Document:

EX-10.3

 Exhibit 10.3 

ESCROW AGREEMENT 
 THIS ESCROW
AGREEMENT (this “Agreement”), is dated as of October 31, 2016, by and among THE FEMALE HEALTH COMPANY, a Wisconsin corporation (the “Company”), Mitchell S. Steiner, M.D. (the “Stockholders’
Representative”), in his capacity as nominee for the stockholders of the Company identified on Exhibit A hereto (the “Escrow Participants”), O.B. Parrish, David R. Bethune and Mary Margaret Frank, Ph.D., acting
as the committee (the “Committee”) representing the interests of the Company, and Computershare Trust Company, N.A., a federally chartered trust company, as escrow agent (the “Escrow Agent”). 

RECITALS 
 A. The Company, Blue
Hen Acquisition, Inc., a Delaware corporation and wholly-owned Subsidiary of the Company (“APP Merger Sub”), and Aspen Park Pharmaceuticals, Inc., a Delaware corporation (“APP”), are parties to the Amended and
Restated Agreement and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), providing for, among other things, the merger of APP Merger Sub with and into APP (the “APP Merger”) pursuant to the terms
and conditions of the Merger Agreement. This is the Escrow Agreement contemplated by Section 3.1(g) of the Merger Agreement. Capitalized terms used herein without definition shall have the respective meanings ascribed thereto in the Merger
Agreement. 
 B. Pursuant to the APP Merger, the outstanding shares of common stock, par value $0.01 per share, of APP held by the Escrow
Participants are being converted into the right to receive common stock, par value $0.01 per share, of the Company (the “Common Stock”) and Class A Convertible Preferred Stock-Series 4, par value $0.01 per share, of the Company
(the “Series 4 Preferred Stock”), and the Escrow Participants have agreed that 75% of the shares of Common Stock and 75% of the shares of Series 4 Preferred Stock issuable to each such Escrow Participant pursuant to the APP Merger
will be subject to the terms and conditions of an amended and restated lock-up agreement to be delivered by each Escrow Participant to the Company (the “Lock-Up Agreements”). 

C. Pursuant to the Merger Agreement, the shares of Common Stock and Series 4 Preferred Stock subject to the Lock-Up Agreements are to be
deposited by the Company with the Escrow Agent pursuant to this Agreement (the “Escrow Shares”), to be held in escrow by the Escrow Agent for the purpose of providing a fund to reimburse the Wisconsin Indemnified Parties for the
payment of any Damages for which the Wisconsin Indemnified Parties are entitled to indemnification pursuant to the terms of Article IX of the Merger Agreement. Exhibit A hereto sets for the number of Escrow Shares for each Escrow Participant.
For purposes of this Agreement, the “Escrow Shares” shall include any shares of Common Stock issued or issuable upon conversion of any shares of Series 4 Preferred Stock and any shares or other securities issued or issuable to the Escrow
Participants in exchange for such Common Stock or Series 4 Preferred Stock, including, without limitation, any shares or other securities issued in connection with a merger or similar transaction resulting in the reincorporation of the Company in
Delaware or any other jurisdiction. 
 D. The Company, the Committee and the Stockholders’ Representative acknowledge that the Escrow
Agent is not a party to, is not bound by, and has no duties or obligations under 

 
the Merger Agreement. All references in this Agreement to the Merger Agreement are for the convenience of the Company, the Committee and the Stockholders’ Representative and the Escrow Agent
shall have no implied duties beyond the express duties set forth in this Agreement. 
 AGREEMENTS 

In consideration of the foregoing recitals and the mutual representations, warranties, covenants and agreements set forth herein, and
intending to be legally bound hereby, the parties agree as follows: 
 1. Establishment of Escrow. 

(a) Pursuant to the Merger Agreement, at the APP Effective Time, the Company shall, or shall cause to be deposited, with the Escrow Agent
certificates or book entry-shares representing outstanding shares of Common Stock and Series 4 Preferred Stock equal to the number of Escrow Shares set forth on Exhibit A hereto. The Escrow Agent shall hold the Escrow Shares registered
in the name of Computershare Trust Company, N.A. as Escrow Agent for the benefit of Escrow Participants. Upon the conversion of the Series 4 Preferred Stock or at the effective time of any merger or other transaction resulting in the reincorporation
of the Company in Delaware or any other jurisdiction, the Company shall make appropriate adjustments to the number and composition of the Escrow Shares and shall update Exhibit A accordingly. The Company shall promptly deliver to the Escrow
Agent the revised Exhibit A. Until released from the terms of this Agreement each certificate evidencing any Escrow Shares shall be stamped or otherwise imprinted with a legend in substantially the following form, in addition to any other
applicable legends: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AN ESCROW AGREEMENT WITH THE ISSUER AND THE ESCROW
AGENT NAMED THEREIN OR ANY SUCCESSOR ESCROW AGENT THEREUNDER (THE “ESCROW AGREEMENT”) WHICH, AMONG OTHER MATTERS, PLACES RESTRICTIONS ON THE DISPOSITION OF THE SECURITIES. THESE SECURITIES WILL BE DEPOSITED WITH THE ESCROW AGENT PURSUANT
TO THE ESCROW AGREEMENT AND MAY NOT BE OFFERED, EXCHANGED, TRANSFERRED, SOLD, ASSIGNED, PLEDGED, PARTICIPATED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE TERMS OF THE ESCROW AGREEMENT. A COPY OF SUCH ESCROW AGREEMENT WILL BE
FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
 (b) The Escrow Participants shall be entitled to
receive and be paid any and all dividends, interest or other earnings earned on the Escrow Shares prior to delivery of the applicable Escrow Shares to the Escrow Participants or the Company, as applicable, in accordance with the terms hereof
(collectively, the “Earnings”). If the Escrow Agent receives any Earnings, then the Escrow Agent shall promptly distribute and disburse such Earnings proportionally to the Escrow Participants in accordance with the number of their
respective Escrow Shares set forth in Exhibit A hereto. Any Earnings with respect to the Escrow Shares shall be the sole and exclusive property of the Escrow Participants. 

  
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 (c) The Escrow Shares shall not be transferred by the Escrow Participants; provided, however,
that the Escrow Agent may change the record information of the Escrow Participants upon the written instructions of the Stockholders’ Representative. For any corporate transaction of the Company that affects the Escrow Shares, the Escrow Agent
shall make no changes to the Escrow Shares until it receives a joint written instruction from the Committee and the Stockholders’ Representative. 

(d) The parties hereby designate and appoint the Escrow Agent to serve in accordance with the express terms, conditions and provisions of this
Agreement (and no duties or obligations shall be inferred or implied), and the Escrow Agent hereby agrees to act as escrow agent and to hold, safeguard, invest and disburse the Escrow Shares, pursuant to the terms and conditions hereof. 

(e) Voting and granting consents with respect to any Escrow Shares shall be as determined by the Escrow Participant in whose name such Escrow
Shares are registered in such Escrow Participant’s absolute discretion. The Stockholders’ Representative shall direct the Escrow Agent in writing as to the exercise of any such voting rights, and the Escrow Agent shall comply, to the
extent it is able to do so, with any such directions of the Stockholders’ Representative. In the absence of such directions, the Escrow Agent shall not vote any of the shares comprising the Escrow Shares. 

2. Indemnification Claims. 

(a) A Claim to be paid from the Escrow Shares pursuant to Article IX of the Merger Agreement may be made only if the Committee delivers
to the Stockholders’ Representative (with a copy to the Escrow Agent) on or prior to the expiration of the Secondary Escrow Period (as defined in Section 3(b)) a Claim Notice satisfying the requirements of the Merger Agreement (the
amount of any Damages set forth in any such Claim Notice, the “Indemnification Amount”). If, within 30 days following receipt by the Stockholders’ Representative of a Claim Notice, the Stockholders’ Representative gives
notice (a “Counter Notice”) to the Committee (with a copy to the Escrow Agent) disputing the applicable Wisconsin Indemnified Party’s entitlement to indemnification with respect to the Claim set forth in a Claim Notice or
disputing the estimate set forth in such Claim Notice of the dollar amount of the Damages for which the Wisconsin Indemnified Party is entitled to indemnification pursuant to the terms of the Merger Agreement, the applicable Wisconsin Indemnified
Party’s entitlement to indemnification with respect to the Claim and the dollar amount of the Damages for which the Wisconsin Indemnified Party is entitled to indemnification pursuant to the terms of the Merger Agreement shall be resolved as
provided in Section 2(c). 
 (b) If no Counter Notice is received by the Escrow Agent within such 30 day period then the
Indemnification Amount claimed in the applicable Claim Notice shall be deemed established for purposes of this Agreement, and, at the end of such 30 day period, the Escrow Agent shall promptly upon the receipt of a written instruction from the
Company (but in any 

  
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event within three Business Days of the receipt by Escrow Agent of such written instruction) deliver to the Company Escrow Shares with an aggregate Market Value (as defined below) equal to the
unsatisfied Indemnification Amount, with the composition of such Escrow Shares being allocated pro rata between the Common Stock and Series 4 Preferred Stock then constituting Escrow Shares based on the relative Market Value of all shares of Common
Stock and all shares of Series 4 Preferred Stock then constituting Escrow Shares, in each case, to be determined as of the date of delivery of any Escrow Shares to the Company. The Committee shall instruct the Escrow Agent in writing as to the
number of Escrow Shares to be delivered to the Company pursuant to this Agreement, and will concurrently deliver a copy of such written instruction to the Stockholders’ Representative. Any Escrow Shares so delivered to the Company pursuant to
this Section 2(b) shall be disbursed from the Escrow Shares of the Escrow Participants proportionally in accordance with their respective Pro Rata Percentages (as defined below). For purposes of this Agreement, (i) “Market
Value” of a share of Common Stock as of any date of determination shall be the average of the daily closing prices of a share of the Common Stock as quoted on NASDAQ during the ten consecutive trading days ending on the last trading day
immediately preceding such date of determination, (ii) “Market Value” of a share of Series 4 Preferred Stock as of any date of determination shall be an amount equal to 40 multiplied by the average of the daily closing prices
of a share of the Common Stock as quoted on NASDAQ during the ten consecutive trading days ending on the last trading day immediately preceding such date of determination, and (iii) each Escrow Participant’s “Pro Rata
Percentage” shall be equal to [a] the number of shares of APP Stock held by such Escrow Participant, divided by [b] the total number of shares of APP Stock held by all Escrow Participants, rounding to the nearest one
one-thousandth (rounding upward in the case of any .0005). The Escrow Participants’ respective Pro Rata Percentages are set forth on Exhibit A hereto, which Exhibit may be updated or corrected after the APP Effective Time by delivery to
the Escrow Agent of a joint written instruction by the Committee and the Stockholders’ Representative. 
 (c) (i) If a Counter
Notice is given by the Stockholders’ Representative with respect to any or all (the “Contested Amount”) of the Claim Notice amount, the Escrow Agent shall promptly (but in any event within three Business Days of the receipt by
Escrow Agent of such Counter Notice) deliver to the Company Escrow Shares with an aggregate Market Value equal to all of the Claim Notice amount except for the Contested Amount, with the composition of such Escrow Shares being allocated pro rata
between the Common Stock and Series 4 Preferred Stock then constituting Escrow Shares based on relative Market Value of all shares of Common Stock and all shares of Series 4 Preferred Stock then constituting Escrow Shares, in each case, to be
determined as of the date of delivery of any Escrow Shares to the Company. Thereafter, the Escrow Agent shall promptly (but in any event within three Business Days after the receipt of written instructions set forth in clause [a] below or a final
judgment set forth in clause [b] below) deliver to the Company the appropriate amount of Escrow Shares in respect of the Contested Amount only in accordance with [a] joint written instructions of the Committee and the Stockholders’
Representative, or [b] a final judgment with no further right to appeal, upon an award rendered by a court of competent jurisdiction. 

(ii) If the Company and the Stockholders’ Representative are unable to resolve any dispute within 30 days of the Stockholders’
Representative’s delivery of a Counter Notice, such dispute shall be resolved in accordance with Section 11.10 of the Merger Agreement or by means of a settlement reached between the Stockholders’ Representative and the Company with
respect to the applicable Claim. 

  
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 (d) If the Stockholders’ Representative and the Company reach a settlement with respect to
any Claim made by the Company or if the amount of Escrow Shares to be disbursed in respect of a Claim is determined through a judgment not subject to appeal as provided in Section 2(c), the Stockholders’ Representative and the
Committee shall jointly deliver written notice of such settlement or judgment to the Escrow Agent, including (if applicable) instructions to the Escrow Agent to disburse the appropriate number of Escrow Shares to the Company, and the Escrow Agent
shall act promptly in accordance with such instructions. 
 (e) To the extent the Escrow Agent is otherwise required hereunder to disburse a
fractional Escrow Share to an Escrow Participant, upon written instructions from the Company to the Escrow Agent, the Escrow Agent shall make a cash payment (without interest) to such Escrow Participant in an amount equal to the product obtained by
multiplying (i) such fractional Escrow Share to which such Escrow Participant would otherwise be entitled by (ii) the Market Value as of the date of such disbursement. The Company shall provide the Escrow Agent with sufficient funds to
make such cash payments in lieu of fractional Escrow Shares prior to the date the Escrow Agent is required to make any payment hereunder. The Escrow Agent shall have no obligation to make fractional payments unless the Company shall have provided
the necessary funds to pay in full all amounts due and payable with respect thereto. Promptly following any such payment by the Escrow Agent of cash in lieu of a fractional Escrow Share to an Escrow Participant, the Escrow Agent shall disburse such
fractional Escrow Share to the Company. 
 (f) The Escrow Agent shall requisition from the Company’s stock transfer agent stock
certificates in appropriate denominations registered as appropriate to facilitate the delivery or disbursement by the Escrow Agent of Escrow Shares hereunder. The Company shall cause its stock transfer agent to cooperate with the Escrow Agent in
connection therewith. 
 (g) For all purposes under this Agreement, the Company shall act through the Committee. Any notice or instruction
by the Committee hereunder may be executed and delivered by any one or more members of the Committee. 
 (h) To the extent provided in
Section 7(a), the Escrow Agent shall be fully protected in relying upon written instructions and shall not have any duty or obligation under any section of this Agreement to determine whether a triggering event has occurred or to
calculate or confirm any amounts in respect of any payments for fractional shares or the distribution of Earnings or Escrow Shares. 
 3.
Termination of Escrow. 
 (a) Subject to Section 2(c), upon the expiration of the Initial Escrow Period and receipt by
Escrow Agent from the Stockholders’ Representative of complete delivery instructions in writing, Escrow Agent shall promptly (but in any event within three Business 

  
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Days) distribute to each Escrow Participant 75% of such Escrow Participant’s shares of Common Stock and 75% of such Escrow Participant’s shares of Series 4 Preferred Stock constituting
Escrow Shares (rounding any fractional Escrow Shares down to the nearest whole share), without the legend set forth in Section 1(a). For purposes of this Agreement, the “Initial Escrow Period” shall mean the period
commencing on the date hereof and ending at 5:00 pm (Eastern Time) on the Business Day that is six months after the date hereof (or, if not a Business Day, the next succeeding Business Day), unless earlier terminated pursuant to this Agreement. 

(b) Upon the expiration of the Secondary Escrow Period (as defined below) and receipt by Escrow Agent from the Stockholders’
Representative of complete delivery instructions in writing, Escrow Agent shall promptly (but in any event within three Business Days) distribute to the Escrow Participants their remaining Escrow Shares not subject to an unresolved Claim Notice
delivered in accordance with Section 2(a) (in which event any disbursement with respect to the Indemnification Amount of such Claim Notice will be governed by Section 3(c)), without the legend set forth in
Section 1(a). For purposes of this Agreement, “Secondary Escrow Period” shall mean the period commencing on the date hereof and ending at 5:00 pm (Eastern Time) on the Business Day that is twelve months after the date
hereof (or, if not a Business Day, the next succeeding Business Day) unless earlier terminated pursuant to this Agreement. 
 (c) If any
Claims have been asserted by delivery of a Claim Notice in accordance with Section 2(a) prior to the expiration of the Initial Escrow Period and such Claims continue to be unresolved as of the expiration of the Initial Escrow Period, the
Escrow Agent shall exclude from the disbursement of Escrow Shares in accordance with Section 3(a), and shall continue to hold Escrow Shares having aggregate Market Value equal to 120% of the aggregate Indemnification Amounts (such
aggregate amount, the “Initial Indemnification Holdback Amount”), with the composition of such Escrow Shares being allocated pro rata between the Common Stock and Series 4 Preferred Stock then constituting Escrow Shares based on
relative Market Value of all shares of Common Stock and all shares of Series 4 Preferred Stock then constituting Escrow Shares, in each case, to be determined as of the date of the expiration of the Initial Escrow Period, allocated among the Escrow
Participants proportionally in accordance with their respective Pro Rata Percentages. If any Claims have been asserted by delivery of a Claim Notice in accordance with Section 2(a) prior to the expiration of the Secondary Escrow Period
and such Claims continue to be unresolved as of the expiration of the Secondary Escrow Period, the Escrow Agent shall exclude from the disbursement of Escrow Shares in accordance with Section 3(b), and shall continue to hold Escrow
Shares having aggregate Market Value equal to 120% of the aggregate Indemnification Amounts (such aggregate amount, the “Secondary Indemnification Holdback Amount”), with the composition of such Escrow Shares being allocated pro
rata between the Common Stock and Series 4 Preferred Stock then constituting Escrow Shares based on relative Market Value of all shares of Common Stock and all shares of Series 4 Preferred Stock then constituting Escrow Shares, in each case, to be
determined as of the date of the expiration of the Secondary Escrow Period, allocated among the Escrow Participants proportionally in accordance with their respective Pro Rata Percentages. The Committee and the Stockholders’ Representative will
provide the Escrow Agent with a joint written instruction stating the amount of Escrow Shares to be excluded from such disbursement in accordance with this Section 3(c). After the expiration of the Initial Escrow Period, the

  
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Escrow Agent shall disburse the Initial Indemnification Holdback Amount as and to the extent the Claims with respect thereto are resolved in accordance with the provisions of
Section 2(d), with such disbursement made first to the Company in the amount of any such resolved Claim and second to the Escrow Participants with respect to any excess Initial Indemnification Holdback Amount with respect to such Claims,
in each case, with the composition of such distribution being allocated pro rata between the Common Stock and Series 4 Preferred Stock based on relative Market Value of all shares of Common Stock and all shares of Series 4 Preferred Stock then
constituting Escrow Shares, as determined on the date of delivery. After the expiration of the Secondary Escrow Period, the Escrow Agent shall disburse the Secondary Indemnification Holdback Amount as and to the extent the Claims with respect
thereto are resolved in accordance with the provisions of Section 2(d), with such disbursement made first to the Company in the amount of any such resolved Claim and second to the Escrow Participants with respect to any excess Secondary
Indemnification Holdback Amount with respect to such Claims, in each case, with the composition of such distribution being allocated pro rata between the Common Stock and Series 4 Preferred Stock based on relative Market Value of all shares of
Common Stock and all shares of Series 4 Preferred Stock then constituting Escrow Shares, as determined on the date of delivery. 
 (d) Any
Escrow Shares released by the Escrow Agent to an Escrow Participant hereunder shall continue to be subject to the terms and conditions of such Escrow Participant’s Lock-Up Agreement in accordance with the terms thereof, and shall retain the
legend set forth in such Lock-Up Agreement. 
 4. Suspension of Performance; Disbursement into Court. If, at any time, (a) there
shall exist any dispute between the Committee and the Stockholders’ Representative with respect to the holding or disposition of all or any portion of the Escrow Shares or any other obligations of the Escrow Agent hereunder, (b) the Escrow
Agent is unable to determine, to Escrow Agent’s sole and reasonable satisfaction, the proper disposition of all or any portion of the Escrow Shares or the Escrow Agent’s proper actions with respect to its obligations hereunder, or
(c) the Committee and the Stockholders’ Representative have not, within ten Business Days of the furnishing by Escrow Agent of a notice of resignation pursuant to Section 5, appointed a successor Escrow Agent to act hereunder,
then the Escrow Agent may, in its sole discretion, take either or both of the following actions accompanied by written notice from the Escrow Agent to each of the Committee and the Stockholders’ Representative of the taking of such action(s):

 (a) suspend the performance of any of its obligations (including, without limitation, any disbursement obligations) under this Agreement
until such dispute or uncertainty shall be resolved to the sole and reasonable satisfaction of the Escrow Agent or until a successor Escrow Agent shall have been appointed pursuant to Section 5; or 

(b) petition (by means of an interpleader action or any other appropriate method) any court of competent jurisdiction, in any venue convenient
to the Escrow Agent, for instructions with respect to such dispute or uncertainty, and to the extent required or permitted by law, pay into such court, for holding and disposition in accordance with the instructions of such court, all Escrow Shares.

  
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 The Escrow Agent shall have no liability to the Company, the Committee the Stockholders’
Representative, their respective owners, shareholders or members or any other person with respect to any such suspension of performance or disbursement into court in accordance with this Section 4, specifically including any liability or
claimed liability that may arise, or be alleged to have arisen, out of or as a result of any delay in the disbursement of the Escrow Shares or any delay in or with respect to any other action required or requested of Escrow Agent. 

5. Resignation/Removal of the Escrow Agent. The Escrow Agent may resign and be discharged from the performance of its duties hereunder
at any time by giving ten Business Days prior written notice to the Committee and the Stockholders’ Representative specifying a date when such resignation shall take effect. Upon any such notice of resignation, the Committee and the
Stockholders’ Representative jointly shall appoint a successor Escrow Agent hereunder prior to the effective date of such resignation. If the Committee and the Stockholders’ Representative fail to appoint a successor Escrow Agent within
such time, the Escrow Agent shall have the right to petition a court of competent jurisdiction to appoint a successor to the Escrow Agent, and all out-of-pocket costs and expenses (including, without limitation, reasonable attorneys’ fees)
related to such petition shall be paid jointly and severally by the Company and the Stockholders’ Representative. The Committee and the Stockholders’ Representative may remove the Escrow Agent, as such, at any time by delivering to the
Escrow Agent, not less than ten Business Days prior to the effective time thereof, joint written instructions indicating their desire to do so. Upon the effective date of its resignation or removal, the retiring Escrow Agent shall transmit all
records pertaining to the Escrow Shares and shall pay all Escrow Shares to the successor Escrow Agent, after making copies of such records as the retiring Escrow Agent deems advisable and after payment to the retiring Escrow Agent of all
out-of-pocket fees and expenses (including court costs and reasonable attorneys’ fees) payable to or incurred by the retiring Escrow Agent in connection with the performance of its duties and the exercise of its rights hereunder. After any
retiring Escrow Agent’s resignation or removal, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Escrow Agent under this Agreement. 

6. Binding Effect; Successors. This Agreement shall be binding upon the respective parties hereto and their heirs, executors,
successors or assigns. If the Escrow Agent consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business (including the escrow contemplated by this Agreement) to another entity, the successor or
transferee entity without any further act shall be the successor Escrow Agent. 
 7. Liability of Escrow Agent. 

(a) The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no other duties shall be implied. With
respect to any person, the Escrow Agent has no fiduciary duties of any kind related hereto. The Escrow Agent shall have no liability under and no duty to inquire as to the provisions of any agreement other than this Agreement, including, without
limitation, the Merger Agreement and any other agreement between any or all of the parties hereto or any other persons even though reference thereto may be made herein. The Escrow Agent shall not be liable to any person for any action taken or

  
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omitted by it except to the extent that a court of competent jurisdiction determines in a final non-appealable judgment that the Escrow Agent’s gross negligence or willful misconduct in the
performance of its duties hereunder was the cause of any loss to the Company or the Escrow Participants. The Escrow Agent’s aggregate liability during any term of this Agreement with respect to, arising from, or arising in connection with this
Agreement, or from all services provided or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the value of the Escrow Shares deposited with the Escrow Agent. The Escrow
Agent shall not be charged with knowledge or notice of any fact or circumstance not specifically set forth herein. The Escrow Agent may rely upon any notice, instruction, request or other instrument provided by the Company and the Stockholders’
Representative or each of them, as the case may be, concerning the services provided hereunder, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained therein, which the
Escrow Agent shall believe to be genuine and to have been signed or presented by the person or parties purporting to sign the same. The Escrow Agent and its agents and subcontractors shall not be liable and shall be indemnified joint and severally
by Company and the Stockholders’ Representative for any action taken or omitted by the Escrow Agent in reliance upon any such instructions. In no event shall the Escrow Agent be liable for incidental, indirect, special, consequential or
punitive damages or penalties (including, but not limited to lost profits), even if the Escrow Agent has been advised of the likelihood of such damages or penalty and regardless of the form of action. The Escrow Agent shall not be responsible for
delays or failures in performance resulting from acts beyond its control, including, without limitation, acts of God, labor strikes, lockouts, riots, acts of war or terror, epidemics, fire, communication line failures, computer viruses, power
failures, earthquakes, governmental regulations superimposed following the occurrence of the foregoing or other disasters; provided, however, the Escrow Agent shall use commercially reasonable efforts to recommence performance of its duties and
responsibilities hereunder as soon as practicable under such circumstances. The Escrow Agent shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Shares, any account in which Escrow Shares are
deposited, this Agreement or the Merger Agreement, or to appear in, prosecute or defend any such legal action or proceeding. The Escrow Agent may consult legal counsel selected by it in the event of any dispute or question as to the construction of
any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in the
absence of bad faith in accordance with the advice of such counsel. The Company and the Stockholders’ Representative, jointly and severally, shall promptly pay, upon demand, the reasonable fees and expenses of any such counsel. The Company, the
Committee and the Stockholders’ Representative agree to perform or procure the performance of all further acts and things, and execute and deliver such further documents, as may be required by law or as the Escrow Agent may reasonably request
in connection with its duties hereunder. The Escrow Agent shall not be obligated to expend or risk its own funds or to take any action that it believes would expose or subject it to expense or liability or to a risk of incurring expense or
liability, unless it has been furnished with assurances of repayment or indemnity satisfactory to it. The Escrow Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or
through its attorney or agents, and the Escrow Agent shall not be answerable or accountable for any act, 

  
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default, neglect or misconduct of any such attorney or agents or for any loss to any person resulting from any such act, default, neglect or misconduct, absent gross negligence or willful
misconduct (each as determined by a final non-appealable judgment of a court of competent jurisdiction) in the selection and continued employment thereof. 

(b) With respect to the Escrow Shares, the Escrow Agent is authorized, in its sole discretion, to comply with final (non-appealable) orders
issued or process entered by any court of competent jurisdiction. If any portion of the Escrow Shares is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of
any such property shall be stayed or enjoined by any court order, or in case any order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent is authorized,
in its sole discretion, to rely upon and comply with any such order, writ, judgment or decree; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person
or entity by reason of such compliance even though such order, writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated. 

(c) The provisions of this Section 7 shall survive any termination of this Agreement and the resignation, replacement or removal
of the Escrow Agent. 
 8. Indemnification of Escrow Agent. 

(a) From and at all times after the date of this Agreement, the Company and the Stockholders’ Representative, jointly and severally,
shall, to the fullest extent permitted by law, indemnify and hold harmless the Escrow Agent and each director, officer, or employee of the Escrow Agent (each an “Indemnified Party” and, collectively, the “Indemnified
Parties”) against any and all actions, claims (whether or not valid), losses, damages, liabilities, penalties, costs and expenses of any kind or nature (including, without limitation, reasonable attorneys’ fees, costs and expenses)
incurred by or asserted against any of the Indemnified Parties, whether direct, indirect or consequential, as a result of or arising from or in any way relating to any claim, demand, suit, action or proceeding (including any inquiry or
investigation) by any person, including, without limitation, the Company, the Committee and the Stockholders’ Representative, whether threatened or initiated, asserting a claim for any legal or equitable remedy against any person under any
statute or regulation, including, but not limited to, any federal or state securities laws, or under any common law or equitable cause or otherwise, arising from or in connection with the negotiation, preparation, execution, performance or failure
of performance in connection with this Agreement or any transactions contemplated herein, whether or not any such Indemnified Party is a party to any such action, proceeding, suit or the target of any such inquiry or investigation; provided,
however, that no Indemnified Party shall have the right to be indemnified hereunder for any liability finally determined by a court of competent jurisdiction, subject to no further appeal, to have resulted from the gross negligence or willful
misconduct of such Indemnified Party. The Company and the Stockholders’ Representative further agree, jointly and severally, to indemnify the Escrow Agent for all costs, including, without limitation, reasonable attorneys’ fees, incurred
by such Indemnified Party in connection with the enforcement of the Company’s and the Stockholders’ Representative’s 

  
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indemnification obligations hereunder. The provisions of this Section 8 and any other provision hereunder concerning the indemnification rights of the Escrow Agent shall survive any
termination of this Agreement and the resignation, replacement or removal of the Escrow Agent. Solely between themselves, without altering or limiting the joint and several liability of each hereunder and with no effect on the rights of the Escrow
Agent to indemnification hereunder, the Company and the Stockholders’ Representative hereby acknowledge and agree that any indemnification obligations hereunder to Indemnified Parties shall be borne equally between the Company and the
Stockholders’ Representative. 
 (b) The parties agree that neither the payment by the Company or the Stockholders’ Representative
of any claim by the Escrow Agent for indemnification hereunder nor the disbursement of any amounts to the Escrow Agent from the Escrow Shares in respect of a claim by the Escrow Agent for indemnification shall impair, limit, modify, or affect, as
between the Company and the Stockholders’ Representative, the respective rights and obligations of the Company and the Stockholders’ Representative under the Merger Agreement. 

9. Compensation of Escrow Agent. 

(a) Fees and Expenses. The Company and the Stockholders’ Representative agree, jointly and severally, to compensate the Escrow
Agent on demand for its services hereunder in accordance with Exhibit B attached hereto. Without limiting the joint and several natures of their obligations to the Escrow Agent, the Company and the Stockholders’ Representative agree
between themselves that each will be responsible for one-half of Escrow Agent’s compensation. The obligations of the Company and the Stockholders’ Representative under this Section 9 shall survive any termination of this
Agreement and the resignation, replacement or removal of Escrow Agent. 
 (b) Security and Offset. The Company and the
Stockholders’ Representative hereby grant to the Escrow Agent a security interest in, lien upon and right of offset against the Escrow Shares with respect to any compensation, reimbursement or indemnity due to any of the Indemnified Parties
hereunder. If for any reason the Escrow Shares are insufficient to cover such compensation and reimbursement, the Company and the Stockholders’ Representative shall promptly pay such amounts to the Escrow Agent or any Indemnified Party upon
receipt of an itemized invoice. 
 10. Identifying Information. To help the government fight the funding of terrorism and money
laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a charity, a trust, or other
legal entity, the Escrow Agent requires documentation to verify its formation and existence as a legal entity. The Escrow Agent may ask to see financial statements, licenses, identification and authorization documents from individuals claiming
authority to represent the entity or other relevant documentation. The parties acknowledge that a portion of the identifying information set forth herein is being requested by the Escrow Agent in connection with the USA Patriot Act, Pub.L.107-56
(the “Act”), and each agrees to provide any additional information reasonably requested by the Escrow Agent in connection with the Act or any other legislation or regulation to which Escrow Agent is subject, in a timely manner. 

  
 11 

 11. Consent to Jurisdiction and Venue. In the event that any party hereto commences a
lawsuit or other proceeding relating to or arising from this Agreement, the parties hereto agree to the personal jurisdiction by and venue in the state and federal courts in the State of Delaware and waive any objection to such jurisdiction or
venue. The parties hereto consent to and agree to submit to the jurisdiction of any of the courts specified herein and agree to accept service of process to vest personal jurisdiction over them in any of these courts. 

12. Notices. All notices, requests, claims, demands, waivers and other communications under this Agreement shall be in writing and
shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by
facsimile (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient or (d) on the third day after the date mailed, by certified
or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses (or at such other address for a party as shall be specified in notice given in accordance with this
Section 12): 
 (a) if to the Company and/or the Committee to: 

The Female Health Company 
 150
North Michigan Avenue, Suite 1580 
 Chicago, IL 60601 

Attention: O.B. Parrish 

Facsimile: 312-595-9122 
 with
a copy (which shall not constitute notice) to: 
 Reinhart Boerner Van Deuren s.c. 

1000 North Water Street, Suite 1700 

Milwaukee, WI 53202 
 Attention:
James M. Bedore, Esq. 
 Facsimile: (414) 298-8097 

(b) if to the Stockholders’ Representative, to: 

Mitchell S. Steiner, M.D. 

2600 Forest Hill Rd. 

Germantown TN 38139 

  
 12 

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

Littman Krooks LLP 
 655 Third
Avenue, 20th Floor 
 New York, NY 10017 

Attention: Mitchell C. Littman, Esq. 

Facsimile: (212) 490-2990 

(c) if to the Escrow Agent, to: 

Computershare Trust Company, N.A. 

8742 Lucent Boulevard, Suite 225 

Highlands Ranch, CO 80129 

Attention: Rose Stroud 

Facsimile: (303) 262-0608 

With copy to: 
 Computershare
Trust Company, N.A. 
 480 Washington Boulevard 

Jersey City, NJ 07310 

Attention: General Counsel 

Facsimile: (201) 680-4610 

13. Amendment, Waiver and Assignment. None of the terms or conditions of this Agreement may be changed, waived, modified, discharged,
terminated or varied in any manner whatsoever unless in writing duly signed by each party to this Agreement. No course of conduct shall constitute a waiver of any of the terms and conditions of this Agreement, unless such waiver is specified in
writing, and then only to the extent so specified. A waiver of any of the terms and conditions of this Agreement on one occasion shall not constitute a waiver of the other terms of this Agreement, or of such terms and conditions on any other
occasion. Except as provided in Section 6 hereof, this Agreement may not be assigned by any party without the written consent of the other parties, provided that the rights, duties and obligations of the Company hereunder may be assigned
and delegated to a successor pursuant to any merger or similar transaction that results in the reincorporation of the Company in Delaware or any other jurisdiction without the consent of any other party. 

14. Severability. To the extent any provision of this Agreement is prohibited by or invalid under applicable law, such provision shall
be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

15. Governing Law. This Agreement shall be construed and interpreted in accordance with the internal laws of the State of Delaware
without giving effect to the conflict of laws principles thereof. 

  
 13 

 16. Entire Agreement; No Third Party Beneficiaries; Headings. This Agreement constitutes
the entire agreement between the parties relating to the holding and disbursement of the Escrow Shares and sets forth in their entirety the obligations and duties of Escrow Agent with respect to the Escrow Shares. Nothing in this Agreement, express
or implied, is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. The headings in this Agreement are for convenience and identification purposes only and are
in no way intended to interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof. 
 17. Execution
in Counterparts, Facsimiles. This Agreement and any joint written instruction delivered hereunder may be executed in two or more counterparts, which when so executed shall constitute one and the same agreement or direction. The delivery of
copies of this Agreement and any joint written instruction and their respective signature pages by PDF or facsimile transmission shall constitute effective execution and delivery as to the parties and may be used in lieu of originals for all
purposes. 
 18. Termination. This Agreement shall terminate upon the distribution of all the Escrow Shares pursuant to any
applicable provision of this Agreement, and Escrow Agent shall thereafter have no further obligation or liability whatsoever with respect to this Agreement or the Escrow Shares. 

19. Brokerage Confirmation Waiver. The Company and the Stockholders’ Representative acknowledge that to the extent regulations of
the Comptroller of the Currency or other applicable regulatory entity grant either the right to receive brokerage confirmations for certain security transactions as they occur, the Company and the Stockholders’ specifically waive receipt of
such confirmations to the extent permitted by law. 
 20. Tax Reporting. The Escrow Agent shall have no responsibility for the tax
consequences of this Agreement and the Company and the Stockholders’ Representative shall consult with their respective tax advisors concerning any and all tax matters. The Company and the Stockholders’ Representative shall provide Escrow
Agent an original Form W-9 or Form W-8, as applicable, for each payee, together with any other documentation and information requested by the Escrow Agent in connection with the Escrow Agent’s reporting obligations under applicable IRS
regulations. If such tax documentation is not so provided, the Escrow Agent shall withhold taxes (without liability) as required by the IRS. The Escrow Agent shall have the right to request from any party to this Agreement, or any other person or
entity entitled to payment hereunder, any additional forms, documentation or other information as may be reasonably necessary for the Escrow Agent to satisfy its reporting and withholding obligations under the Internal Revenue Code. The Company and
the Stockholders’ Representative shall prepare and file all required tax filings with the IRS and any other applicable taxing authority; provided that the parties further agree that: 

(a) Escrow Agent IRS Reporting. The Company shall provide the Escrow Agent with all information requested by the Escrow Agent in
connection with the preparation of all applicable Form 1099 and Form 1042-S documents with respect to all distributions as well as in the performance of the Escrow Agent’s reporting obligations under the Foreign Account Tax Compliance Act and
Foreign Investment in Real Property Tax Act or other applicable law or regulation. 

  
 14 

 (b) Withholding Requests and Indemnification. The Company and the Stockholders’
Representative jointly and severally agree to (i) assume all obligations imposed now or hereafter by any applicable tax law or regulation with respect to payments or performance under this Agreement, (ii) request the Escrow Agent in
writing with respect to withholding and other taxes, assessments or other governmental charges, and advise the Escrow Agent in writing with respect to any certifications and governmental reporting that may be required under any applicable laws or
regulations and (iii) indemnify and hold the Escrow Agent harmless pursuant to Section 8 hereof from any liability or obligation on account of taxes, assessments, additions for late payment, interest, penalties, expenses and other
governmental charges that may be assessed or asserted against the Escrow Agent. 
 21. WAIVER OF TRIAL BY JURY. EACH PARTY TO THIS
AGREEMENT HEREBY WAIVES ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY ON ANY CLAIM, COUNTERCLAIM, SETOFF, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT OR (B) IN ANY WAY IN CONNECTION WITH OR
PERTAINING OR RELATED TO OR INCIDENTAL TO ANY DEALINGS OF THE PARTIES TO THIS AGREEMENT OR IN CONNECTION WITH THIS AGREEMENT OR THE EXERCISE OF ANY SUCH PARTY’S RIGHTS AND REMEDIES UNDER THIS AGREEMENT OR THE CONDUCT OR THE RELATIONSHIP OF THE
PARTIES TO THIS AGREEMENT, IN ALL OF THE FOREGOING CASES WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE. EACH OF THE PARTIES HERETO HEREBY FURTHER ACKNOWLEDGES AND AGREES THAT EACH HAS REVIEWED OR HAD THE
OPPORTUNITY TO REVIEW THIS WAIVER WITH ITS RESPECTIVE LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH SUCH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A
CONSENT BY ALL PARTIES TO A TRIAL BY THE COURT. 
 [Signature page follows.] 

  
 15 

 IN WITNESS WHEREOF, the parties have caused this Escrow Agreement to be duly executed as of the
day and year first above written. 
  

													
	COMPANY:	 		 	ESCROW AGENT:
			
	THE FEMALE HEALTH COMPANY	 		 	COMPUTERSHARE TRUST COMPANY, N.A.
					
	By:	 	 /s/ O.B. Parrish
	 		 	By:	 	 /s/ Rose Stroud

		 	Name:	 	O.B. Parrish	 		 		 	Name:	 	Rose Stroud
		 	Title:	 	Chief Executive Officer	 		 		 	Title:	 	Trust Officer
					
	STOCKHOLDERS’ REPRESENTATIVE:	 		 		 		 	
						
	By:	 	 /s/ Mitchell S. Steiner, M.D.
	 		 		 		 	
		 	Name:	 	Mitchell S. Steiner, M.D.	 		 		 		 	
					
	COMMITTEE:	 		 		 		 	
						
	By:	 	 /s/ O.B. Parrish
	 		 		 		 	
		 	Name:	 	O.B. Parrish	 		 		 		 	
						
	By:	 	 /s/ David R. Bethune
	 		 		 		 	
		 	Name:	 	David R. Bethune	 		 		 		 	
						
	By:	 	 /s/ Mary Margaret Frank, Ph.D.
	 		 		 		 	
		 	Name:	 	Mary Margaret Frank, Ph.D.	 		 		 		 	

  
 [Signature Page to Escrow
Agreement] 

 EXHIBIT A 

ESCROW PARTICIPANTS 
  

							
	 Name and Address
	 	 # of Escrow Shares
	 	Pro Rata
Percentage	 
	 Harry Fisch, M.D.

30 Springdale Road

Scarsdale, NY 10583
	 	 7,044 shares of Common Stock
 1,925
shares of Series 4 Preferred Stock
	 	 	0.763	% 
			
	 Harry Fisch, M.D. and Karen Fisch

30 Springdale Road

Scarsdale, NY 10583
	 	 26,334 shares of Common Stock
 7,199
shares of Series 4 Preferred Stock
	 	 	0.229	% 
			
	 Mitchell S. Steiner, M.D.

2600 Forest Hill Irene Road

Germantown, TN 38139
	 	 484,127 shares of Common Stock
 132,350
shares of Series 4 Preferred Stock
	 	 	49.729	% 
			
	 K&H Fisch Family Partners LLC

Attn: Harry Fisch, M.D.

30 Springdale Road

Scarsdale, NY 10583
	 	 454,902 shares of Common Stock
 124,361
shares of Series 4 Preferred Stock
	 	 	49.279	% 

  
 2 

 EXHIBIT B 

ESCROW FEES 
  

	•	 	$2,500 initial services and set up fee 

  

	•	 	$2,500 annual administration fee (per year or part thereof) 

  

	•	 	legal and out of pocket expenses: at cost 

 Note: The above excludes legal and out of pocket expenses incurred
in the negotiation and execution of the appointment, fees and expenses in connection with time and effort expended for a default, claim, litigation, extraordinary or non-routine circumstance will be additional, if applicable. 

  
 3EX-10.4

 Exhibit 10.4 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR QUALIFIED UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING ANY SUCH SECURITIES TO
BE TRANSFERRED IS EFFECTIVE UNDER THE SECURITIES ACT AND IS QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAWS OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE SECURITIES ACT AND THE
QUALIFICATION REQUIREMENTS UNDER ANY APPLICABLE STATE SECURITIES LAWS AND, IF THE COMPANY REQUESTS, AN OPINION SATISFACTORY TO THE COMPANY TO SUCH EFFECT HAS BEEN RENDERED BY COUNSEL. 

THIS WARRANT (AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT) ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN THIS WARRANT. NO
TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THIS WARRANT (OR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT) MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF THIS WARRANT. 

WARRANT 
 To Subscribe for and
Purchase Common Stock of 
 THE FEMALE HEALTH COMPANY 

October 31, 2016 
 This
warrant (this “Warrant”) is issued, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, to Torreya Capital, a division of Financial West Investment Group (the
“Holder”), by The Female Health Company, a Wisconsin corporation (the “Company”). 
 1.
Definitions. As used herein, the following terms shall have the following respective meanings: 
 (a) “Beneficial
Ownership” (including any variant thereof) shall have the meaning set forth in Rule 13d-3 under the Securities Exchange Act of 1934, as amended. 

(b) “Common Stock” means the Company’s common stock, par value $0.01 per share. 

 (c) “Exercise Period” means the time period commencing on the date of this
Warrant and ending at 5:00 p.m., Central Time, on the five year anniversary of the date of this Warrant. 
 (d) “Exercise
Price” means $1.93 per Share, subject to adjustment pursuant to Section 6 hereof. 
 (e) “Fair Market
Value” means, with respect to the Common Stock, (i) if the Common Stock is publicly traded and it has daily quotations readily available from an exchange, quotation system, bulletin board service or other similar source, the closing
sales price for the Common Stock (or the closing bid, if no sales were reported) on the trading day preceding the date that the Holder exercises this Warrant or such other date as of which Fair Market Value is to be determined hereunder; or
(ii) if the Common Stock is not publicly traded, the fair market value of the Common Stock determined in good faith by the Board of Directors of the Company as of the date which is within 30 days of the date that the Holder exercises this
Warrant or such other date as of which Fair Market Value is to be determined hereunder. 
 (f) “Lock-Up Period” means the
period commencing on the date of this Warrant and ending on the earlier of (i) the eighteen month anniversary of the date of this Warrant or (ii) the date on which the Company consummates a liquidation, merger, share exchange or other
similar transaction following the date of this Warrant with an unaffiliated third party that results in all of the Company’s stockholders having the right to exchange their equity holdings in the Company for cash, securities or other property
(excluding, for the avoidance of doubt, a merger or similar transaction that results in the reincorporation of the Company in Delaware or any other jurisdiction). 

(g) “Lock-Up Securities” means 50% of the total number of Shares as to which this Warrant is exercisable (including, to the
extent this Warrant is exercised, the Shares issued upon exercise). In the event of any change in the number of issued and outstanding shares of Common Stock by reason of any stock split, reverse split, stock dividend (including any dividend or
distribution of securities convertible into shares of Common Stock), combination, reorganization, recapitalization or other like change, conversion or exchange of shares or any other change in the corporate or capital structure of the Company, the
term “Shares” in this definition shall be deemed to refer to and include the Shares described in the first sentence of this paragraph, as well as such stock dividends and distributions and any shares into which or for which any or all of
the Shares may be changed or exchanged. 
 (h) “Shares” means 2,585,379 shares of Common Stock, subject to adjustment
pursuant to Section 6 hereof. 
 (i) “Transfer” means, with respect to any security, the direct or indirect
assignment, sale, transfer, tender, exchange, pledge, hypothecation, gift, placement in trust or other disposition of such security or any right, title or interest therein (including any right or power to vote to which the holder thereof may be
entitled, whether such right or power is granted by proxy or otherwise) or Beneficial Ownership thereof, the offer to make such a sale, transfer or other disposition, and each agreement, arrangement or understanding, whether or not in writing, to
effect any of the forgoing. “Transferor,” “Transferee” and “Transferred” each have correlative meanings. 

  
 2 

 2. Exercise of Warrant. Subject to the terms and conditions hereinafter set forth, the
Holder shall be entitled during the Exercise Period to exercise this Warrant in whole or in part. Such exercise shall be effected by: 
 (a)
the surrender of this Warrant, together with the subscription form in the form attached hereto executed by the Holder, to the Secretary of the Company at its principal office (or at such other place as the Company shall notify the Holder hereof in
writing), which may be by facsimile or e-mail of a PDF document (with confirmation of transmission); and 
 (b) the payment to the Company
of an amount equal to the aggregate Exercise Price for the number of Shares being purchased, payable at the option of the Holder, (i) in cash by payment in United States dollars by wire transfer to the Company or by check to the order of the
Company or (ii) by net exercise pursuant to Section 3 below). 
 3. Net Exercise. Notwithstanding any provisions
herein to the contrary, if the Fair Market Value of the Common Stock is greater than the Exercise Price (as the date of calculation as set forth below), in lieu of exercising this Warrant by payment of cash, the Holder may elect to exercise this
Warrant through a net exercise as provided in this Section. In such event, the Holder shall receive shares equal to the net value (as determined below) of the Shares subject to this Warrant (or the portion thereof being exercised) by surrender of
this Warrant at the principal office of the Company, together with the subscription form in the form attached hereto executed by the Holder (as provided in Section 2 above), and the Company shall issue to the Holder a number of Shares
computed using the following formula: 
  

							
		  	X	  	=	  	     Y (A-B)    

         A

				
	Where	  	X	  	=	  	the number of Shares to be issued to the Holder
				
		  	Y	  	=	  	the number of Shares then purchasable under the Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised (at the date of such calculation)
				
		  	A	  	=	  	the Fair Market Value of the Common Stock (at the date of such calculation)
				
		  	B	  	=	  	Exercise Price (as adjusted to the date of such calculation)

 Upon any such exercise, if a balance of purchasable shares remains after such exercise, the Company shall
execute and deliver to the Holder hereof a new Warrant for such balance of shares. No fractional shares arising out of the above formula for determining the number of shares issuable in such exchange shall be issued, and the Company shall in lieu
thereof make payment to the Holder hereof of cash in the amount of such fraction multiplied by the Fair Market Value of Common Stock. Any tax liability related to such transaction shall be paid by the Holder. 

  
 3 

 4. Certificates for Shares. Upon the exercise of the purchase rights evidenced by this
Warrant, one or more certificates for the number of shares so purchased shall be issued as soon as practicable thereafter, and in any event within five trading days of the delivery of the subscription form and payment of the Exercise Price or such
longer period as it may take Company’s transfer agent to deliver such certificates as long as the Company uses reasonable efforts to cause the Company’s transfer agent to deliver such certificates as soon as practicable. 

5. Reservation of Shares. The Company covenants that it will reserve and keep available such number of authorized shares of its Common
Stock, free from all preemptive rights with respect thereto, which will be sufficient to permit the exercise of this Warrant for the full number of shares specified herein. The Company further covenants that the shares of Common Stock, when issued
pursuant to the exercise of this Warrant, will be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof. 

6. Adjustment of Exercise Price and Number of Shares. The number of and kind of securities purchasable upon exercise of this Warrant
and the Exercise Price shall be subject to adjustment from time to time as follows: 
 (a) Combinations. If the Company shall at any
time during the Exercise Period combine (by combination, reverse stock split or otherwise) its outstanding shares of Common Stock into a smaller number of shares, the number of Shares issuable on the exercise of this Warrant shall forthwith be
proportionately decreased. Appropriate adjustments shall also be made to the Exercise Price payable per Share, but the aggregate Exercise Price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall remain the
same. Any adjustment under this Section 6(a) shall become effective at the close of business on the date the combination becomes effective. 

(b) Subdivisions, Stock Dividends and Distributions. If the Company shall at any time during the Exercise Period (i) pay a
dividend or make any other distribution with respect to Common Stock payable in shares of Common Stock, or (ii) subdivide (by any stock split, recapitalization or otherwise) its outstanding shares of Common Stock into a greater number of
shares, the number of Shares issuable on the exercise of this Warrant shall forthwith be proportionately increased. Appropriate adjustments shall also be made to the Exercise Price payable per Share, but the aggregate Exercise Price payable for the
total number of Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment under this Section 6(b) shall become effective at the close of business on the date the dividend, distribution or subdivision
becomes effective. 
 (c) Reclassification, Reorganization, Merger and Consolidation. In case of any reclassification,
reorganization, merger, consolidation or other change in the Common Stock of the Company (other than as provided for in Sections 6(a) and (b) above), then, as a condition of such reclassification, reorganization, merger,
consolidation or other change, lawful provision shall be made, and duly executed documents evidencing the same from the 

  
 4 

 
Company or its successor shall be delivered to the Holder of this Warrant, so that such Holder shall have the right at any time prior to the expiration of this Warrant to purchase, at a total
Exercise Price equal to that payable upon the exercise of this Warrant, the kind and amount of shares of stock or other securities or property receivable in connection with such reclassification, reorganization, merger, consolidation or other change
by a holder of the same number of Shares as were purchasable by the Holder of this Warrant immediately prior to such reclassification, reorganization, merger, consolidation or other change. In any such case appropriate provisions shall be made with
respect to the rights and interest of the Holder of this Warrant so that the provisions hereof shall thereafter be applicable with respect to any shares of stock or other securities or property deliverable upon exercise hereof, and appropriate
adjustments shall be made to Exercise Price payable hereunder, provided the aggregate Exercise Price shall remain the same. 
 (d) Notice
of Adjustment. When any adjustment is required to be made to the number or kind of Shares or other securities or property purchasable upon exercise of the Warrant, or to the Exercise Price, the Company shall promptly notify the Holder of such
event, of the number of Shares or other securities or property thereafter purchasable upon exercise of the Warrant and of the Exercise Price. 

7. Notices of Record Date. In case: 

(a) the Company shall take a record of the holders of its Common Stock (or other stock or securities at the time receivable upon the exercise
of this Warrant) for the purpose of entitling them to receive any dividend or other distribution or to receive any other right; 
 (b) of
any capital reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation or merger of the Company with or into another corporation, or any sale or conveyance of all or substantially all of the assets of
the Company to another corporation in which holders of the Common Stock are to receive stock, securities or property of another corporation; or 

(c) of any voluntary dissolution, liquidation or winding-up of the Company; then, and in each such
case, the Company will mail or cause to be mailed to the Holder of this Warrant a notice specifying, as the case may be, (i) the date on which a record is to be taken for the purpose of such dividend, distribution or right, and stating the
amount and character of such dividend, distribution or right, or (ii) the date on which such reorganization, reclassification, consolidation, merger, sale or conveyance, dissolution, liquidation or
winding-up, is to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock shall be entitled to exchange Common Stock for securities or other property deliverable upon
such reorganization, reclassification, consolidation, merger, sale or conveyance, dissolution, liquidation or winding up. Such notice shall be mailed at least ten days prior to the date therein specified. 

8. No Fractional Shares. No fractional Shares shall be issued upon the exercise of this Warrant, and the Company shall in lieu thereof
make payment to the Holder hereof of cash in the amount of such fraction multiplied by the Fair Market Value of the Common Stock on the date of exercise of this Warrant. 

  
 5 

 9. No Stockholder Rights. Prior to the exercise of this Warrant, the Holder shall not be
entitled to any rights of a stockholder with respect to the shares of Common Stock issuable upon exercise of the Warrant, including (without limitation) the right to vote such shares, receive dividends or other distributions thereon, exercise
preemptive rights or be notified of shareholder meetings, and except as expressly provided herein such Holder shall not be entitled to any notice or other communication concerning the business or affairs of the Company. 

10. Exchange of Warrant. Subject to any restriction upon transfer set forth in this Warrant, this Warrant may be exchanged for another
Warrant or Warrants of like tenor and representing in the aggregate the right to purchase a like number of Shares. Any Holder desiring to exchange this Warrant shall make such request in writing delivered to the Company, and shall surrender,
properly endorsed, this Warrant to be so exchanged. 
 11. Mutilated or Missing Warrant. In case this Warrant shall be mutilated,
lost, stolen or destroyed, the Company shall issue and deliver in exchange and substitution for and upon cancellation of the mutilated Warrant, or in lieu of and substitution for the Warrant lost, stolen or destroyed, a new Warrant of like tenor and
representing an equivalent right or interest, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction of such Warrant and indemnity or bond, if requested, also reasonably satisfactory to the
Company. An applicant for such substitute Warrant shall also comply with such other reasonable regulations and pay such other reasonable charges as the Company may prescribe. 

12. Payment of Taxes. The Company will pay all taxes (other than any income taxes or other similar taxes, which shall be the
responsibility of the Holder), if any, attributable to the initial issuance of this Warrant and the issuance of Shares (or any other securities or property) upon the exercise of this Warrant; provided, however, that the Company shall not be required
to pay any tax or taxes which may be payable in respect of any Transfer of this Warrant or any Shares (or other securities or property) issued upon the exercise of this Warrant. 

13. Transfer of Warrant; Compliance with the Securities Act. 

(a) This Warrant shall be Transferable on the books of the Company only upon delivery thereof duly endorsed by the Holder or by his duly
authorized attorney or representative, or accompanied by proper evidence of succession, assignment or authority to transfer. In all cases of transfer by an attorney, the original power of attorney, duly approved, or an official copy thereof, duly
certified shall be deposited with the Company. In case of Transfer by executors, administrators, guardians or other legal representatives, duly authenticated evidence of their authority shall be produced, and may be required to be deposited with the
Company in its discretion. Upon any registration of Transfer, the Company shall deliver a new Warrant or Warrants to the person entitled thereto. Notwithstanding the foregoing, the Company shall have no obligation to cause this Warrant to be
Transferred on its books to any person, unless the requirements for Transfer set forth in Section 13(b) have been met or to the extent such Transfer is prohibited by Section 14. 

  
 6 

 (b) The Holder, by acceptance of this Warrant, agrees to comply in all respects with the
provisions of this Section and the restrictive legend requirements set forth on the face of this Warrant and further agrees that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Shares to be issued upon exercise hereof
except under circumstances that will not result in a violation of the Securities Act of 1933, as amended (the “Securities Act”) or any applicable state securities laws. Any Shares issued upon exercise of this Warrant (unless
registered under the Securities Act) shall be stamped or imprinted with a legend in substantially the following form: 
 THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR QUALIFIED UNDER ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR
OTHERWISE TRANSFERRED OR ASSIGNED UNLESS (I) A REGISTRATION STATEMENT COVERING ANY SUCH SECURITIES TO BE TRANSFERRED IS EFFECTIVE UNDER THE SECURITIES ACT AND IS QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAWS OR (II) THE TRANSACTION IS
EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE SECURITIES ACT AND THE QUALIFICATION REQUIREMENTS UNDER ANY APPLICABLE STATE SECURITIES LAWS AND, IF THE COMPANY REQUESTS, AN OPINION SATISFACTORY TO THE COMPANY TO SUCH
EFFECT HAS BEEN RENDERED BY COUNSEL. 
 (c) In connection with the issuance of this Warrant, the Holder specifically represents, as of the
date hereof, to the Company by acceptance of this Warrant as follows: 
 (i) The Holder is an “accredited investor” as defined in
Rule 501(a) of Regulation D promulgated under the Securities Act. The Holder is acquiring this Warrant and the Shares to be issued upon exercise hereof for investment for its own account and not with a view towards, or for resale in connection with,
the public sale or distribution of this Warrant or the Shares, except pursuant to sales registered or exempted under the Securities Act. 

(ii) The Holder understands and acknowledges that this Warrant and the Shares to be issued upon exercise hereof are “restricted
securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that, under such laws and applicable regulations, such securities may be resold without
registration under the Securities Act only in certain limited circumstances. In addition, the Holder represents that it is familiar with Rule 144 under the Securities Act, as presently in effect, and understands the resale limitations imposed
thereby and by the Securities Act. 
 (iii) The Holder acknowledges that it can bear the economic and financial risk of its investment for
an indefinite period, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Warrant and the Shares. The Holder has had an opportunity to ask questions
and receive answers from the Company regarding the terms and conditions of the offering of the Warrant and the business, properties, prospects and financial condition of the Company. 

  
 7 

 14. Lock-Up Agreement. 

(a) During the Lock-Up Period, the Holder agrees not to, without the Company’s prior written consent (which may be given or withheld in
its sole discretion), (i) Transfer, directly or indirectly, any of the Lock-Up Securities, (ii) make or cause to be made any offer, sale, contract to sell, sale of any option or contract to purchase, purchase of any option or contract to
sell, grant of any option, right or warrant to Transfer, directly or indirectly, any of the Lock-Up Securities, or (iii) enter into any swap or other arrangement that Transfers all or a portion of the economic consequences associated with the
ownership of any of the Lock-Up Securities (regardless of whether any of the transactions described in clause (ii) or (iii) is to be settled by the delivery of Lock-Up Securities, in cash or otherwise) (any of the foregoing described in
clauses (i), (ii) or (iii), a “Prohibited Transfer”). 
 (b) If any Prohibited Transfer is made or attempted contrary
to the provisions of this Section, such purported Prohibited Transfer shall be null and void ab initio, and the Company shall refuse to recognize any such purported Transferee of any of the Lock-Up Securities as one of its equity holders for any
purpose. The Holder expressly authorizes the Company to cause its transfer agent to decline to transfer or to note stop transfer restrictions on the transfer books and records of the Company with respect to any Lock-Up Securities in accordance with
the terms of this Agreement. 
 (c) During the Lock-Up Period, each certificate evidencing any Lock-Up Securities shall be stamped or
otherwise imprinted with a legend in substantially the following form, in addition to any other applicable legends: 
 “THE SECURITIES
REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN THE WARRANT DATED OCTOBER 31, 2016 ISSUED BY THE FEMALE HEALTH COMPANY (THE “COMPANY”) TO THE HOLDER THEREOF. A COPY OF SUCH WARRANT WILL BE FURNISHED
WITHOUT CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
 15. Successors and Assigns. The terms and
provisions of this Warrant shall inure to the benefit of, and be binding upon, the Company and the holders hereof and their respective successors and assigns. 

16. Amendments and Waivers. Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived
(either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the Holder. Any waiver or amendment effected in accordance with this section shall be binding upon each holder of
any Shares purchased under this Warrant at the time outstanding, each future holder of all such Shares, and the Company. 

  
 8 

 17. Governing Law. This Warrant shall be governed by and construed and enforced in
accordance with the laws of the State of Delaware without regard to the possible application of principles of conflict of laws. 
 [Signature
page follows.] 

  
 9 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by its duly authorized
officer and this Warrant to be dated as of the date first written above. 
  

			
	THE FEMALE HEALTH COMPANY
		
	By:	 	 /s/ O.B. Parrish

	Name:	 	O.B. Parrish
	Title:	 	Chief Executive Officer

  
 [Signature Page to
Warrant] 

 FORM OF ASSIGNMENT 

(To Be Signed Only Upon Assignment) 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
                                        
this Warrant, and appoints
                                        
to transfer this Warrant on the books of The Female Health Company with the full power of substitution in the premises. 
 Dated:
                     
 In the presence of: 

 

									
		 	 	 		 		 	 
		
		 	 (Signature must conform in all respects to

the name of the holder as specified on the

face of this Warrant without alteration,

enlargement or any change whatsoever, and

the signature must be guaranteed in the

usual manner.)

 SUBSCRIPTION FORM 

To be Executed by the Holder of this Warrant if such Holder 

Desires to Exercise this Warrant in Whole or in Part: 
  

	To:	THE FEMALE HEALTH COMPANY (the “Company”) 

 ☐ The undersigned hereby
elects to exercise the attached Warrant and purchase                  shares of the Common Stock of the Company pursuant to the terms of the attached
Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any; OR 
 ☐ The
undersigned hereby elects to exercise the attached Warrant as to                  shares of the Common stock of the Company pursuant to the terms of the net
exercise provisions set forth in Section 3 of the attached Warrant, and shall tender payment of all applicable transfer taxes, if any. 

The undersigned represents that (i) the aforesaid shares of Common Stock are being acquired for the account of the undersigned for
investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares; (ii) the undersigned is aware of the Company’s
business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision regarding the undersigned’s investment in the Company; (iii) the undersigned is experienced
in making investments of this type and has such knowledge and background in financial and business matters that the undersigned is capable of evaluating the merits and risks of this investment and protecting the undersigned’s own interests;
(iv) the undersigned understands that the shares of Common Stock issuable upon exercise of this Warrant have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific
exemption from the registration provisions of the Securities Act, which exemption depends upon, among other things, the bona fide nature of the investment intent as expressed herein, and, because such securities have not been registered under the
Securities Act, they must beheld indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available; (v) the undersigned is aware that the aforesaid shares of Common Stock may not be sold
pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met and until the undersigned has held the shares for the time period prescribed by Rule 144, that among the conditions for use of Rule 144 is the
availability of current information to the public about the Company and the Company has not made such information available and has no present plans to do so; (vi) the undersigned agrees not to make any disposition of all or any part of the
aforesaid shares of Common Stock unless and until there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with said registration statement, or the
undersigned has provided the Company with an opinion of counsel reasonably satisfactory to the Company, stating that such registration is not required; and (vii) the undersigned understands that any transfer of the aforesaid shares of Common
Stock are subject to the restrictions on transfer of the Common Stock set forth in the attached Warrant. 

 The undersigned requests that certificates for such shares of Common Stock be issued as follows:

 Name:
                                 

Address:
                                 

Deliver to:
                                 

Address:
                                 

 

							
	Dated:                     	 	Signature                                    
                                 	 	
			
		 	Note: The signature on this Subscription Form must correspond with the name as written upon the face of this Warrant in every particular, without alteration or enlargement or any change whatsoever.	 	

  
 2

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