Document:

EXHIBIT 10.52

 

 

OPIANT PHARMACEUTICALS, INC.

2017 LONG-TERM INCENTIVE PLAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     
 

     

    

 Table
of Contents

 

	 	 	Page
	 	 	 
	1.	History; Effective Date.	1
	 	 	 
	2.	Purposes of the Plan.	1
	 	 	 
	3.	Terminology.	1
	 	 	 
	4.	Administration.	1
	 	 	 
	 	(a)	Administration of the Plan	1
	 	 	 	 
	 	(b)	Powers of the Administrator	1
	 	 	 	 
	 	(c)	Delegation of Administrative Authority	3
	 	 	 	 
	 	(d)	Non-Uniform Determinations	3
	 	 	 	 
	 	(e)	Limited Liability; Advisors	3
	 	 	 	 
	 	(f)	Indemnification	3
	 	 	 	 
	 	(g)	Effect of Administrator’s Decision	3
	 	 	 	 
	5.	Shares Issuable Pursuant to Awards.	3
	 	 	 
	 	(a)	Initial Share Pool	3
	 	 	 	 
	 	(b)	Adjustments to Share Pool	3
	 	 	 	 
	 	(c)	Code Section 162(m) Individual Limits	4
	 	 	 	 
	 	(d)	ISO Limit	5
	 	 	 	 
	 	(e)	Source of Shares	5
	 	 	 	 
	6.	Participation.	5
	 	 	 
	7.	Awards.	5
	 	 	 
	 	(a)	Awards, In General	5
	 	 	 	 
	 	(b)	Minimum Restriction Period for Full Value Awards	5
	 	 	 	 
	 	(c)	Stock Options	6
	 	 	 	 
	 	(d)	Limitation on Reload Options	6
	 	 	 	 
	 	(e)	Stock Appreciation Rights	6
	 	 	 	 
	 	(f)	 Repricing	7
	 	 	 	 
	 	(g)	Stock Awards	7
	 	 	 	 
	 	(h)	Stock Units	8
	 	 	 	 
	 	(i)	Performance Shares and Performance Units	9
	 	 	 	 
	 	(j)	Other Stock-Based Awards	10
	 	 	 	 
	 	(k)	Qualified Performance-Based Awards. (public company provision)	10
	 	 	 	 
	 	(l)	Awards to Participants Outside the United States	11
	 	 	 	 
	 	(m)	Limitation on Dividend Reinvestment and Dividend Equivalents	12

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Table
of Contents

(continued)

 

	 	 	 	Page
	 	 	 	 
	8.	Withholding of Taxes.	12
	 	 	 
	9.	Transferability of Awards.	12
	 	 	 
	10.	Adjustments for Corporate Transactions and Other Events.	13
	 	 	 
	 	(a)	Mandatory Adjustments	13
	 	 	 	 
	 	(b)	Discretionary Adjustments	13
	 	 	 	 
	 	(c)	Adjustments to Performance Goals	13
	 	 	 	 
	 	(d)	Statutory Requirements Affecting Adjustments	14
	 	 	 	 
	 	(e)	Dissolution or Liquidation	14
	 	 	 	 
	11.	Change in Control Provisions.	14
	 	 	 
	 	(a)	Termination of Awards	14
	 	 	 	 
	 	(b)	Continuation, Assumption or Substitution of Awards	15
	 	 	 	 
	 	(c)	Other Permitted Actions	16
	 	 	 	 
	 	(d)	 Section 409A Savings Clause	16
	 	 	 	 
	12.	Substitution of Awards in Mergers and Acquisitions.	16
	 	 	 
	13.	Compliance with Securities Laws; Listing and Registration.	16
	 	 	 
	14.	Section 409A Compliance.	17
	 	 	 
	15.	Plan Duration; Amendment and Discontinuance.	17
	 	 	 
	 	(a)	Plan Duration	17
	 	 	 	 
	 	(b)	Amendment and Discontinuance of the Plan	18
	 	 	 	 
	 	(c)	Amendment of Awards	18
	 	 	 	 
	16.	General Provisions.	18
	 	 	 
	 	(a)	Non-Guarantee of Employment or Service	18
	 	 	 	 
	 	(b)	No Trust or Fund Created	18
	 	 	 	 
	 	(c)	Status of Awards	19
	 	 	 	 
	 	(d)	Subsidiary Employees	19
	 	 	 	 
	 	(e)	Governing Law and Interpretation	19
	 	 	 	 
	 	(f)	Use of English Language	19
	 	 	 	 
	 	(g)	Recovery of Amounts Paid	19
	 	 	 	 
	17.	Glossary.	20

 

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		1.	History; Effective Date.

 

OPIANT PHARMACEUTICALS, INC., a Nevada corporation
(“Opiant”), has established the OPIANT PHARMACEUTICALS, INC. 2017 LONG-TERM INCENTIVE PLAN, as set forth herein,
and as the same may be amended from time to time (the “Plan”). The Plan was adopted by the Board of Directors
of Opiant (the “Board”) on May 26, 2017. The Plan shall become and is effective as of the date that it is approved
by the stockholders of Opiant (the “Effective Date”).

 

		2.	Purposes of the Plan.

 

The Plan is designed to:

 

(a)       promote
the long-term financial interests and growth of Opiant and its Subsidiaries (together, the “Company”) by attracting
and retaining management and other personnel and key service providers with the training, experience and ability to enable them
to make a substantial contribution to the success of the Company’s business;

 

(b)       motivate
management personnel by means of growth-related incentives to achieve long-range goals; and

 

(c)       further
the alignment of interests of Participants with those of the stockholders of Opiant through opportunities for increased stock or
stock-based ownership in Opiant.

 

Toward these objectives, the Administrator
may grant stock options, stock appreciation rights, stock awards, stock units, performance shares, performance units, and other
stock-based awards to eligible individuals on the terms and subject to the conditions set forth in the Plan.

 

		3.	Terminology.

 

Except as otherwise specifically provided
in an Award Agreement, capitalized words and phrases used in the Plan or an Award Agreement shall have the meaning set forth in
the glossary at Section 17 of the Plan or as defined the first place such word or phrase appears in the Plan.

 

		4.	Administration.

 

(a)       Administration
of the Plan. The Plan shall be administered by the Administrator.

 

(b)       Powers
of the Administrator. The Administrator shall, except as otherwise provided under the Plan, have plenary authority, in its
sole and absolute discretion subject to the limitations, if any, as set forth in the Compensation Committee Charter, to grant Awards
pursuant to the terms of the Plan to Eligible Individuals and to take all other actions necessary or desirable to carry out the
purpose and intent of the Plan. Among other things, the Administrator shall have the authority, in its sole and absolute discretion,
subject to the terms and conditions of the Plan and the limitations, if any, as set forth in the Compensation Committee Charter
to:

 

(i)       determine
the Eligible Individuals to whom, and the time or times at which, Awards shall be granted;

 

(ii)       determine
the types of Awards to be granted any Eligible Individual;

 

(iii)       determine
the number of shares of Common Stock to be covered by or used for reference purposes for each Award or the value to be transferred
pursuant to any Award;

 

(iv)       determine
the terms, conditions and restrictions applicable to each Award (which need not be identical) and any shares acquired pursuant
thereto, including, without limitation, (A) the purchase price of any shares of Common Stock, (B) the method of payment
for shares purchased pursuant to any Award, (C) the method for satisfying any tax withholding obligation arising in connection
with any Award, including by the withholding or delivery of shares of Common Stock, (D) subject to Section 7(b), the
timing, terms and conditions of the exercisability, vesting or payout of any Award or any shares acquired pursuant thereto, (E) the
Performance Goals applicable to any Award and the extent to which such Performance Goals have been attained, (F) the time
of the expiration of any Award, (G) the effect of the Participant’s Termination of Service on any of the foregoing,
and (H) all other terms, conditions and restrictions applicable to any Award or shares acquired pursuant thereto as the Administrator
shall consider to be appropriate and not inconsistent with the terms of the Plan;

 

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(v)       subject
to Sections 7(f), 7(k), 10(c) and 15, modify, amend or adjust the terms and conditions of any Award;

 

(vi)       subject
to Section 7(b), accelerate or otherwise change the time at or during which an Award may be exercised or becomes payable and
waive or accelerate the lapse, in whole or in part, of any restriction, condition or risk of forfeiture with respect to such Award;
provided, however, that, except in connection with death, disability or a Change in Control, no such change, waiver
or acceleration shall be made with respect to a Qualified Performance-Based Award if the effect of such action would cause the
Award to fail to qualify for the Section 162(m) Exemption or shall be made to any Award that is considered “deferred
compensation” within the meaning of Section 409A of the Code if the effect of such action is inconsistent with Section 409A
of the Code;

 

(vii)       determine
whether an Award will be paid or settled in cash, shares of Common Stock, or in any combination thereof and whether, to what extent
and under what circumstances cash or shares of Common Stock payable with respect to an Award shall be deferred either automatically
or at the election of the Participant;

 

(viii)       for
any purpose, including but not limited to, qualifying for preferred or beneficial tax treatment, accommodating the customs or administrative
challenges or otherwise complying with the tax, accounting or regulatory requirements of one or more jurisdictions, adopt, amend,
modify, administer or terminate sub-plans, appendices, special provisions or supplements applicable to Awards regulated by the
laws of a particular jurisdiction, which sub-plans, appendices, supplements and special provisions may take precedence over other
provisions of the Plan, and prescribe, amend and rescind rules and regulations relating to such sub-plans, supplements and special
provisions;

 

(ix)       establish
any “blackout” period, during which transactions affecting Awards may not be effectuated, that the Administrator in
its sole discretion deems necessary or advisable;

 

(x)       determine
the Fair Market Value of shares of Common Stock or other property for any purpose under the Plan or any Award;

 

(xi)       administer,
construe and interpret the Plan, Award Agreements and all other documents relevant to the Plan and Awards issued thereunder, and
decide all other matters to be determined in connection with an Award;

 

(xii)       establish,
amend, rescind and interpret such administrative rules, regulations, agreements, guidelines, instruments and practices for the
administration of the Plan and for the conduct of its business as the Administrator deems necessary or advisable;

 

(xiii)       correct
any defect, supply any omission or reconcile any inconsistency in the Plan or in any Award or Award Agreement in the manner and
to the extent the Administrator shall consider it desirable to carry it into effect; and

 

(xiv)       otherwise
administer the Plan and all Awards granted under the Plan.

 

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(c)       Delegation
of Administrative Authority. The Administrator may designate officers or employees of the Company to assist the Administrator
in the administration of the Plan and, to the extent permitted by applicable law and stock exchange rules, the Administrator may
delegate to officers or other employees of the Company the Administrator’s duties and powers under the Plan, subject to such
conditions and limitations as the Administrator shall prescribe, including without limitation the authority to execute agreements
or other documents on behalf of the Administrator; provided, however, that such delegation of authority shall not extend to the
granting of, or exercise of discretion with respect to, Awards to Eligible Individuals who are “covered employees”
within the meaning of Section 162(m) of the Code or officers under Section 16 of the Exchange Act.

 

(d)       Non-Uniform
Determinations. The Administrator’s determinations under the Plan (including without limitation, determinations
of the persons to receive Awards, the form, amount and timing of such Awards, the terms and provisions of such Awards and the Award
Agreements evidencing such Awards, and the ramifications of a Change in Control upon outstanding Awards) need not be uniform and
may be made by the Administrator selectively among Awards or persons who receive, or are eligible to receive, Awards under the
Plan, whether or not such persons are similarly situated.

 

(e)       Limited
Liability; Advisors. To the maximum extent permitted by law, no member of the Administrator shall be liable for
any action taken or decision made in good faith relating to the Plan or any Award thereunder. The Administrator may employ counsel,
consultants, accountants, appraisers, brokers or other persons. The Administrator, Opiant, and the officers and directors of Opiant
shall be entitled to rely upon the advice, opinions or valuations of any such persons.

 

(f)       Indemnification.
To the maximum extent permitted by law, by Opiant’s charter and by-laws, and by any directors’ and officers’
liability insurance coverage which may be in effect from time to time, the members of the Administrator and any agent or delegate
of the Administrator who is a director, officer or employee of Opiant or an Affiliate shall be indemnified by Opiant against any
and all liabilities and expenses to which they may be subjected by reason of any act or failure to act with respect to their duties
on behalf of the Plan.

 

(g)       Effect
of Administrator’s Decision. All actions taken and determinations made by the Administrator on all matters relating
to the Plan or any Award pursuant to the powers vested in it hereunder shall be in the Administrator’s sole and absolute
discretion, unless in contravention of any express term of the Plan, including, without limitation, any determination involving
the appropriateness or equitableness of any action. All determinations made by the Administrator shall be conclusive, final and
binding on all parties concerned, including Opiant, its stockholders, any Participants and any other employee, consultant, or director
of Opiant and its Affiliates, and their respective successors in interest. No member of the Administrator, nor any director, officer,
employee or representative of Opiant shall be personally liable for any action, determination or interpretation made in good faith
with respect to the Plan or Awards. Notwithstanding the foregoing, following a Change in Control, any determination by the Administrator
as to whether “Cause” or “Good Reason” exists under the terms of an Award shall be subject to de novo review
by a court of competent jurisdiction.

 

		5.	Shares Issuable Pursuant to Awards.

 

(a)       Initial
Share Pool. As of the Effective Date, the number of shares of Common Stock issuable pursuant to Awards that may be granted
under the Plan (the “Share Pool”) shall be equal to 400,000 shares of Common Stock and commencing on January
1, 2018, and on the first day of each calendar year through 2023, the number of shares of Common Stock available for issuance shall
be increased by four percent (4%) of the number of shares of Common Stock outstanding, as that number is determined by the Company,
as of the preceding fiscal year end or such lesser number as determined by the Administrator.

 

(b)       Adjustments
to Share Pool. On and after the Effective Date, the Share Pool shall be adjusted, in addition to any adjustments to
be made pursuant to Section 10 of the Plan, as follows:

 

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(i)The Share Pool shall be reduced,
on the date of grant, by one share for each share of Common Stock made subject to an Award granted under the Plan;

 

(ii)The Share Pool shall be increased,
on the relevant date, by the number of unissued shares of Common Stock underlying or used as a reference measure for any Award
or portion of an Award granted under this Plan that is cancelled, forfeited, expired, terminated unearned or settled in cash, in
any such case without the issuance of shares, and by the number of shares of Common Stock used as a reference measure for any Full
Value Award granted under this Plan that are not issued upon settlement of such Award either due to a net settlement or otherwise;

 

(iii)The Share Pool shall be increased,
on the forfeiture date, by the number of shares of Common Stock that are forfeited back to Opiant after issuance due to a failure
to meet an Award contingency or condition with respect to any Award or portion of an Award granted under this Plan; and

 

(iv) The Share Pool shall be increased,
on the relevant date, by the number of shares of Common Stock withheld by or surrendered (either actually or through attestation)
to Opiant in payment of the Tax Withholding Obligation that arises in connection with any Full Value Award granted under this Plan.

 

(c)       Code
Section 162(m) Individual Limits. Subject to adjustment as provided in Section 10 of the Plan:

 

(i)the maximum number of shares
of Common Stock that may be made subject to Awards granted under the Plan during a fiscal year to any one person in the form of
stock options or stock appreciation rights is, in the aggregate, 250,000 shares;

 

(ii)the maximum number of shares
of Common Stock that may be made subject to Awards granted under the Plan during a fiscal year to any one person in the form of
Performance Awards is, in the aggregate, 250,000 shares, and

 

(iii)in connection with Awards granted
under the Plan during a fiscal year to any one person in the form of Performance Shares, the maximum cash amount payable thereunder
is the amount equal to the number of shares made subject to the Award, as limited by Section 5(c)(ii), multiplied by the Fair
Market Value as determined as of the payment date; and

 

(iv)in connection with Awards granted
under the Plan during a fiscal year to any one person in the form of Performance Units, the maximum cash amount payable under such
Performance Units is $250,000;

 

provided, however, that each of the limitations set forth
above in clauses (i), (ii) and (iii) of this Section 5(c) shall be multiplied by two when applied to Awards granted to any
individual during the fiscal year in which such individual first commences service with Opiant or a Subsidiary; and provided,
further, that the limitations set forth above in clauses (ii) and (iii) of this Section 5(c) shall be multiplied by the
number of fiscal years over which the applicable Performance Period spans (in whole or in part), if the Performance Period is longer
than 12 months’ duration, when applied to Performance Awards. If an Award is terminated, surrendered or canceled in the same
year in which it was granted, such Award nevertheless will continue to be counted against the limitations set forth above in this
Section 5(c) for the fiscal year in which it was granted.

 

(d)       ISO
Limit. Subject to adjustment pursuant to Section 10 of the Plan, the maximum number of shares of Common Stock that may
be issued pursuant to stock options granted under the Plan that are intended to qualify as Incentive Stock Options within the meaning
of Section 422 of the Code shall be equal to 1,000,000 shares of Common Stock.

 

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(e)       Source
of Shares. The shares of Common Stock with respect to which Awards may be made under the Plan shall be shares authorized for
issuance under Opiant’s charter but unissued, or issued and reacquired, including without limitation shares purchased in
the open market or in private transactions.

 

(f)       Non-Employee
Director Award Limit. In addition, the Administrator may establish compensation for Non-Employee Directors from time to time,
subject to the limitations in the Plan. The Administrator will from time to time determine the terms, conditions and amounts of
all such Non-Employee Director compensation in its discretion and pursuant to the exercise of its business judgment, taking into
account such factors, circumstances and considerations as it shall deem relevant from time to time, provided that the sum of any
cash compensation and the grant date fair value of Awards (as determined in accordance with Financial Accounting Standards Board
Accounting Standards Codification Topic 718, or any successor thereto) granted under the Plan to a Non-Employee Director as compensation
for services as a Non-Employee Director during any calendar year of the Company may not exceed $500,000 (the “Director
Limit”). The Administrator may make exceptions to this limit for individual Non-Employee directors in extraordinary circumstances,
as the Administrator may determine in its discretion, provided that the Non-Employee Director receiving such additional compensation
may not participate in the decision to award such compensation or in other compensation decisions involving Non-Employee Director.

 

		6.	Participation.

 

Participation in the Plan shall be open
to all Eligible Individuals, as may be selected by the Administrator from time to time. The Administrator may also grant Awards
to Eligible Individuals in connection with hiring, recruiting or otherwise, prior to the date the individual first performs services
for Opiant or a Subsidiary; provided, however, that such Awards shall not become vested or exercisable, and no shares
shall be issued to such individual, prior to the date the individual first commences performance of such services.

 

		7.	Awards.

 

(a)       Awards,
In General. The Administrator, in its sole discretion, shall establish the terms of all Awards granted under the Plan consistent
with the terms of the Plan. Awards may be granted individually or in tandem with other types of Awards, concurrently with or with
respect to outstanding Awards. All Awards are subject to the terms and conditions provided in the Award Agreement, which shall
be delivered to the Participant receiving such Award upon, or as promptly as is reasonably practicable following, the grant of
such Award. Unless otherwise specified by the Administrator, in its sole discretion, or otherwise provided in the Award Agreement,
an Award shall not be effective unless the Award Agreement is signed or otherwise accepted by Opiant and the Participant receiving
the Award (including by electronic delivery and/or electronic signature).

 

(b)       Minimum
Restriction Period for Full Value Awards. Except as provided below and notwithstanding any provision of the Plan to the contrary,
each Full Value Award granted under the Plan shall be subject to a minimum Restriction Period of 12 months from the date of grant
if vesting of or lapse of restrictions on such Award is based on the satisfaction of Performance Goals and a minimum Restriction
Period of 12 months from the date of grant, applied in either pro rata installments or a single installment, if vesting of or lapse
of restrictions on such Award is based solely on the Participant’s satisfaction of specified service requirements with the
Company. If the grant of a Performance Award is conditioned on satisfaction of Performance Goals, the Performance Period shall
not be less than 12 months’ duration, but no additional minimum Restriction Period need apply to such Award. Except as provided
below and notwithstanding any provision of the Plan to the contrary, the Administrator shall not have discretionary authority to
waive the minimum Restriction Period applicable to a Full Value Award, except in the case of death, disability, retirement, or
a Change in Control. The provisions of this Section 7(b) shall not apply and/or may be waived, in the Administrator’s
discretion, with respect to up to the number of Full Value Awards that is equal to five percent (5%) of the aggregate Share Pool
as of the Effective Date.

 

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(c)       Stock
Options.

 

(i)       Grants.
A stock option means a right to purchase a specified number of shares of Common Stock from Opiant at a specified price during a
specified period of time. The Administrator may from time to time grant to Eligible Individuals Awards of Incentive Stock Options
or Nonqualified Options; provided, however, that Awards of Incentive Stock Options shall be limited to employees
of Opiant or of any current or hereafter existing “parent corporation” or “subsidiary corporation,” as
defined in Sections 424(e) and 424(f) of the Code, respectively, of Opiant, and any other Eligible Individuals who are eligible
to receive Incentive Stock Options under the provisions of Section 422 of the Code. No stock option shall be an Incentive
Stock Option unless so designated by the Administrator at the time of grant or in the applicable Award Agreement.

 

(ii)       Exercise.
Stock options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the
Administrator; provided, however, that Awards of stock options may not have a term in excess of ten years’ duration
unless required otherwise by applicable law. The exercise price per share subject to a stock option granted under the Plan shall
not be less than the Fair Market Value of one share of Common Stock on the date of grant of the stock option, except as provided
under applicable law or with respect to stock options that are granted in substitution of similar types of awards of a company
acquired by Opiant or a Subsidiary or with which Opiant or a Subsidiary combines (whether in connection with a corporate transaction,
such as a merger, combination, consolidation or acquisition of property or stock, or otherwise) to preserve the intrinsic value
of such awards.

 

(iii)       Termination
of Service. Except as provided in the applicable Award Agreement or otherwise determined by the Administrator, to the extent
stock options are not vested and exercisable, a Participant’s stock options shall be forfeited upon his or her Termination
of Service.

 

(iv)       Additional
Terms and Conditions. The Administrator may, by way of the Award Agreement or otherwise, determine such other terms, conditions,
restrictions, and/or limitations, if any, of any Award of stock options, provided they are not inconsistent with the Plan.

 

(d)       Limitation
on Reload Options. The Administrator shall not grant stock options under this Plan that contain a reload or replenishment feature
pursuant to which a new stock option would be granted automatically upon receipt of delivery of Common Stock to Opiant in payment
of the exercise price or any tax withholding obligation under any other stock option.

 

(e)       Stock
Appreciation Rights.

 

(i)       Grants.
 The Administrator may from time to time grant to Eligible Individuals Awards of stock appreciation rights. A stock appreciation
right entitles the Participant to receive, subject to the provisions of the Plan and the Award Agreement, a payment having an aggregate
value equal to the product of (i) the excess of (A) the Fair Market Value on the exercise date of one share of Common
Stock over (B) the base price per share specified in the Award Agreement, times (ii) the number of shares specified by
the stock appreciation right, or portion thereof, which is exercised. The base price per share specified in the Award Agreement
shall not be less than the lower of the Fair Market Value on the date of grant or the exercise price of any tandem stock option
to which the stock appreciation right is related, or with respect to stock appreciation rights that are granted in substitution
of similar types of awards of a company acquired by Opiant or a Subsidiary or with which Opiant or a Subsidiary combines (whether
in connection with a corporate transaction, such as a merger, combination, consolidation or acquisition of property or stock, or
otherwise) such base price as is necessary to preserve the intrinsic value of such awards.

 

(ii)       Exercise.
Stock appreciation rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined
by the Administrator; provided, however, that stock appreciation rights granted under the Plan may not have a term in excess
of ten years’ duration unless required otherwise by applicable law. The applicable Award Agreement shall specify whether
payment by Opiant of the amount receivable upon any exercise of a stock appreciation right is to be made in cash or shares of Common
Stock or a combination of both, or shall reserve to the Administrator or the Participant the right to make that determination prior
to or upon the exercise of the stock appreciation right. If upon the exercise of a stock appreciation right a Participant is to
receive a portion of such payment in shares of Common Stock, the number of shares shall be determined by dividing such portion
by the Fair Market Value of a share of Common Stock on the exercise date. No fractional shares shall be used for such payment and
the Administrator shall determine whether cash shall be given in lieu of such fractional shares or whether such fractional shares
shall be eliminated.

 

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(iii)       Termination
of Service. Except as provided in the applicable Award Agreement or otherwise determined by the Administrator, to the extent
stock appreciation rights are not vested and exercisable, a Participant’s stock appreciation rights shall be forfeited upon
his or her Termination of Service.

 

(iv)       Additional
Terms and Conditions. The Administrator may, by way of the Award Agreement or otherwise, determine such other terms, conditions,
restrictions, and/or limitations, if any, of any Award of stock appreciation rights, provided they are not inconsistent
with the Plan.

 

(f)       
Repricing. Notwithstanding anything herein to the contrary, except in connection with a corporate transaction involving
Opiant (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization,
merger, consolidation, split-up, spin-off, combination, or exchange of shares), the terms of options and stock appreciation rights
granted under the Plan may not be amended, after the date of grant, to reduce the exercise price of such options or stock appreciation
rights, nor may outstanding options or stock appreciation rights be canceled in exchange for (i) cash, (ii) options or stock appreciation
rights with an exercise price or base price that is less than the exercise price or base price of the original outstanding options
or stock appreciation rights, or (iii) other Awards, unless such action is approved by Opiant’s stockholders.

 

(g)       Stock
Awards.

 

(i)       Grants.
The Administrator may from time to time grant to Eligible Individuals Awards of unrestricted Common Stock or Restricted Stock (collectively,
“Stock Awards”) on such terms and conditions, and for such consideration, including no consideration or such
minimum consideration as may be required by law, as the Administrator shall determine, subject to the limitations set forth in
Section 7(b). Stock Awards shall be evidenced in such manner as the Administrator may deem appropriate, including via book-entry
registration.

 

(ii)       Vesting.
Restricted Stock shall be subject to such vesting, restrictions on transferability and other restrictions, if any, and/or risk
of forfeiture as the Administrator may impose at the date of grant or thereafter. The Restriction Period to which such vesting,
restrictions and/or risk of forfeiture apply may lapse under such circumstances, including without limitation upon the attainment
of Performance Goals, in such installments, or otherwise, as the Administrator may determine. In the event that the Administrator
conditions the grant or vesting of a Stock Award upon the attainment of Performance Goals, or the attainment of Performance Goals
together with the continued service of the Participant, the Administrator may, prior to or at the time of grant, designate the
Stock Award as a Qualified Performance-Based Award. Subject to the provisions of the Plan and the applicable Award Agreement, during
the Restriction Period, the Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber shares of
Restricted Stock.

 

(iii)       Rights
of a Stockholder; Dividends. Except to the extent restricted under the Award Agreement relating to the Restricted Stock, a
Participant granted Restricted Stock shall have all of the rights of a stockholder of Common Stock including, without limitation,
the right to vote Restricted Stock. Cash dividends declared payable on Common Stock shall be paid, with respect to outstanding
Restricted Stock, either as soon as practicable following the dividend payment date or deferred for payment to such later date
as determined by the Administrator, and shall be paid in cash or as unrestricted shares of Common Stock having a Fair Market Value
equal to the amount of such dividends or may be reinvested in additional shares of Restricted Stock as determined by the Administrator;
provided, however, that dividends declared payable on Restricted Stock that is granted as a Performance Award shall
be held by Opiant and made subject to forfeiture at least until achievement of the applicable Performance Goal related to such
shares of Restricted Stock. Stock distributed in connection with a stock split or stock dividend, and other property distributed
as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect
to which such Common Stock or other property has been distributed. As soon as is practicable following the date on which restrictions
on any shares of Restricted Stock lapse, Opiant shall deliver to the Participant the certificates for such shares or shall cause
the shares to be registered in the Participant’s name in book-entry form, in either case with the restrictions removed, provided
that the Participant shall have complied with all conditions for delivery of such shares contained in the Award Agreement or otherwise
reasonably required by Opiant.

 

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(iv)       Termination
of Service. Except as provided in the applicable Award Agreement, upon Termination of Service during the applicable Restriction
Period, Restricted Stock and any accrued but unpaid dividends that are at that time subject to restrictions shall be forfeited;
provided that, subject to the limitations set forth in Section 7(b), the Administrator may provide, by rule or regulation
or in any Award Agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted
Stock will be waived in whole or in part in the event of terminations resulting from specified causes, and the Administrator may
in other cases waive in whole or in part the forfeiture of Restricted Stock.

 

(v)       Additional
Terms and Conditions. The Administrator may, by way of the Award Agreement or otherwise, determine such other terms, conditions,
restrictions, and/or limitations, if any, of any Award of Restricted Stock, provided they are not inconsistent with the
Plan.

 

(h)       Stock
Units.

 

(i)       Grants.
The Administrator may from time to time grant to Eligible Individuals Awards of unrestricted stock Units or Restricted Stock Units
on such terms and conditions, and for such consideration, including no consideration or such minimum consideration as may be required
by law, as the Administrator shall determine, subject to the limitations set forth in Section 7(b). Restricted Stock Units
represent a contractual obligation by Opiant to deliver a number of shares of Common Stock, an amount in cash equal to the Fair
Market Value of the specified number of shares subject to the Award, or a combination of shares of Common Stock and cash, in accordance
with the terms and conditions set forth in the Plan and any applicable Award Agreement.

 

(ii)       Vesting
and Payment. Restricted Stock Units shall be subject to such vesting, risk of forfeiture and/or payment provisions as the Administrator
may impose at the date of grant. The Restriction Period to which such vesting and/or risk of forfeiture apply may lapse under such
circumstances, including without limitation upon the attainment of Performance Goals, in such installments, or otherwise, as the
Administrator may determine. In the event that the Administrator conditions the vesting and/or lapse of risk of forfeiture of Restricted
Stock Units upon the attainment of Performance Goals, or the attainment of Performance Goals together with the continued service
of the Participant, the Administrator may, prior to or at the time of grant, designate the Award of Restricted Stock Units as a
Qualified Performance-Based Award. Shares of Common Stock, cash or a combination of shares of Common Stock and cash, as applicable,
payable in settlement of Restricted Stock Units shall be delivered to the Participant as soon as administratively practicable,
but no later than 30 days, after the date on which payment is due under the terms of the Award Agreement provided that the
Participant shall have complied with all conditions for delivery of such shares or payment contained in the Award Agreement or
otherwise reasonably required by Opiant, or in accordance with an election of the Participant, if the Administrator so permits,
that meets the requirements of Section 409A of the Code.

 

(iii)       No
Rights of a Stockholder; Dividend Equivalents. Until shares of Common Stock are issued to the Participant in settlement of
stock Units, the Participant shall not have any rights of a stockholder of Opiant with respect to the stock Units or the shares
issuable thereunder. The Administrator may grant to the Participant the right to receive Dividend Equivalents on stock Units, on
a current, reinvested and/or restricted basis, subject to such terms as the Administrator may determine provided, however,
that Dividend Equivalents payable on stock Units that are granted as a Performance Award shall, rather than be paid on a current
basis, be accrued and made subject to forfeiture at least until achievement of the applicable Performance Goal related to such
stock Units.

 

    	 	8	 

     

    

 

(iv)       Termination
of Service. Upon Termination of Service during the applicable deferral period or portion thereof to which forfeiture conditions
apply, or upon failure to satisfy any other conditions precedent to the delivery of shares of Common Stock or cash to which such
Restricted Stock Units relate, all Restricted Stock Units and any accrued but unpaid Dividend Equivalents with respect to such
Restricted Stock Units that are then subject to deferral or restriction shall be forfeited; provided that, subject to the
limitations set forth in Section 7(b), the Administrator may provide, by rule or regulation or in any Award Agreement, or
may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock Units will be waived
in whole or in part in the event of termination resulting from specified causes, and the Administrator may in other cases waive
in whole or in part the forfeiture of Restricted Stock Units.

 

(v)       Additional
Terms and Conditions. The Administrator may, by way of the Award Agreement or otherwise, determine such other terms, conditions,
restrictions, and/or limitations, if any, of any Award of stock Units, provided they are not inconsistent with the Plan.

 

(i)       Performance
Shares and Performance Units.

 

(i)       Grants.
The Administrator may from time to time grant to Eligible Individuals Awards in the form of Performance Shares and Performance
Units. Performance Shares, as that term is used in this Plan, shall refer to shares of Common Stock or Units that are expressed
in terms of Common Stock, the issuance, vesting, lapse of restrictions on or payment of which is contingent on performance as measured
against predetermined objectives over a specified Performance Period. Performance Units, as that term is used in this Plan, shall
refer to dollar-denominated Units valued by reference to designated criteria established by the Administrator, other than Common
Stock, the issuance, vesting, lapse of restrictions on or payment of which is contingent on performance as measured against predetermined
objectives over a specified Performance Period. The applicable Award Agreement shall specify whether Performance Shares and Performance
Units will be settled or paid in cash or shares of Common Stock or a combination of both, or shall reserve to the Administrator
or the Participant the right to make that determination prior to or at the payment or settlement date.

 

(ii)       Performance
Criteria. The Administrator shall, prior to or at the time of grant, condition the grant, vesting or payment of, or lapse of
restrictions on, an Award of Performance Shares or Performance Units upon (A) the attainment of Performance Goals during a
Performance Period or (B) the attainment of Performance Goals and the continued service of the Participant. The Administrator
may, prior to or at the time of grant, designate an Award of Performance Shares or Performance Units as a Qualified Performance-Based
Award. The length of the Performance Period, the Performance Goals to be achieved during the Performance Period, and the measure
of whether and to what degree such Performance Goals have been attained shall be conclusively determined by the Administrator in
the exercise of its absolute discretion. Performance Goals may include minimum, maximum and target levels of performance, with
the size of the Award or payout of Performance Shares or Performance Units or the vesting or lapse of restrictions with respect
thereto based on the level attained. An Award of Performance Shares or Performance Units shall be settled as and when the Award
vests or at a later time specified in the Award Agreement or in accordance with an election of the Participant, if the Administrator
so permits, that meets the requirements of Section 409A of the Code.

 

(iii)       Additional
Terms and Conditions. The Administrator may, by way of the Award Agreement or otherwise, determine such other terms, conditions,
restrictions, and/or limitations, if any, of any Award of Performance Shares or Performance Units, provided they are not
inconsistent with the Plan.

 

    	 	9	 

     

    

 

(j)       Other
Stock-Based Awards. The Administrator may from time to time grant to Eligible Individuals Awards in the form of Other Stock-Based
Awards. Other Stock-Based Awards in the form of Dividend Equivalents may be (A) awarded on a free-standing basis or in connection
with another Award other than a stock option or stock appreciation right, (B) paid currently or credited to an account for
the Participant, including the reinvestment of such credited amounts in Common Stock equivalents, to be paid on a deferred basis,
and (C) settled in cash or Common Stock as determined by the Administrator; provided, however, that Dividend
Equivalents payable on Other Stock-Based Awards that are granted as a Performance Award shall, rather than be paid on a current
basis, be accrued and made subject to forfeiture at least until achievement of the applicable Performance Goal related to such
Other Stock-Based Awards. Any such settlements, and any such crediting of Dividend Equivalents, may be subject to such conditions,
restrictions and contingencies as the Administrator shall establish.

 

(k)       Qualified
Performance-Based Awards.

 

(i)       Stock
Options and Stock Appreciation Rights. The provisions of the Plan are intended to ensure that all stock options and stock appreciation
rights granted hereunder to any Participant who is or may be a “covered employee” (within the meaning of Section 162(m)(3)
of the Code) in the tax year in which such stock option or stock appreciation right is expected to be deductible to Opiant or a
Subsidiary qualify for the Section 162(m) Exemption, and all such Awards shall therefore be considered Qualified Performance-Based
Awards, and the Plan shall be interpreted and operated consistent with that intention.

 

(ii)       Grant
Process for Performance Awards. When granting any Award other than a stock option or stock appreciation right, the Administrator
may designate such Award as a Qualified Performance-Based Award, based upon a determination that (A) the recipient is or may
be a “covered employee” (within the meaning of Section 162(m)(3) of the Code) with respect to such Award and (B) the
Administrator wishes such Award to qualify for the Section 162(m) Exemption. For any Award so designated as a Qualified Performance-Based
Award, the Administrator shall take steps to ensure that the terms of any such Award (and of the grant thereof) shall be consistent
with such designation (including, without limitation, that all such Awards be granted by a committee composed solely of “outside
directors” (within the meaning of Section 162(m) of the Code) and that the Performance Goals be established, in writing,
by the Administrator within the time period prescribed by Section 162(m) of the Code). The Performance Goals established by
the Administrator for each Qualified Performance-Based Award shall be objective such that a third party having knowledge of the
relevant facts could determine whether or not any Performance Goal has been achieved, or the extent of such achievement, and the
amount, if any, which has been earned by the Participant based on such performance. The Administrator may retain in an Award Agreement
the discretion to reduce (but not to increase) the amount or number of Qualified Performance-Based Awards which will be earned
based on the achievement of Performance Goals. When the Performance Goals are established, the Administrator shall also specify
the manner in which the level of achievement of such Performance Goals shall be calculated and the weighting assigned to such Performance
Goals.

 

(iii)       Certification
and Payment. Following completion of the applicable Performance Period, and prior to any, as applicable, grant, vesting, lapse
of restrictions on or payment of a Qualified Performance-Based Award, the Administrator shall determine in accordance with the
terms of the Award and shall certify in writing whether the applicable Performance Goal(s) were achieved, or the level of such
achievement, and the amount, if any, earned by the Participant based upon such performance. For this purpose, approved minutes
of the meeting of the Administrator at which certification is made shall be sufficient to satisfy the requirement of a written
certification. No Qualified Performance-Based Awards will be granted, become vested, have restrictions lapse or be paid, as applicable,
for a Performance Period until such certification is made by the Administrator. The amount of a Qualified Performance-Based Award
actually granted, vested, or paid to a Participant, or on which restrictions shall lapse, may be less than the amount determined
by the applicable Performance Goal formula, at the discretion of the Administrator to take into account additional factors that
the Administrator may deem relevant to the assessment of individual or corporate performance for the Performance Period or otherwise,
subject to the terms and conditions of the applicable Award Agreement.

 

    	 	10	 

     

    

 

(iv)       Performance
Goals. Performance Goals may be applied on a per share or absolute basis and relative to one or more Performance Metrics, or
any combination thereof, and may be measured pursuant to U.S. generally accepted accounting principles (“GAAP”),
nonGAAP or other objective standards in a manner consistent with Opiant’s or its Subsidiary’s established accounting
policies, all as the Administrator shall determine at the time the Performance Goals for a Performance Period are established.
The Administrator may, in its sole discretion, provide that one or more objectively determinable adjustments shall be made to the
manner in which one or more of the Performance Goals is to be calculated or measured to take into account, or ignore, one or more
of the following: (1) items related to a change in accounting principle; (2) items relating to financing activities;
(3) expenses for restructuring or productivity initiatives; (4) other non-operating items; (5) items related to
acquisitions; (6) items attributable to the business operations of any entity acquired by the Company during the Performance
Period; (7) items related to the sale or disposition of a business or segment of a business; (8) items related to discontinued
operations that do not qualify as a segment of a business under U.S. generally accepted accounting principles; (9) items attributable
to any stock dividend, stock split, combination or exchange of stock occurring during the Performance Period; (10) any other
items of significant income or expense which are determined to be appropriate adjustments; (11) items relating to unusual
or extraordinary corporate transactions, events or developments, (12) items related to amortization of acquired intangible
assets; (13) items that are outside the scope of the Company’s core, on-going business activities; (14) changes
in foreign currency exchange rates; (15) items relating to changes in tax laws; (16) certain identified expenses (including,
but not limited to, cash bonus expenses, incentive expenses and acquisition-related transaction and integration expenses); (17) items
relating to asset impairment charges; or (18) items relating to gains or unusual or nonrecurring events or changes in applicable
law, accounting principles or business conditions. For all Awards intended to qualify as Qualified Performance-Based Awards, such
determinations shall be made within the time prescribed by, and otherwise in compliance with, Section 162(m) of the Code.

 

(v)       Non-delegation.
No delegate of the Administrator is permitted to exercise authority granted to the Administrator under Section 4 to the extent
that the exercise of such authority by the delegate would cause an Award designated as a Qualified Performance-Based Award not
to qualify for, or to cease to qualify for, the Section 162(m) Exemption.

 

(l)       Awards
to Participants Outside the United States. The Administrator may grant Awards to Eligible Individuals who are foreign nationals,
who are located outside the United States or who are not compensated from a payroll maintained in the United States, or who are
otherwise subject to (or could cause Opiant or a Subsidiary to be subject to) tax, legal or regulatory provisions of countries
or jurisdictions outside the United States, on such terms and conditions different from those specified in the Plan as may, in
the judgment of the Administrator, be necessary or desirable in order that any such Award shall conform to laws, regulations, and
customs of the country or jurisdiction in which the Participant is then resident or primarily employed or to foster and promote
achievement of the purposes of the Plan.

 

(m)       Limitation
on Dividend Reinvestment and Dividend Equivalents. Reinvestment of dividends in additional Restricted Stock at the time of
any dividend payment, and the payment of shares of Common Stock with respect to dividends to Participants holding Awards of stock
Units, shall only be permissible if sufficient shares are available under the Share Pool for such reinvestment or payment (taking
into account then outstanding Awards). In the event that sufficient shares are not available under the Share Pool for such reinvestment
or payment, such reinvestment or payment shall be made in the form of a grant of stock Units equal in number to the shares of Common
Stock that would have been obtained by such payment or reinvestment, the terms of which stock Units shall provide for settlement
in cash and for Dividend Equivalent reinvestment in further stock Units on the terms contemplated by this Section 7(m).

 

		8.	Withholding of Taxes.

 

Participants and holders of Awards shall
pay to Opiant or its Affiliate, or make arrangements satisfactory to the Administrator for payment of, any Tax Withholding Obligation
in respect of Awards granted under the Plan no later than the date of the event creating the tax or social insurance contribution
liability. The obligations of Opiant under the Plan shall be conditional on such payment or arrangements. Unless otherwise determined
by the Administrator, Tax Withholding Obligations may be settled in whole or in part with shares of Common Stock, including unrestricted
outstanding shares surrendered to Opiant and unrestricted shares that are part of the Award that gives rise to the Tax Withholding
Obligation, having a Fair Market Value on the date of surrender or withholding equal to the statutory minimum amount (or such greater
amount permitted under FASB Accounting Standards Codification Topic 718, Compensation—Stock Compensation, for equity-classified
awards) required to be withheld for tax or social insurance contribution purposes, all in accordance with such procedures as the
Administrator establishes. Opiant or its Affiliate may deduct, to the extent permitted by law, any such Tax Withholding Obligations
from any payment of any kind otherwise due to the Participant or holder of an Award.

 

    	 	11	 

     

    

 

		9.	Transferability of Awards.

 

(a) General Nontransferability Absent
Administrator Permission. Except as otherwise determined by the Administrator, and in any event in the case of an Incentive
Stock Option or a tandem stock appreciation right granted with respect to an Incentive Stock Option, no Award granted under the
Plan shall be transferable by a Participant otherwise than by will or the laws of descent and distribution. The Administrator shall
not permit any transfer of an Award for value. An Award may be exercised during the lifetime of the Participant, only by the Participant
or, during the period the Participant is under a legal disability, by the Participant’s guardian or legal representative,
unless otherwise determined by the Administrator. Awards granted under the Plan shall not be subject in any manner to alienation,
anticipation, sale, transfer, assignment, pledge, or encumbrance, except as otherwise determined by the Administrator; provided,
however, that the restrictions in this sentence shall not apply to the shares of Common Stock received in connection with an
Award after the date that the restrictions on transferability of such shares set forth in the applicable Award Agreement have lapsed.
Nothing in this paragraph shall be interpreted or construed as overriding the terms of any Opiant stock ownership or retention
policy, now or hereafter existing, that may apply to the Participant or shares of Common Stock received under an Award.

 

(b) Administrator Discretion to Permit
Transfers Other Than For Value. Except as otherwise restricted by applicable law, the Administrator may, but need not, permit
an Award, other than an Incentive Stock Option or a tandem stock appreciation right granted with respect to an Incentive Stock
Option, to be transferred to a Participant’s Family Member (as defined below) as a gift or pursuant to a domestic relations
order in settlement of marital property rights. The Administrator shall not permit any transfer of an Award for value. For purposes
of this Section 9, “Family Member” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law,
including adoptive relationships, any person sharing the Participant’s household (other than a tenant or employee), a trust
in which these persons have more than fifty percent of the beneficial interest, a foundation in which these persons (or the Participant)
control the management of assets, and any other entity in which these persons (or the Participant) own more than fifty percent
(50%) of the voting interests. The following transactions are not prohibited transfers for value: (i) a transfer under a domestic
relations order in settlement of marital property rights; and (ii) a transfer to an entity in which more than fifty percent of
the voting interests are owned by Family Members (or the Participant) in exchange for an interest in that entity.

 

		10.	Adjustments for Corporate Transactions and Other Events.

 

(a)       Mandatory
Adjustments. In the event of a merger, consolidation, stock rights offering, statutory share exchange or similar event affecting
Opiant (each, a “Corporate Event”) or a stock dividend, stock split, reverse stock split, separation, spinoff,
reorganization, extraordinary dividend of cash or other property, share combination or subdivision, or recapitalization or similar
event affecting the capital structure of Opiant (each, a “Share Change”) that occurs at any time after adoption
of this Plan by the Board (including any such Corporate Event or Share Change that occurs after such adoption and coincident with
or prior to the Effective Date), the Administrator shall make equitable and appropriate substitutions or proportionate adjustments
to (i) the aggregate number and kind of shares of Common Stock or other securities on which Awards under the Plan may be granted
to Eligible Individuals, (ii) the maximum number of shares of Common Stock or other securities with respect to which Awards
may be granted during any one fiscal year to any individual, (iii) the maximum number of shares of Common Stock or other securities
that may be issued with respect to Incentive Stock Options granted under the Plan, (iv) the number of shares of Common Stock
or other securities covered by each outstanding Award and the exercise price, base price or other price per share, if any, and
other relevant terms of each outstanding Award, and (v) all other numerical limitations relating to Awards, whether contained
in this Plan or in Award Agreements; provided, however, that any fractional shares resulting from any such adjustment
shall be eliminated.

 

    	 	12	 

     

    

 

(b)       Discretionary
Adjustments. In the case of Corporate Events, the Administrator may make such other adjustments to outstanding Awards as it
determines to be appropriate and desirable, which adjustments may include, without limitation, (i) the cancellation of outstanding
Awards in exchange for payments of cash, securities or other property or a combination thereof having an aggregate value equal
to the value of such Awards, as determined by the Administrator in its sole discretion (it being understood that in the case of
a Corporate Event with respect to which stockholders of Opiant receive consideration other than publicly traded equity securities
of the ultimate surviving entity, any such determination by the Administrator that the value of a stock option or stock appreciation
right shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each share
of Common Stock pursuant to such Corporate Event over the exercise price or base price of such stock option or stock appreciation
right shall conclusively be deemed valid and that any stock option or stock appreciation right may be cancelled for no consideration
upon a Corporate Event if its exercise price or base price equals or exceeds the value of the consideration being paid for each
share of Common Stock pursuant to such Corporate Event), (ii) the substitution of securities or other property (including,
without limitation, cash or other securities of Opiant and securities of entities other than Opiant) for the shares of Common Stock
subject to outstanding Awards, and (iii) the substitution of equivalent awards, as determined in the sole discretion of the
Administrator, of the surviving or successor entity or a parent thereof (“Substitute Awards”).

 

(c)       Adjustments
to Performance Goals. The Administrator may, in its discretion, adjust the Performance Goals applicable to any Awards to reflect
any unusual or non-recurring events and other extraordinary items, impact of charges for restructurings, discontinued operations
and the cumulative effects of accounting or tax changes, each as defined by generally accepted accounting principles or as identified
in Opiant’s consolidated financial statements, notes to the consolidated financial statements, management’s discussion
and analysis or other Opiant filings with the Securities and Exchange Commission; provided, however, that, except in connection
with death, disability or a Change in Control, no such adjustment shall be made if the effect would be to cause an Award that is
intended to be a Qualified Performance-Based Award to no longer constitute a Qualified Performance-Based Award. If the Administrator
determines that a change in the business, operations, corporate structure or capital structure of Opiant or the applicable subsidiary,
business segment or other operational unit of Opiant or any such entity or segment, or the manner in which any of the foregoing
conducts its business, or other events or circumstances, render the Performance Goals to be unsuitable, the Administrator may modify
such Performance Goals or the related minimum acceptable level of achievement, in whole or in part, as the Administrator deems
appropriate and equitable; provided, however, that, except in connection with death, disability or a Change in Control, no such
modification shall be made if the effect would be to cause an Award that is intended to be a Qualified Performance-Based Award
to no longer constitute a Qualified Performance-Based Award.

 

(d)       Statutory
Requirements Affecting Adjustments. Notwithstanding the foregoing: (A) any adjustments made pursuant to Section 10
to Awards that are considered “deferred compensation” within the meaning of Section 409A of the Code shall be
made in compliance with the requirements of Section 409A of the Code; (B) any adjustments made pursuant to Section 10
to Awards that are not considered “deferred compensation” subject to Section 409A of the Code shall be made in
such a manner as to ensure that after such adjustment, the Awards either (1) continue not to be subject to Section 409A
of the Code or (2) comply with the requirements of Section 409A of the Code; (C) in any event, the Administrator
shall not have the authority to make any adjustments pursuant to Section 10 to the extent the existence of such authority
would cause an Award that is not intended to be subject to Section 409A of the Code at the date of grant to be subject thereto;
and (D) any adjustments made pursuant to Section 10 to Awards that are Incentive Stock Options shall be made in compliance
with the requirements of Section 424(a) of the Code.

 

    	 	13	 

     

    

 

(e)       Dissolution
or Liquidation. Unless the Administrator determines otherwise, all Awards outstanding under the Plan shall terminate upon the
dissolution or liquidation of Opiant.

 

		11.	Change in Control Provisions.

 

(a)       Termination
of Awards. Notwithstanding the provisions of Section 11(b), in the event that any transaction resulting in a Change in
Control occurs, outstanding Awards will terminate upon the effective time of such Change in Control unless provision is made in
connection with the transaction for the continuation or assumption of such Awards by, or for the issuance therefor of Substitute
Awards of, the surviving or successor entity or a parent thereof. Solely with respect to Awards that will terminate as a result
of the immediately preceding sentence and except as otherwise provided in the applicable Award Agreement:

 

(i)       the
outstanding Awards of stock options and stock appreciation rights that will terminate upon the effective time of the Change in
Control shall, immediately before the effective time of the Change in Control, become fully exercisable and the holders of such
Awards will be permitted, immediately before the Change in Control, to exercise the Awards;

 

(ii)       the
outstanding shares of Restricted Stock the vesting or restrictions on which are then solely time-based and not subject to achievement
of Performance Goals shall, immediately before the effective time of the Change in Control, become fully vested, free of all transfer
and lapse restrictions and free of all risks of forfeiture;

 

(iii)       the
outstanding shares of Restricted Stock the vesting or restrictions on which are then subject to and pending achievement of Performance
Goals shall, immediately before the effective time of the Change in Control and unless the Award Agreement provides for vesting
or lapsing of restrictions in a greater amount upon the occurrence of a Change in Control, become vested, free of transfer and
lapse restrictions and risks of forfeiture in such amounts as if the applicable Performance Goals for the unexpired Performance
Period had been achieved at the target level set forth in the applicable Award Agreement;

 

(iv)       the
outstanding Restricted Stock Units, Performance Shares and Performance Units the vesting, earning or settlement of which is then
solely time-based and not subject to or pending achievement of Performance Goals shall, immediately before the effective time of
the Change in Control, become fully earned and vested and shall be settled in cash or shares of Common Stock (consistent with the
terms of the Award Agreement after taking into account the effect of the Change in Control transaction on the shares) as promptly
as is practicable, subject to any applicable limitations imposed thereon by Section 409A of the Code; and

 

(v)       the
outstanding Restricted Stock Units, Performance Shares and Performance Units the vesting, earning or settlement of which is then
subject to and pending achievement of Performance Goals shall, immediately before the effective time of the Change in Control and
unless the Award Agreement provides for vesting, earning or settlement in a greater amount upon the occurrence of a Change in Control,
become vested and earned in such amounts as if the applicable Performance Goals for the unexpired Performance Period had been achieved
at the target level set forth in the applicable Award Agreement and shall be settled in cash or shares of Common Stock (consistent
with the terms of the Award Agreement after taking into account the effect of the Change in Control transaction on the shares)
as promptly as is practicable, subject to any applicable limitations imposed thereon by Section 409A of the Code.

 

    	 	14	 

     

    

 

Implementation of the provisions of this
Section 11(a) shall be conditioned upon consummation of the Change in Control.

 

(b)       Continuation,
Assumption or Substitution of Awards. The administrator may specify, on or after the date of grant, in an award agreement or
amendment thereto, the consequences of a Participant’s Termination of Service that occurs coincident with or following the
occurrence of a Change in Control, if a Change in Control occurs under which provision is made in connection with the transaction
for the continuation or assumption of outstanding Awards by, or for the issuance therefor of Substitute Awards of, the surviving
or successor entity or a parent thereof.

 

(c)       Other
Permitted Actions. In the event that any transaction resulting in a Change in Control occurs, the Administrator may take any
of the actions set forth in Section 10 with respect to any or all Awards granted under the Plan.

 

(d)       
Section 409A Savings Clause. Notwithstanding the foregoing, if any Award is considered to be a “nonqualified deferred
compensation plan” within the meaning of Section 409A of the Code, this Section 11 shall apply to such Award only
to the extent that its application would not result in the imposition of any tax or interest or the inclusion of any amount in
income under Section 409A of the Code.

 

		12.	Substitution of Awards in Mergers and Acquisitions.

 

Awards may be granted under the Plan from
time to time in substitution for assumed awards held by employees, officers, consultants or directors of entities who become employees,
officers, consultants or directors of Opiant or a Subsidiary as the result of a merger or consolidation of the entity for which
they perform services with Opiant or a Subsidiary, or the acquisition by Opiant of the assets or stock of the such entity. The
terms and conditions of any Awards so granted may vary from the terms and conditions set forth herein to the extent that the Administrator
deems appropriate at the time of grant to conform the Awards to the provisions of the assumed awards for which they are substituted
and to preserve their intrinsic value as of the date of the merger, consolidation or acquisition transaction. To the extent permitted
by applicable law and marketplace or listing rules of the primary securities market or exchange on which the Common Stock is listed
or admitted for trading, any available shares under a stockholder-approved plan of an acquired company (as appropriately adjusted
to reflect the transaction) may be used for Awards granted pursuant to this Section 12 and, upon such grant, shall not reduce
the Share Pool.

 

		13.	Compliance with Securities Laws; Listing and Registration.

 

(a)       The
obligation of Opiant to sell or deliver Common Stock with respect to any Award granted under the Plan shall be subject to all applicable
laws, rules and regulations, including all applicable federal, state securities laws, and the obtaining of all such approvals by
governmental agencies as may be deemed necessary or appropriate by the Administrator. If at any time the Administrator determines
that the delivery of Common Stock under the Plan is or may be unlawful under the laws of any applicable jurisdiction, or Federal,
state or foreign (non-United States) securities laws, the right to exercise an Award or receive shares of Common Stock pursuant
to an Award shall be suspended until the Administrator determines that such delivery is lawful. If at any time the Administrator
determines that the delivery of Common Stock under the Plan would or may violate the rules of any exchange on which Opiant’s
securities are then listed for trade, the right to exercise an Award or receive shares of Common Stock pursuant to an Award shall
be suspended until the Administrator determines that such delivery would not violate such rules. If the Administrator determines
that the exercise or nonforfeitability of, or delivery of benefits pursuant to, any Award would violate any applicable provision
of securities laws or the listing requirements of any stock exchange upon which any of Opiant’s equity securities are listed,
then the Administrator may postpone any such exercise, nonforfeitability or delivery, as applicable, but Opiant shall use all reasonable
efforts to cause such exercise, nonforfeitability or delivery to comply with all such provisions at the earliest practicable date.

 

    	 	15	 

     

    

 

(b)       Each
Award is subject to the requirement that, if at any time the Administrator determines, in its absolute discretion, that the listing,
registration or qualification of Common Stock issuable pursuant to the Plan is required by any securities exchange or under any
state, federal or foreign (non-United States) law, or the consent or approval of any governmental regulatory body is necessary
or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Common Stock, no such Award shall
be granted or payment made or Common Stock issued, in whole or in part, unless listing, registration, qualification, consent or
approval has been effected or obtained free of any conditions not acceptable to the Administrator.

 

(c)       In
the event that the disposition of Common Stock acquired pursuant to the Plan is not covered by a then current registration statement
under the Securities Act of 1933, as amended (the “Securities Act”), and is not otherwise exempt from such registration,
such Common Stock shall be restricted against transfer to the extent required by the Securities Act or regulations thereunder,
and the Administrator may require a person receiving Common Stock pursuant to the Plan, as a condition precedent to receipt of
such Common Stock, to represent to Opiant in writing that the Common Stock acquired by such person is acquired for investment only
and not with a view to distribution and that such person will not dispose of the Common Stock so acquired in violation of Federal,
state or foreign securities laws and furnish such information as may, in the opinion of counsel for the Company, be appropriate
to permit the Company to issue the Common Stock in compliance with applicable Federal, state or foreign securities laws.

 

		14.	Section
409A Compliance.

 

It is the intention of Opiant that any Award
that constitutes a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code shall
comply in all respects with the requirements of Section 409A of the Code to avoid the imposition of any tax or interest or
the inclusion of any amount in income pursuant to Section 409A of the Code, and the terms of each such Award shall be construed,
administered and deemed amended, if applicable, in a manner consistent with this intention. Notwithstanding the foregoing, neither
Opiant nor any of its Affiliates nor any of its or their directors, officers, employees, agents or other service providers will
be liable for any taxes, penalties or interest imposed on any Participant or other person with respect to any amounts paid or payable
(whether in cash, shares of Common Stock or other property) under any Award, including any taxes, penalties or interest imposed
under or as a result of Section 409A of the Code. Any payments described in an Award that are due within the “short
term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable
law requires otherwise. For purposes of any Award, each amount to be paid or benefit to be provided to a Participant that constitutes
deferred compensation subject to Section 409A of the Code shall be construed as a separate identified payment for purposes
of Section 409A of the Code. For purposes of Section 409A of the Code, the payment of Dividend Equivalents under any Award
shall be construed as earnings and the time and form of payment of such Dividend Equivalents shall be treated separately from the
time and form of payment of the underlying Award. Notwithstanding any other provision of the Plan to the contrary, with respect
to any Award that constitutes a “nonqualified deferred compensation plan” within the meaning of Section 409A of
the Code, any payments (whether in cash, shares of Common Stock or other property) to be made with respect to the Award that become
payable on account of the Participant’s separation from service, within the meaning of Section 409A of the Code, while
the Participant is a “specified employee” (as determined in accordance with the uniform policy adopted by the Administrator
with respect to all of the arrangements subject to Section 409A of the Code maintained by Opiant and its Affiliates) and which
would otherwise be paid within six months after the Participant’s separation from service shall be accumulated (without interest)
and paid on the first day of the seventh month following the Participant’s separation from service or, if earlier, within
15 days after the appointment of the personal representative or executor of the Participant’s estate following the Participant’s
death. Notwithstanding anything in the Plan or an Award Agreement to the contrary, in no event shall the Administrator exercise
its discretion to accelerate the payment or settlement of an Award where such payment or settlement constitutes deferred compensation
within the meaning of Code section 409A unless, and solely to the extent that, such accelerated payment or settlement is permissible
under Treasury Regulation section 1.409A-3(j)(4).

 

    	 	16	 

     

    

 

		15.	Plan Duration; Amendment and Discontinuance.

 

(a)       Plan
Duration. The Plan shall remain in effect, subject to the right of the Board or the Compensation Committee to amend or terminate
the Plan at any time, until the earlier of (a) the earliest date as of which all Awards granted under the Plan have been satisfied
in full or terminated and no shares of Common Stock approved for issuance under the Plan remain available to be granted under new
Awards or (b) May 25, 2027. No Awards shall be granted under the Plan after such termination date. Subject to other applicable
provisions of the Plan, all Awards made under the Plan on or before May 25, 2027, or such earlier termination of the Plan, shall
remain in effect until such Awards have been satisfied or terminated in accordance with the Plan and the terms of such Awards.
Notwithstanding the continuation of the Plan, no Award (other than a stock option or stock appreciation right) that is intended
to be a Qualified Performance-Based Award shall be granted on or after the fifth anniversary of the Effective Date unless the material
terms of the applicable performance goals, within the meaning of Treasury Regulation Section 1.162-27(e)(4)(i), are approved
by the stockholders of Opiant no later than the first stockholder meeting that occurs in the fifth year following the Effective
Date.

 

(b)       Amendment
and Discontinuance of the Plan. The Board or the Compensation Committee may amend, alter or discontinue the Plan, but no amendment,
alteration or discontinuation shall be made which would materially impair the rights of a Participant with respect to a previously
granted Award without such Participant’s consent, except such an amendment made to comply with applicable law or rule of
any securities exchange or market on which the Common Stock is listed or admitted for trading or to prevent adverse tax or accounting
consequences to Opiant or the Participant. Notwithstanding the foregoing, no such amendment shall be made without the approval
of Opiant’s stockholders to the extent such amendment would (A) materially increase the benefits accruing to Participants
under the Plan, (B) materially increase the number of shares of Common Stock which may be issued under the Plan or to a Participant,
(C) materially expand the eligibility for participation in the Plan, (D) eliminate or modify the prohibition set forth
in Section 7(f) on repricing of stock options and stock appreciation rights, (E) lengthen the maximum term or lower the minimum
exercise price or base price permitted for stock options and stock appreciation rights, or (F) modify the prohibition on the
issuance of reload or replenishment options. Except as otherwise determined by the Board or Compensation Committee, termination
of the Plan shall not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards
granted under the Plan prior to the date of such termination.

 

(c)       Amendment
of Awards. Subject to Section 7(f), the Administrator may unilaterally amend the terms of any Award theretofore granted,
but no such amendment shall materially impair the rights of any Participant with respect to an Award without the Participant’s
consent, except such an amendment made to cause the Plan or Award to comply with applicable law, applicable rule of any securities
exchange on which the Common Stock is listed or admitted for trading, or to prevent adverse tax or accounting consequences for
the Participant or the Company or any of its Affiliates. For purposes of the foregoing sentence, an amendment to an Award that
results in a change in the tax consequences of the Award to the Participant shall not be considered to be a material impairment
of the rights of the Participant and shall not require the Participant’s consent.

 

		16.	General Provisions.

 

(a)       Non-Guarantee
of Employment or Service. Nothing in the Plan or in any Award Agreement thereunder shall confer any right on an individual
to continue in the service of Opiant or any Affiliate or shall interfere in any way with the right of Opiant or any Affiliate to
terminate such service at any time with or without cause or notice and whether or not such termination results in (i) the failure
of any Award to vest or become payable; (ii) the forfeiture of any unvested or vested portion of any Award; and/or (iii) any other
adverse effect on the individual’s interests under any Award or the Plan. No person, even though deemed an Eligible Individual,
shall have a right to be selected as a Participant, or, having been so selected, to be selected again as a Participant. To the
extent that an Eligible Individual who is an employee of a Subsidiary receives an Award under the Plan, that Award shall in no
event be understood or interpreted to mean that Opiant is the Participant’s employer or that the Participant has an employment
relationship with Opiant.

 

    	 	17	 

     

    

 

(b)       No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any
kind or a fiduciary relationship between Opiant and a Participant or any other person. To the extent that any Participant or other
person acquires a right to receive payments from Opiant pursuant to an Award, such right shall be no greater than the right of
any unsecured general creditor of Opiant.

 

(c)       Status
of Awards. Awards shall be special incentive payments to the Participant and shall not be taken into account in computing the
amount of salary or compensation of the Participant for purposes of determining any pension, retirement, death, severance or other
benefit under (a) any pension, retirement, profit-sharing, bonus, insurance, severance or other employee benefit plan of Opiant
or any Affiliate now or hereafter in effect under which the availability or amount of benefits is related to the level of compensation
or (b) any agreement between (i) Opiant or any Affiliate and (ii) the Participant, except as such plan or agreement
shall otherwise expressly provide.

 

(d)       Subsidiary
Employees. In the case of a grant of an Award to an Eligible Individual who provides services to any Subsidiary, Opiant may,
if the Administrator so directs, issue or transfer the shares of Common Stock, if any, covered by the Award to the Subsidiary,
for such lawful consideration as the Administrator may specify, upon the condition or understanding that the Subsidiary will transfer
the shares of Common Stock to the Eligible Individual in accordance with the terms of the Award specified by the Administrator
pursuant to the provisions of the Plan. All shares of Common Stock underlying Awards that are forfeited or canceled after such
issue or transfer of shares to the Subsidiary shall revert to Opiant.

 

(e)       Governing
Law and Interpretation. The validity, construction and effect of the Plan, of Award Agreements entered into pursuant to the
Plan, and of any rules, regulations, determinations or decisions made by the Administrator relating to the Plan or such Award Agreements,
and the rights of any and all persons having or claiming to have any interest therein or thereunder, shall be determined exclusively
in accordance with applicable United States federal laws and the laws of the State of Nevada, without regard to its conflict of
laws principles. The captions of the Plan are not part of the provisions hereof and shall have no force or effect. Except where
the context otherwise requires: (i) the singular includes the plural and vice versa; (ii) a reference to one gender includes other
genders; (iii) a reference to a person includes a natural person, partnership, corporation, association, governmental or local
authority or agency or other entity; and (iv) a reference to a statute, ordinance, code or other law includes regulations and other
instruments under it and consolidations, amendments, re-enactments or replacements of any of them.

 

(f)       Use
of English Language. The Plan, each Award Agreement, and all other documents, notices and legal proceedings entered into, given
or instituted pursuant to an Award shall be written in English, unless otherwise determined by the Administrator. If a Participant
receives an Award Agreement, a copy of the Plan or any other documents related to an Award translated into a language other than
English, and if the meaning of the translated version is different from the English version, the English version shall control.

 

(g)       Recovery
of Amounts Paid. Except as otherwise provided by the Administrator, Awards granted under the Plan shall be subject to any and
all policies, guidelines, codes of conduct, or other agreement or arrangement adopted by the Board or Compensation Committee with
respect to the recoupment, recovery or clawback of compensation (collectively, the “Recoupment Policy”) and/or to any
provisions set forth in the applicable Award Agreement under which Opiant may recover from current and former Participants any
amounts paid or shares of Common Stock issued under an Award and any proceeds therefrom under such circumstances as the Administrator
determines appropriate. The Administrator may apply the Recoupment Policy to Awards granted before the policy is adopted to the
extent required by applicable law or rule of any securities exchange or market on which shares of Common Stock are listed or admitted
for trading, as determined by the Administrator in its sole discretion.

 

    	 	18	 

     

    

 

		17.	Glossary.

 

Under this Plan, except where the context otherwise indicates,
the following definitions apply:

 

“Administrator” means
the Compensation Committee, or such other committee(s) or officer(s) duly appointed by the Board or the Compensation Committee
to administer the Plan or delegated limited authority to perform administrative actions under the Plan, and having such powers
as shall be specified by the Board or the Compensation Committee; provided, however, that at any time the Board may serve as the
Administrator in lieu of or in addition to the Compensation Committee or such other committee(s) or officer(s) to whom administrative
authority has been delegated. With respect to any Award to which Section 16 of the Exchange Act applies, the Administrator shall
consist of either the Board or a committee of the Board, which committee shall consist of two or more directors, each of whom is
intended to be, to the extent required by Rule 16b-3 of the Exchange Act, a “non-employee director” as defined in Rule
16b-3 of the Exchange Act and an “independent director” to the extent required by the rules of the national securities
exchange that is the principal trading market for the Common Stock, and with respect to any Award that is intended to be a Qualified
Performance-Based Award, the Administrator shall consist of two or more directors, each of whom is intended to be, to the extent
required by Section 162(m) of the Code, an “outside director” as defined under Section 162(m) of the Code; provided,
that with respect to Awards made to a member of the Board who is not an employee of the Company, “Administrator” means
the Board. Any member of the Administrator who does not meet the foregoing requirements shall abstain from any decision regarding
an Award and shall not be considered a member of the Administrator to the extent required to comply with Rule 16b-3 of the Exchange
Act or Section 162(m) of the Code.

 

“Affiliate” means any
entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with, Opiant or any successor
to Opiant. For this purpose, “control” (including the correlative meanings of the terms “controlled by”
and “under common control with”) shall mean ownership, directly or indirectly, of 50% or more of the total combined
voting power of all classes of voting securities issued by such entity, or the possession, directly or indirectly, of the power
to direct the management and policies of such entity, by contract or otherwise.

 

“Award” means any stock
option, stock appreciation right, stock award, stock unit, Performance Share, Performance Unit, and/or Other Stock-Based Award,
whether granted under this Plan.

 

“Award Agreement” means
the written document(s), including an electronic writing acceptable to the Administrator, and any notice, addendum or supplement
thereto, memorializing the terms and conditions of an Award granted pursuant to the Plan and which shall incorporate the terms
of the Plan.

 

“Board” means the Board
of Directors of Opiant.

 

“Cause” means, with respect
to a Participant, except as otherwise provided in the relevant Award Agreement (i) the Participant’s plea of guilty
or nolo contendere to, or conviction of, (A) a felony (or its equivalent in a non-United States jurisdiction) or (B) other
conduct of a criminal nature that has or is likely to have a material adverse effect on the reputation or standing in the community
of Opiant, any of its Affiliates or a successor to Opiant or an Affiliate, as determined by the Administrator in its sole discretion,
or that legally prohibits the Participant from working for Opiant, any of its Subsidiaries or a successor to Opiant or a Subsidiary;
(ii) a breach by the Participant of a regulatory rule that adversely affects the Participant’s ability to perform the
Participant’s employment duties to Opiant, any of its Subsidiaries or a successor to Opiant or a Subsidiary, in any material
respect; or (iii) the Participant’s failure, in any material respect, to (A) perform the Participant’s employment
duties, (B) comply with the applicable policies of Opiant, or of its Subsidiaries, or a successor to Opiant or a Subsidiary,
or (C)  comply with covenants contained in any contract or Award Agreement to which the Participant is a party; provided,
however, that the Participant shall be provided a written notice describing in reasonable detail the facts which are considered
to give rise to a breach described in this clause (iii) and the Participant shall have 30 days following receipt of such written
notice (the “Cure Period”) during which the Participant may remedy the condition and, if so remedied, no Cause
for Termination of Service shall exist.

 

    	 	19	 

     

    

 

“Change in Control” means
the first of the following to occur: (i) a Change in Ownership of Opiant, (ii) a Change in Effective Control of Opiant,
or (iii) a Change in the Ownership of Assets of Opiant, as described herein and construed in accordance with Code section
409A.

 

(i)A “Change in Ownership
of Opiant” shall occur on the date that any one Person acquires, or Persons Acting as a Group acquire, ownership of the capital
stock of Opiant that, together with the stock held by such Person or Group, constitutes more than 50% of the total fair market
value or total voting power of the capital stock of Opiant. However, if any one Person is, or Persons Acting as a Group are, considered
to own more than 50%, on a fully diluted basis, of the total fair market value or total voting power of the capital stock of Opiant,
the acquisition of additional stock by the same Person or Persons Acting as a Group is not considered to cause a Change in Ownership
of Opiant or to cause a Change in Effective Control of Opiant (as described below). An increase in the percentage of capital stock
owned by any one Person, or Persons Acting as a Group, as a result of a transaction in which Opiant acquires its stock in exchange
for property will be treated as an acquisition of stock.

 

(ii)A “Change in Effective
Control of Opiant” shall occur on the date either (A) a majority of members of Opiant’s Board is replaced during
any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of Opiant’s Board
before the date of the appointment or election, or (B) any one Person, or Persons Acting as a Group, acquires (or has acquired
during the 12-month period ending on the date of the most recent acquisition by such Person or Persons) ownership of stock of Opiant
possessing 50% or more of the total voting power of the stock of Opiant.

 

(iii)A “Change in the Ownership
of Assets of Opiant” shall occur on the date that any one Person acquires, or Persons Acting as a Group acquire (or has or
have acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Persons), assets from
Opiant that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets
of Opiant immediately before such acquisition or acquisitions. For this purpose, gross fair market value means the value of the
assets of Opiant, or the value of the assets being disposed of, determined without regard to any liabilities associated with such
assets.

 

The following rules of construction apply
in interpreting the definition of Change in Control:

 

(A)A “Person”
means any individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934,
as amended, other than employee benefit plans sponsored or maintained by Opiant and by entities controlled by Opiant or an underwriter,
initial purchaser or placement agent temporarily holding the capital stock of Opiant pursuant to a registered public offering.

 

(B)Persons will be considered to
be Persons Acting as a Group (or Group) if they are owners of a corporation that enters into a merger, consolidation, purchase
or acquisition of stock, or similar business transaction with the corporation. If a Person owns stock in both corporations that
enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such shareholder is considered to
be acting as a Group with other shareholders only with respect to the ownership in that corporation before the transaction giving
rise to the change and not with respect to the ownership interest in the other corporation. Persons will not be considered to be
acting as a Group solely because they purchase assets of the same corporation at the same time or purchase or own stock of the
same corporation at the same time, or as a result of the same public offering.

 

(C)A Change in Control shall not
include a transfer to a related person as described in Code section 409A or a public offering of capital stock of Opiant.

 

(D)For purposes of the definition
of Change in Control, Section 318(a) of the Code applies to determine stock ownership. Stock underlying a vested option is considered
owned by the individual who holds the vested option (and the stock underlying an unvested option is not considered owned by the
individual who holds the unvested option). For purposes of the preceding sentence, however, if a vested option is exercisable for
stock that is not substantially vested (as defined by Treasury Regulation §1.83-3(b) and (j)), the stock underlying the option
is not treated as owned by the individual who holds the option.

 

    	 	20	 

     

    

 

“Opiant” means Opiant,
Inc., a Nevada corporation.

 

“Code” means the Internal
Revenue Code of 1986, as amended from time to time, and any successor thereto, the Treasury Regulations thereunder and other relevant
interpretive guidance issued by the Internal Revenue Service or the Treasury Department. Reference to any specific section of the
Code shall be deemed to include such regulations and guidance, as well as any successor section, regulations and guidance.

 

“Common Stock” means
shares of common stock of Opiant, par value $0.001 per share, and any capital securities into which they are converted.

 

“Company” means Opiant
and its Subsidiaries, except where the context otherwise requires. For purposes of determining whether a Change in Control has
occurred, Company shall mean only Opiant.

 

“Compensation Committee”
means the Compensation Committee of the Board.

 

“Dividend Equivalent”
means a right, granted to a Participant, to receive cash, Common Stock, stock Units or other property equal in value to dividends
paid with respect to a specified number of shares of Common Stock.

 

“Effective Date” means
the date on which adoption of the Plan is approved by the stockholders of Opiant.

 

“Eligible Individuals”
means (i) officers and employees of, and other individuals, including non-employee directors, who are natural persons providing
bona fide services to or for, Opiant or any of its Subsidiaries, provided that such services are not in connection with
the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market
for Opiant’s securities, and (ii) prospective officers, employees and service providers who have accepted offers of employment
or other service relationship from Opiant or a Subsidiary.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto. Reference to any specific section
of the Exchange Act shall be deemed to include such regulations and guidance issued thereunder, as well as any successor section,
regulations and guidance.

 

“Fair Market Value” means,
on a per share basis as of any date, unless otherwise determined by the Administrator:

 

(i)       if
the principal market for the Common Stock (as determined by the Administrator if the Common Stock is listed or admitted to trading
on more than one exchange or market) is a national securities exchange or an established securities market, the official closing
price per share of Common Stock for the regular market session on that date on the principal exchange or market on which the Common
Stock is then listed or admitted to trading or, if no sale is reported for that date, on the last preceding day on which a sale
was reported, all as reported by such source as the Administrator may select;

 

(ii)       if
the principal market for the Common Stock is not a national securities exchange or an established securities market, but the Common
Stock is quoted by a national quotation system, the average of the highest bid and lowest asked prices for the Common Stock on
that date as reported on a national quotation system or, if no prices are reported for that date, on the last preceding day on
which prices were reported, all as reported by such source as the Administrator may select; or

 

    	 	21	 

     

    

 

(iii)       if
the Common Stock is neither listed or admitted to trading on a national securities exchange or an established securities market,
nor quoted by a national quotation system, the value determined by the Administrator in good faith by the reasonable application
of a reasonable valuation method, which method may, but need not, include taking into account an appraisal of the fair market value
of the Common Stock conducted by a nationally recognized appraisal firm selected by the Administrator.

 

Notwithstanding the preceding, for foreign,
federal, state and local income tax reporting purposes and for such other purposes as the Administrator deems appropriate, the
Fair Market Value shall be determined by the Administrator in accordance with uniform and nondiscriminatory standards adopted by
it from time to time.

 

“Full Value Award” means
an Award that results in Opiant transferring the full value of a share of Common Stock under the Award, whether or not an actual
share of stock is issued. Full Value Awards shall include, but are not limited to, stock awards, stock units, Performance Shares,
Performance Units that are payable in Common Stock, and Other Stock-Based Awards for which Opiant transfers the full value of a
share of Common Stock under the Award, but shall not include Dividend Equivalents.

 

“Incentive Stock Option”
means any stock option that is designated, in the applicable Award Agreement or the resolutions of the Administrator under which
the stock option is granted, as an “incentive stock option” within the meaning of Section 422 of the Code and
otherwise meets the requirements to be an “incentive stock option” set forth in Section 422 of the Code.

 

“Nonqualified Option”
means any stock option that is not an Incentive Stock Option.

 

“Other Stock-Based Award”
means an Award of Common Stock or any other Award that is valued in whole or in part by reference to, or is otherwise based upon,
shares of Common Stock, including without limitation Dividend Equivalents and convertible debentures.

 

“Participant” means an
Eligible Individual to whom one or more Awards are or have been granted pursuant to the Plan and have not been fully settled or
cancelled and, following the death of any such person, his successors, heirs, executors and administrators, as the case may be.

 

“Performance Award” means
a Full Value Award, the grant, vesting, lapse of restrictions or settlement of which is conditioned upon the achievement of performance
objectives over a specified Performance Period and includes, without limitation, Performance Shares and Performance Units.

 

“Performance Goals” means
the performance goals established by the Administrator in connection with the grant of Awards based on Performance Metrics or other
performance criteria selected by the Administrator; provided, however, that in the case of Qualified Performance-Based
Awards, such performance goals shall be based on the attainment of specified levels of one or more Performance Metrics.

 

“Performance Period”
means that period established by the Administrator during which any Performance Goals specified by the Administrator with respect
to such Award are to be measured.

 

“Performance Metrics”
means criteria established by the Administrator relating to any of the following, as it may apply to an individual, one or more
business units, divisions, or Affiliates, or on a company-wide basis, and in absolute terms, relative to a base period, or relative
to the performance of one or more comparable companies, peer groups, or an index covering multiple companies:

 

(i)       Earnings
or Profitability Metrics: any derivative of revenue; earnings/loss (gross, operating, net, or adjusted); earnings/loss before
interest and taxes (“EBIT”); earnings/loss before interest, taxes, depreciation and amortization (“EBITDA”);
profit margins; operating margins; expense levels or ratios; provided that any of the foregoing metrics may be adjusted
to eliminate the effect of any one or more of the following: interest expense, asset impairments or investment losses, early extinguishment
of debt or stock-based compensation expense;

 

    	 	22	 

     

    

 

(ii)       Return
Metrics: any derivative of return on investment, assets, equity or capital (total or invested);

 

(iii)       Investment
Metrics: relative risk-adjusted investment performance; investment performance of assets under management;

 

(iv)       Cash
Flow Metrics: any derivative of operating cash flow; cash flow sufficient to achieve financial ratios or a specified cash balance;
free cash flow; cash flow return on capital; net cash provided by operating activities; cash flow per share; working capital;

 

(v)       Liquidity
Metrics: any derivative of debt leverage (including debt to capital, net debt-to-capital, debt-to-EBITDA or other liquidity
ratios);

 

(vi)       Stock
Price and Equity Metrics: any derivative of return on stockholders’ equity; total stockholder return; stock price; stock
price appreciation; market capitalization; earnings/loss per share (basic or diluted) (before or after taxes); and/or

 

(vii)       Strategic
Metrics: clinical milestones.

 

“Performance Shares”
means a grant of stock or stock Units the issuance, vesting or payment of which is contingent on performance as measured against
predetermined objectives over a specified Performance Period.

 

“Performance Units” means
a grant of dollar-denominated Units the value, vesting or payment of which is contingent on performance against predetermined objectives
over a specified Performance Period.

 

“Plan” means this Opiant
Pharmaceuticals, Inc. 2017 Long-Term Incentive Plan, as set forth herein and as it may be amended from time to time.

 

“Qualified Performance-Based Award”
means an Award intended to qualify for the Section 162(m) Exemption, as provided in Section 7(k).

 

“Restricted Stock” means
an Award of shares of Common Stock to a Participant that may be subject to certain transferability and other restrictions and to
a risk of forfeiture (including by reason of not satisfying certain Performance Goals).

 

“Restricted Stock Unit”
means a right granted to a Participant to receive shares of Common Stock or cash at the end of a specified deferral period, which
right may be conditioned on the satisfaction of certain requirements (including the satisfaction of certain Performance Goals).

 

“Restriction Period”
means, with respect to Full Value Awards, the period commencing on the date of grant of such Award to which vesting or transferability
and other restrictions and a risk of forfeiture apply and ending upon the expiration of the applicable vesting conditions, transferability
and other restrictions and lapse of risk of forfeiture and/or the achievement of the applicable Performance Goals (it being understood
that the Administrator may provide that vesting shall occur and/or restrictions shall lapse with respect to portions of the applicable
Award during the Restriction Period in accordance with Section 7(b)).

 

“Section 162(m) Exemption”
means the exemption from the limitation on deductibility imposed by Section 162(m) of the Code that is set forth in Section 162(m)(4)(C)
of the Code.

 

    	 	23	 

     

    

 

“Subsidiary” means any
corporation or other entity in an unbroken chain of corporations or other entities beginning with Opiant if each of the corporations
or other entities, or group of commonly controlled corporations or other entities, other than the last corporation or other entity
in the unbroken chain then owns stock or other equity interests possessing 50% or more of the total combined voting power of all
classes of stock or other equity interests in one of the other corporations or other entities in such chain or otherwise has the
power to direct the management and policies of the entity by contract or by means of appointing a majority of the members of the
board or other body that controls the affairs of the entity; provided, however, that solely for purposes of determining
whether a Participant has a Termination of Service that is a “separation from service” within the meaning of Section
409A of the Code or whether an Eligible Individual is eligible to be granted an Award that in the hands of such Eligible Individual
would constitute a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code , a “Subsidiary”
of a corporation or other entity means all other entities with which such corporation or other entity would be considered a single
employer under Sections 414(b) or 414(c) of the Code.

 

“Tax Withholding Obligation”
means any federal, state, local or foreign (non-United States) income, employment or other tax or social insurance contribution
required by applicable law to be withheld in respect of Awards.

 

“Termination of Service”
means the termination of the Participant’s employment or consultancy with, or performance of services for, Opiant and its
Subsidiaries. Temporary absences from employment because of illness, vacation or leave of absence and transfers among Opiant and
its Subsidiaries shall not be considered Terminations of Service. With respect to any Award that constitutes a “nonqualified
deferred compensation plan” within the meaning of Section 409A of the Code, “Termination of Service” shall
mean a “separation from service” as defined under Section 409A of the Code to the extent required by Section 409A
of the Code to avoid the imposition of any tax or interest or the inclusion of any amount in income pursuant to Section 409A
of the Code. A Participant has a separation from service within the meaning of Section 409A of the Code if the Participant
terminates employment with Opiant and all Subsidiaries for any reason. A Participant will generally be treated as having terminated
employment with Opiant and all Subsidiaries as of a certain date if the Participant and the entity that employs the Participant
reasonably anticipate that the Participant will perform no further services for Opiant or any Subsidiary after such date or that
the level of bona fide services that the Participant will perform after such date (whether as an employee or an independent contractor)
will permanently decrease to no more than 20 percent (20%) of the average level of bona fide services performed (whether as an
employee or an independent contractor) over the immediately preceding 36-month period (or the full period of services if the Participant
has been providing services for fewer than 36 months); provided, however, that the employment relationship is treated as
continuing while the Participant is on military leave, sick leave or other bona fide leave of absence if the period of leave does
not exceed six months or, if longer, so long as the Participant retains the right to reemployment with Opiant or any Subsidiary.

 

“Total and Permanent Disability”
means, with respect to a Participant, except as otherwise provided in the relevant Award Agreement, that a Participant is (i) unable
to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to last until the Participant’s death or result in death, or (ii) determined to be totally disabled by the
Social Security Administration or other governmental or quasi-governmental body that administers a comparable social insurance
program outside of the United States in which the Participant participates and which conditions the right to receive benefits under
such program on the Participant being unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment that can be expected to last until the Participant’s death or result in death. The Administrator
shall have sole authority to determine whether a Participant has suffered a Total and Permanent Disability and may require such
medical or other evidence as it deems necessary to judge the nature and permanency of the Participant’s condition.

 

    	 	24	 

     

    

 

“Unit” means a bookkeeping
entry used by Opiant to record and account for the grant of the following types of Awards until such time as the Award is paid,
cancelled, forfeited or terminated, as the case may be: stock units, Restricted Stock Units, Performance Units, and Performance
Shares that are expressed in terms of units of Common Stock.

 

{end of document}

 

    	 	25Exhibit 4.1

 

DEED
OF ISSUE OF SHARES

AGAINST
NON-CASH CONTRIBUTION

 

On this
day, the [   ] day of [     ] two thousand and seventeen, appeared before
me, Wijnand Hendrik Bossenbroek, civil law notary at Amsterdam, the Netherlands:

 

[          ],
acting for the purposes of this Deed as the holder of written powers of attorney from:

 

		1.	[          ]
                                         (the “Subscriber”); and

 

		2.	Fireman
                                         B.V., a private limited liability company (besloten vennootschap met beperkte
                                         aansprakelijkheid) under Dutch law, having its corporate seat at Amsterdam, the Netherlands
                                         (address: Winzerlaer Strasse 2, 07745 Jena, Germany, trade register number 68904312)
                                         (the “Company”).

 

The person
appearing, acting in the above capacities, declared the following:

 

DEFINITIONS

 

Article
1 

 

In this
Deed the following definitions shall apply:

 

	Articles of Association	The Company's articles of association, as amended
    from time to time.
	GmbH Shares	[           ]
    shares in the share capital of InflaRx GmbH, a company incorporated under the laws of Germany, having its address at Winzerlaer
    Strasse, 207745 Jena, Germany.
	Contribution Agreement	The contribution agreement laid down in article 4 of this Deed.
	DCC	The Dutch Civil Code.
	Deed	This deed of issue against non-cash contribution.
	Description	The description relating to the GmbH Shares prepared in accordance
    with Section 2:204b(1) DCC.
	General Meeting	The general meeting of the Company.
	Parties	The parties to this Deed.
	Resolution	The written resolution of the General Meeting dated [   ]
    two thousand and seventeen, a copy of which will be attached to this Deed as an annex.
	Shares	[   ] ordinary shares in the capital
    of the Company, having a nominal value of twelve eurocents (EUR 0.12) each and numbered [   ]
    up to and including [   ].

 

RESOLUTION
TO ISSUE SHARES

 

Article
2 

 

		2.1	As
                                         is evidenced by the Resolution, the General Meeting has resolved to issue the Shares
                                         to the Subscriber against contribution of the GmbH Shares.

 

		2.2	Under
                                         the Articles of Association, the Company's management board has the authority to perform
                                         juristic acts (rechtshandelingen) pertaining to non-cash contributions on shares.

 

PRE-EMPTION
RIGHTS

 

Article
3 

 

As is evidenced
by the Resolution, the General Meeting has resolved to exclude pre-emption rights (voorkeursrechten) in relation to the
present issuance of the Shares.

 

AGREEMENT
ON CONTRIBUTION

 

Article
4 

 

The Subscriber
and the Company hereby agree that the Subscriber will pay up the Shares in full by transferring the GmbH Shares to the Company
on the legal basis of contribution (ten titel van inbreng).

 

     

     

    

ISSUE
OF SHARES

 

Article
5 

 

In giving
effect to the Resolution, the Company hereby issues the Shares to the Subscriber and the Subscriber hereby accepts the Shares
from the Company.

 

DESCRIPTION

 

Article
6 

 

		6.1	The
                                         Description has been prepared by the Company.

 

		6.2	To
                                         the best of the Company's knowledge, there has not been a substantial decline in the
                                         value of the GmbH Shares since the date to which the Description relates.

 

		6.3	The
                                         Company will deposit the Description at its office for inspection by the Company's shareholders
                                         and others having meeting rights (vergaderrecht) under Dutch law.

 

TRANSFER
OF GMBH SHARES

 

Article
7 

 

		7.1	The
                                         Subscriber must effect the transfer of the GmbH Shares pursuant to the Contribution Agreement
                                         without delay in accordance with applicable law.

 

		7.2	To
                                         the extent that the value of the GmbH Shares exceeds the aggregate nominal amount of
                                         the Shares, such excess amount shall be considered to be share premium (agio)
                                         and shall be added to the Company's share premium reserve attached to the ordinary shares
                                         in the Company's capital.

 

register

 

Article
8 

 

The Company
will immediately enter the present issuance of the Shares in its register.

 

rescission

 

Article
9 

 

The Parties
waive the right to rescind or to nullify, or to commence legal proceedings to rescind, nullify or amend on any ground whatsoever,
the Contribution Agreement and any other agreements underlying the present issuance of the Shares.

 

CHOICE
OF LAW AND JURISDICTION

 

Article
10 

 

This Deed
shall be governed by and construed in accordance with the laws of the Netherlands. Any dispute arising in connection with this
Deed shall be submitted to the exclusive jurisdiction of the competent court in Amsterdam, the Netherlands.

 

CIVIL
LAW NOTARY

 

Article
11 

 

		11.1	The
                                         Parties are aware that the undersigned civil law notary works with NautaDutilh N.V.,
                                         the firm that has advised the Company in this transaction.

 

		11.2	With
                                         reference to the Code of Conduct (Verordening beroeps- en gedragsregels) laid
                                         down by the Royal Notarial Professional Organisation (Koninklijke Notariële Beroepsorganisatie),
                                         the Parties hereby explicitly consent to:

 

		a.	the
                                         undersigned civil law notary executing this Deed; and

 

		b.	the
                                         Company being assisted and represented by NautaDutilh N.V. in relation to this Deed and
                                         any agreements that may be concluded, or disputes that may arise, in connection therewith.

 

POWER
OF ATTORNEY

 

Article
12 

 

The person
appearing has been authorised to act under two (2) powers of attorney in the form of private instruments, copies of which will
be attached to this Deed as annexes.

 

     

     

    

 

finally

 

The person
appearing is known to me, civil law notary.

 

This Deed
was executed in Amsterdam on the date mentioned in its heading.

 

After I,
civil law notary, had conveyed and explained the contents of the Deed in substance to the person appearing, the person appearing
declared to have taken note of the contents of the Deed, to be in agreement with the contents and not to wish them to be read
out in full. Following a partial reading, the Deed was signed by the person appearing and by me, civil law notary.

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