver, Colorado, in accordance with the rules of the American Arbitration Association then in effect by an arbitrator selected by both parties within 10 days after either party has notified the other in writing that it desires a dispute between them to be settled by arbitration.  In the event the parties cannot agree on such arbitrator within such 10-day period, each party will select an arbitrator and inform the other party in writing of such arbitrator’s name and address within 5 days after the end of such 10-day period and the two arbitrators so selected will select a third arbitrator within 15 days thereafter; provided, however, that in the event of a failure by either party to select an arbitrator and notify the other party of such selection within the time period provided above, the arbitrator selected by the other party will be the sole arbitrator of the dispute.  Each party will pay its own expenses associated with such arbitration, including the expense of any arbitrator selected by such party and the parties will equally share the expenses of the jointly selected arbitrator.  The decision of the arbitrator or a majority of the panel of arbitrators will be binding upon the parties and judgment in accordance with that decision may be entered in any court having jurisdiction thereover.  Punitive damages will not be awarded.  The prevailing party shall be entitled to recover reasonable attorneys fees and costs associated with the arbitration. 

12.    Absence of Conflict.  The Executive represents and warrants that his employment by the Company as described herein will not conflict with and will not be constrained by any prior employment or consulting agreement or relationship. As provided in Section 2 above, the Company acknowledges the Executive’s position with TFG Radiant Investment Group Ltd. and Tertius Financial Group Pte Ltd.

13.    Assignment.  This Agreement and all rights under this Agreement will be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective personal or legal representatives, executors, administrators, heirs, distributees, devisees, legatees, successors and assigns.  This Agreement is personal in nature, and neither of the parties to this Agreement will, without the written consent of the other, assign or transfer this Agreement or any right or obligation under this Agreement to any other person or entity; except that the Company may assign this Agreement to any of its affiliates or wholly-owned subsidiaries, provided, that such assignment will not relieve the Company of its obligations hereunder. 

14.    Integration.  This Agreement represents the entire agreement and understanding between the parties as to the subject matter hereof and supersede all prior or contemporaneous agreements whether written or oral.  No waiver, alteration, or modification of any of the provisions of this Agreement will be binding unless in 

writing and signed by duly authorized representatives of the parties hereto. 

15.    Waiver; Amendment.  Failure or delay on the part of either party hereto to enforce any right, power, or privilege hereunder will not be deemed to constitute a waiver thereof.  Additionally, a waiver by either party or a breach of any promise hereof by the other party will not operate as or be construed to constitute a waiver of any subsequent waiver by such other party.  This Agreement may only be amended in a writing signed the Executive and the Company. 

16.    Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

17.    Headings.  The headings of the paragraphs contained in this Agreement are for reference purposes only and will not in any way affect the meaning or interpretation of any provision of this Agreement. 

18.    Applicable Law.  This Agreement will be governed by and construed in accordance with the internal substantive laws, and not the choice of law rules, of the State of Colorado. 

19.    Counterparts.  This Agreement may be executed in one or more counterparts, none of which need contain the signature of more than one party hereto, and each of which will be deemed to be an original, and all of which together will constitute a single agreement. 

20.    Survival of Terms.  The Executive’s obligations contained in Sections 4, 8 and 9 shall survive termination of this Agreement. 

21.    Compliance with Section 409A.  Notwithstanding anything herein to the contrary, if the Executive is a “specified employee” (as defined in Section 409A of the Internal Revenue Code of 1986, as amended) on the date of termination, to the extent required by Section 409A, payments hereunder shall be delayed until the earlier of (i) the date which is six (6) months after the date of termination or, (ii) the date of the Executive’s death.

[signature page follows]

IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the Effective Date. 

COMPANY:                        ASCENT SOLAR TECHNOLOGIES, INC.      

	
		
	By:
	/s/ Amit Kumar

	Name:
	Amit Kumar

	Title:
	Chairman of the Board

	Date:
	April 4, 2014

EXECUTIVE:    

	
		
	By:
	/s/ Kong Hian Lee

	Name:
	Kong Hian Lee (aka Victor Lee)

	Date:
	April 4, 2014

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