Document:

Exhibit 10.2

 

THE SYMBOL “[****]” DENOTES PLACES
WHERE CERTAIN IDENTIFIED

INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE

IT IS BOTH (i) NOT MATERIAL, AND (ii) THE
TYPE THAT THE REGISTRANT

TREATS AS PRIVATE OR CONFIDENTIAL

 

LICENSE AND DISTRIBUTION AGREEMENT

 

This License and Distribution
Agreement (this “Agreement”), dated as of July 14, 2022 (“Effective Date”), is by and between
by and between Quoin Pharmaceuticals, Inc., a Delaware corporation located at 42127 Pleasant Forest Court, Ashburn, VA 20148 (“Quoin”)
Endo Ventures Limited, a company duly incorporated under the laws of Ireland, with its principal place of business at First Floor, Minerva
House, Simmonscourt Road, Ballsbridge, Dublin 4, Ireland (“Licensee”). Quoin and Licensee are sometimes referred
to herein individually as a “Party,” and together as the “Parties.”

 

Recitals

 

WHEREAS,
Quoin owns certain Product Technology with respect to the Product (as defined herein).

 

WHEREAS,
Quoin wishes to grant to Licensee, and Licensee desires to accept, an exclusive distribution right and exclusive license under
the Product Technology for Licensee to obtain the Regulatory Approvals and Exploit the Product in the Territory, in accordance with the
terms and conditions set forth herein.

 

Intending
To Be Legally Bound, in consideration of the foregoing and the mutual agreements contained herein and subject to the satisfaction
of the terms and conditions set forth herein, the parties hereto agree as follows:

 

Section 1.     Defined
Terms

 

Capitalized terms used in
this Agreement and not specifically defined shall have their respective meanings set forth on Exhibit 1 attached hereto,
which Exhibit 1 is hereby incorporated into this Agreement and made a part hereof by reference.

 

Section 2.     license
and exclusivity

 

2.1          License
to Licensee. Subject to the terms and conditions of this Agreement, Quoin hereby grants to Licensee
an exclusive (even as to Quoin and its Affiliates) royalty-bearing license under the Product Technology and an exclusive right of distribution
(even as to Quoin and its Affiliate), in each case so as to Exploit the Product in the Territory, which license and right shall not be
sublicensable except as set forth in Section 2.2 below.

 

2.2          Sublicense.
The licenses herein granted are not to be sublicensed by Licensee without Quoin’s prior written consent not to be unreasonably
withheld. Quoin hereby consents to a sublicense granted by Licensee to its Affiliate Paladin Labs Inc. For the avoidance of doubt, it
shall not be deemed to be a sublicense for which consent is required to authorize a sub-distributor to whom Licensee or its Affiliates
sells the Product solely to resell such Product to the next level of the trade (eg. a wholesaler such as McKesson).

 

     

     

    

 

2.3          Performance
by Affiliates and Subcontractors. Licensee shall have the right to perform some or all of its
obligations under this Agreement through Affiliates and/or Third Party subcontractors in the Territory; provided, however, that Licensee
shall remain responsible for such performance by its Affiliates and subcontractors and cause its Affiliates and subcontractors to comply
with the terms and conditions of this Agreement in connection with such performance.

 

2.4          Retained
Rights. Quoin retains all rights to the Product Technology that are not licensed to Licensee
hereunder, including the exclusive right to Exploit the Product outside the Territory.

 

2.5          Non-Competition.

 

2.5.1.             During
the Term, Quoin shall not, in any capacity, whether directly, indirectly or through Affiliates, for its own account or for the benefit
of any person or Entity, engage in the manufacture, promotion, sale or distribution of the Product or otherwise Exploit the Product in
the Territory unless authorized in writing by Licensee; provided, however, that nothing herein shall restrict Quoin from performing its
obligations pursuant to this Agreement or the Supply Agreement or from Exploiting the Product outside the Territory.

 

2.5.2.             During
the Term and thereafter until the earlier of (i) the transfer of the Regulatory Approval for the Product in the Territory to Quoin
or its designee as set forth in Section 11.3.3 below or (ii) for a period of sixty (60) days after expiration or termination
of the Term for any reason, Licensee shall not, in any capacity, whether directly, indirectly or through Affiliates, for its own account
or for the benefit of any person or Entity, engage in the development, manufacture, supply, promotion, sale or distribution of a Competing
Product for sale in the Territory unless authorized in writing by Quoin.

 

2.5.3.             The
Parties hereto agree that any breach by either Party of the covenants and agreements contained in this Section 2.5 may result in
irreparable injury to the other Party for which money damages could not adequately compensate it and, therefore, in the event of any
such breach, the non-breaching Party shall be entitled (in addition to any other rights and remedies which it or they may have at law
or in equity) to seek an injunction from any competent court of equity to enjoin and restrain the breaching Party and any other person
or entity involved therein from continuing such breach.

 

2.5.4.             If
any portion of the covenants and agreements contained in this Section 2.5, or the application thereof, is construed to be invalid
or unenforceable, then the other portions of such covenant(s) or agreement(s) or the application thereof shall not be affected
and shall be given full force and effect without regard to the invalid or unenforceable portions. If any covenant or agreement herein
is held to be unenforceable because of the area covered, the duration thereof, or the scope thereof, then the court making such determination
shall have the power to reduce the area and/or duration and/or limit the scope thereof, and the covenant or agreement shall then be enforceable
in its reduced form.

 

    	 	2	 

     

    

 

Section 3.     Regulatory
Approval in the Territory

 

3.1          Licensee
shall use Commercially Reasonable Efforts to obtain all required Regulatory Approvals for the Product for the Initial Indication within
the timelines contemplated in Section 3.4 below.

 

3.2          Ownership
of Regulatory Approvals. All Regulatory Approvals for the Product in the Territory shall be
held by Licensee in its name.

 

3.3          Licensee
shall be responsible for all aspects of preparing, obtaining, and maintaining throughout the Term, at Licensee’s cost and expense,
the Regulatory Approvals in Licensee’s name, including setting the overall regulatory strategy therefor and conducting communications
with Governmental Authorities. Licensee shall determine what information or documentation may be required to complete any forms or applications
necessary to file for the Regulatory Approvals for the Product. For the avoidance of doubt, Licensee shall be responsible for the cost
and expense associated with any further development which may be required in connection with securing the Regulatory Approvals and which
development work Licensee agrees, in its discretion, to undertake, including any supplemental clinical trials. Subject to the foregoing,
upon request from Licensee, Quoin will provide to Licensee reasonable assistance and information that is in the possession of Quoin as
necessary for Licensee to obtain such Regulatory Approvals. Licensee will deliver to Quoin any data or information related to the Product
generated for purposes of submission of the Regulatory Approvals, and a copy of the applications for Regulatory Approvals upon submission.

 

3.4          Quoin
shall promptly advise Licensee upon its receipt of regulatory approval for the Initial Indication in the United States or the European
Union (whichever occurs first). Quoin shall promptly provide Licensee with the full Data Package submitted in connection with such filings.
Licensee shall use Commercially Reasonable Efforts to file for the Regulatory Approvals for the Product for the Initial Indication in
the Territory within nine (9) months following the later of (i) the date of Quoin receiving regulatory approval for such Indication
or (ii) providing to Licensee the full Data Package in respect of its United States or European Union regulatory approval as aforesaid.
In the event that Licensee determines that the Data Package is not sufficient to obtain the Regulatory Approvals, and the additional
information and documentation required makes it unlikely that the Licensee will be able to file for the Regulatory Approvals within such
six-month period, Licensee shall promptly notify Quoin and the Parties will discuss a reasonable timeline for Licensee to compile the
necessary information and documentation and submit the filings for the Regulatory Approvals.

 

3.5          If
Licensee does not file for the Regulatory Approvals (in a form reasonably likely to be approved) for the Initial Indication with applicable
Governmental Authorities in the Territory within nine (9) months following the later of (i) the date of Quoin receiving regulatory
approval in either the United States or the European Union or (ii) providing the Data Package as aforesaid, or such later date as
agreed upon by Quoin, Quoin may, terminate this Agreement in accordance with Section 11.2.2 hereof. If the Regulatory Approvals
for the Initial Indication have not been granted by the applicable Governmental Authorities in the Territory on or before such date which
is 24 months after the date of filing such Regulatory Approvals or such later date as agreed upon by the Parties, Quoin may terminate
this Agreement in accordance with Section 11.2.2 hereof.

 

    	 	3	 

     

    

 

3.6          In
the event that Quoin obtains regulatory approval for any Additional Indication for the Product in the United States or the European Union,
Quoin shall promptly advise the Licensee and provide to the Licensee the full Data Package used in connection with that approval. Licensee
will use Commercially Reasonable Efforts to obtain, as promptly as practicable (but in any event within nine (9) months following
the later of (i) the date that Quoin receives regulatory approval for such Additional Indication and (ii) delivery of such
Data Package), any Regulatory Approvals required to permit the Exploitation of the Product in the Territory for such Additional Indication.
If the Regulatory Approvals for such Additional Indication have not been submitted to the applicable Governmental Authorities in the
Territory on or before such date which is 24 months after the date of filing such Regulatory Approvals or such later date as agreed upon
by the Parties, Quoin may terminate this Agreement in accordance with Section 11.2.2 hereof.

 

3.7          Regulatory
Assistance. Quoin shall make its representatives reasonably available to Licensee to answer
questions relating to such Quoin Know-How until all Regulatory Approvals required in respect of the Product and the Data Package for
all relevant indications have been obtained.

 

3.8          Licensee’s
Rights. Quoin hereby grants to Licensee (and its Affiliates) rights to reference, access and
use, in association with exercising Licensee’s rights and performing its obligations under this Agreement, Quoin’s Data Package
and regulatory approvals outside the Territory that are necessary or required for Regulatory Approval in the Territory. Quoin shall provide
to Licensee, to the extent accessible to and Controlled by Quoin, all necessary and appropriate letters of authorization to applicable
regulatory authorities advising such applicable regulatory authorities of such rights of reference and use.

 

Section 4.     Commercialization

 

4.1          Launch.
So long as the Launch quantities are delivered in accordance with the terms of the Supply Agreement, and no Interfering Event has occurred,
Licensee shall Launch the Product in the Territory within twenty-four (24) months following receipt of approval of the Regulatory Approvals
for the Initial Indication from the Governmental Authorities in the Territory. In the event that Licensee does not Launch the Product
within such time period, Quoin may, terminate this Agreement in accordance with Section 11.2.2.

 

4.2          Commercialization.
Licensee shall use Commercially Reasonable Efforts to market, promote, sell, and otherwise commercialize
the Product in the Territory during the Term. Licensee shall use Commercially Reasonable Efforts to maximize Net Sales in the Territory.
Licensee shall not sell the Product bundled or in combination with any other product without Quoin’s prior written consent.

 

4.3          Sales
Efforts.

 

4.3.1.             If,
within three years following Launch of the Product in the Territory, Quoin determines in its reasonable discretion that Licensee is not
using Commercially Reasonable Efforts to maximize Net Sales in the Territory (with respect to any criteria in Quoin’s reasonable
discretion, including, without limitation, maintaining Regulatory Approvals, placement of the Product in any formulary, Product treatment
with respect to reimbursements and distribution infrastructure), the Parties will meet promptly following notice thereof from Quoin to
discuss and approve a commercially reasonable plan for Licensee to increase its efforts to market, promote, sell, and otherwise commercialize
the Product in the Territory, including sales targets.  If the Parties are unable to reach an agreement with respect to the aforementioned
plan in form satisfactory to Quoin and Licensee failed to achieve at least [****] of the purchases that it set out in its Forecast (as
set forth in the Supply Agreement) for at least two consecutive years within the said three (3) year period, then Quoin may terminate
this Agreement upon written notice to Licensee.

 

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4.3.2.             If,
within three years following Launch of the Product in the Territory, Licensee determines in its reasonable discretion that it is not
in Licensee’s commercial interests to Exploit the Product in the Territory (with respect to any criteria in Licensee’s reasonable
discretion), the Parties will meet promptly following notice thereof from Licensee to discuss and approve a commercially reasonable plan
for Licensee to Exploit the Product in the Territory. If the Parties are unable to reach an agreement with respect to the aforementioned
plan in form satisfactory to them, then Licensee may terminate this Agreement upon written notice to Quoin.

 

4.3.3.             If
Licensee applies for Regulatory Approval for the Product for an indication other than for the Initial Indication or an Additional Indication
as set forth in Section 3.6, which indication is not for the treatment of a rare disease or condition (an “Other Indication”),
Licensee will prepare and deliver to Quoin, for Quoin’s review, input, and approval, a commercialization plan, which plan will
describe the anticipated commercialization activities for such indication in the Territory, including key tactics and specific resources
for implementing those commercialization activities, a three-year sales forecast, and any other information necessary for the successful
commercial Launch and subsequent commercialization of the Product for such indication in the Territory. Quoin will give Licensee the
opportunity to consider and respond to Quoin’s comments on the commercialization plan. Quoin shall not unreasonably withhold its
approval of the commercialization plan. In the event that Quoin does not approve such commercialization plan, the Licensee shall not
proceed to Exploit such Other Indication.

 

4.4          Supply.
Contemporaneously herewith, the Parties have entered into a supply agreement pursuant to which
Quoin will manufacture and supply, or have manufactured and supplied, to Licensee the Product for sale in the Territory during the Term
(the “Supply Agreement”). Licensee and its affiliates shall purchase all of their requirements for the Product from
Quoin.

 

    	 	5	 

     

    

 

Section 5.     Financial
Provisions

 

5.1          Supply
Price.

 

5.1.1.             In
consideration of the supply of the Product by Quoin, Licensee shall pay a Supply Price equal to the aggregate of (i) the Initial
Transfer Price as determined under the Supply Agreement and (ii) the Additional Transfer Price determined under this Agreement.

 

5.1.2.             Additional
Transfer Price. Commencing on the Launch of the Product in the Territory, Licensee shall pay
to Quoin an additional transfer price equal to of Net Sales (the “Additional Transfer Price”). For the avoidance of
doubt, Quoin shall not be required to make any payments to Licensee to the extent Net Sales for any period is negative.

 

5.1.3.             Payment
of Additional Transfer Price; Audits; Records. Within thirty (30) days after the expiration
of each calendar quarter during the Term (including the first and last quarters during such period that may be of lesser duration), Licensee
shall deliver to Quoin a statement for such quarter showing (i) the calculation of Net Sales for the Product sold by Licensee during
such quarter, on an indication by indication basis, and (ii) the Additional Transfer Price for the Product on such sales. Licensee
shall pay any Additional Transfer Price due to Quoin with an additional forty-five (45) days following the delivery to Quoin of the statement
showing such calculation. In order to verify quarterly reports, Quoin or its authorized representative shall be entitled, annually, during
normal business hours and upon reasonable prior written notice to Licensee, to have access to the books and records of Licensee directly
related to the calculation of the Additional Transfer Price. If the inspection reveals that the Additional Transfer Price has been incorrectly
calculated, then any underpayment shall be paid by Licensee and any overpayment shall be paid by Quoin within fifteen (15) calendar days
of such determination. The costs of any such inspection shall be borne by Quoin except when the inspection reveals an underpayment to
Quoin of five percent (5%) or more, in which case Licensee shall reimburse Quoin for the actual out-of-pocket costs of the inspection.

 

5.1.4.             Manner
and Place of Payment. All payments owed by Licensee under this Agreement shall be made in United
States Dollars ($US) by wire transfer in immediately available funds to a bank and account in the United States designated in writing
by Quoin.

 

5.1.5.             Late
Payments. If Quoin does not receive payment of any sum due to it on or before the due date therefor,
simple interest shall thereafter accrue on the sum due to such Party from the due date until the date of payment at a per-annum rate
of prime (as announced by the Bank of Canada from time to time) plus two (2) percentage points or the maximum rate allowable by
Applicable Laws, whichever is less.

 

    	 	6	 

     

    

 

5.2          Withholding
Tax. Licensee will make all payments to Quoin under this Agreement without deduction or withholding
for taxes except to the extent that any such deduction or withholding is required by law in effect at the time of payment. Any tax required
to be withheld on amounts payable by Licensee under this Agreement will be timely paid by Licensee on behalf of Quoin to the appropriate
Governmental Authority, and Licensee will furnish Quoin with the corresponding proof of payment of such tax, as may be required in order
to enable Quoin to request reimbursement or deduction of the withheld amount, or to otherwise comply with its duties. Licensee and Quoin
agree to cooperate to legally minimize and reduce such withholding taxes and provide any information or documentation required by any
taxing authority.

 

5.3          Currency
Conversion. The Additional Transfer Price will be generated in $CAD and paid in $USD. The exchange
rate will be the average of the rates over the course of the relevant calendar quarter, as appropriate, as reported by the Bank of Canada
during such calendar quarter as appropriate, provided that in the event that a reporting period is less than a full calendar quarter,
the exchange rate will be based on the average for the relevant time.

 

Section 6.     Intellectual
Property

 

6.1          Ownership.
The Product Technology shall at all times be and remain the sole property of Quoin subject to the rights granted herein. All Inventions
generated, developed, conceived or reduced to practice by Licensee or on the behalf of Licensee pursuant to this Agreement and related
to the Product Technology are hereby assigned to Quoin. Licensee shall execute all documents necessary or reasonably requested to effect
the assignment of the entire right, title and interest to such Inventions to Quoin.

 

6.2          Product
Patents. Quoin shall have the sole right and obligation to enforce the Product Patents in the
Territory, and shall retain any damages or other amounts collected in connection therewith. Licensee will not take any actions that would
challenge Quoin’s ownership in the Product Patents, or contest the validity of the Product Patents. Such actions would be considered
a breach of the Agreement. Quoin’s legal counsel shall keep Licensee’s legal counsel (retained at Licensee’s option
and sole expense) reasonably informed with respect to material events in the progress and settlement of any enforcement actions to the
extent practicable and permissible under any applicable protective order. Licensee’s counsel may provide input relating to the
management and settlement of such enforcement actions, and Quoin shall consider the suggestions of Licensee’s counsel in good faith.

 

6.3          Product
Trademarks. Quoin shall maintain the Product Trademark registration in the Territory throughout
the Term. All Product sold by Licensee in the Territory shall bear the Product Trademark and Licensee will commercialize the Product
in the Territory under the Product Trademark. Furthermore, Licensee shall only use the Product Trademark in connection with Product supplied
by Quoin. The nature and quality of the Product advertised or sold by Licensee on which a Product Trademark appears shall conform to
quality standards and the specifications in the Quality Agreement and Regulatory Approval. Licensee agrees to cooperate with Quoin to
enable Quoin to verify the nature and quality of the use of the Product Trademarks and that the use of the Product Trademarks is consistent
with the agreed quality standards and specifications. Licensee agrees that in using the Product Trademark in its activities under this
Agreement, it will not represent in any way that it has any right or title to the ownership of the Product Trademark or the registration
therefor. Licensee shall not use the Product Trademark in any way that is intended to diminish, tarnish, disparage, or damage the goodwill
in and to the Product Trademark. When using the Product Trademark, Licensee shall comply with all Applicable Laws. Licensee will not
take any actions that would challenge Quoin’s ownership in the Product Trademark, or contest the validity of the Product Trademark.
Such actions would be considered a breach of the Agreement. All goodwill accruing to the Product Trademark as a result of the use of
the Product Trademark shall belong solely to Quoin. Licensee shall provide to Quoin prompt written notice of any actual or threatened
infringement of the Product Trademark in the Territory and of any actual or threatened claim that the use of the Product Trademark in
the Territory violates the rights of any Third Party, of which Licensee becomes aware. Quoin shall the sole right and obligation to take
such action as Quoin deems necessary against a Third Party based on any alleged, threatened or actual infringement, dilution, misappropriation
or other violation of or unfair trade practices or any other like offense relating to, the Product Trademark by a Third Party in the
Territory at its sole cost and expense and using counsel of its own choice. Quoin shall retain any damages or other amounts collected
in connection therewith.

 

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Section 7.     Regulatory

 

7.1          Throughout
the Term, Licensee shall maintain at its sole cost and expense the Regulatory Approvals for the Product in full force and effect. Licensee
will be responsible for interacting with the relevant Governmental Authorities regarding the Regulatory Approvals. Licensee will provide
Quoin with copies of any material correspondence with any Governmental Authority regarding the Product or Regulatory Approvals in the
Territory within five (5) Business Days of receipt of such correspondence. Licensee shall notify Quoin in advance of any meetings
with or communications with any Governmental Authority related to the Product to the extent they are outside the scope of customary interactions
with Governmental Authorities or may materially and adversely impact the Quoin’s rights or obligations under this Agreement.

 

7.2          The
Parties’ obligations with respect to exchanging and reporting adverse events and other safety information relating to the Product
will be set forth in a Pharmacovigilance Agreement, which will be executed by the Parties within one hundred eighty (180) days prior
to the Launch of the Product.

 

7.3          Licensee
will comply with all Applicable Laws in the Exploitation of the Product in the Territory and the performance of its obligations under
this Agreement.

 

Section 8.     Representations
and Warranties

 

8.1          Quoin
Representation and Warranties. Quoin represents and warrants to Licensee that:

 

8.1.1.          it
is duly organized and validly existing under the Applicable Law of the jurisdiction of its incorporation, and has full corporate power
and authority to enter into this Agreement and to carry out the provisions hereof;

 

8.1.2.          it
is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder, and the Person executing this Agreement
on its behalf has been duly authorized to do so by all requisite corporate action;

 

8.1.3.          this
Agreement is legally binding upon it and enforceable in accordance with its terms and the execution, delivery and performance of this
Agreement by it does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which
it may be bound, nor violate any Applicable Law;

 

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8.1.4.          it
has not granted, and shall not grant during the Term, any right to any Third Party which would conflict with the rights granted to Licensee
hereunder;

 

8.1.5.          Quoin
has informed Licensee about all material information in its possession or control concerning the safety and efficacy of the Products,
and any side effects, injury, toxicity or sensitivity reactions and incidents associated with all uses, studies, investigations or tests
involving the Products (animal or human) throughout the world;

 

8.1.6.          As
of the Effective Date, Quoin is not aware of any facts that would reasonably lead it to conclude that the Products will be unable to
receive Regulatory Approval other than those which has already been disclosed to Licensee;

 

8.1.7.          Products
shall be manufactured in accordance with the Specifications therefore and shall be manufactured, packaged, stored and shipped by Quoin
in accordance with all laws and regulations applicable to the Territory and to the country in which the Products are manufactured, including
GMP;

 

8.1.8.          Quoin
has, and will continue during the Term to have the full and unfettered right to grant to Licensee all of the rights granted to it hereunder
and to satisfy the purpose of this Agreement;

 

8.1.9.          Quoin
has and will continue during the Term to have all of the rights necessary to enter into this Agreement and to grant the exclusive and
non-exclusive licenses hereunder and for avoidance of doubt no party other than the Quoin has or will have any right, title or interest
in or to the Products in the Territory;

 

8.1.10.        The
Product Technology licensed hereunder is valid and enforceable and are owned or validly licensed by Quoin; and

 

8.1.11.        Quoin
has not received any notice that the manufacture, sale, or use of the Products in the Territory infringes upon any intellectual property
rights of any Third Parties in the Territory.

 

8.2          Licensee
Representation and Warranties. Licensee represents and warrants to Quoin that:

 

8.2.1.          it
is duly organized and validly existing under the Applicable Law of the jurisdiction of its incorporation, and has full corporate power
and authority to enter into this Agreement and to carry out the provisions hereof;

 

8.2.2.          it
is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder, and the Person executing this Agreement
on its behalf has been duly authorized to do so by all requisite corporate action;

 

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8.2.3.          this
Agreement is legally binding upon it and enforceable in accordance with its terms and the execution, delivery and performance of this
Agreement by it does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which
it may be bound, nor violate any Applicable Law;

 

8.2.4.          None
of Licensee’s employees or to its knowledge, those of its consultants or contractors who are engaged in the Exploitation of the
Product: (a) is debarred under Section 306(a) or 306(b) of the Food Drug and Cosmetics Act or by the analogous applicable
Laws of any Governmental Authority; (b) has, to Licensee’s knowledge, been charged with, or convicted of, any felony or misdemeanor
within the ambit of 42 U.S.C. §§ 1320a-7(a), 1320a-7(b)(l)-(3), or pursuant to any analogous applicable Laws, or is proposed
for exclusion, or is the subject of exclusion or debarment proceedings by a Governmental Authority; or (c) is excluded, suspended
or debarred from participation, or is otherwise ineligible to participate, in any U.S. or non-U.S. healthcare programs, or is excluded,
suspended or debarred by any Governmental Authority from participation, or is otherwise ineligible to participate, in any procurement
or nonprocurement programs. Without limiting the foregoing, Licensee hereby represents and warrants, and covenants, as the case may be,
that as of the Effective Date and throughout the Term of the Agreement, neither it nor any of its officers, directors or Affiliates is
or shall be prohibited by any law, rule or regulation or by any order, directive or policy from manufacturing or selling (as the
case may be) pharmaceutical products within the Territory.

 

8.3          No
Other Representations and Warranties. EXCEPT FOR THE REPRESENTATIONS OR WARRANTIES EXPRESSLY
SET FORTH IN THIS AGREEMENT, EACH PARTY HEREBY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN.

 

Section 9.     Confidentiality

 

9.1          At
all times during the Term and for a period of three (3) years following termination or expiration hereof in its entirety, each Party
shall and shall cause its officers, directors, employees and agents and sublicensees to, keep confidential and not publish or otherwise
disclose to a third party and not use, directly or indirectly, for any purpose, any Proprietary Information furnished or otherwise made
known to it, directly or indirectly, by another Party, except to the extent such disclosure or use is expressly permitted by the terms
of this Agreement.

 

9.2          Each
Party (the “Receiving Party”) may disclose Proprietary Information of either of the other Party (each, a “Disclosing
Party”) to the extent that such disclosure is:

 

9.2.1.             made
in response to a valid order of a court of competent jurisdiction or other supra-national, federal, national, regional, state, provincial
and local governmental or regulatory body of competent jurisdiction or, if in the reasonable opinion of the Receiving Party’s legal
counsel, such disclosure is otherwise required by law, including by reason of filing with securities regulators; provided, however,
that the Receiving Party shall, to the extent practicable, first have given notice to the Disclosing Party and given the Disclosing Party
a reasonable opportunity to quash such order or to obtain a protective order or confidential treatment requiring that the Proprietary
Information and documents that are the subject of such order be held in confidence by such court or agency or, if disclosed, be used
only for the purposes for which the order was issued; and provided, further, that the Proprietary Information disclosed in response
to such court or governmental order shall be limited to that information which is legally required to be disclosed in response to such
court or governmental order;

 

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9.2.2.             made
by or on behalf of the Receiving Party to the Governmental Authorities as required in connection with any filing, application or request
for approval of the Regulatory Approvals or other permit related to the Exploitation of the Product; provided, however, that reasonable
measures shall be taken to assure confidential treatment of such information to the extent practicable and consistent with Applicable
Law; or

 

9.2.3.             made
by or on behalf of the Receiving Party to potential or actual investors, acquirers, licensees or sublicensees as may be necessary in
connection with their evaluation of such potential or actual investment, acquisition, license or sublicense; provided, however,
that such persons shall be subject to obligations of confidentiality and non-use with respect to such Proprietary Information substantially
similar to the obligations of confidentiality and non-use of the receiving Party pursuant to this Section 9.2.

 

9.3          No
Party shall issue any general press release or make any public statement with respect to this Agreement without the consent of the other
Party, except as may be required by Applicable Law or the rules of any applicable stock exchange.

 

Section 10.     Indemnification

 

10.1        Quoin’s
Indemnification. Quoin shall indemnify Licensee and its directors, officers, employees, and
agents, and defend and save each of them harmless, from and against any and all losses, damages, liabilities, costs, and expenses (including
reasonable attorneys’ fees and expenses) (collectively, “Losses”) incurred in connection with any and all suits,
investigations, claims or demands of Third Parties (collectively, “Third Party Claims”) arising from, relating to,
or occurring as a result of: (a) the breach by Quoin of this Agreement; (b) the negligence, gross negligence, or willful misconduct
on the part of Quoin or its directors, officers, employees or agents in performing its or their obligations under this Agreement; (c) any
claim of infringement or inducement of infringement of the intellectual property rights of any Third Party resulting from the use of
the Product Trademark in the Exploitation of the Product in the Territory; or (d) any claim for personal injury, death or property
damage arising from the use of the Product by any person except, in each case ((a), (b) (c) or (d)), for those Losses for which
Licensee has an obligation to indemnify Quoin pursuant to Section 10.2 hereof, as to which Losses each Party shall indemnify the
other to the extent of their respective liability.

 

10.2        Licensee’s
Indemnification. Licensee shall indemnify Quoin and its directors, officers, employees, and
agents, and defend and save each of them harmless, from and against any and all Losses incurred in connection with any and all Third
Party Claims arising from, relating to, or occurring as a result of: (a) the breach by Licensee of this Agreement; (b) the
negligence, gross negligence, or willful misconduct on the part of Licensee or its directors, officers, employees or agents in performing
its or their obligations under this Agreement; or (c) the Exploitation of the Product by Licensee in the Territory; except, in each
case ((a), (b) and (c)), for those Losses for which Quoin has an obligation to indemnify Licensee pursuant to Section 10.1
hereof, as to which Losses each Party shall indemnify the other to the extent of their respective liability.

 

    	 	11	 

     

    

 

10.3        Indemnification
Procedures. With respect to each event, occurrence or matter (an “Indemnification Matter”)
as to which Quoin or Licensee, as the case may be (the “Indemnitee”) is entitled to indemnification from the other
Party (the “Indemnitor”) under this Section 10:

 

10.3.1.          Within
ten (10) days after the Indemnitee receives written documents underlying the Indemnification Matter or, if the Indemnification Matter
does not involve a third party action, suit, claim or demand, promptly after the Indemnitee first has actual knowledge of the Indemnification
Matter, the Indemnitee shall give notice to the Indemnitor of the nature of the Indemnification Matter and the amount demanded or claimed
in connection therewith (“Indemnification Notice”), together with copies of any such written documents.

 

10.3.2.          If
a third party action, suit, claim or demand is involved, then, upon receipt of the Indemnification Notice, the Indemnitor shall, at its
expense and through counsel of its choice, promptly assume and have sole control over the litigation, defense or settlement (the “Defense”)
of the Indemnification Matter, except that (i) the Indemnitee may, at its option and expense and through counsel of its choice,
participate in (but not control) the Defense; (ii) if the Indemnitee reasonably believes that the handling of the Defense by the
Indemnitor may have a material adverse effect on the Indemnitee, its business or financial condition, or its relationship with any customer,
prospect, supplier, employee, salesman, consultant, agent or representative, then the Indemnitee may, at its option and expense and through
counsel of its choice, assume control of the Defense, provided that the Indemnitor shall be entitled to participate in the Defense at
its expense and through counsel of its choice; (iii) the Indemnitor shall not consent to any Judgment, or agree to any settlement,
without the Indemnitee’s prior written consent; and (iv) if the Indemnitor does not promptly assume control over the Defense
or, after doing so, does not continue to prosecute the Defense in good faith, the Indemnitee may, at its option and through counsel of
its choice, but at the Indemnitor’s expense, assume control over the Defense. In any event, the Indemnitor and the Indemnitee shall
fully cooperate with each other in connection with the Defense including by furnishing all available documentary or other evidence as
is reasonably requested by the other.

 

10.3.3.          All
amounts owed by the Indemnitor to the Indemnitee (if any) shall be paid in full within fifteen (15) Business Days after a final Judgment
(without further right of appeal) determining the amount owed is rendered, or after a final settlement or agreement as to the amount
owed is executed.

 

10.4            Disclaimer
of Certain Losses. EXCEPT (i) IN THE EVENT OF THE FRAUD OF A PARTY OR OF A PARTY’S
BREACH OF ITS OBLIGATIONS UNDER SECTION 9, (ii) TO THE EXTENT ANY SUCH DAMAGES ARE REQUIRED TO BE PAID TO A THIRD PARTY AS
PART OF A CLAIM FOR WHICH A PARTY PROVIDES INDEMNIFICATION UNDER THIS SECTION 10, NEITHER PARTY NOR ANY OF ITS AFFILIATES SHALL
BE LIABLE IN CONTRACT, TORT, NEGLIGENCE, BREACH OF STATUTORY DUTY OR OTHERWISE FOR ANY INDIRECT, INCIDENTAL, PUNITIVE, REMOTE OR
SPECULATIVE DAMAGES OR OTHER DAMAGES (INCLUDING LOST PROFITS) THAT ARE NOT PROBABLE AND REASONABLY FORESEEABLE.

 

    	 	12	 

     

    

 

10.6        Insurance.
Licensee shall have and maintain such types and amounts of insurance covering its Exploitation
of the Product in the Territory as is (i) normal and customary in the pharmaceutical industry generally for parties similarly situated
and (ii) otherwise required by applicable Law. Licensee may also determine to self-insure (including self-insurance through one
or more Affiliates). Upon request by Quoin, Licensee shall provide to Quoin evidence of its insurance coverage.

 

Section 11.     Term
and Termination

 

11.1        Term.
This Agreement shall commence on the Effective Date and shall continue in effect for fifteen (15) years from Launch, unless earlier terminated
in accordance with this Section 10. This Agreement shall automatically renew for successive, consecutive additional terms of two
(2) years each, unless a Party sends a notice of non-renewal to the other at least six (6) months prior to the expiry of the
then current Term.

 

11.2        Early
Termination.

 

11.2.1.          The
Parties can terminate this Agreement upon mutual written agreement of the Parties.

 

11.2.2.          Quoin
can terminate this Agreement pursuant to Sections 3.5, 3.6 or Section 4.1 or 4.3 hereof upon written notice to Licensee.

 

11.2.3.          Each
Party shall have the right to terminate this Agreement upon written notice to the other Party if the other Party has materially breached
this Agreement and, after receiving written notification from the terminating Party identifying such material breach in reasonable detail,
the breaching Party fails to cure such material breach within thirty (30) calendar days from the date of such notice.

 

11.2.4.          Each
Party shall have the right to terminate this Agreement upon the filing or institution of any bankruptcy, reorganization, liquidation
or receivership proceedings by another Party, or upon the failure by such other Party for more than ninety (90) days to discharge or
obtain the dismissal of any such actions filed against it. Such termination shall be effective upon receipt of notice from the Party
not involved in such event.

 

11.3        Effects
of Expiration or Termination.

 

11.3.1.          Upon
expiration or termination of this Agreement, all rights granted by Quoin to Licensee shall revert to Quoin.

 

    	 	13	 

     

    

 

11.3.2.          Expiration
or termination of this Agreement for any reason shall not release either Party of any obligation or liability which, at the time of such
expiration or termination, has already accrued to the other Party or which is attributable to a period prior to such expiration or termination.

 

11.3.3.          Upon
expiration or termination of this Agreement for any reason:

 

(a)          Licensee
shall, as soon as possible following such termination or expiration, take all actions required and execute all documents required (including
any actions or documents requested by Quoin) to transfer the Regulatory Approvals for the Product in the Territory to Quoin or Quoin’s
designee free and clear of any liens or encumbrances at the earliest possible time following such termination or expiration. Licensee
shall promptly deliver to Quoin copies of all Regulatory Documentation related to the Product;

 

(b)          At
Quoin’s request, Licensee will take reasonable steps to facilitate the on-going supply of Product to patients using the Product
until the transfer of the Regulatory Approvals for the Product has been approved by the applicable Governmental Authorities.

 

11.3.4.          Disposition
of Inventory. Upon expiry or termination of this Agreement by Licensee due to a breach by Quoin,
Licensee and its Affiliates will be entitled, during the period ending on the last day of the twelfth (12th) month, following the effective
date of such termination or until the Regulatory Approval has been transferred to Quoin or their designee whichever is earlier, to sell
any inventory of Product affected by such termination or expiry that remains on hand as of the effective date of the termination or expiry
or is delivered afterwards, so long as Licensee pays the Additional Transfer Price applicable to said subsequent sales, with respect
to sales in the Territory, as applicable, in accordance with the terms and conditions set forth in this Agreement and otherwise complies
with the terms set forth in this Agreement Upon termination of this Agreement by Quoin due to breach by Licensee, Quoin shall have the
right (but not the obligation) to purchase any remaining inventory at Licensee’s landed cost.

 

11.4        Surviving
Obligations. Sections 2.4, 2.5.2, 2.5.3, 2.5.4, 5.1.3, 5.1.4, 5.1.5, 5.2, 5.3, 8.1.7, 9,
10, 11 and 12 of this Agreement shall survive the termination or expiration of this Agreement for any reason.

 

Section 12.     Other
Provisions

 

12.1        Fees
and Expenses. Subject to the parties indemnification rights, Licensee shall pay all of the fees
and expenses incurred by it and Quoin shall pay all of the fees and expenses incurred by Quoin, in negotiating and preparing this Agreement
and in consummating the transactions contemplated hereby.

 

    	 	14	 

     

    

 

12.2        Notices.
Any notices, requests, demands or other communications required or permitted to be sent hereunder
shall be delivered personally or by facsimile, sent by overnight or international courier or mailed by registered or certified mail,
return receipt requested, to the following addresses, and shall be deemed to have been received on the day of personal delivery or delivery
by facsimile, one Business Day after deposit with an overnight domestic courier or three Business Days after deposit in the mail:

 

	If to Licensee:	Endo Ventures
    Limited
	 	First Floor, Minerva House
	 	Simmonscourt Road, Ballsbridge
	 	Dublin 4, Ireland
	Attention:	Legal Department
	Email:	bolger.marietherese@endo.com
	 	 
	With a copy to:	Paladin Labs Inc.
	 	100 Alexis Nihon Boulevard,
    Suite 600
	 	Saint-Laurent, QC H4M 2P2
	 	Canada
	Attention:	Isabelle Trempe
	Email:	Trempe.Isabelle@endo.com
	 	 
	With a copy to:	Davies Ward Phillips &
    Vineberg
	 	1501 McGill College Avenue,
    26th Floor
	 	Montreal
	 	Quebec, H3A 3N9
	 	Canada
	Attention:	Hillel W. Rosen
	Email:	hrosen@dwpv.com

 

	If to Quoin:	Quoin Pharmaceuticals
    Inc. 
	 	42127 Pleasant Forest Court
	 	Ashburn, VA 20148
	Attention:	Michael Myers Ph.D.
	Email:	Mmyers@quoinpharma.com
	 	 
	With a copy to:	Blank Rome LLP
	 	One Logan Square, 130 N
    18th St.
	 	Philadelphia, PA 19103-6998
	Attention:	Peter I Tsoflias, Esq.
	Email:	PTsoflias@blankrome.com

 

12.3        Entire
Understanding. This Agreement, together with the Exhibits and Schedules hereto, state the entire
understanding among the parties with respect to the subject matter hereof, and supersede all prior oral and written communications and
agreements, and all contemporaneous oral communications and agreements, with respect to the subject matter hereof including all confidentiality
letter agreements and letters of intent previously entered into among some or all of the parties hereto. No amendment or modification
of this Agreement shall be effective unless in writing and signed by the party against whom enforcement is sought.

 

    	 	15	 

     

    

 

12.4        Assignment.
This Agreement shall bind, benefit, and be enforceable by and against Licensee, Quoin, and each
of their respective successors and consented-to assigns. No party shall in any manner assign any of such party’s rights or obligations
under this Agreement without the express prior written consent of the other parties unless to an affiliate not to be unreasonably withheld
or delayed.

 

12.5        Waivers.
Except as otherwise expressly provided herein, no waiver with respect to this Agreement shall
be enforceable unless in writing and signed by the party against whom enforcement is sought. Except as otherwise expressly provided herein,
no failure to exercise, delay in exercising, or single or partial exercise of any right, power or remedy by any party, and no course
of dealing between or among any of the parties, shall constitute a waiver of, or shall preclude any other or further exercise of, any
right, power or remedy.

 

12.6        Severability.
If any provision of this Agreement is construed to be invalid, illegal or unenforceable, then
the remaining provisions hereof shall not be affected thereby and shall be enforceable without regard thereto.

 

12.7        Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed
and delivered shall be an original hereof, and it shall not be necessary in making proof of this Agreement to produce or account for
more than one counterpart hereof.

 

12.8        Section Headings.
Section and subsection headings in this Agreement are for convenience of reference only,
do not constitute a part of this Agreement, and shall not affect its interpretation.

 

12.9        References.
All words used in this Agreement shall be construed to be of such number and gender as the context
requires or permits.

 

12.10      Controlling
Law. THIS AGREEMENT IS MADE UNDER, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF New York, UNITED STATES OF AMERICA, APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED SOLELY THEREIN, WITHOUT GIVING
EFFECT TO PRINCIPLES OF CONFLICTS OF LAW.

 

    	 	16	 

     

    

 

12.11      Arbitration.
If a matter cannot be resolved by the Parties, any said dispute shall be submitted to binding
arbitration for final decision, and only through binding arbitration. Any such arbitration shall be held in New York, New York, in the
English language in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce (the “ICC
Rules”), except where those rules conflict with this Section 12.11, in which case this Section 12.11 controls.
Unless otherwise agreed by the Parties, the tribunal shall be comprised of three (3) arbitrators; each Party shall nominate one
arbitrator and the two Party-nominated arbitrators shall nominate the third arbitrator. The arbitrators shall decide the merits of any
dispute in accordance with the law governing this Agreement, without application of any principle of conflict of laws that would result
in reference to a different law. Judgment upon the award rendered by the arbitrators may be entered or enforced in any court having jurisdiction
thereof. The decision of the arbitrators shall be final and binding on the Parties and shall be accompanied by a written opinion of the
arbitrators explaining the arbitrators’ rationale for their decision. Unless otherwise agreed by the Parties in writing, the Party
losing the arbitration shall pay all fees and costs of the arbitrators and the ICC, but each Party shall bear its own attorney and expert
fees. The Parties agree that, notwithstanding any provision of Applicable Law, they will not request, and the arbitrators shall have
no authority to award, punitive or exemplary damages against either Party. Pending the selection of the arbitrators or pending the arbitrators’
determination of the merits of any dispute, either Party may seek appropriate interim or provisional relief from any court of competent
jurisdiction as necessary to protect the rights or property of that Party. The intent of the Parties is that except for seeking appropriate
interim or provisional relief or the entering of an arbitration order in a court of competent jurisdiction, disputes shall be resolved
finally in arbitration as provided above, without appeal, and without recourse to litigation in the courts. The Parties acknowledge that
the 1958 United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York Convention”)
applies to this Agreement and to any arbitral award or order resulting from any arbitration concluded hereunder.  The award may
be made a judgment of a court of competent jurisdiction.

 

12.12      No
Third-Party Beneficiaries. No provision of this Agreement is intended to or shall be construed
to grant or confer any right to enforce this Agreement, or any remedy for breach of this Agreement, to or upon any Person other than
the parties hereto including any customer, prospect, supplier, employee, contractor, salesman, agent or representative of the Quoin.

 

12.13      Neutral
Construction. In view of the fact that each of the parties hereto have been represented by their
own counsel and this Agreement has been fully negotiated by all parties, the legal principle that ambiguities in a document are construed
against the draftsperson of that document shall not apply to this Agreement.

 

12.14      Costs
in Event of Breach. In the event that either party hereto breaches this Agreement, the non-breaching
party shall be entitled to reimbursement of all costs and expenses associated with enforcing such non-breaching parties rights and remedies
under this Agreement, including but not limited to reasonable legal fees and costs of litigation.

 

[Signature page follows]

 

    	 	17	 

     

    

 

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

 

	 	Quoin Pharmaceuticals, INC.
	 	 
	 	 
	 	by	/s/ Dr. Michael Myers
	 	 	Name:	Dr. Michael Myers
	 	 	Title:	CEO
	 	 	 
	 	Endo Ventures Limited
	 	 
	 	 
	 	by	/s/ Marie-Therese Bolger
	 	 	Name:	Marie-Therese Bolger
	 	 	Title:	Director

 

[Signature page to License and Distribution
Agreement]

 

    	 	18	 

     

    

 

EXHIBIT 1

 

DEFINED TERMS

 

“Additional Indication” means any indication
other than the Initial Indication.

 

“Applicable Law” means all applicable Laws,
rules, and regulations of any Governmental Authority pertaining to the development, manufacture, packaging, labeling, storage, import,
export, distribution, marketing, sale and/or intended use of the Product in the Territory and the activities of either Party in performing
any covenants under this Agreement.

 

“Commercially Reasonable Efforts” means
the carrying out of such obligations or tasks with a level of effort and resources consistent with commercially reasonable practices
normally devoted by Licensee’s Affiliate in the Territory and based on conditions then prevailing including issues of safety and
efficacy, product profile, competitiveness of alternative products in the market place, pricing and reimbursement for the Product, the
likely timing of the Product’s entry into the market and other relevant technical and commercial factors.

 

“Competing Product” means any product that
is approved as a drug for the treatment of the same indication for which the Product is approved in the Territory of and is directly
competitive with the Product.

 

“Control” means, with respect to any particular
Intangible, possession by the Party granting the applicable right, license, access or release to the other Party as provided herein of
the power and authority, whether arising by ownership, license, or other authorization, to disclose and deliver the particular Intangible
to the other Party, and to grant and authorize under such Intangible the right, license, access or release, as applicable, of the scope
granted to such other Party in this Agreement without giving rise to any violation of the terms of any written agreement with any Third
Party existing at the time such disclosure is first made or such right, license, access or release first comes into effect hereunder.
 “Controlled” and “Controlling” have their correlative meanings.

 

“Data Package” means
the documentation containing information regarding the Product and the processes, techniques, studies, and data in connection with
the Product and documentation for the Product, as prepared by Quoin to obtain approval of the marketing authorization for the Product
(including approval in respect to the Initial Indication and any Additional Indication) in the United States and Europe.

 

“Entity” means any corporation (including
any non-profit corporation), general partnership, limited partnership, limited liability partnership, joint venture, estate, trust, company
(including any company limited by shares, limited liability company or joint stock company), firm, society or other enterprise, association,
organization or entity.

 

    	 	19	 

     

    

 

“Exploit” means to
develop, have developed, import, warehouse, release, distribute, sell, offer for sale, commercialize, register, manufacture, have manufactured,
hold or keep (whether for disposal or otherwise), use, have used, import, export, transport, distribute, or otherwise dispose of. “Exploitation”
means the act of Exploiting a product.

 

“Governmental Authority” means any: (a) nation,
principality, republic, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature;
(b) federal, state, local, municipal, foreign or other government; (c) governmental or quasi-governmental authority of any
nature, and any governmental division, subdivision, department, agency, bureau, branch, office, commission, council, board, instrumentality,
officer, official, representative, organization, unit, body or Entity and any court or other tribunal); (d) multi-national organization
or body; or (e) individual, Entity or body exercising, or entitled to exercise, any executive, legislative, judicial, administrative,
regulatory, police, military or taxing authority or power of any nature.

 

“Improvements” means any new indications,
dosage strengths, reformulations, line extensions or other advances in, modifications or improvements to the Product.

 

“Including” means including but not limited
to.

 

“Initial Indication” means the treatment
of Netherton Syndrome in humans in the Territory.

 

“Intangible” means any and all of the following
and any and all rights and interests in, arising out of, or associated therewith, throughout the world: (a) all Inventions (whether
patentable or not), (b) all Know-How (c) all Product Patents; (d) the Product Trademark; (e) Proprietary Information,
(f) all logos, symbols, trade dress, and slogans, and all goodwill associated therewith and/or symbolized thereby; (g) all
databases and data collections and all rights therein; (h) all moral, integrity, paternity, and economic rights of authors and inventors,
however denominated; and (i) any similar or equivalent rights to any of the foregoing, including any intangible asset of any nature,
whether or not in use, under development or design, or inactive.

 

“Interfering Event” means any of the following
events: (i) any Applicable Law that prohibits the commercialization of the Product in the Territory; (ii) pending litigation
concerning the Regulatory Approval or the Product in the Territory; or (iii) any litigation threatened in writing by a Third Party
that the development or manufacture of the Product infringes any intellectual property rights of any Third Party.

 

“Inventions” means any inventions and/or
discoveries, including information, processes, methods, assays, designs, protocols, and formulas, and improvements or modifications thereof,
patentable or otherwise, that are generated, developed, conceived or reduced to practice by or on behalf of a Party or their respective
sublicensees pursuant to activities conducted under this Agreement or otherwise with respect to the Product, in each case including all
rights, title and interest in and to the intellectual property rights therein and thereto.

 

“Judgment” means any order, writ, injunction,
citation, award, decree or other judgment of any nature of any Governmental Authority.

 

    	 	20	 

     

    

 

“Know-How” means with respect to the Product
all of the following: manufacturing protocols and methods, product specifications, analytical methods and assays, processes, formulations,
product designs, plans, trade secrets, ideas, concepts, manufacturing information, engineering and other manuals and drawings, standard
operating procedures, flow diagrams, chemical data, pharmacological data, pharmacokinetic data, toxicological data, pharmaceutical data,
physical and analytical data, safety data, quality assurance data, quality control and clinical data, technical information, other data,
and research records.

 

“Launch” means the date of the first arms-length
sale for monetary value of the Product for use or consumption by the end user following receipt of the Regulatory Approvals provided that sales for purposes of establishing pricing Approval shall not constitute a Launch.

 

“Law” means any provision of any foreign,
federal, state or local law, statute, ordinance, charter, constitution, treaty, code, rule, regulation or guideline, including common
law.

 

“Net Sales” means the
gross amounts invoiced for sales of the Product by or on behalf of Licensee and its affiliates or permitted transferees, licensees and
sublicensees (each a “Selling Party”) to Third Parties in the Territory, less the following deductions (the “Sales
Deductions”), to the extent accrued or actually taken in accordance with GAAP (as generally and consistently applied by Selling
Party):

 

(a)          normal
and customary trade, quantity and prompt pay discounts accrued or actually allowed and taken with respect to sales of the Product;

 

(b)          refunds,
credits, allowances and other similar adjustments given or made for rejection or return of previously sold Product or for retroactive
price reductions and billing errors;

 

(c)          rebates,
coupons, and chargeback payments actually granted to managed health care organizations, pharmacy benefit managers (or equivalents thereof),
national, state/provincial, local, and other governments, their agencies and reimbursers, or to trade customers;

 

(d)          costs
of freight, insurance, and other transportation charges directly related to the distribution of such Product;

 

(e)          Taxes,
duties or other governmental charges (including any Tax such as a value added or similar Tax, but excluding any Taxes based on income)
levied on or measured by the billing amount for the Product, as adjusted for rebates and refunds; and

 

(f)          credits
or allowances given to customers for recalls or, on account of retroactive price reductions affecting the Product.

 

    	 	21	 

     

    

 

In no event will any particular
amount identified above be deducted more than once in calculating Net Sales. Sales of Product between Licensee and its affiliates or
any other Selling Party for resale are excluded from the computation of Net Sales, but the subsequent resale of such Product to a Third
Party is included within the computation of Net Sales. For purposes of determining Net Sales, the Product shall be deemed sold when invoiced
and a “sale” shall not include transfers or dispositions of such Product for pre-clinical or non-commercial clinical purposes,
as samples or under named patient use, compassionate use, patient assistance, or test marketing programs or other similar programs or
studies.

 

“Patents” means: (i) all
national, regional and international patents and patent applications, including provisional patent applications; (ii) all patent
applications filed either from such patents, patent applications or provisional applications or from an application claiming priority
from either of the foregoing, including divisionals, continuations, continuations-in-part, provisionals, and converted provisionals;
(iii) any and all patents that have issued or in the future issue from the foregoing patent applications ((i) and (ii)), including
utility models, petty patents, innovation patents and design patents and certificates of invention; (iv) any and all extensions
or restorations by existing or future extension or restoration mechanisms, including revalidations, reissues, re-examinations and extensions
(including any supplementary protection certificates and the like) of the foregoing patents or patent applications ((i), (ii) and
(iii)); and (v) any similar rights, including so-called pipeline protection or any importation, revalidation, confirmation or introduction
patent or registration patent or patent of additions to any of such foregoing patent applications and patents.

 

“Person” means any individual, Entity or
Governmental Authority.

 

“Pricing Approval”
means any and all pricing and Third Party reimbursement approvals necessary to commercialize the Product in the Territory.

 

“Product” means pharmaceutical product QRX003
in finished dosage form for human use and all Improvements thereto.

 

“Product Patents” means any Patent Controlled
or owned by Quoin in the Territory that, absent the license in Section 2.1, would be infringed by the importation, sale, or use
of the Product in the Territory by a third party.

 

“Product Trademark” means any trademark
and/or trademarks under which the product will be marketed by the Licensee in the Territory, as it shall be determined and indicated
in due time by Quoin to Licensee and which sall be the sole and exclusive proporty of Quoin.

 

“Product Technology” means all Intangibles
owned or Controlled by Quoin and necessary or useful for the Exploitation of the Product in the Territory, including, without limitation,
the Data Package and the Product Trademark.

 

“Proprietary Information” means all financial
information, marketing information, sales information, customer information, raw materials, Know-How, drawings, compositions, manufacturing
and other specifications, analytical procedures, flow sheets, reports, market studies, preclinical and clinical test results, regulatory
submissions, software and other medical, research, technical, and marketing information disclosed, directly or indirectly, by a Party
to any other Party, information designated “Confidential,” “Proprietary” or the like, or information that by
its nature is information normally intended to be held in confidence. Proprietary will not include information (a) in the public
domain at the time of disclosure, (b) published or otherwise part of the public domain after disclosure other than by breach of
this Agreement by the receiving party, (c) already known by the receiving party at the time of disclosure and not acquired, directly
or indirectly, from the disclosing party or anyone on behalf of the disclosing party, provided that the source of such information was
not known by the receiving party or any of its representatives to be bound by a confidentiality agreement with respect to such information,
and such prior knowledge is properly demonstrated by the receiving party’s written records, or (d) lawfully provided to the
receiving party by a third party who did not require the receiving party to hold the same in confidence and who did not acquire such
information, directly or indirectly, from the disclosing party or anyone on behalf of the disclosing party as demonstrated by the receiving
party’s written records. For clarity, the Data Package and the Product Technology shall be considered Proprietary Information of
Quoin.

 

    	 	22	 

     

    

 

“Regulatory Approvals” shall mean the licenses,
permits, registrations, clearances, consents, authorizations, and approvals required by the applicable Governmental Authority to have
import, store, transport, market, promote, sell, place on the market, and distribute the Product (including, without limitation labeling
approvals) in the Territory, and all amendments thereto or supplements thereof.

 

“Regulatory Documentation” means all (a) regulatory
filings and supporting documents, chemistry, manufacturing and controls data and documentation (including, but not limited to, batch
records, master batch production records, standard operating procedures relevant to the Product, testing logs, sample logs, laboratory
logs, and stability logs), preclinical and clinical studies and tests, (b) records maintained under record keeping or reporting
requirements of any Governmental Authority with respect to the Product, the Regulatory Approvals, or any other permit related to the
Exploitation of the Product, (c) the complete complaint, adverse event and medical inquiry filings with respect to the Product,
(d) all documentation relating to any Governmental Authority inspections relating to the Product and any communication with any
Governmental Authority relating to the Product, the Regulatory Approvals, or any permit related to the Exploitation of the Product, including
correspondence and minutes of telephone calls or meetings.

 

“Specifications” means the standards, instructions,
and specifications applicable to the manufacture and supply of the Product as set forth in the Regulatory Approvals for the Product.

 

“Tax” means (a) any foreign, federal,
state or local income, earnings, profits, gross receipts, franchise, capital stock, net worth, sales, use, value added, occupancy, general
property, real property, personal property, intangible property, transfer, fuel, excise, payroll, withholding, workers compensation,
unemployment compensation, social security, retirement, escheat, unclaimed property or other tax of any nature; (b) any foreign,
federal, state or local organization fee, qualification fee, annual report fee, filing fee, occupation fee, assessment, sewer rent or
other fee or charges of any nature; or (c) any deficiency, interest or penalty imposed with respect to any of the foregoing.

 

“Territory” means Canada.

 

“Third Parties” means any Person other than
Licensee, Quoin, any of their respective affiliates or any of their respective successors or assigns.

 

    	 	23Exhibit 10.3

 

THE SYMBOL “[****]” DENOTES
PLACES WHERE CERTAIN IDENTIFIED

INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE

IT IS BOTH (i) NOT MATERIAL, AND (ii) THE
TYPE THAT THE REGISTRANT

TREATS AS PRIVATE OR CONFIDENTIAL

 

SUPPLY AGREEMENT

 

This Supply Agreement (this
 “Agreement”), dated as of July 14, 2022 (“Effective Date”), is by and between by and between
Quoin Pharmaceuticals, Inc., a Delaware corporation located at 42127 Pleasant Forest Court, Ashburn, VA 20148 (“Quoin”)
and Endo Ventures Limited, a company duly incorporated under the laws of Ireland, with its principal place of business at First Floor,
Minerva House, Simmonscourt Road, Ballsbridge, Dublin 4, Ireland (“Licensee”). Quoin and Licensee are sometimes
referred to herein individually as a “Party,” and together as the “Parties.”

 

WITNESSETH:

 

WHEREAS,
Quoin and Licensee are parties to that certain License and Distribution Agreement, dated ____ (“License Agreement”),
pursuant to which Quoin granted to Licensee an exclusive license under the Product Technology for Licensee to obtain the Regulatory Approvals
and Exploit the Product in the Territory, subject to the terms of the License Agreement;

 

WHEREAS,
Section 4.4 of the License Agreement provides that the Parties shall enter into a commercial supply agreement pursuant to which
Quoin will manufacture and supply, or have manufactured and supplied, to Licensee the Product for sale in the Territory; and

 

WHEREAS,
the Parties now desire to enter into this Supply Agreement to establish the terms and conditions under which Quoin will have the Product
manufactured and supplied to Licensee for sale in the Territory.

 

NOW,
THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the Parties hereto agree as follows:

 

Article I

 

DEFINITIONS

 

Section 1.1           Definitions.
Capitalized terms used in this Agreement have the meanings specified in Schedule 1 to this Agreement. As used herein the words “including”
or “includes” shall be deemed to mean “including, without limitation,” or “includes, without limitation.”

 

Article II

 

MANUFACTURE AND SALE OF PRODUCT

 

Section 2.1           Engagement.
During the Term and upon the terms and subject to the conditions set forth herein, Quoin agrees that it will manufacture and supply the
Product to Licensee, and, in turn, Licensee agrees that it will exclusively purchase one hundred percent (100%) of the Licensee’s
requirements of the Product from Quoin for commercialization solely within the Territory.

 

     

     

    

 

Section 2.2           Subcontractors.
Quoin shall have the right to subcontract its obligations under this Agreement to a third party that shall meet the requirements and
obligations set forth herein and in the Quality Agreement (it being agreed that, wherever Quoin makes a commitment under this Agreement
or the Quality Agreement with respect its obligations, such obligation shall be deemed satisfied if performed by such subcontractor in
accordance with the terms of this Agreement and the Quality Agreement). Notwithstanding the foregoing, Quoin shall allow Licensee up
to one year to update its Establishment License in the Territory and shall not subcontract from or with any subcontractor prior to Licensee
receiving the updated Establishment License. Further, notwithstanding that Quoin is permitted to use subcontractors in the performance
of its obligations under this Agreement, Quoin shall remain fully liable and responsible for all actions or omissions of any such subcontractor
as though such actions or omissions were those of Quoin.

 

Section 2.3           Packaging
and Labeling. The Licensee will be responsible for ensuring the accuracy of all information contained in the labels or labeling for
Product for the Territory and the compliance of all such labels and labeling with applicable Law and the Regulatory Approvals for the
Territory. Licensee will approve all artwork and labeling information necessary for the packaging and labeling of the Product for the
Territory. Quoin will, or will cause its contractors to, supply all packaging and labels for Product under this Agreement. Such packaging
and labels will be in accordance with the Specifications and the cost of same is included in the Initial Transfer Price. Quoin will make
any changes to labeling and packaging Specifications required in writing by the Licensee after the launch of the Product in the Territory,
at Licensee’s sole cost and expense (including the cost of any obsolete labeling inventory), within a reasonable timeframe to be
agreed upon in writing by both Parties. The Licensee will be responsible for submitting any such changes to all applicable Governmental
Authorities in the Territory for approval.

 

Section 2.4           Facility
Maintenance; Inspection; Reports.

 

(a)          Quoin
shall, at all times, maintain and operate, or cause its contractors to maintain and operate, all facilities where Product is manufactured,
packaged, tested, stored, warehoused or shipped in compliance with cGMP. Not more than once every twelve (12) months, Quoin shall permit,
or cause its contractors to permit, quality assurance representatives of the Licensee or designated third parties (subject to appropriate
confidentiality obligations) to inspect such facilities, operations, documents, and records directly related to the handling, manufacture,
testing, inspection, packaging, storage, disposal and transportation of the Product by Quoin or the applicable contractor upon reasonable
notice (which shall not be less than ten (10) days), during normal business hours and on a confidential basis. Quoin shall also
permit, and cause its contractors to permit, representatives of the applicable Governmental Authority to inspect such facilities as requested
by the such Governmental Authority.

 

(b)          Quoin
shall maintain adequate and accurate records consistent with the applicable Specifications, including records covering quality control
testing and release of the Product and all other manufacturing services provided hereunder in material compliance with cGMP.

 

(c)          Quoin
shall notify Licensee as soon as reasonably practicable and in any event within five (5) business days following receipt of notice
of any Governmental Authority inspection of the manufacturing facility if such inspection pertains to the Product.

 

Section 2.5           Adverse
Events. Prior to the launch of Product the Parties shall each assign a representative to negotiate in good faith and agree on a process
and procedure for sharing adverse event information which shall be documented in a safety data exchange (SDEA) agreement which the Parties
shall use commercially reasonable efforts to agree upon and execute prior to commercialization of the Product.

 

    	 	2	 

     

    

 

Article III

 

FORECASTS, ORDERS AND SHIPMENT

 

Section 3.1           Forecasts.
In order to assist in the planning of production runs for the Product, the Licensee will, at least one hundred and eighty (180) days
prior to the launch of the Product in the Territory, provide Quoin with a non-binding written forecast of estimated quantities of Product
that the Licensee anticipates ordering from Quoin during the next twenty-four (24) month period (the “Forecast”).
This initial Forecast will be updated at least five (5) business days before the first day of the following calendar quarter after
the date hereof and each successive calendar quarter and each such updated Forecast will be promptly delivered to Quoin by the Licensee.
The first three (3) months of each such Forecast (the “Firm Order Period”) shall be binding on Licensee. The
remaining twenty-one (21) months of each such forecast shall be non-binding estimates for planning purposes. No Forecast shall be
required for any period of time that extends beyond the Term (as in effect at the time of such Forecast). The Licensee will forecast
in amounts comprising full batch and in multiples of batch quantities, as such quantities are set forth on Schedule 6.1. Each
Forecast will be made by the Licensee in good faith, taking into account reasonable projections of demand for the Product including,
without limitation, allowing for reasonable safety stock of finished Product.

 

Section 3.2           Orders.

 

(a)          The
Licensee will place firm purchase orders (“Firm Orders”) for Product in writing for delivery at least ninety (90)
days after the Purchase Order Date. A Firm Order shall only be deemed binding on Quoin upon acceptance in writing by Quoin provided that
Quoin shall accept or reject each Firm Order in writing within seven (7) Business Days after Quoin’s receipt of each valid
order. Quoin shall not be permitted to reject an order if that such order meets the requirements specified below. For certainty, Quoin
shall be deemed to have accepted the order if it complies with such requirements or if Quoin does not respond within such delay. Each
Firm Order will specify the quantity and description of each Product ordered, the requested delivery date (which delivery dates will
not be on a Saturday, Sunday or holiday), and carrier and any special instructions requested; provided that no Firm Order shall include
a quantity of a Product that is greater than 125% of the quantity of such Product set forth in the Firm Order Period of the most recent
Forecast delivered to Quoin by the Licensee. The minimum size of any order placed by the Licensee will be a full batch (or multiples
of a full batch) in accordance with Schedule 6.1 hereto, except with the prior approval of Quoin and payment of any additional
expenses or fees that are required for split batches. The date an order will be deemed placed (the “Purchase Order Date”)
will be the date that Quoin actually receives the purchase order form. The Licensee will be fully responsible for any changes to a Firm
Order. Orders will be deemed accepted by Quoin unless Quoin provides notification of rejection to the Licensee within seven (7) Business
Days of receipt of the Firm Order.

 

(b)          Quoin
will supply the Product in accordance with each Firm Order placed pursuant to the terms of this Agreement by the Licensee to the extent
accepted (or deemed accepted) by Quoin.

 

(c)          Quoin
shall deliver the Product to Licensee with at least 75% (seventy five percent) of remaining shelf life at the shipment date in
accordance with Section 3.2(b).

 

(d)          The
terms of this Agreement shall prevail over any conflicting, inconsistent or additional terms set forth in any Firm Order, invoice, or
acceptance form.

 

    	 	3	 

     

    

 

Section 3.3           Delivery.

 

(a)          All
Product shipped under this Agreement will be shipped FOB the facility where the Product is manufactured. The Licensee shall make necessary
arrangements to pick up the shipment and will pay all freight, insurance charges, taxes, import and export duties, inspection fees and
other charges applicable to the sale and transport of Product purchased by the Licensee consistent with FOB principles. Title and risk
of loss and damages to Product purchased by the Licensee will pass to the Licensee upon pickup of the Product by the Licensee’s
carrier at the facility of manufacture consistent with FOB principles. In the event of damage or loss to the Product after delivery,
the Licensee will be responsible to file claims with the carrier. Quoin shall notify Licensee of the following information concurrently
with each shipment of Product: (i) date of shipment, (ii) quantity and type of Product shipped, and (iii) order number
or other identifying information.

 

(b)          Quoin
shall perform quality assurance testing with respect to the Product sold hereunder, including stability testing, so that the Product
conforms with the Specifications. Quoin shall provide Licensee with a Certificate of Analysis (“COA”) and a Certificate
of Compliance (“COC”) confirming that the Product in such shipment has been tested in accordance with the Regulatory
Approval and meets the Specifications via facsimile transmission. Any deviations and investigations related to such Product shall be
completed in compliance with applicable Regulatory Approval and the Quality Agreement (as defined in Section 5.5 hereof).

 

Section 3.4           Supply
Shortage.

 

(a)          In
the event that at any time Quoin foresees that it will be unable to supply to Licensee (or its nominee) in whole or in part an ordered
or forecasted quantity of Product by the delivery date for any reason, including a Force Majeure event, Quoin shall:

 

(i)          notify
Licensee of such inability as soon as possible, the reasons therefor and the date such inability is expected to end, the quantities of
Product available during such period and the proposed amount of the raw materials and/or resources prioritized to Licensee in the event
such inability is caused by a shortage of raw materials and/or resources required for the Manufacture of Product;

 

(ii)         use
commercially reasonable efforts to eliminate, cure or overcome such Product shortage and to resume performance of its obligations hereunder
as soon as reasonably possible;

 

(iii)        supply
Licensee with a fair quantity of Products based on Licensee receiving its pro-rated share of available or to be manufactured Product
having regard to then applicable forecasted commercial Product supply requirements amongst Licensee, Quoin and Quoin’s other distributors,
sublicensees, agents etc.;

 

(iv)        Quoin
shall exercise commercially reasonable efforts to transfer/initiate production of the Product to a secondary manufacturer as specified
in the quality agreement in order to manufacture and supply the Product for the Territory.

 

(b)          Quoin
will use commercially reasonable efforts to ensure the maintenance of sufficient manufacturing time in the Product production schedule
and sufficient volumes of raw materials for Product to meet the Firm Orders and binding portion Licensee’s Forecasts.

 

    	 	4	 

     

    

 

Article IV

 

REPRESENTATIONS AND WARRANTIES

 

Section 4.1           Representations
and Warranties of Quoin. Quoin hereby represents and warrants to the Licensee as follows:

 

(a)          Product
Compliance. All Product delivered pursuant to this Agreement by Quoin (or any sub-contractor thereof) to the Licensee or its designee
during the Term will at shipment be in compliance in all material respects with this Agreement, the Specifications and the Quality Agreement.
At the time Quoin makes each shipment of Product available for pick-up by Licensee (or Licensee’s carrier), the Product shall be
free of any lien or other encumbrance.

 

(b)          Authorization.
This Agreement has been duly executed and delivered by Quoin and, assuming due execution and delivery by the Licensee, constitutes a
valid and binding obligation, enforceable against Quoin in accordance with its terms, except as enforceability may be limited by bankruptcy,
fraudulent conveyance, insolvency, reorganization, moratorium and other laws relating to creditors’ rights generally and by general
equitable principles. The execution, delivery and performance of this Agreement have been duly authorized by all necessary action on
the part of Quoin and its respective officers and directors.

 

(c)          Absence
of Conflicts. The execution, delivery and performance of this Agreement by Quoin does not conflict with or constitute a default under
any agreement, instrument or understanding, oral or written to which it is a party or by which it may be bound, does not conflict with
any provision of any of its organizational documents and does not conflict with or violate any applicable Law or court order or decree.

 

(d)          Organization
and Standing. Quoin is a corporation, duly organized, validly existing and in good standing under the laws of Delaware.

 

(e)          Power
and Authority. Quoin has the corporate power and authority to execute, deliver and perform this Agreement and to consummate the transactions
contemplated hereby.

 

(f)           Compliance
With Law. Quoin has and will maintain throughout the Term of this Agreement all permits, licenses, registrations and other forms
of governmental authorization and approval as required in order for Quoin to execute and deliver this Agreement and to perform its obligations
hereunder.

 

(g)          No
Debarment. Quoin is not debarred and has not and will not use in any capacity the services of any person debarred under subsection
306(a) or (b) of the Generic Drug Enforcement Act of 1992. If at any time this representation and warranty is no longer accurate,
Quoin shall promptly notify Licensee of such fact.

 

Section 4.2           Representations
and Warranties of the Licensee. The Licensee hereby represents and warrants to Quoin as follows:

 

(a)          Authorization.
This Agreement has been duly executed and delivered by the Licensee and, assuming due execution and delivery by Quoin, constitutes a
valid and binding obligation, enforceable against the Licensee in accordance with its terms, except as enforceability may be limited
by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other laws relating to creditors’ rights generally
and by general equitable principles. The execution, delivery and performance of this Agreement have been duly authorized by all necessary
action on the part of the Licensee and its respective officers and directors.

 

    	 	5	 

     

    

 

(b)          Absence
of Conflicts. The execution, delivery and performance of this Supply Agreement by the Licensee does not conflict with or constitute
a default under any agreement, instrument or understanding, oral or written to which it is a party or by which it may be bound, does
not conflict with any provision of any organizational documents of the Licensee and does not conflict with or violate any applicable
Law or court order or decree.

 

(c)          Organization
and Standing. The Licensee is a corporation, duly organized, validly existing and in good standing under the laws of Ireland.

 

(d)          Power
and Authority. The Licensee has the corporate power and authority to execute, deliver and perform this Agreement and to consummate
the transactions contemplated hereby.

 

(e)          Product
Compliance in the Territory. Product delivered by Quoin in accordance with this Agreement is and shall be during the Term consistent
in all respects with all Laws applicable to the manufacture, import, sale, use, storage and commercialization of the Product in the Territory.

 

Section 4.3           Disclaimer.
THE REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS AGREEMENT ARE THE PARTIES’ ONLY WARRANTIES AND NO OTHER WARRANTY, EXPRESS, IMPLIED
OR STATUTORY, WILL APPLY. EACH PARTY EXPRESSLY DISCLAIMS ALL OTHER WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING
WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. FOR THE AVOIDANCE OF DOUBT, EACH PARTY EXPRESSLY DISCLAIMS ANY AND
ALL WARRANTIES OF NON-INFRINGEMENT THAT ARE NOT EXPRESSLY SET FORTH IN THIS AGREEMENT.

 

Article V

 

QUALITY ASSURANCE

 

Section 5.1           Quoin’s
Covenants. Quoin hereby covenants during the Term that it will:

 

(a)          manufacture,
fill, package, test, handle, store, warehouse and ship the Product in conformity with this Agreement, Quality Agreement (subject to Section 5.5
of this Agreement) and the Specifications;

 

(b)          promptly
(but in any event no later than five (5) Business Days after becoming aware) inform Licensee of any adverse events related to the
Product and any inspections, communications, or material issues raised by the FDA or other Governmental Authority in connection with
the Manufacturing of the Product, and shall provide Licensee with copies of any correspondence (including emails) relating thereto;

 

(c)          obtain
and maintain all permits reasonably necessary to manufacture and supply Product in accordance with this Agreement; and

 

(d)          if
Quoin becomes aware of any Product supplied to Licensee hereunder that have not been manufactured in accordance with the Specifications,
promptly inform Licensee in writing.

 

    	 	6	 

     

    

 

Section 5.2           The
Licensee’s Covenants. The Licensee hereby covenants during the Term that it will:

 

(a)          hold,
store, handle, ship, deliver, distribute, offer for sale, and/or sell the Product in accordance with applicable Law and the terms of
the License Agreement, and in compliance with the Specifications;

 

(b)          except
as set forth herein or in the Quality Agreement between the Parties, upon delivery of the Product to the Licensee, the Licensee will
be solely responsible for compliance with all quality control testing and other testing requirements set forth in this Agreement and,
further, all applicable Law with respect to the manufacture, import, sale, use, storage and commercialization of the Product in the Territory;

 

(c)          where
appropriate maintain the Regulatory Approvals for the Product in full force and effect throughout the Term.

 

Section 5.3           Rejection
of Delivered Product. Within thirty (30) days of receipt of any shipment of Product and applicable COA and COC by the Licensee at
its applicable warehouse in the Territory, the Licensee will undertake a customary inspection of the Product, COA and COC and advise
Quoin of any defect actually revealed from such inspection whereby the Product does not conform to the Specifications. Any Product not
refused within thirty (30) days will be deemed accepted in respect of any such apparent defect. If the Licensee wishes to refuse acceptance,
the Licensee will, within such 30-day period, provide written notice to Quoin of its refusal to accept the defective Product and the
reason(s) therefor. In the event a hidden defect (i.e., one which could not have been reasonably identified during the initial 30-day
Licensee inspection period by a customary inspection) is discovered at a later date whereby the Product does not conform to the Specifications,
the Licensee shall inform Quoin within fifteen (15) days after Licensee becomes aware of the alleged hidden defect. In the event that
the Licensee refuses acceptance or rejects the Product due to a hidden defect, Quoin, upon confirmation of the reasons for refusal or
rejection of the Product, will replace within ninety (90) days or as soon as reasonably practicable the defective Product at Quoin’s
sole cost and expense (including the cost of shipping) or refund the Initial Transfer Price and reimburse the shipping expense, at the
Licensee’s option. If Quoin and the Licensee do not agree on the refusal or rejection of Product, then either Party may refer the
matter for final analysis to a specialized laboratory of national reputation acceptable to both Parties for the purpose of determining
the results. Any determination by such laboratory will be final and binding upon the Parties. The cost of any such review by a laboratory
shall be borne by the Licensee if it is determined that the Product conforms to the Specifications, and by Quoin if determined that it
does not. Except as set out in this Section 5.3 and Section 10.1, Quoin shall have no liability to Licensee for any defect
for which it has not received notice from the Licensee as specified herein.

 

Section 5.4           Recall.
Licensee, in consultation with Quoin, shall have the exclusive right to institute a recall and shall be responsible for managing the
recall and communications with customers and Governmental Authorities. The Parties shall cooperate with each other in connection with
any such efforts. In the event that any Product is quarantined or recalled by Licensee, or is subject to stop-sale action, whether voluntary
or by governmental action, it is agreed and understood that any reasonable and documented expenses, including any out-of-pocket administrative
costs and reasonable and documented fees of any experts or attorneys that may be utilized by either Party, government fines or penalties,
related to such recall, quarantine or stop-sale, will be borne by the Licensee unless it is determined that the reason for the quarantine,
recall or stop-sale action is the result of the failure by Quoin to manufacture and supply (or have manufactured and supplied) Product
that meets the Specifications and other requirements therefor under this Agreement and the Quality Agreement (including release and stability),
and in such case such expenses will be the responsibility of Quoin. If the Parties do not mutually agree on which Party is responsible
for the recall or other field action (or in what proportions), the responsibility for the recall or field action shall be determined
by a mutually acceptable independent qualified third party whose fees shall be shared equally by the Parties.

 

    	 	7	 

     

    

 

Section 5.5           Quality
Procedures. Quoin and Licensee shall comply with the terms of the quality requirements set forth in a quality agreement to be negotiated
in good faith by the Parties and entered into by the Parties as soon as practicable after the date hereof but in any event at least one
hundred eighty days (180) before anticipated launch of the Product in the Territory (the “Quality Agreement”) with
respect to the manufacture of the drug substance used in the Product and the Product. To the extent that any inconsistencies or conflicts
exist between the Quality Agreement and this Agreement with regard to quality requirements and compliance with applicable Law, the provisions
in the Quality Agreement shall prevail.

 

Section 5.6           Manufacturing
Changes.

 

(a)          Licensee
may unilaterally and in its sole discretion make one or more Required Manufacturing Changes by giving written notice thereof to Quoin,
whereupon the Parties shall cooperate in implementing such Required Manufacturing Changes as promptly as reasonably practicable. Licensee
may request one or more Discretionary Manufacturing Changes by giving at least ninety (90) days written notice thereof to Quoin, whereupon
if Quoin accepts the requested Discretionary Manufacturing Changes (such acceptance not to be unreasonably withheld or delayed), the
Parties shall cooperate in implementing such Discretionary Manufacturing Changes as promptly as reasonably practicable. Quoin shall promptly
provide to Licensee Quoin’s good faith and detailed estimate of the actual and reasonable costs that will be incurred by Quoin
resulting directly from any such Required or Discretionary Manufacturing Changes, including the cost of any obsolete inventory resulting
from the changes. All such reasonable and documented costs shall be borne by Licensee.

 

(b)          Quoin
shall not in any respect amend, modify or supplement the Specifications or the manufacturing process or any materials or sources of materials
used in connection with manufacturing the Product without the prior written consent of Licensee. Quoin may request or recommend one or
more Discretionary Manufacturing Changes by giving at least ninety (90) days written notice thereof to Licensee and shall provide Licensee
with appropriate documentation relating to any such changes to the Specifications or manufacturing process. If Licensee approves any
such Discretionary Manufacturing Change, Quoin may implement such change in accordance with the specifications provided by Quoin to Licensee.
All costs arising out of any Discretionary Manufacturing Changes requested by Quoin shall be borne by Quoin including the costs incurred
by Licensee (if any) in obtaining Regulatory Approval for such Discretionary Manufacturing Change.

 

Article VI

 

PRICE AND PAYMENTS

 

Section 6.1           Prices.
The price payable by the Licensee for Product will be the price set forth on Schedule 6.1 and will be adjusted pursuant to Section 6.3
(the “Initial Transfer Price”). The price for the Product set forth on Schedule 6.1 shall be equal to the Manufacturing
Costs of Quoin.

 

Section 6.2           Other
Costs. Any additional costs such as stability costs, scale-up expenses, and additional analytical or testing expenses that may be
specifically incurred at the request of Licensee will be charged at actual cost to the Licensee. Quoin will provide prior information
to the Licensee before incurring any such costs and/or expenses. A separate invoice will be issued to Licensee for such costs and/or
expenses.

 

    	 	8	 

     

    

 

Section 6.3           Adjustment.
Quoin shall be permitted to increase the Initial Transfer Price of Product on an annual basis commencing no earlier than twelve (12)
months following launch of the Product in the Territory and on at least ninety (90) days’ notice to the extent of any documented
actual increase in the Manufacturing Costs.

 

Section 6.4           Invoices.
Quoin will send all invoices in respect of any Product to a single address specified in writing by the Licensee to Quoin following the
date that such Product subject to any Firm Order shall have been made available to the Licensee under Section 3.3(a). Payments for
Product sold hereunder will be made by the Licensee to Quoin within sixty (60) days after the date of the invoice by electronic funds
transmission in United States dollars as specified in any invoice, without any offset or deduction of any nature whatsoever. All payments
will be made to such account as Quoin will have specified in writing to the Licensee with written confirmation of payment sent by email
or facsimile to such address as Quoin will have specified in writing to the Licensee. Licensee shall advise Quoin within ten (10) calendar
days of any disputed invoice. If the Licensee fails to pay any undisputed invoiced amount when due, a service charge will be imposed
by Quoin equal to the lesser of one percent (1%) per month or the highest rate permitted by law of the outstanding amount for each month
or portion thereof that such undisputed amount is overdue.

 

Section 6.5           Withholding
Tax. Licensee will make all payments to Quoin under this Agreement without deduction or withholding for taxes except to the extent
that any such deduction or withholding is required by law in effect at the time of payment. Any tax required to be withheld on amounts
payable by Licensee under this Agreement will be timely paid by Licensee on behalf of Quoin to the appropriate Governmental Authority,
and Licensee will furnish Quoin with the corresponding proof of payment of such tax, as may be required in order to enable Quoin to request
reimbursement or deduction of the withheld amount, or to otherwise comply with its duties. Licensee and Quoin agree to cooperate to legally
minimize and reduce such withholding taxes and provide any information or documentation required by any taxing authority.

 

Section 6.6           Separate
Sale. Each shipment of Product to the Licensee will constitute a separate sale, obligating the Licensee to pay therefor, whether
said shipment is in whole or only partial fulfillment of any order or confirmation issued in connection therewith.

 

Section 6.7           Deductions.
Except as otherwise required by applicable law, the Licensee agrees not to make any deductions of any kind from any payments becoming
due to Quoin unless the Licensee will have received prior written authorization from Quoin authorizing such deduction.

 

Article VII

 

TERM AND TERMINATION

 

Section 7.1           Term.
The provisions of this Agreement will commence on the date hereof and will terminate upon and simultaneously with the termination of
the License (the “Term”).

 

    	 	9	 

     

    

 

Section 7.2           Termination.
Either Quoin, on the one hand, or the Licensee, on the other hand, as applicable, will have the right to terminate this Agreement with
immediate effect (except as otherwise stated below) upon written notice to the other upon the occurrence of the following:

 

(a)          Quoin,
on the one hand, or the Licensee, on the other hand, files a petition in bankruptcy, or enters into an agreement with its creditors,
or applies for or consents to the appointment of a receiver or trustee, or makes an assignment for the benefit of creditors, or becomes
subject to involuntary proceedings under any bankruptcy or insolvency Law;

 

(b)          Quoin,
on the one hand, or the Licensee, on the other hand, fails to cure any non-compliance with any of the terms and conditions hereof within
the time period specified in any prior written notice (which will be at least thirty (30) days) delivered to the non-compliant Party
by another Party;

 

(c)          The
termination of the License Agreement.

 

Section 7.3           Effects
of Termination.

 

If this Agreement is terminated
by Quoin pursuant to Section 7.2(a) or (b):

 

(a)          The
Licensee acknowledges and agrees that Quoin will be entitled to cancel any Firm Order accepted prior to the date of termination, and
will not be obligated to supply any Product ordered by the Licensee pursuant to such Firm Order, with respect to any Product to be delivered
after the effective date of the termination. In addition, Quoin may at its election deliver in accordance with the shipping terms of
this Agreement all quantities of components, materials, APIs and work-in-progress, and finished product in Quoin’s or its Affiliates’
possession, and to the extent such components, materials, API, work-in-progress, and finished product have not already been paid for
by Licensee and are not reasonably allocable to or usable for other activities being carried out by Quoin or its Affiliates, then the
Licensee shall purchase them from Quoin at Quoin’s actual cost, which amount shall be payable no later than thirty (30) days after
receipt thereof by the Licensee.

 

(b)          Subject
to Section 7.3(a) hereof, termination or expiration of this Agreement for any reason will not relieve the Parties of any obligation
accruing prior to such termination or expiration (including in respect of any Firm Orders). The rights and obligations of the Parties
under Sections 4.1(a), 5.1(d) , 5.3, 5.4, 6.4, 6.5, 7 , 10 and 11 of this Agreement will survive the expiration or termination
of this Agreement.

 

Article VIII

 

FORCE MAJEURE

 

Section 8.1           Force
Majeure. Neither Party will be deemed to have defaulted under or breached this Agreement for failure or delay in fulfilling or performing
any term or provision of this Agreement (other than the payment of money) when such failure or delay will be caused (directly or indirectly)
by a circumstance beyond the reasonable control of the affected Party, including, without limitation, fire; flood; accident; explosion;
other Acts of God; terrorism, sabotage; strike, or any labor disturbance (regardless of the reasonableness of the demands of labor);
civil commotions; riots; invasions; wars (present or future); acts, restraints, requisitions, regulations, or directions of any Governmental
Authority, except where such acts, restraints, requisitions, regulations or directions are the result of a Party’s violation of
applicable Law (each a “Force Majeure”). Any Party asserting its inability to perform any obligation hereunder for
any such contingency shall promptly notify the other Party of the existence of any such contingency and shall use commercially reasonable
efforts to mitigate such contingency and re-commence its performance of such obligation as soon as commercially practicable. Neither
Party shall suffer penalty or incur any liability for its inability to perform hereunder by reason of Force Majeure. If a Party fails
to perform any of its obligations under this Agreement by reason of Force Majeure and such non-performance continues for a period of
one hundred and eighty (180) days from the first occurrence of the event of Force Majeure, the other Party may terminate this Agreement
by providing written notice to that effect to the non-performing Party. In the event of such termination, the provisions contained in
Section 7.3 shall apply.

 

    	 	10	 

     

    

 

Article IX

 

CONFIDENTIALITY

 

Article X

 

INDEMNIFICATION

 

Section 10.1          By
Quoin. From and after the Effective Date, Quoin will indemnify, defend and hold harmless, and pay and reimburse, the Licensee, its
Affiliates and their respective officers, directors, employees, agents, advisors, and shareholders from and against any and all liabilities,
losses, claims, damages, costs, and expenses (including reasonable attorneys’ fees) (“Losses”) resulting from
or relating to any claim by a Third Party resulting from or arising out of: (i) Quoin’s or its contractors’ or Affiliate’s
negligence or willful misconduct, or (ii) any breach by Quoin of any of its representations and warranties, covenants, agreements
or obligations contained in this Agreement; except to the extent such Losses arise as a result of the breach of this Agreement, or the
negligence, willful misconduct, or breach of this Agreement by Licensee or its contractors or Affiliates.

 

Section 10.2          By
the Licensee. From and after the Effective Date, the Licensee will indemnify, defend and hold harmless, and pay and reimburse, Quoin
and its Affiliates and their respective officers, directors, employees, agents, advisors and shareholders from and against any and all
Losses resulting from or relating to any claim by a Third Party resulting from or arising out of: (a) the Licensee’s negligence
or willful misconduct, or (b) breach of any of its representations and warranties, covenants, agreements or obligations contained
in this Agreement; provided, however, that the Licensee shall not be liable for any Losses to the extent arising from Quoin’s or
it contractors’ negligence, willful misconduct, or breach of its representations and warranties, covenants, agreements or obligations
contained in this Agreement.

 

Section 10.3          Procedures.
With respect to each event, occurrence or matter (an “Indemnification Matter”) as to which Quoin or Licensee, as the
case may be (the “Indemnitee”) is entitled to indemnification from the other Party (the “Indemnitor”)
under this Article X:

 

(a)          Within
ten (10) days after the Indemnitee receives written documents underlying the Indemnification Matter or, if the Indemnification Matter
does not involve a third party action, suit, claim or demand, promptly after the Indemnitee first has actual knowledge of the Indemnification
Matter, the Indemnitee shall give notice to the Indemnitor of the nature of the Indemnification Matter and the amount demanded or claimed
in connection therewith (“Indemnification Notice”), together with copies of any such written documents.

 

(b)          If
a third party action, suit, claim or demand is involved, then, upon receipt of the Indemnification Notice, the Indemnitor shall, at its
expense and through counsel of its choice, promptly assume and have sole control over the litigation, defense or settlement (the “Defense”)
of the Indemnification Matter, except that (i) the Indemnitee may, at its option and expense and through counsel of its choice,
participate in (but not control) the Defense; (ii) if the Indemnitee reasonably believes that the handling of the Defense by the
Indemnitor may have a material adverse effect on the Indemnitee, its business or financial condition, or its relationship with any customer,
prospect, supplier, employee, salesman, consultant, agent or representative, then the Indemnitee may, at its option and expense and through
counsel of its choice, assume control of the Defense, provided that the Indemnitor shall be entitled to participate in the Defense at
its expense and through counsel of its choice; (iii) the Indemnitor shall not consent to any Judgment, or agree to any settlement,
without the Indemnitee’s prior written consent; and (iv) if the Indemnitor does not promptly assume control over the Defense
or, after doing so, does not continue to prosecute the Defense in good faith, the Indemnitee may, at its option and through counsel of
its choice, but at the Indemnitor’s expense, assume control over the Defense. In any event, the Indemnitor and the Indemnitee shall
fully cooperate with each other in connection with the Defense including by furnishing all available documentary or other evidence as
is reasonably requested by the other.

 

    	 	11	 

     

    

 

(c)          All
amounts owed by the Indemnitor to the Indemnitee (if any) shall be paid in full within fifteen (15) business days after a final Judgment
(without further right of appeal) determining the amount owed is rendered, or after a final settlement or agreement as to the amount
owed is executed.

 

Section 10.4          Limitations.

 

(a)          In
no event shall either Party be liable by reason of any breach of any representation, warranty, condition or other term of this Agreement
or any duty of common law, for any consequential, special, indirect or incidental or punitive loss or damage (whether for loss of current
or future profits, loss of enterprise value or otherwise) and each Party agrees that it shall not make any such claim; provided, however,
that the foregoing does not limit any of the obligations or liability of either Party or its Affiliates under Sections 10.1 and 10.2
with respect to claims of unrelated third parties or liability arising from fraud or willful misconduct of a Party or its Affiliates
or contractors.

 

(b)          Notwithstanding
any other provision of this Agreement, in the event that the Licensee asserts or claims that Quoin has breached any of its obligations
hereunder or that Quoin is liable pursuant to Section 10.1, Quoin’s maximum liability under or in connection with any such
claim herein shall be limited to the greater of $2,000,000 and the policy limit amount stipulated in Quoin’s commercial liability
insurance policy, provided, however, that the foregoing shall not limit any liability arising from fraud or willful misconduct of Quoin
or its Affiliates or contractors.

 

Article XI

 

MISCELLANEOUS

 

Section 11.1          Assignment.
Neither Party may assign its rights or obligations under this Agreement without the prior written consent of the other Party; provided,
however either Party may assign its rights and obligations under this Agreement, without the prior written consent of the other Party,
to an Affiliate or to a successor of the assigning Party by reason of merger, sale of all or substantially all of its assets or the portion
of its business which relates to a Product, or any similar transaction. Any permitted assignee or successor-in-interest will assume all
obligations of its assignor under this Agreement. No assignment will relieve either Party of its responsibility for the performance of
any obligation. This Agreement will be binding upon and inure to the benefit of the Parties hereto and their respective successors and
permitted assigns.

 

Section 11.2          Severability.
If any provision of this Agreement is held to be illegal, invalid or unenforceable by any Law or public policy, the remaining provisions
of this Agreement will nevertheless remain in full force and effect and will not be affected by the illegal, invalid or unenforceable
provision or by its severance herefrom as long as the economic or legal substance of the transactions contemplated hereby is not affected
in any manner materially adverse to either Party. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the Parties will negotiate reasonably and in good faith to modify this Agreement so as to effect the original intent of the Parties as
closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated
to the greatest extent possible.

 

    	 	12	 

     

    

 

Section 11.3          Notices.
All notices and other communications required or permitted to be given or made pursuant to this Agreement shall be in writing signed
by the sender and shall be deemed duly given (a) on the date delivered, if personally delivered, (b) on the date sent by telecopier
with automatic confirmation by the transmitting machine showing the proper number of pages were transmitted without error, (c) on
the Business Day after being sent by Federal Express or another recognized overnight mail service which utilizes a written form of receipt
for next day or next Business Day delivery or (d) two (2) Business Days after mailing, if mailed by United States postage-prepaid
certified or registered mail, return receipt requested, in each case addressed to the applicable Party at the address set forth below;
provided that a Party may change its address for receiving notice by the proper giving of notice hereunder:

 

		(a)	if to the Licensee, to:

 

Endo Ventures Limited

First Floor, Minerva House

Simmonscourt Road, Ballsbridge

Dublin 4, Ireland

Attention: Legal Department

Email: bolger.marietherese@endo.com

 

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

 

Paladin Labs Inc.

100 Alexis Nihon, Suite 600

Saint-Laurent, Montreal

Quebec, H4M 2P2

Canada

Attention: Isabelle Trempe

Email address: Trempe.Isabelle@endo.com

 

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

 

Davies Ward Phillips & Vineberg

1501 McGill College Avenue, 26th Floor

Montreal

Quebec, H3A 3N9

Canada

Attention: Hillel W. Rosen

Email address: hrosen@dwpv.com

 

    	 	13	 

     

    

 

		(b)	if to Quoin, to:

 

Quoin Pharmaceuticals Inc.

42127 Pleasant Forest Court

Ashburn, VA 20148

Attention: Michael Myers

Email address: Mmyers@quoinpharma.com

 

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

 

Blank Rome LLP

One Logan Square, 130 N 18th St.

Philadelphia, PA 19103-6998

Attention: Peter I Tsoflias, Esq.

Facsimile: 202.379.9021

Email: PTsoflias@blankrome.com

 

It is understood and agreed that this Section 11.3
is not intended to govern the ordinary course business communications necessary between the Parties in performing their duties, in due
course, under the terms of this Agreement, including the placement of orders and the delivery of Forecasts.

 

Section 11.4          Applicable
Law. THIS AGREEMENT IS MADE UNDER, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED
STATES OF AMERICA, APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED SOLELY THEREIN, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS
OF LAW.

 

Section 11.5          Arbitration.
If a matter cannot be resolved by the Parties, any said dispute shall be submitted to binding arbitration for final decision, and only
through binding arbitration. Any such arbitration shall be held in New York, New York, in the English language in accordance with the
then-existing Rules of Arbitration of the International Chamber of Commerce (the “ICC Rules”), except where those
rules conflict with this Section 11.5, in which case this Section 11.5 controls. Unless otherwise agreed by the Parties,
the tribunal shall be comprised of three (3) arbitrators; each Party shall nominate one arbitrator and the two Party-nominated arbitrators
shall nominate the third arbitrator. The arbitrators shall decide the merits of any dispute in accordance with the law governing this
Agreement, without application of any principle of conflict of laws that would result in reference to a different law. Judgment upon
the award rendered by the arbitrators may be entered or enforced in any court having jurisdiction thereof. The decision of the arbitrators
shall be final and binding on the Parties and shall be accompanied by a written opinion of the arbitrators explaining the arbitrators’
rationale for their decision. Unless otherwise agreed by the Parties in writing, the Party losing the arbitration shall pay all fees
and costs of the arbitrators and the ICC, but each Party shall bear its own attorney and expert fees. The Parties agree that, notwithstanding
any provision of Applicable Law, they will not request, and the arbitrators shall have no authority to award, punitive or exemplary damages
against either Party. Pending the selection of the arbitrators or pending the arbitrators’ determination of the merits of any dispute,
either Party may seek appropriate interim or provisional relief from any court of competent jurisdiction as necessary to protect the
rights or property of that Party. The intent of the Parties is that except for seeking appropriate interim or provisional relief or the
entering of an arbitration order in a court of competent jurisdiction, disputes shall be resolved finally in arbitration as provided
above, without appeal, and without recourse to litigation in the courts. The Parties acknowledge that the 1958 United Nations Convention
on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York Convention”) applies to this Agreement
and to any arbitral award or order resulting from any arbitration concluded hereunder.  The award may be made a judgment of a court
of competent jurisdiction.

 

    	 	14	 

     

    

 

Section 11.6          Entire
Agreement. This Agreement and the attached Schedules, which are incorporated herein constitute the entire agreement between the Parties
with respect to the subject matter hereof and all prior agreements with respect hereto are superseded. Each Party confirms that no representations,
warranties, covenants or understandings of any kind, nature or description whatsoever are being made or relied upon by any Party. No
amendment or modifications hereof will be binding upon the Parties unless set forth in a writing specified to be an explicit amendment
to this Agreement duly executed by authorized representatives of each of the Parties. The Parties recognize that, during the Term of
this Agreement, a purchase order, acknowledgement form or similar routine document (collectively “Forms”) may be used
to implement or administer provisions of this Agreement. Therefore, the Parties agree that the terms of this Agreement, as it may be
amended, will prevail in the event of any conflict between this Agreement and the printed provision of such Forms, or typed provisions
of Forms that add to, vary, modify or are in conflict with the provisions of this Agreement with respect to the Product sold during the
Term of this Agreement.

 

Section 11.7          Headings.
The headings used in this Agreement are intended for convenience only and will not be considered part of the written understanding among
the Parties and will not affect the construction of this Agreement.

 

Section 11.8          Independent
Contractors. The relationship between Quoin, on the one hand, and the Licensee, on the other hand, is solely that of Licensee and
seller. It is expressly agreed that Quoin, on the one hand, and the Licensee, on the other hand, will be independent contractors and
that neither the relationship among the Parties nor this Agreement will be construed as creating a partnership, joint venture or agency.
Neither Quoin, on the one hand, nor the Licensee, on the other hand, will have the authority to make any statements, representations
or commitments of any kind, or to take any action or to incur any liability or obligation which will be binding on the other, without
the prior consent of the other Party to do so. All persons employed by a Party will be employees of such Party and not of the other Party
and all costs and obligations incurred by reason of any such employment will be for the account and expense of such Party.

 

Section 11.9          Waiver.
The waiver by either Party of any right hereunder or the failure to perform or of a breach by the other Party will not be deemed a waiver
of any other right hereunder or of any other or subsequent breach or failure by said other Party whether of a similar nature or otherwise.

 

Section 11.10        Counterparts.
This Agreement may be executed in counterparts, each of which will be deemed an original, and all of which together will constitute one
and the same instrument.

 

Section 11.11        No
Benefit to Third Parties. The representations, warranties, covenants and agreements set forth in this Agreement are for the sole
benefit of the Parties and their successors and permitted assigns, and nothing herein, express or implied, is intended to or will confer
upon any person or entity any legal or equitable rights, benefits or remedies, other than to the extent set forth in Sections 10.1 and
10.2.

 

[signature page follows]

 

    	 	15	 

     

    

 

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

 

	 	QUOIN
    PHARMACEUTICALS, inc.
	 	 
	 	 
	 	by	/s/
    Dr. Michael Myers
	 	 	Name:	Dr. Michael Myers
	 	 	Title:	CEO
	 	 	 	 
	 	ENDO
    VENTURES LIMITED
	 	 
	 	 
	 	by	/s/
    Marie-Therese Bolger
	 	 	Name:	Marie-Therese Bolger
	 	 	Title:	Director

 

     

     

    

 

Schedule 1.1

DEFINITIONS

 

As used in this Agreement,
the following terms will have the meanings ascribed to them below:

 

(a)          “Active
Pharmaceutical Ingredient” or “API” means the active pharmaceutical ingredient for Product.

 

(b)          “Affiliate”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is
under common control with, such Person. The term "control" (including the terms "controlled by" and "under common
control with") means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

(c)          “cGMPs”
means current good manufacturing practice requirements of both the FDA (as promulgated under the Federal Food Drug and Cosmetics Act
at 21 C.F.R. (parts 11, 210 and 211), and the European Medicines Agency as set forth in Regulation No. 1252/2014 and Commission
Directive 91/356/EEC, as amended by Directive 2003/94/EC) and of Health Canada and applicable Law in the Territory.

 

(d)          “COA”
has the meaning set forth in Section 3.3(b).

 

(e)          “COC”
has the meaning set forth in Section 3.3(b).

 

(f)           “Discretionary
Manufacturing Change” means change to the Specifications or manufacturing processes that is not a Required Manufacturing Change.

 

(h)          “FDA”
means the United States Food and Drug Administration and any successor agency thereto

 

(i)           “Firm
Order” has the meaning set forth in Section 3.2.

 

(j)           “Firm
Order Period” has the meaning set forth in Section 3.1.

 

(k)          “Force
Majeure” has the meaning set forth in Section 8.1.

 

(l)           “Forecast”
has the meaning set forth in Section 3.1.

 

(m)         “Forms”
has the meaning set forth in Section 12.6.

 

(n)          “Governmental
Authority” means any court, tribunal, arbitrator, agency, legislative body, commission, official or other instrumentality of
(i) any government of any country, or (ii) a federal, state, province, county, city or other political, administrative or regulatory
subdivision thereof; in each case, in the jurisdiction where the Product is manufactured and/or in the Territory.

 

(o)          “Inability
to Supply” means either a Long Term Inability to Supply or a Short Term Inability to Supply and means both a Long Term Inability
to Supply and a Short Term Inability to Supply collectively.

 

(q)          “Law”
means each federal, state, provincial, municipal, local, or foreign law, statute, ordinance, order, determination, judgment, common law,
code, rule, official standard, or regulation, enacted, enforced, entered, promulgated, or issued by any Governmental Authority.

 

     

     

    

 

(s)          “Manufacturing”
or “Manufactured” means the manufacture and packaging of Product, including, without limitation, mix, fill and finish.

 

(t)           “Manufacturing
Costs” means, with respect to a Product, (x) where Quoin is the actual manufacturer of such Product, the actual cost of
manufacturing the Product (expressed on a per unit manufactured basis), which consists of (i) actual direct cost of any raw
materials, intermediates, packaging materials and labor utilized in such Manufacturing, (ii) an appropriate share of factory overhead
costs allocated to Manufacture of the Product, but excluding any costs related to under-utilized capacity, all calculated in accordance
with GAAP, and (iii) any transportation, freight expenses actually incurred by Quoin to ship the material along with any costs paid
to third parties with respect to any portion of manufacturing or testing the Product, or (y) where Product is manufactured by any
subcontractor for any of the foregoing, the aggregate amount paid to such subcontractor and any other third parties with respect to any
portion of manufacturing or testing the Product.

 

(u)          “Party”
or “Parties” means Quoin and/or the Licensee, as applicable.

 

(v)          “Person”
means any individual, corporation, partnership, limited liability company, limited liability partnership, syndicate, person, trust, association,
organization or other entity, and including and successor, by merger or otherwise, of any of the foregoing.

 

(w)         “Product”
has the meaning set forth in the License Agreement.

 

(x)          “Purchase
Order Date” has the meaning set forth in Section 3.2(a).

 

(y)          “Licensee”
has the meaning set forth in the preamble.

 

(z)          “Licensee
Taxes” has the meaning set forth in Section 6.4.

 

(aa)        “Licensee
Trademark” has the meaning set forth in Section 11.1.

 

(bb)       “Quality
Agreement” has the meaning set forth in Section 5.6.

 

(cc)        “Regulatory
Approval” has the meaning set forth in the License Agreement.

 

(dd)       “Required
Manufacturing Change” means a change to the Specifications or manufacturing process that is required by a Governmental Authority
or applicable Law.

 

(ff)         “Specifications”
means the requirements and standards for the manufacture, packaging, testing, storage and shipment of the drug substance used in the
Product and the Product set forth in the Regulatory Approval and in Quality Agreement, as amended or supplemented in accordance with
this Agreement.

 

(gg)       “Term”
has the meaning set forth in Section 7.1.

 

(hh)       “Territory”
means Canada.

 

(ii)         “Third
Party” means any Person, other than Licensee and its Affiliates, and other than Quoin and its Affiliates.

 

(jj)          “Initial
Transfer Price” means the amount to be paid by the Licensee to Quoin pursuant to Section 6.1 and as may be adjusted from
time to time pursuant to Section 6.2.

 

     

     

    

 

Schedule
6.1

INITIAL
Transfer Price and Batch Quantities

 

INITIAL TRANSFER
PRICES AND BATCH QUANTITIES FOR DOSAGES AS OF EFFECTIVE DATE: [****]

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