Document:

Exhibit 10.5

 

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 February 11, 2022 (“Effective Date”), is by and between
by and between Quoin Pharmaceuticals, Ltd., a Delaware corporation located at 42127 Pleasant Forest Court, Ashburn, VA 20148 (“Quoin”)
and Neopharm (Israel) 1996 Ltd., a company incorporated under the laws of Israel located at Neopharm Building, 6 Hashiloach St., Petaq-Tikva
4951439, Israel (“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 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 to Exploit the Product in the Territory, which license
shall not be sublicensable except to subdistributors and only with Quoin’s prior written consent, provided however that Licensee
may act through any of its Affiliates.

 

2.2    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.

 

     

     

    

 

 

2.3    Right of First Refusal. Quoin hereby grants Licensee a right of first refusal to obtain an exclusive license for the Territory
to the product technology of any other product of Quoin under the terms of this Agreement that Quoin decides to license, register, sell
or otherwise commercialize in the Territory (the “Additional Products”). Quoin will notify Licensee in writing of any
such intent, or the Licensee may make a written request to commercialize any such Additional Product to Quoin, and if the Licensee informs
Quoin in writing within twenty (20) days from Quoin's notice above that it wishes to license an Additional Product(s), the Parties shall
negotiate the additional terms for such license within two (2) months. If the Parties do not agree in writing on the additional terms
of such license within the said period, Quoin shall be free to offer the Additional Products to another licensee on terms that are not
more favorable than those last offered by, or to, the Licensee.

 

2.4    Non-Competition. 

 

2.4.1.    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 for sale 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.

 

2.4.2.    During the Term 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 manufacture, supply, promotion, sale or distribution of a Competing Product
for sale in the Territory unless authorized in writing by Quoin, provided that the restriction above shall not a) apply to any products
supplied by existing suppliers of Licensee, or to the provision of physical logistical services and b) restrict the Licensee, whether
directly, indirectly or through Affiliates, from engaging in any such activities with respect to a Competing Product if a full segregation
of applicable information (i.e., ‘Chinese walls’) are applied by the Licensee (including without limitation, separate marketing
personals, and data stored either in separate computer systems or password protected content in the same computer system). Such segregation
shall be subject to Quoin’s inspection rights at any time upon reasonable prior notice to Licensee.

 

2.4.3.    The Parties hereto agree that any breach by either Party of the covenants and agreements contained in this Section 2.3 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.

 

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2.4.4.    If any portion of the covenants and agreements contained herein, 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.

 

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 as soon as reasonably possible following receipt of the complete Data Package from Quoin.

 

3.2    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 uniquely and solely in the Territory in connection
with securing the Regulatory Approvals, including any supplemental clinical trials, provided however that Licensee shall have full discretion
as to the conduct of such further development and may in its discretion elect not to perform any such further development. Subject to
the foregoing, upon request from Licensee, Quoin will provide to Licensee reasonable assistance and any information that is in the possession
or Control of Quoin as necessary for Licensee to obtain such Regulatory Approvals. Licensee will grant to Quoin an exclusive license to
use and reference any data or information related to the Product generated by Licensee for purposes of submission of the Regulatory Approvals
in the Territory, for exclusive use outside of the Territory. Upon written request, Licensee will provide Quoin with a copy of the applications
for Regulatory Approvals upon submission for use under the above mentioned license.

 

3.3    Licensee shall use Commercially Reasonable Efforts to file for the Marketing Authorization for the Product for the Initial
Indication in the Territory within six (6) months following the date of receipt of the complete Data Package by Licensee following Quoin's
receipt of regulatory approval for such Initial Indication in either the United States or the European Union. In the event that Licensee
determines that the Data Package is not sufficient to obtain the Marketing Authoriazation, and the additional information and documentation
required makes it unlikely that the Licensee will be able to file for the Marketing Authoriazation within such six-month period, Licensee
shall promptly notify Quoin and the Parties will discuss in good faith a reasonable timeline for Licensee to compile the necessary information
and documentation and submit the filings for the Marketing Authoriazation.

 

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3.4     If Licensee does not file for a Marketing Authorization (in a form reasonably likely to be approved) for the Initial Indication
with applicable Governmental Authority in the Territory within six (6) months following the date determined in accordance with Section
 ‎3.3 above, or such later date as agreed upon by Quoin in good faith, Quoin may terminate this Agreement in accordance with Section
11.2.2 hereof. If the Marketing Authorization for the Initial Indication has not been granted by the applicable Governmental Authority
in the Territory on or before such date which is 36 months after the date of filing for such Marketing Authorization or such later date
as agreed upon by Quoin in good faith, Quoin may terminate this Agreement in accordance with Section 11.2.2 hereof, provided however,
that the termination shall not be effective if the Licensee is able to demonstrate that failure to receive the Marketing Authorization
by such date is not materially due to any acts or omissions of the Licensee.

 

3.5     In the event that Quoin obtains regulatory approval for any Additional Indication for the Product in the United States or the
European Union, Licensee will use Commercially Reasonable Efforts to file, as promptly as practicable (but in any event within 6 months
following the receipt of the applicable Data Package from Quoin of such approval in the United State or the European Union, the Marketing
Authrization application required to permit the Commercialization of the Product in the Territory for such Additional Indication. If the
Marketing Authorization for such Additional Indication has not been granted by the applicable Governmental Authority in the Territory
on or before such date which is 36 months after the date of filing such application or such later date as agreed upon by Quoin in good
faith, Quoin may terminate this Agreement with regards to such Additional Indication only in accordance with Section 11.2.2 hereof provided,
however, that the termination shall not be effective if the Licensee is able to demonstrate that failure to receive the Marketing Authorization
by such date is not materially due to any acts or omissions of the Licensee.

 

Section
4.    Commercialization

 

4.1     Launch. So long as the Launch Quantities are delivered in accordance with the terms of the Supply Agreement, Licensee shall
Launch the Product in the Territory within 6 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.

 

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4.2     Commercialization. Licensee shall 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, other than under ordinary course of business and
sale terms that are consistent with the terms which would have applied if the Product had been sold separately from any other product.

 

4.3     Sales Efforts.

 

4.3.1.     If, within two years following Launch of the Product in the Territory, Quoin reasonbly demonstrates 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 written notice thereof from Quoin to discuss
and approve a reasonable good faith plan for Licensee to increase its efforts to market, promote, sell, and otherwise commercialize the
Product in the Territory. If the Parties are unable to reach an agreement with respect to the aforementioned plan in form reasonably satisfactory
to Quoin, Quoin may terminate this Agreement upon written notice to Licensee provided however, that the termination shall not be
effective if the Parties agree on a plan within the notice period.

 

4.3.2.     If Licensee applies for Regulatory Approval for the Product for an indication other than for the treatment of a rare disease
or condition, 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 pursuant to the previous
sentence and Licensee does not incorporate Quoin's reasonable comments into the commerciliztion plan, Quoin may terminate this Agreement
upon written notice to Licensee within thirty (30) days of such non-approval, provided however, that the termination shall not
be effective if the Licensee remedies the breach within the notice period.

 

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4.4    Supply. The parties shall negotiate in good faith the terms of a supply agreement (which shall include applicable quality and
pharmacovigilance provisions) 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. If the Parties have not entered into a Supply Agreement by 60 days following the
Effective Date of this Agreement, either Party may terminate this Agreement upon written notice to the other Party.

 

Section
5.    Financial Provisions

 

5.1    Royalty.

 

5.1.1.      Royalty. Commencing on the Launch of the Product in the Territory, Licensee shall pay to Quoin [****] of Net Sales on the first
[****] in annual Net Sales and shall pay to Quoin [****] of Net Sales on any annual Net Sales in excess of the first [****] in a given
calender year (the “Royalty”). 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.

 

5.1.2.      Payment of Royalty; 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 (to the extent such information is available to the Licensee), and (ii) the Royalty for the Product on such sales. Licensee shall
pay any Royalty due to Quoin on receipt of an appropriate invoice from Quoin 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, on an annual basis,
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 Royalty. If the inspection reveals that the Royalty 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.

 

5.1.3.      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.

 

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5.1.4.    Late Payments. If Quoin does not receive payment of any sum due to it on or before the due date therefor and such non-payment
is not corrected within seven (7) business days from the receipt of a written reminder notice, 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 plus two (2) percentage points or
the maximum rate allowable by Applicable Laws, whichever is less.

 

5.2   Taxes.  Each Party shall pay its own taxes pursuant to Applicable Law. Any withholding or other taxes that either Party is
required by Applicable Law to withhold or pay on behalf of the other Party, with respect to any payments made to such other Party, shall
be deducted from such payments and paid to the appropriate tax authority, provided, however that the withholding Party shall furnish the
other Party with appropriate documentation evidencing such withholding payment.

 

5.3   Currency. All dollar amounts stated in this Agreement are stated in United States’ currency, and all payments required
under this Agreement shall be paid in United States’ currency.

 

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 related to [insert
the name of the active ingredient] 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 to enforce the Product Patents in the Territory. In
the event the Quoin exercises its right to sue pursuant
to this section, it shall first reimburse itself out of any sums recovered in such suit or in settlement thereof for all out of pocket
costs and expenses of every kind and character, including reasonable attorney’s fees, relating to the prosecution of any such suit.
If, after such reimbursement, any funds shall remain from said recovery, then any such recovery shall be paid over to Licensee by Quoin
subject to Quoin's
right to retain an amount pursuant to Section ‎5.1.1 in the event that the recovery was awarded in lieu of lost Net Sales of the Product
in the Territory, and as to any additional award (such as special or punitive damages), Quoin shall
retain 86% and shall pay to Licensee 14% of any such additional award. 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.

 

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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 specified by Quoin in the Data Package. 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 would 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,
which Licensee becomes aware of, 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 to 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.

 

Section
7.    Regulatory

 

7.1   Throughout the Term, except as otherwise provided herein, Licensee shall perform Commercialy Reasonble Efforts to 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. Licensee shall notify Quoin
in advance of any meetings with or communications with any Governmental Authority related to the Product to the extent they may impact
the Quoin’s rights or obligations under this Agreement.

 

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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 90 days following the
Effective Date of this Agreement.

 

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. Licensee will maintain all Permits necessary to perform its obligations hereunder in compliance with
all Applicable Laws.

 

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;

 

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; and

 

8.1.5.     The Product Technology licensed to the Licensee does not infringe on any Third Party rights 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;

 

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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;

 

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, consultants or contractors: (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, it, is not and shall
not be prohibited (in a permanent manner) by any applicable law, rule or regulation or by any order, directive or policy of the Territory
from selling 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 ten (10) 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.

 

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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 first have given notice to the Disclosing Party (if legally permitted in the circumstances)
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;

 

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; or (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 and/or the Product Technology in the Exploitation of the Product in the Territory; except, in each case ((a), (b) and (c)),
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.

 

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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; or (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; except, in each case ((a), and (b)), 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.

 

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) business 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.

 

    	 	12	 

     

    

 

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 and Exceptions to Disclaimer10.4.1.EXCEPT (i) IN THE EVENT OF THE FRAUD OF A PARTY OR OF
A PARTY’S BREACH OF ITS OBLIGATIONS UNDER SECTION 9, OR (ii) IN THE EVENT OF TERMINATION OF THIS AGREEMENT NOT IN ACCORDANCE WITH
ITS TERMS, OR (iii) 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.

 

10.4.2.   Nothing in this Agreement shall limit or exclude either Party's liability for:

 

(a)     Bodily harm, death or personal injury caused by its negligence, or the negligence of its or its Affiliates, employees, agents
or subcontractors (as applicable); or

 

(b)     any other liability to a Third Party pursuant to Applicable Law.

 

10.5   
Insurance. Each one of the Parties shall have and maintain such types and amounts of insurance covering its obligations pursuant
to this Agreement as is (i) normal and customary in the pharmaceutical industry generally for parties similarly situated and (ii) otherwise
required by applicable Law. Upon request by a Party, the other Party shall provide evidence of its insurance coverage.

 

    	 	13	 

     

    

 

Section
11.   Term and Termination

 

11.1   Term. This Agreement shall commence on the Effective Date and shall continue in effect for the later of: (a) ten (10) years
from the first commercial sale of the Product in the Territory following receipt of both the Marketing Authorisation and the Pricing Approval
for the Initial Indication in the Territory; or b) expiration of last Valid Claim in the Territory (the “Term”), unless earlier
terminated in accordance with this ‎Section 11.

 

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 Section 3.4, Section 3.5, Section 4.1, or 4.3 hereof upon ninety (90) days prior
written notice to Licensee, unless Licensee cures the underlying reason during the ninety (90) days cure period.

 

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 sixty (60) 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 one Party to the other Party shall revert to such Party.

 

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.

 

    	 	14	 

     

    

 

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; and

 

(b)    At Quoin’s request and direction, for a maximum period of 6 months following the termination or expiration of this Agreement
and/or as required by Applicable Law, Licensee will continue to perform under the terms of this Agreement until the transfer of the Regulatory
Approvals for the Product has been approved by the applicable Governmental Authorities.

 

(c)     Licensee shall have the right to sell its existing inventory of Products after the Termination if Termination by Licensee for
any reason. If Agreement is terminated by Quoin for Breach by Licensee, the Licensee will not be permitted to sell any existing inventory
of Products after the Termination.

 

11.4  Surviving Obligations. Sections 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. 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.

 

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, three
business days after deposit with an overnight domestic courier or ten business days after deposit in the mail:

 

	If to Licensee:	 	
    Neopharm (Israel) 1996 Ltd.

    Neopharm Building,

    6 Hashiloach Street, Petach Tikva,

    Israel 4917001.

    Telefacsimile Number: 972 3 926 4267

     

	

	
    Attention:

     

    With a copy to:
	
     

     
	
    CEO Office

     

    legaldept@Neopharmgroup.com 

 

    	 	15	 

     

    

 

 

	
    Attention:

     

    With a copy to:
	
     

     
	
    CEO Office

     

    legaldept@Neopharmgroup.com 

 

If to Quoin:

Attention:

 

With a copy to: 

  

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.

 

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, including Promedico Ltd. or Neopharm (Israel)
1996 Ltd. or any other legal entity or trust controlled, or managed, by the beneficial shareholders that own the Licensee and/or their
family members. Quoin hereby consents that Licensee shall be entitled to perform any service, obligation or duty hereunder by its Affiliates.
Any attempted assignment contrary to these provisions shall be null and void and of no legal effect. If a Party sub-contracts any of its
obligations under this Agreement, the sub-contracting Party shall remain primarily liable to the other Party for the performance of all
its obligations under this Agreement and for any act or omission of such sub-contractor in the performance of such obligations.

 

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.

 

    	 	16	 

     

    

 

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.

 

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.

 

    	 	17	 

     

    

 

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 Quoin or of the Licensee.

 

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 legal fees and costs of litigation.

 

[Signature page follows]

 

    	 	18	 

     

    

 

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
LTD.

 

By: /s/ Dr. Michael Myers

Name: Dr. Michael Myers

Title: CEO

 

 

NEOPHARM (ISRAEL) 1996 LTD.

 

By: /s/ Tal Fuhrer

Name: Tal Fuhrer

Title: Chief Business Officer

 

  

 

 

 

 

[Signature page to License and Distribution Agreement]

 

    	 	19	 

     

    

 

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 use or intended use of the Product in the Territory and the activities of
either Party in performing any terms or 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 a pharmaceutical company in the Territory 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, exclusivity and
patent protection in the Territory, the likely timing of the Product’s entry into the market and other relevant technical and commercial
factors.

 

“Commercialize” or “Commercialization”
means the marketing, promotion, sale (and offer for sale or contract to sell), distribution, importation or other commercial exploitation
of the Product.

 

“Competing Product” means
any product that is approved as a drug for the treatment of the same indication in the Territory for which the Product is approved in
the Territory 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 for Quoin to obtain approval of the marketing authorization for the Product
in the United States and Europe and any other additonal data required by the Ministery of Health in Israel that is in the Control of Quoin.

 

    	 	20	 

     

    

 

“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.

 

“Exploit” means to develop,
have developed, import, warehouse, release, distribute, sell, offer for sale, commercialize, register, , 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.

 

“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.

 

“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.

 

    	 	21	 

     

    

 

“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.

 

“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.

 

“Marketing Authorization”
means the authorization to market the Product in the Territory, which is granted by the Israel Ministry of Health, or any successor thereof
which is the competent Governmental Authority in the Territory to grant such authorizations in the Territory.

 

“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 import duties, 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.

 

    	 	22	 

     

    

 

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.

 

“Permit” means any license,
permit, approval, certification, waiver, order, authorization, right or privilege of any nature, granted, issued, approved or allowed
by any Governmental Authority.

 

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

 

“Pricing Approval” means
any and all permissions to be obtained by the Licensee from the Governmental Authorities in the Territory which are necessary for the
inclusion of the Product in the national health basket in Israel and related reimbursement conditions established by the Governmental
Authorities and any variation of any such permissions.

 

“Product” means pharmaceutical
product QRX003 in finished, ready for sale, dosage form for human use.

 

“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. The Product Patents as of the Effective Date are listed in Exhibit 2.

 

“Product Trademark”
means [to be inserted if Product is to be sold globally under a trademark.]

 

    	 	23	 

     

    

 

“Product Technology”
means all Intangibles owned or Controlled by Quoin and necessary 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.

 

“Regulatory Approvals”
shall mean the licenses, registrations, clearances, consents, authorizations, and approvals required to have manufactured, store, import,
transport, market, promote, sell, place on the market, and distribute the Product (including, without limitation, Pricing Approvals and
the Marketing Authorization) 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.

 

    	 	24	 

     

    

 

“Specifications” means
the standards, instructions, and specifications applicable to the Product as set forth in the Marketing Authorization 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 Israel
and the West Bank and Gaza territories (governed by the Palestinian Authority as of the Effective Date, and any successor thereof).

 

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

 

“Valid
Claim” means a claim of a patent application
or unexpired issued patent included in the Product Patents so long as such claim shall not have been held invalid in a final court judgment
or patent office decision that has not been appealed within the time allowed by law for an appeal, or from which there is no further appeal
and that has not been abandoned, disclaimed or admitted to be invalid or unenforceable through reissue, disclaimer or otherwise.

 

    	 	25Exhibit 10.6

 

 

SUPPLY AGREEMENT

 

This Supply Agreement
(this “Agreement”), dated as of February 11, 2022 (“Effective Date”), is by and between by and between
Quoin Pharmaceuticals, Ltd., a Delaware corporation located at 42127 Pleasant Forest Court, Ashburn, VA 20148 (“Quoin”)
and Neopharm, a company incorporated under the laws of the State of Israel located at Neopharm Building, 6 Hashiloach St., Petach-Tikva
4951439, Israel (“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 February 11 2022 (“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. Quoin shall have
the right to subcontract its obligations under this Agreement to a third party (it being agreed that, wherever Quoin makes a commitment
under this Agreement with respect to the manufacture and supply of Product, such obligation shall be deemed satisfied if performed by
such subcontractor) without derogating, in any manner, from Quoin's obligations pursuant to this Agreement.

 

Section
2.2     Sale and Distribution. The Licensee will sell the Product only in the Territory and will not directly or indirectly
sell or otherwise distribute the Product outside of the Territory.

 

     

     

    

 

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 and the compliance of all such labels and labeling with applicable Law and the Regulatory Approvals.
Licensee will approve all artwork and labeling information necessary for the packaging and labeling of the Product. 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. Quoin will make any changes to labeling and packaging Specifications required in writing by the Licensee, at
the 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 for approval. Without derogating from Quoin's obligations pursuant to this Agreement, at Licensee's request, the Licensee
shall be entitled to re-label/re-pack the Products in the Territory, as needed to meet and comply with applicable
Laws in the Territory, in coordination and pre-agreement with Quoin.

 

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 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 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 or impacts
on the manufacture of the Product.

 

(d)     Quoin shall immediately inform Licensee of any quality or safety issue impacting the sales of the supplied Product, and
of any regulatory action taken concerning the sales of 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 commercial 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 eighteen (18) 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 fifteen (15) 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). If and
to the extent that is commercially viable to order a full batch (considering the level of demand in the Territory), 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 which shall require that such order meets the requirements specified below. 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),
the delivery address, the transportation method 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, unless otherwise agreed by the Parties in writing. If and to the extent that is commercially
viable to order a full batch (considering the level of demand in the Territory), 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, otherwise, Licensee shall be entitled
to order partial batches and pay Quoin its direct out of pocket expenses or fees that are required for split batches. The Product set
forth in Firm Orders will be delivered to such location as the Licensee designates in writing to Quoin from time to time. 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, unless Quoin initiates such changes. 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 use its commercially reasonable efforts to supply the Product in accordance with each Firm Order placed pursuant
to the terms of this Agreement by the Licensee to the extent accepted by Quoin including the quantities and delivery dates in each Firm
Order. Each Firm Order will set forth a delivery date, not less than ninety (90) days after the date of such order.

 

(c) 
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 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. Quoin will not (a) unreasonably
refuse an order from Licensee and (b) in the event of a shortfall in Quoin's ability to supply the Products, it shall use its good faith
best efforts to provide Licensee with as much quantity of the Products as possible, and in no event shall Quoin single Licensee out as
the only party to whom a shortfall is applicable and will not disproportionally treat Licensee in respect to the supply of Products as
to any other Quoin distributor or customer.

 

    	 	3	 

     

    

 

(d)     
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), but in any event no less than eighteen (18) months shelf life on such date.

 

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

 

Section
3.3              
Delivery.

 

(a)     
All Product shipped under this Agreement will be shipped EX WORKS (INCOTERMS 2020), the facility where the Product is manufactured.
Quoin shall provide Licensee with advance notice of shipment date to Licensee's satisfaction and 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 following its delivery to Licensee in accordance with the delivery
terms. Title and risk of loss and damages to Product purchased by the Licensee will pass to the Licensee according to INCOTERMS above..
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).

 

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 be manufactured in accordance with GMP and will at shipment be in compliance with this
Agreement, the Specifications and the Quality Agreement and if handled and stored in accordance with Quoin's written instructions will
be in compliance with the Specifications for the shelf-life of the Product. 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.

 

    	 	4	 

     

    

 

(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.

 

(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.

 

    	 	5	 

     

    

 

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

 

(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. Licensee shall perform its rights and obligations pursuant to this Agreement
in accordance 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.

 

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, supply 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 any other relevant 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

 

(e)     
Provide Licensee with all required available information and materials necessary for obtaining and maintaining the Regulatory
Approvals in the Territory, including but not limited to variations and renewals.

 

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;

 

    	 	6	 

     

    

(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, the Licensee will inspect the Product, COA and COC and advise Quoin of any defect,
or missing information, 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. 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) 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 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 solely the result of the failure by Quoin to manufacture and supply (or have manufactured
and supplied) Product that meets the Specifications therefor under this Agreement, 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, 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.

 

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 (the
 “Quality Agreement”) with respect to the manufacture of 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
of the Quality Agreement shall prevail. In all other matters the provisions of this Agreement shall prevail.

 

    	 	7	 

     

    

 

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. If such a Change requires regulatory approval, Quoin shall provide all necessary documents, information and materials
needed for such an approval. The Licensee shall promptly provide to Quoin Licensee’s good faith and detailed estimate of the actual
and reasonable costs that will be incurred by Licensee resulting directly from any such Discretionary Manufacturing Changes, including
the cost of any obsolete inventory resulting from the changes. All costs arising out of any Discretionary Manufacturing Changes requested
by Quoin, including Licensee's reasonable and documented costs, shall be borne by Quoin.

 

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 “Transfer Price”). The price for the Product set forth on Schedule 6.1 shall be equal
to the Manufacturing Costs of Quoin. The method for calculation of the Transfer Price set forth in this Section 6.1 shall be valid for
the Term.

 

Section
6.2  Certain 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 that are required only for Product manufactured for the Territory (i.e. and not
for additional markets outside of the Territory) 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, on an annual basis and with prior advance written notification to Licensee
of at least ninety (90) days, to increase the Transfer Price of Product to the extent of any documented actual increase in the Manufacturing
Costs. Quoin shall share with Licensee all such documented increases in the Manufacturing Costs no later than the time that it provides
its advance written notice.

 

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 ninety (90) 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) business days of any disputed invoice. If the Licensee fails to pay any undisputed invoiced amount when due
and fails to rectify this within five (5) days of the receipt of a written reminder notice, 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    Taxes, etc. The Licensee will bear solely the cost of any taxes, levies, duties or fees of any kind, nature or description
whatsoever applicable to the sale of Product sold by Quoin to the Licensee, excluding any income tax imposed on Quoin's income (“Licensee
Taxes”), and if Quoin is required to pay such amounts to the applicable authorities then the Licensee will forthwith pay to
Quoin all such sums upon demand. Quoin and Licensee shall cooperate with each other and use their commercially reasonable efforts to obtain
any certificate or other document from any person as may be necessary to mitigate, reduce or eliminate any such Licensee Taxes.

 

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,
provided however that unless otherwise agreed by the Parties, Quoin shall bear any incremental costs and expenses incurred by Licensee
due to the partial fulfillment of any Firm Order that is not rejected by Quoin pursuant to ‎Section
3.2 above.

 

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 expire on the expiration or the
termination of the License Agreement in accordance with the termination provisions contained therein, unless earlier terminated in accordance
with this Article VII (the “Term”).

 

Section
7.2     Termination. Each Party as applicable, will have the right to terminate this Agreement with immediate effect (except
as otherwise stated below) upon written notice to the other Party upon the occurrence of the following:

 

    	 	9	 

     

    

 

(a)     
the other Party 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)     
the other Party 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 sixty (60) days) delivered to the non-compliant Party by another Party; provided;
however, that Quoin shall be permitted to terminate immediately upon delivery of written notice to Licensee in the event that Licensee
has failed at least two (2) times in any twelve (12) month period to pay to Quoin any amount invoiced hereunder when such amount is due,
other than where such failure is due to a good faith dispute over the amount owed;

 

(c)     
The termination of the License Agreement in accordance with the termination provisions contained therein.

 

Section
7.3    Effects of Termination.

 

If this Agreement is terminated
by Quoin pursuant to Section 7.2:

 

(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 packaging materials, in Quoin’s or its Affiliates’ possession, and
to the extent such packaging materials 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 5.3, 5.4, 5.5, 7.3, Article IX, Article X, and Article XI 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; 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; shortage of labor, fuel, or power; any failure of a third party supplier of the Product or raw materials
to deliver timely; inability to obtain or delays of transportation facilities; any act of God; any act of the other Party or any cause
(whether similar or dissimilar to the foregoing) beyond the reasonable control of such Party (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

 

Section
9.1   Non-disclosure and Non-use Obligation. Each Party or its Affiliates or contractors may, from time to time, prior
to or after the date hereof, disclose to the other Party information of a technical or non-technical nature that is not generally known
to the trade or public. Each Party agrees that it will not, and will cause its Affiliates, and will use reasonable best efforts to cause
its contractors, not to, use for any purpose other than as necessary to perform its obligations under this Agreement, and will not disclose
to anyone in any manner whatsoever, any such information including, without limitation, information relating in any way to the products,
processes, and services of each Party or its Affiliates or contractors, which becomes known to the other Party on or prior to the date
of the termination or expiration of this Agreement. The obligations of this Section 9.1 will not apply to information (i) that
is known to a Party as shown by written records prior to its disclosure by the disclosing Party or its contractors; (ii) that becomes
public information or is generally available to the public other than by an unauthorized act or omission of the other Party; or (iii) that
is received by a Party from third parties who are in rightful possession of such information and who are lawfully entitled to disclose
such information and such third party did not receive such information from the other Party. This Agreement shall not be deemed to restrict
the receiving Party from complying with a lawfully issued governmental order or any other requirement of applicable Law to produce or
disclose confidential information of the other Party; provided that the receiving Party shall have complied with the requirements
of this Section 9.1. With respect to any such governmental order or requirement of applicable Law, the receiving Party, if legally
permitted in the circumstances, shall promptly notify the disclosing Party of such order so that the disclosing Party may seek to quash
such order or to obtain an appropriate protective order requiring that the confidential information that is the subject of such order
or requirement of applicable Law be held in confidence or, if disclosed, be used only for the purposes for which such order was issued
or such requirement of applicable Law covers. The receiving Party shall reasonably cooperate with the disclosing Party in any such proceeding.
With respect to any such order that is not quashed or any other requirement of applicable Law to disclose confidential information of
the disclosing Party, the receiving Party shall furnish only that portion of such confidential information that the receiving Party is
advised by counsel is legally required to be disclosed and the receiving Party shall, at the disclosing Party’s written request
and cost, exercise its reasonable efforts, in its sole discretion, to obtain a protective order or other reliable assurance that confidential
treatment shall be accorded to the confidential information so disclosed. The receiving Party’s obligations shall be qualified to
the extent it is reasonably able to comply with the terms of this Section 9.1 depending upon the order or other legal requirement and
the timing within which the receiving Party is obligated to comply therewith.

 

    	 	11	 

     

    

 

Article
X

INDEMNIFICATION

 

Section
10.1  By Quoin. From and after the Effective Date, subject to Section 10.5(a) hereof, 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; (ii) any breach by Quoin of any of its representations
and warranties, covenants, agreements or obligations contained in this Agreement; or (iii) product liability as the manufacturer of the
Product pursuant to applicable Law; all except and to the extent that Licensee is required to indemnify Quoin for such Losses pursuant
to ‎Section 10.2 below, as to which Losses each Party shall indemnify the other to the
extent of their respective liability.

 

Section
10.2  By the Licensee. From and after the Effective Date, subject to Section 10.5(a) hereof, 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: (i) the Licensee’s negligence or willful misconduct; (ii) breach of any of its representations and warranties,
covenants, agreements or obligations contained in this Agreement; or (iii) product liability as the distributor of the Product pursuant
to applicable Law; all except and to the extent that Quoin is required to indemnify Licensee for such Losses pursuant to ‎Section
10.1 above, as to which Losses each Party shall indemnify the other to the extent of their respective liability.

 

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.

 

    	 	12	 

     

    

 

(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  Insurance.

 

(a)     
At all times from the Effective Date through that date which is three (3) years after the termination or expiration of this
Agreement Quoin will maintain general liability insurance in the amount of not less than USD $5,000,000 per occurrence and USD $5,000,000
in aggregate and product liability insurance, in insurance liability amounts of no less than USD $5,000,000 per occurrence and USD $5,000,000
in the aggregate limit of liability per year. Quoin shall add the Licensee as an additional insured in its product liability policy and
provide written proof of such insurance to the Licensee upon request. Furthermore, Quoin’s insurance will be extended to cover the
Licensee as an additional insured under "Vendor" Extension and will also contain an express condition according to which the
policy will take precedence to any other insurance effected by the Licensee and that the insurer waives any demand and/or claim for participation
from the Licensee 's insurance.

 

(b)     
At all times from the Effective Date through that date which is three (3) years after the termination or expiration of this
Agreement, the Licensee will maintain a combined Product Liability and professional liability Insurance Policy with territorial limits
and jurisdiction covering the Licensee’s legal liability in respect of any loss or damage caused because of and/or in connection
with the Products up to a limit of liability of USD $2,000,000 per event and in the aggregate period of insurance.

 

Section
10.5  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 or contractors
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, or liability arising from the termination of this Agreement not in accordance with the terms
thereof.

 

(b)     
Notwithstanding any other provision of this Agreement, nothing in this Agreement excludes or limits the liability of either
Party for: (i) death, bodily injury and/ or physical property damage caused by its negligence, or for fraud; or (ii) to the extent that
applicable Law precludes or prohibits such exclusion or limitation.

 

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.

 

    	 	13	 

     

    

 

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.

 

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, or email, with automatic confirmation by the transmitting telecopier machine showing the proper number of pages
were transmitted without error, or email confirmation of receipt if sent by email (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) ten (10) 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:

 

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

 

Neopharm (Israel) 1996 Ltd.

Neopharm Building,

6 Hashiloach Street, Petach Tikva,

Israel 4917001.

Telefacsimile Number: 972 3 926 4267

 

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

 

legaldept@Neopharmgroup.com

 

    	 	14	 

     

    

 

(b)  if to Quoin, to:

 

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.

 

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. 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.

 

    	 	15	 

     

    

 

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]

 

    	 	16	 

     

    

 

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, LTD.

 

By: /s/ Dr. Michael Myers

Name: Dr. Michael Myers

Title: CEO

 

NEOPHARM (ISRAEL) 1996 LTD.

 

By: /s/ Tal Fuhrer

Name: Tal Fuhrer

Title: Chief Business Officer

 

     

     

    

 

Schedule 1

DEFINITIONS

 

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

 

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

 

“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.

 

“cGMPs”
means current good manufacturing practice requirements of 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.

 

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

 

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

 

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

 

“Extended Term”
has the meaning set forth in Section 7.1.

 

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

 

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

 

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

 

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

 

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

 

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

 

“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.

 

“Initial Term”
has the meaning set forth in Section 7.1.

 

“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.

 

     

     

    

 

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

 

“Manufacturing
Costs” means, with respect to a Product, (x) where Quoin is the actual manufacturer of such Product, the actual direct 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 consistently applied and 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.

 

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

 

“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.

 

“Product”
means pharmaceutical product QRX003 in finished dosage form for human use.

 

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

 

“Licensee”
has the meaning set forth in the preamble.

 

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

 

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

 

“Marketing Authorization”
means the authorization to market the Product in the Territory, which is granted by the Israel Ministry of Health, or any successor thereof
which is the competent Governmental Authority in the Territory to grant such authorizations in the Territory.

 

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

 

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

 

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

 

“Specifications”
means the requirements and standards for the manufacture, packaging, storage and shipment of the Product set forth in the Quality Agreement
and in the Marketing Authorization for the Product in the Territory, as amended or supplemented in accordance with this Agreement.

 

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

 

“Territory”
means Israel and the West Bank and Gaza territories (governed by the Palestinian Authority as of the Effective Date, and any successor
thereof).

 

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

 

“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

Transfer
Price and Batch Quantities

 

 

TRANSFER PRICES AND BATCH QUANTITIES FOR DOSAGES AS OF EFFECTIVE DATE:

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