Document:

Exhibit 10.1

 

AMENDED AND RESTATED EMPLOYMENT
AGREEMENT

 

THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT ("Agreement"), dated as of the 1st day of January, 2019 (the "Effective
Date"), is between Gopher Protocol Inc., a Nevada corporation whose principal address is 2500 Broadway, F-125, Santa
Monica, CA 90404 (the "Company"), and DOUGLAS L. DAVIS, an individual resident of the State of California whose
principal address is 2030 Canyon Court, La Habra Heights, California 90631 (“Employee"). The Company and Executive or
Employee are sometimes hereinafter collectively referred to in this Agreement as the "Parties."

 

WHEREAS,
the Company has employed Employee since July 2018 and desires to continue to employ Employee, and Employee desires to accept amended
and restated terms of employment, as set forth in this Agreement;

 

WHEREAS,
this Agreement will amend and restate that certain Employment Agreement between the Company and Employee dated July 23, 2018;

 

NOW
THEREFORE, in consideration of the mutual covenants expressed below and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.       Employment. Company agrees
to employ Employee and Employee agrees to be employed by Company as the Chief Executive Officer with the duties established by
the Company from time to time and upon the terms and conditions hereinafter set forth. Nothing contained herein shall be deemed
to create a relationship of partnership or joint venture between the Parties and the relationship between the Company and Employee
shall remain as Company and Employee.

 

2.       Duties. Company and Employee agree
that Employee shall perform in a diligent, efficient and lawful manner any and all duties that are customarily performed by the
Chief Executive Officer for the Company, which shall include coordinating and managing an application to list on the Nasdaq. Employee
agrees to abide by Company's rules, regulations, and practices, including those concerning work schedules, vacation and sick leave,
as they may from time to time be adopted or modified.

 

3.       Term. The term of Employee's employment
under this Agreement (the "Term") shall be as follows:

 

(a)       Term.
The Term commences on the Effective Date of this Agreement and shall expire at 11:59 p.m. (Eastern Time) on January 1, 2021.

 

4.       Base
Compensation; Bonus Plan.

 

(a)       Base Compensation. Employee
shall be paid a base salary on an annual basis equal to TWO HUNDRED FIFTY THOUSAND and NO/100 Dollars ($250,000.00), payable
in accordance with Company’s customary payroll practices subject to the conditions and restrictions set forth in this Agreement.
The base salary shall be increased to FOUR HUNDRED THOUSAND and NO/100 Dollars ($400,000.00) upon the Company uplisting
to a national exchange. Employee's base salary in effect from time to time, exclusive of any other compensation under this Agreement,
is hereinafter called the "Base Salary." Base Salary shall start upon Employee’s first date of reporting to work
on behalf of Company, which date shall be the Effective Date.

 

    1 

     

    

 

(b)       Equity
Awards. Employee shall also be entitled to the issuance of Stock Options (the "Option") to acquire an aggregate
of 5,000,000 shares of common stock of the Company, exercisable for five years, subject to vesting. The form of Option to be issued
is attached hereto as Exhibit A. The Option shall be earned and vested (i) with respect to 2,000,000 shares of common stock on
the date hereof, (ii) 500,000 shares of common stock upon the successful dual list of the Company on an international exchange
such as SIX Zurich Stock Exchange or Euronext, (iii) 1,500,000 shares of common stock upon the successful up listing to a national
exchange such as the Nasdaq, NYSE Euronext, TSX, AMEX or other, and (iv) with respect to 500,000 shares of common stock at each
of the six (6) month anniversaries (July 1, 2019 and January 1, 2020) after the Effective Date, provided, however, in order for
such shares to vest, Employee needs to be serving as the Chief Executive Officer of the Company. The exercise price of such Options
shall be the closing price of the Company on the date prior to such event.

 

5.       Participation
in Benefit Plans; Additional Benefit.

 

(a)       During
the Term of this Agreement, if the Company offers a health or retirement benefit plan (including a 401(k) or pension plan) the
Employee will be eligible to participate. If no plan is offered to Employee, the Company shall reimburse Employee for payments
for an family health plan with monthly costs not to exceed $2,500.

 

(b)       During
the Term of this Agreement, the Employee shall be entitled to four (4) weeks paid vacation, holidays, and leave time per
year.

 

(c)       During
the Term of this Agreement, the Employee shall be entitled to two (2) weeks sick leave.

 

6.      Expense Reimbursement/Other.

 

(a)       The
Company shall reimburse the Employee, on a non-accountable basis, and in accordance with the practices, policies and procedures
of the Company in effect from time to time, for all expenses actually paid or incurred by Employee in the course of and in furtherance
of the business of Company for which Employee provides appropriate documentation and expense reporting in accordance with the practices,
policies and procedures of the Company in effect from time to time.

 

(b)       The
Company shall provide the Employee with a laptop computer and cell phone to be used by Employee during the Term of this Agreement.
Upon separation of employment, the Employee shall return the laptop computer and cell phone to the Company.

 

(c)       Employee
shall have no obligation to relocate his residence from La Habra Heights, California, or to work out of any office location more
than 50 miles from his home.

 

    2 

     

    

 

7.       Employee
acknowledges and agrees that:

 

(a)       during
the course of Employee’s employment with the Company, Employee will learn about, will develop and help to develop, and will
be entrusted in strict confidence with confidential and proprietary information and trade secrets that are owned by the Company
and that are not available to the general public or the Company’s competitors, including (1) its business operations, finances,
balance sheets, financial projections, tax information, accounting systems, value of properties, internal governance, structures,
plans (including strategic plans and marketing plans), shareholders, directors, officers, employees, contracts, client characteristics,
idiosyncrasies, identities, needs, and credit histories, referral sources, suppliers, development, acquisition, and sale opportunities,
employment, personnel, and compensation records and programs, confidential planning and/or policy matters, and/or other matters
and materials belonging to or relating to the internal affairs and/or business of the Company, (2) information that the Company
is required to keep confidential in accordance with confidentiality obligations to third parties, (3) communications between the
Company, its officers, directors, shareholders, members, partners, or employees, on the one hand, and any attorney retained by
the Company for any purpose, or any person retained or employed by such attorney for the purpose of assisting such attorney in
his or his representation of the Company, on the other hand, and (4) other matters and materials belonging to or relating to the
internal affairs and/or business of the Company, including information recorded on any medium that gives it an opportunity to obtain
an advantage over its competitors who do not know or use the same or by which the Company derives actual or potential value from
such matter or material not generally being known to other persons or entities who might obtain economic value from its use or
disclosure (all of the foregoing being hereinafter collectively referred to as the “Confidential Information”);

 

(b)       the
Company has developed or purchased or will develop or purchase the Confidential Information at substantial expense in a market
in which the Company faces intense competitive pressure, and the Company has kept and will keep secret the Confidential Information;

 

(c)       nothing
in the Agreement shall be deemed or construed to limit or take away any rights or remedies the Company may have, at any time, under
statute, common law or in equity or as to any of the Confidential Information that constitutes a trade secret under applicable
law.

 

8.       Confidentiality
Covenants. To the extent that Employee developed or had access to Confidential Information before
entering into the Agreement, Employee represents and warrants that he has not used for his own benefit or for the benefit of any
other person or entity other than the Company, and Employee has not disclosed, directly or indirectly, to any other person or entity,
any of the Confidential Information. Unless and until the Confidential Information becomes publicly known through legitimate means
or means not involving any act or omission by Employee:

 

(a)       The
Confidential Information is, and at all times shall remain, the sole and exclusive property of the Company;

 

(b)     except as otherwise permitted by the Agreement, Employee shall use commercially reasonable efforts to guard and protect the Confidential
Information from unauthorized disclosure to any other person or entity;

 

(d)       Employee
shall not use for Employee’s own benefit, or for the benefit of any other person or entity other than the Company, and shall
not disclose, directly or indirectly, to any other person or entity, any of the Confidential Information; and

 

    3 

     

    

 

(e)       Except
in the ordinary course of the Company’s businesses, Employee shall not seek or accept any of the Confidential Information
from any former, present, or future employee of any of the Company.

 

 9.      Intellectual Property Rights.

 

(a)       As
used in the Agreement, the term “Inventions” means all procedures, systems, formulas, recipes, algorithms, methods,
processes, uses, apparatuses, compositions of matter, designs or configurations, computer programs of any kind, discovered, conceived,
reduced to practice, developed, made, or produced, or any improvements to them, and shall not be limited to the meaning of “invention”
under the United States patent laws. Employee agrees to disclose promptly to the Company any and all Inventions, whether or not
patentable and whether or not reduced to practice, conceived, developed, or learned by Employee during the Employee’s employment
with the Company or during a period of one hundred eighty (180) days after the effective date of termination of Employee’s
employment with the Company for any reason, either alone or jointly with others, which relate to or result from the actual or anticipated
business, work, research, investigations, products, or services of the Company, or which result, to any extent, from use of the
premises or property of the Company (each a “Company Invention”). Employee acknowledges and agrees that the Company
is the sole owner of any and all property rights in all such Company Inventions, including the right to use, sell, assign, license,
or otherwise transfer or exploit the Company Inventions, and the right to make such changes in them and the uses thereof as the
Company may from time to time determine. Employee agrees to disclose in writing and to assign, and Employee hereby assigns, to
the Company, without further consideration, Employee’s entire right, title, and interest (throughout the United States and
in all foreign countries) free and clear of all liens and encumbrances, in and to all such Company Inventions, which shall be the
sole property of the Company, whether or not patentable. This Section 12 does not apply to any Inventions: (1) for which no equipment,
supplies, facility, or Confidential Information of the Company were used; (2) that were developed entirely on Employee’s
own time; and (3) that do not relate at the time of conception or reduction to practice to the current business of the Company
or its actual or demonstrably anticipated research or development, or which do not result from any work performed by Employee for
the Company.

 

(b)        Employee
acknowledges and agrees that all materials of the Company, including slides, PowerPoint or Keynote presentations, books, pamphlets,
handouts, audience participation materials and other data and information pertaining to the business and clients of the Company,
either obtained or developed by Employee on behalf of the Company or furnished by the Company to Employee, or to which Employee
may have access, shall remain the sole property of the Company and shall not be used by Employee other than for the purpose of
performing under the Agreement, unless a majority of the Board of Directors (the “Majority Board”) provides their prior
written consent to the contrary.

 

(c)       Unless
the Majority Board otherwise agrees in writing, Employee acknowledges and agrees that all writings and other works which are copyrightable
or may be copyrighted (including computer programs) which are related to the present or planned businesses of the Company and which
are or were prepared by Employee during the Employee’s employment with the Company are, to the maximum extent permitted by
law, deemed to be works for hire, with the copyright automatically vesting in the Company. To the extent that such writings and
works are not works for hire, Employee hereby disclaims and waives any and all common law, statutory, and “moral” rights
in such writings and works, and agrees to assign, and hereby does assign, to the Company all of Employee’s right, title and
interest, including copyright, in such writings and works.

 

    4 

     

    

 

(d)       Nothing
contained in the Agreement grants, or shall be deemed or construed to grant, Employee any right, title, or interest in any trade
names, service marks, or trademarks owned by the Company (all such trade names, service marks, and trademarks being hereinafter
collectively referred to as the “Marks”). Employee may use the Marks solely for the purpose of performing his duties
under the Agreement. Employee agrees that he shall not use or permit the use of any of the Marks in any other manner whatsoever
without the prior written consent of the Majority Board.

 

(e)       Employee
further agrees to reasonably cooperate with the Company hereafter in obtaining and enforcing patents, copyrights, trademarks, service
marks, and other protections of the Company’s rights in and to all Company Inventions, writings and other works. Without
limiting the generality of the foregoing, Employee shall, at any time during and after his employment with the Company, at the
Company’s reasonable request, execute specific assignments in favor of the Company, or its nominee, of Employee’s interest
in any of the Company Inventions, writings or other works covered by the Agreement, as well as execute all papers, render all reasonable
assistance, and perform all lawful acts which the Company reasonably considers necessary or advisable for the preparation, filing,
prosecution, issuance, procurement, maintenance or enforcement of patents, trademarks, service marks, copyrights and other protections,
and any applications for any of the foregoing, of the United States or any foreign country for any Company Inventions, writings
or other works, and for the transfer of any interest Employee may have therein. Employee shall execute any and all papers and documents
required to vest title in the Company or its nominees in any Company Inventions, writings, other works, patents, trademarks, service
marks, copyrights, applications and interests to which the Company is entitled under the Agreement.

 

10.       Remedies.
Without limiting any of the other rights or remedies available to the Company at law or in equity,
Employee agrees that any actual or threatened violation of any of the provisions of Sections 8, 9, or 10 may be immediately restrained
or enjoined by any court of competent jurisdiction, and that any temporary restraining order or emergency, preliminary, or final
injunctions may be issued in any court of competent jurisdiction without notice and without bond. As used in the Agreement, the
term “any court of competent jurisdiction” shall include the state and federal courts sitting, or with jurisdiction
over actions arising, in Los Angeles County, in the State of California the jurisdiction, venue, and convenient forum of which
are hereby expressly CONSENTED TO by Employee and the Company, all objections thereto being expressly WAIVED by Employee and the
Company. 

 

 11.       No Violation of Other Obligations.

 

Each
Party represents and warrants that neither that Party's execution, delivery, and performance of this Agreement nor that Party's
execution, delivery, and performance of any agreement, instrument, or other document or obligation contemplated under this Agreement
will result in a violation of any provision of, or constitute a default under, any contract, agreement, instrument, or obligation
to which that Party is a party or by which that Party is bound.

 

    5 

     

    

 

12.    Intentionally
Left Blank

 

13.    Indemnification.
The Company agrees to defend and indemnify and hold the Employee harmless from and against any past, present or future claim, action,
demand, loss, cost, expense, liability or other damage arising from, and including reasonable attorney’s fees and costs,
amounts, expenses, incurred by or imposed against the Employee and arising out of or relating to any past, present or future claim,
action, demand, loss, cost, expense, liability or other damage due to Employee’s employment hereunder.

 

14.    Miscellaneous.

 

a.       Notices.
Any notice, consent, demand, request, approval, or other communication to be given under this Agreement by one Party to the other
("Notice") must be in writing and must be either (i) personally delivered, (ii) mailed by registered or certified mail,
postage prepaid with return receipt requested, (iii) delivered by same-day or overnight courier service, or (iv) delivered by facsimile
transmission, in any event to the address or number set forth in the introductory paragraph of this Agreement or to such other
address or number as may be designated by either or both of the Parties from time to time.

 

Notices
delivered personally or by courier service shall be deemed given and received as of actual receipt. Notices mailed as described
above shall be deemed given and received three business days after mailing or upon actual receipt, whichever is earlier. Notices
delivered by facsimile transmission shall be deemed given and received upon receipt by the sender of the transmission confirmation
so long as facsimile transmissions are also accompanied by overnight delivery as set forth above.

 

b.      Entire
Agreement. This Agreement supersedes any and all other agreements and understandings of any kind, either oral or written,
between the Parties with respect to the subject matter of this Agreement and contains all of the covenants and agreements between
the Parties with respect to the subject matter of this Agreement.

 

c.      Modification.
Except as stated in the next sentence, no change or modification of this Agreement shall be valid or binding upon the Parties,
nor shall any waiver of any term or condition be so binding, unless the change or modification or waiver is in writing and signed
by the Parties. Employee acknowledges that the Company may from time to time establish, maintain, and distribute employee handbooks
or policy manuals, and officers or other representatives of the Company may make written or oral statements relating to personnel
policies and procedures. Such handbooks, manuals, and statements are intended only for general guidance and shall not be deemed
to change or modify this Agreement or to create any liability of the Company to the Employee under this Agreement.

 

d.      GOVERNING
LAW; CONSENT TO FORUM. THIS AGREEMENT HAS BEEN NEGOTIATED, EXECUTED, AND DELIVERED AT, AND SHALL BE DEEMED TO HAVE BEEN
MADE IN, CALIFORNIA. THIS AGREEMENT SHALL BE GOVERNED BY, ENFORCED UNDER, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF CALIFORNIA. AS PART OF THE CONSIDERATION FOR THIS AGREEMENT, AND REGARDLESS OF ANY PRESENT OR FUTURE DOMICILE OR PRINCIPAL
PLACE OF BUSINESS OF EMPLOYEE, EMPLOYEE HEREBY CONSENTS AND AGREES THAT THE COURTS OF CALIFORNIA SHALL HAVE JURISDICTION TO HEAR
AND DETERMINE ANY JUDICIAL DISPUTES BETWEEN THE PARTIES OR OTHER MATTERS EXPRESSLY PERMITTED BY THIS AGREEMENT TO BE LITIGATED
IN A COURT. EMPLOYEE EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH
COURT AND HEREBY WAIVES ANY OBJECTION WHICH EMPLOYEE MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE, OR FORUM
NON CONVENIENS.

 

    6 

     

    

 

e.       Counterparts.
This Agreement may be executed in counterparts, each of which constitutes an original, but all of which constitute one document.

 

f.       Gender.
Whenever the context requires, words in this Agreement denoting gender shall include the masculine, feminine, and neuter.

 

g.       Waiver
of Breach. Any waiver by a Party of a breach of any provision of this Agreement by the other Party shall not operate or
be construed as a waiver of any other or any subsequent breach.

 

h.       Certain
Defined Terms. As used in this Agreement, (i) "Person" means an individual or any corporation, partnership, trust,
unincorporated association, or other legal entity, whether acting in an individual, fiduciary, or other capacity, and any government,
court, or other governmental agency, (ii) "include" and "including" shall not denote or signify any limitation,
(iii) "business day" means any Monday through Friday other than any such weekday on which the offices of the Company
are closed, and (iv) "Section" is a reference to a Section in this Agreement, unless otherwise stated. In addition, the
use herein of “annual” or “monthly” (or similar terms) to indicate a measurement period shall not itself
be deemed to grant rights to Employee for employment or compensation for such period.

 

i.       Captions
and Section Headings. Captions and Section or subsection headings used herein are for convenience only and are not a part
of this Agreement and shall not be used in any construction of this Agreement.

 

j.       Expenses.
Each of the Parties shall bear such Party’s respective expenses, including the fees and expenses of its counsel, incurred
in negotiating and preparing this Agreement.

 

k.       Interpretation.
Each Party to this Agreement acknowledges that they have participated in the negotiation of this Agreement, and that no provision
of this Agreement shall be construed against or interpreted to the disadvantage of any party hereto by any court or any government
or judicial authority by reason of such person having been deemed to have structured, dictated or drafted such provision.

 

[Signatures on following
page]

 

    7 

     

    

IN WITNESS WHEREOF,
the Parties have executed this Agreement as of the date first above written.

 

	The Company:	GOPHER PROTOCOL INC., a Nevada Corporation 

	 	 	 
	 	By:	
        /s/ Kevin Pickard 
	 

        

	 	Printed Name: Kevin Pickard

Title: Interim CFO  

	 	 	 
	
        Employee:

        
	/s/ Douglas L. Davis

	 	Print Name: Douglas L. Davis
	 	 	 

 

    8Exhibit 10.1

  

  

  

  
    SECOND AMENDMENT AGREEMENT

    

    

    SECOND AMENDMENT AGREEMENT, dated as of January
        4, 2019 (this "Agreement"), by and among Seelos Therapeutics, Inc., a Delaware corporation, ("Seelos"), Apricus Biosciences, Inc., a Nevada corporation ("Apricus"), and the investor listed on the signature pages attached
        hereto (the "Investor").  All terms used and not defined herein are used as defined in the Securities Purchase Agreement and the Warrants (each as defined
        below), as applicable.

    

    

    WHEREAS, Apricus and Seelos entered into that
        certain Securities Purchase Agreement, dated as of October 16, 2018 (as amended pursuant to that certain Amendment Agreement, dated November 16, 2018, by and among the parties thereto (the "First Amendment"), the "Securities Purchase Agreement"), with the Investor, a Buyer, and the other Buyers listed on the
        signature pages attached thereto;

    

    

    WHEREAS, pursuant to the Securities Purchase
        Agreement: (i) Seelos agreed to issue to the Investor (x) the number of Initial Common Shares set forth opposite the Investor's name in column (3) of the Schedule of Buyers attached to the Securities Purchase Agreement and (y) up to the number of
        Additional Common Shares set forth opposite the Investor's name in column (4) of the Schedule of Buyers attached to the Securities Purchase Agreement and (ii) Apricus agreed to issue to the Investor (x) Series A Warrants to acquire Apricus Common
        Stock in the form attached as Exhibit B-1 to the Securities Purchase Agreement (the "Series

          A Warrants") and (y) Series B Warrants to acquire Apricus Common Stock in the form attached as Exhibit B-2 to the Securities Purchase Agreement (the "Series B Warrants" and, together with the Series A Warrants, the "Warrants"),

        in each case, subject to the terms and conditions set forth in the Securities Purchase Agreement;

    

    

    WHEREAS, Section 10(e) of the Securities
        Purchase Agreement provides that written consent of the Required Holders (as defined therein) shall be required for any change or amendment to the Securities Purchase Agreement, including, without limitation, any exhibit attached thereto; and

    

    

    WHEREAS, in compliance with Section 10(e) of
        the Securities Purchase Agreement, this Agreement shall only be effective and binding on all Buyers upon the execution and delivery of this Agreement and agreements in form and substance identical to this Agreement (other than with respect to the
        identity of the Investor and proportional changes reflecting the different holdings of the Buyers) (the "Other Agreements" and together with this Agreement,
        the "Agreements") entered into by and among Seelos, Apricus and such other Buyers who, collectively with the Investor, represent the Required Holders (as
        defined in the Securities Purchase Agreement) (such time, the "Effective Time").

    

    

    NOW, THEREFORE, in consideration of the
        premises and the mutual agreements, provisions and covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

    

    

    
      1

      
        

    

    1.           Amendments.  The Series A Warrants shall be comprised of two series of Series A Warrants, a Series A-1 Warrant ("A-1
          Warrant"), which shall constitute 70% of the Series A Warrants issuable to each Investor pursuant to the Securities Purchase Agreement, and a Series A-2 Warrant ("A-2 Warrant"), which shall constitute 30% of the Series A Warrants issuable to each Investor pursuant to the Securities Purchase Agreement.  The form of A-2 Warrants shall not be amended hereunder and shall be in the form of Exhibit B-1 attached to the Securities Purchase Agreement.  The A-1 Warrants shall be in the form of Exhibit
            B-1 attached to the Securities Purchase Agreement, except as follows:

    

    

    (A)         Solely with respect to the A-1 Warrants, the Form of
        the Series A Warrant attached as Exhibit B-1 to the Securities Purchase Agreement is hereby amended by amending Section 1(g) thereof to delete the following language:

    

    

    "In the event that upon any exercise of this Warrant, the Company does not have sufficient authorized shares to deliver in satisfaction
        of such exercise, then unless the Holder elects to void such attempted exercise, the Holder may require the Company to pay to the Holder within three (3) Trading Days of the
        applicable exercise, cash in an amount equal to the product of (i) the number of Warrant Shares that the Company is unable to deliver pursuant to this Section 1(g) and (ii) the highest Weighted Average Price during the period beginning on the date
        of such attempted exercise and the date that the Company makes the applicable cash payment."

    

    

    (B)         Solely with respect to the A-1 Warrants, the Form of
        the Series A Warrant attached as Exhibit B-1 to the Securities Purchase Agreement is hereby amended by amending Section 4(c) thereof to add the language in italics, as follows:

    

    

    "Notwithstanding the foregoing, in the event of a
        Fundamental Transaction, at the request of the Holder delivered before the ninetieth (90th) day after the occurrence or consummation of such Fundamental Transaction, the
          Company (or the Successor Entity) shall purchase this Warrant from the Holder by paying to the Holder, within five (5) Business Days after such request (or, if later, on the effective date of the Fundamental Transaction), cash in an amount
        equal to the Black Scholes Value of the remaining unexercised portion of this Warrant on the date of such Fundamental Transaction; provided, however, if the Fundamental Transaction is not within the Company's control, including not approved by the Company's Board of Directors, the Holder shall only be entitled to receive from the Company or any Successor Entity,
          as of the date of consummation of such Fundamental Transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the
          holders of Common Stock in connection with such Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among
          alternative forms of consideration in connection with such Fundamental Transaction."

    

    

    
      2

      
        

    

    (C)         Solely with respect to the A-1 Warrants, the definition of "Black Scholes Consideration Value" set forth in Section 17(g) of the Form of the Series A Warrant attached as Exhibit B-1 to the Securities Purchase Agreement is hereby amended and restated as follows (changes shown):

    

    

    "[INSERT IN SERIES A WARRANT: "Black Scholes
          Consideration Value" means the value of the applicable Option, Convertible Security or Adjustment Right (as the case may be) calculated using the Black Scholes Option Pricing
          Model obtained from the "OV" function on Bloomberg determined as of the date of issuance thereof and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of such Option,
          Convertible Security or Adjustment Right (as the case may be) as of the date of issuance of such Option, Convertible Security or Adjustment Right (as the case may be), (ii) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the
          Trading Day immediately following the public announcement of the issuance of such Option, Convertible Security or Adjustment Right (as the case may be), or, if the issuance of such Option, Convertible Security or Adjustment Right (as the case may
          be) is not publicly announced, the date of issuance of such Option, Convertible Security or Adjustment Right (as the case may be), (iii) the underlying price per share used in such calculation shall be the average of the Weighted Average Prices highest Weighted
            Average Price of the Common Stock during the period beginning on the Trading Day prior to the execution of definitive documentation relating to the issuance of such
          Option or Convertible Security (as the case may be) and ending on (A) the Trading Day immediately following the public announcement of the execution of definitive documents with respect to the issuance of such Option or Convertible Security (as
          the case may be), or, (B) if the execution of definitive documents with respect to the issuance of such Option or Convertible Security (as the case may be) is not publicly announced, the date of such issuance, (iv) a zero cost of borrow and (v) a
          365 day annualization factor.] [INSERT

          IN SERIES B WARRANT: Intentionally omitted.]"

    

    

    
      3

      
        

    

    (D)         Solely with respect to the A-1 Warrants, the definition of "Black Scholes Value" set
        forth in Section 17(h) of the Form of the Series A Warrant attached as Exhibit B-1 to the Securities
        Purchase Agreement is hereby amended and restated as follows (changes shown):

    

    

    "[INSERT IN SERIES A WARRANT: "Black Scholes Value" means the value of this Warrant calculated using the Black-Scholes Option Pricing Model obtained from the "OV" function on Bloomberg determined as of the day immediately following the
          public announcement of the applicable Fundamental Transaction, or, if the Fundamental Transaction is not publicly announced, the date the Fundamental Transaction is consummated, for pricing purposes and reflecting (i) a risk-free interest rate
          corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of such date of request, (ii) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public
          announcement of the applicable Fundamental Transaction, or, if the Fundamental Transaction is not publicly announced, the date the Fundamental Transaction is consummated, (iii) the underlying price per share used in such calculation shall be the
          greater of (x) the average of the Weighted Average Prices highest Weighted Average Price of the Common Stock during the period beginning on the Trading Day prior to the execution of
          definitive documentation relating to the applicable Fundamental Transaction and ending on (A) the Trading Day immediately following the public announcement of such Fundamental Transaction, if the applicable Fundamental Transaction is publicly
          announced or (B) the Trading Day immediately following the consummation of the applicable Fundamental Transaction if the applicable Fundamental Transaction is not publicly announced and (y) the sum of the price per share being offered in cash, if
          any, plus the value of any non-cash consideration, if any, being offered in the Fundamental Transaction, (iv) a zero cost of borrow and (v) a 365 day annualization factor.] [INSERT IN SERIES B WARRANT: Intentionally omitted."

    

    

    (E)         Section 9 of the Securities Purchase Agreement is
        hereby amended by deleting the reference to "December 31, 2018" and replacing it with "January 18, 2019".

    

    

    2.           Effectiveness.  This Agreement shall become effective as of the Effective Time.

    

    

    3.          Ratifications.  Except as otherwise expressly provided herein, each Transaction Document, is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects,
        except that (i) all references in the Securities Purchase Agreement to "this Agreement", "hereto", "hereof", "hereunder" or words of like import referring to the Securities Purchase agreement shall mean the Securities Purchase Agreement as amended
        by the First Amendment and this Agreement and (ii) on and after the Closing Date all references in the Warrants to "this Warrant", "hereto", "hereof", "hereunder" or words of like import referring to the Warrants shall mean the Warrants as amended
        by the First Amendment and this Agreement.

    

    

    
      4

      
        

    

    4.           Representations and Warranties.  The Investor represents and warrants to each of Apricus and Seelos, and each of Apricus and Seelos, severally and not jointly, represents and warrants to the Investor
        as of the date hereof and as of the Effective Time that: Such Person is an entity duly organized and validly existing under the laws of the jurisdiction of its formation, has the requisite power and authority to execute and deliver this Agreement
        and to carry out and perform all of its obligations under the terms of this Agreement;  this Agreement has been duly executed and delivered on behalf of such Person, and this Agreement constitutes the valid and legally binding obligation of such
        Person enforceable against such Person in accordance with its terms, except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar
        laws relating to, or affecting generally, the enforcement of applicable creditors' rights and remedies; the execution, delivery and performance by such Person of this Agreement and the consummation by such Person of the transactions contemplated
        hereby will not (i) result in a violation of the organizational documents of such Person, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any
        rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Person is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and
        state securities laws) applicable to such Person, except in the case of clause (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected to have a material
        adverse effect on the ability of such Person to perform its obligations hereunder.

    

    

    5.           Disclosure. On or before 8:30 a.m., New York City time, on January 7, 2019, Apricus shall file a Current Report on Form 8-K describing the terms of the transactions contemplated hereby in the form
        required by the 1934 Act and attaching the form of this Agreement as an exhibit to such filing (the "8-K Filing"). From and after the filing of the 8-K Filing
        with the SEC, each of Apricus and Seelos hereby acknowledges and agrees that the Investor shall not be in possession of any material, nonpublic information received from Apricus or Seelos, any of their respective Subsidiaries or any of their
        respective officers, directors, affiliates, employees or agents, that is not disclosed in the 8-K Filing. Each of Apricus and Seelos understands and confirms that the Investor will rely on the foregoing in effecting transactions in securities of
        Apricus and Seelos.

    

    

    6.          Governing Law; Jurisdiction; Jury Trial.  All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of
        New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New
        York.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any
        transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
        action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit,
        action or proceeding by mailing a copy thereof to such party at the address for such notices to it under the Securities Purchase Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof to
        the fullest extent enforceable under applicable law.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
          CONTEMPLATED HEREBY.

    

    

    
      5

      
        

    

    7.          Counterparts; Headings.  This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. 
        The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

    

    

    8.          Severability.  If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise
        be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such provision shall not affect the validity of the remaining
        provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of
        the provision(s) in question does not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties.  The parties will
        endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable provision(s).

    

    

    9.          Amendments.  Any amendments or modifications hereto must be executed in writing by all parties hereto, provided, for the avoidance of doubt, that any amendment to any of the Transaction Documents
        shall be effected in accordance with the terms of the applicable Transaction Document.

    

    

    

    

    [Signature Page Follows]

    
      6

      
        

    

    IN WITNESS WHEREOF, the parties have duly
        executed this Agreement as of the date first above written.

     

      

    	 	
            APRICUS BIOSCIENCES, INC.

          
	 	 	 
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    
      [Signature Page to 2nd Amendment Agreement]

    

    
      
        

    

    IN WITNESS WHEREOF, the parties have duly
        executed this Agreement as of the date first above written.

     

      

    	 	
            SEELOS THERAPEUTICS, INC.

          
	 	 	 
	 	 	 
	 	
            By:

          	 
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    
      [Signature Page to 2nd Amendment Agreement]

    

    
      
        

    

    IN WITNESS WHEREOF, the parties have duly
        executed this Agreement as of the date first above written.

    

    

    INVESTOR:

    

    

    	
            Name of Investor:

          	 

    

    

    	
            Signature of Authorized Signatory of Investor:

          	 

    

    

    	
            Name of Authorized Signatory:

          	 

    

    

    	
            Title of Authorized Signatory:

          	 

    

    

    

    

    
      [Signature Page to 2nd Amendment Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]