Document:

Exhibit 10.1

 

PLEASE NOTE: CERTAIN IDENTIFIED INFORMATION
HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

SETTLEMENT
AGREEMENT

 

This SETTLEMENT AGREEMENT,
dated as of January 18, 2022, (this “Agreement”) is entered into by and between METUCHEN PHARMACEUTICALS LLC,
a Delaware limited liability company (the “Metuchen”) and VIVUS LLC, a Delaware limited liability company and formerly
VIVUS, Inc. (“VIVUS”). Metuchen and VIVUS are collectively referred to as the “Parties” and
each a “Party.”

 

WHEREAS, Metuchen and VIVUS
are parties to that certain License and Commercialization Agreement, dated September 30, 2016 (as amended, restated, amended and
restated, supplemental or otherwise modified, the “License Agreement”), pursuant to which VIVUS granted to Metuchen
an exclusive license in the Territory (as defined below) for, among other things, the development and commercialization of the therapeutic
drug known as STENDRA® (avanafil) (“STENDRA”);

 

WHEREAS, Metuchen and VIVUS
were parties to that certain Commercial Supply Agreement, dated September 30, 2016 (as amended, restated, amended and restated, supplemental
or otherwise modified, the “Supply Agreement”), pursuant to which, among other things, VIVUS supplied to Metuchen,
and Metuchen agreed to purchase from VIVUS, the Product (as defined below) in quantities no less than the Minimum Purchase Obligation
(as defined in the Supply Agreement);

 

WHEREAS, the Supply Agreement
was terminated on September 30, 2021;

 

WHEREAS, Metuchen sells its
finished product STENDRA tablets to, and VIVUS sells its finished product of a drug known as QSYMIA® (phentermine/topiramate) (“QSYMIA”)
tablets to, the retail chain CVS Pharmacy (“CVS”);

 

WHEREAS, on or about February 2018
and thereafter, CVS [***] deducted monies [***] from its sale of VIVUS’s product QSYMIA in an amount equal to Six Million and Three
Hundred Eighty Thousand Three Hundred Forty-Two Dollars and Four Cents ($6,380,342.04) to cover costs owed to CVS by Metuchen for the
return of Metuchen’s product STENDRA (the “CVS Principal Amount”);

 

WHEREAS, on December 2,
2020, Metuchen consummated a merger with Neurotrope, Inc., a Nevada corporation, including its acquisition by a new publicly traded
parent holding company, Petros Pharmaceuticals, Inc., a Delaware corporation (“Petros”);

 

WHEREAS, on March 3,
2021, Metuchen submitted to VIVUS that certain Purchase Order MT 2021-01 dated March 3, 2021 for the Product (the “2021
Purchase Order”) and has agreed to pay, concurrently with the execution and delivery of this Agreement, One Million Five Hundred
Forty-Two Thousand Nine Hundred Four Dollars ($1,542,904), representing the full amount payable for the 2021 Purchase Order;

 

WHEREAS, Metuchen has acknowledged,
and hereby reaffirms, that VIVUS is not responsible for the STENDRA products returned by CVS or any costs incurred by CVS in connection
with the returned STENDRA products and that Metuchen is obligated to indemnify VIVUS for the total amount of the CVS Principal Amount
pursuant to its indemnification obligations under Article 10 of the License Agreement;

 

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WHEREAS, Metuchen also has
acknowledged, and hereby reaffirms, that VIVUS is not responsible for Metuchen’s failure to fulfil its Minimum Purchase Obligations
under the Supply Agreement and that it owes VIVUS an amount equal to Nine Million Two Hundred Twenty-One Thousand Four Hundred and Sixteen
Dollars ($9,221,416) less Two Hundred Fifty Thousand Dollars ($250,000) that Metuchen has paid VIVUS and One Million Dollars ($1,000,000)
that VIVUS has reduced the indebtedness by (and in consideration for the execution and performance of this Agreement) (the “Vivus
Debt Reduction”) with Seven Million Nine Hundred Seventy-One Thousand Four Hundred and Sixteen Dollars ($7,971,416) remaining
payable to VIVUS for Metuchen’s failure to fulfil its Minimum Purchase Obligation under the Supply Agreement for the calendar years
2018 and 2019 (the “MPO Principal Amount” and, together with the CVS Principal Amount, the “Principal Amount”)
in addition to (and not deductive of) the CVS Principal Amount;

 

WHEREAS, in order to repay
the Principal Amount to VIVUS, the Parties desire to enter into this Agreement and document Metuchen’s obligation to pay such Principal
Amount and interest thereon in the form of the promissory note attached hereto as Exhibit A (the “Promissory Note”),
which Promissory Note will be secured by certain assets of Metuchen as described and in accordance with the terms of the security agreement
attached hereto as Exhibit B (“Security Agreement”);

 

WHEREAS, in furtherance of
the payment and security obligations set forth in the Promissory Note and Security Agreement and to ensure Metuchen’s full and prompt
performance of its obligations hereunder and under such documents, the Parties desire to enter into the additional agreements set forth
in this Agreement, including certain amendments to the License Agreement, agreements concerning regulatory matters relating to VIVUS’
ability to sell and commercialize STENDRA; and

 

WHEREAS, the Parties acknowledge
and agree that the Vivus Debt Reduction granted and agreed by Vivus constitutes valid and sufficient consideration for the mutual agreements
set forth herein and in the Promissory Note and Security Agreement and other documents attached hereto.

 

NOW THEREFORE, the Parties
hereto agree as follows:

 

1.            Definitions.

 

(a)            Definitions
of Certain Terms Used Herein. The following terms used herein shall have the following meanings:

 

“Affiliate”
means, with respect to a Person, any current or future person, firm, trust, corporation, company, partnership, or other entity or combination
thereof that directly or indirectly controls, is controlled by or is under common control with such Person. For the purposes of this definition,
the word “control” (including, with correlative meaning, the terms “controlled by” or “under the common
control with”) means (a) ownership of fifty percent (50%) or more of the voting and equity rights of such person, firm, trust,
corporation, company, partnership or other entity or combination thereof, or (b) the power to direct the management of such person,
firm, trust, corporation, company, partnership, or other entity or combination thereof.

 

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“Applicable Law”
means any and all laws, statutes, ordinances, regulations, permits, orders, decrees, judgments, directives, rulings or rules of any
kind whatsoever that are promulgated by a federal, state, province, or other Governmental Authority, in each case pertaining to any of
the activities contemplated by this Agreement, including any regulations promulgated by any Regulatory Authority in the Territory, all
as amended from time to time.

 

“Bankruptcy Code”
means Title 11 of the United States Code entitled “Bankruptcy,” as amended from time to time, or any successor statute.

 

“Business Day”
means each day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law
to remain closed.

 

“CVS” has
the meaning assigned to such term in the preamble.

 

“CVS Principal Amount”
has the meaning assigned to such term in the preamble.

 

“Confidential Information”
means all confidential and proprietary Information of VIVUS or a Group Member that is disclosed to or accessed without breach of the Settlement
Documents.

 

“Debtor Relief Laws”
means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions
from time to time in effect.

 

“Dollars”
or “$” means the lawful money of the United States.

 

“Event of Default”
has the meaning assigned to such term in the Security Agreement.

 

“FDA” means
the United States Food and Drug Administration or its successor.

 

“Fiscal Year”
means the twelve-month period ending on December 31st.

 

“Governmental Authority”
means any transnational, domestic or foreign federal, provincial, state or local governmental, regulatory or administrative authority
(including any Regulatory Authority), department, court, agency or official, including any political subdivision thereof.

 

“Group Member”
means Petros, and each of its current and future subsidiaries and affiliates, including Metuchen and Metuchen’s current and future
subsidiaries and affiliates.

 

“License Agreement”
has the meaning assigned to such term in the preamble.

 

“Settlement Documents”
shall mean, collectively, this Agreement, the Promissory Note, the Security Agreement, the License Agreement, and all other documents,
instruments, and agreements executed or delivered in connection with, or pursuant to, any of the foregoing, and all exhibits, schedules,
annexes, appendices, and other attachments thereto, in each case, as the same may be amended, restated, supplemented, or otherwise modified
from time to time.

 

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“Material Adverse
Effect” means (a) a material adverse effect upon the validity, performance, or enforceability of any of the Settlement
Documents or any of the transactions contemplated by any of the Settlement Documents; (b) a material adverse effect upon the properties,
operations, business, prospects, or condition (financial or otherwise) of Petros and its subsidiaries, taken as a whole, or on Metuchen
or any of its subsidiaries, individually or taken as a whole; (c) a material adverse effect upon the ability of any Group Member
to fulfill any obligation under any of the Settlement Documents; or (d) a material adverse effect on the Collateral (as defined in
the Security Agreement).

 

“Minimum Purchase
Obligation” has the meaning assigned to such term in the Supply Agreement.

 

“Person”
means any natural person, corporation, firm, business trust, joint venture, association, organization, company, partnership or other business
entity, or any government, or any agency or political subdivisions thereof.

 

“Pricing Approval”
means the approval, agreement, determination, or governmental decision establishing the price or level of reimbursement for the Product,
as required in a given jurisdiction.

 

“Product”
means formulated tablets containing Compound (as defined in the License Agreement) in bulk form which, if appropriately packaged and labeled
would constitute the pharmaceutical product STENDRA, as described in the FDA-approved New Drug Application (as defined in the United States
Federal Food, Drug and Cosmetic Act) for such product (as such New Drug Application may be modified in the future in accordance with the
Supply Agreement and/or the License Agreement).

 

“Promissory Note”
has the meaning assigned to such term in the preamble.

 

“QSYMIA”
has the meaning assigned to such term in the preamble.

 

“Regulatory Approval”
means all approvals necessary for the manufacture, marketing, importation and sale of the Product for one or more indications in a country
or regulatory jurisdiction, which may include satisfaction of all applicable regulatory and notification requirements, but which shall
exclude any Pricing Approval.

 

“Regulatory Authority”
means, in a particular country or regulatory jurisdiction, any applicable Governmental Authority involved in granting Regulatory Approval
and/or, to the extent required in such country or regulatory jurisdiction, Pricing Approval, including the FDA in the case of the Territory.

 

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“Responsible Officer”
means, with respect to any Person, any of the president, chief executive officer, chief financial officer, treasurer, controller, managing
director, managing member or general partner of such Person but, in any event, with respect to financial matters, any such officer that
is responsible for preparing or reviewing the financial statements delivered hereunder.

 

“STENDRA”
has the meaning assigned to such term as defined in the preamble.

 

“Supply Agreement”
has the meaning assigned to such term as defined in the preamble.

 

“Territory”
means the United States and its territories and possessions, including Puerto Rico and U.S. military bases abroad, Canada, South America
and India.

 

“Third Party”
means any legal person, entity or organization other than Metuchen, VIVUS or an Affiliate of either Party, including any Governmental
Authority.

 

“VIVUS Exploitation
Rights” means VIVUS’ right to Develop, Manufacture, Commercialize (as such terms are defined in the License Agreement)
and otherwise exploit STENDRA in the Licensee Territory (as defined in the License Agreement), as to each, without limitation.

 

2.            Promissory
Note; Future Financings.

 

(a)            Payment.
Metuchen shall repay the entire unpaid Principal Amount then outstanding to VIVUS, together with all accrued and unpaid interest thereon,
at the times and in accordance with the terms of the Promissory Note.

 

(b)            Additional
Payments. As a condition to the release and shipment of the Product specified in the 2021 Purchase Order, Metuchen shall immediately
(i) make an initial payment with respect to the Promissory Note in the amount of Nine Hundred Thousand Dollars ($900,000) and (ii) make
the payment with respect to the 2021 Purchase Order in the amount of One Million Five Hundred Forty-Two Thousand Nine Hundred Four Dollars
($1,542,904), which amount represents payment for the Product only and does not include the associated cost, freight and insurance which
Metuchen is solely responsible to pay.

 

(c)            Future
Financings. VIVUS is hereby granted a right of first refusal (including in respect of any financing proposal received from a Group
Member or Third Party) to provide any debt financing, convertible debt or equity, or debt-linked instrument (e.g. common or preferred
equity, or warrants, options or other agreements that act like, may be exercised for, or converted into debt) issued by or to Metuchen
(including any subsidiaries and intermediaries) until the Promissory Note is irrevocably paid in full in cash.

 

3.            Withholding.
If any Applicable Law requires the deduction or withholding of any tax from amounts otherwise payable pursuant to this Agreement, the
Promissory Note or any other Settlement Document, then Metuchen shall be entitled to make such deduction or withholding and shall timely
pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law, and if such tax is
imposed, then the sum payable by Metuchen shall be increased as necessary so that after such deduction or withholding has been made (including,
such deductions and withholdings applicable to such additional sums payable under this Section 3), VIVUS (or the applicable
transferee) receives an amount equal to the sum it would have received had no such deduction or withholding had been made.

 

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4.            Termination
of Supply Agreement. The Parties hereby agree and acknowledge that the Supply Agreement terminated effective as of September 30,
2021, and except as set forth herein (a) Metuchen has no further obligation to make any further purchases or pay any further amounts
to VIVUS under the Supply Agreement and (b) VIVUS has not further obligation to manufacture (or have manufactured) and supply Product
or API to Metuchen. For the avoidance of doubt, Metuchen shall not have any Minimum Purchase Obligations under the Supply Agreement for
calendar year 2020, 2021 or otherwise.

 

5.            Amendments
to License Agreement. In order to ensure that, upon an Event of Default, VIVUS will already have all of the rights under the License
Agreement to exercise the VIVUS Exploitation Rights (regardless of whether the termination of the license is stayed or deemed ipso facto
by a bankruptcy court), the License Agreement will be amended in the form of Amendment No. 1 to License Agreement attached hereto
as Exhibit C (“First License Amendment”), including to achieve the following:

 

(a)            VIVUS
will retain co-exclusive rights to exercise the VIVUS Exploitation Rights in the Licensee Territory (and otherwise exclusively on a worldwide
basis);

 

(b)            VIVUS
will undertake a limited forbearance from exercising the VIVUS Exploitation Rights in the Licensee Territory unless or until an Event
of Default occurs;

 

(c)            Upon
an Event of Default, the License Agreement will terminate;

 

(d)            VIVUS
will have such rights to use all Metuchen regulatory documentation, rights of reference to all regulatory submissions to Regulatory Authorities
and other rights as may be necessary or appropriate in VIVUS’ discretion in order to enable VIVUS to immediately commence the exercise
of the VIVUS Exploitation Rights; and

 

(e)            Metuchen
will agree and stipulate that (i) VIVUS is the sole and exclusive owner of all of the API unless or until such time that certain
quantities of API are shipped to Metuchen against payments made under the Promissory Note in accordance with Section 7 below, and
(ii) VIVUS’ exercise of the VIVUS Exploitation Rights would not be subject to the automatic stay, any need for a court order
(including that of a bankruptcy court) or in any way impact property of a Metuchen bankruptcy estate upon the occurrence of an Event of
Default.

 

6.            Regulatory
Matters. Metuchen agrees to the following and to take any and all further actions and to enter into or amend any agreement (including
the License Agreement) in each case deemed necessary or appropriate by VIVUS in its sole discretion to effectuate and accomplish the following:

 

(a)            Labeler
Code. VIVUS shall have the right to exercise the VIVUS Exploitation Rights under its own labeler code. VIVUS has the right to take
all steps it deems necessary and appropriate to prepare for the immediate exercise of the VIVUS Exploitation Rights, including entering
into any agreements with a third party in respect thereof, but will forbear from actually exercising the VIVUS Exploitation Rights only
unless or until an Event of Default occurs (the “Limited Forbearance”).

 

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(b)            Regulatory
Authorities. Metuchen agrees to perform in a timely manner all steps as may be required or as otherwise requested by VIVUS to effectuate
VIVUS’ ability to engage in the VIVUS Exploitation Rights, including submitting an NDC Labeler code request SPL to FDA via ESG or
CDER Direct Portal, indicating a new labeler and label addition (together, the “Labeler Addition”) and such other documentation
as FDA, VIVUS and other third parties may require or request. The Parties acknowledge and agree that Metuchen’s regulatory advisor,
OneSource Regulatory (“OneSource”), shall assist Metuchen and VIVUS with respect to the foregoing, and will submit
the Labeler Addition documents in form and substance acceptable to VIVUS (estimated to be within 1 business day from the date of this
Agreement), with confirmation of receipt estimated to be within three (3) days or less from submission. Any other steps in addition
to those stated above deemed necessary or desired by VIVUS to exercise the VIVUS Exploitation Rights will be promptly performed by Metuchen
upon request by VIVUS (collectively such requirements in addition to those stated in this Section 6, the “Regulatory Requirements”).
The Regulatory Requirements may be performed by OneSource with the prior written consent of VIVUS. The Regulatory Requirements will be
performed and completed (i) at Metuchen’s sole cost and expense, (ii)  in accordance with applicable laws, (iii) pursuant
to the terms and conditions of the Settlement Documents as well as subject to the additional requirement of VIVUS’s reasonable satisfaction
and (iv) in accordance with the time period and other requirements set forth in this Agreement and the other Settlement Documents.
A failure to perform the Regulatory Requirements in accordance with this Agreement shall constitute a material breach of this Agreement
and accordingly, and Event of Default.

 

7.            Transfer
of Ownership to Active Pharmaceutical Ingredient.

 

(a)            Initial
Transfer. Upon Metuchen’s (i) submission of the Labeler Addition (in accordance with Section 6(b)), and (ii) a
nonrefundable payment of $2,442,904 to VIVUS (in accordance with Section 2(b)), VIVUS will agree to promptly (but in any event, within
three (3) business days of satisfaction of conditions (i) and (ii) of this Section 7(a)) release to Metuchen 50% of
quantity of bulk STENDRA tablets under Metuchen’s existing open purchase order being held by VIVUS (“Open Purchase Order”),
which represents approximately a six (6) month supply of inventory. No shipment of STENDRA will occur unless and until the requirements
of both Section 7(a)(i) and 7(a)(ii) are performed.

 

(b)            Upon
the timely completion of the remaining Regulatory Requirements (estimated to be within a subsequent 30-60 days of all required submissions
by Metuchen or OneSource, VIVUS, or Metuchen in connection therewith, but not to exceed 180 days from the date hereof), VIVUS will release
the remaining 50% of the bulk STENDRA tablets covered by the Open Purchase Order to Metuchen. Time is of the essence in respect of the
completion of the Regulatory Requirements, and Metuchen shall (and shall cause OneSource) to use its best efforts to do so as quickly
as possible. Failure to use such best efforts, complete the Regulatory Requirements within the 180 day time period stated above or achieve
the FDA validation of VIVUS’s rights to exercise the VIVUS Exploitation Rights (including specifically the right to manufacture,
commercialize, or distribute STENDRA in the Licensed Territory) shall constitute an Event of Default under the Settlement Documents and
shall trigger any and all of the rights and remedies available to VIVUS under the Settlement Documents or otherwise.

 

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(c)            With
respect to all of VIVUS’ inventory of API, the Parties agree that for so long as the Principal Amount remains outstanding, upon
the tender of payment by Metuchen on each Payment Date under the Promissory Note, Metuchen shall accrue a Principal Credit Balance (as
defined below) against which Metuchen may upon submission of a written API PO (as defined below) to VIVUS request VIVUS to transfer title
to the API Quantity (as defined below) to Metuchen against the API Quantity Amount (as defined below) applicable to such API PO. In connection
with each API PO submitted in accordance with this Section 7, VIVUS shall convey, assign and transfer to Metuchen title to
the applicable API Quantity without any further documentation required to effectuate such transfer; provided that if any other actions
are reasonably required in order to effectuate such transfer, VIVUS shall promptly perform any and all such actions. Metuchen shall be
the rightful owner of the API Quantity that is the subject of an API PO following tender of payment by Metuchen and transfer of title,
including all risks of loss of such API, subject in each case to the security interests granted to VIVUS under the Security Agreement
to secure the prompt and full payment of the Principal Amount and all interest accrued in connection therewith under the Promissory Note
and such other Obligations (as defined in the Promissory Note).

 

(d)            For
purposes of this Agreement, an “API PO” means a purchase order conforming to the terms and conditions set forth in
Exhibit D attached hereto. The Parties agree that any and all terms and conditions included in any API PO and not otherwise
set forth in Exhibit D shall be disregarded and not of any force or effect hereunder or under such API PO unless expressly agreed
by the Parties in writing and executed by an authorized representative of each Party.

 

(e)            ALL
API TRANSFERRED BY VIVUS TO METUCHEN UNDER THIS SECTION 7 IS TRANSFERRED “AS-IS” AND VIVUS DISCLAIMS ANY AND ALL REPRESENTATIONS
AND WARRANTIES CONCERNING THE API, INCLUDING REPRESENTATIONS AND WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

(f)            For
purposes of this Agreement and this Section 7, the follow definitions shall apply:

 

(i)            The
 “Principal Credit Balance” means the aggregate amount of all payments of the Principal Balance received by VIVUS under
and in accordance with the Promissory Note less the aggregate API Quantity Amount applied by Metuchen to acquire title to each
transfer of API Quantity.

 

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(ii)            The
 “API Quantity” means the quantity of API (as defined in the Supply Agreement) in weight equivalent to each API Quantity
Amount requested to be applied by Metuchen and as determined using VIVUS’ then current pricing for API.

 

(iii)            The
 “API Quantity Amount” means the U.S. dollar amount of the Principal Credit Balance that Metuchen requests VIVUS to
apply and release a corresponding API Quantity to Metuchen.

 

8.            No
Duty to Mitigate. Metuchen agrees that VIVUS, its Affiliates and each of their representatives shall have no duty or other obligation
to mitigate in respect of any breach, enforcement or action concerning the Settlement Documents, and waives any right, claim, or defense
with respect thereto. The Settlement Documents are hereby amended by this Section 8, as applicable.

 

9.            Intentionally
Omitted.

 

10.            Representations
and Warranties. Metuchen represents and warrants the following:

 

(a)            Metuchen
is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation. Metuchen has all requisite power
and authority to execute and deliver this Agreement and each of the Settlement Documents and to perform its obligations under this Agreement
and each of the Settlement Documents. The execution, delivery and performance of this Agreement and each of the Settlement Documents by
Metuchen has been duly authorized and approved by all necessary action in accordance with Applicable Law and no other action on the part
of Metuchen is necessary to authorize the execution, delivery and performance of this Agreement and each of the Settlement Documents.
This Agreement and each of the Settlement Documents has been duly executed and delivered by Metuchen and constitutes a valid and binding
obligation of Metuchen. All documents and financial data (other than any projections or other forward-looking information) that have been
or will be provided to VIVUS by Metuchen or any of its Affiliates are, when furnished, true, complete and correct in all material respects.

 

(b)            Each
of the Group Members is solvent and able to pay its obligations as they become due, that this Agreement and the Settlement Documents provide
fair consideration and reasonably equivalent value to it (quantitatively and/or qualitatively), and that by entering into and performing
the Settlement Documents it is not actually hindering, delaying, or defrauding its creditors.

 

(c)            Metuchen’s
exact legal name is correctly set forth on the signature page hereof. Metuchen will not change its name or identity without giving
prior written notice to VIVUS. Metuchen has been duly organized as a Delaware limited liability company. Metuchen’s chief executive
office is located at 200 US Hwy 9, Suite 500, Manalapan, NJ 07726. Metuchen will not change the location of its chief executive office,
type of organization, business structure or place of incorporation or organization without giving not less than 30 days’ prior written
notice to VIVUS.

 

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(d)            Metuchen
has no knowledge of any Lien held by any third party or other facts or circumstances that would prevent or adversely impact VIVUS obtaining
a first priority Lien in and to the Collateral (as defined in the Security Agreement) upon execution of the Settlement Documents (and
assuming VIVUS promptly and properly perfects its security interest in and to the Collateral).

 

11.            Covenants.
Metuchen agrees that, from the date of execution of this Agreement until the obligations hereunder and the Obligations (as defined in
the Security Agreement) have been fully paid and satisfied, Metuchen will not challenge its obligations to fulfill requirements set forth
in the Settlement Documents and in addition to any and all covenants and obligations under the Promissory Note, the Security Agreement
and the other Settlement Documents will perform the following:

 

(a)            Financing
Statements and other Information. Metuchen shall deliver to VIVUS each of the following:

 

(i)            Annual
Financial Statements. Upon the earlier of (A) fifteen (15) days following a filing of its annual reports (or the reports of Petros)
with the U.S. Securities and Exchange Commission (“SEC”) or (B) one hundred twenty (120) days after the end of
each Fiscal Year of Metuchen, Metuchen shall provide VIVUS with its audited consolidated balance sheet and related statements of operations,
stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures
for the previous fiscal year, accompanied by an audit opinion from an accounting firm (that is not subject to qualification as to the
scope of such audit, but that may contain a “going concern” statement) to the effect that such consolidated financial statements
present fairly in all material respects the financial condition and results of operations of Metuchen and its subsidiaries on a consolidated
basis in accordance with GAAP.

 

(ii)            Quarterly
Financial Statements. Upon the earlier of (A) fifteen (15) days following a filing of its quarterly reports (or the reports of
Petros) with the SEC or (B) seventy-five (75) days after the end of each fiscal quarter of Metuchen not corresponding with the fiscal
year end, Metuchen shall provide VIVUS with its unaudited consolidated balance sheet and related statements of operations and cash flows
as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative
form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal
year, all certified by a Responsible Officer as presenting fairly in all material respects the financial condition and results of operations
of Metuchen and its consolidated subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments
and the absence of footnotes.

 

(b)            VIVUS
shall have the right to interview and obtain such additional information from Metuchen’s management concerning any financial or
business information set forth or otherwise reflected in the annual and quarterly financial statements required to be delivered under
Section 11(a) as may be reasonably requested from time to time.

 

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(c)            Pay
Indebtedness and other Liabilities. Each Group Member will pay and discharge when due all of its and its subsidiaries’ indebtedness
and all of its and its subsidiaries’ taxes, assessments, charges, levies and other liabilities imposed upon such Person, such Person’s
income, profits, property or business, except those which currently are being contested in good faith by appropriate proceedings and for
which Metuchen shall have set aside adequate reserves with respect thereto.

 

(d)            Compliance
with Laws, Etc. Metuchen and each Group Member will comply in all material respects with all Applicable Laws applicable to the Group
Members and to the operation of their business (including without limitations any statute, rule or regulation relating to employment
practices and pension benefits or to environmental, occupational and health standards and controls) and take all actions necessary to
maintain, renew and keep in full force and effect all New Drug Applications, Regulatory Approvals, permits, governmental authorizations,
patents, trademarks, copyrights or other rights related to the Product or otherwise necessary to enable it to continue its business.

 

12.            Acknowledgements;
Release of Claims.

 

(a)            Acknowledgements.
Metuchen hereby acknowledges and agrees to the following:

 

(i)            that
VIVUS is not responsible for the STENDRA products returned by CVS or any costs incurred by CVS in connection with the returned STENDRA
products and that Metuchen is obligated to indemnify and hold harmless VIVUS for the total amount of the CVS Principal Amount pursuant
to its indemnification obligations under Article 10 of the License Agreement; and

 

(ii)            that
VIVUS is not responsible for Metuchen’s failure to fulfil its Minimum Purchase Obligations under the Supply Agreement and that it
owes VIVUS the MPO Principal Amount for failure to fulfil its Minimum Purchase Obligation under the Supply Agreement for the calendar
years 2018 and 2019.

 

(b)            Release
of Claims. Metuchen, on behalf of itself and each of its former and future subsidiaries, Affiliates and other Group Members and its
and their former and future respective predecessors, managing agents, employees, officers, directors, stockholders, managers, representatives,
agents, administrators, successors and assigns (each, the applicable Party’s “Releasees”), hereby absolutely
and unconditionally, to the fullest extent permitted by Applicable Law, surrenders, relinquishes, releases, holds harmless and forever
discharges VIVUS and its Releasees from and against any and all actions, causes of action, setoffs, claims, cross-claims, suits, debts,
accounts, demands, proceedings, arbitrations, limitations, covenants, contracts, controversies, agreements, promises, damages, losses,
demands, costs and expenses (including attorney’s fees and costs actually incurred), liabilities, obligations, defenses, orders,
executions, claims for relief or judgments, of whatsoever kind or character, whether known or unknown, knowable or not knowable, foreseen
or unforeseen, suspected or unsuspected, whether or not concealed or hidden, fixed or unfixed, direct or indirect, contingent or otherwise,
at law or in equity, that have existed, may have existed, do exist as of the date of this Agreement or which may exist in the future and
are based on any facts, events, matters, acts or omissions arising of out of or relating to the subject of the acknowledgments made in
Section 12(a).

 

    -11-

     

    

 

13.            Amendment
or Waiver.

 

(a)            Amendment
or Waiver. No change, modification, or amendment of this Agreement shall be valid or binding unless such change, modification or amendment
is in writing and shall have been consented to by Metuchen and VIVUS in writing.

 

(b)            Severability.
If any provision of this Agreement, or the application of such provision to any Person or circumstance, shall be held invalid under the
Applicable Law of any jurisdiction, the remainder of this Agreement or the application of such provision to other Persons or circumstances
or in other jurisdictions shall not be affected thereby. Further, if any provision of this Agreement is invalid or unenforceable under
any Applicable Law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified
to conform with such law. Any provision hereof that may prove invalid or unenforceable under any law shall not affect the validity or
enforceability of any other provision hereof, and this Agreement shall be amended to give the Parties the benefit of their bargain to
the maximum extent possible in that event..

 

14.            Governing
Law; Jurisdiction; Venue; Consent to Service of Process.

 

(a)            Governing
Law. Resolution of all disputes arising out of or related to this Agreement or the validity, construction, interpretation, enforcement,
breach, performance, application or termination of this Agreement and any remedies relating thereto, shall be governed by and construed
under the substantive laws of the State of New York, excluding any conflicts or choice of law rule or principle that might otherwise
refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.

 

(b)            JURISDICTION.
EACH OF the PartIES Hereto agreeS THAT DISPUTES MAY BE RESOLVED BY LITIGATION IN THE FIRST
INSTANCE AND hereby unconditionally and irrevocably submits, for itself and its property, to the exclusive jurisdiction of THE New York
state court sitting in the Borough of Manhattan, in the City of New York (or any appellate court therefrom) over any suit, action or proceeding
arising out of or related to this AGREEMENT OR OTHER SETTLEMENT DOCUMENTS and agrees that all claims in respect of any such action or
proceeding shall be heard and determined in such New York state court; PROVIDED, hOWEVER, THAT ANY SUIT BY VIVUS SEEKING ENFORCEMENT AGAINST
ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT VIVUS’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE VIVUS ELECTS
TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. The SETTLEMENT DOCUMENTS ARE hereby AMENDED BY THIS
SECTION 14(b), as applicable.

 

    -12-

     

    

 

(c)            VENUE.
EACH OF the PartIES HEreto hereby unconditionally and irrevocably waiveS, to the fullest extent
permitted by applicable law, any objection which IT may now or hereafter have to the laying of venue of any dispute, suit, action or proceeding
arising out of or relating to this agreement OR ANY OTHER SETTLEMENT DOCUMENT brought in any court specified above, or any defense of
inconvenient forum for the maintenance of such dispute, suit, action or proceeding.

 

(d)            CONSENT
TO SERVICE OF PROCESS. each Party Hereto hereby irrevocably waives personal service of any
and all process upon them WITH RESPECT TO THIS AGREEMENT AND THE OTHER SETTLEMENT DOCUMENTS and agrees that all such service of process
may be made by registered mail (or any substantially similar form of mail) directed to it at its address for notices as provided in Section 19
of this AGREEMENT. each Party HEREto hereby waives any objection to such service of process and further irrevocably waives and agrees
not to plead or claim in any action or proceeding commenced hereunder that SUCH service of process was invalid and ineffective. Nothing
in this AGREEMENT will affect the right of any Party Hereto to serve process in any other manner permitted by law.

 

(e)            WAIVER
OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER
BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE SETTLEMENT DOCUMENTS OR THE ACTIONS
OR OMISSIONS OF ANY PARTY HERETO IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 

15.            Headings.
The section headings in this Agreement are for convenience of reference only and shall not be deemed to alter or affect the meaning or
interpretation of any provision hereof.

 

16.            Other
Terms. Whenever in this Agreement the singular number is used, the same shall include the plural where appropriate (and vice versa),
and words of any gender shall include each other gender where appropriate. As used in this Agreement, the following words or phrases shall
have the meanings indicated: (a) “day” means a calendar day; (b) “include,” “including,”
or their derivatives means “including without limitation”; and (c) “laws” means statutes, regulations, rules,
judicial orders, and other legal pronouncements having the effect of law. To the extent that the License Agreement (for the avoidance
of doubt, including Amendment No. 1 thereto) is in any way inconsistent with the terms of this Agreement, this Agreement shall control
and such inconsistent provisions shall be revised to fulfill the agreements set forth in this Agreement.

 

17.            Counterparts;
Electronic Mail Execution. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute
but one and the same Agreement. Delivery of an executed counterpart of this Agreement by electronic mail shall be equally as effective
as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by electronic
mail also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart
shall not affect the validity, enforceability, and binding effect of this Agreement.

 

    -13-

     

    

 

18.            Set
Off. Metuchen shall not be entitled to set off, offset or net amounts owed to VIVUS against or in respect of any claim against VIVUS
under this Agreement or under any of the Settlement Documents.

 

19.            Notices.
All notices and other communications required or permitted hereunder shall be effective if in writing and (a) delivered personally,
(b) sent by electronic mail, (c) sent by nationally recognized overnight courier, or (d) sent by registered or certified
mail, postage prepaid, in each case, addressed as follows:

 

(i)            if
to VIVUS, to it at the following address:

 

VIVUS LLC

900 E. Hamilton Avenue, Suite 550

Campbell, CA 95008

Attention: Chief Financial Officer and General Counsel

Email: CFO@vivus.com and GeneralCounsel@vivus.com

 

With a copy (which shall not constitute notice) to:

 

Greenberg Traurig, LLP

MetLife Building

200 Park Avenue

New York, NY 10166

Attention: Oscar N. Pinkas

Email: pinkaso@gtlaw.com

 

    -14-

     

    

 

(ii)            If
to Metuchen, to:

 

Metuchen Pharmaceuticals LLC

200 US Hwy 9

Suite 500

Manalapan, NJ 07726

Attention: Fady Boctor

Email: fboctor@metuchenpharma.com

 

With a copy to:

 

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

Attention: Andrew M. Ray, Esq.

Fax: (202) 373-6001

Email: andrew.ray@morganlewis.com

 

Unless otherwise specified herein, such notices
or other communications shall be deemed effective, (a) on the date received, if personally delivered or sent by electronic mail during
normal business hours on a Business Day, or (b) if delivered by registered or certified mail or by overnight courier, on the date
delivered as established by return receipt or courier service confirmation or the date on which the return receipt or courier service
confirms that acceptance of delivery was returned by the addressee. Each of the parties hereto shall be entitled to specify a different
address by giving notice as aforesaid to each of the other parties hereto.

 

20.            Expenses
and Indemnification. In addition to VIVUS’s indemnification and other rights under the Security Agreement and other Settlement
Documents:

 

(a)            Metuchen
shall reimburse VIVUS on demand for all reasonable and documented out-of-pocket costs, expenses and fees (including reasonable expenses
and fees of its external counsel) incurred by VIVUS in connection with the enforcement of VIVUS’s rights hereunder and under the
Loan Documents or in any bankruptcy case or insolvency proceeding. Failure by Metuchen to pay VIVUS any amounts due under this Section 20(a) within
ten (10) days of demand for payment shall result in such amount being added to the Principal Amount under the Promissory Note.

 

(b)            Metuchen
shall indemnify, defend, protect and hold harmless VIVUS and each of VIVUS’s Affiliates, and their respective officers, directors,
members, managers, employees, attorneys, consultants, and agents from and against any and all losses, damages, liabilities, obligations,
penalties, fines, fees, costs, and expenses (including, without limitation, attorneys’ and paralegals’ fees, costs and expenses,
and fees, costs and expenses for investigations and experts) (collectively “Losses”) incurred by such indemnitees,
whether before or from and after the date hereof, arising from or relating to any suit, investigation, action, or proceeding by any Person,
whether threatened or initiated, asserting a claim for any legal or equitable remedy against any Person under any statute, regulation,
or common law principle, arising from or in connection with the Excluded Liabilities. The obligations of Metuchen under this paragraph
shall survive the payment in full of this Agreement. Failure by Metuchen to pay VIVUS any amounts due under this Section 20(b) within
ten (10) days of demand for payment shall result in such amount being added to the Principal Amount under the Promissory Note.

 

    -15-

     

    

 

21.            Confidentiality.
Each Party will maintain the Confidential Information in accordance with Article 11 of the License Agreement. The Parties agree not
to disclose any financial or otherwise commercially sensitive terms or conditions of this Agreement to any Third Party without the prior
written consent of the other Party, except as required by Applicable Law or to the extent necessary in a dispute between the Parties (including
between VIVUS and any Group Member). If either Party is required to disclose any financial term or condition of this Agreement due to
the reporting obligations under the Securities and Exchange Act of 1934, as amended or other legal obligation, then the Party seeking
disclosure shall notify the other Party of such fact prior to any such disclosure and proceed to redact such provisions as the non-disclosing
Party reasonably requests pursuant to a confidential treatment request order.

 

22.            Cleansing.
Notwithstanding anything, under any of the Settlement Documents or otherwise, the receipt of Confidential Information shall not in any
way limit or restrict VIVUS or any of its affiliates, and does not constitute, and shall not be construed to create, a standstill or any
other restriction whatsoever on the ability of VIVUS or any of its affiliates to (i) purchase or sell securities or other instruments,
including those of a Group Member, (ii) purchase or sell any such companies substantially in their entirety (whether by merger, asset
sale or otherwise), (iii) provide financing to any such companies or (iv) conduct similar activities in the ordinary course
of VIVUS or any of its affiliates’ businesses in the same manner as they are presently conducted. In the event that any Confidential
Information disclosed to VIVUS constitutes material nonpublic information about Metuchen or any Group Member, within 5 days following
the end of each quarterly fiscal period or any material breach or default or a Settlement Document, Petros shall file a document (the
 “Cleansing Document”) containing such Confidential Information (or an appropriate summary thereof) (the “Disclosure
Information”) with the SEC, including appropriate exceptions for information disclosed to VIVUS’s outside advisors and
specifically designated as “non-cleansing” or “advisors’ eyes only” information (or other similar designation)
with VIVUS’ prior written consent. As promptly as practicable, but in no event less than 48 hours before the filing of the Cleansing
Document, Petros will provide VIVUS with a draft of the Cleansing Document and will consider in good faith any timely comments VIVUS has
with respect to the Cleansing Document. In the event that Petros fails to timely file the required Cleansing Document or such Cleansing
Document does not contain all of the Disclosure Information as determined by VIVUS based on the advice of its legal counsel, then Petros,
on behalf of itself and any Group Member, agrees that VIVUS or its representatives (each an “Authorized Cleansing Party”)
shall be authorized to make available to the public at any time more than two (2) business days thereafter (and notwithstanding if
this Agreement has been terminated) all the Disclosure Information not so disclosed by Petros in a single disclosure; provided
that before any such disclosure such Authorized Cleansing Party shall (i) so long as (but only if) the Cleansing Document is delivered
by Petros, notify Petros of its intent to disclose any such Disclosure Information within 48 hours after its receipt of the Cleansing
Document and (ii) provide Petros with a draft of the documents VIVUS intends to use to publicly disclose such Disclosure Information
at least 48 hours prior to any such disclosure. During such periods, such Authorized Cleansing Party and its legal counsel will make a
reasonable effort to consult with Petros and its legal counsel regarding the content of any such disclosure and to consider in good faith
any comments that Petros has with respect thereto (including, without limitation, as to whether Petros has previously disclosed all Disclosure
Information). Petros agrees, on behalf of itself and each Group Member, that none of VIVUS or its affiliates, or any of their representatives,
shall have any liability to any Group Member, or any of their representatives in connection with the disclosure of the Disclosure Information
in accordance with the foregoing except in the case of an intentional misrepresentation. Petros shall agree to and acknowledge this section
on behalf of itself and all of its present and future subsidiaries and affiliates.

 

23.            Entire
Agreement. This Agreement (including its Exhibits) and the other Settlement Documents represent the entire agreement of Metuchen and
VIVUS with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by VIVUS related
to the subject matter hereof not expressly set forth or referred to herein or in the other Settlement Documents.

 

[signature pages follow]

 

    -16-

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed and delivered this Agreement on the date first above written.

 

	 	METUCHEN:
	 	 
	 	Metuchen Pharmaceuticals LLC
	 	 
	 	By:	/s/ Fady Boctor
	 	 	Name: Fady Boctor
	 	 	Title: Authorized Person

 

[Signature
Page to Settlement Agreement]

 

    

     

    

 

	 	VIVUS:
	 	 
	 	VIVUS LLC
	 	 
	 	By:	/s/ John Amos
	 	 	Name: John Amos
	 	 	Title: Chief Executive Officer

 

[Signature
Page to Settlement Agreement]

 

    

     

    

 

	 	AGREED AND ACKNOWLEDGED AS TO SECTION 22:
	 	 
	 	Petros, on behalf of itself and its present and future subsidiaries and affiliates
	 	 
	 	By:	/s/ Fady Boctor
	 	 	Name: Fady Boctor
	 	 	Title: President

 

    

     

    

 

Exhibit A

 

Promissory Note

 

[***]

 

    

     

    

 

Exhibit B

 

Security Agreement

 

[***]

 

    

     

    

 

EXHIBIT C

 

Amendment No. 1 to License Agreement

 

[***]

 

    

     

    

 

EXHIBIT D

 

API PO

 

The following shall constitute the terms of each
API PO submitted by Metuchen for API in accordance with Section 5 of the Agreement:

 

[***]Exhibit 10.2

 

PROMISSORY NOTE

 

	$10,201,758.04	 	January 18, 2022

 

FOR VALUE RECEIVED, the undersigned,
METUCHEN PHARMACEUTICALS LLC, a Delaware limited liability company (“Maker”), hereby executes this Promissory Note
(this “Note”) and hereby unconditionally promises to pay to the order of VIVUS LLC, a Delaware limited liability company
(“VIVUS”; VIVUS, together with its successors and assigns, “Payee”), in accordance with the payment
instructions set forth below, the principal sum of TEN MILLION TWO HUNDRED ONE THOUSAND SEVEN HUNDRED FIFTY-EIGHT AND 4/100 DOLLARS ($10,201,758.04),
plus interest thereon on the terms provided below.

 

Capitalized terms which are
used, but not defined, herein shall have the meanings given such terms in that certain Settlement Agreement dated as of the date hereof
by and among Maker and Vivus (as the same may be amended, restated, supplemented, or otherwise modified from time to time, the “Settlement
Agreement”).

 

1.             Payment of Principal. Maker shall pay the principal amount of this Note in consecutive quarterly installments, each of which
shall be due and payable on the “Installment Due Dates” set forth in Schedule A, attached hereto and made a part hereof,
in the “Principal Amount” set forth each of such dates in Schedule A (each such installment due on an applicable date
in an applicable amount, an “Installment”), with the first Installment due on the first date set forth in Schedule
A. In any event, the outstanding principal amount of this Note shall be due and payable in full on January 1, 2027.

 

2.             Interest. Interest shall accrue on the outstanding principal under this Note from the date hereof until all principal under
shall have been repaid. Interest shall be calculated on the basis of a year of 365/6 days based on the actual number of days elapsed.
The interest rate under this Note is 6.00% per annum; provided, however, that, upon and at all times after the occurrence of any Event
of Default (as defined below), the interest rate otherwise payable under this Note shall be increased by 3.00% per annum, automatically
and without notice to any person or entity, to a total rate of 9.00% per annum, and such increased rate shall remain effective until the
full and final payment of all principal and interest under this Note (regardless of whether any such Event of Default is waived or cured).
All accrued and unpaid interest under this Note shall be due and payable, in arrears, on the first day of each January, April, July, and
October of each calendar year, commencing with the first of such dates to occur after the date hereof.

 

3.             Payments. If any day on which any payment is otherwise due and payable under this Note (whether principal, interest, or
otherwise) is not a business day, then such payment shall be made on the immediately following business day (and interest shall accrue
for each such day). All payments on this Note shall be applied, first, to all accrued and unpaid interest, next to all costs, fees, and
expenses which are, at the time of such payment, due and payable, and, then, to principal. All payments on account of this Note (whether
principal, interest, or otherwise) shall be payable in U.S. dollars, in immediately available funds, and in accordance with the following
instructions (or such other instructions provided by Payee to Maker in a writing from time to time):

 

[***]

 

     

     

    

 

4.             Occurrence of Event of Default. During the existence of any Event of Default, Payee may (in addition to all rights and remedies
of Payee under applicable law or otherwise, all such rights and remedies being cumulative, not exclusive and enforceable alternatively,
successively and concurrently), at its option, declare any or all amounts owing under this Note (whether principal, interest, or otherwise),
to be due and payable, whereupon the same shall become immediately due and payable; provided, however, that upon the occurrence of any
Event of Default of the kind described in Sections 9(e) or 9(f) of the Security Agreement (as defined below), the obligations of Maker
hereunder shall automatically become and be due and payable in full, without notice of any kind.

 

As used herein, “Event
of Default” has the meaning given such term in the Security Agreement.

 

5.             Prepayments. Maker shall have a right to prepay all or any part of the principal of this Note before it is due and any such
prepayment shall be without penalty or premium. All prepayments under this Note shall be applied, first, to any accrued and unpaid interest
and, secondly, to the then-remaining principal Installments in the inverse order of the maturities thereof.

 

6.             Security for Payment. The indebtedness evidenced by this Note is secured by that certain Security Agreement dated as of
the date hereof, by Maker in favor of Payee (as the same may be amended, restated, supplemented, or otherwise modified from time to time,
the “Security Agreement”), which creates legal and valid encumbrances on and an assignment of all of the Collateral
(as defined in the Security Agreement).

 

7.             Legal Fees. If this Note is placed in the hands of any attorney for collection, or if it is collected through any legal
proceeding at law or in equity or in bankruptcy, receivership, or other court proceedings, Maker agrees to pay all costs of collection
including, but not limited to, court costs and attorneys’ fees.

 

8.             Waivers. Maker, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice
of protest, demand, dishonor and non-payment of this Note. No waiver by Payee of any of its rights or remedies hereunder or under any
other document evidencing or securing this Note or otherwise shall be considered a waiver of any other subsequent right or remedy of Payee;
no delay or omission in the exercise or enforcement by Payee of any rights or remedies shall ever be construed as a waiver of any right
or remedy of Payee; and no exercise or enforcement of any such rights or remedies shall ever be held to exhaust any right or remedy of
Payee.

 

9.             Choice of Law; Waiver of Jury Trial. This Note shall be governed by and construed in accordance with the laws of the State
of New York. MAKER, BY EXECUTION HEREOF, AND PAYEE, BY ACCEPTANCE HEREOF, MUTUALLY AND WILLINGLY WAIVE THE RIGHT TO A TRIAL BY JURY OF
ANY AND ALL CLAIMS MADE BETWEEN THEM WHETHER NOW EXISTING OR ARISING IN THE FUTURE, INCLUDING, WITHOUT LIMITATION, ANY AND ALL CLAIMS,
DEFENSES, COUNTERCLAIMS, CROSS CLAIMS, THIRD PARTY CLAIMS AND INTERVENOR’S CLAIMS WHETHER ARISING FROM OR RELATED TO THE NEGOTIATION,
EXECUTION AND PERFORMANCE OF THE TRANSACTIONS TO WHICH THIS NOTE RELATES.

 

    2 

     

    

 

10.           Amendments. This Note may be amended only by an instrument in writing signed by Payee and Maker.

 

11.           Severability. The unenforceability of any provision of this Note will not affect the enforceability or validity of any other
provision herein.

 

12.           Continuing Obligations. The obligations and liabilities of Maker under this Note shall be binding upon and enforceable against
Maker and its successors and assigns. The representations, undertakings, and covenants made by the undersigned under this Note are, and
shall be deemed to be, of continuing force and effect until all indebtedness and obligations of the undersigned under this Note have been
fully and finally paid and performed.

 

13.           Authority. Maker hereby represents and warrants to Payee that, by its execution below, Maker has the full power, authority,
and legal right to execute and deliver this Note and that the indebtedness evidenced hereby constitutes a valid and binding obligation
of Maker without exception or limitation.

 

14.           Successors-in-Interest; Assignment. This Note binds and may be enforced against the successors-in-interest of Maker, except
as otherwise provided. This Note shall inure to the benefit of and may be enforced by Payee and its successors and assigns. This Note
may not be assigned by Maker without the prior written consent of Payee.

 

15.           Time is of the Essence. Time is of the essence to all terms and provisions set forth herein.

 

[Continued on following page.]

 

    3 

     

    

 

IN WITNESS HEREOF,
the undersigned has caused this Promissory Note to be duly executed and delivered on the date first given above.

 

	 	METUCHEN PHARMACEUTICALS LLC, as Maker
	 	 
	 	By:	 /s/ Fady Boctor                
	 	Name: Fady Boctor
	 	Title: Authorized Person

 

 

VIVUS—METUCHEN PROMISSORY NOTE

 

    

     

    

 

SCHEDULE A

 

PAYMENT SCHEDULE

 

	Installment	Installment Due Date	Principal Amount
	1	4/1/2022	$176,973.63 
	2	7/1/2022	$179,628.23 
	3	10/1/2022	$182,322.66 
	4	1/1/2023	$185,057.50 
	5	4/1/2023	$357,833.36 
	6	7/1/2023	$363,200.86 
	7	10/1/2023	$368,648.87 
	8	1/1/2024	$374,178.61 
	9	4/1/2024	$379,791.29 
	10	7/1/2024	$385,488.15 
	11	10/1/2024	$391,270.48 
	12	1/1/2025	$397,139.53 
	13	4/1/2025	$763,096.63 
	14	7/1/2025	$774,543.08 
	15	10/1/2025	$786,161.22 
	16	1/1/2026	$797,953.64 
	17	4/1/2026	$809,922.95 
	18	7/1/2026	$822,071.79 
	19	10/1/2026	$834,402.87 
	20	1/1/2027	$872,072.71

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