Document:

Exhibit 10.1

ROKWADER, INC.

(a Delaware corporation)

 

6% Subordinated convertible Promissory
Note

 

NEITHER THIS NOTE NOR THE SECURITIES
ISSUABLE UPON THE CONVERSION HEREOF AS PROVIDED HEREIN HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER
THE LAWS OF ANY STATE OR OTHER JURISDICTION. TRANSFER OF THIS NOTE AND SUCH SECURITIES IS RESTRICTED PURSUANT TO SUCH LAWS.

 

	$30,000.00	
        Woodland Hills,
        California

        October 30, 2014

 

1.Note. FOR VALUE
RECEIVED, ROKWADER, INC., a Delaware corporation (the “Company” or the “Borrower”), hereby promises to
pay to the order of Brooktide LLC (the “Holder”) the amount of $30,000.00 on demand (“Due Date”) and to
pay interest at the rate of six (6 %) per annum on the outstanding principal. Interest payments shall be made with principal on
the due date, to the Holder in lawful money of the United States at, 21900 Burbank Blvd., 3rd FL, Woodland Hills, CA 91367, or
at such other place as the Holder may specify in writing.

 

2.Default. In the
event of an occurrence of any event of default specified below, the principal and all accrued interest on the Note shall become
immediately due and payable without notice, except as specified below. The occurrence of any of the following events shall constitute
an event of default under this Note:

 

2.1The Company fails to make any
payment hereunder when due, which failure has not been cured within thirty (30) days following such failure.

 

2.2If the Borrower shall file a
petition to take advantage of any insolvency act; make an assignment for the benefit of its creditors; commence a proceeding for
the appointment of a receiver, trustee, liquidator or conservator of itself of a whole or any substantial part of its property;
file a petition or answer seeking reorganization or arrangement or similar relief under the federal bankruptcy laws or any other
applicable law or statute of the United States of America or any state; or

 

2.3If a court of competent jurisdiction
shall enter an order, judgment or decree appointing a custodian, receiver, trustee, liquidator or conservator of the Borrower or
of the whole or any substantial part of its properties, or approve a petition filed against the Borrower seeking reorganization
or arrangement or similar relief under the federal bankruptcy laws or any other applicable law or statute of the United States
of America or any state; or if, under the provisions of any other law for the relief or aid of debtors, a court of competent jurisdiction
shall assume custody or control of the Borrower or of the whole or any substantial part of its properties; or if there is commenced
against the Borrower any proceeding for any of the foregoing relief and such proceeding or petition remains undismissed for a period
of thirty (30) days; or if the Borrower by any act indicates its consent to or approval of any such proceeding or petition; or

2.4If (i) any judgment remaining
unpaid, unstayed or undismissed for a period of sixty (60) days is rendered against the Borrower which by itself or together with
all other such judgments rendered against the Borrower remaining unpaid, unstayed or undismissed for a period of sixty (60) days,
is in excess of $100,000, or (ii) there is any attachment or execution against the Borrower’s properties remaining unstayed
or undismissed for a period of sixty (60) days which by itself or together with all other attachments and executions against the
Borrower’s properties remaining unstayed or undismissed for a period of 60 days is for an amount in excess of $100,000.00.

 

3.Conversion – Holder

 

3.1Conversion Rights.
At any time from the date hereof the Holder will have the right, at its option, to convert the Note into Shares of Common Stock
of the Company (the “Shares”) at the conversion rate then in effect.

 

The initial conversion
rate is forty-five cents ($0.45) per share or 66,667 Shares if the entire Note was converted, subject to adjustments in certain
events. No fractional Share or scrip representing a fractional Share will be issued upon conversion of the Notes. Cash will be
paid in lieu of any fractional Shares equal to the then current market value of such fractional Share.

 

The conversion rate
will be appropriately adjusted if the Company (a) pays a dividend or makes a distribution on its Shares of Common Stock which
is paid or made in Shares of Common Stock, (b) subdivides or reclassifies its outstanding Shares of Common Stock, (c) combines
its outstanding Shares of Common Stock into a smaller number of Shares of Common Stock, or (d) distributes to all Holders
of its Common Stock evidences of its indebtedness or assets (excluding any dividend paid in cash out of legally available funds)
subject to the limitation that adjustments by reason of any of the foregoing need not be made until they result in a cumulative
change in the conversion rate of at least five percent (5%). The conversion rate will not be adjusted upon the conversion of presently
outstanding stock options or warrants.

 

1

     

     

    

In case of any consolidation
or merger to which the Company is a party other than a merger or consolidation in which the Company is the surviving corporation,
or in case of any sale or conveyance to another corporation of the property of the Company as an entirety or substantially as an
entirety, or in case of any statutory exchange of securities with another corporation, there will be no adjustment of the conversion
price, but each Holder of the Notes then outstanding will have the right thereafter to convert such Notes into the kind and amount
of securities, cash or other property which he would have owned or have been entitled to receive immediately after such consolidation,
merger, statutory exchange, sale or conveyance had such Notes been converted immediately prior to the effective date of such consolidation,
merger, statutory exchange, sale or conveyance. In the case of a cash merger of the Company into another corporation or any other
cash transaction of the type mentioned above, the effect of these provisions would be that the conversion features of the Notes
would thereafter be limited to converting the Notes at the conversion price in effect at such time into the same amount of cash
per Share that such Holder would have received had such Holder converted the Notes into Common Stock immediately prior to the effective
date of such cash merger or transaction.

 

3.2Mechanics of Conversion.

 

The Note may be
converted upon a notice from the Company to the Note holder and surrender of the Notes at any time from the date hereof, at the
offices of the Company, 21900 Burbank Blvd., 3rd FL, Woodland Hills, CA 91367, with the form of “Notice of Conversion”
duly completed and executed as indicated. Shares of Common Stock issued upon conversion will be fully paid and non-assessable.

 

 

4.Prepayment. Borrower
may prepay any or all amounts due under this Note at any time from the date of this Note at one hundred percent (100%) of the principal
amount of the Note together with accrued interest; provided, however, that Borrower, as a condition to prepayment of some or all
of the balance hereof, shall deliver written notice of its intention to prepay at least thirty (30) calendar days prior to the
date of such prepayment (“Prepayment Date”).

 

5.Subordination. Indebtedness
evidenced by the Note will be subordinated in right of payment to the prior payment in full of all existing and future Senior Indebtedness
of the Company. Senior Indebtedness is defined as the principal of (and premium, if any) and unpaid interest or accrued original
issue discount on and other amounts due on or in connection with any Debt (as defined below) incurred, assumed or guaranteed by
the Company, whether outstanding on the date of the issuance of the Note or thereafter incurred, assumed or guaranteed and all
renewals, extensions and refunding of any such Debt; provided, however, that the following will not constitute Senior Indebtedness:

 

(i)any Debt as to which, in the
instrument creating or evidencing the same or pursuant to which the same is outstanding, it is expressly provided that such Debt
is subordinate in right of payment to all other debt of the Company not expressly subordinated to such Debt;

 

(ii)any Debt which by its terms
refers explicitly to the Note and states that such Debt shall not be senior in right of payment thereto;

 

(iii)any Debt of the Company in
respect of the Note;

 

(iv)any Debt of the Company to any
Subsidiary of the Company; and

 

(v)any Debt of the Company to any
joint venture or partnership, which joint venture or partnership is required, under generally accepted accounting principles, to
be consolidated in the Company’s consolidated financial statements.

 

Debt is defined
to mean, with respect to any person at any date, without duplication:

 

(i)all obligations of such person
for borrowed money,

 

(ii)all obligations of such person
evidenced by bonds, debentures, note or other similar instruments,

 

(iii)all Debt of others secured
by a lien on any asset of such person, whether or not such Debt is assumed by such person,

 

(iv)all Debt of others for the payment,
of which such person is responsible or liable as obligor or guarantor,

 

(v)all obligations of such person
in respect of letters of credit or other similar instruments (or reimbursement obligations with respect thereto),

 

(vi)all obligations of such person
to pay the deferred purchase price of property or services, except Trade Payables, and

 

(vii)all reimbursement, reserve
funding and other obligations of such person in respect of surety bonds executed by such person or at the request of and for the
benefit of such person.

 

2

     

     

    

By reason of such
subordination, in the event of dissolution, insolvency, bankruptcy or other similar proceedings, upon any distribution of assets,
(i) holders of Senior Indebtedness will be entitled to be paid in full before payments may be made on the Note, and the Holder
of the Note will be required to pay over their share of such distribution to the holder of Senior Indebtedness until such Senior
Indebtedness is paid in full and (ii) creditors of the Company who are neither holders of Notes nor holders of Senior Indebtedness
may recover less, ratably, than holders of Senior Indebtedness and may recover more, ratably, than the Holder of the Note.

 

6.Securities Law Compliance.
The Holder understands that the right of conversion of this Note is subject to full compliance with the provisions of all applicable
securities laws and the availability thereunder upon any conversion of any exemption from registration thereunder for such conversion,
and that the certificate or certificates evidencing such Note will bear a legend to the following effect:

 

“THE SECURITIES EVIDENCED HEREBY
MAY NOT BE TRANSFERRED WITHOUT (i) THE OPINION OF COUNSEL SATISFACTORY TO THIS CORPORATION THAT SUCH TRANSFER MAY LAWFULLY
BE MADE WITHOUT REGISTRATION UNDER THE FEDERAL SECURITIES ACT OF 1933, AS AMENDED, OR (ii) SUCH REGISTRATION.”

 

7.Notices. Any notice
herein required or permitted to be given shall be in writing and may be personally served, sent by United States Mail, certified,
or by overnight delivery service. For the purposes hereof, the address of the Holder and the address of the Company shall be as
reflected in the Subscription Agreement between the Holder and the Company of even date herewith. Both the Holder and the Company
may change the address for service by written notice to the other as herein provided.

 

8.No Waiver Rights and Remedies
Cumulative. No failure on the part of the Holder to exercise, and no delay in exercising any right hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise by the Holder of any right hereunder preclude any other or further
exercise thereof or the exercise of any other right. The rights and remedies herein provided are cumulative and not exclusive of
any remedies or rights provided by law or by any other agreement between the Borrower and the Holder.

 

9.Amendments. No amendment,
modification or waiver of any provision of this Note nor consent to any departure by the Holder therefrom shall be effective unless
the same shall be in writing and signed by the Holder and then such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given.

 

10.Successors and Assigns.
This Note shall be binding upon the Borrower and its successors and assigns and the terms hereof shall inure to the benefit of
the Holder and its successors and assigns, including subsequent holders hereof.

 

11.Severability. The
provisions of this Note are severable, and if any provision shall be held invalid or unenforceable in whole or in part in any jurisdiction,
then such invalidity or unenforceability shall not in any manner affect such provision in any other jurisdiction or any other provision
of this Note in any jurisdiction.

 

12.Waiver of Notice.
The Borrower hereby waives presentment, demand for payment, notice of protest and all other demands in connection with the delivery,
acceptance, performance, default or enforcement of this Note.

 

13.Governing Law.
This Note has been executed in and shall be governed by the laws of the State of California.

 

14.Note Holder is Not a Shareholder.
No Holder of this Note, solely by virtue of the ownership of this Note, shall be considered a shareholder of the Company for any
purpose, nor shall anything in this Note be construed to confer on any Holder of this Note any rights of a shareholder of the Company
including, without limitation, any right to vote, give or withhold consent to any corporate action, receive notice of meetings
of shareholders or receive dividends.

 

15.Exchange and Replacement
of Note. Upon surrender of this Note to the Borrower, the Borrower shall execute and deliver, at its expense, one or more
new Notes of such denominations and in such names, as requested by the holder of the surrendered Note. Upon receipt of evidence
satisfactory to the Company of the loss, theft, mutilation, or destruction of any Note, the Borrower will make and deliver a new
Note of like tenor at the request of the holder of such Note.

 

 

IN WITNESS WHEREOF,
the Company has caused this Note to be signed by its authorized officers as of the 30th day of October, 2014.

  

	 	 	
        ROKWADER, INC.

         

	
         

         

         
	 	
         

        By: /s/ Gary Saderup

        Gary Saderup, Secretary

	 	 	 

3Exhibit 10.1

 

SEPARATION AND RELEASE AGREEMENT

 

This Separation and
Release Agreement (the “Agreement”) is made and entered into on November 19, 2014 (the “Effective Date”)
and confirms the following understandings and agreements between Lipocine (“Lipocine” or the “Company”)
and Srinivasan Venkateshwaran (hereinafter referred to as “you” or “your”).

 

WHEREAS, you were employed
as Chief Technology Officer and Vice President of Research and Development by Lipocine (your “Employment”) pursuant
to an Employment Agreement dated effective January 7, 2014 (your “Employment Agreement”);

 

WHEREAS, in connection
with your Employment, you entered into an Employee Inventions and Proprietary Rights Assignment Agreement dated June 20, 2001 (your
“Inventions Agreement”) and on March 12, 2010 you signed an Employee Acknowledgment Form (your “Acknowledgement
Form”);

 

WHEREAS, your Employment
was terminated by Lipocine effective November 14, 2014 (the “Separation Date”);

 

WHEREAS, you and Lipocine
desire to fully and finally settle all issues, differences, and claims, whether potential or actual, between you and Lipocine,
including, but not limited to, any claims that might arise out of your Employment with Lipocine or the termination of your Employment
with Lipocine;

 

WHEREAS, in connection
with the separation from your Employment, you and Lipocine now desire to enter into this Agreement, which sets forth a mutually
satisfactory arrangement concerning, among other things, separation from your employment and payment of a severance to which you
would otherwise not be entitled.

 

NOW, THEREFORE, in
consideration of the foregoing recitals and the promises set forth herein and for other good and valuable consideration, the receipt
and sufficiency are hereby acknowledged, you and Lipocine, intending to be legally bound, agree as follows:

 

1.            Employment Status and Effect
of Separation.

 

(a)            You and Lipocine hereby acknowledge the termination of your Employment and the termination of any position you held or hold at
Lipocine, effective as of the Separation Date. From and after the Separation Date, you agree not to represent yourself as being
an employee, officer, director, agent or representative of Lipocine for any purpose.

 

(b)            The Separation Date shall be
the termination date of your Employment for purposes of participation in and coverage under all benefit plans and programs sponsored
by or through Lipocine. In connection with your separation, you will be entitled to receive amounts payable to you under any retirement
and fringe benefit plans maintained by Lipocine and in which you participate in accordance with the terms of each such plan and
applicable law.

 

    	 

    	 

    

 

(c)            You acknowledge
and agree that all of the payment(s) and other benefits you have received as of the Effective Date or are payable pursuant to Section
2(a) of this Agreement are in full discharge and satisfaction of any and all liabilities and obligations of Lipocine or any of
its direct or indirect parent(s), subsidiaries, and/or affiliates (collectively, the “Company Group”) to you,
monetarily or with respect to employee benefits or otherwise, including but not limited to any and all obligations arising under
any alleged written or oral employment agreement, policy, plan or procedure of Lipocine or any other member of the Company Group
and/or any alleged understanding or arrangement between you and Lipocine or any other member of the Company Group.

 

2.            Release and Waiver of Claims.

 

(a)            Lipocine will pay you, as a
severance payment, a total sum of One Hundred Forty Two Thousand Five Hundred Twenty Six Dollars and 40/100 ($142,526.40), which
amount is computed as provided in your Employment Agreement (the “Consideration”). In addition, Lipocine is
paying you, as earned paid time off, a total sum of Twenty Eight Thousand Three Hundred and Eighty Four Dollars and 41/100 ($28,384.41).
The Consideration will be paid to you in one lump sum, less applicable deductions and withholdings for state and federal taxes,
within two (2) business days after the expiration of the Revocation Period, provided that you do not revoke this Agreement. However,
in accordance with your Employment Agreement, you may elect to defer your Consideration for up to 60 days. You acknowledge that
the Consideration represents monies to which you would not be entitled but for this Agreement.

 

(b)             For and in consideration of
the Consideration, and for other good and valuable consideration set forth herein, you, for and on behalf of yourself and your
heirs, administrators, executors and assigns, effective the date hereof, do fully and forever release, remise and discharge Lipocine
and each member of the Company Group, and each of their direct and indirect parents, subsidiaries and affiliates, together with
their respective officers, directors, partners, shareholders, employees, attorneys and agents (collectively, the “Company
Parties”), from any and all claims whatsoever up to the Effective Date which you had, may have had, or now have against
the Company Parties, for or by reason of any matter, cause or thing whatsoever, including without limitation any claim arising
out of or attributable to your Employment or the termination of your Employment with Lipocine or any member of the Company Group
whether for contract, tort, breach of express or implied employment contract, intentional infliction of emotional distress, wrongful
termination, failure to hire, re-hire, or contract with as an independent contractor, unjust dismissal, defamation, libel or slander,
or under any federal, state or local law dealing with discrimination based on age, race, sex, national origin, handicap, religion,
disability or sexual orientation. This release of claims includes, but is not limited to, all claims arising under the Civil Rights
Act of 1866, 42 U.S.C. §1981 et seq.; the Civil Rights Act of 1964, 42 U.S.C. §2000 et seq.; the Civil
Rights Act of 1991; the Rehabilitation Act of 1973, 29 U.S.C. §701 et seq.; the Americans with Disabilities Act, 42
U.S.C. §1201 et seq.; the Family and Medical Leave Act, 29 U.S.C. §2601 et seq.; the National Labor Relations
Act, 29 U.S.C. §151 et seq.; the Fair Labor Standards Act, 29 U.S.C. §201 et seq.; the Vietnam Era Veterans’
Readjustment Assistance Act of 1974; the Employee Retirement Income Security Act of 1974, 29 U.S.C. §1001 et seq.,
the Occupational Safety and Health Act, 29 U.S.C. §651 et seq.; the Worker Adjustment and Retraining Notification Act,
29 U.S.C. §2101, et seq.; the Fair Credit Reporting Act, 15 U.S.C. §1681 et seq.; the Age Discrimination in Employment
Act of 1967, 29 U.S.C. §621 et seq.; the Equal Pay Act; the Utah Fair Employment and Housing Act; the Utah Family Rights
Act; and any other federal, state, or local human or civil rights, wage-hour, pension or labor law, rule and/or regulation, each
as may be amended from time to time, and all other federal, state and local laws, the common law and any other purported restriction
on an employer’s right to terminate the employment of employees. As used in this Agreement, the term “claims”
will include all claims, covenants, warranties, promises, undertakings, actions, suits, causes of action, obligations, debts, accounts,
attorneys’ fees, judgments, losses and liabilities, of whatsoever kind or nature, in law, equity or otherwise. The parties
intend the release contained herein to be a general release of any and all claims to the fullest extent permitted by applicable
law.

 

    	 

    	 

    

 

(c)            You acknowledge
and agree that as of the Effective Date you have no knowledge of any facts or circumstances that give rise to or could give rise
to any claims under any of the laws listed in the preceding paragraph.

 

(d)            Nothing contained in this Section
2 shall be a waiver of any claims that cannot be waived by law.

 

(e)            Without limiting the scope of
the release herein, the release also includes, without limitation, any claims or potential claims against any of the Company Group
for wages, earned vacation, paid time off, bonuses, expenses, and benefits earned through the date of the execution of this Agreement.
Such amounts are not consideration for this Agreement.

 

3.            Opportunity for Review; Acceptance.
You have until 21 days after the Effective Date (the “Review Period”) to review and consider this Agreement.
To accept this Agreement, and the terms and conditions contained herein, prior to the expiration of the Review Period, you must
execute and date this Agreement where indicated below and return the executed copy of the Agreement to Lipocine. In the event of
your failure to execute and deliver this Agreement prior to the expiration of the Review Period, this Agreement will be null and
void and of no effect, and neither Lipocine nor any member of the Company Group will have any obligations hereunder. By execution
of this Agreement, you expressly waive any and all rights or claims arising under the Age Discrimination in Employment Act of 1967
(“ADEA”) and: (a) You acknowledge that this waiver of rights or claims arising under the ADEA is in writing, and is
knowing, voluntary and understood by you; (b) You expressly understand that this waiver specifically refers to rights or claims
arising under the ADEA; (c) You expressly understand that by execution of this Agreement, you do not waive any rights or claims
under the ADEA that may arise after the date the waiver is executed; (d) You acknowledge that the waiver of rights or claims arising
under the ADEA is in exchange for the Consideration, which is above and beyond that to which you are entitled; (e) You acknowledge
that Lipocine is expressly advising you to consult with an attorney of your choosing prior to executing this Agreement; (f) You
have been advised by Lipocine that you are entitled to up to twenty-one (21) days from receipt of this Agreement within which to
consider this Agreement, which period is referred to as the Review Period; (g) You acknowledge that you have been advised by Lipocine
that you are entitled to revoke (in the event you execute this Agreement) this waiver of rights or claims arising under the ADEA
within seven (7) days after executing this Agreement and that said waiver will not be, and does not become, effective or enforceable
until the seven (7) day revocation period has expired (the “Revocation Period”); (h) The parties agree that should
you exercise your right to revoke the waiver under subparagraph (g) hereof, this entire Agreement, and its obligations, including,
but not limited to the obligation to provide you with Consideration and any other benefits, are null, void and of no effect; (i)
You acknowledge and agree that you will communicate your decision to accept or reject this Agreement to Lipocine as provided herein;
and (j) nothing in this Agreement shall be construed to prohibit you from filing a charge or complaint, including a challenge to
the validity of the waiver provision of this Agreement, with the Equal Employment Opportunity Commission or participating in any
investigation conducted by the Equal Employment Opportunity Commission, though you have waived any right to monetary relief. Should
you elect to revoke this Agreement within the Revocation Period, a written notice of revocation shall be delivered to Lipocine
Inc., Attn: Morgan Brown, Chief Financial Officer, 675 Arapeen Drive, Suite 202, Salt Lake City, UT 84108.

 

    	 

    	 

    

 

4.            Other Agreements.
Your duties and obligations pursuant to the Inventions Agreement and Acknowledgement Form signed by you shall survive this Agreement
and remain in full force and effect, and the Consideration herein constitutes consideration for your promises and obligations pursuant
to these agreements.

 

5.            Confidential
Information. You recognize and acknowledge that Lipocine’s business and continued success depends upon the use and protection
of confidential and proprietary business information, including, without limitation, the information and technology developed by
or available through licenses to any member of the Company Group to which you had access during your Employment (all such information
being “Confidential Information”). The phrase Confidential Information will be interpreted to include all information
of any sort (whether merely remembered or embodied in a tangible or intangible form) that is (i) related to any member of the Company
Group’s or its subsidiaries’ or affiliates’ (including their predecessors) current or potential business and
(ii) not generally or publicly known. Confidential Information includes, without limitation, the information, observations and
data obtained by you while employed by any member of the Company Group and its subsidiaries (or any of their predecessors) or while
performing services hereunder concerning the business or affairs of any member of the Company Group or any of its subsidiaries
or affiliates, the identities of the current, former or prospective employees, suppliers and customers of any member of the Company
Group or its subsidiaries, development, transition and transformation plans, methodologies and methods of doing business, clinical
information, research and development information, regulatory information and correspondence, other correspondence, strategic,
marketing and expansion plans, financial and business plans, financial data, pricing information, employee lists and telephone
numbers, business development and market research information, locations of sales representatives, new and existing customer or
supplier programs and services, customer terms, customer service and integration processes, requirements and costs of providing
service, support and equipment and trade secrets. Provided, however, that the phrase does not include information that (a) was
lawfully in your possession prior to disclosure of such information to you by any member of the Company Group; (b) was, or
at any time becomes, available in the public domain other than through a violation of this Agreement; (c) is documented by
you as having been developed by you outside the scope of your rendering services hereunder and independently; or (d) is furnished
to you by a third party not under an obligation of confidentiality to Lipocine or any other member of the Company Group. You agree
that you will not directly or indirectly use or divulge, or permit others to use or divulge, any Confidential Information for any
reason, except as authorized in writing by Lipocine. You will be allowed to disclose such information of the Company or any member
of the Company Group to the extent that such disclosure is:

 

    	 

    	 

    

 

(a)             duly approved
in writing by the Company or by the member of the Company Group;

 

(b)             necessary for
you to enforce your rights under this Agreement in connection with a legal proceeding; or

 

(c)             required by
law or by the order of a court or similar judicial or administrative body, provided that you notify the Company of such required
disclosure promptly and cooperate with the Company in any lawful action to contest or limit the scope of such required disclosure.

 

Your obligations under
this Agreement are in addition to any obligations you have under state or federal law and under the Inventions Agreement and Acknowledgement
Form. You agree that you will not violate in any way the rights that Lipocine or any other member of the Company Group has with
regard to trade secrets or proprietary or Confidential Information. Your obligations under this Section 5 are indefinite in term.

 

6.            Inventions
and Patents. For purposes of this Agreement, “Inventions” includes, without limitation, information, inventions,
contributions, improvements, ideas, or discoveries, whether protectable or not, made while performing services during your Employment.
Accordingly, you will:

 

(a)             make adequate
written records of such Inventions, which records will be the Company’s property;

 

(b)             assign to the
Company, at its request, any rights you may have to such Inventions for the U.S. and all foreign countries;

 

(c)             waive and agree
not to assert any moral rights you may have or acquire in any Inventions and agree to provide written waivers from time to time
as requested by the Company; and

 

(d)             assist the
Company (at the Company’s expense) in obtaining and maintaining patents or copyright registrations with respect to such Inventions.

 

You understand and
agree that the Company or its designee will determine, in its sole and absolute discretion, whether an application for patent will
be filed on any Invention that is the exclusive property of the Company, as set forth above, and whether such an application will
be abandoned prior to issuance of a patent.

 

    	 

    	 

    

 

You hereby irrevocably
designate and appoint Lipocine and its duly authorized officers and agents as your agent and attorney in fact, which appointment
is coupled with an interest, to act for and in your behalf to execute, verify and file any such documents and to do all other lawfully
permitted acts to further the purposes of Sections 6 and 7 of this Agreement with the same legal force and effect as if executed
by you. You hereby waive and quitclaim to Lipocine any and all claims, of any nature whatsoever, which you now or may hereafter
have for infringement of any proprietary rights assigned hereunder to Lipocine.

 

You further agree that
you will promptly disclose in writing to the Company for one (1) year, all such Inventions so that your rights and the Company’s
rights in such Inventions can be determined. You represent and warrant that you have no Inventions, software, writings or other
works of authorship useful to the Company or any member of the Company Group in the normal course of its business, which were conceived,
made or written prior to the date of this Agreement and which are excluded from the operation of this Agreement.

 

The
provisions of this Section 6 shall not apply to any Invention meeting the following conditions:

 

(a)           such
Invention was developed entirely on your own time;

 

(b)           such
Invention was not conceived, developed, reduced to practice, or created by you: (i) within the scope of your service; (ii) on the
Company’s time; or (iii) with the aid, assistance, or use of any of the Company’s property, equipment, facilities,
supplies, resources, or intellectual property; or

 

(c)           such Invention
does not relate (i) directly to the industry or trade of the Company or (ii) to the Company’s current or demonstrably
anticipated business, research or development.

 

7.            Work
Product and Copyrights. You agree that all right, title and interest in and to the materials resulting from the performance
of your duties during your Employment and all copies thereof, including works in progress, in whatever media, (the “Work”),
remains in and is owned by the Company or any member of the Company Group from their creation. You further agree:

 

(a)           to the extent
that any portion of the Work constitutes a work protectable under the copyright laws of the United States (the “Copyright
Law”), that all such Work will be considered a “work made for hire” as such term is used and defined in the
Copyright Law, and that the Company or any member of the Company Group will be considered the “author” of such portion
of the Work and the sole and exclusive owner throughout the world of copyright therein; and

 

    	 

    	 

    

 

(b)           if any portion
of the Work does not qualify as a “work made for hire” as such term is used and defined in the Copyright Law, that
you hereby assign and agree to assign to the Company or any member of the Company Group, without further consideration, all right,
title and interest in and to such Work or in any such portion thereof and any copyright therein and further agrees to execute and
deliver to the Company or any member of the Company Group, upon request, appropriate assignments of such Work and copyright therein
and such other documents and instruments as the Company may request to fully and completely assign such Work and copyright therein
to the Company, its successors or nominees, and that you hereby appoint the Company as attorney-in-fact to execute and deliver
any such documents on your behalf in the event you should fail or refuse to do so within a reasonable period following the Company’s
request.

 

8.
            Non-solicitation. For a period expiring two (2) years after the Effective Date, you covenant and agree that you
will not:

 

(a)           Hire, offer
to hire, entice away or in any other manner persuade or attempt to persuade any customer, officer, employee or agent of any member
of the Company Group or any of its affiliates to alter or discontinue a relationship with any member of the Company Group or to
do any act that is inconsistent with the interests of any member of the Company Group or any of its affiliates;

 

(b)           Directly or
indirectly solicit, divert, take away or attempt to solicit, divert or take away any customers or potential customers of any member
of the Company Group or any of its affiliates, including without limitation anyone who during your Employment engaged in discussions
with any member of the Company Group for the purchase of products or services; or

 

(c)           Directly or
indirectly solicit, divert, or in any other manner persuade or attempt to persuade any supplier or vendor of any member of the
Company Group or any of its affiliates to alter or discontinue its relationship with any member of the Company Group or any of
its affiliates.

 

Because the members
of the Company Group do business with customers throughout the United States and around the world, there is no geographic limitation
to this Section 8.

 

The Company and you
agree that: this provision does not impose an undue hardship on you and is not injurious to the public; that this provision is
necessary to protect the business of any member of the Company Group and its affiliates; the nature of your responsibilities with
any member of the Company Group under this Agreement require you to have access to confidential information which is valuable and
confidential to any member of the Company Group; the scope of this Section 8 is reasonable in terms of length of time and geographic
scope; and adequate consideration supports this Section 8, including the consideration exchanged herein.

 

9.            Non-Disparagement.
Following the Effective Date, you agree to refrain from making any disparaging, negative or uncomplimentary statements or
communications, whether public or private, regarding Lipocine or any other members of the Company Group or any of the Company
Parties. As used in this paragraph, “disparaging” means anything unflattering and/or negative, whether such
communication is true or untrue. You further agree not to serve as an expert witness adverse to Lipocine in any
investigations or legal proceedings or disparage any member of the Company Group or any of the Company Parties to any future
employer or party engaging you as a consultant. Nothing in this Agreement shall be construed to prohibit you from filing a
charge or complaint, including a challenge to the validity of the waiver provision of this Agreement, with the Equal
Employment Opportunity Commission or participating in any investigation conducted by the Equal Employment Opportunity
Commission, though you have waived any right to monetary relief, or otherwise complying with your obligations to provide
truthful testimony or information as required by a court or by statute.

 

    	 

    	 

    

 

10.            Knowing and Voluntary Waiver.
You expressly acknowledge and agree that (a) you are able to read the language, and understand the meaning and effect, of this
Agreement; (b) are specifically agreeing to the terms of the release contained in this Agreement because Lipocine has agreed to
pay you the Consideration, which Lipocine has agreed to provide because of your agreement to accept it in full settlement of all
possible claims you might have or ever had, and because of your execution, of this Agreement; (c) acknowledge that but for your
execution of this Agreement, you would not be entitled to the Consideration; (d) were advised to consult with your attorney regarding
the terms and effect of this Agreement; and (e) have signed this Agreement knowingly and voluntarily.

 

11.            No Suit. You represent
and warrant that you have not previously filed, and to the maximum extent permitted by law agree that you will not file, a complaint,
charge or lawsuit against any of the Company Parties regarding any of the claims released herein. If, notwithstanding this representation
and warranty, you have filed or file such a complaint, charge or lawsuit, you agree that you shall cause such complaint, charge
or lawsuit to be dismissed with prejudice and shall pay any and all costs required in obtaining dismissal of such complaint, charge
or lawsuit, including without limitation reasonable attorneys’ fees of Lipocine or any of the Company Group or any of the
Company Parties against whom you have filed such a complaint, charge or lawsuit. Nothing in this Agreement shall be construed to
prohibit you from filing a charge or complaint with the Equal Employment Opportunity Commission or participating in any investigation
conducted by the Equal Employment Opportunity Commission, though you have waived any right to monetary relief.

 

12.            Successors and Assigns.
The provisions hereof shall endure to the benefit of your heirs, executors, administrators, legal personal representatives and
assigns and shall be binding upon your heirs, executors, administrators, legal personal representatives and assigns.

 

13.            Severability. If any
provision of this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision
shall be of no force or effect. The illegality or unenforceability of such provision, however, shall have no effect upon and shall
not impair the enforceability of any other provision of this Agreement. This Agreement shall be construed together with the Inventions
Agreement and the Acknowledgement Form so as to give the Company the broadest possible protections even if a provision of this
Agreement conflicts with a provision of the Inventions Agreement or the Acknowledgement Form.

 

    	 

    	 

    

 

14.            Return of
Property. You shall return, as soon as possible after the Effective Date, and not retain in any form or format, all Lipocine
documents, data, and other property in your possession or control. Lipocine “documents, data, and other property” includes,
without limitation, any computers, fax machines, cell phones, IPads, access cards, keys, reports, manuals, contracts, agreements,
records, product samples, inventory, business plans, clinical or R&D plans and information, regulatory correspondence and materials,
correspondence or analysis and/or other documents or materials related to Lipocine’s business that you have compiled, generated
or received while working for Lipocine, including all copies, samples, computer data, disks, recordings, or records of such material.
After returning these documents, data, and other property you will permanently delete from any electronic media in your possession,
custody, or control (such as computers, cell phones, IPads, hand-held devices, back-up devices, zip drives, PDAs, etc.), or to
which you have access (such as remote e-mail exchange servers, back-up servers, off-site storage, etc.), all documents or electronically
stored images of Lipocine, including writings, drawings, graphs, charts, sound recordings, images, and other data or data compilations
stored in any medium from which such information can be obtained. Furthermore, you agree, on or before the Effective Date, to provide
Lipocine with a list of any documents that you created or are otherwise aware to be password protected and the password(s) necessary
to access such password protected documents. Lipocine’s obligations under this Agreement are contingent upon you returning
all Lipocine documents, data, and other property as set forth above.

 

15.            Non-Admission.
Nothing contained in this Agreement will be deemed or construed as an admission of wrongdoing or liability on the part of you,
Lipocine or any member of the Company Group or any Company Parties.

 

16.            Entire Agreement.
This Agreement constitutes the entire understanding and agreement of the parties hereto regarding the subject matter hereof, including
without limitation the termination of your Employment. Except as set forth in Section 4, this Agreement supersedes all prior negotiations,
discussions, correspondence, communications, understandings and agreements between the parties relating to the subject matter of
this Agreement.

 

17.            Amendments;
Waiver. This Agreement may not be altered or amended, and no right hereunder may be waived, except by an instrument executed
by each of the parties hereto. No waiver of any term, provision, or condition of this Agreement, in any one or more instances,
shall be deemed to be or construed as a further or continuing waiver of any such term, provision or condition or as a waiver of
any other term, provision or condition of this Agreement.

 

18.            Governing
Law; Jurisdiction. EXCEPT WHERE PREEMPTED BY FEDERAL LAW, THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
FEDERAL LAW AND THE LAWS OF THE STATE OF UTAH, APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN THAT STATE. ANY DISPUTE ARISING
OUT OF THIS AGREEMENT, OR THE BREACH THEREOF, SHALL BE BROUGHT IN A COURT OF COMPETENT JURISDICTION IN SALT LAKE COUNTY, THE STATE
OF UTAH, THE PARTIES EXPRESSLY CONSENTING TO VENUE IN SALT LAKE COUNTY, THE STATE OF UTAH. EACH PARTY TO THIS AGREEMENT HEREBY
WAIVES ANY RIGHT TO TRIAL BY JURY IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING UNDER OR IN CONNECTION WITH THIS AGREEMENT.
THE PREVAILING PARTY IN ANY LAWSUIT THAT GIVES RISE TO CLAIMS GOVERNED BY THIS AGREEMENT SHALL BE ENTITLED TO AN AWARD OF ATTORNEYS’
FEES FROM THE OTHER PARTY.

 

    	 

    	 

    

 

19.            Injunctive
Relief. You acknowledge that it would be difficult to fully compensate Lipocine for damages resulting from any breach of the
provisions of 4, 5, 6, 7, 8, 9, or 14 of this Agreement. Accordingly, in the event of any actual or threatened breach of such provisions,
Lipocine shall (in addition to any other remedies that it may have) be entitled to temporary and/or permanent injunctive relief
to enforce such provisions, and such relief may be granted without the necessity of proving actual damages.

 

IN WITNESS WHEREOF,
the parties have executed this Agreement as of the Effective Date.

 

 

	
        Srinivasan
        VenKateshwaran

         

         

        /s/ Srinivasan Venkateshwaran
	
        LIPOCINE INC.

         

         

        By: /s/ Mahesh Patel

         

         

        Its: President and CEO

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