Document:

EX-10.4

 Exhibit 10.4 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (the
“Employment Agreement”), effective as the Effective Date (as defined in Section 1.1 hereof) by and between Iroko Pharmaceuticals Inc., a company incorporated in the British Virgin Islands with company number 1732699
(“Employer”), and Osagie Imasogie (“Executive”). 
 WHEREAS, Executive desires
to provide services to Employer and Employer desires to retain the services of Executive; 
 WHEREAS, Employer and Executive
desire to formalize the terms and conditions of Executive’s employment with Employer. 
 NOW, THEREFORE, Employer and
Executive hereby agree as follows: 
 1. Employment. 

1.1 General. Effective as of the closing date of an initial public offering of the Employer’s ordinary shares pursuant to
the United States Securities Act of 1933, as amended (the “Effective Date”), Employer hereby employs Executive in the capacity of Executive Chairman of the Board of Directors of Employer. Executive hereby accepts such
employment upon the terms and subject to the conditions herein contained. 
 1.1.1 Authority and Duties.
Commencing on the Effective Date, Executive shall serve as Chairman of the Board in accordance with Employer’s Memorandum and Articles of Association, as they may be amended from time to time (the “Memorandum and
Articles”). In addition, however, Executive will also provide services beyond those set forth in the Memorandum and Articles that describe the duties of the Chairman of the Board. For example, Executive will be in charge of
communicating the vision of Employer in the countries within which Employer operates; attend and participate in meetings with senior management, other employees and third parties to review the operations and potential operations of Employer; assist
senior management in developing operational and research strategies and plans for Employer and provide advice about implementing such strategies and plans; assist and advise in hiring and retaining senior personnel of Employer; and such other and
further activities as may be reasonably required by Employer from time to time, consistent with the foregoing sentences. Executive’s activities may take place in the facilities of Employer or elsewhere, as required and reasonable. Executive
agrees to perform such additional duties and responsibilities commensurate with the position of Chairman of the Board as may reasonably be determined by the Board of Directors of Employer (the “Board”), as stipulated above.

 1.1.2 Reporting. During Executive’s employment with Employer, Executive will report directly to,
and take direction from the Board. 
 1.2 Full-Time Position. Executive, during his employment with Employer, will
devote such time as is necessary to fulfill Executive’s duties and responsibilities. During the Employment Term (as defined below), Executive shall not accept another executive employment position. However, Executive’s employment with
Employer shall not preclude him 

 
from (i) serving on civic, professional, educational or charitable boards or committees; (ii) retaining and continuing to function in any current positions as a member of the board of
any entities or as a member or partner of Phoenix IP Ventures LLC or its affiliated entities; (iii) managing personal investments; or (iv) undertaking any other activities that are approved in advance by the Board; provided,
however, that Executive may not engage in any of the activities described in this sentence to the extent such activities adversely affect the performance of Executive’s duties and responsibilities to the Employer. 

1.3 Proprietary Information and Inventions. Executive has signed an Employee Proprietary Information Agreement
(“Confidentiality Agreement”) as attached to this Agreement. 
 2. Compensation and Benefits. All
compensation shall be subject to withholding of taxes and deductions of other amounts as may be required by law. 
 2.1
Salary. Employer will pay to Executive an annual base salary of $1,000,000 payable in accordance with the regular payroll practices of Employer. The annual base salary may be increased (but not decreased) during the term of this Agreement by
the Board in its sole discretion. Compensation to be received by Executive pursuant to this Employment Agreement is separate from, and does not impact, any compensation, including management fees, to be paid to Phoenix IP Ventures LLC or its
affiliates pursuant to an agreement between Employer or other entity controlling, or controlled by, Employer, and Phoenix IP Ventures LLC or its affiliated entities. 
 2.2 Executive Benefits. In addition to the salary set forth in Section 2.1, Executive shall also be entitled to the following benefits during Executive’s employment hereunder: 

2.2.1 Expenses. Employer will promptly reimburse Executive for reasonable expenses he incurs in connection with
the performance of his duties (including business travel and entertainment expenses); provided, however, that Executive has provided Employer with documentation of such expenses in accordance with the Employer’s expense
reimbursement policies and applicable tax requirements. 
 2.2.2 Employer Plans. Executive will be
entitled to participate in the employee benefit plans and programs generally provided to executive officers of Employer by Employer from time to time, including, but not limited to, participation in any 401(k), life insurance, health and accident,
medical and dental, disability and retirement plans and programs, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and programs. Employer retains the unilateral right to amend, modify or
terminate any of its employee benefit plans and programs at any time. 

  
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 2.2.3 Insurance. Executive shall be covered by Employer’s
directors and officers insurance policy at all times during the Employment Term to the extent generally provided to Employer’s directors and officers. 
 2.2.4 Coverage. Nothing in this Employment Agreement shall prevent Executive from participating in any other compensation plan or benefit plan made available to him by Employer. 

2.3 Employment Term. Executive’s employment by Employer pursuant to this Employment Agreement shall commence as of the
Effective Date and, except as provided in Section 3.1 hereof, will continue until the third (3rd) anniversary of the Effective Date (the “Initial Term”). Thereafter, this Employment Agreement shall be automatically
renewed for successive one-year periods (the Initial Term, together with any subsequent employment period being referred to herein as the “Employment Term”); provided, however, that either party may elect to not
renew this Employment Agreement by written notice to such effect delivered to the other party at least sixty (60) days prior to expiration of the Initial Term or the Employment Term. 

3. Termination of Employment. 
 3.1 Events of Termination. 
 3.1.1 Death. In the
event of Executive’s death, Executive’s employment will terminate on the date of death. 
 3.1.2
Disability. In the event of Executive’s Disability (as hereinafter defined), Employer will have the option to terminate Executive’s employment by giving a notice of termination to Executive. The notice of termination shall specify
the date of termination, which date shall not be earlier than thirty (30) days after the notice of termination is given. For purposes of this Employment Agreement, “Disability” means the inability of Executive to substantially perform
his duties hereunder for an aggregate of ninety (90) days during any consecutive three hundred sixty-five (365) day period as a result of a physical or mental illness, as determined in good faith by the Board upon the advice of an
independent physician experienced in treating the condition(s) allegedly giving rise to the disability. 
 3.1.3
Termination by Employer for Cause. Employer may, at its option, terminate Executive’s employment for “Cause” by unilateral action of the Board upon giving a notice of termination to Executive. “Cause” shall mean
(i) Executive’s conviction of, or guilty or no contest plea to, a felony or to any lesser crime or offense involving the property of Employer; (ii) any act(s) or omission(s) by Executive which constitutes gross negligence or a breach
of Executive’s duty of loyalty to Employer or its affiliates; (iii) a willful and material breach of any material policy of Employer that is applicable to all officers of Employer; (iv) any act that intentionally causes material
economic harm or reputational damage to Employer; (v) if Executive is regularly under the 

  
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influence of alcohol or illegal substances while performing services for Employer; or (vi) a material violation or breach by Executive of this Employment Agreement which has not been cured
within thirty (30) days after notice of such breach has been given by Employer to Executive (other than a breach resulting from a Disability as defined in Section 3.1.2 hereof); provided that, if in the reasonable opinion of the Board the
nature of such breach or violation is such that it cannot be so cured, then such termination shall be effective upon notice thereof. 
 3.1.4 Without Cause By Employer. Employer may, at its option, terminate Executive’s employment for any reason whatsoever (other than for the other reasons set forth above in this
Section 3.1) by giving a notice of termination to Executive, and Executive’s employment shall terminate on the later of the date the notice of termination is given or the date set forth in such notice of termination. 

3.1.5 For Good Reason by Executive. Executive may, at his option, terminate Executive’s employment for
“Good Reason” by giving a notice of termination to Employer within 90 days after the initial existence of the condition in the event that there is: (i) a failure of Employer (or successor employer) to pay Executive’s salary or
additional compensation or benefits hereunder in accordance with this Employment Agreement which has not been cured within 30 days after notice of such failure has been given by Executive to Employer; (ii) a material diminution in
Executive’s authority, duties or responsibilities without Executive’s prior written consent; or (iii) any other material violation or material breach by Employer of this Employment Agreement which, if curable, has not been cured
within 30 days after notice of such breach has been given by Executive to Employer. 
 3.1.6 Without Good
Reason By Executive. Executive may, at any time, terminate Executive’s employment for any reason whatsoever by giving a notice of termination to Employer. Executive’s employment shall terminate on the earlier of (i) the date,
following the date of the notice of termination, upon which a suitable replacement for Executive is found by the Employer or upon which Employer makes a determination, in its sole discretion, that Executive’s duties shall be undertaken by other
employees of Employer, or (ii) ninety (90) days after the date of receipt by Employer of the notice of termination, but in any event, not beyond the Employment Term. 

3.1.7 Termination Upon Non-Renewal. Either party may terminate this Employment Agreement and Executive’s
employment hereunder by providing the other party notice in accordance with Section 2.3 above, in which case this Employment Agreement and Executive’s employment hereunder shall terminate on the last date of Employment Term. 

  
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 3.2 Certain Obligations of Employer Following Termination of Executive’s
Employment. Following the termination of Executive’s employment under the circumstances described below, Employer will pay to Executive in accordance with its regular payroll practices the following compensation and provide the following
benefits (provided that the continuing payments of Executive’s then-current salary, as described below, shall occur no less frequently than monthly): 
 3.2.1 Termination by Employer Without Cause or by Executive for Good Reason. In the event that Executive’s employment is terminated by Employer pursuant to Section 3.1.4 hereof or by
Executive pursuant to Section 3.1.5 hereof, Executive shall be entitled to the following: 
 (i) the Base
Salary through the date of termination to be paid in accordance with Employer’s normal payroll practices; 

(ii) Employee shall pay to Executive any bonuses or portion thereof for any preceeding year or for the current year that
has been declared and awarded by Employer but has not been received prior to date of termination; 
 (iii)
continuing payments at a rate equal to 100% of Executive’s Base Salary, as then in effect (less applicable withholding taxes), until the expiration of the Employment Term, to be paid periodically in accordance with Employer’s normal
payroll practices; 
 (iv) to arrange to pay directly an amount equal to Employer’s portion of the premiums
relating to coverage for Executive and his covered dependents for group medical and dental insurance coverage at the time of the termination of Executive’s employment in order to provide Executive with continuing coverage under COBRA during the
remainder of the Employment Term, it being understood that the period of such continued coverage at Employer’s expense shall reduce, month-for-month, the 18-month period of coverage otherwise required to be offered under COBRA; 

(v) reimbursement of all expenses for which Executive is entitled to be reimbursed pursuant to Section 2.2.1 above,
but for which he has not yet been reimbursed; provided, however, in no event shall reimbursement of an eligible expense hereunder be made later than the last day of Executive’s taxable year following the taxable year in which the
expense was incurred and the right to reimbursement hereunder may not be exchanged for any other benefit; and 

(vi) to the extent permitted by applicable law, Employer shall pay to Executive all other vested benefits generally
available under the employee benefit plans, and the policies and practices of Employer, determined in accordance with the applicable terms and provisions of such plans, policies and practices, in each case, as accrued during the Employment Term.

 3.2.2 Termination by Executive Without Good Reason, by Employer for Cause or Termination Upon
Non-Renewal. In the event Executive’s employment is terminated by Executive pursuant to Section 3.1.6, by Employer pursuant to Section 3.1.3 hereof or by either Executive or Employer pursuant to Section 3.1.7 hereof,

  
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Executive shall be entitled to no further compensation or other benefits under this Employment Agreement except as to that portion of any unpaid salary and other benefits accrued and earned by
him hereunder up to and including the date of such termination. 
 3.3 Nature of Payments. All amounts to be paid by
Employer to Executive pursuant to this Section 3 are considered by the parties to be severance payments. In the event such payments are treated as damages, it is expressly acknowledged by the parties that damages to Executive for termination of
employment would be difficult to ascertain and the above amounts are reasonable estimates thereof. 
 3.4 Duties Upon
Termination. Upon termination of Executive’s employment with Employer pursuant to Sections 3.1.1 through 3.1.6 hereof, inclusive, or upon expiration of the Employment Term, Executive will be released from any duties and obligations
hereunder and, in the event of termination of Executive’s employment pursuant to Sections 3.1.1 through 3.1.7 hereof, the obligations of Employer to Executive will be as set forth in Section 3.2 hereof. In addition, for purposes of this
Agreement, each amount to be paid or benefit to be provided to Executive pursuant to this Agreement shall be construed as a separate identified payment for purposes of Code Section 409A. 

3.5 Section 409A. Notwithstanding anything to the contrary in this Agreement, no severance pay or benefits to be paid or
provided to Executive, if any, pursuant to this Agreement that, when considered together with any other severance payments or separation benefits, are considered deferred compensation under Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”), and the final regulations and any guidance promulgated thereunder (“Section 409A”) (together, the “Deferred Payments”) will be paid or otherwise provided
until Executive has a “separation from service” within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to
Treasury Regulation Section 1.409A-1(b)(9) will be payable until Executive has a “separation from service” within the meaning of Section 409A. If Executive is a “specified employee” within the meaning of
Section 409A at the time of Executive’s termination (other than due to death), then the Deferred Payments that are payable within the first six (6) months following Executive’s separation from service will become payable on the
first payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment
schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s separation from service but prior to the six (6) month anniversary of the separation from service,
then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Payments will be payable in accordance with the payment
schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. The foregoing provisions are
intended to comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be
interpreted to so comply. Employer and Executive agree to work 

  
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together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or
income recognition prior to actual payment to Executive under Section 409A. References in this Agreement to termination of Executive’s employment shall mean termination of Executive’s employment with Employer and all entities required
to be aggregated with Employer and treated as one employer under Section 414(b) or (c) of the Code under circumstances that give rise to a “separation from service” within the meaning given to that term under Section 409A.

 3.6 Conditions Precedent. Any severance payments (other than payment of Base Salary pursuant to Section 7),
vesting and/or benefits contemplated by Section 3.2.1 above are conditional on Executive signing and not revoking a separation agreement and release of claims providing for a release of all claims relating to Executive’s employment and/or
this Agreement against Employer or its successor, its subsidiaries and parent company and their respective directors, officers and stockholders, excluding claims for payments and/or benefits Employer is required to pay to Executive that have not
been made or delivered in accordance with terms of a written agreement between the Employer and Executive or as required by law, in a form satisfactory to the Employer, its parent company or its successor (the “Release”);
provided that such Release becomes effective and irrevocable no later than sixty (60) days following the termination date or such earlier date required by the Release (such deadline, the “Release Deadline”). If
the Release does not become effective by the Release Deadline, Executive will forfeit any rights to severance or benefits under this Section 3 or elsewhere in this Agreement. Any severance payments or other benefits under this Agreement that
would be considered Deferred Payments (as defined in Section 3.5) will be paid on, or, in the case of installments, will not commence until, the sixtieth (60th) day following Executive’s separation from service, or, if later, such
time as required by Section 3.5. Except as required by Section 3.5, any installment payments that would have been made to Executive during the sixty (60) day period immediately following Executive’s separation from service but
for the preceding sentence will be paid to Executive on the sixtieth (60th) day following Executive’s separation from service and the remaining payments will be made as provided in this Agreement, unless subject to the 6-month payment
delay described herein. Any severance payments under this Agreement that would not be considered Deferred Payments will be paid on, or, in the case of installments, will not commence until, the first payroll date that occurs on or after the date the
Release becomes effective and any installment payments that would have been made to Executive during the period prior to the date the Release becomes effective following Executive’s separation from service but for the preceding sentence will be
paid to Executive on the first payroll date that occurs on or after the date the Release becomes effective. 
 4.
Miscellaneous Provisions. 
 4.1 Severability. If in any jurisdiction any term or provision hereof is determined
to be invalid or unenforceable, (a) the remaining terms and provisions hereof shall be unimpaired, (b) any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction, and (c) the invalid or unenforceable term or provision shall, for purposes of such jurisdiction, be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the
invalid or unenforceable term or provision. 

  
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 4.2 Execution in Counterparts. This Employment Agreement may be executed in one or
more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement (and all signatures need not appear on any
one counterpart), and this Employment Agreement shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. 

4.3 Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed duly given
when delivered by hand, or when delivered if mailed by registered or certified mail, postage prepaid, return receipt requested, or private courier service or via facsimile (with written confirmation of receipt) as follows: 

If to Employer, to: 
 Iroko Pharmaceuticals Inc. 
 c/o Iroko Pharmaceuticals, LLC 

One Kew Place 

150 Rouse Boulevard 
 Philadelphia, PA 19112 
 Facsimile: 267-546-3004 

Attention: Board of Directors 
 Copy to: 
 Andrews Kurth LLP 

111 Congress, Suite 1700 
 Austin, TX 78701 
 Facsimile: 512-320-9292 

Attention: Carmelo Gordian 
 If to Executive, to: 
 Osagie Imasogie 

c/o Phoenix IP Ventures 
 One Kew Place 
 150 Rouse Boulevard 

Philadelphia, PA 19112 
 Facsimile: 267-765-3221 
 or to such other address(es) as a party hereto shall have designated by
like notice to the other parties hereto. 
 4.4 Amendment. No provision of this Employment Agreement may be modified,
amended, waived or discharged in any manner except by a written instrument executed by Employer and Executive. 

  
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 4.5 Entire Agreement. This Employment Agreement constitutes the entire agreement of
the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties hereto, oral or written, with respect to the subject matter hereof. No representation, promise or inducement has been
made by either party that is not embodied in this Employment Agreement, and neither party shall be bound by or liable for any alleged representation, promise or inducement not so set forth. 

4.6 Applicable Law. This Employment Agreement shall be governed by and construed in accordance with the laws of the Commonwealth
of Pennsylvania applicable to contracts made and to be wholly performed therein without regard to its conflicts or choice of law provisions. 
 4.7 Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or
provisions of this Employment Agreement. 
 4.8 Binding Effect; Successors and Assigns. Executive may not delegate his
duties or assign his rights hereunder. This Employment Agreement will inure to the benefit of, and be binding upon, the parties hereto and their respective heirs, legal representatives, and successors. Employer may assign this Employment Agreement
to any entity purchasing all or substantially all of the assets of Employer. 
 4.9 Waiver, etc. The failure of either
of the parties hereto to at any time enforce any of the provisions of this Employment Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Employment Agreement or any
provision hereof or the right of either of the parties hereto to thereafter enforce each and every provision of this Employment Agreement. No waiver of any breach of any of the provisions of this Employment 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. 

4.10 Continuing Effect. Where the context of this Employment Agreement requires, the respective rights and obligations of the
parties shall survive any termination or expiration of the term of this Employment Agreement. 
 4.11 Telecopy Execution and
Delivery. A facsimile, telecopy or other reproduction of this Employment Agreement may be executed by one or more parties to this Agreement, and an executed copy of this Employment Agreement may be delivered by one or more parties to this
Employment Agreement by facsimile or similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen, and such execution and delivery shall be considered valid, binding and effective for all purposes.
At the request of any party to this Employment Agreement, all parties to this Employment Agreement agree to execute an original of this Employment Agreement as well as any facsimile, telecopy or other reproduction of this Employment Agreement.

  
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 IN WITNESS WHEREOF, this Employment Agreement has been executed and delivered by the parties
hereto as of the Effective Date. 
  

			
	IROKO PHARMACEUTICALS INC.
		
	By:	 	 /s/ Fred Krieger

	Name:	 	 Fred Krieger

	Title:	 	 Chief Financial Officer

	
	EXECUTIVE:
	
	OSAGIE IMASOGIE
	
	 /s/ Osagie Imasogie

 [Signature Page to Employment Agreement]EX-10.10

 Exhibit 10.10 
 AMENDED AND RESTATED 
 NANO-REFORMULATED COMPOUND LICENSE AND OPTION
AGREEMENT 
 This is a Nano-Reformulated Compound License and Option Agreement, dated June 19, 2007 (the
“Effective Date”), and amended and restated as of May 6, 2008 and further amended on October 22, 2008 and December 12, 2012 and amended and restated on December 28, 2012, by and among iCeutica Inc.
(“iCeutica Inc.”), a Delaware corporation having an address of One Kew Place, 150 Rouse Boulevard, Philadelphia, PA, 19112, its wholly-owned subsidiary iCeutica Pty Ltd (“iCeutica”) (ACN 113 244 152), an Australian
corporation having an address of Unit 4, 97 Hector Street, Osborne Park, Western Australia 6016, and Iroko Pharmaceuticals, LLC (“Iroko”), a Delaware limited liability company having an address of One Kew Place, 150 Rouse Boulevard,
Philadelphia, PA, 19112. 
 Background. iCeutica has proprietary technology, intellectual property and expertise in the
nano-reformulation of pharmaceutical compounds. Iroko is a developer and marketer of novel reformulated and repositioned pharmaceutical products. Iroko has rights to the Indocin®/Indocid® products and trademarks and related Intellectual
Property and markets these products on a worldwide basis. Iroko is interested in applying iCeutica’s SoluMatrixTM manufacturing technology and leveraging iCeutica’s expertise to create a nano-reformulation of Indocin®/Indocid®
and other NSAID (as defined herein) products and obtaining licenses of IP (as defined herein) rights in the reformulated products. No assignment of the iCeutica IP or iCeutica Technology is contemplated by this Agreement. 

Therefore, in consideration of the promises set forth in this Agreement, the Parties agree as follows: 

 

	(1)	Definitions. As used in this Agreement: 

  

	 	(a)	“Affiliate” means an entity that is controlled by Iroko Pharmaceuticals Inc., a company incorporated under the laws of the British Virgin Islands or
iCeutica Inc., as applicable. For this purpose, “control’’ means (i) the power to direct or cause the direction of the management and affairs of the entity, whether by direct or indirect ownership of voting stock, positions on
the board of directors, contract, or otherwise; or (ii) ownership of more than fifty percent (50%) of the equity or other ownership interest of the entity. 

 

	 	(b)	“API” means active pharmaceutical ingredient, i.e. the pharmacoactive ingredient in a pharmaceutical product either in a salt-free or salt form, as
appropriate for the pharmacoactive ingredient. 

  

	 	(c)	“Combination Product” means a commercial product with two (2) or more therapeutically active ingredients, one of which is a Licensed Product and
the other(s) of which are not Licensed Products. 

  

	 	(d)	“Commercial Ready Grant IP” means Patent Rights or Confidential Information developed as part of Australian Commercial Ready Grant Number COM03690.

  
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	 	(e)	“Confidential Information” means all business, financial and technical information, data, documents and other materials, whether in electronic or
physical form or orally disclosed, provided by one Party (“Discloser”) to the other (“Receiver”), but excluding any information that Receiver can demonstrate: 

 

	 	(1)	was public knowledge at the time of disclosure to Receiver; 

  

	 	(2)	became public knowledge without fault by Receiver; 

  

	 	(3)	was rightfully in the possession of Receiver prior its disclosure by Discloser; or 

 

	 	(4)	was disclosed to Receiver from a source not known to Receiver to be under a duty of confidentiality to Discloser. 

 

	 	(f)	“Dollars” or “$” means U.S. dollars. 

  

	 	(g)	“FDA” means the United States Food and Drug Administration. 

 

	 	(h)	“Force Majeure” means an act, event or condition beyond the reasonable control of a Party. 

 

	 	(i)	“iCeutica IP” means Patent Rights and iCeutica Technology. 

 

	 	(j)	“iCeutica Technology” means technology owned or controlled by iCeutica and licensable to third parties relating to (i) methods and apparatus for
producing APIs having an average particle size of 1,000 nanometers or less, including nano-milling methods and apparatus and (ii) pharmacoactive compositions of matter having an particle size of 1,000 nanometers or less and methods for their
use. 

  

	 	(k)	“Indocin®/Indocid®” means the nonsteroidal anti-inflammatory indomethacin sold under the brand names Indocin® and Indocid®.

  

	 	(l)	“Initial Selected Compounds” means diclofenac and naproxen. 

 

	 	(m)	“Intellectual Property” or “IP” means patents, patent applications and confidential information. 

 

	 	(n)	“Invention” means any invention or discovery conceived, whether or not reduced to practice, as those terms are defined under the patent laws of the
United States. 

  

	 	(o)	“Licensed Products” means the Selected Compounds, an aspect of the manufacture, use, offering for sale, sale or importation of which is covered by a
pending or issued claim of Patent Rights, and as to any issued claim, the claim has not been held invalid or unenforceable by a court or administrative agency in an unappealed or unappealable decision, disclaimed or admitted to be invalid.

  
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	 	(p)	“Meloxicam License” means the Nano-Reformulated Compound License Agreement, dated as December 28, 2012, by and among iCeutica Inc.,
iCeutica and Iroko Pharmaceuticals Inc., a company incorporated under the laws of the British Virgin Islands, as the same may be amended from time to time. 

 

	 	(q)	‘‘Net Sales” means revenues of Iroko and Iroko Affiliates from the sale or other disposition of (i) Licensed Products or (ii) subject to
paragraph (5)(h), Combination Products, as the case may be, to a non-Affiliate less: 

  

	 	(i)	payments made or credits allowed for promotional purposes; 

  

	 	(ii)	customary allowances, rebates and trade, quantity, or cash discounts, including discounts, rebates or other payments required under Medicaid, Medicare or other
governmental medical assistance programs, to the extent allowed and taken; 

  

	 	(iii)	amounts repaid or credited for rejections or returns; and 

  

	 	(iv)	to the extent separately stated on invoices, taxes and other governmental charges levied on the production, sale, transportation, delivery, or use of a product sold by
Iroko containing a Licensed Compound, paid by or on behalf of Iroko or an Affiliate. 

  

	 	(r)	“NSAIDs” means non-steroidal anti-inflammatory drugs, including but not limited to COX-2 inhibitors. 

 

	 	(s)	“Option Grant” means the rights granted in paragraph (3)(a). 

 

	 	(t)	“Option Period” means the period commencing on the Effective Date and terminating upon termination of this Agreement. 

 

	 	(u)	“Party” or “Parties” means iCeutica Inc., iCeutica and/or Iroko, as applicable. 

 

	 	(v)	“Patent Rights” means: (i) the provisional and utility patent applications listed on Exhibit A, which will be updated periodically upon request
by Iroko, to add all additional patents and patent applications included in this definition; (ii) provisional and utility patent applications relating to iCeutica Technology and owned or licensable by iCeutica on or within twenty (20) years after
the Effective Date; (iii) any patents or patent applications relating to the Licensed Products; and (iv) reissues, reexaminations, renewals, extensions, divisions, continuations, continuations-in-part and foreign counterparts of and patents which
issue on any of the foregoing. 

  

	 	(w)	“Product Launch” means the first commercial introduction of a Licensed Product. 

 

	 	(x)	 “Selected Compounds” means (i) indomethacin, (ii) the Initial Selected Compounds, (iii) other NSAIDs as to which Iroko
exercises the Option and (iv) 

  
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homologs, analogs and first order derivatives of, composition of matter modifications of or improvements to (i), (ii) or (iii). 

 

	 	(y)	“Spree License” means the license agreement among Spree Pharma A/S, iCeutica Inc. and iCeutica, dated May 8, 2007. 

 

	 	(z)	“Sublicense” means any sublicense or other agreement of Iroko with a non-Affiliate permitting the commercial exploitation of any (i) iCeutica IP
or (ii) applicable Third Party IP which is licensed to Iroko and sublicensed by Iroko for the manufacture, use or sale of Licensed Products. 

  

	 	(aa)	“Sublicense Revenues” means minimum royalties and all other royalty revenues of Iroko from Sublicenses. 

 

	 	(bb)	 “Third Party IP” means IP related to nano-reformulation processes or compositions, assigned or licensed to iCeutica by a third party
during the term of this Agreement and licensable by iCeutica, and including improvements thereof made by iCeutica. There may be multipleTM Third Party IP opportunities and each shall be treated separately. The SoluMatrix technology is not Third Party IP.

  

	 	(cc)	“Third Party Payments” means royalties and other sums payable to a third party with respect to a Licensed Product for the use of the applicable Third
Party IP. 

  

	 	(dd)	“Sublicense Net Sales” means revenues of a Sublicensee from the sale or other disposition of (i) Licensed Products or (ii) subject to
paragraph 5(e), Combination Products, as the case may be, to an unaffiliated entity, less: 

  

	 	(1)	payments made or credits allowed for promotional purposes; 

  

	 	(2)	customary allowances, rebates and trade, quantity, or cash discounts, including discounts, rebates or other payments required under Medicaid, Medicare or other
governmental medical assistance programs, to the extent allowed and taken; 

  

	 	(3)	amounts repaid or credited for rejections or returns; and 

  

	 	(4)	to the extent separately stated on invoices, taxes and other governmental charges levied on the production, sale, transportation, delivery, or use of Licensed Products,
paid by or on behalf of a Sublicensee. 

  

	(2)	License Grant. 

  

	 	(a)	Grant to Iroko. iCeutica grants to Iroko a sole and exclusive (even as to iCeutica and iCeutica Inc.), world-wide, royalty-bearing right and license under the
iCeutica IP to develop, make, have made, use, sell, offer to sell and import Licensed Products. iCeutica retains all other rights to the iCeutica IP and has no obligations thereto to Iroko except as set forth in this Agreement.

  
 4 

	 	(b)	Grant to Third Party IP. Effective upon written request by Iroko, iCeutica grants to Iroko an exclusive (if possible; otherwise, non-exclusive), world-wide,
royalty-bearing right and license under the applicable Third Party IP to develop, make, have made, use, sell, offer to sell and import Licensed Products only. 

 

	 	(c)	Sublicenses. Iroko may grant Sublicenses, consistent with the applicable terms and conditions of this Agreement. Each Sublicense shall incorporate the substance
of paragraphs (4)(a)(i), (6), (7)(a), (10), (11) and (12), mutatis mutandis. 

  

	 	(d)	No Assignment of Commercial Ready Grant IP. For the avoidance of doubt, the Parties acknowledge that nothing in this Agreement constitutes an assignment of the
Commercial Ready Grant IP. 

  

	(3)	Options. 

  

	 	(a)	Option Grant. iCeutica grants to Iroko the sole and exclusive right and option to obtain exclusive, world-wide, royalty-bearing license grants pursuant to
paragraphs (2)(a) and (2)(c) to each and every NSAID compound developed into a nano-reformulation by iCeutica, except for: 

  

	 	(i)	the Initial Selected Compounds; 

  

	 	(ii)	compounds whose primary commercial use in the United States is not as an NSAID; and 

 

	 	(iii)	NSAIDs for which the Option Grant has been forfeited in accordance with paragraph (3)(c). 

 

	 	(b)	Exercise of Option Grant. The Option Grant may be exercised as to each NSAID permitted by paragraph (3)(a) at any time and from time-to-time during the
Option Period, by delivery to iCeutica of (i) notice of exercise of option, identifying the applicable NSAID(s) and (ii) the sum of Five Hundred Thousand Dollars ($500,000) payable thirty (30) days after the date of the notice of the
exercise of the option for each NSAID identified in that notice. 

  

	 	(c)	Option Grants may be Forfeited. During the Option Period, iCeutica may provide notice to Iroko that it must either exercise or forfeit the Option with respect to
any NSAID, using the following procedure: 

  

	 	(i)	 within thirty (30) days of iCeutica completing nano-reformulation and dissolution testing studies, the interpretation of which would
(I) reasonably be expected to provide beneficial pharmacokinetic behavior when appropriately formulated into a final dosage form in respect of a relevant NSAID; and (II) reasonably be capable of achieving with further development, the
Reformulation Objectives specified in Exhibit B, iCeutica shall provide Iroko with (A) notice identifying the NSAID, (B) 

  
 5 

	 	
copies of all available and relevant testing reports and (C) a one hundred (100) gram sample of the nano-reformulated NSAID; 

 

	 	(ii)	Iroko shall have ninety (90) days after receipt of the notice and the materials identified in subparagraph (i) to exercise the Option as to that NSAID; and

  

	 	(iii)	if Iroko does not exercise the Option as to the NSAID identified in the notice, Iroko will be deemed to have forfeited the Option as to that NSAID, in which event
iCeutica may license the iCeutica IP as to that NSAID to any third person(s) or exercise the IP rights in respect of that NSAID itself. 

  

	(3A)	[Intentionally Deleted]. 

  

	(4)	Cooperation, Development and Sublicensing Activity. 

  

	 	(a)	Diligence. 

  

	 	(i)	Iroko will use commercially reasonable diligence to develop, commercialize, market and sell Licensed Products, itself and/or through Affiliates or Sublicensees, subject
to Force Majeure. If Iroko does not exercise commercially reasonable diligence as to any NSAID, Iroko and iCeutica will, if requested by iCeutica, negotiate reasonable terms (considering Iroko’s investment in the compound following the grant of
the license to that Licensed Product by iCeutica, and the Licensed Product’s stage of development), to return all rights to that NSAID to iCeutica. 

  

	 	(ii)	iCeutica will use commercially reasonable diligence to develop nano-reformulations of Selected Compounds in accordance with this Agreement, itself and/or through one or
more Affiliates, subject to Force Majeure. 

  

	 	(b)	Cooperation. 

  

	 	(i)	iCeutica will make available to Iroko from time-to-time or as requested, all information and materials in its possession, including Confidential Information (but
excluding confidential information of third persons that iCeutica is not permitted to disclose), that is necessary or desirable to enable Iroko to develop, test and commercially introduce Licensed Products. 

 

	 	(ii)	Each Party shall designate a coordinator through whom all communications and cooperation for the purposes of this Agreement shall be channeled.

  
 6 

	 	(iii)	iCeutica will notify Iroko from time-to-time in a timely manner of any applicable Third Party IP, related test results and associated Third Party Payments, which Iroko
may elect to use, but is not obligated to use. If Iroko elects to use Third Party IP, iCeutica and Iroko will negotiate with each other in good faith the share of Third Party Payments (such as up front, milestone and minimum payments, but any
royalties based on units sold or revenues of Iroko or its Sublicensees will be paid in full by Iroko or its Sublicensees) for which Iroko will be responsible and all other terms of an agreement allowing Iroko to use the Third Party IP, to the extent
permitted by agreement governing the rights of iCeutica to the Third Party IP. 

  

	 	(iv)	iCeutica will provide Iroko with research and development services on reasonable schedules, as agreed, for the charges set forth in paragraphs (5)(i) and
(5)(j) and subject to the credits set forth in paragraph (5)(a) and (5)(b). 

  

	 	(c)	Development/Testing for Selected Compounds. Subject to paragraph (4)(d), promptly after the Effective Date, iCeutica will initiate and/or continue, as
applicable, nano-reformulation of applicable Selected Compounds, which shall include: 

  

	 	(i)	optimization of the chemistry using the iCeutica Technology; 

  

	 	(ii)	undertaking (as appropriate) FTIR, DLS, DSC, BET, SEM and TEM imaging and other appropriate testing to ensure similarities of chemistry (at a nano scale) compared to
the API; 

  

	 	(iii)	dissolution testing in simulated gastric and intestinal fluids; 

  

	 	(iv)	a basic animal toxicity test in respect of the relevant Selected Compound; and v) scale-up of the iCeutica Technology in accordance with paragraph (4)(e).

  

	 	(d)	Development and Testing for Indocin®/Indocid® and Initial Selected Compounds. The reformulation efforts as to Indocin®/Indocid® and
the Initial Selected Compounds shall be performed in accordance with the milestones specified in Exhibit B, or as agreed by the Parties, and the goal shall be to meet the milestones within six (6) months from the Effective Date or notice
of exercise of Option (as applicable). Should Iroko make a material change(s) in the milestones described in Exhibit B, iCeutica will advise Iroko of the additional cost, if any, associated with the change(s) and proceed only upon prior
approval of Iroko. The milestones as to other Selected Compounds shall be agreed to by the Parties. 

  

	 	(e)	Scale-up of iCeutica Technology; Commercial Production of Licensed Products. 

  
 7 

	 	(i)	Following notification of the Initial Selected Compounds, iCeutica will commence scale-up of the iCeutica Technology, in cooperation with a third party manufacturer
(“TPM”) engaged by Iroko and reasonably acceptable to iCeutica such that, at the completion of scale-up, iCeutica is able to utilize the iCeutica Technology to produce sufficient reformulated compound, with properties consistent
with the nano-reformulation at a pilot scale to undertake the formulation, animal (if required) and stability testing activities. Delivery to Iroko of the reformulated Indocin®/Indocid®; or Initial Selected Compound in a form suitable for
animal or stability testing, will complete the iCeutica scale-up obligation as to the applicable compound. 

  

	 	(ii)	iCeutica will cooperate to transfer the iCeutica Technology in respect of Indocin®/Indocid® and each Initial Selected Compound to each applicable TPM, subject
to a suitable Confidentiality Agreement between iCeutica and the TPM. The respective payments under paragraph (5)(c) will compensate iCeutica for its cooperation with the applicable TPM as to each Selected Product, except that iCeutica’s
applicable out-of-pocket costs (including any consultants engaged by iCeutica at Iroko’s request), shall be separately reimbursed by Iroko. 

  

	 	(iii)	iCeutica and Iroko shall work with the TPM or TPMs selected by Iroko to cause the iCeutica Technology to be scaled-up in accordance with GMP standards to a production
level sufficient to supply Iroko’s reasonable requirements of various Licensed Products suitable for clinical testing and thereafter for commercial sale. 

 

	 	(iv)	Iroko will use commercially reasonable diligence (including making relevant Iroko staff and contractors available at Iroko expense when reasonably requested by
iCeutica) to assist with the scale-up and commercial production using the iCeutica Technology referred to in subparagraphs (4)(e)(i) to (iii). 

  

	 	(v)	iCeutica will work with Iroko to complete the CMC section of the IND. 

  

	 	(f)	Records of Services and Expenses. iCeutica shall maintain reasonable records of time devoted to development and testing of Selected Compounds and related
out-of-pocket expenses. The applicable records shall be supplied to Iroko upon request, or with each invoice to Iroko for services or expenses. 

  

	 	(g)	Commercialization Plans. Within thirty (30) days after the end of each calendar year, Iroko will provide iCeutica with a detailed, written annual research,
development and commercialization plan for each Licensed Product. The commercialization plan will include any plans for any Sublicenses. 

  

	 	(h)	 Supply of API for Selected Compounds. Iroko will purchase at its own cost and risk and supply to iCeutica the API for each Selected Compound. iCeutica
may 

  
 8 

	 	
only use such API for the purposes of undertaking nano-reformulation in accordance with this Agreement, unless agreed otherwise by Iroko. 

 

	(5)	Payments. 

  

	 	(a)	Initial Payments. In consideration of the rights granted in paragraphs (2) and (3), Iroko shall pay iCeutica Inc., the sums of (a) One Million Dollars
($1,000,000) on the Effective Date and (b) One Million Four Hundred Thousand Dollars ($1,400,000) upon notification by Iroko to iCeutica of the Initial Selected Compounds. Payments shall be made, at iCeutica Inc.’s direction, to iCeutica
Inc. or iCeutica. The initial payments shall be non-refundable and shall be credited against fees and expenses incurred by iCeutica with respect to authorized research, development and testing services as follows: 

 

	 	(i)	Five Hundred Thousand Dollars ($500,000) as to Indocin®/Indocid®; 

  

	 	(ii)	Seven Hundred Thousand Dollars ($700,000) as to one of the Initial Selected Compounds; and 

 

	 	(iii)	Seven Hundred Thousand Dollars ($700,000) as to the other of the Initial Selected Compounds. 

 

	 	(b)	Payments upon Exercise of the Option Grants. As to each Selected Compound for which an Option Grant is exercised, other than the Initial Selected Compounds,
Iroko shall pay iCeutica Inc., the sum of Five Hundred Thousand Dollars ($500,000), which shall be credited against fees and expenses incurred by iCeutica with respect to authorized research, development and testing services for that Selected
Compound only. 

  

	 	(c)	Milestone Payments. Iroko shall pay to iCeutica Inc., milestone payments of: 

 

	 	(i)	Three Hundred Thousand Dollars ($300,000) upon the successful scale-up referred to in subparagraph (4)(e)(i) with respect to one (1) Initial Selected
Compound; 

  

	 	(ii)	Three Hundred Thousand Dollars ($300,000) upon the successful scale-up referred to in subparagraph (4)(e)(i) with respect to the other Initial Selected Compound;
and 

  

	 	(iii)	Five Hundred Thousand Dollars ($500,000) for each NSAID for which (A) iCeutica has completed successful scale-up in accordance with subparagraph (4)(e)(i); and
(B) the Option is exercised, 

 provided that: 

 

	 	(A)	no milestone payment is due before 1 July 2008; and 

  
 9 

	 	(B)	if Iroko determines not undertake the scale-up referred to in subparagraph (4)(e)(i), then the milestone payments specified in subparagraphs (5)(c)(i) and
(ii) shall be payable to iCeutica on 1 July 2008. 

  

	 	(d)	Royalties. In consideration of the license grants of paragraphs (2)(a) and (2)(c), Iroko shall pay to iCeutica Inc., at Iroko’s election, made in writing on a
Licensed Product-by-Licensed Product basis, before each applicable Product Launch, either: 

  

	 	(i)	Ten percent (10%) of Net Sales; or 

  

	 	(ii)	Five Million Dollars ($5,000,000), payable before Product Launch, and five percent (5%) of Net Sales. 

 

	 	(e)	Combination Products. Net Sales for each Combination Product shall be determined as follows: 

 

	 	(i)	If all active ingredients have separate, established market prices, Net Sales of the Combination Product shall be multiplied by a fraction, the numerator of which is
the established market price for the Licensed Product(s) in the Combination Product and the denominator of which is the sum of the established market prices for the Licensed Product(s) and the other active ingredients; or 

 

	 	(ii)	When market prices for the other active ingredients are not established, Net Sales of the Combination Product shall be multiplied by a fraction, the numerator of which
is the established market price for the Licensed Product alone and the denominator of which is the established market price for the Combination Product. 

  

	 	(f)	Royalty Stacking. If Iroko, its Affiliates or Sublicensees enter licenses or sublicenses for one or more technologies from third parties or from iCeutica in
order to develop and market Licensed Products, the royalty payments due to iCeutica under paragraph (5)(d) shall be reduced by an amount equal to fifty percent (50%) of the payments due to third parties; provided that in no event shall the
royalty payments due to iCeutica be reduced below fifty percent (50%) of the royalties otherwise due under paragraph (5)(d). The foregoing calculations and deductions shall be made on a Licensed Product-by-Licensed Product basis.

  

	 	(g)	 Sublicense Revenues and Sublicensee Net Sales. As to each payment received from a Sublicensee, Iroko shall pay iCeutica Inc. the lesser of
(i) one-half ( 1/2) of Sublicense Revenues or (ii) (A) ten percent (10%) or (B) five percent (5%) of Sublicensee Net Sales, depending on whether option 5(d)(i) or (ii) was elected by Iroko for
the applicable Licensed Product. 

  

	 	(h)	 Payment of Third Party Payments. Iroko shall pay iCeutica Inc. or iCeutica, as directed for any applicable Third Party Payments on a
Dollar-for-Dollar basis, 

  
 10 

	 	
taking into account any withholding, GST or other taxes payable by iCeutica on such Third Party Payments, such that iCeutica shall not be out-of-pocket after the remittance to the applicable
licensor. 

  

	 	(i)	Reimbursement of Out-of-Pocket Development and Testing Expenses. Iroko will reimburse iCeutica Inc.’s reasonable out-of-pocket expenses paid directly by
iCeutica Inc. or paid by iCeutica on iCeutica Inc.’s behalf, including consumables, incurred in the development and testing of Licensed Products in addition to work specified in Exhibit B or in subparagraphs (4)(c)(i) to (4)(c)(iv).
Expenses incurred in excess of Two Thousand Dollars ($2,000) per month shall require Iroko’s prior written consent. 

  

	 	(j)	Billing for Product Development Services. 

  

	 	(i)	Research and development services of iCeutica Inc. and iCeutica, other than the services specified in Exhibit B or in subparagraphs (4)(c)(i) to
(4)(c)(iv), will be billed at Two Hundred and Seventy-Five Dollars ($275) per hour for scientists and engineers and One Hundred and Twenty Dollars ($120) per hour for technicians. 

 

	 	(ii)	The hourly rates of subparagraph (5)(j)(i) may be increased annually after December 31, 2013, by an amount equal to the increase in the U.S. Department of
Labor, Bureau of Labor Statistics, Consumer Price Index (All Items) (“CPI”) for the year compared to the CPI for the prior year. 

  

	 	(k)	Payment Terms. 

  

	 	(i)	Notwithstanding paragraph (5)(d), the obligation to pay royalties based solely on claims of patent applications will cease for each application that is pending for over
four (4) years and resume when the application has issued as a patent. 

  

	 	(ii)	Amounts due under paragraphs (5)(d), (5)(e), (5)(f), (5)(g) and (5)(h) are payable quarterly, within sixty (60) days after each calendar quarter.

  

	 	(iii)	Amounts due under paragraphs (5)(i) and (5)(j) are payable monthly, within thirty (30) days after receipt of bill. Each bill will include reasonably
detailed time and service descriptions and copies of invoices for out-of-pocket expenses. Bills may be submitted by fax or e-mail. 

  

	 	(iv)	All payments shall be transmitted to iCeutica Inc. or iCeutica, as appropriate, by wire transfer of immediately available funds to a bank account or accounts specified
in writing by iCeutica. 

  

	 	(v)	 If any amount due to iCeutica Inc. or iCeutica is collected in a currency other than Dollars, the amount shall be converted into Dollars at the
applicable exchange rate published in The Wall Street Journal, Eastern 

  
 11 

	 	
edition, on the last business day of the calendar quarter in which the collection was made. 

  

	 	(l)	Tax Withholding. If Iroko is required by the laws of any country to withhold any tax with respect to any payment to iCeutica Inc. or iCeutica, as appropriate,
the tax will be deducted and paid to the taxing authority. Iroko will notify and promptly furnish iCeutica Inc. or iCeutica, as appropriate, with original receipts of any tax certificate or other available documentation evidencing the tax withheld.
Iroko will use commercially reasonable efforts to minimize any withholding. 

  

	(6)	Reports and Records. 

  

	 	(a)	Royalty Reports. Each royalty payment under paragraphs (5)(d), (5)(e), (5)(f), (5)(g), (5)(h) shall be accompanied by a detailed royalty report, specifying
the computation of royalties payable and certified to be correct by the Chief Financial Officer of Iroko. 

  

	 	(b)	Books and Records. Iroko shall keep accurate books of account adequate to show amounts payable under this Agreement and the performance of the Iroko’s other
obligations hereunder for three (3) years after each applicable year. 

  

	 	(c)	Sublicenses. Iroko shall provide iCeutica Inc. with a copy of each Sublicense promptly after its execution. The Sublicense shall be deemed Confidential
Information. 

  

	 	(d)	Audit Request. Iroko shall permit an independent, certified public accountant appointed and paid by iCeutica Inc. and reasonably acceptable to Iroko to examine
and make copies of applicable records and other documents of Iroko and its Sublicensees no more often than once per calendar year during regular business hours and upon two (2) weeks’ notice for the purpose of verifying amounts and reports
due from, and obligations to be performed by, each of them. The results of each examination shall be made available to iCeutica Inc. and Iroko, and shall be considered Confidential Information. Should the audit discover an underpayment equal to the
greater of five percent (5%) or Twenty Five Thousand Dollars ($25,000), Iroko shall pay the cost of the audit. 

  

	 	(e)	Late Charge. All overdue payments will be paid promptly with a late charge of two percent (2%) per annum above the prime rate of J.P. Morgan Chase Manhattan
Bank, N.A., as reported in The Wall Street Journal, Eastern edition, on the last business day of the calendar quarter in which each payment was to be made. Interest shall be calculated from the last day on which the payment was payable. Any portion
of such payments that are being contested in good faith shall not be considered overdue. 

  

	(7)	Intellectual Property of Iroko. 

  

	 	(a)	 Prosecution and Maintenance of Patent Rights. iCeutica shall file, prosecute and maintain Patent Rights and pay all fees and expenses therefor.
Iroko will 

  
 12 

	 	
reimburse iCeutica for the reasonable costs of preparing, prosecuting and maintaining NSAID-specific patent applications and patents in countries other than the United States. If iCeutica intends
to abandon any U.S. patent application or patent of Patent Rights in a manner which will result in a forfeiture of rights, it shall notify Iroko and, if requested by Iroko and for so long as Iroko pays one-half ( 1/2) of the applicable fees and expenses, iCeutica will continue to prosecute and maintain the applicable Patent Rights. 

 

	 	(b)	Records of Inventions. Iroko shall maintain adequate and current records, in electronic or paper form, of its development of Inventions and disclose promptly to
iCeutica all Inventions and related records which relate to the iCeutica Technology, Third Party IP or Licensed Products. 

  

	 	(c)	Grant-Back to iCeutica. Iroko assigns to iCeutica its entire right, title and interest in all IP in Inventions which (i) relate to the iCeutica Technology
or Third Party IP and (ii) are made, solely or with others, by Iroko employees and/or consultants. iCeutica grants to Iroko a royalty-free, non-exclusive, perpetual, irrevocable worldwide license with respect to IP described in the previous
sentence, including the right to grant non-exclusive Sublicenses, to utilize that IP to develop, manufacture, use and sell Licensed Products. 

  

	 	(d)	Cooperation as to IP. Iroko shall, at iCeutica’s expense and as requested, assist and cause its employees and consultants to assist iCeutica to prepare,
prosecute, procure and assert patents of Patent Rights, including the following; 

  

	 	(i)	execute and deliver all documents necessary or desirable to apply for and obtain patents on applicable Inventions of Iroko’s employees and consultants;

  

	 	(ii)	execute and deliver all documents necessary or desirable to vest iCeutica with full title to such patents, when required by this Agreement; and

  

	 	(iii)	assist iCeutica in lawsuits for the enforcement of such patents, subject only to (A) reimbursement of its reasonable out-of-pocket expenses; and
(B) compensation for employees’ and consultants’ time at a reasonable hourly rate. 

  

	 	(e)	Publications. Iroko will provide iCeutica with a copy of each publication relating to iCeutica Technology at least forty five (45) days before the
publication date, to provide an opportunity for iCeutica to file patent applications before the publication date. Iroko will also delete from the proposed publications any Confidential Information, as reasonably requested by iCeutica.

  

	 	(f)	 Data, Reports and SOP’s etc. Iroko will provide iCeutica upon request with a copy of any data, report, standard operating procedure,
validation procedure, IND submission, animal or clinical trial report or other information (“Information”) relating to any Initial Selected Compounds or Indocin/Indocid which is developed utilizing the iCeutica Technology. iCeutica
shall be entitled to use such 

  
 13 

	 	
Information and shall have a license to such Information for its own regulatory, marketing or other related purposes. 

 

	 	(g)	Joint Inventions. This Agreement constitutes, in part, a ‘‘joint research agreement” between iCeutica and Iroko, as defined in the CREATE Act, 35
U.S.C. § 103(c), under which iCeutica will carry out some of its obligations pursuant to paragraph (4). Intellectual Property developed in or relating to the Selected Compounds or the iCeutica Technology and any other technologies that are
within the scope of the Patent Rights will be deemed made as a result of activities undertaken within the scope of the joint research agreement and subject to the CREATE Act. 

 

	(8)	Infringement. 

  

	 	(a)	Notices. Each Party shall inform the other promptly of any third party infringement of Patent Rights or Third Party IP or misappropriation of Confidential
Information of which it has knowledge. 

  

	 	(b)	Enforcement. If and to the extent that any iCeutica IP is infringed or misappropriated by any third party products which compete with any Licensed Products:

  

	 	(i)	iCeutica shall have the right, but not the obligation, at iCeutica’s expense, to bring suit for infringement or misappropriation, as applicable, of the iCeutica IP
and may join Iroko as a co-plaintiff, subject to reimbursement of reasonable fees and expenses for counsel; and 

  

	 	(ii)	Iroko shall have the right (but not the obligation), exercised within sixty (60) days after notice prior to filing of the complaint, to share equally with iCeutica
the legal fees and expenses of the suit; or 

  

	 	(iii)	If iCeutica does not initiate a suit for infringement or misappropriation of iCeutica IP, as applicable, within four (4) months after notice from Iroko (the notice
shall include detailed claim charts or evidence of misappropriation and competitive information demonstrating a substantial adverse competitive impact of the infringement or misappropriation on sales of Licensed Products), Iroko shall have the right
to initiate the suit at Iroko’s expense, and may join iCeutica as a co-plaintiff. 

  

	 	(c)	Iroko Cooperation. In connection with any litigation involving iCeutica IP and NSAIDs, Iroko shall use reasonable diligence to make its then-present and former
employees and consultants available to iCeutica, subject to reasonable notice and payment of reasonable fees for their time and reimbursement of out-of-pocket expenses. 

 

	 	(d)	 Declaratory Judgment Suits. If a declaratory judgment suit is brought against Iroko, alleging invalidity, unenforceability, or non-infringement
of any patents of the iCeutica IP, Iroko shall provide prompt notice thereof to iCeutica; and 

  
 14 

	 	
iCeutica, shall have the right, but not the obligation, within thirty (30) days after notice, to assume the defense of the suit at iCeutica’s expense. 

 

	 	(e)	Recoveries. Any amounts received as awards in or license or settlement agreements entered into pursuant to any claim or suit under paragraph (8)(b) and
allocable to Licensed Products shall be distributed as follows: 

  

	 	(i)	First, to reimburse the Parties, pro rata, for their out-of-pocket legal fees and expenses incurred in connection with the claim or suit; and 

 

	 	(ii)	The balance shall be paid: 

 (1)
Fifty-fifty (50-50) if the Parties shared equally the costs of the suit; and otherwise 
 (2) Ninety percent (90%) to the
Party paying for the suit and ten percent (10%) to the other. 
 Payments shall be made within thirty (30) days after
funds are received and shall be accompanied by a report detailing the computation of the payments. 
  

	(9)	iCeutica Representations and Warranties; Changed Circumstances. Except as provided in the Meloxicam License, iCeutica and iCeutica Inc. each represents and
warrants to Iroko that: 

  

	 	(a)	Right and Power. It has the right and power to enter into and perform this Agreement in accordance with its terms, and is not now and will not become party to an
agreement in derogation of iCeutica’s obligations to Iroko in this Agreement. 

  

	 	(b)	Ownership. iCeutica owns all right, title and interest in and to the iCeutica IP, free and clear of liens, security interests, charges and other encumbrances. No
Patent Right has been abandoned. 

  

	 	(c)	No Other License. With the exception of the Spree License, iCeutica has not granted any other license or covenant not to sue under iCeutica IP.

  

	 	(d)	No Infringements. To the best of its knowledge, with no investigation having been made or required to be made, Iroko’s practice of the iCeutica IP will not
infringe any patent or other right of any third party. The Parties’ counsel have discussed this warranty and Iroko is comfortable with the result of the discussions. 

 

	 	(e)	Validity. To the best of its knowledge, with no investigation having been made or required to be made, the Patent Rights are valid and enforceable and nothing
has been done, omitted, or permitted whereby any of the Patent Rights might cease to be valid and enforceable. iCeutica has taken all measures reasonably necessary or desirable to protect the iCeutica IP and all patent maintenance fees have been
duly paid. 

  
 15 

	 	(f)	Third Person Payments. No statutory or other amount is or will be owed to any other person in connection with any iCeutica IP, except as may be payable as to
Third Party IP adopted by Iroko or its Affiliates or Sublicensees. 

  

	 	(g)	No Claims. No claim has been asserted or threatened by any third party alleging that (i) any of the Patent Rights is invalid or unenforceable, or
(ii) the development, manufacture, use or sale of Licensed Products infringes the rights of any third person and iCeutica is not aware of any reason why such claims should be asserted or threatened by any third party. 

 

	 	(h)	No Other Warranties. Except as set forth in paragraphs (9)(a) to (9)(g), iCeutica makes no other representations or warranties whatsoever, and there is no
warranty of merchantability or fitness for a particular purpose. The warranties of paragraphs (9)(d), (9)(e) and (9)(g) are made as of the Effective Date and not continuing. 

 

	 	(i)	Changed Circumstances. iCeutica shall notify Iroko promptly of any changed circumstances with respect to paragraphs (9)(a), (9)(b), (9)(c), and (9)(f).

  

	(10)	Iroko Representations and Warranties. Iroko represents and warrants to iCeutica that: 

 

	 	(a)	Right and Power. It has the right and power to enter into and perform this Agreement in accordance with its terms. 

 

	 	(b)	Ownership. Iroko owns all right, title and interest in and to the Indocin®/Indocid® brand names as well as all related Intellectual Property, free and
clear of liens, security interests, charges and other encumbrances. 

  

	 	(c)	No Infringements. To the best of Iroko’s knowledge, with no investigation having been made or required to be made, Iroko’s practice of the
Indocin®/Indocid® Intellectual Property will not infringe any patent or other right of any third party. 

  

	 	(d)	Agreements with Inventors. Iroko has, and will maintain during the term of this Agreement, contracts with all of its employees and consultants requiring them,
during and after their employment or other engagement by Iroko and during and after the term of this Agreement, to cooperate fully, if requested, in all prosecution or litigation of iCeutica IP acquired from Iroko or relating to NSAIDs, subject only
to payment of reasonable fees for their time and reimbursement of out-of-pocket expenses. 

  

	(11)	Indemnification; Insurance. 

  

	 	(a)	 Iroko Indemnity. Iroko shall indemnify, defend, and hold harmless iCeutica and iCeutica Inc. and each of their Affiliates, officers, directors,
employees, agents, successors, and assigns (the “iCeutica Indemnitees”) against any claim, demand, liability or expense (including reasonable attorneys’ fees and expenses, whether incurred as the result of a third party claim
or a claim to enforce this provision) incurred by or imposed upon any of the iCeutica Indemnitees in connection with 

  
 16 

	 	
any third party claims, suits, or judgments arising out of any theory of liability (including tort, warranty, or strict liability suits or claims and whether or not such suit or claim has a
factual basis) concerning any Licensed Product (collectively, “Claims”), except to the extent that the damages claimed were caused by iCeutica Indemnitees. 

 

	 	(b)	iCeutica Indemnity. iCeutica shall indemnify, defend, and hold harmless Iroko and its Affiliates, officers, directors, employees, agents, successors, and assigns
(the “Iroko Indemnitees”), against any claim, demand, liability or expense (including reasonable attorneys’ fees and expenses, whether incurred as the result of a third party claim or a claim to enforce this provision) incurred
by or imposed upon any of the Iroko Indemnitees in connection with any third party claims, suits, or judgments arising out of any theory of liability (including tort, warranty, or strict liability suits or claims and whether or not such suit or
claim has a factual basis) with respect to any breach of any representation or warranty set forth in paragraph (9). 

  

	 	(c)	Procedure. The iCeutica Indemnitees or the Iroko Indemnitees, as applicable, shall provide the indemnitor with prompt written notice of each Claim for which
indemnification is sought. The indemnitor, at its expense, shall defend any such Claim. The Indemnitees shall cooperate fully in such defense and permit the indemnitor to conduct and control the defense and the disposition of the Claim (including
all decisions relative to appeal, and settlement); provided, however, that any Indemnitee shall have the right to retain its own counsel, at the Indemnitee’s expense. The indemnitor shall keep the other Party informed of the
progress in the defense and disposition of any Claim and shall consult with the other Party with regard to any proposed settlement. The indemnitor shall obtain the written consent, which shall not unreasonably be withheld, of the other Party to any
settlement which would adversely affect the other party. 

  

	 	(d)	Insurance. 

  

	 	(i)	Iroko and each Sublicensee shall maintain in full force and effect at all times from the Product Launch for the term of this Agreement and four (4) years
thereafter with a reputable commercial insurance carrier, commercial general liability insurance of a type as may be necessary to protect their interests and fulfill its obligations under this Agreement, including without limitation contractual
liability insurance, covering the marketing, sale, distribution, use and performance of products sold by Iroko containing the Licensed Compounds in an amount of at least Ten Million Dollars ($10,000,000) per occurrence and Twenty Million Dollars
($20,000,000) in the aggregate. 

  

	 	(ii)	 The insurance of subparagraph (11)(d)(i): (A) shall be issued by an insurer licensed to practice in Pennsylvania and otherwise in the countries in
which Iroko undertakes activities in connection with the exercise of its rights, or an insurer pre-approved by iCeutica, such approval not to be 

  
 17 

	 	
unreasonably withheld; (B) shall be endorsed to include product liability coverage; and (C) shall require thirty (30) days’ written notice to iCeutica before any cancellation
or material change. 

  

	 	(iii)	Iroko shall, upon request, provide iCeutica with a copy of the Certificate of Insurance and the underlying policy(ies) evidencing compliance with this paragraph
(11)(d). 

  

	(12)	Confidential Information. During the term of this Agreement and for three (3) years thereafter, each Receiver will: 

 

	 	(a)	use commercially reasonable efforts, but no less than the protection given to its own confidential information, to maintain in confidence all Confidential Information,
including without limitation the financial terms of this Agreement; and 

  

	 	(b)	disclose Confidential Information only: 

  

	 	i)	to the Receiver’s employees, consultants and legal, financial and business advisors who reasonably need to know such information for the Receiver to perform its
obligations or otherwise conduct its activities hereunder; or 

  

	 	ii)	as required by court order, statute, governmental regulation or securities exchange rule, upon at least five (5) days prior notice to the Discloser.

  

	(13)	Termination. 

  

	 	(a)	Duration of this Agreement. Unless terminated pursuant to paragraph (13)(b) or (13)(c), the term of this Agreement shall continue on a country-by-country
basis until expiration of the last-to-expire of the Patent Rights in that country and, if there is no granted iCeutica patent in any country, for twenty (20) years from the Product Launch date for that country. 

 

	 	(b)	Termination by iCeutica. iCeutica may terminate this Agreement if Iroko breaches any material provision (other than the payment obligations contained in
paragraph (5), for which iCeutica’s sole remedy shall be the pursuit of monetary damages) of this Agreement and has not cured the breach within ninety (90) days after notice from iCeutica specifying the nature of the breach in reasonable
detail; provided, however, that a breach of a Sublicense by a Sublicensee shall not be deemed to be a breach of this Agreement. 

  

	 	(c)	Termination by Iroko. Iroko may terminate this Agreement if iCeutica breaches any material provision of this Agreement and has not cured the breach within ninety
(90) days after notice from Iroko specifying the nature of the breach in reasonable detail. 

  

	 	(d)	 Bankruptcy. All rights and licenses granted under or pursuant to this Agreement by iCeutica to Iroko are, for all purposes of paragraph 365(n)
of Title 11 of the 

  
 18 

	 	
United States Code (“Title 11”) or other relevant bankruptcy or insolvency law (collectively, “Law”), licenses of rights to “intellectual property,” as defined in
Title 11 or such other Law. 

  

	 	(e)	Effects of Termination. 

  

	 	(i)	Nothing herein will release any Party from any obligation that matured prior to the effective date of any termination of this Agreement. Subject to the foregoing,
paragraphs (6), (7), (8) (as to litigation then in process), (10)(b), (11), (13)(d), (15) and (16) will survive termination of this Agreement. 

 

	 	(ii)	Iroko may, after termination, sell all Licensed Products then in inventory or work-in-process. 

 

	 	(iii)	All Sublicenses shall remain in full force and effect after termination of this Agreement for any reason; and the Sublicensee shall pay directly to iCeutica all
post-termination payments that Iroko would otherwise have been obligated to make hereunder. 

  

	 	(f)	Return of Information. Upon termination of this Agreement, each Receiver will return all applicable Confidential Information supplied to Receiver, except that
Receiver’s counsel may keep one archival copy. 

  

	(14)	General Compliance with Laws. 

  

	 	(a)	Compliance with Laws. iCeutica shall comply with all local, state, federal, and international laws and regulations relating to its performance under this
Agreement, including but not limited to the development, manufacture, use, and sale of any Licensed Product, including export control laws. Without limiting the generality of this paragraph, Iroko shall be responsible for the preparation and
submission of all applications relating to any required regulatory approval of any Licensed Product, whether by the FDA or other regulatory body. 

  

	 	(b)	Marking. Iroko shall mark the packaging and/or product inserts for all Licensed Products with the number of each applicable patent of the Patent Rights. Iroko
shall provide iCeutica with written notice of compliance with this paragraph by December 31 of each year. 

  

	(15)	Governing Laws; Venue; Severability. 

  

	 	(a)	Delaware Law. This validity and interpretation of this Agreement shall be governed by Delaware law, without regard to conflicts of laws principles.

  

	 	(b)	Consent to Service. Each Party consents to service of process by prepaid next-business-day delivery service at its last known address identified by proper
notice. 

  

	 	(c)	 Severability. If any provision of this Agreement is held invalid, unenforceable, void or unconscionable, that provision shall be enforced to the
greatest extent 

  
 19 

	 	
permitted by law and the remainder of this Agreement and such provision shall remain in full force and effect. 

 

	(16)	Miscellaneous. 

  

	 	(a)	Negotiation of Disputes. If any dispute arises under or related to this Agreement, senior executives of the parties, with decision-making authority, will meet in
Philadelphia, PA within ten (10) days after notice and enter into good faith negotiations, for a period not to exceed twenty (20) days, aimed at resolving the dispute. 

 

	 	(b)	Notices. Any notices or other communications required or permitted by this Agreement shall be in writing and delivered (i) personally, (ii) via
electronic mail, or (iii) sent by prepaid express courier service, signature requested. Notices shall be effective upon receipt. Notices shall be sent to the addresses of the Parties specified on the first page of this Agreement or such other
address as given by proper notice. 

  

	 	(c)	Entire Agreement. This Agreement contains the entire agreement of the Parties with respect to its subject matter, and supersedes all previous agreements and
understandings, written or oral, express or implied. This Agreement may only be amended by a writing signed by the Parties. 

  

	 	(d)	Successors and Assigns. This Agreement is binding upon the Parties and their successors and permitted assigns. Neither Party may assign its rights or obligations
under this Agreement without the prior written consent of the other, except that: 

  

	 	(i)	iCeutica may assign its rights to receive payments hereunder and may pledge its IP, subject to the rights granted to Iroko in this Agreement; 

 

	 	(ii)	Iroko may assign its rights and obligations hereunder to an Affiliate, with written notice thereof to iCeutica Inc.; provided, however, that in the event
of an assignment under this paragraph 16(d)(ii), notices shall be delivered pursuant to paragraph 16(b) hereof and the assignee and the assignor shall be jointly and severally liable for all of Iroko’s obligations under this Agreement;

  

	 	(iii)	Iroko may assign all or a portion of its rights to one or more particular NSAID(s) as to which the Option has been exercised to an acquirer of all or substantially all
of Iroko’s assets and IP relating to the particular NSAID(s), in which event the successor and iCeutica shall enter into an agreement as to the particular NSAID(s), substantially the same as this Agreement, mutatis mutandis; and

  

	 	(iv)	 Iroko or iCeutica may assign all of its rights to a successor by (A) merger, (B) acquisition of all or substantially all of the shares,
members’ interests or other indicia of ownership of a Party, (C) as to Iroko, purchase of all or 

  
 20 

	 	
substantially all of Iroko’s assets relating to NSAIDs or (D) as to iCeutica, purchase of all or substantially all of iCeutica’s assets relating to iCeutica Technology.

  

	 	(e)	Counterparts. This Agreement may be signed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one
and the same instrument. Signed signature pages may be exchanges by fax or e-mail and shall complete this Agreement, and shall be followed by the exchange of paper copies of the signed documents. 

 

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

  

	 	(g)	Acknowledgment. The Parties acknowledge and agree that the provisions of this Agreement are intended to be read in conjunction with the provisions in the
Meloxicam License and Option Agreement; provided, however, that, in the event of a conflict with respect to the Licensed Products, the provisions of this Agreement should be read as controlling. 

[Signature page follows] 

  
 21 

 In witness whereof, the Parties have executed this Agreement by their duly authorized representatives.

 iCeutica Inc. 
 iCeutica
Pty Ltd. 
  

			
	By	 	/s/ Matt Callahan
		 	Matt Callahan, their CEO
	
	Iroko Pharmaceuticals, LLC
		
	By	 	
		 	Fred Krieger, its Chief Financial Officer

 AMENDED AND RESTATED LICENSE
AND OPTION AGREEMENT 

 In witness whereof, the Parties have executed this Agreement by their duly authorized representatives.

  

			
	iCeutica Inc.
	iCeutica Pty Ltd.
		
	By	 	  

		 	Matt Callahan, their CEO
	
	Iroko Pharmaceuticals, LLC
		
	By	 	 /s/ Fred Krieger

		 	Fred Krieger, its Chief Financial Officer

 AMENDED AND RESTATED LICENSE
AND OPTION AGREEMENT

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